Mr. Frank Daly:

-----because we were told first on 10 March 2014 by PIMCO that it had a success fee arrangement in place. That was our first knowledge of it. It must be remembered that Mr. Cushnahan was gone from the NIC since the previous November. We had two or three other phone calls with PIMCO over the next few days. The consequence was that PIMCO exited the process. Mr. Cushnahan, and I am not here to defend him by any means, has denied there was any such arrangement with PIMCO. We do not know when, if ever, there was such an arrangement. All we know is that on 10 March when we became aware of it and given the fact that Mr. Cushnahan was gone quite some time, we took steps to make sure that PIMCO did not continue in the process.