Mr. Frank Daly:

No, I do not think there is any difference. The minutes read: "PIMCO, ostensibly in the spirit of transparency, wish to advise NAMA about the success fee arrangement and sought NAMA's agreement that it was appropriate". I am not sure what is wrong with that. It was saying: "We have this and think it is okay. Can we stay in?" Our view was totally and utterly different. One should remember that PIMCO's advice on the fee arrangement came not from its commercial side that was negotiating and bidding but from its compliance unit and counsel who at a very late stage in reviewing the draft letters of engagement saw the possible conflict and then insisted on us being told straightaway. That was the sequence of events. One would need to look also at the telephone call which I think was probably made on 12 March, in which it confirmed that it was withdrawing from the process and that our head of legal stated that what had been disclosed by PIMCO had made its withdrawal inevitable.