Mr. John Collison:

Well, they would have certainly been able to put some form of value on probably the top two-thirds of the actual portfolio based on the real estate information we provided. They had their own view, Deputy, on the Northern Ireland market but we did not necessarily share that view. They felt that, based on the portfolio, the Northern Ireland market, possibly, was one that offered opportunity, and that there might be good growth prospects there. I cannot say exactly that we would have shared that view. We found it a very difficult market, a very small concentrated market. I also certainly got the impression from PIMCO at the time that they were going to provide some capital expenditure, so they were going to invest in these assets. That would have been a riskier proposition for us, to be providing capital to assets outside of our jurisdiction. That would not necessarily have been the approach we might have taken. PIMCO would probably have taken a different investment approach and strategy to this portfolio.

The other thing that I can recall appealed to them is that there was a reasonable concentration of retail property in this particular portfolio. PIMCO would have transacted in the past, prior to Eagle, on a number of deals at the time. They had a concentration of retail assets. They had retail specialists, I think, within their business so they felt comfortable with that asset class. I think that also appealed to them.