Mr. Alan Stewart:

Reference was made to a draft letter of engagement. Once the amount was queried, it became evident that the payment was to be split three ways and clarification was sought from the firm afterwards. If one considers the call of 10 March, when it was asked how the matter came to light, it was clear the legal team had only looked at the letter of engagement much more recently. Obviously, I would think no legal team would have let a matter like that sit with it for very long before picking up the phone and asking for NAMA's view. My impression is that the legal team, which was the team on the call with us and the people of whom we were asking the questions, was privy to the information about the fee split only relatively soon before the call-----