Mr. John Collison:

Deputy, certainly it was no reflection on our confidence in Lazard and our relationship with them. We would have held them in high regard and they were retained to carry out a role which they ultimately performed.

I think part of the issue here is the board was quite concerned that this was a sensitive manner and needed to be managed appropriately, and carefully managed. I suppose it was looking also at the potential reputational damage on the part of PIMCO as well. The facts were at that stage, PIMCO were withdrawing. Whether they were exited or not, I know that is an issue for debate. They were withdrawing. We were left with two final bidders.

As to why they were withdrawing, we felt I suppose, or maybe, it was not absolutely vital that Lazard knew that or not because, as I say, it was a sensitive issue.