Mr. Frank Daly:

It goes back to page 7 of my opening statement this morning. The reference to the query from Ronnie Hanna about other options has to be read in conjunction with the question PIMCO raised in the call on 10 March, during which Tom Rice said if it was an issue for NAMA, PIMCO would have concerns with continuing to deal with the three counterparties and that he would have to consider whether the business could proceed without the counterparties involved. To me and the board, it seemed that PIMCO was anxious to stay in the process and as it had done a lot of preparation and due diligence, who could blame it?