Mr. Brendan McDonagh:

No, I do not accept that at all. The information was limited. In the next data room we added a significant amount of extra information, including on the legal aspect. People are more interested in the tightened security of a real data room, the subsequent data room from February 2014 onwards. I hope that deals with the questions asked. PIMCO made a offer in the range of €1.1 billion to €1.3 billion sterling. We then move forward to the board meeting. The Chairman states the only place he has seen the figure of €1.3 billion sterling is in PIMCO's offer. I said to him earlier that effectively the board paper presented by the executive had set out discount rates of 2.5% and 5.5% and the board's response was that these discount figures were not credible. Effectively, if a buyer had assets, the discount rate should have been much higher, perhaps 10%. The board challenged the executive by stating the value was probably closer to €1.3 billion sterling; therefore, PIMCO was not 1 million miles from what the board thought the portfolio was worth. That was the genesis. I cannot tell the Chairman any more that.