Mr. John Corrigan:

I will explain what happened when it sold the shares on the market. Let us say the shares were sold to broker X. Broker X then sent the contract note into the internal brokerage in State Street, which then clipped 0.7%, on average, off the price. In the case of a normal investment manager who is not a transition manager, the process is different. In the case of an investment manager who is managing funds on a day-to-day basis, if he, as the investment manager, buys or sells securities on one's behalf, the contract note goes to an independent corporate set of eyes known as the funds custodian. There is, therefore, a check in place to make sure the price reported is the price secured. Until now, market practice in the transition management area has not involved this second set of corporate eyes. One of the proposals we made in our response to the Comptroller and Auditor General was to move away from industry practice which did not involve the custodian and to require in any future transitions that the contract notes be routed back through the global custodian. This would give us a triangulation and would have meant that the 0.7% could not have been clipped off the price.