Mr. Seamus McCarthy:

I do not have evidence of when the PIMCO success fee was arranged. It is not information that I understand is in NAMA. The point is that it did not seek an explanation or a copy of the success fee arrangement or, apparently, clarification as to when the success fee arrangement was put in place. The minutes record that the negotiations had commenced in April 2013. Considering how the minutes are set out, it is possibly indicating that it was the negotiations around the success fee but it could have been another factor. The board says that, in its view, this disclosure that negotiations had commenced in April 2013 was taken by it to mean negotiations between PIMCO and Brown Rudnick had commenced in April 2013 and not that negotiations over success fee payments had commenced at that stage.