<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">

<head>
<meta http-equiv=Content-Type content="text/html; charset=us-ascii">
<meta name=Generator content="Microsoft Word 12 (filtered medium)">
<style>
<!--
 /* Font Definitions */
 @font-face
        {font-family:Wingdings;
        panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
        {font-family:"Cambria Math";
        panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
        {font-family:Calibri;
        panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
        {font-family:Verdana;
        panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
        {font-family:Consolas;
        panose-1:2 11 6 9 2 2 4 3 2 4;}
 /* Style Definitions */
 p.MsoNormal, li.MsoNormal, div.MsoNormal
        {margin:0cm;
        margin-bottom:.0001pt;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";}
a:link, span.MsoHyperlink
        {mso-style-priority:99;
        color:#1E66AE;
        text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
        {mso-style-priority:99;
        color:#1E66AE;
        text-decoration:underline;}
p
        {mso-style-priority:99;
        mso-margin-top-alt:auto;
        margin-right:0cm;
        mso-margin-bottom-alt:auto;
        margin-left:0cm;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";}
code
        {mso-style-priority:99;
        font-family:"Courier New";}
pre
        {mso-style-priority:99;
        mso-style-link:"HTML Preformatted Char";
        margin:0cm;
        margin-bottom:.0001pt;
        font-size:10.0pt;
        font-family:"Courier New";}
tt
        {mso-style-priority:99;
        font-family:"Courier New";}
span.HTMLPreformattedChar
        {mso-style-name:"HTML Preformatted Char";
        mso-style-priority:99;
        mso-style-link:"HTML Preformatted";
        font-family:Consolas;}
p.attach, li.attach, div.attach
        {mso-style-name:attach;
        mso-margin-top-alt:auto;
        margin-right:0cm;
        mso-margin-bottom-alt:auto;
        margin-left:0cm;
        font-size:9.0pt;
        font-family:"Arial","sans-serif";}
p.bold, li.bold, div.bold
        {mso-style-name:bold;
        mso-margin-top-alt:auto;
        margin-right:0cm;
        mso-margin-bottom-alt:auto;
        margin-left:0cm;
        font-size:10.0pt;
        font-family:"Arial","sans-serif";
        font-weight:bold;}
p.green, li.green, div.green
        {mso-style-name:green;
        mso-margin-top-alt:auto;
        margin-right:0cm;
        mso-margin-bottom-alt:auto;
        margin-left:0cm;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";
        color:#628C2A;}
p.replbq, li.replbq, div.replbq
        {mso-style-name:replbq;
        margin:3.0pt;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";}
p.ad, li.ad, div.ad
        {mso-style-name:ad;
        mso-margin-top-alt:auto;
        margin-right:0cm;
        mso-margin-bottom-alt:auto;
        margin-left:0cm;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";}
p.underline, li.underline, div.underline
        {mso-style-name:underline;
        mso-margin-top-alt:auto;
        margin-right:0cm;
        mso-margin-bottom-alt:auto;
        margin-left:0cm;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";}
span.yshortcuts
        {mso-style-name:yshortcuts;}
p.ad1, li.ad1, div.ad1
        {mso-style-name:ad1;
        mso-margin-top-alt:auto;
        margin-right:0cm;
        mso-margin-bottom-alt:auto;
        margin-left:0cm;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";}
p.ad2, li.ad2, div.ad2
        {mso-style-name:ad2;
        mso-margin-top-alt:auto;
        margin-right:0cm;
        margin-bottom:7.5pt;
        margin-left:0cm;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";}
p.underline1, li.underline1, div.underline1
        {mso-style-name:underline1;
        mso-margin-top-alt:auto;
        margin-right:0cm;
        mso-margin-bottom-alt:auto;
        margin-left:0cm;
        font-size:12.0pt;
        font-family:"Times New Roman","serif";
        text-decoration:underline;}
span.yshortcuts1
        {mso-style-name:yshortcuts1;
        font-family:"Verdana","sans-serif";
        font-weight:bold;}
span.yshortcuts2
        {mso-style-name:yshortcuts2;
        font-family:"Verdana","sans-serif";
        font-weight:normal;}
span.EmailStyle34
        {mso-style-type:personal-reply;
        font-family:"Calibri","sans-serif";
        color:#1F497D;}
.MsoChpDefault
        {mso-style-type:export-only;
        font-size:10.0pt;}
@page Section1
        {size:612.0pt 792.0pt;
        margin:72.0pt 72.0pt 72.0pt 72.0pt;}
div.Section1
        {page:Section1;}
 /* List Definitions */
 @list l0
        {mso-list-id:811868421;
        mso-list-template-ids:-993775758;}
@list l0:level1
        {mso-level-number-format:bullet;
        mso-level-text:\F0B7;
        mso-level-tab-stop:36.0pt;
        mso-level-number-position:left;
        text-indent:-18.0pt;
        mso-ansi-font-size:10.0pt;
        font-family:Symbol;}
ol
        {margin-bottom:0cm;}
ul
        {margin-bottom:0cm;}
-->
</style>
<!--[if gte mso 9]><xml>
 <o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
 <o:shapelayout v:ext="edit">
  <o:idmap v:ext="edit" data="1" />
 </o:shapelayout></xml><![endif]-->
</head>

<body bgcolor=white lang=EN-US link="#1E66AE" vlink="#1E66AE">

<div class=Section1>

<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>

<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>

<div id=ygrp-mlmsg>

<div id=ygrp-msg>

<div id=ygrp-text>

<div>

<p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:#1F497D'>……</span><span style='font-size:10.0pt;font-family:
"Arial","sans-serif"'>often based on the views of advisers who are appointed in
a highly opaque manner and may or may not be suitable for the job<span
style='color:#1F497D'>…..</span></span><o:p></o:p></p>

</div>

<div>

<p class=MsoNormal> <span style='font-size:10.0pt;font-family:"Arial","sans-serif"'>David</span><o:p></o:p></p>

<p class=MsoNormal><o:p> </o:p></p>

</div>

</div>

</div>

</div>

<div>

<p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:#1F497D'>I would be most interest to know why David has such a jaundiced
view on bells advisors. <o:p></o:p></span></p>

<p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif";
color:#1F497D'>It is true that there are many different standards amongst them
in how they go about their jobs, what they regard as their brief and so on but
I’ll bet that everyone of them thinks they are doing a good job, whatever
the rest of the of the ringing fraternity may think about them. So HOW would
you go about appraising DBA’s?<o:p></o:p></span></p>

<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>

<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'><o:p> </o:p></span></p>

<p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";
color:#1F497D'>George<o:p></o:p></span></p>

</div>

</div>


<br><br></body>

</html>