This is the cover letter to the final report issued by Piper, which completed exonerated the bank of the false allegations made by 60 Minutes Australia regarding the bank’s due diligence with respect to Darby Angel and Simon Anquetil. The bank had this report commissioned, at considerable expense, to show to its counter parties, to reassure them that the media allegations were false. However, it did not work, as the counter parties didn’t even care if the allegations were true. The mere fact that they were made meant that it impossible for them to work with the bank. The allegations were a red flag that no financial counter party could afford to ignore, as doing so would call into question their own AML and KYC procedures. They could not risk damage to their own reputations by associating with a bank that had been publicly accused by major media outlets of money laundering and tax evasion. Also, the mere fact that the bank was under investigation for those crimes made it impossible for them to work with us. They are required to assume where there’s smoke, there’s fire.