Mark R. Fetting: All the intangible amortization whether it is just the normalcies or any kind of acceleration or an adjustment against the balance sheet is still non-cash. We do evaluate all the intangibles for quarter. There is always the possibility if you end up with dramatic erosion disproportionate to the market that is other contemporary. My comment earlier was there is no current foreseeable or expected adjustment against any of the other intangibles as of their evaluation at the end of March that the analytics of substantiation of the balances is on across the board is solid. There is no current expectation and the magnitude of this is much more related to a bad estimation of an expected lifing despite the fact that the historic of the point of acquisition was about a 2% or 3% per annum turned over so we are shorten from there.

Roger Smith (Fox -Pitt Kelton): What the dilution in the near-term would be?

Charles J. Daley, Jr.: For the first three years, shares are only included in diluted EPS to the extent that we are in the money. It is on a treasury stock basis. The only dilution would be the impact of the interest spread.

Craig Siegenthaler (Credit Suisse): Could you see a potentially positive adjustment in your other income line item which would be your June quarter?

Mark R. Fetting: That is our expectation and why we are providing and building this optionality is that we want to be smart investors in working through these final stages of SIV reduction. If we can do that in the right timeframe and in the right way, there is that opportunity. In the meantime, the marks themselves will be a function of the fair valuation process that is a function of the actual prices that are out there. The April chart would be something in the neighborhood of $30 million, but that is way off what it was in March.

Christopher Spahr (Deutsche Bank Securities): Your non-U.S client AUM held up better than U.S. client AUM. Did you have some positive flows within Wamco during the quarter from the non-U.S. clients?

Mark R. Fetting: If you expand our entire international operations the answer is yes. It moves territory to territory. In the Asian markets we have had some particular good traction both on the institutional side with some managers as well as through some of our offshore fund. We have mentioned the examples like the Brandywine. There is also an element of liquidity business that has international clients in it. In aggregate that is an important thing for us and we are encouraged and with Ron Dewhurste coming on board alongside the good work our managers are doing in their institutional businesses and in some cases we are collaborating such as China we are looking quite strategically on a number of fronts with a greater collaboration between manager and Legg Mason to go after that in a strategic way.

Christopher Spahr (Deutsche Bank Securities): Could you expand on the performance fees?

F. Barry Bilson: This is the most difficult number to pick; one, you have got the market dynamic to deal with and then two, you have the underlying managers performance to factor in as well. You will tend to see a greater persistency, lack of volatility and relatively modest portion of our revenue driven in performance fees. You have those December measurement periods but they run the gamut between both equity and fixed income products, both domestic currency and global currency, so I cannot give you a singular benchmark to utilize against additionally even if you did you would see there are underlying performance. If we are in normal markets where we are talking about the 8% equity markets, 4% bond markets, a number of across the board. It is not just the primary issue; there is another 50%-60% that is driven by other managers on both the equity and the bond side that we literally are talking probably 2-3 dozen products across 8 or 10 different mangers. This quarter was nowhere near that magnitude. If you want to be conservative the owner save that 20-25 range and then if you have one balance a more favorable than one market you can migrate that in North, 20% if you have got an unfavorable you discount at that and if you have a choppy unfavorable market even more so keep the mind most of the products, most of the managers with this performance fees are dealing with high water marks. If you end up going backwards you have got some free ground on the positive to make up before you start moving in the positive space again.

Christopher Spahr (Deutsche Bank Securities): Would the first quarter be one of those quarters where you took a step back so you have the hurdles that you are referring to?

F. Barry Bilson: Yes and again they would be individual product manager be a specific. Yes, there are pieces underwater so I would discount offer that 20 25 level by looking at June at this juncture.