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<p>Maintained by Royal Mail and is subject to uncertainties (e.g. funds can hold their
shares through a range of nominees/custodians).</p><p> </p><p>Based on the Bloomberg
register dated 23rd April, we estimate that more than half of the pilot fishing investors
allocated shares remain invested and that they hold shares equal to more than 50%
of their combined allocations.</p><p> </p><p>Given that the timings of sales and purchases
are not available on a fund by fund basis, the Department does not know, and has not
made any estimate, of any profits made by these investors (other than Lazard Asset
Management whose representative told the Public Accounts Committee on 30 April the
level of profit it made on the sale of Royal Mail shares for its clients).</p><p>
</p><p> </p>
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