Cunningham continued, “2011 provided evidence of the strength of our business. We introduced new equity products including the Manning & Napier Emerging Market Series and Inflation Focus Equity Series. We grew revenues by 29% with rapid growth in economic income and we were able to sustain that growth while distributing nearly $150.0 million in pre-IPO owner dividends in 2011.”Cunningham concluded, “Manning & Napier is committed to helping clients solve problems and addressing the growing issues around financial well-being and the rising costs of healthcare. As we enter 2012, we continue to focus on expanding our geographic reach, introducing new products to the marketplace, and, as always, providing solutions to achieve long-term financial security for our clients.” Fourth Quarter 2011 Financial Review Manning & Napier reported fourth quarter 2011 revenue of $80.4 million, an increase of 9.4% over revenue of $73.5 million reported in the fourth quarter of 2010, and a decrease of 6.3% from revenue of $85.8 million reported in the third quarter of 2011. The changes in revenue were generally consistent with changes in average assets under management, which increased by 10.7% over the fourth quarter 2010 and decreased by 4.7%, compared with the third quarter 2011. Operating expenses were $255.8 million, or $40.5 million excluding non-cash reorganization-related share-based compensation of $215.3 million. The $40.5 million represents a $0.4 million decrease in expenses, compared with the fourth quarter 2010, and a $2.2 million decrease in expenses compared with the third quarter of 2011. Expenses decreased in the fourth quarter compared with the third quarter due to lower compensation and other operating expenses. Generally Accepted Accounting Principles (“GAAP”) based operating loss was $175.5 million for the fourth quarter and $39.8 million of operating income for the quarter after excluding non-cash reorganization-related share-based compensation charges. The $39.8 million represents a $7.3 million increase over fourth quarter 2010 and a $3.3 million decrease from third quarter 2011. Operating margin for the fourth quarter of 2011, excluding non-cash reorganization-related share-based compensation expense was 49.6%, compared with 44.3% in the fourth quarter of 2010 and 50.2% in the third quarter of 2011.