The sequential increase in assets under management from September 30, 2011 was driven by market appreciation of $1.9 billion, or 5%, offset by net client outflows of $0.5 billion. Of the $0.5 billion of net client outflows, $0.4 billion, or 76%, was derived from mutual funds and collective investment trusts and $0.1 billion, or 24%, was attributable to separate accounts.Balance Sheet Review As of December 31, 2011, cash and cash equivalents was $81.2 million. Prior shares subject to redemption obligations expired with the Company’s initial public offering completed in the fourth quarter of 2011. The Company had no debt outstanding as of December 31, 2011. Conference Call Manning & Napier will host a conference call to discuss its fourth quarter and year-end 2011 earnings results on Thursday, February 16, 2012, at 8:00 a.m. ET. To access the teleconference, please dial 706-758-9224 (domestic and international) approximately ten minutes before the teleconference’s scheduled start time and reference the “Manning & Napier fourth quarter earnings conference call”. A live webcast will also be available on the investor relations portion of Manning & Napier’s website at http://ir.manning-napier.com/. If you are unable to access the live teleconference, a replay will be available beginning approximately two hours after the call’s completion and available through March 1, 2012. The teleconference replay can be accessed by dialing 404-537-3406 (domestic and international) and entering the ID# 49373445. A webcast replay will also be available on the investor relations portion of Manning & Napier’s website at http://ir.manning-napier.com/. Non-GAAP Financial Measures To provide investors with greater insight, promote transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making, the Company supplements its combined consolidated statements of income presented on a GAAP basis with non-GAAP financial measures of earnings. Refer to schedule in this release for a reconciliation of non-GAAP financial measures to GAAP measures.