Since December 31, 2011, AUM increased by $4.5 billion, including increases in separate account AUM of 10% and in mutual fund and collective investment trust AUM of 13%. Of the $4.5 billion increase in AUM from December 31, 2011 to March 31, 2012, 93%, or $4.2 billion, of the increase came from market appreciation during the period. The remaining 7% of the increase was driven by net new client flows of $0.3 billion, primarily attributable to $0.4 billion of net inflows from our mutual funds and collective investment trusts, offset by $0.1 billion of net client out flows from our separate accounts caused by withdrawals from existing client accounts. The annualized separate account cancellation rate was 4.4% during the three months ended March 31, 2012.When compared to March 31, 2011, AUM increased by $2.1 billion from $42.6 billion, including an increase of $0.4 billion, or 2%, in separate account AUM and an increase of $1.7 billion, or 10%,in mutual fund and collective investment trust AUM. Balance Sheet Review As of March 31, 2012, cash and cash equivalents was $81.4 million, compared with $81.2 million as of December 31, 2011. The Company had no debt outstanding as of March 31, 2012. Conference Call Manning & Napier will host a conference call to discuss its first quarter earnings results on Thursday, May 3, 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 ID # 73424266. 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 May 10, 2012. The teleconference replay can be accessed by dialing 404-537-3406 (domestic and international) and entering the ID# 73424266. 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.