Ladenburg has a strong track record of completing successful capital raises on behalf of our clients, and 2011 was no exception. Last year, Ladenburg participated in 73 offerings, which raised over $9.6 billion for companies in a wide variety of industries including the healthcare, biotechnology, energy, technology and financial services spaces. 2012 is also off to a solid start, and we continue to have a strong stable of activity in our pipeline.Outlook for the Future Our commitment to growth in the independent brokerage business is without equal. We have now reached a scale where we can make the investment to become and remain the industry leader in technology and practice management and development. We believe we are a leading strategic player in our industry, uniquely positioned with our presence in both the independent brokerage and investment banking businesses. We remain committed for the long term to building an industry-best platform to drive profitable growth for our advisors and for the Company. As a sign of this commitment, in addition to making all three of Ladenburg’s independent broker-dealer subsidiaries and their affiliated independent financial advisors members of the Financial Services Institute for 2012, we have also taken on several leadership responsibilities in that organization. Jim Nagengast served as this year’s FSI Conference Task Force Chairman. In addition, Dick Lampen and Adam Malamed spent time this June in Washington, DC on Capitol Hill with a team of our advisors and executives from all of our broker-dealers, lobbying on behalf of the industry. In November, we are hosting our inaugural Women's Initiative conference, and we expect to continue to increase our level of visibility in the industry. We are also pleased that Dick Lampen was named to Investment Advisor’s Top 25 Most Influential People List in April 2012 in recognition of the efforts of the Ladenburg team.