Strategic Advisory operating revenue was $866 million, 9% higher than 2011, driven by a 13% increase in M&A and Other Advisory revenue compared to the prior-year period.Restructuring operating revenue was $183 million, 8% lower than 2011, generally in line with the industry-wide low level of corporate restructuring activity. Lazard was the leader in global completed and announced restructurings in 2012. * During 2012, Lazard remained engaged in highly visible, complex M&A transactions and other advisory assignments, including cross-border transactions, spin-offs, distressed asset sales, capital structure and sovereign advisory, in the Americas, Europe and Asia. Lazard advised on several of the largest global M&A transactions announced in 2012, including (clients are in italics): Deutsche Telekom on the $32.8 billion combination of T-Mobile and MetroPCS; Anheuser-Busch InBev’s $20.1 billion acquisition of the remaining stake in Grupo Modelo it does not already own; GDF Suez/Electrabel in the $12.6 billion acquisition of the 30% stake it did not already own in International Power; and Qatar Holding on its stake in Xstrata in connection with the proposed merger with Glencore International. Our Sovereign Advisory business remained active in worldwide assignments, including: advising the government of Greece on the completion of its successful bond exchange, the largest in history; acting as financial agent to the U.S. Department of Treasury with respect to General Motors and Ally Financial; and advising the Kazakhstan Sovereign Wealth Fund-owned BTA Bank JSC on its restructuring and recapitalization plan. During 2012 we were involved in many of the most notable recent restructurings, including: Lehman Brothers; the Allied Pilots Association with respect to American Airlines; Eastman Kodak; Hostess Brands; and Tribune Company. Please see a more complete list of M&A and Restructuring assignments on which Lazard advised on pages 9-11 of this release. * Source: Thomson Reuters Fourth Quarter Financial Advisory operating revenue was $309 million in the fourth quarter of 2012, 19% higher than the fourth quarter of 2011.