RevenuesDuring the quarter, Investment Banking earned advisory fees from 157 clients (vs. 137 in Q2 2012 and 115 in Q1 2013) and fees in excess of $1 million from 38 transactions (vs. 30 in Q2 2012 and 26 in Q1 2013). For the first six months of the year, Investment Banking earned advisory fees from 214 clients (vs. 165 last year) and fees in excess of $1 million from 64 transactions (vs. 50 last year). The Institutional Equities business contributed revenues of $9.8 million in the quarter, down 14% in comparison to the first quarter, reflecting lower levels of underwriting revenues earned in the quarter, but up 46% from the second quarter of 2012. Expenses Compensation costs were $108.0 million for the second quarter, an increase of 20% year-over-year and 38% sequentially. Evercore’s Investment Banking compensation ratio was 59.9% for the second quarter, versus the compensation ratio reported for the three months ended June 30, 2012 and March 31, 2013 of 59.4% and 59.8%, respectively. The trailing twelve-month compensation ratio was 59.2%, down from 60.1% a year ago and up slightly from 59.1% in the previous quarter. Year to-date compensation costs were $186.0 million, an increase of 29% from the prior year, consistent with the 31% increase in revenues. Non-compensation costs for the current quarter were $26.7 million, up 3% from the same period last year and 9% sequentially. The increase in costs reflects continued growth of the Investment Banking business and higher levels of revenues earned. The ratio of non-compensation costs to net revenue for the current quarter was 14.8%, compared to 17.1% in the same quarter last year and 18.9% in the previous quarter. Year-to-date non-compensation costs were $51.3 million, up 5% from the prior year. The ratio of non-compensation costs to revenue for the six months ended June 30, 2013 was 16.5%, compared to 20.7% last year.