Morgan Stanley's office in Stockholm reinforces our commitment to serving our clients in the Nordic market from a local base. Our strong corporate network has over time been supplemented by strong institutional and intermediary relationships through our securities efforts and investment management business. In 1997, Morgan Stanley became a member of the Stockholm Stock Exchange and has consistently ranked as the #1 international trader on the Stockholm Stock Exchange. We are also a leading international participant on all other Nordic exchanges. Morgan Stanley is one of the largest investment banking firms in the region and has played a leading role in major mergers & acquisitions, initial public offerings and privatizations in the last two decades.