Although grounded in a proud history and traditional values, Brown & Wood's practice remains at the cutting edge of the financial and securities markets. Our year-to-year results underscore our capacity for innovation. For the five-year period ended December 31, 1998, Brown & Wood ranked first among all U.S. law firms in terms of the aggregate number of public debt and equity securities issues in the United States in which it was involved either as issuer's or underwriter's counsel. We thank our clients for their loyal support, including those we have served since our beginning in 1914.