At a time of significant change in the legal industry, we are determined to continue leading the market as we have done throughout our 88-year history. We will do this by ensuring we always challenge ourselves to bring new and original ways of thinking to the complex legal challenges our clients face. Over the past year we have worked with some of the world’s leading businesses on transactions that have changed their industries. These include advising: HSBC globally on the project to restructure its legal and business structure to meet the post-crisis regulatory reform agenda and is the single largest project undertaken by the UK financial services industry to date; 21st Century Fox on its proposed acquisition by The Walt Disney Company; the second restructuring of Edcon Holdings Ltd and Edcon Ltd, one of the market’s most significant restructurings, which brought together experts advising on South African law, English law and New York law; and Worldpay on its merger with Vantiv, which involved lawyers from 20 A&O offices. Building on our long heritage enables us to attract the most talented people and continue to deliver this level of innovation with and for our clients. To support our clients’ international strategies, we have built a truly global network now spanning 44 offices in 31 countries. We have also developed strong ties with relationship law firms in over 100 countries where we do not have a presence. This network makes us one of the largest and most connected law firms in the world, with a global reach and local depth that is simply unrivalled. Global coverage in today’s market does not simply mean having offices in important cities around the world. For us, it means combining our international resources and sector expertise to work on cross-border transactions directly in the markets and regions important to our clients.