At a time of significant change in the legal industry, we are determined to continue leading the market as we have done throughout our 86-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 worldÍs leading businesses on transactions that have changed their industries. These include: advising Ahold on its merger with Delhaize to create EuropeÍs largest listed food retailer and the fifth largest in the U.S. with 6,500 stores; working on Anheuser-Busch InbevÍs takeover of SABMiller plc _ the largest commercial loan in the history of the global loan markets at USD75bn; advising on the ground-breaking Coral South Floating LNG project in Mozambique across eight A&O offices; and advising Cagamas on the largest ïdim sum bondÍ in Southeast Asia and the worldÍs first offshore renminbi bond issued by a mortgage company. 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 clientsÍ 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 todayÍs 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.