AJG's merger and acquisition pipeline is quite strong, with about $250 million of revenues, associated with about 40 term sheets either agreed upon or being prepared. Arthur J. Gallagher's revenues are geographically diversified with strong domestic and international operations and a compelling product and service portfolio. A solid capital position supports AJG in its growth initiatives and it thus remains focused on continuing its tuck-in mergers and acquisitions. AJG remains focused on long-term growth strategies for delivering organic revenue improvement and pursuing strategic mergers and acquisitions.