The Industrial and Commercial Bank of China (ICBC) saw a bright future in the global economy. At Merrill Lynch, we shared their vision and worked with them to open the door to a world of opportunity. Acting as joint global coordinator, we priced the largest IPO ever, at $21.9 billion. It was the first time shares were listed on the Hong Kong and Shanghai exchanges simultaneously, and the response from investors was unprecedented. The offering generated more than $500 billion in demand and, upon listing, ICBC became the fifth largest bank in the world by market capitalization. The deal's resounding success is a clear reflection of ICBC's industry leadership, of China's growing influence in the global marketplace and of Merrill Lynch's ability to execute the largest, most complex transactions anywhere. At Merrill Lynch, we're helping clients move beyond traditional barriers to a borderless economy of unlimited possibilities.