management 2019s discussion and analysis net revenues in equities were $ 8.26 billion for 2011 , 2% ( 2 % ) higher than 2010 .
during 2011 , average volatility levels increased and equity prices in europe and asia declined significantly , particularly during the third quarter .
the increase in net revenues reflected higher commissions and fees , primarily due to higher market volumes , particularly during the third quarter of 2011 .
in addition , net revenues in securities services increased compared with 2010 , reflecting the impact of higher average customer balances .
equities client execution net revenues were lower than 2010 , primarily reflecting significantly lower net revenues in shares .
the net gain attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 , compared with a net gain of $ 198 million ( $ 188 million and $ 10 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2010 .
institutional client services operated in an environment generally characterized by increased concerns regarding the weakened state of global economies , including heightened european sovereign debt risk , and its impact on the european banking system and global financial institutions .
these conditions also impacted expectations for economic prospects in the united states and were reflected in equity and debt markets more broadly .
in addition , the downgrade in credit ratings of the u.s .
government and federal agencies and many financial institutions during the second half of 2011 contributed to further uncertainty in the markets .
these concerns , as well as other broad market concerns , such as uncertainty over financial regulatory reform , continued to have a negative impact on our net revenues during 2011 .
operating expenses were $ 12.84 billion for 2011 , 14% ( 14 % ) lower than 2010 , due to decreased compensation and benefits expenses , primarily resulting from lower net revenues , lower net provisions for litigation and regulatory proceedings ( 2010 included $ 550 million related to a settlement with the sec ) , the impact of the u.k .
bank payroll tax during 2010 , as well as an impairment of our nyse dmm rights of $ 305 million during 2010 .
these decreases were partially offset by higher brokerage , clearing , exchange and distribution fees , principally reflecting higher transaction volumes in equities .
pre-tax earnings were $ 4.44 billion in 2011 , 35% ( 35 % ) lower than 2010 .
investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients .
these investments and loans are typically longer-term in nature .
we make investments , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , real estate , consolidated investment entities and power generation facilities .
the table below presents the operating results of our investing & lending segment. .

Year Ended December
<i>in millions</i>
2012
2011
2010
ICBC
$ 408
$ (517)
$ 747
Equity securities (excluding ICBC)
2,392
1,120
2,692
Debt securities and loans
1,850
96
2,597
Other
1,241
1,443
1,505
Total net revenues
5,891
2,142
7,541
Operating expenses
2,666
2,673
3,361
Pre-tax earnings/(loss)
$3,225
$ (531)
$4,180

2012 versus 2011 .
net revenues in investing & lending were $ 5.89 billion and $ 2.14 billion for 2012 and 2011 , respectively .
during 2012 , investing & lending net revenues were positively impacted by tighter credit spreads and an increase in global equity prices .
results for 2012 included a gain of $ 408 million from our investment in the ordinary shares of icbc , net gains of $ 2.39 billion from other investments in equities , primarily in private equities , net gains and net interest income of $ 1.85 billion from debt securities and loans , and other net revenues of $ 1.24 billion , principally related to our consolidated investment entities .
if equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted .
operating expenses were $ 2.67 billion for 2012 , essentially unchanged compared with 2011 .
pre-tax earnings were $ 3.23 billion in 2012 , compared with a pre-tax loss of $ 531 million in 2011 .
goldman sachs 2012 annual report 55 .

Question: Analyse this data from a financial earnings document. what percentage of total net revenues in 2011 where due to equity securities ( excluding icbc ) revenues?
Choices:
-0.52288
0.52288
0.19048
1
0.46823
Correct choice index: 1