Our partners remain an important source for knowledge sharing and deal sourcing. To strengthen our cooperation with DEG and Proparco, in 2011 we signed a friendship facility cooperation agreement and drafted accompanying operational guidelines. In 2012, we will also open a shared office with DEG in Johannesburg. This will strengthen our sourcing capacity and enhance our service to clients who require a larger amount of financing, and will give us scope to take on more lead management roles.

With IFC, one of our main partners, we will explore further cooperation through initiatives in Anti-Money Laundering (AML), Know Your Customer (KYC), ESG and mobilizing funds. Statements on AML and KYC are published on FMO's new website. The cooperation with BIO on energy and infrastructure transactions is a success and a proof of trust resulting from the good performance of FMO. With EBRD we have and will continue to make steps in aligning our processes and in improving our mutual understanding and communication.

Besides our DFI partners, we will also continue to work with our broad network of private equity fund managers and our core commercial banking partners including Rabobank, Citibank, Deutsche Bank, Standard Chartered, RBS and ING.