It is impossible to predict the impact that abiding uncertainty in global financial markets may have on FMO's opportunities for new investments or exits in 2012. If the economic climate stabilizes, however, we foresee an abundance of new funds coming to market, as well as successor funds launched by our existing partners, which will offer a wide range of choices for new fund investments. In addition, we started the year with a good pipeline of direct deals, mostly co-investments.