In fiscal year 2010, we issued a total of $1.5 billion in guarantees for projects in MIGA’s developing-member countries. This represents a slight increase from last year’s new issuance of $1.4 billion. After a year in which MIGA’s support was heavily focused on the financial sector in Europe and Central Asia due to the global economic crisis, we saw a return to a more diversified portfolio. Again this year, MIGA experienced a lower level of contract cancellations, indicating the value that investors place in MIGA’s coverage during difficult times. As a result, MIGA’s outstanding gross exposure grew significantly to $7.7 billion, a record high.