 Today we are celebrating the 3 millionth application under the Patent Corporation Treaty, the PCT. The PCT is the cornerstone of the international patent system. So it allows an inventor or an enterprise to file a patent application which is valid the application in up to 151 countries. So it's a wonderful efficiency that has been achieved. It has been achieved by an international corporation which is extremely successful It involves all of the patent officers of the world who constitute the network that forms the PCT. Let us not forget the inventors of the invention that is the subject matter of the 3 millionth application and that is the Fraunhofer Institute of Germany. We are very happy, delighted and honoured to have here the occasion of celebrating the 3 millionth patent application which is one of the major and leading organisations for applied research in Europe and we as a non-profit organisation are really delighted to be here at WIPO also due to the fact that we strongly interact with WIPO and your services. The 3 millionth PCT application is actually called Network Rector Analyzer and it's based on our Terrahertz technology. We found that we can use our laser technology to create Terrahertz waves and you can use them to measure for instance electronic devices, their face and magnitude. As a research organisation and technology provider we want our inventions to be sustainable and we want an efficient way to create value there and the PCT system has allowed us to actually go through a very efficient system that works on a worldwide basis and then we'll be able to create new things and license them on a fair basis.