 The main thing that we are measuring here is the extent to which enterprises usually are bringing cases, complaining that their brands, in fact their trademarks, have been misappropriated by someone, through the registration by someone else, of a domain name. And of course that happens all the time. And our arbitration and mediation centre is the main means by which brand owners are able to seek redress against cyber squatting, that activity of the bad face registration of someone else's brand. And in 2015 we saw again an increase in the number of cases which the arbitration centre dealt with some 2700, an increase of about 4.6%, and a case may concern more than one domain name, so it covered 4,300 domain names overall. We are providing that service both for the class of domains, so the class of domains like .com, that are called generic top level domains, because they are not linked to any specific country. And we are providing the service also for so-called CC, country code, top level domains, that is like .ch. And there are 71 such .cc, CC is country level domains that we also provide the service for. Interestingly, I'll make just three comments if I may. This is a very international procedure reflecting the international character of the internet, so parties came from 113 countries around the world, which is quite a significant number. The most, the prominent filing country was the United States, followed by France, Germany, UK, Switzerland. The sectors of importance were fashion, first of all, followed by banking and finance, followed by internet, and sorry, internet and IT. The other interesting thing that's happening in this space is, of course, that ICANN, the Internet Corporation for Assigned Names and Numbers, is rolling out new top level domains. And Eric will be able to give you further information on that. I believe that some 1400 are planned and 1100 have been rolled out. 930 or more, yeah. So this is like .guru or .whatever it might be. I think we'll take questions. Yes. So if I may answer it this way, there was an historical relationship, first of all, in that WIPO was charged with the development of this dispute resolution procedure, which it did, and that dispute resolution was then adopted by ICANN, historically. So then we go back to 1998, 1999. After its adoption, ICANN accredited a number of dispute resolution service providers, of which WIPO, the arbitration and mediation centre of WIPO, is one. It's not only one, it's the predominant one, but it's not alone. So our relationship now is as a service provider, a dispute resolution service provider, to ICANN in a system of dispute resolution that is managed by ICANN overall, but which was developed by WIPO in New Yorkshire. I think there are two interesting sort of developments to follow there. The first is the one to which you refer, because there's no doubt that for a brand owner, the task of surveillance of the misuse of the brand is complicated by the increase of the number of domains, or if you like, possibilities for misuse of the brand. And so it has become more complex for a brand owner. And that is an important policy matter. It's an important policy matter, because at the end of the day, if you're buying in a virtual space and you're not seeing your vendor, you have to place some reliance on the brand as the connector with the appropriate vendor. And so it goes to the integrity of the system of the Internet. Branding is an important factor in that regard. And the other thing I think is the general evolution of domain names as identifiers. So our people are ordinary users of the Internet going to be confused by a proliferation of domains. I mentioned Dot Guru. Eric could mention about 100 new ones, with which we may not be familiar. There once was a time, if I take myself as an example of a simple user, when you might have typed in the name plus dot com, now you'll be guessing, and most people will type in the name without the domain in their browser of what they're looking for. Cushion, staffing company, Geneva. And then you get a list of answers. So is this increase, this multiplicity of domains going to reduce the domain name as an identifier that consumers use, or users of the Internet use frequently, or are they just going to rely on browsers? Do you have two different environments? And what was the difficulty of the organization for last year? The second one's easier. And the first one I'll send one moment. But profit, where we actually don't call it a profit, we call it a surplus. But we had a surplus in the last two years. So our accounting period is a biennium, 2014-15 rather, of 70 million Swiss francs. So roughly 35 per year, but it was actually slightly different, it was 37 and 34, 33, something like that. But 70 million for the two years, 14-15. And the years before similar amounts? Not as big, but surpluses in preceding going back to 2000, well, we deal in these biennial accounting periods. So we have not had deficits. But if you took an individual year, the year of 2009 was the first ever decline in the number of international patent applications. So yes, that year our revenue declined. But you might say that the trend is for the last six years has been for the last six years to return surpluses. And then you might say, well, why? And the main reason is that we budget on a conservative basis. So the side and colleagues develop estimations of this activity for the next two years to furnish an estimation of what our revenue will be, and we take the low case and not the high case so that we, it's conservative budgeting. What do you do with the surpluses? Do you decide to build a new, a beautiful office? We're going to buy a Geneva. Well, what we do with the surplus is put it into our reserves, and we have to meet a target level of the reserves that's fixed by our member states, which will give us the capacity to continue operations in the event of any catastrophe that might occur over a period of six months in principle. So that's the first and major purpose of the reserves of the organization. The reserves of the organization are also, therefore, less dramatic to use Ravi's word, events such as, you know, a recession which causes our revenue to drop below budget estimates, and if we need we can draw on the reserves. So the destination is principally the reserves. But where do they stand? Yes. Yes. Look, I, someone will give you, because I don't want to guess at that, someone will give you, you're right, it's 250, something like this. You don't have an obligation to feed it into the UN system? No, we're an independent, we're a specialized agency. And by the way, of course the reserves are also financing, but over the life of the asset, our investment in buildings, IT systems, all of these systems work on the basis of sophisticated IT environments which are used, which users use. So they are investments in infrastructure. Yeah, when it comes to the role of these new, the main names, but Guru, Nudia, NYC, these names that are coming out or that have come out, could you give us some examples of some of the new, the main names that are coming out? Certainly, thank you. You know, what you, maybe to add a little bit of data to the press release that you have for all of you, you see here that 10.5% of the case load under this UDP system managed by WIPO concerned registrations, domain names in these new domains that you're talking about. That covers 2015. The new data is that when we look at the cases that were received in 2016, and that's only two months on the road, that percentage has actually gone up to 15% already. That's the first point I wanted to make. The second point is the director general mentioned that ICANN, the organization overseeing the domain name system overall, has, accredited, has approved applications for 1,400 unique top level domains to the right of the dot, like dot com, something else. The examples that you see in the press release, dot x, y, z, dot club, and dot email are among those 938, in fact, to be precise as of today, new domains that have become operational since ICANN's approval, that have been, that have been the subject of WIPO cases, UDP cases the most compared to all these other new domains that have been accredited by ICANN. So if you look at a broad overview of WIPO's case load, you will see that still the vast majority of cases concerns domain names in the dot com domain, which is the classic traditional legacy domain, let's say. But we are seeing that the new domains are, for better or worse, making inroads, becoming, getting higher on the list of top level domains that are the subject of these WIPO cases. And among those, the top three happens to be the ones that we are citing in the, in the press release. Now, if 938 of the 1400 domains approved by ICANN have already been, are now operational, it's clear that with further domains up to the 1400s to come, that that really presents complexities, issues for trademark owners. And those are on two levels. The first level is in what domains will they themselves choose to register their own trademark, beyond dot com, let's say. And the second dilemma which they face is in terms of spending their enforcement, trademark rights enforcement budget, against registrations by third parties in which new domains will they decide to proceed? Will they try to hit at every second level registration in every new domain where their trademark is being used or abused? Or will they be more focused? And maybe to conclude this answer with an example, there is one of the new top level domains, one of the 1400s, is dot bank. If you are a major bank, it's obvious that if somebody tries to take your name and sort of service squat that trademark in dot bank, you will proceed against that by filing a case. Because that is a direct threat to your identity online because of the connection between who you are and the nature of the top level domain. However, it's clear that what we are finding is that trademarks are also being registered in new domains that do not strictly relate to that particular brand. So for example, you might find, this is a pure example, I'm not aware of an actual example, you might find the name of a bank, a well-known bank being registered in dot guru or dot XYZ. So you can see from this example that this really presents a dilemma for trademark owners in the extent to which they will fight for their identity online to help consumers understand where they are and who they are and who they are not.