 Thank you for an introduction to a field which I like very much, the industrial biotechnology and I call my talk industrial biotechnology in a globalized world and what could it mean to European industry in 2020. First a little bit on NovaSigns, we are these days a global company and as our chairman said, we have always been focusing on using nature's solution, nature's resources and reuse waste in any possible way. And as you can see today, we are close to 6,000 employees, R&D in most continents and we do file a lot of patents so we hold more than 6,500 patents because we are on the forefront on biotechnology and then I'm in the fortunate position to head R&D and as you can see from the slide, 14% of the company revenue goes back into R&D so we do invest all we can afford in developing new technology and staying ahead in terms of biotechnology. I bought this picture of a European family because I wanted to make you aware that every single of you sitting in this room, you are NovaSigns customers. You don't know but you use our product every single day in many ways or forms and most of the things you can see on this slide has enzymes been involved in the manufacturing of either the beer, the bread, the chickens in the garden have been fed with enzymes to improve their feed to meet digestion, the car has been fueled by biofuel, of course the laundry has been washed by enzymes, the grass has been fertilized with microbes so more or less everything on this picture enzymes or industrial biotechnology has been involved. What we talk about now is the future because NovaSigns is a strong believer in what we call the biobased economy and we look and visit the future where biomass will replace fossil fuels, fossil oil. Obviously that's not a new sort, it's not new for NovaSigns either. We have been working with this for quite some years and it's about taking excess biomass from nature and turn that into either fuel, chemistry or materials and the bio refinery is the center of what we believe is going to be the biobased economy and obviously the technology has not been implemented yet and I'll tell you about what we see as opportunities also some barriers and what we believe is necessary for this to happen. What is a bio refinery? For sure biotechnology is in the center of a bio refinery and actually what is happening is that you collect biomass from typically excess agricultural production or from forest or wherever we have biological waste. Then that biomass is pretreated, you can hydrolyze that into fermentable sugars, then you ferment that into a component and then you purify or recover those components and put them into the component you need. One specific area which I have been using a lot of time on is the antimatic hydrolysis and this is the most technical flight I'll bring you. It's a cartoon of how different enzymes will take cellulose apart into sugars. It's not complete, there are more enzymes than the four described here to take cellulose into fermentable sugars. The reason that it's not complete is that we don't fully understand all the mechanisms behind this so even though my organization has spent 12 years as taking on where we are right now, where we're taking down the price of this process with a factor of 30, we still don't understand in full detail what is going on. But for sure we know that those four enzymes described here, they are needed, you'll most likely need at least two others and then a number of unknowns. Firmation then, fermentation is everywhere around you and I brought this picture to tell you that most of the food you eat today or in the modern society is made by fermentation one way or the other or components from fermentation have gone into that. So it's not something new, we have worked with fermentation for more than 3,000 years and we continue to become better and better at working with fermentation. When you dive into the bio refinery, then the real workhorse is this small microorganism and in this case I brought you a picture of a yeast. Yeast has been used to make beer, wine for 3-4,000 years and it's also the workhorse in a bio refinery, at least when we talk about taking sugar into ethanol. In the US today it's done from corn, we believe that in the biobased society you will have to do this from cellulosic biomass. And for sure when we go towards the population of the globe of 9-10 billion people, we will need to use all the food we have to feed this population and we will need to take the waste and transform that into the materials and the fuel we need for the future. And there yeast is a great friend to do that. But today yeast is mainly used to make ethanol. We envisage a future where we don't need to convert our biomass into fossil fuel and burn it in combustion engine cars. We would like to see a transformation where we start using this biomass to make other building blocks and this pathway is describing some of the chemical processes which happens internally in a cell. And by changing these pathways, for example putting them, giving the cell the opportunity to make what we call 3-HP, the 3-hydroxypropanoric acid, then you can actually form a precursor for acrylic acid and acrylic acid can go into, for example, diapers as a superabsorber and you can make that completely renewable. Today all our accolades come from oil and by looking at this process we will be able to replace the oil going into this process and then use biological waste. And this is just one example, there will be many other examples, covering both fuel materials and for sure also food and feed. And I think it's very important that when we talk about the biosec-based society we need to look at this as an integrated solution. We need to use all our raw material streams the best possible way and this is what the biobased society is about. What is then in it for Europe? When we look at the opportunities in Europe, if you look at the biomass being available then we believe that that biomass could generate up to 31 billion euros in revenue. It could save us for importing up to close to 50 billion euros of oil. Did you know that Europe actually is the continent with the highest rate of import? 80% of our energy is imported. We are even worse off than the US and also China is in the same ballpark but they are also working to get out of the situation to be dependent on imported oil. Then it would actually give us an option to create 1 million jobs by 2020 and mainly in rural areas. This will again be a transformation of the society. We have to go away from a transportation society. We will have to produce locally where the biomass is. It does also open the opportunity to replace 50% of our gasoline. Not that I personally hope that we will burn all the biomass. I think it gives us more value as materials but it could be that we have an in-between period where it will be necessary to use some of this for fuel. And then of course it will reduce the CO2 emission quite significantly. And funny enough this value of this is obviously very important for all speakers in this panel because independently of each other we have bought this value of this and when we look at this of course it's the implementation of the biobased society where we right now are at a demonstration scale and I've demonstrated a little bit on the capital needed and here obviously to go to full scale production a lot of capital is needed to make this transformation. And if that risk-willing capital is not there then this will not happen. And for me I do believe that we could in Europe be better at supporting demonstration facilities. There's absolutely no doubt that in many areas we are the leading when it comes to technology. And for me it is for sure a pity if that technology lead pushes the jobs into China and US for production and we don't keep these production jobs in Europe. And I definitely believe that the biobased society is an excellent way of as we are the technology leaders and also then to keep the jobs here because the jobs are where the biomass is produced. So I will be very happy to support the global or the EU effort towards having more demonstration facilities so we take advantage of the technological lead we have in Europe. Then some of the barriers to development of this in Europe is that obviously we need the infrastructure in place to collect the biomass. If you transport the biomass too far without concentrating it you end up wasting or losing energy. So there is a number of things which need to be solved and this is why the bio refineries at least first step have to be in the rural areas. We envisage that to cover Europe it will be necessary to build roughly 1000 bio refineries and mostly in the agricultural areas. Then obviously we are talking about transformation of society. So that is something of who is going to finance the construction of all these bio refineries and we don't believe that's going to happen unless there is a demand for biobased products. For me it's obvious that if we don't do this then we will be forced to do this in the long term but if we want to take advantage of the technology we have then we need to act now and I believe that some of these biological products they will need a five or eight year period of time where they get support to get into the market. So those who invest in these facilities they know there will be a market. We are not talking about big subsidy maybe we are talking about tax relief for renewable products for a time period. These are some of the things which we believe is necessary to drive this transformation and then obviously we need in Europe to coordinate and we need the policy to support this and in the industrial biotech industry we do also work with the Commission on PPP which we call the Biobased PPP and we have collected industrial partners to fund up to 2.8 billion euro. So we really hope that it's also possible in the future to have a public private partnership in the biobased society and secure that the EU takes the advantage of the biobased economy so we don't develop the technology and see that it's being implemented in China, Brazil and the US but not in Europe. Right now what we see is that it looked as if Europe would actually be the first one to have a full scale biowefinery in Christentino and also in Italy but actually this month China has surpassed so the first full scale biowefinery will actually be in China as a Chinese company called Xinjuan will inaugurate their biomass to SNL facility and then Europe will be on a number two or second place as the company M&E will inaugurate in August or September a biowefinery in Northern Italy and by the way that's done by private money. So it is actually possible in Europe to do it without support but there's no doubt in my mind that if we really want the biobased economy to take off in Europe then we need to work closely together in a PPP for this transformation to happen and realize the potential to the benefit of the European citizens and creation of jobs in Europe. Thank you very much for your attention.