 Ladies and gentlemen, thank you for coming. I'm going to pass the floor to WIPA Director General Francis Gurry to talk to you about the international patent system in 2010. And our Chief Economist, Karsten Finke, is also with us today. Thank you, gentlemen. Thank you, some ladies and gentlemen. Very good afternoon to you all. I think it's the first time we see each other this year. So I'm very belatedly a very happy new year to you all and a happy year of the rabbit also to Chinese new year. Look, I think we have a very simple story to tell here. It's not very complicated. And it's clearly set out, I hope, in our press release. I think the salient elements of it are, first of all, that, yes, we have seen the recovery, the technological recovery, if you like, in the international patent system. Because overall, across the year, we have had growth of 4.8% over 2009. But the qualification, if you put that in a broader historical context, that only takes us nearly to the level that we were at in 2008. So in other words, the impact of the crisis has been quite severe. Two years on, at the end of 2010, we are only just approaching the level that we were at in 2008. The good news part of it, however, is, of course, that the arrow is, for the moment, pointing very much in the right direction. And it's up on 2009. So that, I think, is the first thing to note. The second thing that I would note is to repeat the, I think, the story that we have been giving you for five years now, that there is an enormous geographical change in the international patent system. And in particular, we see a meteoric rise of Northeast Asia, Japan, China, and the Republic of Korea. Japan, to a lesser extent, because it is more mature technologically, so the growth rates are smaller. But nevertheless, note that the growth rate for Japan of international patent applications last year was 8%, 7.9%. And that is a very significant growth rate when you compare the performance of the rest of the so-called industrialized world. It's a very significant increase. The growth rate for the Republic of Korea was 20.5%. And again, for a reasonably mature technologically-speaking country, that's a very significant growth rate. And the growth rate from China was an astonishing 56.2%. And an astonishing 56.2% because it's a growth rate that comes on a base that was larger than the base of France or the United Kingdom, marginally larger. But it was marginally larger in 2009, but now significantly larger. So that is really quite a significant, I think, continuation of a story that we have been telling now for five years, I'd say. And if you were to go to annex 1 on page 3, you see the top countries and conveniently set out there the growth rates applying to all countries. And you notice the one thing to notice is that China has moved into fourth place, overtaking the Republic of Korea despite the very high growth rate in the Republic of Korea also. And so again, you see that there are three Asian countries, three Northeast Asian countries more specifically that are in the first five. It's US, Japan, Germany, China, Republic of Korea. So this trend that we've seen is reinforced. It's very much present there. If you were to go, then, if I may point you in the direction of page 5 and table 3, we set out the top applicants for international patent applications. And again, I would just point out to you that six of the top 10 are from Northeast Asia. So three of them are from Japan. Two of them are from China. And one of them is from the Republic of Korea. The other four in the top 10, three of them come from Europe. And one of them comes from the United States. I suppose a third point that I would make to you is the poor performance of the United States of America. And if you were to look at the table on page 3, you will see that in 2010, the number went down by 1.7%. But if you look across a five-year period, you see that the US is still very much below the place where it was in 2006 or very much below the place where it was in 2007, roughly 20% below where it was in 2007. So this is, I think, a significant indication of the impact of the crisis. The last thing that I will say is just to draw your attention to a relatively new feature. And that is on page 7, where we have set out the top university applicants for international patent applications under the PCT. And the first four are the University of California, MIT, Texas, and Florida. You will see that this table is dominated by American universities, which reflects, I think, the strength of the American university system. And also the early adoption of technology management programs by American universities. Nevertheless, you see that Japan has improved in this table of commercialization. And as far as Japan is concerned, the number of Japanese universities in the top 50 moved from six in 2009 to 10 in 2010. But the table of the top 50 is dominated, if I'm not mistaken, or composed exclusively if I'm not mistaken of United States, Japan, Republic of Korea, UK, Israel. And I think that's it in the top 50. So that's interesting. I'm going to stop my remarks there. I don't, Kastin, you want to comment now or you want to take all the hard questions? I have a question. Whatever. Yep, go ahead. Thank you, Director-General. Maybe just to add a few more observations onto what we have seen in 2010. I think we're all astonished by the staggering growth rate from China, plus 56.2%. Should note that that growth rate is larger than the domestic growth rate that we saw China in 2010. With the domestic growth rate, I mean filings at the Chinese Patent Office. And that suggests that while patent filings in China continue to grow rapidly, that there is also greater internationalization in a sense that more and more Chinese patent applicants would like to see their inventions protected in foreign markets. I think in the case of China, it's also interesting to ask, and we are interested in that, how far can the growth go? One would expect that maybe at some point, saturation would set in. But I think it's important to point out that if one looks at the share of PCT or international application in applications of domestic residents at the local patent office, China's share is still 4.2%, meaning only a relatively small share of the patents that are filed in China make it to international markets. If you compare that to the United States, technologically much more mature market, that share is above 20%. So alone from that, there seems to be still substantial growth potential in the case of China. In the case of Japan, I think there we see a trend that has been continuing or that we could observe for a number of years. And that is that Chinese inventors and firms have really taken up the PCT system when it comes to filing patents abroad. As you know, patent applicants always have two options when they seek patent protection in foreign markets. They can either do so directly through the so-called Paris route, or they can use the Patent Corporation Treaty. And in the case of Japan, we have seen clear embrace of the Patent Corporation Treaty in the last few years. Maybe one note on the United States, the Director General described that the United States, which still is the largest user of the PCT system, was most heavily affected by the crisis. The fall of 1.7% that we saw in 2010 follows a fall of more than 10% in 2009. And if one looks at the data more closely, if one looks at monthly data, one can see that in the case of the United States, applications seem to have reached a floor in early 2010 in January, especially. And since then, they have stabilized. So if one looks at the future, one can probably quite reasonably expect renewed growth also in the US, which, as I said, is the largest user of the PCT system. And finally, a few notes with regard to Europe. I think it's interesting that in the case of Europe, the filing performance seems to reflect the economic performance in a sense that the country that did see renewed growth after the crisis is Germany. And as you all know, Germany was the European country that experienced the fastest economic growth, at least among the major European economies last year. I think maybe the one thing that is somewhat surprising is that we see a 10.3% filings growth from Spain, a country that is going through difficult economic times. But again, here we see that this is part of a longer term trend, firms embracing the PCT system as the main vehicle for obtaining patent protection in international markets. Let me stop here.