 So we have just released our survey of intellectual property activity worldwide in the year 2015. And what it shows us is a number of things that have been reasonably consistent trends for the last several years. So the first of those is that this sector of the economy is performing or outperforming the rest of the economy. If you look at the general state of the world economy, it's described as disappointing by the IMF, the performance of the world economy, low growth rate about 3.1%. When we turn to see what's happening in the knowledge economy as reflected in intellectual property filings worldwide, we see much, much higher growth rates. So growth rates overall in patent filings worldwide are up by 7.8% in the field of trademarks up by about 15% in the field of designs up by a smaller percentage, but nevertheless rising. The second thing that we notice is that the United States remains the leading externalizer of its intellectual production, if you like. It remains the leading country in terms of the applications that it files overseas or abroad. The third thing is a consistent trend of the last several years, which is the performance of China, which is really quite extraordinary once again. So China has become in 2015 the first office worldwide to receive more than one million patent applications. So this is quite an extraordinary performance. High growth rates continue and I think that reflects the general economic strategy in China of moving to greater value addition, moving away from industries with a heavy concentration of low cost labour and more to industries with a greater knowledge input. And then I suppose that we can also say that in general also Asia broader than China. Of course China is a major figure in Asia and a major driver of the numbers we see coming out of Asia. But in general Asia now is the predominant origin of intellectual property applications worldwide. It is some 62% of all patent applications worldwide originate in Asia. Some 55% of trademark applications worldwide originate in Asia. Some 68% of industrial design applications worldwide originate in Asia. So this is the general geopolitical shift that we've all witnessed in the course of the last 20 years. And interestingly it's happening in the area of technology and innovation as well.