 The message we would like policymakers to take home is that branding is important. The legal protection of branding, trademarks, are important. They are an indispensable part of a healthy and vibrant innovation ecosystem. They contribute to establishing order in the marketplace and to ensuring that consumers are not deceived. 4.2 million trademark applications are filed every year around the world. That's a huge use that we see then in the economy and in society of brands. We all know about brands. Now what we want to do with this report is to understand better how they function, what is their economic importance, what is their economic role. And what we find is that their economic role is one to support actually innovation. What are the main findings of our report? I would highlight three findings. First, the report presents new estimates of branding investments worldwide. We estimate that companies spent around 466 billion United States dollars in 2011. And for some countries we can compare branding investments to investments in other intangible assets. And we find that investments in branding exceed investments in research and development and design, for example. So they are really an important part of overall investments in intangible assets. Secondly, the report documents the rapid increase in trademark filings worldwide. Between 1985 and 2011, global trademark filings almost quadrupled. They have especially grown faster in middle-income countries. China in 2001 became the top recipient of trademark filings, a position that it only assumed in the area of patents in 2011. And a third major finding of our report is that branding investment in important ways complements companies' investments in innovation. We find that companies that heavily brand their products are also companies that invest significantly in research and development. Through branding, companies can generate demand for their products. They can increase consumers' willingness to pay. So we find that branding is an important element of a vibrant innovation ecosystem.