The Arc Companies focus on opportunistic real estate in high barrier to entry markets and start up investing. The group also provides advisory services to third parties. Our real estate activities include ground up and repositioning in all product types. On an advisory basis we have also done core investing. Our startup activities are global but with an emphasis on Israel and North America. Our direct investments to date have included investments in cyber, artificial intelligence, pharma, digital health, search, social gaming, fin tech, and industrial internet. We also provide investment services to a limited group of individuals and companies. The investment areas have been in alternatives of all types as well as liquid markets. Our team of professionals has diverse skills and expertise allowing us to deliver the best returns within the confines of our business principles. Whether market direction is clear or unclear, we have the experience and strengths to deal with the situation.