Here is an outline of the three-stage instruction pipeline, including the relative PC location contents. In ARM state, the PC fetches the instruction from memory. In PC minus four, the instruction is decoded. In PC minus eight, the instruction is executed. In Thumb state, the PC fetches the instruction. PC minus two decodes the instruction. Finally, PC minus four executes the instruction. During the execute phase, the registers are read from the register bank, shift and Arithmetic Logic Unit (ALU) operation are performed, and registers are written back to the register bank.