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Noah CEO Discusses F4Q10 Results - Earnings Call Transcript

We remain focus on enhancing this strong LNS brand name in the network. In the fourth quarter, we added 39 franchised schools and the four LNS network now includes 14 direct owned and 725 franchise schools. The Dudu Happy Reading Program has received a high praise from participating schools and we are seeing growth demand to rolling programs out in other locations in China.

Adhering on our strategic initiatives, accretive expansion, yesterday we have completed our acquisition of a 70% interest in Wentai Education, a company focused on early childhood, primary and secondary education services in China, the addition of Wentai School which are known for the superior service and education excellence.

As to our portfolio of education services offerings, the bilingual nature of the school is an ideal complement our LNS tutoring centers and paves the way for international partnership opportunities. It will also serve as attractive platform for us to test our new content and device in order to stretch our ELP offerings. Wentai Education recorded a revenue of approximately RMB49 million in calendar year 2009 and we currently expect it to generate RMB43 million to RMB46 million on a pro forma basis in Noah’s fiscal year 2011 excluding additional growth from acquisitions of new school.

With Wentai’s experienced management team remaining on-board, we are confident they would capitalized on the increase in demand for top quality education in China in order to expand the number of schools under management and drive growth.

The capital to fund acquisition provide them with their resources and their flexibility necessary to identify target and start the process of converting targeted schools in coming months in time for the start of 2011 to 2012 school year.

Our expansion roadmap for Wentai centers around increasing enrollment in newly opened schools, securing new sites for new schools by working with real estate developers nationwide, acquiring these to a higher end, primary schools and kindergartens, and developing international programs offering dual diplomas that would allow student to advance their education in China or abroad.

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