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Offline service is still one of our core competencies that bring our high customer loyalty. We uphold a high level of service quality and strive for continuous improvement. Competitive pricing is important to enhance Ctrip's leadership. In our philosophy, price advantages have to be coped with strong products and services. While strengthening our existing advantages, we join the competition decisively. In July we launched a more aggressive marketing campaign with a series of comparing low-price products across all business lines. This will accelerate our penetration into price-sensitive market.

With 12 years in the market, Ctrip is by far the most well-known travel brand in China based on service quality, reliability and integrity combined. Yes, China's travel market is fragmented and our market share is still very small. We have increased our investment in online marketing and actively explore all channels such as search engine optimization, social medium, online radio, web partnerships and other effective online platforms. By the end of the second quarter of 2012, our cumulative numbers of customers has increased to 17.4 million compared to 13.5 million at the same time in 2011. We will continue to improve our marketing efficiencies and take open-minded approach to enhance the Ctrip brand awareness.

Our company always takes prudent steps to carefully evaluate the return on investment, timing and priorities for each investment. We are very excited about our future growth. Our team will focus on execution, monitoring the key investors, and delivering the best possible results. We are confident that our investments will ensure Ctrip's success in the coming decade.

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