The company’s actual results could differ materially from those contained in the risk factors section of the company’s final prospectus or recent filings filed with the Securities and Exchange Commission. Unless required by law, the company undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

I would now like to turn the call over to Noah’s Chairman and CEO, Mr. Dong Xu. Sir, please go ahead.

Dong Xu

[Interpreted] Good morning and to some good evening. Thank you for joining us today on our second quarter fiscal 2011 results conference call. As you may have seen from our earnings release, this quarter revenue from our Education Services business grew a very impressive 264% year-over-year and exceeded our guidance as our Little New Star brand experienced ongoing franchise expansion and as Wentai Education joined Noah for its first full quarter and turned in an impressive performance. In addition to this current results obtained this quarter in this segment, we also laid the ground works for future success as we significantly built out our pipeline of Wentai Education School.

The education services market in China continues to expand rapidly and see increasing demand, yet the industry remains fragmented and nascent. We recognized these opportunities and other market leader, we believe we are well positioned to capitalize on them. We are committed to our strategic initiative of driving growth through the acquisition of complementary businesses and remain proactive in speaking out prospects on this front. We have maintained a solid cash position which also affords the flexibility to invest in our future as opportunities arrive.

While we are encouraged by our performance in the education services side of the business, our group net revenue for the quarter increased 58.6% year-over-year to RMB64.2 million and we recorded a net loss of RMB53.4 million. These declines were driven by the ongoing restructuring of our distribution network against a backdrop of increasing competition and evolving consumer demand. We are confident of the fact that the challenges faced within the ELP business over the past several quarters have addressed – impacted our financial results and recognize that our current position does not adequately align us with our long term goals and objectives. As such, we have taken action to consider strategic alternative for our ELP business.

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