I’d now like to turn the call over to Noah’s Chief Financial Officer, Ms. Dora Li. Ms. Li, you may proceed.

Dora Li

Thank you for joining us today on our fourth quarter and full fiscal 2011 earnings conference call. I hope you all have had to chance to read our earnings press release. This quarter represented a brand new chapter for Noah with the completion of the acquisition of Yuanbo Education and the divestment of ELP Business, which allowed more to firmly establish it's footprint in the education service segment. Further to the exciting given this progress we are very pleased to report that Noah was able to deliver another set of strong results as our education service business continued to flourish with revenue growing 186% year-over-year in the first quarter and 134% year-over-year in fiscal 2011, both exceeding our guidance.

The [lowest] result was delivered by our two education service arm, Little New Star and Wentai Education, which continued to demonstrate the anticipated profit for growth potential, draw margin and highly visible business mobile enabling us to conclude the fiscal year with a strong growth momentum.

Turning to the detailed financial results for the fourth quarter and full-year 2011 as they are available in our earnings release. I’d like to highlight a few key financial metrics with you, all numbers will be in RMB unless otherwise stated.

Net revenue for the quarter which purely came from education service business up 186.4% year-over-year to 29.6 million exceeding our guidance. The strong growth was mainly driven by the contribution of Wentai Education which we acquired in August 2010 and also by the stable growth of Little New Star which grew revenue by [12 to 10%]. Wentai accounted for 61.6% of net revenue in the fourth quarter of 2011.

Gross profit up 189.3% year-over-year to 15.7 million and a gross profit margin improved 0.6 percentage points to 53%. On a full-year basis gross profit margin maintained at 53.7% a high and a stable growth margin demonstrated its extinctive feature of education service business and we expect our gross margin to maintain at a high and at stable level going forward.

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