I would now like to turn the conference over to Noah’s Chairman and CEO, Mr. Dong Xu. Mr. Xu, you may begin.

Dong Xu

Thank you for joining us today on our second quarter fiscal 2012 earnings call. I hope you had a chance to read our earnings press release. I am delighted to report another profitable and robust performance in the second quarter. The quarterly revenue up 113% year-over-year, exceeding the high end of our guidance by 21%. Excluding one-off items, we saw a positive operating income and a positive net income of RMB5 million which is the second consecutive profitable quarter.

The strong performance demonstrates the effectiveness of our strategy in delivering a broad education set of offering and we have been rewarded with a strong across the board performance in our businesses. By focusing on kindergarten, private primary and secondary schools and supplemental education services, we place ourselves in a unique position to come through growth prospects in an industry resilient to economic uncertainty. We advocate the principal of lifelong education and our strategic direction aims to excellently capture this opportunity.

Kindergarten is a vital entry point for students to begin their journey to open wider and more facility lifelong education. With the acquisition of Yuanbo, we have established a solid foothold in kindergarten services. We continue to see a rising demand for high quality pre-school education. And our kindergarten services are good place to further blossom our offerings as our students seek high education success all the way [ph].

Looking forward, we expect to see continued organic growth from the expansion of our three business services, and increasing progress with reinvestment to ramp up our new schools and kindergartens to enhance utilization and operational performance. The strong organic growth will be complemented by acquisitions which continue to drive further expansion in the federation of our growth. We remain highly confident that our visible and sustainable business model will enable us to maintain a position in the education market throughout 2012 and into the future.

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