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

Dong Xu

(Foreign Language)

(Interpreted)

Thank you for joining us today on our third quarter fiscal year 2012 earnings conference call. I hope you’ve all had a chance to read our earnings press release.

(Foreign Language)

(Interpreted)

I am very pleased to report that we have delivered another strong quarter, with revenue growing at 61% and exceeding the top end of our guidance by 16%. This is particularly encouraging, considering that the third quarter is traditionally (inaudible), due to the presence of the Winter break. And we were only able to rectify two months revenue.

(Foreign Language)

(Interpreted)

The robust topline growth was given by our Kindergarten operation, the largest contributor of all of our businesses. The year-over-year growth of 220%, by organic and (inaudible) from Yuanbo. This impressive increase is a testimony to our growth strategy.

Kindergarten is a vital entry point for student’s lifelong education and will also form the entry base of our lifelong education model, which will pave the way for broader (inaudible) offerings in the future. Kindergarten is the core of our three focus areas and will continue to be a key growth driver down the line.

(Foreign Language)

(Interpreted)

Well, we will further (inaudible) through our financial outcome, but I’d like to highlight that in this quarter, we were able to improve our growth margin to our guided level, while continuing to invest to ramp up our schools in Kindergarten. This improvement is mainly strength to the progress made by the Kindergarten operations.

(Foreign Language)

(Interpreted)

Looking ahead, we are confident that we will see another strong performance in the fourth quarter in terms of revenue growth. And this will lead us to achieve our full year guidance of 56 to 76% increase in revenue. Meanwhile, we’ll continue to strike a sound balance between approved profitability and sustain reinvestment for growth. Through a continuous ramping up with the best new schools in Kindergarten, we aim to achieve higher utilization rate and operating efficiency in the next academic year.--

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