(Foreign Language)

(Interpreted)

Dora Li, our CFO will now walk you through our financial and operational performance as well as guidance for the next quarter. Dora, please.

Dong Xu

Thank you Mr. Xu. We are very pleased to report that Noah has continued its brand momentum into the third quarter of fiscal 2012, with prolonged year-over-year improvement, in both top line and bottom line.

Turning to the detailed financial results for the third quarter of fiscal 2012, as they are available in our earnings release, I would like to highlight a few key financial metrics with you. I’ll be focusing on a year-over-year comparison, and all members will be in RMB unless otherwise stated.

On slide four, net revenue for the quarter was up 61% to 37% million, despite only booking two months of revenue due to the Winter break. The strong improvement was mainly driven by the growth of our Kindergarten operations across all brands, which will breakdown the net revenue by business segments. . Revenues from our Kindergarten operations, was up 220% to about 21 million, accounting for 55% of net revenue. The total Kindergarten network increased from 10 in the third quarter of fiscal 2011 to 33 in third quarter of fiscal 2012, under the pre-existing Kindergarten continued to show healthy organic growth.

Revenues from primary and the secondary school operations were up 2% to 9 million accounting for 23% of net revenue. The motive gross was attributable to an increase in tuition fees and incremental revenue, from newly opened schools, all setting a slight decrease in enrollment from one existing school.

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