In addition to these titles our development teams continue to work on highly anticipated MMORPGs, Swordsman Online and the Saint Seiya Online, as well as a number of other games from our pipeline. With these existing upcoming titles, we look forward to delivering more high quality entertainment to our gamer worldwide.

I am pleased to announce that in order to further enhance our executing capabilities, we have decided to create a new senior management position; Co-CEO and promote our COO, Mr. Robert Xiao, to this new leadership position. In his new role, Robert will mainly focus on the execution of our business strategies through further enhancing the effectiveness and the efficiency our operations. I will remain the Chairman of the Board of Directors while taking the new Co-CEO position, and primarily focus on setting strategic directions for Perfect World to capture new growth opportunities in this fast changing industry.

Looking ahead, we will remain focused on the growth of our business and continue to generate value for our shareholders overtime.

Thank you. Now I will pass the call to Robert.

Robert Xiao

Thank you, Michael. Hello everyone, I am very excited to take the new role in the company that will allow me to work closer with our management and talented staff across the world to help lead our business to evolve into a global leader in online gaming industry. Through the great effort of the team, I believe that we have build a very successful presence in overseas markets; while in addition to our strong pipeline that Michael just mentioned, our well established development team across the world is another key differentiating factor in our industry.

Our specialized studios overseas not only further strengthen our R&D capabilities, but also add world class titles to our robust pipeline. For example, our Cryptic Studios in the Bay area in US is currently developing highly anticipated MMOPRG called Neverwinter. All of our global development assets are playing an important role in our path to become a leading gaming online gaming company.

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