We're very pleased to report that Noah continued to grow in the fourth quarter with strong year-over-year improvement in both top line and the margins.

On slide five, net revenue for the quarter was up 58% to RMB47 million for the year. Net revenue was up 74% to RMB163 million. The strong improvement was mainly driven by the organic and acquisitive growth from our kindergarten operations across all brands and incremental revenue from the new school opened since September 2011.

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