Thank you for standing by for CNinsure's first quarter 2014 earnings conference call. (Operator Instructions) For your information, this conference call is now being broadcasted live over the Internet. Webcast replay will be available within three hours after the conference is finished. Please visit CNinsure's IR website at ir.cninsure.net, under the Events and Webcasts section. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Ms. Oasis Qiu, CNinsure's Investor Relations Officer.

Good morning. Welcome to our first quarter 2014 earnings conference call. The earnings results were released earlier today and are available on our IR website as well as on newswire. Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause our actual results to differ materially from those projected or anticipated. Such risks and uncertainties include but are not limited to those outlined in our filings with the Securities and Exchange Commission, including our registration statement on Form 20-F. We do not undertake any obligation to update this forward-looking information, except as required under applicable law. Joining us today is our Chief Executive Officer, Mr. Chunlin Wang, and Chief Financial Officer, Mr. Peng Ge. They will walk you through our first quarter 2014 financial and operating performance and discuss the progress of some of our key strategy initiatives. They would take your questions after the prepared remarks. Now I will turn the call over to Mr. Wang.

[Interpreted] Hello, everyone. Thank you for joining us on the call. On today's Agenda, I will give you an update on the operational and financial highlights for the first quarter 2014 and share with your our business outlook. Our CFO Mr. Peng Ge and I will take questions after this. Building on the slight growth momentum in the fourth quarter of last year, we achieved both top line and bottom line growth in the first quarter of 2014. Total net revenues for the first quarter grew 16.2% from the year ago quarter beating our guidance again. Expense ratio dropped to 23.7%, a record low for the past ten quarters. That shall be attributable to our organization integration that enabled more effective expense control. As a result our operating income was up 721%, net income attributable to shareholders up 112.6% and our adjusted EBITDA also recorded a notable growth year-over-year by 23.6%. From a segment perspective, our traditional business segments maintained stable growth momentum while new growth drivers continued their stellar growth into the first quarter making significant contribution to the company's growth. Looking at our traditional business segments. Firstly, insurance agency business accounting for 75.4% of our total net revenues reported 2.4% year-on-year growth in revenue and improvement in profitability. Driven by 12.1% premium growth over the first quarter 2013, our P&C insurance agency business recorded 7% revenue growth year-over-year due to a decrease in P&C market commission rates in the first quarter of 2014 as revenue grew at a slower pace compared to the volume growth but we were encouraged to see improvement in gross margin both year-over-year and quarter-over-quarter. Impacted by a drop in the sales of new policies, net revenues of our life insurance agency business was down 20.6% over the first quarter last year but saw…

(Operator Instructions) Your first question comes from the line of Christy He.

[Interpreted] The first question is from Christy He from Morgan Stanley and her question is about our insurance brokerage business. She wondered what's the gross margin, what's the margin level of this line of business compared to other line of business and who are the key customers for our insurance brokerage business and what's the growth outlook.

[Interpreted] Our current focus for this line of business is to grow our [quote] (ph) business to capture more market share. So (indiscernible) gross margin is moderate compared to other business lines. Going forward we expect the gross margin will be stable at the current levels.

There are no further questions.

Thank you for your participation. If you have any further question after this conference call, please feel free to contact me. Thank you.