For the past few years, E&T has achieved continuous steady growth despite the headwinds presented by the complicated and challenging international market environment. This success was in large measure due to the dedicated efforts of all employees under the leadership of the Board to counter the challenges by bringing the synergies in our fabric, plush toys, hats and gifts manufacturing operations into full play. As we realize the importance of Corporate Social Responsibility ("CSR") to our business, the Company will focus on the development of our own system aimed at better fulfilling that responsibility. This is part of our continuous endeavours to refine our approach to addressing our environmental, social and ethical responsibilities along with improving our corporate governance.

In 2012, the Company has implemented its CSR strategy across the organization by deeply embedding social responsibility into daily operations, and enhancing its training efforts in social responsibility, thus resulting in a significantly increased focus and effective performance to achieve its CSR goals.

Looking ahead, E&T will adhere to these strategic guidelines as it diligently executes its CSR planning. Towards this end, it will proactively adapt to industry trends and fluctuations, grasp development opportunities, cultivate its capability to innovate as part of its ongoing efforts to contribute to a better society. Implementing this strategy should generate greater value for all of our stakeholders including our shareholders, customers, and employees as well as the communities where we work and live.