Based on a preliminary review by the management of Symphony Holdings Ltd. of the management accounts and unaudited consolidated financial statements of the Group, the board of directors of the Company informed the shareholders of the Company and the potential investors that the Group is expected to report a decline in the profit for the year ended 31 December 2011 as compared to that of the previous corresponding year. The Company considers that the decline in the profit of the Group for the financial year ended 31 December 2011 as compared to the previous corresponding year was mainly attributable to a substantial decrease in the increase on fair value of investment properties held by the Group as a result of the effective marco-control policy adopted by the government of the People's Republic of China to stabilize the PRC property market during the year under review. Despite the lower profit for the financial year ended 31 December 2011, the Board considers that the overall operation of the Group as a whole remains sound and intact, and the financial position of the Group remains solid.