The year 2008 has been more than a challenging year. The collapse of the US financial system had resulted in a world crisis and recession. The reduction in global trade volume caused much excess in shipping capacity and reduction in shipping rates. As part of the sea freight community, we will also be facing reduced volume and stiffer competition in the coming year.

As we shared during the Annual Conference in Xian, while we anticipate threats but we also see opportunities in 2009. Some smaller or even medium size operators may be forced out of the market. The reduction in cargo volume may generate more LCL volume due to inadequate FCL load. This is the time for the survival of the fittest.

I firmly believe CWT Globelink group, together with our partners in the network, are well positioned to capitalize on our strength in this changing market. We will continue our strategy in growing as an Asian leading consolidator. More emphasis will be placed to secure international freight forwarders accounts. We will continue to expand our network despite of the unfavorable market situation as we believe strongly that a good network will differentiate CWT Globelink from our competitors.

I am confident that in time of crisis, our group will be able to demonstrate its fortitude and character, yet all the time remaining faithful to our core values. Given our strength in unity, we must heighten our market presence, improve our visibility and gain market share. We will re-look at our fundamentals yet forge new innovations. In balancing between cost management, we will not hesitate to invest in the future. Going ahead you will be able to hear more from the group with regard to more new initiatives.

We have celebrated our 20 th anniversary this year. We have managed to come this far only because of the support and dedication of every one in the CWT Globelink family and in the CWT Globelink net work. I would like to take this opportunity to thank all of you for your continual support.

At the same time, we need to work much harder and smarter as we will be facing more challenging market conditions, competitions and world crisis in the coming year.

Wishing all of you happiness and success in the New Year!