On July 19, 99YEE, a subsidiary of MTS, signed a service agreement with
Record, a subsidiary of IFLY Co., Ltd. Wang Wei, the vice president of IFLY
Consumer Business Group and the general manager of Record, and Frank Wei, our
Managing Director presented at the signing.

IFLY is a leading company in Chinese speech industry and owns the most
advanced intelligent speech and language interaction technologies in the
world. IFLY Record is a lineup of products and services launched by the
company. With the core features of speech-to-text and translation of multiple
languages, Record is committed to help users boost their productivity and
increase their efficiency in knowledge management.

IFLY and MTS are highly professional enterprises in the language industry,
and they have common grounds in their operational philosophies. Based on
mutual trust and respect, the two companies entered into this strategic
partnership.

The two companies will carry out in-depth cooperation in marketing a new mode
of service, namely the “human-machine coupling” translation. In this mode,
99YEE’s innovative online human translation platform will be integrated into
Record’s automatic speech recognition and machine translation platform. It
is believed that such a human-machine approach will make translation services
more accessible to users, speed up translation process, and improve accuracy
of translation.

Once the integration is completed, IFLY Record will be able to deliver virous
document translations, including medical records, theses/dissertationspapers,
resumes, handbooks/manuals, credentials and certifications, etc.

We are sure that the cooperation will become another successful story of
“human-machine coupling” service in the industry. And we anticipate a
bright future ahead of this new mode in the age of artificial intelligence.