10 March 2014
To whom it may concern
Wedge Holdings Co., Ltd.
Tatsuya Konoshita,
Representative Managing Director & CEO(Code 2388 TSE JASDAQ Market)
Contact: Yukihiro Yokoyama, Corporate Officer(Tel: 03-6225-2207)

Group Lease Turning Crisis into Opportunity～Press Release From Finance Business Subsidiary～Group Lease PCL (GL), our group company which operates the motorcycle
finance business in Thailand, has announced a press release for analyst in English
and Thai. Following is the introduction of the press release:
Description
GL Press Release “Group Lease Turning Crisis into Opportunity”
Amid the prevailing economic slowdown which has resulted from the prolonged
political conflict, SET-listed motorcycle leasing company Group Lease PCL isembarking on a shrewd business strategy to turn the current "crisis" into
"opportunity" by consolidating its operations in Thailand while pushing ahead withsolid new business growth in Cambodia.
"GL will spring back into strong profitability once the current adjustment period isover," declared the company's chairman and chief executive Mitsuji Konoshita. Hebelieved the motorcycle-leasing business -- alongside Thailand's general economic
situation - will return to normal around mid-year and GL's 2014 all-year
performance would be far better than the 2013 numbers.
GL had recently reported 240.31 million baht net profit for 2013, a disappointing
32.75% decline from the 357.38 million baht net profit in 2012. One major factor
contributing to the profits decline was the high provision for bad and doubtful debts
amounting to 343.64 million baht, which was a huge jump from 45.25 million baht
in 2012.
Mr. Konoshita indicated that the large provision in 2013 could turn out to be ablessing in disguise. "We follow prudent financial practice by enforcing strict
provisioning standards. A sizable portion of the provisioning was earmarked for latepayments. Our clients haven't lost their jobs - they just didn't get overtimes - sothey couldn't pay their monthly installments on time," he added. This means oncethe economy recovers and those late-paying clients return to pay as normal,
reserves that would be rendered unnecessary would revert to profits.
Owing to various unfavorable economic factors such as poor consumer confidence
and failure of the government's rice-pledging scheme, GL's monthly sales haveslowed down to about 7,000 units per month. Management is using the current lull
period to beef up and expand its network of dealers particularly in the eastern
provinces where workers in many industrial estates constitute the company's main1

clients base. The monthly sales, however, are projected to rise to around 10,000 by
year-end.
But despite the current slowdown, GL's total outstanding portfolio of about 4.8
billion baht at the end of 2013 was about 45% more than the 3.3 billion baht
portfolio at end-2012. This was thanks to the accumulation from aggressive sales
growth in recent years. The total portfolio is now projected to increase to about 6billion baht at the end of this year.
While consolidating its Thai operations, GL's new business in Cambodia is making
satisfactory progress. Mr. Konoshita stated that GL's wholly-owned subsidiary there,
GL Finance (GLF), is pursuing a conservative strategy to ensure solid and steady
growth with minimal non-performing loans (NPLs).
The present monthly sales of about 1,000 units are projected to rise to about
2,000 by Songkran in April and increase further to about 3-4,000 by the end of thisyear. The total outstanding portfolio now stands at about 5,000 - the break-eventhreshold - with only 0.5% NPLs.
"We have now reached the break-even point in our Cambodian operations, whichmeans additional business from now on will become profitable," Mr. Konoshita said.
The Cambodian portfolio is projected to reach 20-25,000 units by end-2014, withthe Cambodian operations expected to contribute about 20% of total GL profits thisyear.
Thank you.
(Please refer to the following URL for the original news release
http://www.grouplease.co.th/investor/)

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