Section 1

Executive Summary

-   United Securities Public Company Limited was founded on 1 April 1971
    with an initial capital of Baht 500,000 to conduct a securities
    business. The firm was selected as the Stock Exchange of Thailand’s
    member (SET) No. 38 in 1981 and became a member of the Thai Bond
    Dealers’ Club No. 49 in 1994. In 2001, the Company offered its
    Initial Public Offering (IPO) shares and was listed in the Stock
    Exchange of Thailand on 8 August 2001.

-   The Company operates under securities license with 4 types of
    securities business; namely, Securities Brokerage, Securities
    Dealing, Investment Advisory and Securities Underwriting. Moreover,
    the Company also acquired Financial Advisory License from SEC. In
    2005, 2 new types of business objectives, namely Derivatives and
    Securities Borrowing & Lending, were registered to prepare for the
    Company’s future expansion. And the Company has prepared to
    re-submit for Derivatives license approval from the SEC in early
    2008 after suspended last year when we thought there was still very
    small volume in the market.

-   In early 2006, Wongkusolkit group sold its stake in the Company
    total 42,923,520 shares, or equal to 25.43% of the Company’s paid-up
    capital to A.P.F. Holdings Company Limited which is a company
    registered in Thailand. After the mandatory tender offer in
    accordance with the Takeover Rule completed, A.P.F. Holdings had
    acquired a total of 132,565,419 shares or equal to 78.53% of the
    Company’s total paid up capital and became the Company’s new major
    shareholder while the Company’s status remained as a listed company
    in the Stock Exchange of Thailand.

-   After the new major shareholder coming in, the Company has
    reorganized its Directors’ structure by appointing Mr. Mitsuji
    Konoshita as Chairman of the Board, Mr. Tatsuya Konoshita as
    Chairman of the Executive Board and Mr. Jeremy Liau as Managing
    Director or the highest management.

-   In mid 2007, there was a change in Managing Director – Securities
    Marketing Head. Miss Suthida Chirapatsakul had resigned from the
    Company to join with other securities firm and Mr. Yothin
    Viriyenawat was promoted in replacement taking the position of
    Executive Director – Thai Marketing. In addition, Ms. Tippranee
    Chatmanop was also promoted to the position of Executive Director –
    Business Support Division from the position of Senior Executive Vice
    President.

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-   During the year 2007, the Company closed 8 of its provincial
    branches, namely Ban-Pong, Udonthani, Ubonrajathani, Khon Kaen,
    Lampoon, Yala, Baetong and Sakonnakorn and 2 branches in Bangkok,
    namely Bang-na and Asoke branches. Consequently, as at the end of
    the year 2007, the Company had total 3 branches, namely Rangsit,
    Nakhon Pathom and Nakhon Sawan. The branches closing was to reduce
    costs and re-align the Company’s business focus. However, the
    closing of branches does not have any adverse effect on the Company.
    On the contrary, it helps to reduce the costs which benefits to its
    profit.

-   On 17 January, 2008 the Company had started a joint venture with Mr.
    Verajet Vongkusolkit and his family to open a subsidiary company,
    namely United Asset Management Company Limited to undertake Private
    Fund Management business. The subsidiary company has a registered
    capital of 25,000,000 Baht divided into 250,000 common shares at 100
    Baht par value. The Company’s total investment is 51% or in the
    amount of not exceeding 12,750,000 Baht and the subsidiary company
    is expected to begin its operation around April, 2008 after
    receiving the license from the Ministry of Finance. toward the end
    of the year, there were 10 branches left.

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-   The significant risk factors of the Company are the risks arising
    from the main business such as market risk, counter-party risks,
    credit risks, etc. However, the Company had set up effective
    internal control system and regular improvement of internal
    operation procedures to facilitate and comply with the financial
    services pattern provided to be more efficient and to be able to
    control the risks within acceptable level.

-   As at 31 December, 2007, the Company’s capital was registered at
    Baht 860 million and the paid-up capital at Baht 844 million. The
    Company’s financial statements ended 31 December 2007 recorded total
    assets of Baht 1,406 million, total liabilities of Baht 363 million
    and shareholders’ equity of Baht 1,043 million.

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-   In 2007, the Company had a net profit of Baht 15.05 million or Baht
    0.09 net profit per share (weighted average).

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