2.  Nature of the business.

    1.  Company background.

Group Lease Public Company Limited was established on May 6, 1986 with
registered capital of 1 million baht by the Luaengrungsi family, and
started business in the hire purchase finance of motor cars in Bangkok
and upcountry. During the year ending 1989 to the beginning of 1990, Mr.
Khanchai Boonpan and Mr. Anurak Inthraphuvasak purchased the entity old
shareholders, and invited Mr. Samart Chiradamrong, who had many years
experience in hire purchase business, to run the business continuously
in the position of Managing Director. The company increase capital from
1 million baht to 10 million baht, to 20 million baht, to 40 million
baht, to 100 million baht and to 225 million baht in the years 1988,
1989, 1990, 1993 and 2004 respectively.

In 1990, the hire purchase finance of motorcycles continued to
experience rapid growth. The company had completed personnel, capacity,
experience, and skills in the business for more than 10 years. The
company started to expand towards hire purchase finance of motorcycles
and decreased focus on hire purchase finance of motor cars. It also
expanded business interests to hire purchasing of trucks, machinery and
printing presses, meanwhile also expanding the business to financial
lease, factoring contracts, asset financing and personal loans.

Since 2004, the core business of the company has been hire purchase
finance of motorcycles. In 2006, the market share of hire purchase
finance of motorcycles was about 7.90%ม ranking the company as one of
the big five in Bangkok and the vicinity.

The group of major shareholders, excluding Mr. Khanchai Boonpan, sold
3.87 million ordinary shares equivalent to 8.60% of the company’s issued
and paid-up capital at the price of 11.25baht per share to the A. P. F.
Management Co., Ltd. on December 15, 2006. Later, on March 6, 2007, Mr.
Khanchai Boonpan sold 12.79 million ordinary shares equivalent to 28.42%
of the company’s issued and paid-up capital at the same price to the
same buyer. Totally, The A. P. F. Management Co., Ltd. is the biggest
shareholder of Group Lease Public Co., Ltd., holding 16.66 million
ordinary shares or 37.02% of the total issued and paid-up capital.

2.  Overview of the company’s business.

In 2006, the hire purchase financing of new motorcycle was the main
business of the company. The motorcycle price for financing is about
36,300 baht each, with the well known brands such as Honda, Yamaha,
Suzuki and Kawasaki. The highest financing price of motorcycles is no
more than 74,000 baht each. Due to being unsuccessful in personal loans
and asset financing the company has ceased to offer that serviced for
new clients.

Besides services in hire purchase financing of motorcycles, the company
offers other services after sales, such as service of yearly taxation
and insurance, to add more channels to the company’s revenues and to
protect assets from loss.

3.  Structure of the company’s revenues.

Baht 1:1000

+------------------+-------+-------+-------+-------+-------+-------+
| The company’s    | 2006  |       | 2005  |       | 2004  |       |
| revenues         |       |       |       |       |       |       |
+------------------+-------+-------+-------+-------+-------+-------+
|                  | Baht  | Pe    | Baht  | Pe    | Baht  | Pe    |
|                  |       | rcent |       | rcent |       | rcent |
+------------------+-------+-------+-------+-------+-------+-------+
| H                | 40    | 90.65 | 33    | 84.60 | 23    | 84.37 |
| ire Purchase and | 1,293 |       | 6,332 |       | 5,322 |       |
|  Asset Financing |       |       |       |       |       |       |
+------------------+-------+-------+-------+-------+-------+-------+
| Financial Leases | -     | -     | -     | -     | 26    | 0.01  |
+------------------+-------+-------+-------+-------+-------+-------+
| Personal Loans   | 0.73  | 0.00  | 44    | 0.01  | 2,157 | 0.77  |
+------------------+-------+-------+-------+-------+-------+-------+
| Others Income    | 4     | 9.35  | 6     | 15.39 | 4     | 14.85 |
|                  | 1,379 |       | 1,187 |       | 1,425 |       |
+------------------+-------+-------+-------+-------+-------+-------+
| Total            | 44    | 1     | 39    | 1     | 27    | 1     |
|                  | 2,673 | 00.00 | 7,563 | 00.00 | 8,930 | 00.00 |
+------------------+-------+-------+-------+-------+-------+-------+

4.  Business goals.

The company’s ultimate goal for the next three years is to expand its
business in hire purchase financing of motorcycles within Bangkok and
upcountry, with average growth of around 10 per cent per year.