12. FINANCIAL POSITION AND PERFORMANCE

12.1 Financial Statements

12.1.1 Summary of Audited Reports 

  ------------------ ----------------- ----------------- -----------------
                     2008              2007              2006

  Auditors’ Report   Unqualified       Unqualified       Unqualified
  ------------------ ----------------- ----------------- -----------------

12.1.2 Summary of Financial Statements for the Past 3 Years

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

COMPARED BALANCE SHEETS

AS AT 31 DECEMBER

Unit: Baht Thousand

+--------------------------+------+------+------+------+------+------+
|                          | 2008 | %    | 2007 | %    | 2006 | %    |
+--------------------------+------+------+------+------+------+------+
| ASSETS                   |      |      |      |      |      |      |
+--------------------------+------+------+------+------+------+------+
| Current assets           |      |      |      |      |      |      |
+--------------------------+------+------+------+------+------+------+
|   Cash and cash          | 384  | 4.74 | 549  | 7.37 | 853  | 1    |
|   equivalents            | ,642 |      | ,864 |      | ,860 | 2.89 |
+--------------------------+------+------+------+------+------+------+
|   Current investments -  | -    | -    | -    | -    | 10   | 0.15 |
|   fixed deposit at       |      |      |      |      | ,000 |      |
|   financial institution  |      |      |      |      |      |      |
+--------------------------+------+------+------+------+------+------+
|   Trade accounts         | 494  | 6.10 | 590  | 7.91 | 525  | 7.93 |
|   receivable - net       | ,122 |      | ,306 |      | ,197 |      |
+--------------------------+------+------+------+------+------+------+
|   Amounts due from       | 8    | 0.11 | 7    | 0.10 | 6    | 0.10 |
|   related parties        | ,797 |      | ,141 |      | ,520 |      |
+--------------------------+------+------+------+------+------+------+
|   Advances to employees  | 8    | 0.11 | 10   | 0.14 | 11   | 0.17 |
|   and directors          | ,786 |      | ,338 |      | ,300 |      |
+--------------------------+------+------+------+------+------+------+
|   Inventories            | 187  | 2.32 | 203  | 2.73 | 166  | 2.52 |
|                          | ,975 |      | ,484 |      | ,413 |      |
+--------------------------+------+------+------+------+------+------+
|   Prepaid expenses       | 52   | 0.65 | 48   | 0.64 | 44   | 0.67 |
|                          | ,243 |      | ,036 |      | ,391 |      |
+--------------------------+------+------+------+------+------+------+
|   Other current assets   | 5    | 0.06 | 1    | 0.02 | 11   | 0.17 |
|                          | ,011 |      | ,383 |      | ,373 |      |
+--------------------------+------+------+------+------+------+------+
| Total current assets     | 1    | 1    | 1    | 1    | 1    | 2    |
|                          | ,141 | 4.09 | ,410 | 8.91 | ,629 | 4.60 |
|                          | ,576 |      | ,552 |      | ,054 |      |
+--------------------------+------+------+------+------+------+------+
| Non-current assets       |      |      |      |      |      |      |
+--------------------------+------+------+------+------+------+------+
|   Pledged fixed deposits | 17   | 0.21 | 12   | 0.16 | 9    | 0.15 |
|   at financial           | ,147 |      | ,147 |      | ,605 |      |
|   institutions           |      |      |      |      |      |      |
+--------------------------+------+------+------+------+------+------+
|   Investments in joint   | 6    | 0.07 | -    | -    | -    | -    |
|   venture                | ,085 |      |      |      |      |      |
+--------------------------+------+------+------+------+------+------+
|   Investments in         | 1    | 1    | 1    | 2    | 464  | 7.02 |
|   associated companies   | ,234 | 5.24 | ,522 | 0.41 | ,949 |      |
|                          | ,931 |      | ,607 |      |      |      |
+--------------------------+------+------+------+------+------+------+
|   Other long-term        | 2    | 0.03 | 2    | 0.03 | 2    | 0.03 |
|   investments - net      | ,247 |      | ,247 |      | ,047 |      |
+--------------------------+------+------+------+------+------+------+
|   Advance for future     | -    | -    | -    | -    | 16   | 0.25 |
|   subscription - net     |      |      |      |      | ,371 |      |
+--------------------------+------+------+------+------+------+------+
|   Property, plant and    | 5    | 6    | 4    | 5    | 3    | 5    |
|   equipment - net        | ,373 | 6.31 | ,144 | 5.57 | ,751 | 6.65 |
|                          | ,731 |      | ,587 |      | ,951 |      |
+--------------------------+------+------+------+------+------+------+
|   Intangible assets -    | 310  | 3.83 | 349  | 4.68 | 732  | 1    |
|   net                    | ,364 |      | ,178 |      | ,093 | 1.05 |
+--------------------------+------+------+------+------+------+------+
|   Other non-current      | 18   | 0.22 | 17   | 0.24 | 16   | 0.25 |
|   assets                 | ,163 |      | ,845 |      | ,824 |      |
+--------------------------+------+------+------+------+------+------+
| Total non-current assets | 6    | 8    | 6    | 8    | 4    | 7    |
|                          | ,962 | 5.91 | ,048 | 1.09 | ,993 | 5.40 |
|                          | ,668 |      | ,611 |      | ,840 |      |
+--------------------------+------+------+------+------+------+------+
| TOTAL ASSETS             | 8    | 10   | 7    | 10   | 6    | 10   |
|                          | ,104 | 0.00 | ,459 | 0.00 | ,622 | 0.00 |
|                          | ,244 |      | ,163 |      | ,894 |      |
+--------------------------+------+------+------+------+------+------+
|                          |      |      |      |      |      |      |
+--------------------------+------+------+------+------+------+------+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

COMPARED BALANCE SHEETS

AS AT 31 DECEMBER

Unit: Baht Thousand

+---------------------------+------+-----+------+-----+------+-----+
|                           | 2008 | %   | 2007 | %   | 2006 | %   |
+---------------------------+------+-----+------+-----+------+-----+
| LIABILITIES AND           |      |     |      |     |      |     |
| SHAREHOLDERS' EQUITY      |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
| Current liabilities       |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Short-term loan from    | 200  | 2   | -    | -   | -    | -   |
|   financial Institution   | ,000 | .47 |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Trade accounts payable  | 504  | 6   | 501  | 6   | 473  | 7   |
|                           | ,341 | .22 | ,350 | .72 | ,235 | .15 |
+---------------------------+------+-----+------+-----+------+-----+
|   Amount due to a related | 2    | 0   | -    | -   | 1    | 0   |
|   party                   | ,015 | .03 |      |     | ,800 | .03 |
+---------------------------+------+-----+------+-----+------+-----+
|   Construction and        | 77   | 0   | 120  | 1   | 78   | 1   |
|   medical equipment       | ,127 | .95 | ,299 | .61 | ,580 | .19 |
|   payable                 |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Current portion of      | 569  | 7   | 437  | 5   | 328  | 4   |
|   long-term loan          | ,279 | .02 | ,149 | .86 | ,522 | .96 |
+---------------------------+------+-----+------+-----+------+-----+
|   Accrued physicians’ fee | 262  | 3   | 292  | 3   | 255  | 3   |
|                           | ,461 | .24 | ,550 | .92 | ,562 | .86 |
+---------------------------+------+-----+------+-----+------+-----+
|   Interest payable        | 565  | 0   | 1    | 0   | 768  | 0   |
|                           |      | .01 | ,092 | .02 |      | .01 |
+---------------------------+------+-----+------+-----+------+-----+
|   Interest payable -      | 11   | 0   | 6    | 0   | 6    | 0   |
|   convertible bonds       | ,576 | .14 | ,233 | .08 | ,233 | .09 |
|   treated as equity       |      |     |      |     |      |     |
|   securities              |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Corporate income tax    | 195  | 2   | 197  | 2   | 196  | 2   |
|   payable                 | ,480 | .41 | ,048 | .64 | ,122 | .96 |
+---------------------------+------+-----+------+-----+------+-----+
|   Accrued expenses        | 260  | 3   | 148  | 2   | 137  | 2   |
|                           | ,094 | .21 | ,690 | .00 | ,850 | .08 |
+---------------------------+------+-----+------+-----+------+-----+
|   Accounts payable -      | 16   | 0   | 29   | 0   | 27   | 0   |
|   others                  | ,098 | .20 | ,373 | .39 | ,803 | .42 |
+---------------------------+------+-----+------+-----+------+-----+
|   Other current           | 23   | 0   | 41   | 0   | 40   | 0   |
|   liabilities             | ,825 | .29 | ,056 | .55 | ,032 | .60 |
+---------------------------+------+-----+------+-----+------+-----+
| Total current liabilities | 2    | 26  | 1    | 23  | 1    | 23  |
|                           | ,122 | .19 | ,774 | .79 | ,571 | .73 |
|                           | ,861 |     | ,840 |     | ,898 |     |
+---------------------------+------+-----+------+-----+------+-----+
| Non-current liabilities   |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Long-term loan          | 1    | 13  | 1    | 17  | 1    | 21  |
|                           | ,116 | .77 | ,335 | .90 | ,422 | .48 |
|                           | ,022 |     | ,301 |     | ,449 |     |
+---------------------------+------+-----+------+-----+------+-----+
| Total non-current         | 1    | 13  | 1    | 17  | 1    | 21  |
| liabilities               | ,116 | .77 | ,335 | .90 | ,422 | .48 |
|                           | ,022 |     | ,301 |     | ,449 |     |
+---------------------------+------+-----+------+-----+------+-----+
| Total liabilities         | 3    | 39  | 3    | 41  | 2    | 45  |
|                           | ,238 | .96 | ,110 | .69 | ,994 | .21 |
|                           | ,883 |     | ,141 |     | ,347 |     |
+---------------------------+------+-----+------+-----+------+-----+
|                           |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

COMPARED BALANCE SHEETS

AS AT 31 DECEMBER

Unit: Baht Thousand

+------------------------------+-----+-----+------+-----+------+-----+
|                              | 2   | %   | 2007 | %   | 2006 | %   |
|                              | 008 |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Shareholders' equity         |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Share capital                |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Registered                   |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| 920,919,935 ordinary shares  | 9   |     | 920  |     | 920  |     |
| of Baht 1 each               | 20, |     | ,853 |     | ,476 |     |
|                              | 920 |     |      |     |      |     |
| (2007: 920,853,235 ordinary  |     |     |      |     |      |     |
| shares of Baht 1 each,       |     |     |      |     |      |     |
|                              |     |     |      |     |      |     |
| 2006: 920,475,835 ordinary   |     |     |      |     |      |     |
| shares of Baht 1 each)       |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| 1,782,750 preference shares  | 1,  |     | 1    |     | 2    |     |
| of Baht 1 each               | 783 |     | ,849 |     | ,227 |     |
|                              |     |     |      |     |      |     |
|   (2007: 1,849,450           |     |     |      |     |      |     |
|   preference shares of Baht  |     |     |      |     |      |     |
|   1 each,                    |     |     |      |     |      |     |
|                              |     |     |      |     |      |     |
|   2006: 2,226,850 preference |     |     |      |     |      |     |
|   shares of Baht 1 each)     |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Issued and paid-up           |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| 728,269,472 ordinary shares  | 7   | 8   | 728  | 9   | 727  | 10  |
| of Baht 1 each               | 28, | .99 | ,203 | .76 | ,825 | .99 |
|                              | 269 |     |      |     |      |     |
| (2007: 728,202,772 ordinary  |     |     |      |     |      |     |
| shares of Baht 1 each,       |     |     |      |     |      |     |
|                              |     |     |      |     |      |     |
| 2006: 727,825,372 ordinary   |     |     |      |     |      |     |
| shares of Baht 1 each)       |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| 1,782,750 preference shares  | 1,  | 0   | 1    | 0   | 2    | 0   |
| of Baht 1 each               | 783 | .02 | ,849 | .03 | ,227 | .03 |
|                              |     |     |      |     |      |     |
| (2007: 1,849,450 preference  |     |     |      |     |      |     |
| shares of Baht 1 each,       |     |     |      |     |      |     |
|                              |     |     |      |     |      |     |
| 2006: 2,226,850 preference   |     |     |      |     |      |     |
| shares of Baht 1 each)       |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Premium on ordinary shares | 2   | 3   | 285  | 3   | 285  | 4   |
|                              | 85, | .52 | ,568 | .83 | ,568 | .31 |
|                              | 568 |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Other paid-in capital of a | 2   | 3   | 256  | 3   | 156  | 2   |
|   subsidiary/an associated   | 52, | .11 | ,549 | .44 | ,135 | .36 |
|   company                    | 173 |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Translation adjustment     | (5  | (0. | 9    | 0   | 13   | 0   |
|                              | 3,4 | 66) | ,985 | .13 | ,046 | .20 |
|                              | 79) |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Convertible bonds treated  | 5   | 6   | 550  | 7   | 550  | 8   |
|   as equity securities       | 50, | .79 | ,000 | .37 | ,000 | .30 |
|                              | 000 |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Excess of investment over  | (19 | (2. | (    | (2. | (    | (2. |
|   book value of a subsidiary | 2,6 | 37) | 192, | 58) | 192, | 91) |
|                              | 62) |     | 662) |     | 662) |     |
+------------------------------+-----+-----+------+-----+------+-----+
|   Retained earnings          |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Appropriated - statutory     | 92, | 1   | 92   | 1   | 92   | 1   |
| reserve                      | 275 | .14 | ,275 | .24 | ,275 | .39 |
+------------------------------+-----+-----+------+-----+------+-----+
| Unappropriated               | 3,2 | 39  | 2    | 35  | 1    | 24  |
|                              | 01, | .50 | ,617 | .09 | ,649 | .91 |
|                              | 434 |     | ,255 |     | ,837 |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Total equity attributable to | 4,8 | 60  | 4    | 58  | 3    | 49  |
| company's shareholders       | 65, | .04 | ,349 | .31 | ,284 | .59 |
|                              | 361 |     | ,022 |     | ,251 |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Minority interest - equity   | -   | -   | -    | -   | 344  | 5   |
| attributable to minority     |     |     |      |     | ,296 | .20 |
| shareholders of subsidiaries |     |     |      |     |      |     |
+------------------------------+-----+-----+------+-----+------+-----+
| Total shareholders' equity   | 4,8 | 60  | 4    | 58  | 3    | 54  |
|                              | 65, | .04 | ,349 | .31 | ,628 | .79 |
|                              | 361 |     | ,022 |     | ,547 |     |
+------------------------------+-----+-----+------+-----+------+-----+
| TOTAL LIABILITIES AND        | 8,1 | 100 | 7    | 100 | 6    | 100 |
| SHAREHOLDERS' EQUITY         | 04, | .00 | ,459 | .00 | ,622 | .00 |
|                              | 244 |     | ,163 |     | ,894 |     |
+------------------------------+-----+-----+------+-----+------+-----+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

INCOME STATEMENTS

FOR THE YEARS ENDED 31 DECEMBER

Unit: Baht Thousand

+-----------------------------+------+-----+------+-----+------+-----+
|                             | 2008 | %   | 2007 | %   | 2006 | %   |
+-----------------------------+------+-----+------+-----+------+-----+
| Revenues                    |      |     |      |     |      |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Revenues from hospital    | 8    | 96  | 8    | 88  | 7    | 96  |
|   operations                | ,629 | .69 | ,323 | .42 | ,650 | .91 |
|                             | ,431 |     | ,137 |     | ,579 |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Revenues from hospital    | -    | -   | 17   | 0   | 57   | 0   |
|   management                |      |     | ,456 | .19 | ,094 | .72 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Rental income             | 127  | 1   | 132  | 1   | 118  | 1   |
|                             | ,883 | .43 | ,305 | .40 | ,423 | .50 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Interest income           | 6    | 0   | 12   | 0   | 18   | 0   |
|                             | ,273 | .07 | ,493 | .13 | ,480 | .23 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Gain on exchange rate     | 31   | 0   | 29   | 0   | 15   | 0   |
|                             | ,545 | .35 | ,877 | .32 | ,219 | .19 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Other income              | 86   | 0   | 43   | 0   | 27   | 0   |
|                             | ,697 | .97 | ,466 | .46 | ,959 | .35 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Share of income from      | 43   | 0   | 854  | 9   | 7    | 0   |
|   investments in associated | ,248 | .49 | ,388 | .08 | ,764 | .10 |
|   companies                 |      |     |      |     |      |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Total revenues              | 8    | 100 | 9    | 100 | 7    | 100 |
|                             | ,925 | .00 | ,413 | .00 | ,895 | .00 |
|                             | ,077 |     | ,122 |     | ,518 |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Expenses                    |      |     |      |     |      |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Cost of hospital          | 5    | 59  | 5    | 54  | 4    | 60  |
|   operations                | ,324 | .66 | ,120 | .39 | ,775 | .48 |
|                             | ,432 |     | ,232 |     | ,142 |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Depreciation and          | 459  | 5   | 407  | 4   | 342  | 4   |
|   amortisation              | ,363 | .15 | ,634 | .33 | ,094 | .33 |
+-----------------------------+------+-----+------+-----+------+-----+
|   Administrative expenses   | 1    | 15  | 1    | 14  | 1    | 14  |
|                             | ,395 | .64 | ,355 | .40 | ,148 | .55 |
|                             | ,956 |     | ,876 |     | ,590 |     |
+-----------------------------+------+-----+------+-----+------+-----+
|   Allowance for loss on     | -    | -   | 370  | 3   | 10   | 0   |
|   impairment of assets      |      |     | ,233 | .94 | ,427 | .13 |
+-----------------------------+------+-----+------+-----+------+-----+
| Total expenses              | 7    | 80  | 7    | 77  | 6    | 79  |
|                             | ,179 | .45 | ,253 | .06 | ,276 | .49 |
|                             | ,751 |     | ,975 |     | ,253 |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Income before interest      | 1    | 19  | 2    | 22  | 1    | 20  |
| expense and income tax      | ,745 | .55 | ,159 | .94 | ,619 | .51 |
|                             | ,326 |     | ,147 |     | ,265 |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Interest expense            | (    | (1. | (    | (1. | (    | (1. |
|                             | 114, | 28) | 110, | 17) | 109, | 39) |
|                             | 428) |     | 514) |     | 946) |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Corporate income tax        | (    | (4. | (    | (4. | (    | (5. |
|                             | 439, | 93) | 445, | 73) | 432, | 47) |
|                             | 851) |     | 375) |     | 140) |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Income before minority      | 1    | 13  | 1    | 17  | 1    | 13  |
| interest                    | ,191 | .34 | ,603 | .04 | ,077 | .65 |
|                             | ,047 |     | ,258 |     | ,179 |     |
+-----------------------------+------+-----+------+-----+------+-----+
| Minority interest           | -    | -   | 2    | 0   | 18   | 0   |
|                             |      |     | ,204 | .02 | ,523 | .23 |
+-----------------------------+------+-----+------+-----+------+-----+
| Net income for the year     | 1    | 13  | 1    | 17  | 1    | 13  |
|                             | ,191 | .34 | ,605 | .06 | ,095 | .88 |
|                             | ,047 |     | ,462 |     | ,702 |     |
+-----------------------------+------+-----+------+-----+------+-----+

[TABLE]

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED 31 DECEMBER

Unit: Baht Thousand

  ------------------------------------------- ----------- ----------- -----------
                                              2008        2007        2006

  Cash flows from operating activities                                

  Net income before corporate income tax      1,630,897   2,048,633   1,509,319

  Adjustments to reconcile net income before                          
  tax to net cash                                                     

  provided by (paid from) operating                                   
  activities: -                                                       

  Depreciation and amortisation               459,363     407,635     342,094

  Bad debts and allowance for doubtful        48,062      31,083      54,482
  accounts                                                            

  Allowance for loss on impairment of assets  -           370,233     10,427

  Loss on disposal of equipment               2,030       6,631       6,099

  Income from receipt of securities           -           (200)       -

  Share of income from investments in         (43,283)    (854,388)   (7,764)
  associated companies                                                

  Share of loss from investments in joint     35          -           
  venture                                                             

  Interest expense                            114,428     110,514     109,946

  Income from operating activities before                             
  changes in operating                                                

  assets and liabilities                      2,211,532   2,120,141   2,024,603

  Decrease (increase) in operating assets                             

  Trade accounts receivable                   48,123      (165,308)   (240,204)

  Amounts due from related parties            (1,657)     76          (5,136)

  Inventories                                 15,509      (37,070)    (16,517)

  Other current assets                        (8,967)     (5,449)     3,803

  Increase (decrease) in operating                                    
  liabilities                                                         

  Trade accounts payable                      2,992       (94,956)    (11,127)

  Amount due to a related party               -           (1,800)     1,800

  Accrued physicians' fee                     (30,090)    36,988      42,321

  Accrued expenses                            111,404     34,545      (65,507)

  Accounts payable - others                   (13,968)    1,985       (43,323)

  Other current liabilities                   (17,232)    7,339       (2,287)

  Cash flows from operating activities        2,317,646   1,896,491   1,688,427

  Cash paid for interest expense              (114,955)   (110,190)   (109,764)

  Cash paid for corporate income tax          (440,287)   (445,646)   (441,640)

  Net cash flows from operating activities    1,762,404   1,340,655   1,137,023
  ------------------------------------------- ----------- ----------- -----------

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED 31 DECEMBER

Unit: Baht Thousand

+-------------------------------------------+---------+-------+-------+
|                                           | 2008    | 2007  | 2006  |
+-------------------------------------------+---------+-------+-------+
| Cash flows from investing activities      |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Decrease (increase) in restricted bank    | (5,000) | 7,459 | 21    |
| deposits                                  |         |       | 0,278 |
+-------------------------------------------+---------+-------+-------+
| Decrease (increase) in advances to        | 1,552   | 938   | (1    |
| employees and directors                   |         |       | ,286) |
+-------------------------------------------+---------+-------+-------+
| Acquisition of investment in joint        | (6,120) | -     | -     |
| venture                                   |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Acquisition of investments in associated  | (1      | (287  | 209   |
| companies                                 | 41,750) | ,704) |       |
+-------------------------------------------+---------+-------+-------+
| Dividend received from an associated      | 437,927 | 41    | -     |
| company                                   |         | 8,430 |       |
+-------------------------------------------+---------+-------+-------+
| Increase in long term advance for future  | -       | -     | (33   |
| subscription                              |         |       | ,586) |
+-------------------------------------------+---------+-------+-------+
| Acquisition of property, plant and        | (1,7    | (569  | (689  |
| equipment and repayment of                | 22,415) | ,699) | ,537) |
|                                           |         |       |       |
| construction and medical equipment        |         |       |       |
| payable                                   |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Proceeds from sales of equipment          | 2,766   | 4,276 | 9,103 |
+-------------------------------------------+---------+-------+-------+
| Acquisition of computer software          | (6,290) | (155  | (172  |
|                                           |         | ,784) | ,559) |
+-------------------------------------------+---------+-------+-------+
| Increase in other non-current assets      | (317)   | (3    | (368) |
|                                           |         | ,361) |       |
+-------------------------------------------+---------+-------+-------+
| Net cash flows used in investing          | (1,4    | (585  | (677  |
| activities                                | 39,647) | ,445) | ,746) |
+-------------------------------------------+---------+-------+-------+
| Cash flows from financing activities      |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Capital increase of minority shareholders |         | -     | 45    |
| of a subsidiary                           |         |       | 2,644 |
+-------------------------------------------+---------+-------+-------+
| Increase in short-term loan from          | 200,000 | -     | -     |
| financial institution                     |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Cash receipt from long-term loans         | 400,000 | 35    | 30    |
|                                           |         | 0,000 | 0,000 |
+-------------------------------------------+---------+-------+-------+
| Repayment of long-term loans              | (4      | (328  | (328  |
|                                           | 87,148) | ,522) | ,522) |
+-------------------------------------------+---------+-------+-------+
| Dividend paid                             | (5      | (620  | (547  |
|                                           | 83,331) | ,544) | ,539) |
+-------------------------------------------+---------+-------+-------+
| Interest paid for convertible bonds       | (       | (17   | (17   |
| treated as equity securities              | 17,500) | ,500) | ,500) |
+-------------------------------------------+---------+-------+-------+
| Net cash flows used in financing          | (4      | (616  | (140  |
| activities                                | 87,979) | ,566) | ,917) |
+-------------------------------------------+---------+-------+-------+
| Net increase (decrease) in cash and cash  | (1      | 13    | 31    |
| equivalents                               | 65,222) | 8,644 | 8,360 |
+-------------------------------------------+---------+-------+-------+
| Translation adjustment                    | -       | (554) | (8    |
|                                           |         |       | ,006) |
+-------------------------------------------+---------+-------+-------+
| Cash and cash equivalents at beginning of | 549,864 | 85    | 54    |
| year                                      |         | 3,860 | 3,506 |
+-------------------------------------------+---------+-------+-------+
| Less: Cash and cash equivalents of a      | -       | (442  | -     |
| subsidiary (BIL) as at the date of it     |         | ,086) |       |
|                                           |         |       |       |
| changed to an associated company          |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Cash and cash equivalents at end of year  | 384,642 | 54    | 85    |
|                                           |         | 9,864 | 3,860 |
+-------------------------------------------+---------+-------+-------+
|                                           |         |       |       |
+-------------------------------------------+---------+-------+-------+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

FINANCIAL RATIO SUMMARY

+-----------------------------------+----------+----------+----------+
| Consolidated                      | 2008     | 2007     | 2006     |
+-----------------------------------+----------+----------+----------+
| Liquidity Ratios                  |          |          |          |
+-----------------------------------+----------+----------+----------+
| Liquidity ratio (times)           | 0.54     | 0.79     | 1.04     |
+-----------------------------------+----------+----------+----------+
| Quick ratio (times)               | 0.41     | 0.64     | 0.88     |
+-----------------------------------+----------+----------+----------+
| Cash ratio (times)                | 0.90     | 0.80     | 0.72     |
+-----------------------------------+----------+----------+----------+
| Accounts Receivables Turnover     | 14.04    | 13.82    | 16.36    |
| (times)                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Average Collection Period (days)  | 25.65    | 26.05    | 22.01    |
+-----------------------------------+----------+----------+----------+
| Inventory Turnover (times)        | 27.20    | 27.68    | 30.19    |
+-----------------------------------+----------+----------+----------+
| Sales Period (days)               | 13.23    | 13.00    | 11.92    |
+-----------------------------------+----------+----------+----------+
| Accounts Payable Turnover (times) | 10.59    | 9.72     | 9.22     |
+-----------------------------------+----------+----------+----------+
| Payment Period (days)             | 34.00    | 37.02    | 39.06    |
+-----------------------------------+----------+----------+----------+
| Cash Cycle (days)                 | 4.88     | 2.03     | (5.12)   |
+-----------------------------------+----------+----------+----------+
| Profitability Ratios              |          |          |          |
+-----------------------------------+----------+----------+----------+
| Gross Margin (%)                  | 38.3     | 38.5     | 37.6     |
+-----------------------------------+----------+----------+----------+
| EBITDA Margin (%)                 | 24.3     | 24.2     | 24.7     |
+-----------------------------------+----------+----------+----------+
| Operation Margin (%)              | 19.1     | 19.5     | 20.2     |
+-----------------------------------+----------+----------+----------+
| Cash to operating profit (%)      | 103.9    | 80.6     | 71.4     |
+-----------------------------------+----------+----------+----------+
| EBT Margin (%)                    | 18.3     | 18.5     | 19.4     |
+-----------------------------------+----------+----------+----------+
| Net Margin before Extraordinary   | 13.3     | 13.3     | 13.9     |
| Items (%)                         |          |          |          |
+-----------------------------------+----------+----------+----------+
| Net Margin (%)                    | 13.3     | 17.0     | 13.9     |
+-----------------------------------+----------+----------+----------+
| Return on equity (%)              | 25.9     | 40.2     | 34.7     |
+-----------------------------------+----------+----------+----------+
| Efficiency Ratio                  |          |          |          |
+-----------------------------------+----------+----------+----------+
| Return on assets (%)              | 15.3     | 22.8     | 17.7     |
+-----------------------------------+----------+----------+----------+
| Return on fixed assets (%)        | 34.7     | 50.9     | 41.0     |
+-----------------------------------+----------+----------+----------+
| Asset turnover (times)            | 1.14     | 1.22     | 1.28     |
+-----------------------------------+----------+----------+----------+
| Financial Policy Ratio            |          |          |          |
+-----------------------------------+----------+----------+----------+
| Total Liabilities to Equity       | 0.67     | 0.72     | 0.91     |
| (times)                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Debt to Equity (times)            | 0.39     | 0.41     | 0.54     |
+-----------------------------------+----------+----------+----------+
| Net Debt to Equity (times)        | 0.31     | 0.28     | 0.27     |
+-----------------------------------+----------+----------+----------+
| Interest Coverage Ratio (times)   | 18.83    | 18.73    | 17.70    |
+-----------------------------------+----------+----------+----------+
| Debt service coverage ratio (CASH | 2.75     | 2.65     | 2.84     |
| BASIS) (times)                    |          |          |          |
+-----------------------------------+----------+----------+----------+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

FINANCIAL RATIO SUMMARY

+----------------------------------+----------+----------+------------+
| Consolidated                     | 2008     | 2007     | 2006       |
+----------------------------------+----------+----------+------------+
| Per share                        |          |          |            |
+----------------------------------+----------+----------+------------+
| Par Value                        | 1.00     | 1.00     | 1.00       |
+----------------------------------+----------+----------+------------+
| Book Value Per Share             | 6.68     | 5.97     | 4.51       |
+----------------------------------+----------+----------+------------+
| Book Value Per Share - Fully     | 5.61     | 5.01     | 3.79       |
| Diluted                          |          |          |            |
+----------------------------------+----------+----------+------------+
| Earnings Per Share               | 1.64     | 2.20     | 1.51       |
+----------------------------------+----------+----------+------------+
| Earnings Per Share - Fully       | 1.37     | 1.85     | 1.26       |
| Diluted                          |          |          |            |
+----------------------------------+----------+----------+------------+
| Dividend per share               | 0.80     | 0.80     | 0.75       |
+----------------------------------+----------+----------+------------+
| Growth ratios                    |          |          |            |
+----------------------------------+----------+----------+------------+
| Sales from hospital operations   | 3.7      | 8.8      | 15.1       |
| (%)                              |          |          |            |
+----------------------------------+----------+----------+------------+
| Cost of goods sold (%)           | 4.0      | 7.2      | 15.2       |
+----------------------------------+----------+----------+------------+
| Administrative expenses (%)      | 3.0      | 18.0     | 16.5       |
+----------------------------------+----------+----------+------------+
| EBITDA (%)                       | 4.1      | 6.4      | 17.0       |
+----------------------------------+----------+----------+------------+
| Operating profit (%)             | 2.0      | 4.4      | 17.1       |
+----------------------------------+----------+----------+------------+
| Net profit before extraordinary  | 4.0      | 4.5      | 4.1        |
| items (%)                        |          |          |            |
+----------------------------------+----------+----------+------------+
| Net profit (%)                   | -25.7    | 46.5     | 4.1        |
+----------------------------------+----------+----------+------------+
| Total assets (%)                 | 8.6      | 12.6     | 15.6       |
+----------------------------------+----------+----------+------------+

12.2 Management Discussion and Analysis 

  The Company reported total revenues in 2008 of Baht 8,882 million, a
  4% increase from 2007. The 2008 net profit was Baht 1,191 million,
  also a 4% increase from 2007 net profit, excluding a one-time
  non-operating item in 2007 related to the sale of hospital software by
  CDE Trading Company Limited, an associated company. When the one-time
  net gain in 2007 from the sale of the software is included in the 2007
  returns, 2008 net profit was down by 26% from 2007. Details of the
  management discussion and analysis are as follows:

1. Basis of Consolidation

  On 27 April 2007, the Company’s shareholding in Bumrungrad
  International Limited decreased from 51.0% to 31.5% as the Company
  waived its rights to subscribe to Bumrungrad International Limited’s
  new shares to allow Asia Financial Holdings to own 19.5% of Bumrungrad
  International Limited. As a result, the status of Bumrungrad
  International Limited has changed from a subsidiary to an associated
  company. Therefore, from 2Q07 onwards, Bumrungrad International
  Limited’s accounts are no longer consolidated but are equity accounted
  instead. Consequently, please note that the 2007 income statements
  reflect the consolidation of Bumrungrad International Limited’s 1Q07
  accounts and the equity-accounting of Bumrungrad International
  Limited’s 2Q07, 3Q07 and 4Q07 performance, while the 2008 income
  statement does not consolidate Bumrungrad International Limited’s
  accounts.

2. Profit and Loss Statement

  For the year 2008, the Company reported revenues from hospital
  operations of Baht 8,629 million, an increase by 4% from Baht 8,323
  million in 2007. The increase is mainly the result of the continuous
  growth in hospital operations, where inpatient revenues increased by
  2% while outpatient revenues increased by 9%. Other income increased
  to Baht 87 million in 2008 from Baht 43 million in 2007, primarily
  from the sale of membership of the “Healthy Living Club” loyalty
  program, which was launched in June 2008, together with revenues from
  “the Mezz” food center in the new Bumrungrad International Clinic
  Building, which was also opened in June 2008. Total revenues in 2008
  was Baht 8,882 million, compared to Baht 8,559 million in 2007, an
  increase of 4%, in line with the increase in revenues from hospital
  operations.

  In 2008, the Company reported cost of hospital operation of Baht 5,324
  million, an increase by 4% from Baht 5,120 million in 2007, at the
  same growth rate as that of revenues from hospital operations. Gross
  profit, therefore, increased by 3% to Baht 3,305 million in 2008 from
  Baht 3,203 million in 2007, with stable gross profit margin at 38.3%
  in 2008 compared to 38.5% in 2007.

  The Company’s administrative expenses increased to Baht 1,396 million
  in 2008 compared to Baht 1,356 million in 2007, or an increase of 3%,
  in line with total revenues as a result of rigid cost control. As a
  result, EBITDA was Baht 2,155 million in 2008, a 4% increase from Baht
  2,070 million in 2007. Consequently, EBITDA margin remained stable at
  24.3% in 2008 compared to 24.2% in 2007.

  The Company reported depreciation and amortization of Baht 459 million
  in 2008, higher than Baht 408 million in 2007. The increase was a
  result of the opening of the new Bumrungrad International Clinic
  Building in May 2008, when the Company started to recognize the
  related depreciation. The corporate income tax was Baht 440 million in
  2008, compared to Baht 445 million in 2007, or at the effective tax
  rate of 27.7% in 2008 and 28.5% in 2007. The low effective tax rates
  for both periods was because the Company was able to take advantage of
  the tax savings scheme issued by the Revenue Department allowing 25%
  of the Company’s qualified CAPEX to be tax deductible expense.

  The Company reported share of income from investments in joint venture
  and associated companies of Baht 43 million in 2008, comprising of (1)
  share of profit from Bumrungrad International Limited of Baht 65
  million, a significant improvement from Baht 18 million in 2007,
  mainly from the better performance of each of the project, with the
  exception of Bumrungrad Hospital Dubai, which Bumrungrad International
  Limited has made a full provision of approximately Baht 76 million (at
  Bumrungrad International Limited level) in 4Q08, as the project has
  been put on hold and under review, and (2) share of loss from CDE
  Trading Company Limited (previously Global Care Solutions (Thailand)
  Company Limited) of Baht 22 million, primarily resulting from the
  foreign exchange loss on the amount of the proceeds from the sale of
  its assets that have not been received in 1Q08, as the Thai Baht
  strengthened against US dollars. In 2007, the share of income from
  investments was Baht 854 million, significantly higher than in 2008
  because of a one-time non-operating item, which was the share of
  profits from CDE Trading of Baht 829 million, which was the one-time
  gain from sale of assets, mainly hospital software, in CDE Trading to
  Microsoft, netted off with CDE Trading’s 4Q07 operations. The
  remaining 2007 share of investment are (1) share of profit from Asian
  Hospital Inc. in the Philippines in 1Q07, when Bumrungrad
  International Limited’s financial statement was still consolidated
  with the Company’s, of Baht 8 million, and (2) share of profit from
  investment in Bumrungrad International Limited of Baht 18 million in
  2Q07, 3Q07 and 4Q07.

  The Company reported net profit of Baht 1,191 million in 2008, an
  increase of 4% from normal net profit of Baht 1,145 million in 2007
  (excluding one-time non-operating items which are the allowance for
  loss on impairment of assets of Baht 370 million and share of profit
  from investments in CDE Trading Company Limited of Baht 829 million),
  but a decrease of 26% from reported net profit of Baht 1,603 million
  in 2007. Net profit margin remained stable at 13.3% in 2008 compared
  to the normal net profit margin (excluding one-time non-operating
  items) of 13.3% in 2007, but lower than the reported net profit margin
  of 17.0% in 2007.

  For the year 2008, basic EPS was Baht 1.64, a 6% increase from normal
  basic EPS (excluding one-time non-operating items) of Baht 1.54 in
  2007, but a 26% decrease from reported basic EPS of Baht 2.20 in 2007.
  Similarly, for the year 2008, fully diluted EPS was Baht 1.37, a 6%
  increase from normal fully diluted EPS (excluding one-time
  non-operating items) of Baht 1.29 in 2007, but a 26% decrease from
  reported fully diluted EPS of Baht 1.85 in 2007.

(Unit: Baht Million)

  --------------------------------------------------------------------------
                                                2008      2007      Growth
  --------------------------------------------- --------- --------- --------
  Revenues from Hospital Operations             8,629     8,323     4%

  Total Revenues                                8,882     8,559     4%

  Gross Profit                                  3,305     3,203     3%

  Gross Profit Margin                           38.3%     38.5%     

  EBITDA (Excluding one-time non-operating      2,155     2,070     4%
  item)                                                             

  EBITDA Margin (Excluding one-time             24.3%     24.2%     
  non-operating item)                                               

  Share of Income from Investments in Joint     43        854       -95%
  Venture and Associated Companies                                  

  Net Profit (Excluding one-time non-operating  1,191     1,145     4%
  item)                                                             

  Net Profit Margin (Excluding one-time         13.3%     13.3%     
  non-operating item)                                               

  Net Profit                                    1,191     1,603     -26%

  Net Profit Margin                             13.3%     17.0%     

  EPS – Basic (Excluding one-time non-operating 1.64      1.54      6%
  item)                                                             

  EPS – Basic                                   1.64      2.20      -26%

  EPS – Fully Diluted (Excluding one-time       1.37      1.29      6%
  non-operating item)                                               

  EPS – Fully Diluted                           1.37      1.85      -26%
  --------------------------------------------------------------------------

3. Balance Sheet

  As at 31 December 2008, the Company reported total current assets of
  Baht 1,142 million, a decrease from Baht 1,410 million as at 31
  December 2007. This is primarily due to a decrease in cash to Baht 385
  million as at 31 December 2008 from Baht 550 million as at 31 December
  2007, as cash has been used primarily for the acquisition of BH Tower,
  the construction of Bumrungrad International Clinic Building, and the
  purchase of medical equipment; together with the decrease in trade
  accounts receivable to Baht 494 million as at 31 December 2008 from
  Baht 590 million as at 31 December 2007, as the collection of
  receivables, especially from the Middle East continue to improve.
  Total non-current assets increased to Baht 6,963 million as at 31
  December 2008 from Baht 6,049 million as at 31 December 2007 as a
  result of the increase in property, plant and equipment, netted off
  with decrease in investments in associated companies. Property, plant
  and equipment increased to Baht 5,374 million as at 31 December 2008
  from Baht 4,145 million as at 31 December 2007, because of the
  acquisition of BH Tower in February 2008, the completion and opening
  of the seven floors of Bumrungrad International Clinic Building on 30
  May 2008, and the purchase of medical equipment. Investments in
  associated companies decreased to Baht 1,235 million as at 31 December
  2008 from Baht 1,523 million as at 31 December 2007 as the investment
  amount in CDE Trading was adjusted by the dividend received of Baht
  438 million in second quarter of 2008, resulting in investment in CDE
  Trading of Baht -28 million as at 31 December 2008 from Baht 432
  million as at 31 December 2007. In addition, the Company recorded an
  investment in joint venture of Baht 6 million as at 31 December 2008,
  as in 4Q08, the Company invested a 51% stake in Asia Renal Care
  (Thailand) Company Limited (ARC Thailand), with the purpose to invest
  in dialysis business in Thailand. In February 2009, ARC Thailand has
  entered into an agreement to make a 20% investment in Nephromed
  Company Limited, a chain of 14 dialysis centers in Thailand. As a
  result, the Company’s total assets increased to Baht 8,104 million as
  at 31 December 2008 from Baht 7,459 million as at 31 December 2007.

  Total liabilities were Baht 3,239 million as at 31 December 2008, a
  slight increase from Baht 3,110 million as at 31 December 2007. This
  was primarily due to increase in interest-bearing debt (short-term
  loan + long-term loans inclusive of the current portion) to Baht 1,885
  million as at 31 December 2008 from Baht 1,772 million as at 31
  December 2007, as the Company made a draw down of Baht 400 million in
  February 2008 to finance the acquisition of BH Tower, netted off with
  scheduled repayment of Baht 487 million in 2008, together with
  additional drawdown of short term loan of Baht 200 million for working
  capital. With the increase in its debt position together with lower
  cash balance, net debt to equity increased to 0.31x as at 31 December
  2008 from 0.28x as at 31 December 2007. The Company’s interest
  coverage ratio remained stable at 18.8x in 2008 compared to 18.7x in
  2007.

  Total shareholder’s equity increased to Baht 4,865 million as at 31
  December 2008 from Baht 4,349 million as at 31 December 2007, as a
  result of the Company’s 2008 net profit of Baht 1,191 million, netted
  off with dividend payment of Baht 584 million and translation
  adjustment of an associated company (Bumrungrad International Limited)
  during 2008 of Baht 63 million. Average return on assets for 2008 was
  15.3% compared to 22.8% in 2007, while average return on equity
  remained high at 25.9% in 2008 compared to 40.2% in 2007. The return
  on assets and return on equity in 2007 were exceptionally high as the
  reported net income used to calculate the ratios included one-time
  non-operating items as explained earlier.

  In terms of working capital, the Company’s average collection period
  slightly decreased to 25.6 days as at 31 December 2008 from 26.1 days
  as at 31 December 2007, as the collection of corporate contracts
  especially from the Middle East accounts continued to improve. The
  Company’s average inventory period remained stable at 13.2 days as at
  31 December 2008 compared to 13.0 days as at 31 December 2007. The
  average payable period decreased to 34.0 days as at 31 December 2008
  compared to 37.0 days as at 31 December 2007 as the Company has
  reinforced the repayment policy to pay the suppliers quicker in 2008.

(Unit: Baht Million)

  ------------------------------------------------------------------------
                                    2008         2007         Growth
  --------------------------------- ------------ ------------ ------------
  Total Assets                      8,104        7,459        9%

  Total Liabilities                 3,239        3,110        4%

  Total Shareholders’ Equity        4,865        4,349        12%

  Average Collection Period (days)  25.6         26.1         

  Average Inventory Period (days)   13.2         13.0         

  Average Payables Period (days)    34.0         37.0         

  Net Debt to Equity                0.31x        0.28x        

  Interest Coverage Ratio           18.8x        18.7x        

  Average Return on Assets          15.3%        22.8%        

  Average Return on Equity          25.9%        40.2%        
  ------------------------------------------------------------------------

4. Liquidity

  The Company’s cash flow from operating activities in 2008 was Baht
  1,762 million, an increase from Baht 1,341 million in 2007, primarily
  attributable to decrease in trade accounts receivable. Net cash used
  in investment activities increased to Baht 1,440 million in 2008,
  compared to Baht 585 million in 2007 because of acquisition of
  property, plant and equipment and repayment of construction and
  medical equipment payable related to the acquisition of BH Tower, the
  construction of the Bumrungrad International Clinic Building and the
  purchase of medical equipment. The Company reported net cash flow used
  in financing activities of Baht 488 million in 2008, compared to Baht
  617 million in 2007, as a result of drawdown of short-term loan of
  Baht 200 million in 2008. As a result, cash and cash equivalents at
  the end of the period was Baht 385 million as at 31 December 2008
  compared to Baht 550 million (after deduction of cash of subsidiary,
  Bumrungrad International Limited, as at the date that the subsidiary
  changed to an associated company) as at 31 December 2007.

  Liquidity ratio as at 31 December 2008 decreased to 0.54x from 0.79x
  as at 31 December 2007, while quick ratio was 0.41x as at 31 December
  2008, a decrease from 0.64x as at 31 December 2007. The decrease in
  both liquidity and quick ratios are due to the decrease in total
  current assets, primarily from decrease in cash and cash equivalents
  and trade accounts receivable, coupled with the increase in total
  current liabilities, primarily from the increase in short term loan
  from financial institution.

(Unit: Baht Million)

  ------------------------------------------ -------------- --------------
                                             2008           2007

  Cash Flow from Operating Activities        1,762          1,341

  Cash Flow from Investing Activities        -1,440         -585

  Cash Flow from Financing Activities        -488           -617

  Net Increase (Decrease) in Cash and Cash   -165           139
  Equivalents                                               

  Cash and Cash Equivalents at end of Year   385            550

  Liquidity Ratio                            0.54x          0.79x

  Quick Ratio                                0.41x          0.64x
  ------------------------------------------ -------------- --------------

12.3 Audit Fees

12.3.1 Audit Fees

  For the year 2008, the Company and subsidiaries have paid the audit
  fee in the amount of Baht 2.24 million. The Company’s 2008 audit fee
  has been approved by the shareholders’ meeting.

12.3.2 Non-Audit Fees

  None.