Part I

Executive Summary

Group Lease Public Company Limited (“the company”) was established on
May 6, 1986. The company started business in hire purchase financing of
motor cars within Bangkok and other parts of Thailand. A few years later
the company expanded its business into hire purchase financing for
motorcycles, trucks, machinery and printing presses, meanwhile expanding
its services into financial lease, factoring contracts and personal
loans. At present and since 2004, the hire purchase of motorcycles has
been the core business.

At present the company’s registered capital stands at 225 million baht
which is issued and is fully paid. The four major shareholders are Mr.
Khanchai Boonpan, Mr. Samart Chiradamrong, the Bank of Ayudhya Group and
A.P.F. Management Company Limited, holding of 28.42%, 9.20%, 8.89 and
8.60% respectively.

In 2006, the company’s service area was in Bangkok and Ayudhya
provinces. The market share of hire purchase motorcycles is about 7.90%,
ranking as the fifth in Bangkok and surrounding areas.

The company has operated hire purchase financing for motorcycles for
more than 16 years. As at 31^(st) December 2006, it has a network of
allied dealers and checkers in more than 100 locations within the
service area for rapid and accurate approval of credit with reference
databases. The company is a member of the National Credit Bureau Company
Limited (NCB) and Thai Hire Purchase Motorcycles Association. As a
member of these two organizations, the company understands client
credit, and that is a significant consideration in the rapid and
accurate credit approval process which satisfies both dealers and
customers. The company also has closing account inquiries services for
dealers and customers, which provides an additional competitive
advantage.

Due to a history of trading in the hire purchase business, the company
has a large customer hire purchase database. It continuously develops
advanced application tools, such as a Hire Purchase Card (HP-Card) which
contains important customer information on one card. It is enough to
answer almost every question and provides a high standard of customer
satisfaction. The company has many convenient channels for customers to
pay by installments within 24 hours, for example at commercial banks,
payment at post, and counter services, etc. On December 31, 2006 the
company had more than 44,000 accounts and a historical customer database
complied over 10 years of more than 300,000 accounts.

As at 31^(st) December 2005, the company’s financial statement reports
included total assets of 1,133.30 million baht. Total liabilities were
707.00 million baht, total shareholders’ equity was 426.30 million baht,
retained earnings was 123.29 million baht, total revenues were 397.56
million baht, net profit was 82.15 million baht, net interest margin was
32.98%, debt to equity ratio was 1.66 and dividend yield was 65.74%.

As at 31^(st) December 2006, the company’s financial statement reports
included total assets of 1,108.46 million baht. Total liabilities were
655.41 million baht, total shareholders’ equity was 453.05 million baht,
retained earnings was 150.05 million baht, total revenues were 442.67
million baht, net profit was 80.75 million baht, net interest margin was
32.17% and the debt to equity ratio was 1.45.