11. Related Party transactions

  Financial Statement of Group Lease Public Company Limited as of
  December 31, 2004 presents related transaction as following

+---+---+------+----------+-----+-----+------------------------------+
| R |   | Rela | Tran     | Amo |     | Remark                       |
| e |   | tion | sactions | unt |     |                              |
| l |   | ship |          | (in |     |                              |
| a |   |      |          | m   |     |                              |
| t |   |      |          | ill |     |                              |
| e |   |      |          | ion |     |                              |
| d |   |      |          | Ba  |     |                              |
| C |   |      |          | ht) |     |                              |
| o |   |      |          |     |     |                              |
| m |   |      |          |     |     |                              |
| p |   |      |          |     |     |                              |
| a |   |      |          |     |     |                              |
| n |   |      |          |     |     |                              |
| y |   |      |          |     |     |                              |
+---+---+------+----------+-----+-----+------------------------------+
|   |   |      |          | I   | Ou  |                              |
|   |   |      |          | nte | tst |                              |
|   |   |      |          | rim | and |                              |
|   |   |      |          |     | ing |                              |
+---+---+------+----------+-----+-----+------------------------------+
| B |   | P    | Loan     | 4   | 405 | Audit Committee already      |
| a |   | rinc | from     | 41. | .00 | reviewed and validated this  |
| n |   | iple | Bank-    | 00¹ |     | transaction, and gave the    |
| k |   | sha  | Note     |     |     | opinion that there were      |
| o |   | reho | Payable  |     |     | essence and appropriation    |
| f |   | lder | on call  |     |     | for making the loan from     |
| A |   | at   | with     |     |     | Bank of Ayuthaya for         |
| y |   |      | interest |     |     | business base. The interest  |
| u |   | 8.89 | rate     |     |     | rate on that loan is MOR per |
| d |   | pe   | equals   |     |     | annum which is the inter     |
| h |   | rcen | to MOR   |     |     | bank interest rate.          |
| y |   | tage | per      |     |     |                              |
| a |   |      | annum    |     |     |                              |
| P |   |      |          |     |     |                              |
| u |   |      |          |     |     |                              |
| b |   |      |          |     |     |                              |
| l |   |      |          |     |     |                              |
| i |   |      |          |     |     |                              |
| c |   |      |          |     |     |                              |
| C |   |      |          |     |     |                              |
| o |   |      |          |     |     |                              |
| m |   |      |          |     |     |                              |
| p |   |      |          |     |     |                              |
| a |   |      |          |     |     |                              |
| n |   |      |          |     |     |                              |
| y |   |      |          |     |     |                              |
| L |   |      |          |     |     |                              |
| i |   |      |          |     |     |                              |
| m |   |      |          |     |     |                              |
| i |   |      |          |     |     |                              |
| t |   |      |          |     |     |                              |
| e |   |      |          |     |     |                              |
| d |   |      |          |     |     |                              |
+---+---+------+----------+-----+-----+------------------------------+
|   |   |      | Loan     | 14  | 13  |                              |
|   |   |      | from     | .04 | .87 |                              |
|   |   |      | B        | ²   |     |                              |
|   |   |      | ank-Bank |     |     |                              |
|   |   |      | O        |     |     |                              |
|   |   |      | verdraft |     |     |                              |
|   |   |      | with     |     |     |                              |
|   |   |      | interest |     |     |                              |
|   |   |      | rate     |     |     |                              |
|   |   |      | equals   |     |     |                              |
|   |   |      | to MOR   |     |     |                              |
|   |   |      | per      |     |     |                              |
|   |   |      | annum    |     |     |                              |
+---+---+------+----------+-----+-----+------------------------------+
|   |   |      | Loan     | 2.  | 2   | Audit Committee reviewed and |
|   |   |      | Term     | 00³ | .00 | validated the reasonable of  |
|   |   |      | Inve     |     |     | investment which the Company |
|   |   |      | stment-D |     |     | will gain the highest profit |
|   |   |      | ebenture |     |     | .With interest rate between  |
|   |   |      | 10 years |     |     | 4-4.75 per annum which is    |
|   |   |      | with     |     |     | higher that other customers, |
|   |   |      | interest |     |     | financial institutions due   |
|   |   |      | from     |     |     | to the good relationship     |
|   |   |      | year     |     |     | between the Company and the  |
|   |   |      | 1to5 is  |     |     | Bank                         |
|   |   |      | 4% per   |     |     |                              |
|   |   |      | annum    |     |     |                              |
|   |   |      | from     |     |     |                              |
|   |   |      | year     |     |     |                              |
|   |   |      | 6to10 is |     |     |                              |
|   |   |      | 4.75%    |     |     |                              |
|   |   |      | per      |     |     |                              |
|   |   |      | annum.   |     |     |                              |
|   |   |      | Interest |     |     |                              |
|   |   |      | payments |     |     |                              |
|   |   |      | are done |     |     |                              |
|   |   |      | q        |     |     |                              |
|   |   |      | uarterly |     |     |                              |
|   |   |      | and      |     |     |                              |
|   |   |      | redeemed |     |     |                              |
|   |   |      | at       |     |     |                              |
|   |   |      | February |     |     |                              |
|   |   |      | 5, 2013. |     |     |                              |
+---+---+------+----------+-----+-----+------------------------------+
|   |   |      | Fixed    | 10. | 0   | Audit Committee reviewed and |
|   |   |      | Deposit  | 00⁴ |     | validated the reasonable of  |
|   |   |      | 36       |     |     | investment which the Company |
|   |   |      | months,  |     |     | will gain the highest profit |
|   |   |      | interest |     |     | .With interest rate 2.5 per  |
|   |   |      | rate 2.5 |     |     | annum which is higher that   |
|   |   |      | pe       |     |     | other customers, financial   |
|   |   |      | rcentage |     |     | institutions due to the good |
|   |   |      | and paid |     |     | relationship between the     |
|   |   |      | q        |     |     | Company and the Bank.        |
|   |   |      | uarterly |     |     |                              |
|   |   |      | from the |     |     |                              |
|   |   |      | period   |     |     |                              |
|   |   |      | March    |     |     |                              |
|   |   |      | 25, 2004 |     |     |                              |
|   |   |      | to March |     |     |                              |
|   |   |      | 25,      |     |     |                              |
|   |   |      | 2007.    |     |     |                              |
+---+---+------+----------+-----+-----+------------------------------+
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+---+---+------+----------+-----+-----+------------------------------+

2.11.1 The essence and appropriation of related transactions

  The essence and appropriation of related transaction are approved for
  gaining the highest profitability by Board of Directors. All related
  transactions must be reviewed in compliance with the Company operation
  and its characteristic by Audit Committee. Furthermore the fee/return
  for related transactions are paid at the fair price.

2.11.2 Procedures for approval of related transactions

  In creating related transactions depend on the essence and
  appropriation which have to be presented to Board of Director together
  with Audit committee for making the judgement. All related
  transactions have to comply with the Securities and Exchange Act.
  which the directors who involve directly and indirectly in
  advantage/disadvantage of related transaction, cannot give their vote
  to that transactions.

3.  Policy and Potential of related transactions

  Board of Directors have to realize in the effect of related
  transactions which may cause conflict of interest to the Company .
  Then Board of Directors try to avoid related transactions except it
  causes the highest profit or being essence.

  For potential of related transaction occurrences, the Company sets up
  the appropriated price and conditions that may cause related
  transaction according to the normal course of business based. Board of
  Directors have to follow to that discipline and do not approve any
  related transaction which cause conflict of interest to the Company’s
  benefit. And that related transactions have to present to Board of
  director to consider the compliance with the Stock Exchange of
  Thailand rules or any related rules derived from the Securities and
  Exchange Commission which include presentation and disclosure of
  purchasing and selling assets between related parties.

  If there is any related transaction which conflicts to the Company
  future interest, Audit Committee will give the opinion about its
  price, its return, the essence and appropriation of that related
  transactions. However if Audit Committee is not specialist in that
  area, the Specialist or External Auditor will be introduced for giving
  the opinion for Board of Directors or Shareholders in making the
  decision. Furthermore the Company have to disclose its related
  transactions in Note to Financial Statement which have been examined
  by External Auditor.