2.  Operation of hire purchase motorcycles.

1.  Characteristic of services.

1)  Format of hire purchase motorcycles.

Hire purchase motorcycles consist of customer or debtor, dealer, and the
hire purchase company. The range of hire purchase motorcycle terms can
be six months to 48 months. Whenever the customer pays all installments
and conducts completely according to hire purchase motorcycle contract,
the title of motorcycle will belong to customer. The company provides
hire purchase motorcycle finance services through over 100 dealers in
Bangkok and upcountry.

Since 2004, the company has provided hire purchases only for new
motorcycle; each contract has a term of instalment from 6 months to 36
months via dealers.

Factors for limitation of financing amount and term of installment
depend on the affordability of customer, brand, model, and price of
motorcycle. From the company database, the company can classify
contracts by motorcycle brand as shown:

  ------ --------------------- ------------- ------------- ---------------
                                             Unit:         Percentage

  NO     BRAND                 2006          2005          2004

  1      HONDA                 82.15         84.77         74.49

  2      YAMAHA                17.21         14.40         24.55

  3      KAWASAKI              0.61          0.83          0.56

  4      SUZUKI                0.03          0.00          0.37

  5      OTHERS                0.00          0.00          0.03

         TOTAL                 100.00        100.00        100.00
  ------ --------------------- ------------- ------------- ---------------

Source: Number of the company’s hire purchase motorcycles

  There is no specific regulation from Government to control the
  operation of hire purchase motorcycle business, so this business can
  be expanded as big as investors’ capacity and capital. In fact, the
  dealer is the relevant factor to introduce a customer to choose a
  specific service from a leasing company. Customer satisfaction is
  important for customer base expansion and the business. The company
  provides a fast system for customer credit validation, which comprises
  an information technology system covering company operations.
  Additionally, professional and experienced staff together with
  significant internal control systems enables the credit approval
  process to be completed within one hour.

2)  Policy of hire purchase motorcycles.

The company sets the criteria for consideration of hire purchase
motorcycle contracts based on customer income. Main targets are
customers who have permanent income by validation from an identification
card, house register and salaries slip. Customers, together with any
guarantor, have to fill all forms concerning to hire purchase motorcycle
contract and have to allow the company to validate their credit record.
For other customers who do not have a permanent job, verification will
be by identification card, house register and the existence of
residence.

As a member of the National Credit Bureau Company Limited (NCB) and Thai
Motorcycles Hire Purchase Association, the company gains an advantage of
accuracy and speed in validating credit information

3)  Collateral of hire purchase motorcycles.

Motorcycles which are the subject of the contract are the collateral of
the hire purchase motorcycle contract. The company has right to cancel
the contract and to repossess the motorcycle if customer does not pay
two continued terms of installments. That repossessed motorcycle can be
sold via auction. However, if the company cannot repossess the product,
the company can call the loss or debt from the guarantor

4)  Risk management.

By performing systematic credit approval processes, having a well
organized customer database, appropriate down payments and a having
guarantor (except hire purchase motorcycle contracts on special interest
rate for customers who have a permanent job and financial documents,
salary slips bank statements, etc. and does not have guarantor) the
company can prevent risks from non performing loan. By creating checks
and balances systems, the company can comply with the credit approval
process and can make an efficient report and have real time credit
information. The company provides appropriate incentives by considering
quantity and credit worthiness of customers to concerned parties.
Furthermore, to minimize the risk the company also provides insurance
over 60% or 80% of motorcycle value on accident and loss.

5)  Credit approval process and debtor collection.

    1.  Credit consideration basis.

When a customer requests credit, the credit analysis officer will inform
the details about down payments, financing amount, terms and installment
amounts, license fee, insurance, and other fees, via the dealer to
customer.

At the same time the credit analysis officer will ask for personal
documents from the customer, such as identification card, house register
and salary slip for validation. Both the customer and guarantor have to
fill all hire purchase forms and permit the company to verify their
credit record.

2.  Validation process for credit approval.

Credit analysis officers will send the customer information to the
operation officer to record the requested financing form and customer
credit record checking with the company database and National Credit
Bureau Company Limited, and enter customer personal data in to company
database. They will then pass all information to the assistant to the
head of the Credit division.

The assistant to the head of the Credit division will verify whether
approval is given. If there is a good credit or the customer does not
have credit background data, the assistant to the head of the Credit
division will validate from sufficiency of customer income, existence of
residence, and then record the result in the company database. If
financing amount is over his authorization (as per the authorization
level table), he will present to the head of the credit division for
approval.

3.  Level of credit authorization.

The company assigns the authorization for credit approval as per the
following table:

  ----------------------------- -----------------------------------------
  Credit limited                Authorization

  No more than 50,000 Baht      Assistant to the Head of the Credit
                                division

  No more than 60,000 Baht      Head of Credit division

  No more than 100,000 Baht     Credit Manager

  No more than 300,000 Baht     Deputy Managing Director

  No more than 500,000 Baht     Managing Director

  Moreover 500,000 Baht         Board of Directors
  ----------------------------- -----------------------------------------

All customer information and their credit approval background will be
recorded in the company database by the operation department.

4.  Process after credit approval.

-   After the approval process, the dealer will transfer the title of
    motorcycle to the company. As soon as the customer takes the
    motorcycle from dealer, the company will make insurance that
    guarantees the company beneficiaries.

-   Besides hire purchase motorcycle services, the company also offers
    other services to give more convenience to customer, such as
    extended insurance according to vehicle regulations, annual tax
    license, and service for transferring title when closing the
    contract.

-   After sales service and customers’ benefits – finishing the approval
    process and all payments already made to the dealer, the company
    will send documents to customer within seven days, such as copies of
    hire purchase contracts, copies of guarantee contracts, receipt of
    down payment, suggestion document, bill payments and customer card.
    After that, the customer relations officer will communicate to
    confirm receipt of documents and inform the customers’ benefits -
    such as no charge on delayed payments if the customer makes payment
    following the schedule. These include more channels to pay
    installments, answer questions and to make a closer relationship
    with the customers.

-   Collection service. The company provides many channels to pay
    installment by sending historical and bill payments to customers
    every month. Customers can pay via cash payment at bank counters,
    electronic online, phone, internet, via ATM, counter service
    (7-Eleven), post office (Pay at Post), post dated cheques, the
    company’s counter, or calling for the company’s officer to collect
    the payment at customers’ office or home when located at within
    Bangkok.

-   Debt management and the repossession process. If payment is not past
    due over two terms, the company will make a phone call asking for
    the payment and record this contact. If customers do not pay
    installment over two terms, the company will send a letter to ask
    for payment, and at the same time the company’s officer will be sent
    to customers or guarantors’ residence or working place. When
    customers who do not pay two continued terms of installment, the
    information technology department will send a letter to cancel the
    contract and/or ask for redemption by paying pending installment
    within 30 days. If not, the company will process according to the
    law which allows the company to repossess the motorcycles. This is
    done by an outsourced professional who has experience in the
    repossessing process, not only in Bangkok but throughout Thailand.
    If he cannot repossess, the law will be used to force customers and
    guarantors.

-   After repossessing the motorcycle, a store officer will evaluate and
    record the condition. An operations officer will send a letter to
    inform the auction date and customer’s right to redeem motorcycle.
    If the customer does not redeem the motorcycle, the company will
    conduct the auction

-   To repossessed motorcycle via auction. Three officers from the
    marketing department, credit department, and store department will
    appraise and record the motorcycle value in the database. The
    marketing and credit manager will approve the market price for
    referring to auction. There is an auction every Monday and they will
    be sold to dealers who have a close relationship to the company for
    more than 10 years. Most of dealers come from Bangkok and upcountry.
    Store officers who operate the auction process will call for the
    auction price after comparing with appraisal price.

-   In the case where that auction price does not cover the debt, the
    company will ask for the difference from the customer or guarantor.
    However, if the auction price is greater than the debt, the
    difference will be paid to customer in terms of cheque to the
    account payee only.

[]

In the credit approval process, a credit analysis officer and operations
officer will validate customers’ personal information according to the
processes which are verified with the company database, National Credit
Bureau Company Limited (NCB), telephone numbers and social security,
customer’s residence (in case of suspicions). To protect against fraud
of officers, the company provides intense internal audit systems which
control and adopts processes to work efficiency. Top management can
review the process promptly. When the approval process is complete, the
operations officer will inform the results to the customer via the
credit analysis officer. All the data will then be recorded and kept in
the company database.

Furthermore the company and top management can examine the credit
approval process via collection reports which shows the historical
payment of customers and outstanding debts whether it complies with
contract. If there is any suspicion, it will be proved and a solution
found.

Other loss, except losses from credit approval, is the risk from
receiving faulty documents from customers with which the company cannot
collect the debt.

In over 90% of credit approvals an information technology network is
used to validate customer information. The company has to rely on that
system to generate accurate data. If there is any problem on the system,
there will be the loss. However the company has to back up the
information everyday and keep another network. Furthermore, the company
also has authorization levels for personnel to access each system by
password. Each computer has no drives for transferring data to diskette;
transferring data can only be done by authorized persons.

[]

Information technology is set up to improve after sales service to
increase convenience for customers to pay installment, efficiency in the
company’s operation, and results in decreased costs of the company’s
operation.

Results of implementation technology information to improve the
company’s operation.

1.  At the beginning of the company’s operation, computer systems were
    used and implemented continuously. To go forward and to gain
    business advantage, a technology information department was created
    to improve the operation continuously and support business
    expansion.

2.  Developing internal systems of hire purchase software. Hire Purchase
    Card (HP-Card) is the core way to drive customer communications. The
    card will record all - both customer and guarantor - information
    such as personal information, residence, phone numbers, payment
    history, pending payments, outstanding amounts, advanced post dated
    payments, calculation of closing amount, motorcycle license, date of
    insurance, tele notes (recording of tele-conference with customer),
    and recording of collection, both warning and collection letters,
    and relevant messages in which the company makes contact to
    customer. With this tool company staffs are also involved and hand
    in for improvements.

3.  Development of Bill Collection. Customer relationship management is
    the tool to use telephone calls in collection (tele collector). They
    call to ask for payment and making regular communications in order
    to create customer satisfaction.

4.  Applying new management tools. The balance scorecard is a tool for
    efficient communication from management level to the staff. The main
    objective is to set index for staff performance and evaluation -
    KPIs (key performance indicators). For example, credit analysis
    officers who take responsibility to analyze customer credit, carry
    KPIs for rating quality of approved credit in which the company sets
    the first target is 87 per cent of first three payments, second
    target is 75 per cent of first six payments. In this way the company
    can evaluate the efficiency of staff and drive to succeed in the
    company long term plan.

2.  Competition circumstance.

    1.  Competition strategy.

The company provides services to fulfill customer needs as follows:

1) Creating customer satisfaction.

In order to concentrate on the highest satisfaction for both customers
and dealers.

1.  For customer satisfaction.

Customer will get the best and fast service under the company’s motto
“Honest Stable Sincere in service”. For customer convenience, the
company provides credit officers at dealer counters for hire purchase
service; more than 100 dealers in Bangkok and upcountry. Credit officers
also inform the results of credit approval to customers within one hour.
For fast and accurate services, the company is the member of National
Credit Bureau Company Limited and Thai Hire Purchase Motorcycles
Association. Being a member provides the company with both speed and
accuracy of receiving customer credit records. Within seven days of
credit approval, the customer will receive a receipt to confirm the
first payment and other details such as total outstanding financing
price, terms and installment amounts, and accumulated discounts due to
prompt payments.

1.  Other services, customers will get the service for advance payment
    of license fees to protect the fault and make customer satisfied.

2.  The range of customer income is between middle to low, and the
    company provides many channels for customers to pay installment such
    as bank counter services at Bank of Ayudhya, Siam City Bank, Siam
    commercial Bank , counter services at convenience store (7-Eleven)
    where customer can pay over 24 hours without holidays and Pay at
    Post. Customers have to pay operating fees for these channels.

2.  For satisfaction of dealers.

    1.  It is useful to make close relationships with dealers because
        the dealer is the most relevant factor to promote or give
        suggestions to customers to use the services of the company. The
        company together with its dealers always provides sales
        promotions.

    2.  With good communications and fast responses between the company
        and dealers, a very good system has been created; the dealer can
        receive payment for the motorcycle within one day after the
        approval process. In this way the dealer benefits from increased
        cash flow flexibility, which means increased satisfaction and
        improved business advantage

    3.  The speed and accuracy of information systems allows dealers to
        get prompt answers to any inquiries such as closing amounts,
        pending tax charges, amount of cheque payments and due dates,
        details of payments in each cheque, and outstanding amounts.
        This inquiry can be responded to within one minute which creates
        satisfaction for the dealer.

1)  Customer database.

With experience in the hire purchase motorcycle business for over 20
years, the company also has its own customer database. The totals of
300,000 records classify customers by age, income, occupation and
historical payments. With this information the company can do market
analysis and define the right strategy. The company can also generate
other financial services such as installment credit contracts and cash
credit to keep customers who have good payment records.

2)  Pricing policy.

The company does not concentrate on pricing competition, or mark down
the price to gain more customers. The company plans to use interest
rates to compete, by considering these factors:

1.  Yield rates of each type of hire purchase companies.

2.  Economic trends which affect present and future yield rates will
    change the direction of the company’s and allied company’s
    operation.

The company sets the interest rate close to yield rates set by hire
purchase companies which is appropriate to market circumstances. The
company also concentrates on efficient services including sourcing from
low cost funds, and expanding services to cover more areas.

3)  Channel of distributions.

The company provides services to customers who need to have their own
motorcycle and can afford to pay installments. The company provides
motorcycle leases for any brand, such as Honda, Suzuki, Kawasaki, and
Yamaha.

Most contracts derive from inducements to dealers to attract
customers.The company always sets campaigns to influence dealers to
suggest services to customers. To avoid competition between dealers,
sales promotions will be changed in the same direction. Using this
method benefits dealers and the company. The company provides
standardized services and tries to expand services covering all areas
and to avoid conflicts of interest among close dealers. However, the
company has many dealers, and there will be no affect if the company has
to lose any dealer.

For finance leasing and personal loans, the company distributes these
products directly to customer (no dealer) because the company has its
own customer database. However these services are provided only for good
historical customers who always pay on time installments.

Target markets of hire purchase motorcycles are customers who have
permanent job and have income level from middle to low, such as self
employed, workers in factory, employees in companies/government, etc.
Most of the customers don’t have financial background but need to
utilize a motorcycle for work.

This target can be classified into two groups as follows:

1)  Customers who have permanent income.

Having residence in Bangkok and boundaries, having a permanent
occupation and verified income and background that can be checked from
financial institutions. However the customer also needs to have
guarantor to pledge if they can not pay the debt, the guarantor has to
take responsibility. Personal documents, such as personal identity card,
house register, and salary slip, are also needed for validation. This
group is ranking at 40 percent of total hire purchase contracts.

2)  Customers who do not have permanent income.

Most customers are freelance and don’t work for any entity. To service
this group, the company has to keep close contact to validate real
information. However, customers and guarantors also have to present
their personal identity card and house register. Furthermore, credit
officers have to validate existence of residence. This group is ranking
at 60 per cent of total hire purchase contracts.

1.  Competition situation.

[]

In Bangkok and the vicinity, the heavy traffic situation means a
motorcycle is still the vehicle that can deliver convenience and speed.
As long as the Mass Transit Organization System is unable to serve
citizen’s need, using a motorcycle is certain a good choice for
traveling or running businesses. By using a high technology, modern and
beautiful designs, and compatible and convenience of motorcycle, such as
automatic gear, could get a good response from consumers. Those aspects
increase a trend of using motorcycle and make the motorcycle leasing
industry more attractive for investment. It’s noticeable that new
entrepreneurs coming into this industry are rising. It also results in
higher competition.

In 2006, many negative factors impact sales volumes of motorcycles, for
example instability in politics, flooding, oil prices and increased
interest rates. Growth rates of sales volumes of motorcycles in the
Bangkok and a boundary was reduced from 13.54% to 5.32% in 2005 and 2006
respectively. The average of five big banks’ interest rates increased
from 6.80 to 8.05 at the year ending 2005 and 2006 respectively due to
cost of funding increases.

For the coming year of 2007, trend of interest rates will be reducing
with the Ministry of Finance’s policy to increase economic growth. But
uncertainly of new Government will impact consumer’s spending decisions.
The sales volumes of motorcycles in Bangkok and boundaries are forecast
to be the same as or a little down from previous years.

Hire purchase motorcycle entrepreneurs can be divided into two groups as
follows:

1)  Entrepreneurs who have their own manufacturing company as a related
    company. These entrepreneurs provide hire purchases only for their
    own brand.

2)  General entrepreneurs who operate hire purchase business which is
    not specific to brand, such as Group Lease Public Company Limited

According to the difference of character of these entrepreneurs, the
second group will gain advantage in offering a variety of products. If a
new brand of motorcycle of the first group is not welcomed to the
market, the second group will not take care of the unwelcome products.
Customers have different needs so the second group who supplies more
varieties of brands will gain more customers.

+--------------------+--------+--------+--------+------+------+------+
| Comparison of      |        |        |        |      |      |      |
| Registered         |        |        |        |      |      |      |
| motorcycles by     |        |        |        |      |      |      |
| hire purchase      |        |        |        |      |      |      |
| contract in 2006,  |        |        |        |      |      |      |
| 2005 and 2004.     |        |        |        |      |      |      |
+--------------------+--------+--------+--------+------+------+------+
| Company’s name     | Market |        |        | Ma   |      |      |
|                    | share  |        |        | rket |      |      |
|                    | (unit) |        |        | s    |      |      |
|                    |        |        |        | hare |      |      |
|                    |        |        |        | (%)  |      |      |
+--------------------+--------+--------+--------+------+------+------+
|                    | 2006   | 2005   | 2004   | 2006 | 2005 | 2004 |
+--------------------+--------+--------+--------+------+------+------+
| THITIKORN          | 71,477 | 78,870 | 78,800 | 2    | 2    | 3    |
|                    |        |        |        | 2.77 | 7.98 | 4.33 |
+--------------------+--------+--------+--------+------+------+------+
| HIWAY              | 61,865 | 51,176 | 53,305 | 1    | 1    | 2    |
|                    |        |        |        | 9.70 | 8.15 | 3.22 |
+--------------------+--------+--------+--------+------+------+------+
| GE CAPITAL         | 44,144 | 39,281 | 23,177 | 1    | 1    | 1    |
| AUTOLEASE          |        |        |        | 4.06 | 3.93 | 0.10 |
+--------------------+--------+--------+--------+------+------+------+
| TANABAN            | 38,061 | 19,832 | 19,931 | 1    | 7.04 | 8.68 |
|                    |        |        |        | 2.12 |      |      |
+--------------------+--------+--------+--------+------+------+------+
| GROUP LEASE        | 24,792 | 18,128 | 16,429 | 7.90 | 6.43 | 7.16 |
+--------------------+--------+--------+--------+------+------+------+
| AEON THANA SINSAP  | 14,917 | 14,536 | 9,873  | 4.75 | 5.16 | 4.30 |
+--------------------+--------+--------+--------+------+------+------+
| INTER BANGCHAK     | 10,353 | 9,763  | 10,487 | 3.30 | 3.46 | 4.57 |
+--------------------+--------+--------+--------+------+------+------+
| THANACHART GROUP   | 3475   | -      | -      | 1.11 | -    | -    |
| LEASING            |        |        |        |      |      |      |
+--------------------+--------+--------+--------+------+------+------+
| BAF (THAILAND)     | 3327   | -      | -      | 1.06 | -    | -    |
+--------------------+--------+--------+--------+------+------+------+
| BT WORLD LEASE     | 3,278  | 3,069  | 2,921  | 1.04 | 1.09 | 1.27 |
+--------------------+--------+--------+--------+------+------+------+
| PSN LEASING        | 2,360  | 3,093  | 4,046  | 0.75 | 1.10 | 1.76 |
+--------------------+--------+--------+--------+------+------+------+
| AKE NAKORN LUANG   | 2,225  | 2,930  | 2,755  | 0.71 | 1.04 | 1.20 |
+--------------------+--------+--------+--------+------+------+------+
| GLORY LEASING      | 2,214  | -      | -      | 0.71 | -    | -    |
+--------------------+--------+--------+--------+------+------+------+
| SINGER             | 1,911  | 5,829  | -      | 0.61 | 2.07 | -    |
+--------------------+--------+--------+--------+------+------+------+
| SINPOL             | 1,519  | 2,381  | 3,186  | 0.48 | 0.84 | 1.39 |
+--------------------+--------+--------+--------+------+------+------+
| EASYBUY            | 1,463  | 6,921  | -      | 0.47 | 2.46 | -    |
+--------------------+--------+--------+--------+------+------+------+
| OTHERS             | 26,590 | 26,079 | 4,631  | 8.47 | 9.25 | 2.02 |
+--------------------+--------+--------+--------+------+------+------+
| Total              | 3      | 2      | 2      | 10   | 10   | 10   |
|                    | 13,971 | 81,888 | 29,541 | 0.00 | 0.00 | 0.00 |
+--------------------+--------+--------+--------+------+------+------+

Source: Thai Motorcycle Hire Purchase Association

1.  Source of Fund

Source of funds as at December 31, 2006, 2005, and 2004 compose of

+-------------+----------+---------+----------+-----+---------+-----+
|             | 2006     |         | 2005     |     | 2004    |     |
+-------------+----------+---------+----------+-----+---------+-----+
|             | Baht-in  | Per     | Baht-in  | P   | Baht-in | P   |
|             | thousand | centage | thousand | erc | t       | erc |
|             |          |         |          | ent | housand | ent |
|             |          |         |          | age |         | age |
+-------------+----------+---------+----------+-----+---------+-----+
| Bank        | 1        | 1.20    | 4        | 4   | 13      | 1   |
| overdraft   | 2,758.27 |         | 6,025.48 | .26 | ,874.49 | .77 |
+-------------+----------+---------+----------+-----+---------+-----+
| Loan from   | 59       | 56.09   | 59       | 55  | 405     | 51  |
| Financial   | 5,117.65 |         | 9,875.08 | .52 | ,000.00 | .54 |
| I           |          |         |          |     |         |     |
| nstitution* |          |         |          |     |         |     |
+-------------+----------+---------+----------+-----+---------+-----+
| Loan from   | -        | -       | 8,000.00 | 0   | -       | -   |
| Director    |          |         |          | .74 |         |     |
+-------------+----------+---------+----------+-----+---------+-----+
| Account     | 80.85    | 0.01    | 314.05   | 0   | 201.92  | 0   |
| Payable     |          |         |          | .03 |         | .03 |
+-------------+----------+---------+----------+-----+---------+-----+
|  Total Debt | 60       | 57.30   | 65       | 60  | 419     | 53  |
|             | 7,956.77 |         | 4,214.61 | .55 | ,076.41 | .34 |
+-------------+----------+---------+----------+-----+---------+-----+
| Equity      | 45       | 42.70   | 42       | 39  | 366     | 46  |
|             | 3,047.01 |         | 6,296.47 | .45 | ,649.02 | .66 |
+-------------+----------+---------+----------+-----+---------+-----+
|             | 1,06     | 100.00  | 1,08     | 100 | 785     | 100 |
| Grand Total | 1,003.78 |         | 0,511.08 | .00 | ,725.43 | .00 |
+-------------+----------+---------+----------+-----+---------+-----+
| Remarks *In |          |         |          |     |         |     |
| 2006, loans |          |         |          |     |         |     |
| from        |          |         |          |     |         |     |
| financial   |          |         |          |     |         |     |
| i           |          |         |          |     |         |     |
| nstitutions |          |         |          |     |         |     |
| are         |          |         |          |     |         |     |
| promissory  |          |         |          |     |         |     |
| note on     |          |         |          |     |         |     |
| call, long  |          |         |          |     |         |     |
| term loans  |          |         |          |     |         |     |
| have        |          |         |          |     |         |     |
| repayments  |          |         |          |     |         |     |
| every month |          |         |          |     |         |     |
| that start  |          |         |          |     |         |     |
| at 13^(Th)  |          |         |          |     |         |     |
| month and   |          |         |          |     |         |     |
| finish in   |          |         |          |     |         |     |
| two years,  |          |         |          |     |         |     |
| and bills   |          |         |          |     |         |     |
| of exchange |          |         |          |     |         |     |
|             |          |         |          |     |         |     |
| *In 2004    |          |         |          |     |         |     |
| and 2005,   |          |         |          |     |         |     |
| loans from  |          |         |          |     |         |     |
| financial   |          |         |          |     |         |     |
| i           |          |         |          |     |         |     |
| nstitutions |          |         |          |     |         |     |
| are         |          |         |          |     |         |     |
| promissory  |          |         |          |     |         |     |
| note on     |          |         |          |     |         |     |
| call and    |          |         |          |     |         |     |
| short term  |          |         |          |     |         |     |
| bills of    |          |         |          |     |         |     |
| exchange.   |          |         |          |     |         |     |
+-------------+----------+---------+----------+-----+---------+-----+
|             |          |         |          |     |         |     |
+-------------+----------+---------+----------+-----+---------+-----+