12. FINANCIAL POSITION AND PERFORMANCE

12.1 Summary of Financial Information

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

COMPARED BALANCE SHEETS

AS AT 31 DECEMBER

Unit: Baht Thousand

+---------------------------+------+------+------+------+------+------+
|                           | 2010 | %    | 2009 | %    | 2008 | %    |
+---------------------------+------+------+------+------+------+------+
| ASSETS                    |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
| Current assets            |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Cash and cash           | 627  | 6.86 | 386  | 4.51 | 384  | 4.75 |
|   equivalents             | ,492 |      | ,641 |      | ,642 |      |
+---------------------------+------+------+------+------+------+------+
|   Trade accounts          | 946  | 1    | 657  | 7.68 | 494  | 6.10 |
|   receivable - net        | ,401 | 0.34 | ,908 |      | ,122 |      |
+---------------------------+------+------+------+------+------+------+
|   Amounts due from        | 4    | 0.05 | 14   | 0.17 | 8    | 0.11 |
|   related parties         | ,675 |      | ,583 |      | ,797 |      |
+---------------------------+------+------+------+------+------+------+
|   Advances to employees   | 7    | 0.08 | 5    | 0.07 | 8    | 0.11 |
|   and directors           | ,292 |      | ,833 |      | ,786 |      |
+---------------------------+------+------+------+------+------+------+
|   Inventories             | 217  | 2.38 | 198  | 2.32 | 187  | 2.32 |
|                           | ,702 |      | ,879 |      | ,975 |      |
+---------------------------+------+------+------+------+------+------+
|   Prepaid expenses        | 49   | 0.54 | 65   | 0.77 | 52   | 0.64 |
|                           | ,022 |      | ,998 |      | ,243 |      |
+---------------------------+------+------+------+------+------+------+
|   Other current assets    | 2    | 0.03 | 1    | 0.02 | 5    | 0.06 |
|                           | ,363 |      | ,994 |      | ,011 |      |
+---------------------------+------+------+------+------+------+------+
| Total current assets      | 1    | 2    | 1    | 1    | 1    | 1    |
|                           | ,854 | 0.27 | ,331 | 5.55 | ,141 | 4.09 |
|                           | ,947 |      | ,836 |      | ,576 |      |
+---------------------------+------+------+------+------+------+------+
| Non-current assets        |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+
|   Restricted bank         | -    | -    | -    | -    | 17   | 0.21 |
|   deposits                |      |      |      |      | ,147 |      |
+---------------------------+------+------+------+------+------+------+
|   Investment in joint     | -    | -    | 7    | 0.08 | 6    | 0.08 |
|   venture                 |      |      | ,215 |      | ,085 |      |
+---------------------------+------+------+------+------+------+------+
|   Investments in          | 1    | 1    | 1    | 1    | 1    | 1    |
|   associated companies -  | ,209 | 3.22 | ,257 | 4.67 | ,234 | 5.24 |
|   net                     | ,893 |      | ,158 |      | ,931 |      |
+---------------------------+------+------+------+------+------+------+
|   Other long-term         | 2    | 0.02 | 2    | 0.03 | 2    | 0.03 |
|   investments – net       | ,247 |      | ,247 |      | ,247 |      |
+---------------------------+------+------+------+------+------+------+
|   Property, plant and     | 5    | 6    | 5    | 6    | 5    | 6    |
|   equipment - net         | ,784 | 3.21 | ,666 | 6.15 | ,373 | 6.31 |
|                           | ,672 |      | ,942 |      | ,731 |      |
+---------------------------+------+------+------+------+------+------+
|   Intangible assets – net | 282  | 3.08 | 285  | 3.33 | 310  | 3.83 |
|                           | ,290 |      | ,629 |      | ,364 |      |
+---------------------------+------+------+------+------+------+------+
|   Other non-current       | 17   | 0.19 | 15   | 0.19 | 18   | 0.22 |
|   assets                  | ,628 |      | ,965 |      | ,163 |      |
+---------------------------+------+------+------+------+------+------+
| Total non-current assets  | 7    | 7    | 7    | 8    | 6    | 8    |
|                           | ,296 | 9.73 | ,235 | 4.45 | ,962 | 5.91 |
|                           | ,731 |      | ,156 |      | ,668 |      |
+---------------------------+------+------+------+------+------+------+
| TOTAL ASSETS              | 9    | 100  | 8    | 100  | 8    | 100  |
|                           | ,151 |      | ,566 |      | ,104 |      |
|                           | ,678 |      | ,992 |      | ,244 |      |
+---------------------------+------+------+------+------+------+------+
|                           |      |      |      |      |      |      |
+---------------------------+------+------+------+------+------+------+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

COMPARED BALANCE SHEETS

AS AT 31 DECEMBER

Unit: Baht Thousand

+---------------------------+------+-----+------+-----+------+-----+
|                           | 2010 | %   | 2009 | %   | 2008 | %   |
+---------------------------+------+-----+------+-----+------+-----+
| LIABILITIES AND           |      |     |      |     |      |     |
| SHAREHOLDERS' EQUITY      |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
| Current liabilities       |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Short-term loans from   | 100  | 1   | 190  | 2   | 200  | 2   |
|   financial Institutions  | ,000 | .09 | ,000 | .22 | ,000 | .47 |
+---------------------------+------+-----+------+-----+------+-----+
|   Trade accounts payable  | 555  | 6   | 522  | 6   | 504  | 6   |
|                           | ,762 | .07 | ,672 | .10 | ,341 | .22 |
+---------------------------+------+-----+------+-----+------+-----+
|   Construction and        | 51   | 0   | 27   | 0   | 77   | 0   |
|   medical equipment       | ,045 | .56 | ,490 | .32 | ,127 | .95 |
|                           |      |     |      |     |      |     |
|   payables                |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Amount due to related   | 194  | 0   | -    | -   | 2    | 0   |
|   parties                 |      | .00 |      |     | ,015 | .02 |
+---------------------------+------+-----+------+-----+------+-----+
|   Current portion of      | -    | -   | -    | -   | 569  | 7   |
|   long-term loans from    |      |     |      |     | ,279 | .02 |
|                           |      |     |      |     |      |     |
|   financial institutions  |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Accrued physicians’ fee | 405  | 4   | 329  | 3   | 262  | 3   |
|                           | ,444 | .43 | ,567 | .85 | ,461 | .24 |
+---------------------------+------+-----+------+-----+------+-----+
|   Interest payable        | 388  | 0   | 692  | 0   | 565  | 0   |
|                           |      | .00 |      | .01 |      | .01 |
+---------------------------+------+-----+------+-----+------+-----+
|   Interest payable -      | 11   | 0   | 11   | 0   | 11   | 0   |
|   convertible bonds       | ,575 | .13 | ,575 | .14 | ,576 | .14 |
|   treated                 |      |     |      |     |      |     |
|                           |      |     |      |     |      |     |
|   as equity securities    |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Corporate income tax    | 252  | 2   | 209  | 2   | 195  | 2   |
|   payable                 | ,379 | .76 | ,859 | .45 | ,480 | .41 |
+---------------------------+------+-----+------+-----+------+-----+
|   Accrued expenses        | 205  | 2   | 305  | 3   | 260  | 3   |
|                           | ,733 | .25 | ,971 | .57 | ,094 | .21 |
+---------------------------+------+-----+------+-----+------+-----+
|   Accounts payable -      | 13   | 0   | 13   | 0   | 16   | 0   |
|   others                  | ,381 | .15 | ,372 | .16 | ,098 | .20 |
+---------------------------+------+-----+------+-----+------+-----+
|   Other current           | 56   | 0   | 53   | 0   | 23   | 0   |
|   liabilities             | ,340 | .62 | ,183 | .62 | ,825 | .29 |
+---------------------------+------+-----+------+-----+------+-----+
| Total current liabilities | 1    | 18  | 1    | 19  | 2    | 26  |
|                           | ,652 | .05 | ,664 | .43 | ,122 | .19 |
|                           | ,241 |     | ,381 |     | ,861 |     |
+---------------------------+------+-----+------+-----+------+-----+
| Non-current liabilities   |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+
|   Long-term loans from    | 1    | 15  | 1    | 16  | 1    | 13  |
|   financial institutions  | ,430 | .63 | ,430 | .69 | ,116 | .77 |
|                           | ,000 |     | ,000 |     | ,022 |     |
+---------------------------+------+-----+------+-----+------+-----+
| Total non-current         | 1    | 15  | 1    | 16  | 1    | 13  |
| liabilities               | ,430 | .63 | ,430 | .69 | ,116 | .77 |
|                           | ,000 |     | ,000 |     | ,022 |     |
+---------------------------+------+-----+------+-----+------+-----+
| Total liabilities         | 3    | 33  | 3    | 36  | 3    | 39  |
|                           | ,082 | .68 | ,094 | .12 | ,238 | .97 |
|                           | ,241 |     | ,381 |     | ,883 |     |
+---------------------------+------+-----+------+-----+------+-----+
|                           |      |     |      |     |      |     |
+---------------------------+------+-----+------+-----+------+-----+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

COMPARED BALANCE SHEETS

AS AT 31 DECEMBER

Unit: Baht Thousand

+-------------------------------+-----+-----+------+-----+-----+----+
|                               | 2   | %   | 2009 | %   | 2   | %  |
|                               | 010 |     |      |     | 008 |    |
+-------------------------------+-----+-----+------+-----+-----+----+
| Shareholders' equity          |     |     |      |     |     |    |
+-------------------------------+-----+-----+------+-----+-----+----+
| Share capital                 |     |     |      |     |     |    |
+-------------------------------+-----+-----+------+-----+-----+----+
| Registered                    |     |     |      |     |     |    |
+-------------------------------+-----+-----+------+-----+-----+----+
| 920,954,935 ordinary shares   | 9   |     | 920  |     | 9   |    |
| of Baht 1 each                | 20, |     | ,955 |     | 20, |    |
|                               | 988 |     |      |     | 920 |    |
| (2008: 920,919,935 ordinary   |     |     |      |     |     |    |
| shares of Baht 1 each,        |     |     |      |     |     |    |
|                               |     |     |      |     |     |    |
| 2007: 920,853,235 ordinary    |     |     |      |     |     |    |
| shares of Baht 1 each)        |     |     |      |     |     |    |
+-------------------------------+-----+-----+------+-----+-----+----+
| 1,747,750 preference shares   | 1,  |     | 1    |     | 1,  |    |
| of Baht 1 each                | 715 |     | ,748 |     | 783 |    |
|                               |     |     |      |     |     |    |
|   (2008: 1,782,750 preference |     |     |      |     |     |    |
|   shares of Baht 1 each,      |     |     |      |     |     |    |
|                               |     |     |      |     |     |    |
|   2007: 1,849,450 preference  |     |     |      |     |     |    |
|   shares of Baht 1 each)      |     |     |      |     |     |    |
+-------------------------------+-----+-----+------+-----+-----+----+
| Issued and paid-up            |     |     |      |     |     |    |
+-------------------------------+-----+-----+------+-----+-----+----+
| 728,304,472 ordinary shares   | 7   | 7   | 728  | 8   | 7   | 8. |
| of Baht 1 each                | 28, | .96 | ,304 | .50 | 28, | 99 |
|                               | 337 |     |      |     | 269 |    |
| (2008: 728,269,472 ordinary   |     |     |      |     |     |    |
| shares of Baht 1 each,        |     |     |      |     |     |    |
|                               |     |     |      |     |     |    |
| 2007: 728,202,772 ordinary    |     |     |      |     |     |    |
| shares of Baht 1 each)        |     |     |      |     |     |    |
+-------------------------------+-----+-----+------+-----+-----+----+
| 1,747,750 preference shares   | 1,  | 0   | 1    | 0   | 1,  | 0. |
| of Baht 1 each                | 715 | .02 | ,748 | .02 | 783 | 02 |
|                               |     |     |      |     |     |    |
| (2008: 1,782,850 preference   |     |     |      |     |     |    |
| shares of Baht 1 each,        |     |     |      |     |     |    |
|                               |     |     |      |     |     |    |
| 2007: 1,849,450 preference    |     |     |      |     |     |    |
| shares of Baht 1 each)        |     |     |      |     |     |    |
+-------------------------------+-----+-----+------+-----+-----+----+
|   Premium on ordinary shares  | 2   | 3   | 285  | 3   | 2   | 3. |
|                               | 85, | .12 | ,568 | .33 | 85, | 52 |
|                               | 568 |     |      |     | 568 |    |
+-------------------------------+-----+-----+------+-----+-----+----+
|   Other paid-in capital of a  | 2   | 2   | 252  | 2   | 2   | 3. |
|   subsidiary/an associated    | 52, | .76 | ,173 | .94 | 52, | 11 |
|   company                     | 173 |     |      |     | 173 |    |
+-------------------------------+-----+-----+------+-----+-----+----+
|   Translation adjustment      | (8  | (0. | (75, | (0. | (5  | (0 |
|                               | 4,1 | 92) | 451) | 88) | 3,4 | .6 |
|                               | 12) |     |      |     | 79) | 6) |
+-------------------------------+-----+-----+------+-----+-----+----+
|   Convertible bonds treated   | 5   | 6   | 550  | 6   | 5   | 6. |
|   as equity securities        | 50, | .01 | ,000 | .42 | 50, | 79 |
|                               | 000 |     |      |     | 000 |    |
+-------------------------------+-----+-----+------+-----+-----+----+
|   Excess of investment over   | (19 | (2. | (    | (2. | (19 | (2 |
|   book value of a subsidiary  | 2,6 | 11) | 192, | 25) | 2,6 | .3 |
|                               | 62) |     | 662) |     | 62) | 8) |
+-------------------------------+-----+-----+------+-----+-----+----+
|   Retained earnings           |     |     |      |     |     |    |
+-------------------------------+-----+-----+------+-----+-----+----+
| Appropriated - statutory      | 92, | 1   | 92   | 1   | 92, | 1. |
| reserve                       | 275 | .01 | ,275 | .08 | 275 | 14 |
+-------------------------------+-----+-----+------+-----+-----+----+
| Unappropriated                | 4,4 | 48  | 3    | 44  | 3,2 | 3  |
|                               | 36, | .47 | ,830 | .71 | 01, | 9. |
|                               | 142 |     | ,656 |     | 434 | 50 |
+-------------------------------+-----+-----+------+-----+-----+----+
| Total shareholders' equity    | 6,0 | 66  | 5    | 63  | 4,8 | 6  |
|                               | 69, | .32 | ,472 | .88 | 65, | 0. |
|                               | 436 |     | ,611 |     | 361 | 03 |
+-------------------------------+-----+-----+------+-----+-----+----+
| TOTAL LIABILITIES AND         | 9,1 | 100 | 8    | 100 | 8,1 | 1  |
| SHAREHOLDERS' EQUITY          | 51, |     | ,566 |     | 04, | 00 |
|                               | 678 |     | ,992 |     | 244 |    |
+-------------------------------+-----+-----+------+-----+-----+----+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

INCOME STATEMENTS

FOR THE YEARS ENDED 31 DECEMBER

Unit: Baht Thousand

+----------------------------+-------+-----+-------+-----+-----+----+
|                            | 2010  | %   | 2009  | %   | 2   | %  |
|                            |       |     |       |     | 008 |    |
+----------------------------+-------+-----+-------+-----+-----+----+
| Revenues                   |       |     |       |     |     |    |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Revenues from hospital   | 9,80  | 97  | 9,06  | 97  | 8,6 | 9  |
|   operations               | 5,682 | .39 | 8,932 | .12 | 29, | 7. |
|                            |       |     |       |     | 431 | 16 |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Rental income            | 13    | 1   | 13    | 1   | 1   | 1. |
|                            | 0,315 | .29 | 1,772 | .41 | 27, | 44 |
|                            |       |     |       |     | 883 |    |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Gain on sales of         | 1     | 0   | -     | -   | -   | -  |
|   investment in joint      | 3,032 | .13 |       |     |     |    |
|   venture                  |       |     |       |     |     |    |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Interest income          | -     | -   | -     | -   | 6,  | 0. |
|                            |       |     |       |     | 273 | 07 |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Exchange gains           | 2     | 0   | 3     | 0   | 31, | 0. |
|                            | 6,199 | .26 | 8,680 | .41 | 545 | 36 |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Other income             | 9     | 0   | 9     | 1   | 86, | 0. |
|                            | 3,730 | .93 | 8,472 | .05 | 697 | 98 |
+----------------------------+-------+-----+-------+-----+-----+----+
| Total revenues             | 10,06 | 100 | 9,33  | 100 | 8,8 | 10 |
|                            | 8,959 | .00 | 7,856 | .00 | 81, | 0. |
|                            |       |     |       |     | 829 | 00 |
+----------------------------+-------+-----+-------+-----+-----+----+
| Expenses                   |       |     |       |     |     |    |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Cost of hospital         | 5,94  | 59  | 5,55  | 59  | 5,3 | 5  |
|   operations               | 3,546 | .03 | 3,191 | .47 | 24, | 9. |
|                            |       |     |       |     | 432 | 95 |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Depreciation and         | 59    | 5   | 53    | 5   | 4   | 5. |
|   amortisation             | 5,844 | .92 | 9,265 | .78 | 59, | 17 |
|                            |       |     |       |     | 363 |    |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Administrative expenses  | 1,66  | 16  | 1,52  | 16  | 1,3 | 1  |
|                            | 0,608 | .49 | 5,303 | .33 | 95, | 5. |
|                            |       |     |       |     | 956 | 72 |
+----------------------------+-------+-----+-------+-----+-----+----+
|   Allowance for loss on    | -     | -   | (13   | (0. | -   | -  |
|   impairment of assets     |       |     | ,642) | 15) |     |    |
|                            |       |     |       |     |     |    |
|   (reversal)               |       |     |       |     |     |    |
+----------------------------+-------+-----+-------+-----+-----+----+
| Total expenses             | 8,19  | 81  | 7,60  | 81  | 7,1 | 8  |
|                            | 9,998 | .44 | 4,117 | .43 | 79, | 0. |
|                            |       |     |       |     | 751 | 84 |
+----------------------------+-------+-----+-------+-----+-----+----+
| Income before interest     | 1,86  | 18  | 1,73  | 18  | 1,7 | 1  |
| expense and income tax     | 8,961 | .56 | 3,738 | .57 | 02, | 9. |
|                            |       |     |       |     | 078 | 16 |
+----------------------------+-------+-----+-------+-----+-----+----+
| Share of income from       | (34   | (0. | 4     | 0   | 43, | 0. |
| investments in joint       | ,927) | 35) | 7,244 | .51 | 248 | 49 |
| venture                    |       |     |       |     |     |    |
|                            |       |     |       |     |     |    |
| and associated companies   |       |     |       |     |     |    |
+----------------------------+-------+-----+-------+-----+-----+----+
| Finance cost               | (68   | (0. | (90   | (0. | (11 | (1 |
|                            | ,200) | 68) | ,934) | 97) | 4,4 | .2 |
|                            |       |     |       |     | 28) | 9) |
+----------------------------+-------+-----+-------+-----+-----+----+
| Corporate income tax       | (507  | (5. | (444  | (4. | (43 | (4 |
|                            | ,339) | 04) | ,400) | 76) | 9,8 | .9 |
|                            |       |     |       |     | 51) | 5) |
+----------------------------+-------+-----+-------+-----+-----+----+
| Net income for the year    | 1,25  | 12  | 1,24  | 13  | 1,1 | 1  |
|                            | 8,495 | .50 | 5,648 | .34 | 91, | 3. |
|                            |       |     |       |     | 047 | 41 |
+----------------------------+-------+-----+-------+-----+-----+----+

  --------------- -- -------------- -- ------------ -- ------------- -- ------------- -- -------------- -- ------------- -- --------------- -- --------------- -- ---------------- -- --------------- --
  Bumrungrad                                                                                                                                                                                          
  Hospital Public                                                                                                                                                                                     
  Company Limited                                                                                                                                                                                     
  and its                                                                                                                                                                                             
  subsidiaries                                                                                                                                                                                        

  Statements of                                                                                                                                                                                       
  changes in                                                                                                                                                                                          
  shareholders'                                                                                                                                                                                       
  equity                                                                                                                                                                                              

  For the years                                                                                                                                                                                       
  ended 31                                                                                                                                                                                            
  December 2010                                                                                                                                                                                       
  and 2009                                                                                                                                                                                            

                                                                                                                                                                                      (Unit: Baht)    

                     Consolidated                                                                                                                                                                     
                     financial                                                                                                                                                                        
                     statements                                                                                                                                                                       

                                                                        Other paid-in                                       Excess of                                                                 

                                                                        capital of                         Convertible      investment over     Retained                                              
                                                                                                                                               earnings                                               

                     Issued and                        Premium on       an associated    Translation       bonds treated    book value of      Appropriated-                                          
                     paid-up share                                                                         as                                                                                         
                     capital                                                                                                                                                                          

                     Ordinary          Preference      ordinary         company          adjustment        equity           a subsidiary       statutory          Unappropriated      Total           
                     shares            shares          shares                                              securities                          reserve                                                

  Balance as at      728,269,472       1,782,750       285,568,300      252,172,534      (53,479,292)      550,000,000      (192,661,558)      92,275,000         3,201,434,142       4,865,361,348   
  31 December                                                                                                                                                                                         
  2008                                                                                                                                                                                                

  Translation        -                 -               -                -                (21,971,969)      -                -                  -                  -                   (21,971,969)    
  adjustment                                                                                                                                                                                          

  Interest paid                                                                                                                                                                                       
  for convertible                                                                                                                                                                                     
  bonds treated                                                                                                                                                                                       
  as                                                                                                                                                                                                  

  equity             -                 -               -                -                -                 -                -                  -                  (32,500,000)        (32,500,000)    
  securities                                                                                                                                                                                          

  Net expenses       -                 -               -                -                (21,971,969)      -                -                  -                  (32,500,000)        (54,471,969)    
  recognised                                                                                                                                                                                          
  directly in                                                                                                                                                                                         
  equity                                                                                                                                                                                              

  Net income for     -                 -               -                -                -                 -                -                  -                  1,245,648,440       1,245,648,440   
  the year 2009                                                                                                                                                                                       

  Total income       -                 -               -                -                (21,971,969)      -                -                  -                  1,213,148,440       1,191,176,471   
  and expense for                                                                                                                                                                                     
  the year                                                                                                                                                                                            

  Dividend paid      -                 -               -                -                -                 -                -                  -                  (583,927,213)       (583,927,213)   

  Preference         35,000            (35,000)        -                -                -                 -                -                  -                  -                   -               
  shares                                                                                                                                                                                              
  converted to                                                                                                                                                                                        
  ordinary shares                                                                                                                                                                                     

  Balance as at      728,304,472       1,747,750       285,568,300      252,172,534      (75,451,261)      550,000,000      (192,661,558)      92,275,000         3,830,655,369       5,472,610,606   
  31 December                                                                                                                                                                                         
  2009                                                                                                                                                                                                

                                                                                                                                                                                                      

  Balance as at      728,304,472       1,747,750       285,568,300      252,172,534      (75,451,261)      550,000,000      (192,661,558)      92,275,000         3,830,655,369       5,472,610,606   
  31 December                                                                                                                                                                                         
  2009                                                                                                                                                                                                

  Translation        -                 -               -                -                (8,660,540)       -                -                  -                  -                   (8,660,540)     
  adjustment                                                                                                                                                                                          

  Interest paid                                                                                                                                                                                       
  for convertible                                                                                                                                                                                     
  bonds treated                                                                                                                                                                                       
  as                                                                                                                                                                                                  

  equity             -                 -               -                -                -                 -                -                  -                  (32,500,000)        (32,500,000)    
  securities                                                                                                                                                                                          

  Net expenses       -                 -               -                -                (8,660,540)       -                -                  -                  (32,500,000)        (41,160,540)    
  recognised                                                                                                                                                                                          
  directly in                                                                                                                                                                                         
  equity                                                                                                                                                                                              

  Net income for     -                 -               -                -                -                 -                -                  -                  1,258,494,682       1,258,494,682   
  the year 2010                                                                                                                                                                                       

  Total income       -                 -               -                -                (8,660,540)       -                -                  -                  1,225,994,682       1,217,334,142   
  and expenses                                                                                                                                                                                        
  for the year                                                                                                                                                                                        

  Dividend paid      -                 -               -                -                -                 -                -                  -                  (620,508,307)       (620,508,307)   

  Preference         32,850            (32,850)        -                -                -                 -                -                  -                  -                   -               
  shares                                                                                                                                                                                              
  converted to                                                                                                                                                                                        
  ordinary shares                                                                                                                                                                                     

  Balance as at      728,337,322       1,714,900       285,568,300      252,172,534      (84,111,801)      550,000,000      (192,661,558)      92,275,000         4,436,141,744       6,069,436,441   
  31 December                                                                                                                                                                                         
  2010                                                                                                                                                                                                
  --------------- -- -------------- -- ------------ -- ------------- -- ------------- -- -------------- -- ------------- -- --------------- -- --------------- -- ---------------- -- --------------- --

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED 31 DECEMBER

Unit: Baht Thousand

  ------------------------------------------- ----------- ----------- -----------
                                              2010        2009        2008

  Cash flows from operating activities                                

  Income before corporate income tax          1,765,833   1,690,048   1,630,897

  Adjustments to reconcile net income before                          
  tax to net cash                                                     

  provided by (paid from) operating                                   
  activities: -                                                       

  Depreciation and amortisation               595,844     539,265     459,363

  Allowance for loss on impairment of assets  -           (13,642)    -
  (reversal)                                                          

  Bad debts and allowance for doubtful        19,549      16,353      48,062
  accounts                                                            

  Loss on sales of equipment                  2,160       4,595       2,030

  Gain on sale of investment in jointly       (13,032)    -           -
  controlled entity                                                   

  Share of income from investments in         34,927      (47,244)    (43,283)
  associated companies                                                

  Share of loss from investments in joint     (1,944)     (1,612)     35
  venture                                                             

  Interest expense                            68,200      78,351      114,428

  Income from operating activities before                             
  changes in operating                                                

  assets and liabilities                      2,471,537   2,266,114   2,211,532

  Decrease (increase) in operating assets                             

  Trade accounts receivable                   (308,043)   (180,139)   48,123

  Amounts due from related parties            9,909       (5,786)     (1,657)

  Inventories                                 (18,823)    (10,904)    15,509

  Other current assets                        16,607      (10,737)    (8,967)

  Increase (decrease) in operating                                    
  liabilities                                                         

  Trade accounts payable                      33,089      18,331      2,992

  Amount due to a related party               194         (2,015)     -

  Accrued physicians' fee                     75,877      67,106      (30,090)

  Accrued expenses                            (100,237)   45,876      111,404

  Accounts payable - others                   (685)       (3,165)     (13,968)

  Other current liabilities                   3,157       29,358      (17,232)

  Cash flows from operating activities        2,182,582   2,214,039   2,317,646

  Cash paid for interest expense              (68,504)    (78,224)    (114,955)

  Cash paid for corporate income tax          (464,819)   (430,020)   (440,287)

  Net cash flows from operating activities    1,649,259   1,705,795   1,762,404
  ------------------------------------------- ----------- ----------- -----------

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED 31 DECEMBER

Unit: Baht Thousand

+-------------------------------------------+---------+-------+-------+
|                                           | 2010    | 2009  | 2008  |
+-------------------------------------------+---------+-------+-------+
| Cash flows from investing activities      |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Decrease (increase) in restricted bank    | -       | 1     | (5    |
| deposits                                  |         | 7,147 | ,000) |
+-------------------------------------------+---------+-------+-------+
| Decrease in advances to employees and     | (1,459) | 2,953 | 1,552 |
| directors                                 |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Acquisition of investment in joint        | (2,474) | (1    | (6    |
| venture                                   |         | ,148) | ,120) |
+-------------------------------------------+---------+-------+-------+
| Acquisition of investments in associated  | 22,706  | -     | (141  |
| companies                                 |         |       | ,750) |
+-------------------------------------------+---------+-------+-------+
| Dividend income from an associated        | -       | -     | 43    |
| company                                   |         |       | 7,927 |
+-------------------------------------------+---------+-------+-------+
| Acquisition of property, plant and        | (6      | (836  | (     |
| equipment and repayment of                | 67,382) | ,624) | 1,722 |
|                                           |         |       | ,415) |
| construction and medical equipment        |         |       |       |
| payables                                  |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Proceeds from sales of equipment          | 8,663   | 5,981 | 2,766 |
+-------------------------------------------+---------+-------+-------+
| Acquisition of computer software          | (       | (14   | (6    |
|                                           | 26,447) | ,015) | ,290) |
+-------------------------------------------+---------+-------+-------+
| Decrease (increase) in other non-current  | (1,664) | 2,198 | (317) |
| assets                                    |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Interest income                           | 1,944   | 1,612 | -     |
+-------------------------------------------+---------+-------+-------+
| Net cash flows used in investing          | (6      | (821  | (     |
| activities                                | 66,112) | ,896) | 1,439 |
|                                           |         |       | ,647) |
+-------------------------------------------+---------+-------+-------+
| Cash flows from financing activities      |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Net cash payment for short-term loan from | (       | (10   | 20    |
| financial institution                     | 90,000) | ,000) | 0,000 |
+-------------------------------------------+---------+-------+-------+
| Cash receipt from long-term loans from    | -       | -     | -     |
| related party                             |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Repayment of long-term loans from related | -       | -     | -     |
| party                                     |         |       |       |
+-------------------------------------------+---------+-------+-------+
| Cash receipt from long-term loans from    | -       | 1,43  | 40    |
| financial institutions                    |         | 0,000 | 0,000 |
+-------------------------------------------+---------+-------+-------+
| Repayment of long-term loans from         | -       | (     | (487  |
| financial institutions                    |         | 1,685 | ,148) |
|                                           |         | ,301) |       |
+-------------------------------------------+---------+-------+-------+
| Dividend paid                             | (6      | (583  | (583  |
|                                           | 19,814) | ,489) | ,331) |
+-------------------------------------------+---------+-------+-------+
| Interest paid for convertible bonds       | (       | (32   | (17   |
| treated as equity securities              | 32,500) | ,500) | ,500) |
+-------------------------------------------+---------+-------+-------+
| Net cash flows used in financing          | (7      | (881  | (487  |
| activities                                | 42,314) | ,290) | ,979) |
+-------------------------------------------+---------+-------+-------+
| Net increase (decrease) in cash and cash  | 19      | (611) | (165  |
| equivalents                               |         |       | ,222) |
+-------------------------------------------+---------+-------+-------+
| Translation adjustment                    | 240,852 | 1,999 | -     |
+-------------------------------------------+---------+-------+-------+
| Cash and cash equivalents at beginning of | 386,641 | 38    | 54    |
| year                                      |         | 4,642 | 9,864 |
+-------------------------------------------+---------+-------+-------+
| Cash and cash equivalents at end of year  | 627,492 | 38    | 38    |
|                                           |         | 6,641 | 4,642 |
+-------------------------------------------+---------+-------+-------+
|                                           |         |       |       |
+-------------------------------------------+---------+-------+-------+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

FINANCIAL RATIO SUMMARY

+-----------------------------------+----------+----------+----------+
| Consolidated                      | 2010     | 2009     | 2008     |
+-----------------------------------+----------+----------+----------+
| Liquidity Ratios                  |          |          |          |
+-----------------------------------+----------+----------+----------+
| Liquidity ratio (times)           | 1.12     | 0.80     | 0.54     |
+-----------------------------------+----------+----------+----------+
| Quick ratio (times)               | 0.95     | 0.63     | 0.41     |
+-----------------------------------+----------+----------+----------+
| Cash ratio (times)                | 0.99     | 0.90     | 0.90     |
+-----------------------------------+----------+----------+----------+
| Accounts Receivables Turnover     | 10.77    | 13.50    | 14.04    |
| (times)                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Average Collection Period (days)  | 33.44    | 26.67    | 25.65    |
+-----------------------------------+----------+----------+----------+
| Inventory Turnover (times)        | 28.53    | 28.71    | 27.20    |
+-----------------------------------+----------+----------+----------+
| Sales Period (days)               | 12.62    | 12.54    | 13.23    |
+-----------------------------------+----------+----------+----------+
| Accounts Payable Turnover (times) | 11.02    | 10.81    | 10.59    |
+-----------------------------------+----------+----------+----------+
| Payment Period (days)             | 32.66    | 33.29    | 34.00    |
+-----------------------------------+----------+----------+----------+
| Cash Cycle (days)                 | 13.40    | 5.92     | 4.88     |
+-----------------------------------+----------+----------+----------+
| Profitability Ratios              |          |          |          |
+-----------------------------------+----------+----------+----------+
| Gross Margin (%)                  | 39.4     | 38.8     | 38.3     |
+-----------------------------------+----------+----------+----------+
| EBITDA Margin (%)                 | 24.4     | 24.2     | 24.3     |
+-----------------------------------+----------+----------+----------+
| Operation Margin (%)              | 18.4     | 18.6     | 19.1     |
+-----------------------------------+----------+----------+----------+
| Cash to operating profit (%)      | 88.9     | 98.4     | 103.9    |
+-----------------------------------+----------+----------+----------+
| EBT Margin (%)                    | 17.5     | 18.0     | 18.3     |
+-----------------------------------+----------+----------+----------+
| Net Margin before Extraordinary   | 13.1     | 13.3     | 13.3     |
| Items (%)                         |          |          |          |
+-----------------------------------+----------+----------+----------+
| Net Margin (%)                    | 12.5     | 13.3     | 13.3     |
+-----------------------------------+----------+----------+----------+
| Return on equity (%)              | 21.8     | 24.1     | 25.9     |
+-----------------------------------+----------+----------+----------+
| Efficiency Ratio                  |          |          |          |
+-----------------------------------+----------+----------+----------+
| Return on assets (%)              | 14.2     | 14.9     | 15.3     |
+-----------------------------------+----------+----------+----------+
| Return on fixed assets (%)        | 32.4     | 32.3     | 34.7     |
+-----------------------------------+----------+----------+----------+
| Asset turnover (times)            | 1.14     | 1.12     | 1.14     |
+-----------------------------------+----------+----------+----------+
| Financial Policy Ratio            |          |          |          |
+-----------------------------------+----------+----------+----------+
| Total Liabilities to Equity       | 0.51     | 0.57     | 0.67     |
| (times)                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Debt to Equity (times)            | 0.25     | 0.30     | 0.39     |
+-----------------------------------+----------+----------+----------+
| Net Debt to Equity (times)        | 0.15     | 0.23     | 0.31     |
+-----------------------------------+----------+----------+----------+
| Interest Coverage Ratio (times)   | 35.95    | 24.85    | 18.83    |
+-----------------------------------+----------+----------+----------+
| Debt service coverage ratio (CASH | 25.18    | 19.76    | 2.75     |
| BASIS) (times)                    |          |          |          |
+-----------------------------------+----------+----------+----------+

BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES

FINANCIAL RATIO SUMMARY

+-----------------------------------+----------+----------+----------+
| Consolidated                      | 2010     | 2009     | 2008     |
+-----------------------------------+----------+----------+----------+
| Baht per share                    |          |          |          |
+-----------------------------------+----------+----------+----------+
| Par Value                         | 1.00     | 1.00     | 1.00     |
+-----------------------------------+----------+----------+----------+
| Book Value Per Share              | 8.33     | 7.51     | 6.68     |
+-----------------------------------+----------+----------+----------+
| Book Value Per Share - Fully      | 7.00     | 6.31     | 5.61     |
| Diluted                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Earnings Per Share                | 1.73     | 1.71     | 1.64     |
+-----------------------------------+----------+----------+----------+
| Earnings Per Share - Fully        | 1.45     | 1.44     | 1.37     |
| Diluted                           |          |          |          |
+-----------------------------------+----------+----------+----------+
| Dividend per share                | 0.90     | 0.85     | 0.80     |
+-----------------------------------+----------+----------+----------+
| Growth ratios                     |          |          |          |
+-----------------------------------+----------+----------+----------+
| Sales from hospital operations    | 8.1      | 5.1      | 3.7      |
| (%)                               |          |          |          |
+-----------------------------------+----------+----------+----------+
| Cost of goods sold (%)            | 7.0      | 4.3      | 4.0      |
+-----------------------------------+----------+----------+----------+
| Administrative expenses (%)       | 8.9      | 9.3      | 3.0      |
+-----------------------------------+----------+----------+----------+
| EBITDA (%)                        | 8.5      | 4.8      | 4.1      |
+-----------------------------------+----------+----------+----------+
| Operating profit (%)              | 7.0      | 2.2      | 2.0      |
+-----------------------------------+----------+----------+----------+
| Net profit before extraordinary   | 6.1      | 4.6      | 4.0      |
| items (%)                         |          |          |          |
+-----------------------------------+----------+----------+----------+
| Net profit (%)                    | 1.0      | 4.6      | -25.7    |
+-----------------------------------+----------+----------+----------+
| Total assets (%)                  | 6.8      | 5.7      | 8.6      |
+-----------------------------------+----------+----------+----------+

12.2 Management Discussion and Analysis 

  For 2010, the Company reported Total revenues of Bath 10,069 million,
  an 8% increase from 2009 Total revenues of Baht 9,338 million. The
  2010 Reported net profit was Baht 1,258 million, a 1% increase from
  2009 Reported net profit of Baht 1,246 million. Excluding Baht 63
  million extraordinary item from loss on the translation adjustment
  from the sale of Asia Renal Care (ARC) Group in 2Q10, the 2010 net
  profit was Baht 1,321 million, a 6% increase from 2009 Reported net
  profit. Details of the management discussion and analysis are as
  follows.

1. Profit and Loss Statement

  For 2010, the Company reported Revenues from hospital operations of
  Baht 9,806 million, an 8% increase year over year from Baht 9,069
  million in 2009. The revenue growth was driven by strong Revenues from
  hospital operation in 1Q10 and 3Q10. However, this was partially
  offset by weak performance in 2Q10 due to political unrest. Inpatient
  service revenues increased by 10% year over year and outpatient
  service revenues increased by 5% year over year. The revenue
  contribution by inpatient service was 50% and outpatient service was
  50% in 2010. In terms of revenues by nationality, revenues from
  international patients were 57% and revenues from Thai patients were
  43%.

  Rental income was Baht 130 million in 2010, a decline from Baht 132
  million in 2009. Other income was Baht 120 million in 2010, a decline
  from Baht 137 million in 2009. Total revenues in 2010 were Baht 10,069
  million, compared to Baht 9,338 million in 2009, an 8% increase year
  over year, in-line with the increase in Revenues from hospital
  operation.

  In 2010, the Company reported Cost of hospital operations of Baht
  5,944 million, a 7% increase year over year from Baht 5,553 million in
  2009, at a slower pace than growth in Revenues from hospital operation
  as a result of continuous cost control, coupled with better asset
  utilization and economies of scale as the hospital saw high volume
  especially from international patients in 1Q10 and 3Q10. As a result,
  gross profit was Baht 3,862 million in 2010, a 10% increase year over
  year from Baht 3,516 million in 2009. Consequently, gross profit
  margin was 39.4% in 2010, higher than 38.8% in 2009.

  2010 Administrative expenses were Baht 1,537 million, a 9% increase
  year over year from Baht 1,416 million in 2009, slightly higher than
  the increase in Total revenues. The increase was due to higher
  salaries related to higher headcount to accommodate increasing volume
  and higher overtime costs in 2Q10 as the hospital staffed the
  personnel during the political unrest to prepare for any possible mass
  casualties; higher donation expenses from Rak Jai Thai project; and
  additional expenses related to subsidiary, Asia Global Research Co.,
  Ltd. (AGR), a clinical research company, which started operations in
  the second half of 2009 and start-up expenses of Vitechpro, the
  wholesale business of Vitallife Corporation Limited. As a result,
  EBITDA was Baht 2,452 million in 2010, a 9% increase year over year
  from Baht 2,259 million in 2009. Consequently, EBITDA margin was 24.4%
  in 2010, up from 24.2% in 2009.

  2010 Depreciation and amortization was Baht 596 million, higher than
  Baht 539 million in 2009 due to the completion of renovation of
  inpatient wards together with the new Women Center and Digestive
  Disease Center. Financing expenses decreased to Baht 68 million in
  2010 compared to Baht 91 million in 2009, as a result of the Baht 12
  million refinancing prepayment fee in 2009 and a lower loan balance
  outstanding from the scheduled repayment of the previous loan,
  together with lower interest rate from the refinanced loan, where the
  interest rate was reduced from MLR – 1.25% to MLR – 1.5%. The
  corporate income tax in 2010 was Baht 507 million, compared to Baht
  444 million in 2009, or at the effective tax rate of 28.2% in 2010 and
  27.1% in 2009.

  The Company reported Share of loss from investments in joint venture
  and associated companies of Baht 35 million in 2010, compared to share
  of profit of Baht 47 million in 2009. The 2010 share of loss was
  attributable to share of income from CDE Trading Company Limited of
  Baht 7 million and share of loss from Bumrungrad International Limited
  of Baht 42 million which was primarily due to Baht 63 million loss on
  the translation adjustment from the sale of ARC Group in 2Q10.

  As a result of the above, the Company’s 2010 Reported net profit was
  Baht 1,258 million, a 1% increase year over year. Excluding Baht 63
  million extraordinary item, which was the loss on the translation
  adjustment from the sale of ARC Group, 2010’s net profit was Baht
  1,321 million, a 6% increase year over year from Reported net profit
  of Baht 1,246 million in 2009. Reported net profit margin was 12.5% in
  2010, while net profit margin excluding the extraordinary item was
  13.1%, which was slightly lower than 13.3% in 2009.

  For 2010, basic EPS was Baht 1.73, a 1% increase year over year from
  Baht 1.71 in 2009. 2010 fully diluted EPS was Baht 1.45, also a 1%
  increase year over year from Baht 1.44 in 2009.

(Unit: Baht Million)

  ------------------------------------------ -------- -------- -----------
  Income statement                           2010     2009     Year over
  (Unit: Baht million)                                         year

  Revenues from Hospital Operations          9,806    9,069    8%

  Total revenues                             10,069   9,338    8%

  Gross Profit                               3,862    3,516    10%

  EBITDA                                     2,452    2,259    9%

  Share of Income from Investments in Joint  -35      47       N.A.
  Venture and Associated Companies                             

  Net Profit                                 1,258    1,246    1%

  Net profit excluding extraordinary item    1,321    1,246    6%

  EPS – Basic                                1.73     1.71     1%

  EPS – Fully Diluted                        1.45     1.44     1%

  Gross Profit Margin                        39.4%    38.8%     

  EBITDA Margin                              24.4%    24.2%    

  Net Profit Margin                          12.5%    13.3%    

  Net profit margin excluding extraordinary  13.1%    13.3%     
  item                                                         
  ------------------------------------------ -------- -------- -----------

2. Balance Sheet

  As at 31 December 2010, the Company reported Total current assets of
  Baht 1,855 million, an increase from Baht 1,332 million as at 31
  December 2009, primarily because of an increase in Cash and cash
  equivalents and Trade accounts receivable. Trade accounts receivable
  was Baht 946 million as at 31 December 2010, an increase from Baht 658
  million as at 31 December 2009, as a result of the increase in the
  Middle East corporate accounts, together with increasing international
  insurance contracts. Therefore, the collection period increased to
  33.4 days as at 31 December 2010 compared to 26.7 days as at 31
  December 2009. Total non-current assets slightly increased to Baht
  7,297 million as at 31 December 2010 compared to Baht 7,235 million as
  at 31 December 2009 because of the increase in Property, plant and
  equipment to Baht 5,785 million as at 31 December 2010 from Baht 5,667
  million as at 31 December 2009. This was primarily a result of
  increase in assets related to the renovation of inpatient wards and
  renovation of Women Center and Digestive Disease Center. As a result,
  Total assets increased to Baht 9,152 million as at 31 December 2010
  from Baht 8,567 million as at 31 December 2009.

  Total liabilities were Baht 3,082 million as at 31 December 2010, a
  slight decrease from Baht 3,094 million as at 31 December 2009,
  primarily from a decrease in Current liabilities related to operations
  such as Accrued expenses and Short-term loan. The interest-bearing
  debt (short-term loan + long-term loans) decreased to Baht 1,530
  million as at 31 December 2010 from Baht 1,620 million as at 31
  December 2009 due to short-term loan repayment. With a lower debt
  position and increased cash balance, together with an increase in
  Shareholders’ equity, net debt to equity slightly decreased to 0.15x
  as at 31 December 2010 from 0.23x as at 31 December 2009. Because the
  Company no longer has current portion of long term loans since 1Q10,
  as the refinanced loan has 2 years grace period, together with
  decrease in interest expense, the Company’s interest coverage ratio
  significantly improved to 35.9x in 2010 compared to 24.8x in 2009.

  Total shareholders’ equity increased to Baht 6,069 million as at 31
  December 2010 from Baht 5,473 million as at 31 December 2009,
  primarily as a result of the Company’s 2010 net profit of Baht 1,258
  million, netted off with dividend payment of Baht 619 million in 2010.
  Average return on assets (ROA) in 2010 was 14.2% while Average return
  on equity (ROE) was 21.8% in 2010.

(Unit: Baht Million)

  ----------------------------- -------------- ------------- -------------
  Unit: Baht million            2010           2009          Change

  Total Assets                  9,152          8,567         7%

  Total Liabilities             3,082          3,094         0%

  Total Shareholders’ Equity    6,069          5,473         11%

  Average Collection Period     33.4           26.7          
  (days)                                                     

  Average Inventory Period      12.6           12.5          
  (days)                                                     

  Average Payables Period       32.7           33.3          
  (days)                                                     

  Net Debt to Equity (x)        0.15           0.23          

  Interest Coverage Ratio (x)   35.9           24.8          

  Average return on assets (%)  14.2%          14.9%         

  Average Return on Equity (%)  21.8%          24.1%         
  ----------------------------- -------------- ------------- -------------

3. Liquidity

  The Company’s cash flow from operating activities in 2010 was Baht
  1,649 million, compared to Baht 1,706 million in 2009. Net cash used
  in investment activities was Baht 668 million in 2010, compared to
  Baht 822 million in 2009. The Company reported net cash flow used in
  financing activities of Baht 742 million in 2010, a decrease from Baht
  881 million in 2009, because the Company repaid its long term loan in
  2009 according to the repayment schedule of the previous long-term
  loan agreement, while the refinanced loan in October 2009 has 2-years
  grace period. As a result, Cash and cash equivalents at the end of the
  period was Baht 627 million as at 31 December 2010, an increase from
  Baht 387 million as at 31 December 2009.

  Liquidity ratio as at 31 December 2010 increased to 1.12x compared to
  0.80x as at 31 December 2009, as a result of the increase in Cash and
  cash equivalents and Accounts receivable. Similarly, quick ratio
  increased to 0.95x as at 31 December 2010, compared to 0.63x as at 31
  December 2009.

(Unit: Baht Million)

  --------------------------------------------- ------------ ------------
  Unit: Baht million                            2010         2009

  Cash Flow from Operating Activities           1,649        1,706

  Cash Flow from Investing Activities           -666         -822

  Cash Flow from Financing Activities           -742         -881

  Net Increase (Decrease) in cash and cash      241          2
  equivalents                                                

  Cash and cash Equivalents at end of year      627          387

  Liquidity Ratio (x)                           1.12         0.80

  Quick Ratio (x)                               0.95         0.63
  --------------------------------------------- ------------ ------------

12.3 Audit Fees

12.3.1 Audit Fees

  For the year 2010, the Company and subsidiaries have paid the audit
  fee in the amount of Baht 2.3 million. The Company’s 2010 audit fee
  has been approved by the shareholders’ meeting.

12.3.2 Non-Audit Fees

  For the year 2010, the Company paid the consultation and training fee
  for the preparing of implementation of International Financial
  Reporting Standard (IFRS) in the amount of Baht 0.9 million