nformation Memorandum : SABINA

Accrued Payment - 72,000 - Accrued Expenses 14,740 21,086 22,175 Others 666 85 1,281 Total Current Liabilities 199,596 301,299 176,816 Non-Current Liabilities Long-term Loan from Financial Institutions, net of current portion 48,150 8,142 3,000 Hire Purchase Loan, net of current portion 1,899 Total Non-Current Liabilities 48,150 8,142 4,899 Total Liabilities 247,746 309,441 181,715 - 24 - Sabina Public Company Limited (Company Only) Balance Sheet (Continue) As of 31 December (Thousand Baht) Company Only 2005 2006 2007 Amount Amount Amount Shareholders' Equity Share Capital Par Value at 5 baht per share in 2007 and 1,000 baht per share in 2006 Registered Share Capital Common Stock - 69,500,000 shares in 2007 and 150,000 shares in 2006 150,000 150,000 347,500 Paid-up Capital Common Stock - 59,000,000 shares in 2007 and 150,000 shares in 2006 150,000 150,000 295,000 Issued and Paid-up Capital - Net 150,000 150,000 295,000 Retained Earnings Appropriated - Legal Reserve 15,000 15,000 19,250 Unappropriated 252,304 256,686 337,434 Shareholders's Equity of The Company 417,304 421,686 651,684 Total Shareholders' Equity 417,304 421,686 651,684 Total Liabilities and Shareholders' Equity 665,049 731,127 833,399 - 25 - Sabina Public Company Limited (Company Only) Income Statement For the Period of 1 January to 31 December (Thousand Baht) Company Only 2005 2006 2007 Amount Amount Amount Revenue Sales Revenue - Net 692,731 992,084 937,674 Service Revenue 80,180 37,510 41,438 Other Income 2,086 1,761 12,206 Total Revenue 774,997 1,031,355 991,318 Expenses Cost of Sales 517,504 807,240 814,929 SG & A 27,154 34,310 77,673 Total Expenses 544,658 841,550 892,602 Earning before Interest and Tax Expense 230,338 189,805 98,717 Interest Expense 5,207 7,545 5,522 EBT 225,132 182,260 93,194 Corporate Income Tax 10,612 8,377 8,196 Net Profit 214,520 173,883 84,998 - 26 - Sabina Public Company Limited (Company Only) Cash Flow Statement As of 31 December (Thousand Baht) Company Only 2005 2006 2007 Cash Flows from Operating Activities Net Profit 214,520 173,883 84,998 Adjustments for Net Profit Increase (Decrease) Depreciation 23,606 24,718 25,497 Gain on Disposal of Assets 0 -240 -170 Loss on Disposal of Assets 7 0 5,306 Unrealized Loss on Exchange Rate 0 52 123 Decrease (Increase) in Accounts Receivable - Related Party -135,334 -50,175 -34,196 Decrease (Increase) in Accounts Recievable - Unrelated Party -30,000 -5,114 31,307 Decrease (Increase) in Inventory -130,208 -18,074 40,847 Decrease (Increase) in Other Current Asset -3,140 -5,465 -4,965 Increase (Decrease) in Accounts Payable - Related Parties -3,656 -6,387 3,737 Increase (Decrease) in Accounts Payable - Other Parties 84,331 23,710 -48,995 Increase (Decrease) in Other Current Liabilities - Income Tax Payable 5,617 -2,724 1,530 Increase (Decrease) in Other Current Liabilities - Accrued Expenses 6,249 6,346 1,090 Increase (Decrease) in Other Current Liabilities -678 -581 1,196 Net cash provided by operating activities 31,313 139,949 107,304 - 27 - Sabina Public Company Limited (Company Only) Cash Flow Statement (Continue) As of 31 December (Thousand Baht) Company Only 2005 2006 2007 Cash Flows from Investing Activities Purchase of Property, Plant and Equipment -15,323 -15,267 -10,739 Proceeds from Disposal of Property, Plant and Equipment 0 240 190 Payment in Long-Term Investments -144,850 Collateralized Deposit 266 0 0 Net Cash (Provided by) Investing Activities -15,057 -15,027 -155,399 Cash Flows from Financing Activities Cash Received from Ordinary Shares Issuance 145,000 Cash Received from Overdraft and Short-Term Loans 39,524 9,287 10,030 Repayment of Long-Term Loans -55,008 -40,008 -27,150 Dividend Paid 0 -97,500 -72,000 Net Cash (Provided by) Financing Activities -15,484 -128,221 55,880 Net Increase (Decrease) in Cash and Cash Equivalents 772 -3,298 7,785 Cash and Cash Equivalents at Beginning of Periods 10,623 11,395 8,097 Cash and Cash Equivalents at End of Periods 11,395 8,097 15,882 Prepared By Sicco Advisory Company Limited - 28 -