nd ANS Audit Co., Ltd. 100/72, 22 Floor, Telephone: (662) 645 0109 100/2 Vongvanij Building B., Fax : (662) 645 0110 Rama 9 Rd., Huaykwang, http://www.ans.co.th Bangkok 10310, Thailand Auditor’s Review Report To the Shareholders and the Board of Directors of Thai Rung Union Car Public Company Limited I have reviewed the accompanying consolidated balance sheet of Thai Rung Union Car Public Company Limited and its subsidiaries as at March 31, 2009, and the related consolidated statements of income, changes in shareholders’ equity and cash flows for the three-month period ended March 31, 2009, and the separate financial statements of Thai Rung Union Car Public Company Limited for the same period. These financial statements are the responsibility of the Company’s management as to their correctness and the completeness of the presentation. My responsibility is to issue a report on these financial statements based on my review. Except as discussed in the next paragraph, I conducted my review in accordance with the auditing standard applicable to review engagements. This standard requires that I plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. I have not performed an audit and, accordingly, I do not express an audit opinion. The Company’s consolidated financial statements as at March 31, 2009, and for the three-month period then ended, included investments in three associated companies accounted for under the equity method amounting to Baht 152.97 million and shares of profit from these companies amounting to Baht 3.46 million (as discussed in Note 10 to the financial statements). These were recorded based on financial statements prepared by the management of such associated companies, which were not reviewed audited by their auditors. Based on my review, expect for the effect of any adjustments that may result from the scope limitation imposed by circumstance described in the preceding paragraph, nothing has come to my attention that causes me to believe that the accompanying financial statements are not presented fairly, in all material respects, in conformity with generally accepted accounting principles. The consolidated financial statements of Thai Rung Union Car Public Company Limited and its subsidiaries and the separate financial statements of Thai Rung Union Car Public Company Limited for the year ended December 31, 2008, were audited by another auditor whose report dated February 20, 2009, expressed a qualified opinion on those statements regarding the Company’s consolidated financial statements as at December 31, 2008, and for the year then ended, included investments in two associated companies accounted for under the equity method amounting to Baht 98 million and shares of loss from these companies amounting to Baht 28 million. These were recorded based on financial statements prepared by the management of such associated companies, which were not audited by their auditors. The consolidated and separate balance sheet as at December 31, 2008, as presented herein for comparative purposes, formed an integral part of the financial statements which that auditor audited and reported on. The consolidated statements of income, changes in shareholders’ equity and cash flows for the three-month period ended March 31, 2008, of Thai Rung Union Car Public Company Limited and its subsidiaries, and the separate financial statements of Thai Rung Union Car Public Company Limited for the same period, as presented herein for comparative purposes, formed an integral part of the interim financial statements which were reviewed by the aforementioned auditor whose report dated May 14, 2008, reported that except for the effect of any adjustments that may result from the scope limitation regarding the Company’s consolidated financial statements as at March 31, 2008, and for the three-month period then ended, included investments in three associated companies accounted for under the equity method amounting to Baht 112 million and shares of loss from these companies amounting to Baht 0.7 million, were recorded based on financial statements prepared by the management of such associated companies, which were not reviewed by their auditors, then nothing had come to her attention that caused her to believe that those financial statements were not presented fairly, in all material respects, in accordance with generally accepted accounting principles. Atipong Atipongsakul Certified Public Accountant (Thailand) Registration No. 3500 ANS Audit Co., Ltd. Bangkok, May 13, 2009 DRAFT This document is in draft form. It is subject to review and change and therefore its contents cannot be relied upon as being accurate. INTERIM FINANCIAL STATEMENTS AND AUDITOR’S REVIEW REPORT THAI RUNG UNION CAR PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES FOR THE FIRST QUARTER PERIODS ENDED MARCH 31, 2009 AND 2008 THAI RUNG UNION CAR PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS AS AT MARCH 31, 2009 AND DECEMBER 31, 2008 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Note March 31, 2009 December 31, 2008 March 31, 2009 December 31, 2008 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Assets Current assets Cash and cash equivalents 585,932 642,038 344,177 297,257 Current investments 5 83,232 63,000 83,232 60,000 Trade accounts receivable - unrelated - net 6 162,509 197,076 58,577 83,615 Trade accounts receivable - related parties 4,6 55,799 54,137 93,892 109,707 Amounts due from related parties 4 1,696 11,852 5,352 16,377 Short-term loans to related parties 4 26,893 45,750 26,708 85,250 Inventories - net 7 378,879 448,465 257,920 306,338 Accrued income 62,368 57,962 1,012 1,775 Other current assets 8 28,526 34,576 8,401 10,551 Total current assets 1,385,834 1,554,856 879,271 970,870 Non-current assets Investments in subsidiaries 9 - - 415,610 415,610 Investments in associated companies 10 152,969 149,509 121,550 121,550 Other long - term investment - net 11 - - - - Property, plant and equipment - net 12 986,147 997,743 319,658 321,624 Land and building leasehold rights - net 13 4,909 5,289 - - Other non-current assets 14 71,699 71,667 78,597 81,246 Total non-current assets 1,215,724 1,224,208 935,415 940,030 Total assets 2,601,558 2,779,064 1,814,686 1,910,900 The accompanying notes are an integral part of the financial statements. 3 THAI RUNG UNION CAR PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES BALANCE SHEETS AS AT MARCH 31, 2009 AND DECEMBER 31, 2008 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Note March 31, 2009 December 31, 2008 March 31, 2009 December 31, 2008 (Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed) Liabilities and shareholders' equity Current liabilities Trade accounts payable - unrelated parties 121,648 227,773 47,849 109,457 Trade accounts payable - related parties 4 2,867 2,304 4,011 6,163 Amounts due to related parties 4 8,834 3,300 1,318 1,183 Accrued project costs 17,829 39,650 - - Other current liabilities 16 44,943 50,628 12,507 15,850 Total current liabilities 196,121 323,655 65,685 132,653 Shareholders' equity Share capital 17 Registered 524,996,497 ordinary shares of Baht 1 each 524,996 524,996 524,996 524,996 Issued and paid up 501,589,497 ordinary shares of Baht 1 each 501,589 501,589 501,589 501,589 Additional paid-in capital Premium on ordinary shares 727,144 727,144 727,144 727,144 Retained earnings Appropriated Statutory reserve - the Company 52,500 52,500 52,500 52,500 - Subsidiaries 14,743 14,743 - - Unappropriated 1,030,734 1,079,913 467,768 497,014 Equity attributable to Company's shareholders 2,326,710 2,375,889 1,749,001 1,778,247 Minority interest - equity attributable to minority shareholders of subsidiaries 78,727 79,520 - - Total shareholders' equity 2,405,437 2,455,409 1,749,001 1,778,247 Total liabilities and shareholders' equity 2,601,558 2,779,064 1,814,686 1,910,900 The accompanying notes are an integral part of the financial statements. 4 THAI RUNG UNION CAR PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES STATEMENTS OF INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2009 AND 2008 (Unit: Thousand Baht) Consolidated financial statements Separate financial statements Note 2009 2008 2009 2008 (Unaudited (Unaudited (Unaudited (Unaudited but reviewed) but reviewed) but reviewed) but reviewed) Revenues 4 Sales of goods 248,845 560,801 116,358 227,668 Rendering of services 29,498 34,432 20,444 47,968 Total revenues 278,343 595,233 136,802 275,636 Cost of sales and rendering of services 4, 18 262,581 492,383 132,563 224,075 Gross profit 15,762 102,850 4,239 51,561 Others income 4 Dividend income - - - 8,372 Share of profit from investments in associated companies 10 3,460 - - - Others 20,115 26,543 13,681 11,935 Profit before expenses 39,337 129,393 17,920 71,868 Expenses 4 Selling expenses 18 26,790 37,653 10,093 10,547 Adminstative expenses 18 62,081 68,209 36,635 42,638 Director remuneration 435 390 435 390 Share of loss from investments in associated companies 10 - 692 - - Total expenses 89,306 106,944 47,163 53,575 Profit (loss) before financing cost and corporate income tax (49,969) 22,449 (29,243) 18,293 Financing cost 3 1 3 - Profit (loss) before corporate income tax (49,972) 22,448 (29,246) 18,293 Corporate income tax - 3,774 - - Net profit (loss) (49,972) 18,674 (29,246) 18,293 Net profit (loss) attributable to: Equity holders of the parent (49,179) 17,822 (29,246) 18,293 Minority interests of the subsidiaries (793) 852 (49,972) 18,674 Earnings (loss) per share (Baht) 20 Basic earnings (loss) per share Net profit (loss) attributable to equity holders of the parent (0.10) 0.04 (0.06) 0.04 The accompanying notes are an integral part of the financial statements.