To : Shareholders

I wish to sincerely thank each and every shareholder for the support and interest you have given us despite the unsettling political and economic conditions. The current situation has adversely impacted our operation in two ways. Firstly, the uncertainty and instability of the government throughout 2008 resulted in the government sector not spending its approved budget. This significantly impacted our government sale. Secondly, the unnatural appreciation of the yen, subsequent to the worldwide financial meltdown, translated directly into increased cost of sale and expenses.

To improve our share liquidity and to assist our small shareholders with below minimum board lot, we executed a stock split from Baht 10 to Baht 1 par value. Additionally, we have paid out an interim dividend so as to assure that our shareholders receive a good return on investment with a yield surpassing bank deposit rate.

Despite the uncertain economic conditions we will be taking action to ensure that our next year turnover will be ahead of the year just ended. We will continue to actively tender for large projects. Since a majority of our business is medium term rental of 3 to 5 years with income recognized annually over the life of the contracts, our income growth will be stable rather than sharply fluctuating. Our dividend payout policy will continue to be at level that is competitive compared to bank deposit. For 2009, despite the uncertainty and the effects of the worldwide contraction, we pledge that we will strive to the best of our ability to maintain our operation and financial stability with the maximum returns to you, the shareholders, as our goal. Our staff has been asked to deliver their best with productivity improvement, expense control and service excellence as the principal goals. We at IFEC are ready to meet the challenges from within and without and pledge to protect your interest as our shareholders. Our rallying cry is “preparedness “

Again, I thank you for your trust and look forward to your continued support in the coming months ahead.

Sincerely your,