digital photo frames

As of June 1, 2009, we had a 34.4% equity interest in TCL.
 

TCL announced in May 2008 that it plans to reposition its principal business from consumer electronics distribution to real estate and related infrastructure investment in the pan-Asian region. TCL also announced that it may divest those assets that will no longer form part of its core activity going forward. This plan is subject to TCL receiving any required regulatory and shareholders approvals. On 3 December 2008, TCL announced that its Board of Directors had approved by a majority vote the execution of a Memoradum of Understanding ("MOU") with Payce Consolidated Limited ("Payce") to enter into certain properties transactions in Australia. Subsequently, TCL announced 0n 29 April 2009 that the MOU would terminate on 1 May 2009 as one of the conditions precedent to be satisfied by Payce in connection with the entry into the transactions with TCL as contemplated by the MOU, has not been and will not be satisfied. Notwithstanding the termination of the MOU with Payce, TCL has announced that it is continuing with its efforts to reposition its principal business from consumer electronics to real estate and related infrastructure activities in the pan- Asian region.

The TCL group has created and marketed consumer products under its own brand name, namely "YES" brand, which is associated with a range of MP3 players and accessories compatible with the iPod, liquid crystal display televisions, portable DVD players, digital photo frames and memory cards.
 
  The TCL group has a distribution and sourcing network in its principal markets of the People's Republic of China and Hong Kong.

The TCL group is engaged in the distribution of a portfolio of branded consumer electronics products, such as Panasonic, Nokia, Orion, Casio, Apple, Asus, Fuji, Kodak, Lenovo, Olympus, Pentax, Samsung, Sony, and Canon. Some of the products that the TCL group markets under these brand names include digital video cameras, digital still cameras, and audio products including MP3/MP4/MP5 players, plasma televisions, desktop and notebook computers, personal digital assistants electronic accessories and mobile phones.

Thakral Corporation Ltd ("TCL") is listed on the Main Board of the Singapore Exchange Securities Trading Limited since 11 December 1995.