CONSOLIDATED FINANCIAL STATEMENTS Q1

AUDITOR'S REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS To the Shareholders and the Board of Directors of Singer Thailand Public Company Limited I have reviewed the accompanying consolidated and company balance sheets as at 31 March 2001, and the related consolidated and company statements of income, changes in shareholders' equity, retained earnings and cash flows for the three-month periods ended 31 March 2001 and 2000 of Singer Thailand Public Company Limited and its subsidiaries and of Singer Thailand Public Company Limited, respectively. These financial statements are the responsibility of the Company's management. My responsibility is to issue a report on these financial statements based on my review. 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. Based on my review, nothing has come to my attention that caused me to believe that the consolidated and company financial statements as of 31 March 2001 and for the three-month periods ended 31 March 2001 and 2000 referred to above are not presented fairly, in all material respects, in accordance with generally accepted accounting principles. I have audited the consolidated and company financial statements for the year ended 31 December 2000 of Singer Thailand Public Company Limited and its subsidiaries and of Singer Thailand Public Company Limited in accordance with generally accepted auditing standards and expressed an unqualified opinion on those statements in my report dated 9 February 2001. The consolidated and company balance sheets as at 31 December 2000, presented for comparative purpose, are part of the financial statements which I have audited and issued a report thereon as stated above, and I have not performed any other auditing procedures subsequent to the date of that report. SOMSRI DHANYACHEEVEE Certified Public Accountant (Thailand) No. 1905 PricewaterhouseCoopers ABAS Limited Bangkok 27 April 2001 3