Bangkok--5 Sep--Fitch Ratings Fitch Ratings-Bangkok/Singapore- 5 September 2008: Fitch Ratings has today affirmed the National rating of the THB2.4 billion bonds issued by SICCO Special Purpose Vehicle 2 Company Limited (SICCO 2) at ‘AAA(tha)’, removed it from Rating Watch Negative (RWN) and assigned a Negative Outlook. Simultaneously, the agency has affirmed the rating of the THB1.8 billion bonds issued by SICCO Special Purpose Vehicle 3 Company Limited (SICCO 3) at ‘AAA(tha)’ and assigned it a Stable Outlook. The rating affirmations reflect both transactions’ ability to maintain the levels of credit enhancement commensurate with the respective ‘AAA(tha)’ ratings since closing, despite the deterioration in the performance of the portfolios. High oil prices, the rising costs of living and a weakened economic environment have affected the ability of customers to service their debts, resulting in increased delinquency and default ratios in both portfolios. In addition, the performance of the portfolios has been impacted by their composition as the majority of the underlying assets in the portfolios are receivables originated in the provinces, which are generally more sensitive to economic conditions than receivables originated in Bangkok. Pick-ups (which currently account for approximately 50% of SICCO 2’s portfolio and 60% of SICCO 3’s portfolio) have been affected by a significant increase in diesel prices, resulting in higher delinquencies and a sharp drop in the resale value of these vehicles. Trucks, which account for approximately 15% of both portfolios, have performed the worst among all vehicle types in the portfolios. The Negative Outlook assigned to SICCO 2 reflects Fitch’s continued concern on the deteriorating trend of its portfolio performance, which if continues, may impact the future credit enhancement level of the transaction. To date, the performance of the pool has remained within the agency’s initial expectations. The Stable Outlook assigned to SICCO 3’s bonds reflects the agency’s expectation that SICCO 3’s portfolio will continue to perform within its base case assumption. While actual cumulative default rates of both transactions have so far been better than the agency’s base case assumptions, performance trends are weakening. Given the expectation of continued weak economic environment, Fitch has applied a more conservative default definition of more than 90 days past due (dpd) receivables (as compared to more than 180 dpd under the base case assumption) as a test of future default performance. Under this more conservative default definition, SICCO 2’s cumulative default has been close to the agency’s base case assumption, while SICCO 3’s cumulative default is still comfortably below the agency’s base case assumption. The rating addresses timely payment of interest and ultimate repayment of principal on the bonds by legal final maturity in February 2013 for SICCO 2’s bonds, and April 2012 for SICCO 3’s bonds. The transactions are the second and third securitisation transactions of auto hire purchase receivables originated by Siam Industrial Credit Public Company Limited (SICCO). The receivables continue to be serviced by SICCO, while Hongkong and Shanghai Banking Corporation Limited (HSBC, ‘AA/F1+’) is the back-up servicer for both transactions. Ratings Outlooks have been published for all newly issued Asia Pacific Structured Finance tranches since June 2008, and concurrently with rating actions for tranches issued prior to June 2008. Unlike a Rating Watch which notifies investors that there is a reasonable probability of a rating change in the short term as a result of a specific event, Rating Outlooks provide forward-looking information to the market and indicate the likely direction of any rating change over a one- to-two-year period. Copies of surveillance reports will be available on the agency’s websites, www.fitchratings.com andwww.fitchratingsasia.com. Contacts: Napachak Phasukavanich, Orawan Karoonkornsakul, Vincent Milton, Bangkok, +662 655 4755.