[YEAR 2009 / 2 nd QUARTER The following discussion of our financial condition and results of operations should be read in conjunction with the accompanying financial statements. Overview We are a leading business-to-business (B2B) media company and a primary facilitator of two-way trade with Greater China. The core business is facilitating trade from Greater China to the world, using a] [GLOBAL SOURCES LTD. AND SUBSIDIARIES At At June 30, December 31, 2009 2008 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 86,799 $ 70,225 Term deposits with banks 50,961 — Available-for-sale securities 5,927 60,786 Accounts receivable, net 3,600 6,025 Receivables from sales representatives 5,531 5,574 Inventory 769 1,306]