[YEAR 2010 / 4 th 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 December 31, December 31, 2010 2009 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 101,298 $ 91,553 Term deposits with banks 1,411 60,357 Available-for-sale securities - 6,423 Accounts receivable, net 3,919 3,438 Receivables from sales representatives 8,248 5,607 Inventory 435 600] [GLOBAL SOURCES LTD. AND SUBSIDIARIES Three months ended Year ended December 31, December 31, 2010 2009 2010 2009 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue: Online and other media services (Note 1) $ 31,714 $ 27,788 $ 122,203 $ 113,775 29,896 25,775 69,450 55,147 Miscellaneous 1,399] [GLOBAL SOURCES LTD. AND SUBSIDIARIES Three months ended December 31, Year ended December 31, 2010 2009 2010 2009 U.S. GAAP Net Income Attributable to the Company $ 9,450 $ 8,636 $ 21,571 $ 16,110 IFRS conversion adjustments: Revenue]