[st YEAR 2012 / 1 RESULTS OF OPERATIONS OF GLOBAL SOURCES LTD. 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] [GLOBAL SOURCES LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In U.S. Dollars Thousands, Except Number of Shares and Per Share Data) As at March 31, As at December 31, 2012 2011 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 83,218 $ 81,903 Term deposits with banks 2,043 2,764 Financial assets, available-for-sale 7,999 13,250 Accounts receivables 4,279 4,711 Receivables from sales]