On behalf of the Board of Directors and the Management of Tradewinds Corporation Berhad (“TCB”), I am pleased to present the Annual Report and Audited Financial Statements for the financial year ended 31 December 2008.

The year 2008 saw the world economy facing the most unprecedented financial shock and the worst meltdown of the global fi nancial markets since the Great Depression of the 1930s. The year under review also saw the global output and trade plunge in the final months as the strained financial sector started to pull down the real economy. This unfavourable external condition was also evident in the export performances of a number of the major regional countries.

Notwithstanding the above, the Malaysian economy grew by 4.6% in 2008 underpinned by strong domestic demand which was driven mainly by private consumption and public spending in the early part of the year. This growth, however, was slower than the 6.3% registered in 2007 as a result of the sharply weaker external demand which led to a further decline in net real exports of goods and services in the second half of the year. To mitigate the impact of the global contraction on the Malaysian economy, the Government, in the fourth quarter of the year, introduced various expansionary fiscal policies amounting to RM7 billion. These measures were further aided by the implementation of a more accommodative monetary environment to enhance investor confidence and liquidity.

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