Our endeavour is to enhance Stakeholders' Value - Uflex Ltd.

UFLEX LIMITED
DIRECTOR’S FLEX AMERICAS REPORT S.A. DE C.V.
To the Shareholders of
FLEX AMERICAS S.A. DE C.V.
We have audited the accompanying balance sheet of FLEX AMERICAS S.A. DE C.V. as of March 31, 2009 and 2008, and the related
statements of income and changes in shareholders’ equity for the years then ended, and cash fl ows and changes in fi nancial position
statements for the years ended as of March 31, 2009 and 2008, respectively. These fi nancial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these fi nancial statements based on our audits.
We conducted our audits in accordance with Mexican generally accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement and
that they are prepared according to Mexican fi nancial reporting standards. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the fi nancial reporting
standards used and signifi cant estimates made by management, as well as evaluating the overall fi nancial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the fi nancial statements referred to above present fairly, in all material respects, the fi nancial position of FLEX
AMERICAS S.A. DE C.V. as of March 31, 2009 and 2008, and the results of their operations and changes in their shareholders’ equity
for the years then ended, and cash fl ows and the changes in their fi nancial position for the years ended as of March 31, 2009 and
2008, respectively, in accordance with Mexican fi nancial reporting standards.
TAMPICO, TAMAULIPAS, A 16 DE JUNIO DE 2009.
C.P.A. VICTOR MANUEL GUTIERREZ SALDIVAR
VICTOR M. GUTIERREZ SALDIVAR Y ASOCIADOS.
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