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Report of the Audit Committee

The The Audit Committee was appointed by the Company’s Board of
Directors’ resolution to take part and be responsible for the Company’s
financial report auditing, internal auditing, and auditing undertaken by
certified public accountants. Additionally, the Committee also promotes
and ensures the Company’s compliance with the Code of Best Practices for
Listed Companies enabling good corporate governance, and the efficiency
and effectiveness of the corporate risk management and internal audit
system.

The Audit Committee comprises of 4 independent directors: Chairman of
the Audit Committee--Mr. Sitti Leelakasamelurk, and members of the Audit
Committee--Dr. Nongluck Phinainitisart, Mr. Pramoon Vichiensin, and Pol.
Gen. Boonpen Bumpenboon.

On October 31, 2012, the Audit Committee saw out its items and the
Company’s Board of Directors resolved that Mr. Karun Kittisataporn and
Prof. Dr. Warapatr Todhanakasem serve in the next term of the Audit
Committee to replace Mr. Pramoon Vichiensin, and Pol. Gen. Boonpen
Bumpenboon. The rotation of the Audit Committee members ensures the
independence of its work.   

In 2012, the Audit Committee had 4 meetings with Management, the
Internal Audit Unit and the auditor. The Committee also had one meeting
with the auditor without Management. A summary of the important work
performed and opinions is as follows:

-   Reviewing quarterly financial reports and the 2012 financial
    statements

  The Audit Committee reviewed the financial statements in conjunction
  with Management and the auditor. The auditor notified solutions that
  were beneficial to the Company. The Committee deemed that the
  financial reports and related party transactions were accurate,
  adequate, reliable, and in line with generally accepted accounting
  standards.

-   Reviewing and evaluating sufficiency of the internal control system

  The Audit Committee, auditor and Internal Control Unit have
  collaboratively examined the corporate internal control system in
  every quarter. It has been deemed that the Company's internal control
  system is sufficient and can reasonably establish confidence in the
  Company's achievements in terms of efficient and effective operations,
  reliability of the corporate financial reports, and compliance with
  applicable rules and policies.

-   Verification of compliance with laws on securities and stock
    exchange, the SET regulations, and laws related to the Company's
    operations

  The Audit Committee verified the Company’s compliance with applicable
  laws cooperatively with the Legal Department, the Regulatory
  Compliance Unit, and Internal Control Unit. No matters of importance
  indicating that the Company had violated any laws, rules and
  requirements related to the Company's operations were found.

-   Risk management

  The Board of Directors and Management recognize the importance of
  prudent risk management. The Risk Management Committee takes part in
  considering and establishing the risk management system covering the
  entire organization. Risk factors that may impact the Company’s
  operations in the short and long terms have been systematically
  assessed. Furthermore, progress has been monitored, and risk factors
  have been reviewed regularly to respond to the current situation.

-   Related party transactions

  Related party transactions which might cause conflicts of interest
  were reviewed by the Audit Committee and proven to be truthful and
  perfectly normal. These related party transactions were disclosed in
  the financial statements and notes to the financial statements
  adequately and appropriately in compliance with rules and guidelines
  issued by the Stock Exchange of Thailand and the Securities and
  Exchange Commission.

-   Suitability of the auditor

  The Audit Committee deemed that the performance of the auditor from
  Deloitte Touche Tohmatsu Jaiyos Co. Ltd.-Thailand was independent and
  appropriate according to standards on auditing. The Committee, thus,
  has agreed to propose to the Board that the shareholders' meeting
  appoint Deloitte Touche Tohmatsu Jaiyos Co. Ltd. -Thailand as the 2013
  auditor.

-   Corporate governance

  The Board of Directors and Management emphasize operations in line
  with good corporate governance to strengthen confidence among
  shareholders, investors and all the parties involved. The Nomination
  and Remuneration Committee has conducted studies and sought after
  experts in different areas for consultation and advisement regarding
  improvement in operations.

In conclusion, the Audit Committee has worked according to the scope,
duties and responsibilities assigned by the corporate Board with due
diligence and independence. It is the Audit Committee's opinion that the
Company has provided correct financial reports, operated under the
efficient internal control system, had in place effective risk
management, complied with the laws, regulations and requirements
pertaining to corporate business operations, appropriately disclosed
related party transactions, and operated according to good corporate
governance sufficiently, transparently and reliably.

  On behalf of the Audit Committee,

(Mr. Sitti Leelakasamelurk)

Chairman of the Audit Committee