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Report of the Audit Committee

The Audit Committee was appointed by the Company Board of Directors,
comprising of experienced experts in various fields. The members are 4
independent directors: Mr. Sitti Leelakasamelurk, Chairman of the Audit
Committee, Mr. Pramoon Vichiensin, Pol. Gen. Boonpen Bumpenboon, and Dr.
Nongluck Phinainitisart.

In 2011, 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.

As assigned by the corporate Board, the Audit Committee has fulfilled
its duties laid out in the Stock Exchange of Thailand Notification on
Qualifications and Scope of Work of the Audit Committee. A summary of
the work performed is as follows:

-   Reviewing quarterly financial reports and the 2011 financial
    statements: The work was completed in conjunction with Management
    and the auditor. The auditor notified solutions that were beneficial
    to the Company. The Audit 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 did not find any matters of
    importance indicating that the Company had violated any laws, rules
    and requirements related to the Company's operations.

-   Risk management: The Board of Directors and Management are well
    aware of the importance of prudent risk management. The Risk
    management Committee takes part in considering and establishing the
    risk management system covering the entire organization. Progress
    has been monitored, and risk factors have been reviewed regularly to
    respond to the current situation. It is the belief of the Audit
    Committee that the risk management system in place is beneficial to
    the Company and all shareholders equally.

-   Related Party Transactions: Related party transactions which may
    cause conflicts of interest were reviewed 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 Deloitte Touche Tohmatsu Jaiyos as the Company's
    auditor in 2011 was appropriate according to standards on auditing.
    The Audit Committee has agreed to propose to the Board that the
    shareholders' meeting appoint Deloitte Touche Tohmatsu Jaiyos as the
    2012 auditor.

-   Corporate governance: The Board of Directors and Management
    emphasize operations in line with corporate governance to strengthen
    confidence among shareholders. 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 corporate
  governance sufficiently, transparently and reliably.

(Mr. Sitti Leelakasamelurk)

Chairman of the Audit Committee