Attachment 1 Report of Audit Committee

The Company’s Audit Committee consists of 4 Independent Directors,
namely Mr. Chokechai Tanpoonsinthana as Chairman of the Audit Committee,
Dr. Vorapol Socatiyanurak, Mr. Vikit Kachonnarongvanich and Mr. Sirawat
Wanglee as Audit Committee members, whose qualifications fully meet
requirements announced by the SEC. The Senior Vice President of
Compliance & Internal Audit Department acts as the Secretary to the
Audit Committee.

In 2009, the Audit Committee arranged altogether 12 meetings, in which
Mr. Chokechai Tanpoonsinthana and Mr. Sirawat Wanglee attended every
meeting. Mr. Vikit Kachonnarongvanich and Dr. Vorapol Socatiyanurak
attended 11 times and 10 times, respectively. In this regard, the Audit
Committee has followed the Audit Committee Charter significantly
summarized as follows:

1. Financial Statement Auditing The Audit Committee, together with the
independent auditors and the Company’s management, have audited the
Company’s financial statements of the year 2009 and found out that the
financial statement of the Company and its subsidiary were done
correctly and in compliance with the generally accepted auditing
standards without any corrections which were significantly affected the
financial statement. The drafting and disclosing process of the
financial report has done completely, correctly and within the timeframe
which meet the requirement of the SET and the SEC.

2. Internal Control and Risk Management System Auditing The Audit
Committee has reviewed the effectiveness of the Company’s internal
control and risk management systems from the auditing report of the
Company as of the year 2009 and found out that the Company had improved
its internal control and risk management systems to be appropriate with
the changing situations and more effective.

3. Compliance with Laws The Audit Committee has reviewed the Company’s
compliance with the Securities and Exchange Act, SET’s rules, relevant
laws and regulations in the year 2009, and found that most of the
Company’ s operations were efficiently controlled and had good
compliance to the rules. However, audited by the SEC in 2009, the
Company had some operations violating the Securities and Exchange Act,
which subsequently bringing about the improvement of its operational
system and practice to be sufficiently effective in order to prevent the
recurrence of such cases.

4. Appointment and Remuneration of Independent Auditors The Audit
Committee has carefully selected and proposed to appoint the Company’s
independent auditor together with their remunerations. The Audit
Committee also attended the meetings with independent auditors, without
the presence of the Company’s management and staff, which had been
conducted twice a year in accordance with the SET’s regulations.

5. Related Party Transaction Auditing The Audit Committee has reviewed
the related party transactions which may have some conflict of interest
between the related persons and the Company. It was found out that the
related party transactions were done under normal commercial terms.
However, some of discounted bill of exchange purchased from related
parties, which the Company intended to sell, sometimes could not be sold
out as usual.

6. UAM’s Operational Performance Auditing and Following up The Audit
Committee has audited United Asset Management Co., Ltd. (UAM), the
Company’s subsidiary, which obtained the Investment Advisory License to
undertake private fund and investment advisory business. It was found
that UAM still had low business volume, the size of fund under
management was small and did not reach the target previously informed to
the Board of Directors prior to the establishment of the firm,
therefore, its expenses overshadowed revenue. As a result, the Company
has already set up full impairment provision for investment.

From the abovementioned, the Audit Committee opined that the Company has
revised its various operational systems in order to improve internal
control and operational control systems. The Audit Committee also
suggested the Company to develop its risk management plan and policy
covering all types of its businesses in order to prevent risk and reduce
damage which may occur in the future.

(Mr. Chokechai Tanpoonsinthana)

Chairman of the Audit Committee

United Securities Public Company Limited