Attachment 3 Report of Audit Committee

The Company’s Audit Committee appointed by the Board of Directors
consists of 4 Independent Directors having Mr. Chokechai Tanpoonsinthana
as Chairman of the Audit Committee, Dr. Vorapol Socatiyanurak, Mr. Vikit
Kachonnarongvanich and Mr. Saravut Busayarat as Audit Committee members.
Mr. Saravut was appointed the member from the Board of Directors’
Meeting No. 7/2010 on 14 July, 2010 to replace Mr. Sirawat Wanglee who
resigned from the Company. The head of Compliance & Internal Audit
Department acts as the Secretary to the Audit Committee. Each Audit
Committee member is not an advisor, executive directors or employees of
the Company and fully meets the qualifications specified by the SEC.

The Audit Committee has done their duties independently according to the
duties and authorities stated in its Charter with the cooperation from
all concerns. It also realizes the importance of having sound internal
control, risk management as well as good corporate governance so that
the Company will have good internal control and proper risk management
as well as accurate and reliable financial reporting.

In 2010, the Audit Committee arranged altogether 12 meetings, in which
all members attended every meeting. In addition, the Audit Committee has
arranged 2 meetings to review the Company and its subsidiary’s financial
statement with the independent auditor and without any management
attended in the meeting. The Audit Committee’s performance is
significantly summarized as follows:

1. Auditing of quarterly and yearly financial statement FY2010. The
Audit Committee has pre-audited the Company and its subsidiary’s
financial statements of the year 2010 before presenting to the Board of
Directors to ensure that the financial statements were done correctly
and in compliance with the generally accepted accounting standards and
the drafting and disclosing process of the financial report has done
completely, correctly and within the timeframe and the auditor’s
notifications have also been adopted so that both the auditor and the
Audit Committee agreed with the correctness and completeness of the
Company’s financial statements.

2. Auditing of good corporate governance. The Audit Committee has
reviewed the compliance policy and encouraged the Company to have good
and auditable corporate governance with adequate and transparent
disclosing in order to entrust the investors, regulators and
stakeholders. The Audit Committee viewed that the Company has maintained
good level of corporate governance and also encouraged all stakeholders
to cooperate which can contribute to mutual benefits.

3. Auditing of Internal Control and Risk Management System. 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 2010 and found out that the Company had improved
its internal control and risk management systems to be more appropriate
with the changing situations and more effective.

4. 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 2010 and acknowledged the SEC’s
inspection result that the Company had some operations violating the
Securities and Exchange Act and the Audit Committee had commented the
Company 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.

5. Nomination of Independent Auditor. The Audit Committee has carefully
selected and proposed to appoint the Company’s independent auditor based
on independency and also determined proper remunerations as well as
proposed the appointment of qualified CPA to be approved by the
Company’s Board of Directors in the Meeting No. 3/2010 held on 17 March,
2010 and Ernst & Young Office Limited has been proposed and approved in
the Annual General Shareholders’ Meeting to be the Company’s independent
auditor for the year 2010.

6. Auditing of Related Party Transactions which might have some conflict
of interest with the Company as well as its disclosure. The Audit
Committee found out that the related party transactions were under the
Company’s normal business and with normal commercial terms which were
appropriate and contributed to the best interest of the Company. Its
disclosing was also done correctly and completely in compliance to the
set regulators.

7. Internal control governance. The Audit Committee has reviewed the
auditing plan FY2010 based on the realization of the possible risk which
might have adverse effect on the Company’s financial statement and
operations including other aspects which may affect the operation of the
Company. Reports on the Compliance & Internal Audit Dept.’s auditing
results done monthly were presented to the Audit Committee for
consideration in order to propose possible resolution to improve the
weaknesses of the internal control system as well as report on the
progress of the corrections.

In conclusion, The Audit Committee has carried out its duties in
compliance to its Charter and opined that the drafting and disclosing of
the Company’s financial statement was correct and reliable. The Company
has complied to the rules and regulations set by regulators with
appropriate risk management and effective and sufficient internal
control system and there was no significant error which might have
impact on the Company’s financial status and has already reported the
result to the Board of Directors.

[] On behalf of the Audit Committee

(Mr. Chokechai Tanpoonsinthana)

Chairman of the Audit Committee