AUDIT COMMITTEE REPORT 2015

To : Shareholders

Thaivivat Insurance Public Co., Ltd.’s Audit Committee comprises of 3
Independent Directors

who have high qualification as regulated by the Securities and Exchange
Commission and Stock Exchange

of Thailand and are not the management namely Mr.Phisit Setthawong
(Chairman of the Audit Committee),

Mrs.Pilai Piumpongsarn and Mrs.Pranee Phasipol (Audit Committees) with
Ms.Sirintr Nuntavoraset as the Audit

Committee Secretary.

In 2015, the Audit Committee had 4 meetings that all committees attended
all meetings to carry out

their scope, duties and responsibility entrusted by the Board of
Directors and express freely their opinions

and proposals on related matters by providing the Audit Committee
meetings with auditor, internal auditor and

management representative to consider the problems, exchange opinion
including giving advice for the risk

management and internal control system that are beneficial to the
company management. The Audit Committee

reported the meeting results every time as follows :

1.  Reviewing the Company’s quarterly, fiscal year 2015 and auditor
    report including the important data

  disclosures and agrees that the company financial report is complete
  according to the generally accepted accounting principles and the
  auditors propose unqualified report. In addition, the Audit Committee

  had a special meeting with auditor, the auditor reported that it had
  freedom to practice and got good

  cooperation from the management.

2.  Evaluation of the internal audit reports and the assessment of
    internal control system including risk assessment and analysis in
    the important operation and agrees that the company has the
    sufficient internal control system.

3.  The company has operated legally according the Stock Exchange of
    Thailand’s stipulation, Insurance Act

  and related laws as the Office of Insurance Commission registrar
  announcement together with the company regulations operation.

4.  Reviewing and giving opinion in the data disclosures of related
    transactions or opposite transactions

  in company benefit according to the Stock Exchange of Thailand by
  consideration the suitability of

  transaction details is reasonable and impartial to all shareholders.
  The Audit Committee had the opinion

  that it was the normal business transaction of company.

5.  The Audit Committee considers the auditor operations from EY Office
    Limited and agrees that

  the auditor is professional, independent, has carried out its duties
  well and efficiently and proposes to

the Board of Directors be re-appointed Ms.Nonglak Pumnoi (Certified
Public Accountant No.4172),

Ms.Somjai Khunnaprasut (Certified Public Accountant No. 4499) and
Ms.Ratchada Yongsawasvanich

(Certified Public Accountant No.4951) from EY Office Limited by the
ordinary shareholder’s meeting

as the company’s auditor for the year 2016.

6.  Consideration and approval in the internal audit plan in 2016 to be
    consistent with the company business

  by emphasizing the effective operation auditing, the internal control
  system assessment and risk management.

  On behalf of the Audit Committee

  []

  (Mr.Phisit Setthawong)

  Chairman of the Audit Committee

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  Details of Chief                                                  
  Audit Executive                                                   

  Name             Age   Education       Experiences                
                                         (Past 5                    
                                         years)                     

                                         Period        Position     Company Name

                                                                    Business
                                                                    Type

  Ms. Sirintr      65    1. B.A.         1988 - 1999   Accounting   Thaivivat
  Nantavoraset           Accounting                    Manager      Insurance
                                                                    Pcl.

                         Thammasart      1999 - 2014   Auditing     Thaivivat
                         University                    Director     Insurance
                                                                    Pcl.

                         2. CPA          1976 - 2014   Director     BSA
                                                                    Accounting
                                                                    Co., Ltd.

                                         2000 - 2014   Director     ABACUS
                                                                    Business
                                                                    Co., Ltd.
  ---------------- ----- --------------- ------------- ------------ ------------