2.11 Related Transaction

  (1) Related Parties Transaction

In the year 2001 and 2002, United Securities Public Company Limited and
its subsidiary had significant transactions with some related parties as
follows:

+-----------+----------+-----------+------+---------+-----------------+
| Related   | Rela     | T         | Tra  |         | Remark          |
| Parties   | tionship | ypes/Size | nsac |         |                 |
|           |          | of the    | tion |         |                 |
|           |          | Tr        | V    |         |                 |
|           |          | ansaction | alue |         |                 |
+-----------+----------+-----------+------+---------+-----------------+
|           |          |           | Year | Year    |                 |
|           |          |           | 2001 | 2002    |                 |
+-----------+----------+-----------+------+---------+-----------------+
| 1. United | M        | 1. The    | 3,48 | 3,      | The rental rate |
| S         | r.Vitoon | company   | 8,44 | 153,489 | is the market   |
| ecurities | Wong     | had       | 3.36 |         | rate which is   |
| PCL. and  | kusolkit | rented    |      | 3,596   | charged to the  |
| Makkasan  | is the   | the       | 2,42 | ,392.43 | ordinary        |
| Real      | common   | office    | 6,09 |         | customers.      |
| Estate    | Director | space of  | 7.88 | 45      |                 |
| Co.,Ltd.  | of the 2 | 2,423     |      | ,000.00 |                 |
|           | co       | square    | 1    |         |                 |
|           | mpanies. | meter and | 7,33 | 0.00    |                 |
|           |          | equipment | 3.33 |         |                 |
|           |          | on 4^(th) |      |         |                 |
|           |          | -5^(th)   | 7    |         |                 |
|           |          | and       | 8.00 |         |                 |
|           |          | 6^(th)    |      |         |                 |
|           |          | floors of |      |         |                 |
|           |          | the Grand |      |         |                 |
|           |          | Amarin    |      |         |                 |
|           |          | Tower     |      |         |                 |
|           |          | Building  |      |         |                 |
|           |          | from      |      |         |                 |
|           |          | Makkasan  |      |         |                 |
|           |          | Real      |      |         |                 |
|           |          | Estate    |      |         |                 |
|           |          | Co.,Ltd.  |      |         |                 |
|           |          | to be its |      |         |                 |
|           |          | Head      |      |         |                 |
|           |          | Office.   |      |         |                 |
|           |          |           |      |         |                 |
|           |          | 2. The    |      |         |                 |
|           |          | company   |      |         |                 |
|           |          | had       |      |         |                 |
|           |          | signed a  |      |         |                 |
|           |          | utilities |      |         |                 |
|           |          | contract  |      |         |                 |
|           |          | with      |      |         |                 |
|           |          | Makkasan  |      |         |                 |
|           |          | Real      |      |         |                 |
|           |          | Estate.   |      |         |                 |
|           |          |           |      |         |                 |
|           |          | 3. Sign   |      |         |                 |
|           |          | Board     |      |         |                 |
|           |          | Rental.   |      |         |                 |
|           |          |           |      |         |                 |
|           |          | 4.        |      |         |                 |
|           |          | En        |      |         |                 |
|           |          | gineering |      |         |                 |
|           |          | service.  |      |         |                 |
+-----------+----------+-----------+------+---------+-----------------+

Remark: In October, 2002, Thai City Electric Co., Ltd. bought the Grand
Amarin Tower Building from the Makkasan Real Estate Co., Ltd.,
therefore, the transaction value was calculated the total during January
– September, 2002 only.

In the year 2001 and 2002, United Securities Public Company Limited and
its subsidiary had significant transactions with some related parties as
follows:

+-----------+----------+-----------+------+---------+----------------+
| Related   | Rela     | T         | Tra  |         | Remark         |
| Parties   | tionship | ypes/Size | nsac |         |                |
|           |          | of the    | tion |         |                |
|           |          | Tr        | V    |         |                |
|           |          | ansaction | alue |         |                |
+-----------+----------+-----------+------+---------+----------------+
|           |          |           | Year | Year    |                |
|           |          |           | 2001 | 2002    |                |
+-----------+----------+-----------+------+---------+----------------+
| 2. United | Quality  | Brokerage | 3    | 500     | The said       |
| S         | House    | fee       | 7,34 | ,054.39 | brokerage fee  |
| ecurities | has a    | income    | 0.63 |         | is the market  |
| PCL. and  | common   |           |      | -       | rate which is  |
| Quality   | Director | Und       | 5,26 |         | normally       |
| House     | with     | erwriting | 5,00 | 834     | charged to the |
|           | United   | fee       | 0.00 | ,726.87 | ordinary       |
| 3. United | Advisory | income    |      |         | customers.     |
| S         | Service, |           | 28   |         |                |
| ecurities | the      | Brokerage | 2,11 |         | The said       |
| PCL. and  | Company  | fee       | 3.40 |         | underwriting   |
| Home      | sub      | income on |      |         | fee rate is    |
| Product   | sidiary, | s         | -    |         | the market     |
| Center    | i.e.,    | ecurities |      |         | rate which is  |
| PCL.      | Mr. Rath | trading   |      |         | normally       |
|           | Pa       |           |      |         | charged to the |
| 4. United | nichphan |           |      |         | ordinary       |
| S         |          |           |      |         | customers.     |
| ecurities | Home     |           |      |         |                |
| PCL.and   | Product  |           |      |         | The said       |
| TME       | Center   |           |      |         | brokerage fee  |
| Capital   | PCL. is  |           |      |         | is the market  |
| Co., Ltd. | the      |           |      |         | rate that is   |
|           | company  |           |      |         | normally       |
|           | which    |           |      |         | charged to the |
|           | Quality  |           |      |         | ordinary       |
|           | House    |           |      |         | customers.     |
|           | holds    |           |      |         |                |
|           | more     |           |      |         |                |
|           | than 20% |           |      |         |                |
|           | of the   |           |      |         |                |
|           | shares   |           |      |         |                |
|           |          |           |      |         |                |
|           | TME      |           |      |         |                |
|           | Capital  |           |      |         |                |
|           | is one   |           |      |         |                |
|           | of       |           |      |         |                |
|           | Wong     |           |      |         |                |
|           | kusolkit |           |      |         |                |
|           | group    |           |      |         |                |
|           | c        |           |      |         |                |
|           | ompanies |           |      |         |                |
|           | which is |           |      |         |                |
|           | the      |           |      |         |                |
|           | sha      |           |      |         |                |
|           | reholder |           |      |         |                |
|           | group of |           |      |         |                |
|           | the      |           |      |         |                |
|           | Company  |           |      |         |                |
|           | and      |           |      |         |                |
|           | consists |           |      |         |                |
|           | of 2     |           |      |         |                |
|           | D        |           |      |         |                |
|           | irectors |           |      |         |                |
|           | in       |           |      |         |                |
|           | common   |           |      |         |                |
|           | to the   |           |      |         |                |
|           | Company  |           |      |         |                |
|           | , i.e.   |           |      |         |                |
|           | Mr.      |           |      |         |                |
|           | Vitoon   |           |      |         |                |
|           | Wong     |           |      |         |                |
|           | kusolkit |           |      |         |                |
|           | and Mr.  |           |      |         |                |
|           | Chanin   |           |      |         |                |
|           | Vong     |           |      |         |                |
|           | kusolkit |           |      |         |                |
+-----------+----------+-----------+------+---------+----------------+

In the year 2001 and 2002, United Securities Public Company Limited and
its subsidiary had significant transactions with some related parties as
follows:

  ------------ -------------- ------------- ------------- ------------ --------------------
  Related      Relationship   Types/Size of Transaction                Remark
  Parties                     the           Value                      
                              Transaction                              

                                            Year 2001     Year 2002    

  5. United    City Holding   Brokerage fee 4,966.19      130,414.06   The said brokerage
  Securities   is one of      income on                                fee rate is the
  PCL. and     Wongkusolkit   securities                               market rate which is
  City Holding group          trading                                  normal rate charged
  Co., Ltd.    companies                                               to the ordinary
               which is the                                            customers.
               shareholder                                             
               group of the                                            
               Company and                                             
               consists of 3                                           
               Directors in                                            
               common to the                                           
               Company, i.e.,                                          
               Mr. Vitoon ,                                            
               Mr. Chanin and                                          
               Mr. Verajet                                             
               Vongkusolkit                                            
  ------------ -------------- ------------- ------------- ------------ --------------------

In the year 2001 and 2002, United Securities Public Company Limited and
its subsidiary had significant transactions with some related parties as
follows:

+-------------+---+----------+------------+----+-------+------------------+
| Related     |   | Rela     | Types/Size | T  |       | Remark           |
| Parties     |   | tionship | of the     | ra |       |                  |
|             |   |          | T          | ns |       |                  |
|             |   |          | ransaction | ac |       |                  |
|             |   |          |            | ti |       |                  |
|             |   |          |            | on |       |                  |
|             |   |          |            | V  |       |                  |
|             |   |          |            | al |       |                  |
|             |   |          |            | ue |       |                  |
+-------------+---+----------+------------+----+-------+------------------+
|             |   |          |            | Ye | Year  |                  |
|             |   |          |            | ar | 2002  |                  |
|             |   |          |            | 20 |       |                  |
|             |   |          |            | 01 |       |                  |
+-------------+---+----------+------------+----+-------+------------------+
| 6. United   | B |          | United     | 3  | -     | The fees were    |
| Securities  | a |          | Securities | 0, |       | the market rate  |
| PCL.and     | n |          | PCL .had   | 00 | -     | which is the     |
| Banpu PCL.  | p |          | render ed  | 0. |       | normal rate      |
|             | u |          | advisory   | 00 | 4,2   | charged to the   |
|             | P |          | service in |    | 05.61 | ordinary         |
|             | C |          | collecting | 20 |       | customers.       |
|             | L |          | data and   | 0, | .     |                  |
|             | . |          | analysing  | 00 |       |                  |
|             | i |          | economic   | 0. | 345,0 |                  |
|             | s |          | situation  | 00 | 00.06 |                  |
|             | t |          | and energy |    |       |                  |
|             | h |          | industries | 5, |       |                  |
|             | e |          | to Banpu   | 62 |       |                  |
|             | c |          | PCL. from  | 5. |       |                  |
|             | o |          | September  | 00 |       |                  |
|             | m |          | 2000 to    |    |       |                  |
|             | p |          | February   | -  |       |                  |
|             | a |          | 2001       |    |       |                  |
|             | n |          |            |    |       |                  |
|             | y |          | The        |    |       |                  |
|             | w |          | un         |    |       |                  |
|             | h |          | derwriting |    |       |                  |
|             | i |          | fee        |    |       |                  |
|             | c |          |            |    |       |                  |
|             | h |          | Conference |    |       |                  |
|             | t |          | room       |    |       |                  |
|             | h |          | rental fee |    |       |                  |
|             | e |          |            |    |       |                  |
|             | C |          | Brokerage  |    |       |                  |
|             | o |          | fee on     |    |       |                  |
|             | m |          | securities |    |       |                  |
|             | p |          | trading    |    |       |                  |
|             | a |          |            |    |       |                  |
|             | n |          |            |    |       |                  |
|             | y |          |            |    |       |                  |
|             | ’ |          |            |    |       |                  |
|             | s |          |            |    |       |                  |
|             | s |          |            |    |       |                  |
|             | h |          |            |    |       |                  |
|             | a |          |            |    |       |                  |
|             | r |          |            |    |       |                  |
|             | e |          |            |    |       |                  |
|             | h |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | l |          |            |    |       |                  |
|             | d |          |            |    |       |                  |
|             | e |          |            |    |       |                  |
|             | r |          |            |    |       |                  |
|             | h |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | l |          |            |    |       |                  |
|             | d |          |            |    |       |                  |
|             | s |          |            |    |       |                  |
|             | t |          |            |    |       |                  |
|             | h |          |            |    |       |                  |
|             | e |          |            |    |       |                  |
|             | s |          |            |    |       |                  |
|             | h |          |            |    |       |                  |
|             | a |          |            |    |       |                  |
|             | r |          |            |    |       |                  |
|             | e |          |            |    |       |                  |
|             | s |          |            |    |       |                  |
|             | a |          |            |    |       |                  |
|             | n |          |            |    |       |                  |
|             | d |          |            |    |       |                  |
|             | w |          |            |    |       |                  |
|             | h |          |            |    |       |                  |
|             | i |          |            |    |       |                  |
|             | c |          |            |    |       |                  |
|             | h |          |            |    |       |                  |
|             | h |          |            |    |       |                  |
|             | a |          |            |    |       |                  |
|             | s |          |            |    |       |                  |
|             | 2 |          |            |    |       |                  |
|             | D |          |            |    |       |                  |
|             | i |          |            |    |       |                  |
|             | r |          |            |    |       |                  |
|             | e |          |            |    |       |                  |
|             | c |          |            |    |       |                  |
|             | t |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | r |          |            |    |       |                  |
|             | s |          |            |    |       |                  |
|             | i |          |            |    |       |                  |
|             | n |          |            |    |       |                  |
|             | c |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | m |          |            |    |       |                  |
|             | m |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | n |          |            |    |       |                  |
|             | , |          |            |    |       |                  |
|             | i |          |            |    |       |                  |
|             | . |          |            |    |       |                  |
|             | e |          |            |    |       |                  |
|             | . |          |            |    |       |                  |
|             | M |          |            |    |       |                  |
|             | r |          |            |    |       |                  |
|             | . |          |            |    |       |                  |
|             | V |          |            |    |       |                  |
|             | i |          |            |    |       |                  |
|             | t |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | n |          |            |    |       |                  |
|             | a |          |            |    |       |                  |
|             | n |          |            |    |       |                  |
|             | d |          |            |    |       |                  |
|             | M |          |            |    |       |                  |
|             | r |          |            |    |       |                  |
|             | . |          |            |    |       |                  |
|             | C |          |            |    |       |                  |
|             | h |          |            |    |       |                  |
|             | a |          |            |    |       |                  |
|             | n |          |            |    |       |                  |
|             | i |          |            |    |       |                  |
|             | n |          |            |    |       |                  |
|             | V |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | n |          |            |    |       |                  |
|             | g |          |            |    |       |                  |
|             | k |          |            |    |       |                  |
|             | u |          |            |    |       |                  |
|             | s |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | l |          |            |    |       |                  |
|             | k |          |            |    |       |                  |
|             | i |          |            |    |       |                  |
|             | t |          |            |    |       |                  |
+-------------+---+----------+------------+----+-------+------------------+
| 7. United   | T |          | Brokerage  | -  | 131,0 | The said         |
| Securities  | h |          | fee on     |    | 68.07 | brokerage fee    |
| PCL.and Mr. | e |          | securities |    |       | rate is the      |
| Vitoon      | C |          | trading    |    |       | market rate      |
| W           | o |          |            |    |       | which is         |
| ongkusolkit | m |          |            |    |       | normally charged |
|             | p |          |            |    |       | to the ordinary  |
|             | a |          |            |    |       | customers        |
|             | n |          |            |    |       |                  |
|             | y |          |            |    |       |                  |
|             | ’ |          |            |    |       |                  |
|             | s |          |            |    |       |                  |
|             | D |          |            |    |       |                  |
|             | i |          |            |    |       |                  |
|             | r |          |            |    |       |                  |
|             | e |          |            |    |       |                  |
|             | c |          |            |    |       |                  |
|             | t |          |            |    |       |                  |
|             | o |          |            |    |       |                  |
|             | r |          |            |    |       |                  |
+-------------+---+----------+------------+----+-------+------------------+

In the year 2001 and 2002, United Securities Public Company Limited and
its subsidiary had significant transactions with some related parties as
follows:

+-------------+----------+------------+---+----+------+------------------+
| Related     | Rela     | Types/Size |   | T  |      | Remark           |
| Parties     | tionship | of the     |   | ra |      |                  |
|             |          | T          |   | ns |      |                  |
|             |          | ransaction |   | ac |      |                  |
|             |          |            |   | ti |      |                  |
|             |          |            |   | on |      |                  |
|             |          |            |   | V  |      |                  |
|             |          |            |   | al |      |                  |
|             |          |            |   | ue |      |                  |
+-------------+----------+------------+---+----+------+------------------+
|             |          |            |   | Ye | Year |                  |
|             |          |            |   | ar | 2002 |                  |
|             |          |            |   | 20 |      |                  |
|             |          |            |   | 01 |      |                  |
+-------------+----------+------------+---+----+------+------------------+
| 8. United   | The      |            | 1 |    | -    | The said         |
| Securities  | C        |  Brokerage | , |    |      | brokerage fee    |
| PCL. and    | ompany’s |   fee on   | 9 |    | 9,38 | rate is the      |
| Mr.Chanin   | Director |            | 9 |    | 6.96 | market rate      |
| V           |          | securities | 9 |    |      | which is         |
| ongkusolkit | The      |   trading. | . |    | 16   | normally charged |
|             | C        |            | 5 |    | 6,91 | to the ordinary  |
| 9. United   | ompany’s |            | 0 |    | 9.54 | customers        |
| Securities  | Director |  Brokerage |   |    |      |                  |
| PCL. and    |          |   fee on   | 2 |    | 57   | The said         |
| Mr. Kanit   | The      |            | 6 |    | 9.15 | brokerage fee    |
| Sarasin.    | C        | securities | , |    |      | rate is the      |
|             | ompany’s |   trading  | 3 |    | 40   | market rate      |
| 10. United  | Director |            | 8 |    | 1.75 | which is         |
| Securities  |          | Brokerage  | 0 |    |      | normally charged |
| PCL. and    | The      | fee on     | . |    | -    | to the ordinary  |
| Mr.Verajet  | C        | securities | 4 |    |      | customers        |
| Vo          | ompany’s | trading    | 5 |    |      |                  |
| ngkusolkit. | Ex       |            |   |    |      | The said         |
|             | ecutive. | Brokerage  | 3 |    |      | brokerage fee    |
| 11. United  |          | fee on     | 2 |    |      | rate is the      |
| Securities  | The      | securities | , |    |      | market rate      |
| PCL. and    | C        | trading    | 3 |    |      | which is         |
|             | ompany’s |            | 2 |    |      | normally charged |
| Miss        | E        | Brokerage  | 4 |    |      | to the ordinary  |
| Tippranee   | xecutive | fee on     | . |    |      | customers        |
| Chatmanop.  |          | securities | 7 |    |      |                  |
|             |          | trading    | 5 |    |      | The said         |
| 12. United  |          |            |   |    |      | brokerage fee    |
| Securities  |          |            | 1 |    |      | rate is the      |
| PCL. and    |          |            | 5 |    |      | market rate      |
| Mr. Porntep |          |            | 0 |    |      | which is         |
| Thavor      |          |            | . |    |      | normally charged |
| nvisuthikul |          |            | 4 |    |      | to the ordinary  |
|             |          |            | 3 |    |      | customers        |
|             |          |            |   |    |      |                  |
|             |          |            | - |    |      | The said         |
|             |          |            |   |    |      | brokerage fee    |
|             |          |            |   |    |      | rate is the      |
|             |          |            |   |    |      | market rate      |
|             |          |            |   |    |      | which is         |
|             |          |            |   |    |      | normally charged |
|             |          |            |   |    |      | to the ordinary  |
|             |          |            |   |    |      | customers        |
+-------------+----------+------------+---+----+------+------------------+

In the year 2001 and 2002, United Securities Public Company Limited and
its subsidiary had significant transactions with some related parties as
follows:

+-------------+-------------+----------+------+---+----+---+-----------------+
| Related     | R           | Ty       | Tra  |   |    | R |                 |
| Parties     | elationship | pes/Size | nsac |   |    | e |                 |
|             |             | of the   | tion |   |    | m |                 |
|             |             | Tra      | V    |   |    | a |                 |
|             |             | nsaction | alue |   |    | r |                 |
|             |             |          |      |   |    | k |                 |
+-------------+-------------+----------+------+---+----+---+-----------------+
|             |             |          | Year | Y |    |   |                 |
|             |             |          | 2001 | e |    |   |                 |
|             |             |          |      | a |    |   |                 |
|             |             |          |      | r |    |   |                 |
|             |             |          |      | 2 |    |   |                 |
|             |             |          |      | 0 |    |   |                 |
|             |             |          |      | 0 |    |   |                 |
|             |             |          |      | 2 |    |   |                 |
+-------------+-------------+----------+------+---+----+---+-----------------+
|   13.       | The         | B        | -    |   | 35 |   | The said        |
|   United    | Company’s   | rokerage |      |   | 0. |   | brokerage fee   |
|             | Executive   | fee on   | -    |   | 00 |   | rate is the     |
|  Securities |             | se       |      |   |    |   | market rate     |
|   PCL. and  | The         | curities | -    |   | 35 |   | which is        |
|   Mr. Sith  | Company’s   | trading  |      |   | 7. |   | normally        |
|   S         | Executive   |          |      |   | 50 |   | charged to the  |
| ethaverawat |             | B        |      |   |    |   | ordinary        |
|             | The         | rokerage |      |   | 32 |   | customers       |
|   14.       | Company’s   | fee on   |      |   | 8. |   |                 |
|   United    | Executive   | se       |      |   | 90 |   | The said        |
|             |             | curities |      |   |    |   | brokerage fee   |
|  Securities |             | trading  |      |   |    |   | rate is the     |
|   PCL. and  |             |          |      |   |    |   | market rate     |
|   Mr.       |             | B        |      |   |    |   | which is        |
|   Prasit    |             | rokerage |      |   |    |   | normally        |
|   Srisuwan  |             | fee on   |      |   |    |   | charged to the  |
|             |             | se       |      |   |    |   | ordinary        |
|   15.       |             | curities |      |   |    |   | customers       |
|   United    |             | trading  |      |   |    |   |                 |
|             |             |          |      |   |    |   | The said        |
|  Securities |             |          |      |   |    |   | brokerage fee   |
|   PCL. and  |             |          |      |   |    |   | rate is the     |
|   Mr.       |             |          |      |   |    |   | market rate     |
|   Kittipong |             |          |      |   |    |   | which is        |
|             |             |          |      |   |    |   | normally        |
|  Suppradith |             |          |      |   |    |   | charged to the  |
|   Na        |             |          |      |   |    |   | ordinary        |
|   Ayudhaya  |             |          |      |   |    |   | customers       |
+-------------+-------------+----------+------+---+----+---+-----------------+
| 16. United  | The         | B        | -    |   | 28 |   | The said        |
| Securities  | Company’s   | rokerage |      |   | 8. |   | brokerage fee   |
| PCL. and    | Executive   | fee on   |      |   | 03 |   | rate is the     |
| Mrs.        |             | se       |      |   |    |   | market rate     |
| Supaneya    |             | curities |      |   |    |   | which is        |
| L           |             | trading  |      |   |    |   | normally        |
| uksameeseth |             |          |      |   |    |   | charged to the  |
|             |             |          |      |   |    |   | ordinary        |
|             |             |          |      |   |    |   | customers       |
+-------------+-------------+----------+------+---+----+---+-----------------+
| 17. United  | The         | B        | 4    |   | 49 |   | The said        |
| Securities  | Company’s   | rokerage | 1,23 |   | 2, |   | brokerage fee   |
| PCL. and    | major       | fee on   | 3.78 |   | 65 |   | rate is the     |
| Town        | shareholder | se       |      |   | 1. |   | market rate     |
| Holding     |             | curities |      |   | 98 |   | which is        |
| Co., Ltd.   |             | trading  |      |   |    |   | normally        |
|             |             |          |      |   |    |   | charged to the  |
|             |             |          |      |   |    |   | ordinary        |
|             |             |          |      |   |    |   | customers       |
+-------------+-------------+----------+------+---+----+---+-----------------+
| 18. United  | Common      | B        | 31   |   | 62 |   | The said        |
| Securities  | Director,   | rokerage | 2,48 |   | 5, |   | brokerage fee   |
| PCL. and    | i.e., Mr.   | fee on   | 7.94 |   | 29 |   | rate is the     |
| Banpu Power | Chanin      | se       |      |   | 0. |   | market rate     |
| Co., Ltd.   | V           | curities |      |   | 69 |   | which is        |
|             | ongkusolkit | trading  |      |   |    |   | normally        |
|             |             |          |      |   |    |   | charged to the  |
|             |             |          |      |   |    |   | ordinary        |
|             |             |          |      |   |    |   | customers       |
+-------------+-------------+----------+------+---+----+---+-----------------+
| 19. United  | Common      | B        | 4    |   | 8  |   | The said        |
| Securities  | Director,   | rokerage | 1,50 |   | 8, |   | brokerage fee   |
| PCL. and MP | i.e., Mr.   | fee on   | 3.80 |   | 29 |   | rate is the     |
| Particle    | Verajet     | se       |      |   | 5. |   | market rate     |
| Board Co.,  | V           | curities |      |   | 26 |   | which is        |
| Ltd.        | ongkusolkit | trading  |      |   |    |   | normally        |
|             |             |          |      |   |    |   | charged to the  |
|             |             |          |      |   |    |   | ordinary        |
|             |             |          |      |   |    |   | customers       |
+-------------+-------------+----------+------+---+----+---+-----------------+
| 20. United  | Common      | B        | 4    |   | 1  |   | The said        |
| Securities  | Director,   | rokerage | 1,33 |   | 2, |   | brokerage fee   |
| PCL. and    | i.e., Mrs.  | fee on   | 5.07 |   | 53 |   | rate is the     |
| Thai        | Benjawan    | se       |      |   | 0. |   | market rate     |
| Insurance   | Kampana     | curities |      |   | 00 |   | which is        |
| Co., Ltd.   | rtsanyakorn | trading  |      |   |    |   | normally        |
|             |             |          |      |   |    |   | charged to the  |
|             |             |          |      |   |    |   | ordinary        |
|             |             |          |      |   |    |   | customers       |
+-------------+-------------+----------+------+---+----+---+-----------------+

In the year 2001 and 2002, United Securities Public Company Limited and
its subsidiary had significant transactions with some related parties as
follows:

+------------+---------------+----------+------+-----+----------------+
| Related    | Relationship  | Ty       | Tra  |     | Remark         |
| Parties    |               | pes/Size | nsac |     |                |
|            |               | of the   | tion |     |                |
|            |               | Tra      | V    |     |                |
|            |               | nsaction | alue |     |                |
+------------+---------------+----------+------+-----+----------------+
|            |               |          | Year | Y   |                |
|            |               |          | 2001 | ear |                |
|            |               |          |      | 2   |                |
|            |               |          |      | 002 |                |
+------------+---------------+----------+------+-----+----------------+
| 21. United | Common        | B        | -    | 2   | The said       |
| Securities | Directors,    | rokerage |      | 88, | brokerage fee  |
| PCL. and   | i.e., Mr.     | fee on   |      | 956 | rate is the    |
| Ufinvest   | Vitoon, Mr.   | se       |      | .40 | market rate    |
| Co., Ltd.  | Chanin        | curities |      |     | which is       |
|            | ,Mr.Verajet   | trading  |      |     | normally       |
|            | Vongkusolkit  |          |      |     | charged to the |
|            | and Mr.       |          |      |     | ordinary       |
|            | Kulvat        |          |      |     | customers      |
|            | Janvatanavit  |          |      |     |                |
+------------+---------------+----------+------+-----+----------------+
| 22. United | Common        | B        | -    | 38, | The said       |
| Securities | Directors,    | rokerage |      | 850 | brokerage fee  |
| PCL. and   | i.e., Mr.     | fee on   |      | .00 | rate is the    |
| Mitrphol   | Vitoon        | se       |      |     | market rate    |
| Sugar      | Wongkusolkit  | curities |      |     | which is       |
| Corp.,     | and Mr.       | trading  |      |     | normally       |
| Ltd.       | Chanin        |          |      |     | charged to the |
|            | Vongkusolkit  |          |      |     | ordinary       |
|            |               |          |      |     | customers      |
+------------+---------------+----------+------+-----+----------------+
| 23. United | Common        | B        | -    | 646 | The said       |
| Securities | Director,     | rokerage |      | .77 | brokerage fee  |
| PCL. and   | i.e., Mr.     | fee on   |      |     | rate is the    |
| Promsin    | Chanin        | se       |      |     | market rate    |
| Co.., Ltd. | Vongkusolkit  | curities |      |     | which is       |
|            |               | trading  |      |     | normally       |
|            |               |          |      |     | charged to the |
|            |               |          |      |     | ordinary       |
|            |               |          |      |     | customers      |
+------------+---------------+----------+------+-----+----------------+
| 24. United | The minor     | B        | 2    | 4   | The            |
| Securities | shareholders  | rokerage | 1,19 | 52, | transaction    |
| PCL. and   | are the       | fee on   | 6.29 | 230 | value was      |
| its minor  | shareholders  | se       |      | .47 | calculated     |
| sh         | holding less  | curities |      |     | from the top   |
| areholders | than 10% of   | trading  |      |     | 10             |
|            | the Company’s |          |      |     | shareholders   |
|            | shares        |          |      |     | only.          |
+------------+---------------+----------+------+-----+----------------+
| 25. United | UAS is the    | 1. UAS   | 60   | 4   | The said fees  |
| Advisory   | Company’s     | rented a | 6,60 | 54, | are the market |
| Service    | subsidiary    | space of | 0.00 | 950 | rates charged  |
| Co.,Ltd.   | and Makkasan  | 337      |      | .00 | to the         |
| and        | Real Estate   | square   | -    |     | ordinary       |
| Makkasan   | is the        | metre on |      | 1   | customers.     |
| Real       | company which | the 6th  | 42   | 38, |                |
| Estate     | has a         | floor of | 8,66 | 810 |                |
| Co., Ltd.  | Director in   | Grand    | 4.00 | .75 |                |
|            | common to     | Amarin   |      |     |                |
|            | United        | Tower    |      | 3   |                |
|            | Securities    | Building |      | 40, |                |
|            | PCL., i.e.,   | from     |      | 787 |                |
|            | Mr. Vitoon    | Makkasan |      | .88 |                |
|            | Wongkusolkit  | Real     |      |     |                |
|            |               | Estate   |      |     |                |
|            |               | Co.,     |      |     |                |
|            |               | Ltd. to  |      |     |                |
|            |               | be its   |      |     |                |
|            |               | office.  |      |     |                |
|            |               |          |      |     |                |
|            |               | 2. UAS   |      |     |                |
|            |               | had paid |      |     |                |
|            |               | the      |      |     |                |
|            |               | u        |      |     |                |
|            |               | tilities |      |     |                |
|            |               | fee      |      |     |                |
|            |               |          |      |     |                |
|            |               | 3. UAS   |      |     |                |
|            |               | had made |      |     |                |
|            |               | an       |      |     |                |
|            |               | office   |      |     |                |
|            |               | services |      |     |                |
|            |               | contract |      |     |                |
|            |               | with     |      |     |                |
|            |               | Makkasan |      |     |                |
|            |               | Real     |      |     |                |
|            |               | Estate   |      |     |                |
+------------+---------------+----------+------+-----+----------------+
| 26. United | Quality       | F        | -    | 3,0 | The said       |
| Advisory   | Construction  | inancial |      | 00, | Financial      |
| Service    | Co., Ltd. is  | Advisory |      | 000 | Advisory fee   |
| Co.,Ltd.   | the           | fee      |      |     | is the market  |
| and        | subsidiary    |          |      |     | fee rate       |
| Quality    | company of QH |          |      |     | normally       |
| Co         | which has Mr. |          |      |     | charged to the |
| nstruction | Rath          |          |      |     | ordinary       |
| Co., Ltd.  | Panichphan as |          |      |     | customers.     |
|            | common        |          |      |     |                |
|            | Director to   |          |      |     |                |
|            | UAS           |          |      |     |                |
+------------+---------------+----------+------+-----+----------------+
| 27. United | Asian         | F        | -    | 1,0 | The said       |
| Advisory   | Property PCL. | inancial |      | 00, | Financial      |
| Service    | has common    | Advisory |      | 000 | Advisory fee   |
| Co.,Ltd.   | Director,     | fee      |      |     | is the market  |
| and Asian  | i.e., Mr..    |          |      |     | fee rate       |
| Property   | Siripong      |          |      |     | normally       |
| PCL.       | Sombatsiri as |          |      |     | charged to the |
|            | Audit         |          |      |     | ordinary       |
|            | Committee     |          |      |     | customers.     |
+------------+---------------+----------+------+-----+----------------+
| 28. United | Common        | F        | 4    | 6,1 | The said       |
| Advisory   | Director,     | inancial | ,000 | 70, | Financial      |
| Service    | i.e., Mr.     | Advisory | ,000 | 000 | Advisory fee   |
| Co.,Ltd.   | Rath          | fee      |      |     | is the market  |
| and        | Panichphan    |          | -    | 3,2 | fee rate       |
| Quality    |               | Unde     |      | 60, | normally       |
| House PCL. |               | rwriting |      | 000 | charged to the |
|            |               | fee      |      |     | ordinary       |
|            |               |          |      |     | customers.     |
|            |               |          |      |     |                |
|            |               |          |      |     | The said       |
|            |               |          |      |     | Underwriting   |
|            |               |          |      |     | fee is the     |
|            |               |          |      |     | market fee     |
|            |               |          |      |     | rate normally  |
|            |               |          |      |     | charged to the |
|            |               |          |      |     | ordinary       |
|            |               |          |      |     | customers.     |
+------------+---------------+----------+------+-----+----------------+
| 29. United | Home Pro is   | F        | 2    | 1,1 | The said       |
| Advisory   | the company   | inancial | ,100 | 00, | Financial      |
| Service    | which QH      | Advisory | ,000 | 000 | Advisory fee   |
| Co.,Ltd.   | holds more    | fee      |      |     | is the market  |
| and Home   | than 20% of   |          |      |     | fee rate       |
| Product    | its share     |          |      |     | normally       |
| Center     |               |          |      |     | charged to the |
| PCL.       |               |          |      |     | ordinary       |
|            |               |          |      |     | customers.     |
+------------+---------------+----------+------+-----+----------------+
| 30. United | United        | Car      | 180  | 2   |                |
| Advisory   | Advisory      | rental   | ,081 | 40, |                |
| Service    | Service’s     | expenses |      | 108 |                |
| Co.,Ltd.   | Director      |          |      |     |                |
| and Mrs.   |               |          |      |     |                |
| Sasithorn  |               |          |      |     |                |
| Pongstorn  |               |          |      |     |                |
+------------+---------------+----------+------+-----+----------------+

(2) Necessity and the Justification of the Related Transactions.

The abovementioned related transactions are somewhat necessary and
justified to serve the highest benefit of the company and in which the
Independent Directors believes to be the characteristics of normal
business that the company has received or paid in fair market price and
thus proves the justification of the transaction.

(3) Methods/Process of the Approval for Related Transactions.

Some of the related transactions which presently exist or which will
carry on in the future are the office space rental fee expenses, office
equipment and services fee and the brokerage fee from securities
trading.

Those related transactions were engaged by a pre-approval from the Board
of Executive Directors, Audit Committee and the Board of Directors. And
during the Audit Committee’s Meeting No.2/2002 held on 14 Feb 2002, the
Independent Directors or the Audit Committee had considered those
continual related transactions engaged in the past or at present to be
the transactions of normal business characteristics in which the company
has received or made payment on a justified market price.

(4) Policy on Future Related Transactions.

It is evident that the existing related transactions will continue in
the future. Those related transactions would be done under certain
conditions so that they proceed on the normal procedure and at normal
market price similarly to the ordinary customers. In order to do so, the
Independent Directors or the Audit Committee or the company’s Internal
Auditor or any other independent specialist will be assigned to examine
and analyze or comments on the justification of the price and the
transactions.

The company’s future related transactions will be decided upon the Board
of Executive Directors’ judgment with a pre-approval from the Board of
Directors. Each member of the Board, however, should not decide on any
related transactions either in relation to the company or to the
company’s subsidiary, which have some personal conflict of interest. And
they should in turn declare such transactions (if any) to the Audit
Committee and to the Board of Directors for considerations. The Audit
Committee and the Board of Directors then have the duty to consider such
related transactions according to the Securities and Exchange laws and
SET Rules and regulations including the regulations concerning the
disclosure of connected transaction and the acquirement or the selling
of significant assets of the company or the company’s subsidiary.

In conclusion, if there are any transactions related to the company or
its subsidiary which may contribute to some conflict of interest in the
future, the Independent Directors or the Audit Committee will be
assigned to comment on the pricing, the remuneration as well as the
necessity or the justification of the transactions. Some transactions,
however, may need a specialist to assist in the evaluation process. In
that case, an independent specialist or the company’s auditor will be
assigned to do the comments instead in order to supply the information
to enhance the Board of Directors’ decision or in some cases the
shareholders’ decision. And the related transaction will appear in the
company’s audited Financial Statement notes.

  14 February 2002

Subject : Opinion on Related Transactions

TO : Shareholders

United Securities Public Company Limited

We, Mr.Vichien Wattanakun, Mrs. Benjawan Kumpanartsanyakorn and
Mr.Vorapol Socatiyanurak, the company’s Independent Directors, are
hereby given our comments and opinion concerning the related
transactions (details attached) as follows:

1.  The brokerage fee income earned from the company’s major
    shareholder, related companies (having shareholders and/or Directors
    in common), Directors and management for the year 2002 for the total
    value of 0.84 million Baht were charged on the normal commission
    rate as was charged to ordinary customers.

2.  The advisory fee income totaled 11.57 million Baht was earned from
    the financial advisory fee and the underwriting fee from the related
    companies which have Directors in common with the subsidiary’s and
    of which were charged at the market rate and at the same rate
    charged to the ordinary customers.

3.  Services fee income of 0.03 million Baht was the service fee on
    providing information and research paper concerning economic
    situation and the analyses report on energy industries to Banpu PLC.
    which has the shareholders and Directors in common and which rates
    were charged at the market rate and at the same rate charged to the
    ordinary customers

4.  Rental and Service Expenses of 7.21 million Baht was the rental of
    the company’s and its subsidiary’s office space on the 4^(th)-5^(th)
    and 6^(th) floors in the Grand Amarin Tower Building from the
    Makkasan Real Estate Co.,Ltd. which is the related company having
    Directors in common and the space rented for HadYai’s Branch
    Office(closed down since February 2001) from the Lee Garden Hotel
    Co.,Ltd. whose Director is the relative of one of the company’s
    Executives at that time. In addition, there was an assets rental
    expense (vehicle) from the company’s Executive by which the rental
    rate is the market rate which is normally charged to the ordinary
    customers.

5.  The Utilities expenses of 2.02 million Baht were the expenses arisen
    from the utilities used in the rented office space from the Makkasan
    Real Estate Co.,Ltd. and the Lee Garden Hotel Co.,Ltd which are
    related to the rental space stated in No.4 which are in normal
    business practice of the company and which rates are the normal
    rates charged to the ordinary customers.

6.  Interest income from sale of fixed assets amounted to 0.06 million
    Baht was the interest income arisen from the selling of office
    equipment to the Alliance Co.,Ltd. whose Director is a relative of
    the company’s Executive and by which the interest rate was
    calculated from the market price which is the normal rate charged to
    the ordinary customers.

The abovementioned related transactions were deemed reasonable and fair
and they were arisen from the normal business operations of the company

  Please be informed accordingly.

  Best regards,

  ------------------- ------------------------------ ---------------------
  …………………………….        ………………………………………..              ……………………………..

  Mr.Vichien          Mrs. Benjawan                  Mr.Vorapol
  Wattanakun          Kumpanartsanyakorn             Socatiyanurak,

  Independent         Independent Director           Independent Director
  Director                                           
  ------------------- ------------------------------ ---------------------