Attachment 3

Audit Committee Report

Report of the Audit Committee

Dear Shareholders,

The Audit Committee of KGI Securities (Thailand) Public Company Limited
consists of three independent directors

  1. Dr. Pisit Leeahtam Chairman of the Audit Committee,

  2. Dr. Don Bhasavanich Audit Committee members and Independent
  Committee

  3. Mr. Pradit Sawattananond Audit Committee members and Independent
  Committee

During the year 2009, the Audit Committee held four meetings and each
audit committee member attended every meeting. The Audit Committee
performed its duties in 2009 as assigned by the Board of Directors in
accordance with the Charter of the Audit Committee. These duties
included reviewing of financial statements, reviewing of the Company’s
internal control, reviewing of the Company’s compliance with laws
relating to securities and the stock exchange, reviewing of the related
party transactions, monitoring of risk management, as well as proposing
the appointment of external auditors for the year 2010. The duties are
summarized as follows:

1.  Reviewing of financial statements

The Audit Committee reviewed the quarterly and annual financial
statements for the year 2009 of the Company and its subsidiaries with
the Executive of Finance & Accounting Department, Audit Department, and
the external auditor which does not participate with the top management
of the Company. Thus, the Audit Committee consulted with the external
auditors so as to freely discuss important issues in the preparation of
the financial statements.

The Audit Committee agreed that the financial statements of KGI
Securities (Thailand) Public Company Limited for end of dated December
31, 2009, were correct and complete adhering to the general accepted
accounting principles and in accordance to the law and related
regulations.

2. Reviewing of internal control system

The Audit Committee monitored and reviewed the Company’s internal
control along with considering on the quarterly and annual reports of
the Audit Department for the year 2009 as well as reports and comments
of the external auditors for the Company’s internal control for the year
2009 and the Audit Committee recommend the Company’s internal control
could be more effective.

3.  Reviewing of Company’s compliance with laws relating to securities
    and the stock exchange

The Audit Committee monitored and reviewed the Company’s compliance with
laws relating to securities and the stock exchange along with
considering on the quarterly and annual reports of the Legal &
Compliance Department for the year 2009. The Audit Committee regarded
that the Company had abided on the laws and regulations for the year
2009.

4. Reviewing of related party transactions

In 2009 the Audit Committee reviewed related party transactions which
were general business terms and approved in principle by the Board. For
other related transactions, the Audit Committee and the Board of
Directors has considered and agreed that these transactions were
necessary and reasonable and served the benefit of the Company including
disclosing all significant information complied with SET regulations.

5.  Monitoring of risk management

In year 2009, the Audit Committee monitored the risk management
practices and assessed the adequacy and effectiveness of the risk
management system. These risks include Credit Risk, Marketing Risk,
Operation Risk and reviewing important transactions to be disclosed as
required by law.

6.  Appointment of the external auditors for 2010

In the last year, the Audit Committee considered the performance of the
external auditor Ernst & Young Office Ltd. and agreed that such auditor
has expertise in the auditing of financial businesses including
suggestions and consultation on accounting, tax and internal control.
Thus, the Audit Committee agreed to propose appointing Ernst & Young
Office Ltd. to be the external auditor of the Company for another
period.

The Audit Committee has the opinion that the audit fee for 2010 that
Ernst & Young Office Ltd. has proposed is appropriate for the business
and size of business of the Company.

Consequently, the Audit Committee recommended that the Board of
Directors seek approval at the ordinary general shareholder’s meeting
for the appointment of Mrs. Nonglak Pumnoi, Certified Public Accountant
registration No. 4172, and/or Ms. Rungnapa Lertsuwankul, Certified
Public Accountant registration No. 3516, and/or Ms. Saifon Inkeaw,
Certified Public Accountant registration No. 4434 of Ernst & Young
Office Ltd. as the Company’s auditor for 2010.

7. Other

  7.1 Establish a self assessment for the Audit Committee

  The Audit Committee members performed a self assessment on authority
  and functions, members of the audit committee, meetings, internal
  controls, financial statement reports, compliance with rules &
  regulations, external auditor, internal auditor, reports of the Audit
  Committee, assessment of performance and Charter. In 2009, the
  evaluation revealed that the Audit Committee’s performance completely
  fulfilled its Charter and complied with good principles, enhancing
  good corporate governance effectively.

2.  Self Assessment Questionnaire on Adequacy of Internal Control System

  The Audit Committee members performed a self assessment questionnaire
  on the adequacy of the internal control system in regards to
  organizational control and environment measures, risk management
  measures, management control activities, information and communication
  measures, and monitoring. Regarding the evaluation result, the Company
  gave the opinion that the Company had an appropriate good internal
  control system.

Respectfully,

  Pisit Leeahtam

  Mr. Pisit Leeahtam

  Chairman of Audit Committee

Attachment 4

Branch Office & Regional Office

+------------------------+----------------------+----------------------+
| Bangkok Metropolitan   | Provincial Area      |                      |
| Area                   |                      |                      |
+------------------------+----------------------+----------------------+
| Pin Klao               | Chiang Rai           | Suphan Buri          |
|                        |                      |                      |
| 7/129 Central Pinklao  | 490/1 Uttrarakit     | 28/6-7 Muanhan Road, |
| Building,              | Road,                |                      |
|                        |                      | Thapeeleang          |
| 7^(th) Floor,Room no.  | Weang Sub-District,  | Sub-District,        |
| 704, Boromrajchonnanee |                      |                      |
| Road,                  | Muang District,      | Muang District,      |
|                        |                      |                      |
| Arunammarin            | Chiang Rai 57000     | Suphan Buri 72000    |
| Sub-District,          |                      |                      |
|                        | Tel: (053) 740701-7  | Tel: (035) 522530-3  |
| Bangkok Noi District,  |                      |                      |
|                        | Fax: (053) 600973    | Fax: (035) 522530-3  |
| Bangkok 10700          |                      |                      |
|                        | Fax: (053) 740704    |                      |
| Tel: 02-884-9090-8     |                      |                      |
|                        |                      |                      |
| Fax: 02-884-9099       |                      |                      |
+------------------------+----------------------+----------------------+
| Changwattana           | Nakhon Sawan         | Nakhon Pathom        |
|                        |                      |                      |
| 99/349 Na-nakorn       | 15/28-29 Sawanvithi  | 28/32 Yingpao Road,  |
| building,              | Road,                |                      |
|                        |                      | Sanamjan             |
| 1^(st) Floor, Moo.2,   | Pak Sub-District Nam | Sub-District,        |
| Changwattana Road,     | Pho,                 |                      |
| Tongsonghong           |                      | Muang District,      |
| Sub-District,          | Muang District,      |                      |
|                        |                      | Nakhon Pathom 73000  |
| Laksee District,       | Nakhon Sawan 60000   |                      |
|                        |                      | Tel: (034) 272300-9  |
| Bangkok 10210          | Tel: (056) 314211-9  |                      |
|                        |                      | Fax: (034) 217181    |
| Tel: 02-576-1889       | Fax: (056) 314211-9  |                      |
|                        |                      |                      |
| Fax: 02-576-1562       |                      |                      |
+------------------------+----------------------+----------------------+
| Thapra                 | Nakhon Ratchasima    | Phetchaburi          |
|                        |                      |                      |
| TVO. Building , Ground | 1242/2 The Mall      | 60/4 , Moo 8,        |
| Floor                  | Shopping Center,     | Kirirattaya Road,    |
|                        | Nakorn-Ratchasima    | Thongchai            |
| 149 Ratchadapisek Road | branch,              | Sub-District,        |
|                        |                      |                      |
| (Thapra-Taksin),       | 3^(rd) Floor,        | Muang District,      |
|                        | Mittapap Road,       |                      |
| Bukkhalow              |                      | Petchaburi 76000     |
| Sub-District,          | Naimuang             |                      |
|                        | Sub-District,        | Tel: (032) 418371-5  |
| Thonburi District,     |                      |                      |
| Bangkok 10600          | Muang District,      | (032) 401761-5       |
|                        |                      |                      |
| Tel: 02-876-4800-06    | Nakhon Ratchasima    | Fax: ( 032) 418375   |
|                        | 30000                |                      |
| Fax: 02-876-4807       |                      |                      |
|                        | Tel: (044) 393722    |                      |
|                        |                      |                      |
|                        | Fax: (044) 393723    |                      |
+------------------------+----------------------+----------------------+
| Silom Center           | Udon Thani           | Hat Yai              |
|                        |                      |                      |
| 2, Silom Center        | 26                   | 29 Lee Garden Plaza, |
| Building , 18^(th)     | -27 Naraesuan Road,  | 6^(th) Floor,        |
| Floor, Room 1803,      |                      |                      |
| Silom Road, Suriyawong | Ma                   | Room no. 602,        |
| Sub-District, Bangrak  | kkeng Sub-District,  | Prachathipat Road,   |
| District,              |                      |                      |
|                        | Muang District,      | Hat Yai              |
| Bangkok 10500          |                      | Sub-District,        |
|                        | Udon Thani 41000     |                      |
| Tel: 02-632-9360-69    |                      | Hat Yai District,    |
|                        | Tel: (042) 24        |                      |
| Fax: 02-632-9370       | 4008, (042) 243536,  | Songkhla 90110       |
|                        |                      |                      |
|                        |  (042) 247925        | Tel: (074) 352520-39 |
|                        |                      |                      |
|                        | Fax: (042) 243960    | Fax: (074) 237164    |
+------------------------+----------------------+----------------------+
|                        | Samut Sakhon         |                      |
|                        |                      |                      |
|                        | 923/55 A.T. Tower    |                      |
|                        | Building,            |                      |
|                        |                      |                      |
|                        | Ekachai Road,        |                      |
|                        |                      |                      |
|                        | Maha Chai            |                      |
|                        | Sub-District,        |                      |
|                        |                      |                      |
|                        | Muang District,      |                      |
|                        |                      |                      |
|                        | Samut Sakhon 74000   |                      |
|                        |                      |                      |
|                        | Tel: (034) 426940-7  |                      |
|                        |                      |                      |
|                        | Fax: (034) 426940-5  |                      |
+------------------------+----------------------+----------------------+

  Regional Office

+-----------------------------+----------------------------------------+
| Taiwan                      | Hong Kong                              |
|                             |                                        |
| KGI Securities Co.Ltd.      | KGI Hong Kong group                    |
|                             |                                        |
| No. 700, Mingshui Road,     | 41/F Central Plaza,                    |
|                             |                                        |
| Zhongshan District,         | 18 Harbour Road,                       |
|                             |                                        |
| Taipei City 104, Taiwan     | Wanchai, Hong Kong                     |
| (R.O.C.)                    |                                        |
|                             | Tel : (852) 2878-6888                  |
| Tel: (886-2) 2181-8888      |                                        |
|                             | Fax : (852) 2878-6800                  |
| Fax : (886-2) 8501-2944     |                                        |
|                             | Website : http://www.kgieworld.com     |
| Website :http://www.kgi.com |                                        |
+-----------------------------+----------------------------------------+