Attachment 3

Audit Committee Report

AUDIT COMMITTEE REPORT

To All shareholders

The Board of Directors of KGI Securities (Thailand) Public Company
Limited has appointed the Audit Committee which consists of three
Independent Directors: Mr. Pisit Leeahtam (as Chairman), Mr. Don
Bhasavanich, and Mr. Pradit Sawattananond, and has appointed Ms. Apaporn
Vorapun as secretary of the Audit Committee.

In year 2007, the Audit Committee held five meetings to perform its
duties as assigned by the Company’s Board of Directors and to submit
relevant reports, which included duties as follows:

-   Reviewed financial reports. The Audit Committee had meetings with
    the Company’s management of finance and accounting department and
    the external auditor to review the financial reports in order to
    comply with general accepted accounting principles and to ensure
    adequate of disclosed statements. The external auditor also gave
    enlightened opinions and suggestions on areas for improvement.
    Moreover, the management who was responsible in the particular
    matters did not join in the meetings.

-   The Audit Committee reviewed and approved the yearly audit plan of
    internal audit department. The Audit Committee gave recommendations
    and comments to the audit results and assessed adequacy of the
    annual internal control system. The Committee also acknowledged and
    closely monitored the audit results.

-   Reviewed and monitored the Company’s operations to be complied with
    the Securities Exchange Commission’s and the Stock Exchange of
    Thailand’s rules and regulations and securities-related laws.

-   Reviewed connected transactions to ensure that the transactions are
    reasonable, transparency, and for the best interest of the Company.

-   Accessed the adequacy and effectiveness of the risk management
    systems covered credit risks, market risks and operational risks.

-   Reviewed performance of the external auditors during the year. The
    Committee also considered and recommended for the annual appointment
    of independent auditors and the annual audit fees for the year 2007,
    for consideration by the Board of Directors.

-   Prepared the Report of the Audit Committee which disclosed in the
    Annual Report.

The Audit Committee given the opinion that the Company complied with the
general accepted accounting standards and regulations of the Stock
Exchange of Thailand, which is consistent with good corporate
governance. The Committee ensured that the Company has appropriate
internal control systems. These opinions are consistent with the
external auditor.

The Audit Committee has evaluated the performance of Ernst and Young
Office Limited over the past year and recommended for the Board to
appoint Mr. Narong Puntawong, a Certified Public Accountant No. 3315
and/or Ms.Rungnapa Lertsuwankul, a Certified Public Accountant No.3516
and/or Ms.Ratana Jala, a Certified Public Accountant No. 3734 of Ernst
and Young Office Limited as auditors of the Company for the accounting
period 2007. The Board of Directors’ meeting No. 2/2007 held on 19 March
2007 and the Annual General Meeting of Shareholders No. 1/2007 held on
19 April 2007 had approved the aforesaid appointment.

Respectfully,

  []

  (Mr. Pisit Leeahtam)

Chairman of Audit Committee

Attachment 4

Branch Office & Regional Office

+------------------------+----------------------+---------------+------+
| Bangkok Metropolitan   | Provincial Area      |               |      |
| Area                   |                      |               |      |
+------------------------+----------------------+---------------+------+
| Pin Klao Branch        | Chiang Mai Branch    | Samut Sakhon  |      |
|                        |                      | Branch        |      |
| 7/129 Central Pinklao  | 12 Huaykaew          |               |      |
| Building,              | Department store     | 923/55 A.T.   |      |
|                        | Building no.12,      | Tower         |      |
| 7^(th) Floor,Room no.  | 1^(st) Floor,        | Building,     |      |
| 704, Boromrajchonnanee |                      |               |      |
| Road,                  | Room no. 101, 102,   | Ekachai Road, |      |
|                        | 103,                 |               |      |
| Arunammarin            |                      | Maha Chai     |      |
| Sub-District,          | Huaykaew Road,       | Sub-District, |      |
|                        |                      |               |      |
| Bangkok Noi District,  | Changpurk            | Muang         |      |
|                        | Sub-District,        | District,     |      |
| Bangkok 10700          |                      |               |      |
|                        | Muang District,      | Samut Sakhon  |      |
| Tel: 66 (0)            |                      | 74000         |      |
| 2884-9090-8            | Chiang Mai 50300     |               |      |
|                        |                      | Tel: (034)    |      |
| Fax: 66 (0) 2884-9099  | Tel: (053) 226100    | 426940-7      |      |
|                        |                      |               |      |
|                        | Fax: (053) 226701    | Fax: (034)    |      |
|                        |                      | 426940-5      |      |
+------------------------+----------------------+---------------+------+
| Changwattana Branch    | Chiang Rai Branch    | Suphan Buri   |      |
|                        |                      | Branch        |      |
| 99/349 Na-nakorn       | 490/1 Uttrarakit     |               |      |
| building,              | Road,                | 28/6-7        |      |
|                        |                      | Muanhan Road, |      |
| 1^(st) Floor, Moo.2,   | Weang Sub-District,  |               |      |
| Changwattana Road,     |                      | Thapeeleang   |      |
| Tongsonghong           | Muang District,      | Sub-District, |      |
| Sub-District,          |                      |               |      |
|                        | Chiang Rai 57000     | Muang         |      |
| Laksee District,       |                      | District,     |      |
|                        | Tel: (053) 740701-7  |               |      |
| Bangkok 10210          |                      | Suphan Buri   |      |
|                        | Fax: (053) 600973    | 72000         |      |
| Tel: 66 (0) 2576-1889  |                      |               |      |
|                        | Fax: (053) 740704    | Tel: (035)    |      |
| Fax: 66(0) 2576-1562   |                      | 522530-3      |      |
|                        |                      |               |      |
|                        |                      | Fax: (035)    |      |
|                        |                      | 522530-3      |      |
+------------------------+----------------------+---------------+------+
| Silom Branch           | Nakhon Sawan Branch  | Nakhon Pathom |      |
|                        |                      | Branch        |      |
| 191 Silomcomplex       | 15/28-29 Sawanvithi  |               |      |
| Building,              | Road,                | 28/32 Yingpao |      |
|                        |                      | Road,         |      |
| 19^(th) Floor, Room C, | Pak Sub-District Nam |               |      |
| Silom Road,            | Pho,                 | Sanamjan      |      |
|                        |                      | Sub-District, |      |
| Silom Sub-District,    | Muang District,      |               |      |
| Bangrak District,      |                      | Muang         |      |
| Bangkok 10500          | Nakhon Sawan 60000   | District,     |      |
|                        |                      |               |      |
| Tel: 66 (0) 2231-3040  | Tel: (056) 314211-9  | Nakhon Pathom |      |
|                        |                      | 73000         |      |
| Fax: 66(0) 2231-3055   | Fax: (056) 314211-9  |               |      |
|                        |                      | Tel: (034)    |      |
| Fax: 66(0) 2632-1080   |                      | 272300-9      |      |
|                        |                      |               |      |
|                        |                      | Fax: (034)    |      |
|                        |                      | 217181        |      |
+------------------------+----------------------+---------------+------+
| Rama II Branch         | Nakhon Ratchasima    | Phetchaburi   |      |
|                        | Branch               | Branch        |      |
| 128 Central Rama II    |                      |               |      |
| Building,              | 1242/2 The Mall      | 60/4 , Moo 8, |      |
|                        | Shopping Center,     | Kirirattaya   |      |
| 2^(nd) Floor, Room No. | Nakorn-Ratchasima    | Road,         |      |
| 259, Moo 6,            | branch,              | Thongchai     |      |
|                        |                      | Sub-District, |      |
| Rama II Road,          | 3^(rd) Floor,        |               |      |
|                        | Mittapap Road,       | Muang         |      |
| Samae Dum              |                      | District,     |      |
| Sub-District,          | Naimuang             |               |      |
|                        | Sub-District,        | Petchaburi    |      |
| Bangkhuntian District, |                      | 76000         |      |
|                        | Muang District,      |               |      |
| Bangkok 10150          |                      | Tel: (032)    |      |
|                        | Nakhon Ratchasima    | 418371-5,     |      |
| Tel: 66 (0) 2872-4140  | 30000                | (032)         |      |
|                        |                      | 401761-5      |      |
| Fax: 66(0) 2872-4066   | Tel: (044) 393722    |               |      |
|                        |                      | Fax: ( 032)   |      |
|                        | Fax: (044) 393723    | 418375        |      |
+------------------------+----------------------+---------------+------+
|                        | Pak Chong Branch     | Hat Yai       |      |
|                        | (Cyber Branch)       | Branch        |      |
|                        |                      |               |      |
|                        | 695,697 Mittapap     | 29 Lee Garden |      |
|                        | Road,                | Plaza, 6^(th) |      |
|                        |                      | Floor,        |      |
|                        | Pakchong             |               |      |
|                        | Sub-District,        | Room no. 602, |      |
|                        |                      | Prachathipat  |      |
|                        | Pakching District,   | Road,         |      |
|                        |                      |               |      |
|                        | Nakhon Ratchasima    | Had Yai       |      |
|                        | 30000                | Sub-District, |      |
|                        |                      |               |      |
|                        | Tel: (044) 316777    | Hat Yai       |      |
|                        |                      | District,     |      |
|                        | Fax: ( 044) 316778   |               |      |
|                        |                      | Songkhla      |      |
|                        |                      | 90110         |      |
|                        |                      |               |      |
|                        |                      | Tel: (074)    |      |
|                        |                      | 352520-39     |      |
|                        |                      |               |      |
|                        |                      | Fax: (074)    |      |
|                        |                      | 237164        |      |
+------------------------+----------------------+---------------+------+
|                        | Udon Thani Branch    |               |      |
|                        |                      |               |      |
|                        | 26                   |               |      |
|                        | -27 Naraesuan Road,  |               |      |
|                        |                      |               |      |
|                        | Ma                   |               |      |
|                        | kkeng Sub-District,  |               |      |
|                        |                      |               |      |
|                        | Muang District,      |               |      |
|                        |                      |               |      |
|                        | Udon Thani 41000     |               |      |
|                        |                      |               |      |
|                        | Tel: (042) 24        |               |      |
|                        | 4008, (042) 243536,  |               |      |
|                        |                      |               |      |
|                        |  (042) 247925        |               |      |
|                        |                      |               |      |
|                        | Fax: (042) 243960    |               |      |
+------------------------+----------------------+---------------+------+

Regional Office

Taiwan, ROC

KGI Taiwan, ROC

700 Mingshui Road, Taipei, ROC

Tel: 886-2-2181-8888

http://www.kgi.com

Hong Kong

KGI Hong Kong group

27/F, ICBC Tower, Citibank plaza, 3 Garden Road,

Central, Hong Kong.

Tel:852-2878-6888

http://www.kgieworld.com