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 2008, the Audit Committee held four meetings to perform its
duties as assigned by the Company’s Board of Directors. Committee
members participated in each of the meetings and submitted reports and
conducted their duties, as follows:

-   Reviewed financial reports. The Audit Committee had meetings with
    the management of the Company’s Finance and Accounting department
    and the external auditor to review the financial reports in order to
    ensure that they comply with generally accepted accounting
    principles and to ensure the adequacy of disclosures. The external
    auditor also gave its 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
    the Internal Audit department. The Audit Committee gave
    recommendations and comments on the audit results and assessed the
    adequacy of the internal control systems. The Committee also
    acknowledged and closely monitored the audit results.

-   The Committee reviewed and monitored the Company’s operations in
    order to comply with the rules and regulations and of the Securities
    and Exchange Commission and the Stock Exchange of Thailand.

-   Reviewed connected transactions in line with the SET’s rules &
    regulations to ensure that the transactions are reasonable,
    transparent, and in the best interest of the Company.

-   Assessed the adequacy and effectiveness of the risk management
    systems, including those covering credit risks, market risks and
    operational risks and reviewed important transactions.

-   Reviewed the performance of the external auditors during the year.
    The Committee also considered and recommended the annual appointment
    of the independent auditors and the annual audit fees for the year
    2008.

-   Prepared the Report of the Audit Committee which is included in the
    Annual Report.

Based on the work done by the Audit Committee in 2008, the Audit
Committee has given its opinion that the Company complied with general
accepted accounting standards and with the regulations of the Stock
Exchange of Thailand, and was managed in a manner consistent with good
corporate governance. The Committee has ensured that the Company has
appropriate internal control systems and found no material deficiencies
in the Company’s operations or internal control systems. These opinions
are consistent with those of the external auditor.

The Audit Committee has evaluated the performance of Ernst and Young
Office Limited over the past year and recommended that the Board appoint
Mrs. Nonglak Pumnoi, a Certified Public Accountant No. 4172 and/or
Ms.Rungnapa Lertsuwankul, a Certified Public Accountant No.3516 and/or
Ms. Saifon Inkeaw, a Certified Public Accountant No. 4434 of Ernst and
Young Office Limited as auditors of the Company for the accounting
period 2008. The Board of Directors’ meeting No. 1/2008 held on 26
February 2008 and the Annual General Meeting of Shareholders No. 1/2008
held on 10 April 2008 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  | 283/2 Changkarn      | 923/55 A.T. Tower    |
| Building,              | Road,                | Building,            |
|                        |                      |                      |
| 7^(th) Floor,Room no.  | Changkarn            | Ekachai Road,        |
| 704, Boromrajchonnanee | Sub-District,        |                      |
| Road,                  |                      | Maha Chai            |
|                        | Muang District,      | Sub-District,        |
| Arunammarin            |                      |                      |
| Sub-District,          | Chiang Mai 50100     | Muang District,      |
|                        |                      |                      |
| Bangkok Noi District,  | Tel: (053) 281800    | Samut Sakhon 74000   |
|                        |                      |                      |
| Bangkok 10700          | Fax: (053) 281799    | Tel: (034) 426940-7  |
|                        |                      |                      |
| Tel: 02-884-9090-8     |                      | Fax: (034) 426940-5  |
|                        |                      |                      |
| Fax: 02-884-9099       |                      |                      |
+------------------------+----------------------+----------------------+
| Changwattana Branch    | Chiang Rai Branch    | Suphan Buri Branch   |
|                        |                      |                      |
| 99/349 Na-nakorn       | 490/1 Uttrarakit     | 28/6-7 Muanhan Road, |
| building,              | Road,                |                      |
|                        |                      | Thapeeleang          |
| 1^(st) Floor, Moo.2,   | Weang Sub-District,  | Sub-District,        |
| Changwattana Road,     |                      |                      |
| Tongsonghong           | Muang District,      | Muang District,      |
| Sub-District,          |                      |                      |
|                        | Chiang Rai 57000     | Suphan Buri 72000    |
| Laksee District,       |                      |                      |
|                        | Tel: (053) 740701-7  | Tel: (035) 522530-3  |
| Bangkok 10210          |                      |                      |
|                        | Fax: (053) 600973    | Fax: (035) 522530-3  |
| Tel: 02-576-1889       |                      |                      |
|                        | Fax: (053) 740704    |                      |
| Fax: 02-576-1562       |                      |                      |
+------------------------+----------------------+----------------------+
| Thapra Branch          | Nakhon Sawan Branch  | Nakhon Pathom Branch |
|                        |                      |                      |
| TVO. Building , Ground | 15/28-29 Sawanvithi  | 28/32 Yingpao Road,  |
| Floor                  | Road,                |                      |
|                        |                      | Sanamjan             |
| 149 Ratchadapisek Road | Pak Sub-District Nam | Sub-District,        |
|                        | Pho,                 |                      |
| (Thapra-Taksin),       |                      | Muang District,      |
|                        | Muang District,      |                      |
| Bukkhalow              |                      | Nakhon Pathom 73000  |
| Sub-District,          | Nakhon Sawan 60000   |                      |
|                        |                      | Tel: (034) 272300-9  |
| Thonburi District,     | Tel: (056) 314211-9  |                      |
| Bangkok 10600          |                      | Fax: (034) 217181    |
|                        | Fax: (056) 314211-9  |                      |
| Tel: 02-876-4800-06    |                      |                      |
|                        |                      |                      |
| Fax: 02-876-4807       |                      |                      |
+------------------------+----------------------+----------------------+
| Silom Center Branch    | Nakhon Ratchasima    | Phetchaburi Branch   |
|                        | Branch               |                      |
| 2, Silom Center        |                      | 60/4 , Moo 8,        |
| Building , 18^(th)     | 1242/2 The Mall      | Kirirattaya Road,    |
| Floor, Room 1803,      | Shopping Center,     | Thongchai            |
| Silom Road, Suriyawong | Nakorn-Ratchasima    | Sub-District,        |
| Sub-District, Bangrak  | branch,              |                      |
| District,              |                      | Muang District,      |
|                        | 3^(rd) Floor,        |                      |
| Bangkok 10500          | Mittapap Road,       | Petchaburi 76000     |
|                        |                      |                      |
| Tel: 02-632-9360-69    | Naimuang             | Tel: (032) 418371-5  |
|                        | Sub-District,        |                      |
| Fax: 02-632-9370       |                      | (032) 401761-5       |
|                        | Muang District,      |                      |
|                        |                      | Fax: ( 032) 418375   |
|                        | Nakhon Ratchasima    |                      |
|                        | 30000                |                      |
|                        |                      |                      |
|                        | Tel: (044) 393722    |                      |
|                        |                      |                      |
|                        | Fax: (044) 393723    |                      |
+------------------------+----------------------+----------------------+
|                        | Udon Thani Branch    | Hat Yai Branch       |
|                        |                      |                      |
|                        | 26                   | 29 Lee Garden Plaza, |
|                        | -27 Naraesuan Road,  | 6^(th) Floor,        |
|                        |                      |                      |
|                        | Ma                   | Room no. 602,        |
|                        | kkeng Sub-District,  | Prachathipat Road,   |
|                        |                      |                      |
|                        | Muang District,      | Had Yai              |
|                        |                      | Sub-District,        |
|                        | Udon Thani 41000     |                      |
|                        |                      | Hat Yai District,    |
|                        | Tel: (042) 24        |                      |
|                        | 4008, (042) 243536,  | Songkhla 90110       |
|                        |                      |                      |
|                        |  (042) 247925        | Tel: (074) 352520-39 |
|                        |                      |                      |
|                        | Fax: (042) 243960    | Fax: (074) 237164    |
+------------------------+----------------------+----------------------+

  Regional Office

+------------------------+----------------------+----------------------+
| Taiwan, ROC            | Hong Kong            |                      |
|                        |                      |                      |
| KGI Securities Co.Ltd. | KGI Hong Kong group  |                      |
|                        |                      |                      |
| 700 Mingshui Road,     | 27/F, ICBC Tower,    |                      |
| Taipei 104,            | Citibank plaza,      |                      |
|                        |                      |                      |
| Taiwan, ROC            | 3 Garden Road,       |                      |
|                        |                      |                      |
| Tel: 886-2-2181-8888   | Central, Hong Kong.  |                      |
|                        |                      |                      |
| http://www.kgi.com     | Tel:852-2878-6888    |                      |
|                        |                      |                      |
|                        | http                 |                      |
|                        | ://www.kgieworld.com |                      |
+------------------------+----------------------+----------------------+