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 2004, the Audit Committee held five meetings to perform its
duties as assigned by the Company’s Board of Directors and to submit
relevant reports. The Audit Committee, together with the Company’s
management, the auditor, and the Internal Audit Department, had set up
various meetings to discuss and exchange ideas about methods of
auditing, internal control systems, yearly audit plan, and the
evaluation of auditing results. Furthermore, they have continued to
follow up major audit concerns, review financial statements and
financial reports, and reviewed the company’s business practice as
related to relevant regulations and laws. This was done in order to
provide a correct and transparent view of the Company for shareholders
and all related parties. The Audit Committee had suggested guidelines
and advised the Company’s Internal Audit and Compliance Department in
order to ensure that the Company had good auditing and internal control
systems by setting up operating procedures in accordance with the
Securities Exchange Commission’s and the Stock Exchange of Thailand’s
rules and regulations and accepted standards

The Audit Committee had reviewed the Company’s quarterly, half year, and
yearly financial statements for the year 2004 and commented that the
Company’s financial statements were accurate and that the disclosure in
the financial statements was adequate and complete according to general
accounting standards. The Audit Committee had proposed that the Company
appoint Mr. Ruth Chaowanagawi, Certified Public Accountant No. 3247
and/or Mr. Narong Puntawong, Certified Public Accountant No. 3315 and/or
Ms.Ratana Jala, a Certified Public Accountant No. 3734 of Ernst and
Young Limited as auditors of the Company for the accounting period 2005.
The board of directors’ meeting No. 1/2005 held on 24 February 2005 had
approved the aforesaid appointment and would further propose this
appointment to the shareholders’ meeting.

The board of directors meeting of KGI Securities (Thailand) Plc.
No.1/2004 and No.3/2004 had resolved to re-elect Dr.Don Bhasavanich and
Dr.Pisit Leeahtam, audit committee members who retired by rotation
previously, to be audit committee members and to serve for another 3
years.

  Respectfully,

  []

  Mr. Pisit Leeahtam

  Chairman of Audit Committee

Attachment 4

Branch Office

Branch Office

Bangkok Branch

Pin Klao Branch

7/129 Central Pinklao Building, 7^(th) Floor, Room no. 704,
Boromrajchonnanee Road, Arunammarin Sub-District, Bangkok Noi District,
Bangkok 10700, Thailand.

Tel: 66 (0) 2884-9090-9

Surawongse Branch

33/25-28 Wall Street Tower Building, 2^(nd) Floor, Surawongse Road,
Suriyawong Sub-District, Bangrak District, Bangkok 10500, Thailand.

Tel: 66 (0) 2632-9988

Yaowaraj Branch

215 The Grand China Trade Tower and Hotel, 6^(th) Floor, Yaowaraj Road,
Sumphantawong Sub-District, Sumphantawong District, Bangkok 10100,
Thailand.

Tel: 66 (0) 2226-5070-83

Silom Branch

191 Silomcomplex Building, 19^(th) Floor, Room C, Silom Road, Silom Sub-District, Bangrak District, Bangkok 10500, Thailand.

Tel: 66 (0) 2231-3040

Ratchadapisek Branch

238/1 Thaihua Building, 1^(st), 2^(nd) Floor, Ratchadapisek Road,
Huaykwang Sub-District, Huaykwang District, Bangkok 10320, Thailand.

Tel: 66 (0) 2692-8999

Changwattana Branch

99/349 Na-nakorn building, 1^(st) Floor, Moo.2, Changwattana Road,
Toongsonghong Sub-District, Laksee District, Bangkok 10210, Thailand.

Tel: 66 (0) 25761889

Provincial Branch

Chiang Mai Branch

12 Huaykaew Departmentstore Building no.12, 1^(st) Floor, Room no. 101,
102, 103, Huaykaew Road,

Tambol Changpurk, Amphur Muang, Chiang Mai 50300, Thailand.

Tel: (053) 226100

Chiang Rai Branch

490/1 Uttrarakit Road, Tambol Weang, Amphur Muang, Chiang Rai 57000,
Thailand.

Tel: (053) 740701-7

Nakornsawan Branch

15/28-29 Sawanvithi Road, Tambol Pak Nam Pho, Amphur Muang, Nakornsawan
60000, Thailand.

Tel: (056) 314211-9

Nakorn Ratchasima Branch

1242/2 The Mall Shopping Center, Nakorn-Ratchasima branch,3^(rd) Floor,
Mittapap Road, Tambol Naimuang, Amphur Muang, Nakorn Ratchasima 30000,
Thailand.

Tel: (044) 251041-9

Pak Chong Branch

695,697 Mittapap Road, Tambol Pakchong, Amphur Pakching, Nakhon
Ratchasima 30130, Thailand.

Tel: (044) 316-777

Udonthani Branch

26-27 Naraesuan Road, Tambol Makkeng, Amphur Muang, Udonthani 41000, Thailand.

Tel: (042) 244008, (042) 243536, (042) 247925

Samutsakorn Branch

923/55 A.T. Tower Building, Ekachai Road, Tambol Maha Chai, Amphur
Muang, Samutsakorn 74000, Thailand.

Tel: (034) 426940-7

Supanburi Branch

28/6-7 Muanhan Road, Tambol Thapeeleang, Amphur Muang, Supanburi 72000,
Thailand.

Tel: (035) 522530-3

Nakorn Pathom Branch

28/32 Yingpao Road, Tambol Sanamjan, Amphur Muang, Nakorn Pathom 73000,
Thailand.

Tel: (034) 272300-9

Petchburi Branch

60/4 , Moo 8, Kirirattaya Road, Tambol Thongchai, Amphur Muang,
Petchburi 76000, Thailand.

Tel: (032) 418371-5, (032) 401761-5

Had Yai Branch

29 Lee Garden Plaza, 6^(th) Floor, Room no. 602, Prachathipat Road,
Tambol Had Yai, Amphur

Had Yai, Songkhla 90110, Thailand.

Tel: (074) 352520-39

Ayutthaya Branch

125. Moo 7, Paholyothin Road, Tambol Chiengrak-noi, Amphur Bang Pa-In,
     Ayutthaya, Thailand

Tel: (035) 231-111