Report of the Audit Committee

To the Shareholders

The audit committee has performed its duties within the scope of
responsibilities as specified in the audit committee charter. In 2011
Audit committee discussed various matters as summarized below:

1.  Reviewed the quarterly and annual financial statement for the year
    2011 to ensure that the Company’s financial statements have been
    prepared in accordance with Generally Accepted Accounting
    Principles, with appropriate disclosure of information on
    significant matters and the independent auditors have expressed an
    opinion thereon as presented in their report to the Board of
    Directors and to Shareholders.

2.  Reviewed the internal control systems of the company from time to
    time and is of the opinion that it is adequate, appropriate and
    effective. The audit committee has also reviewed the improvements
    made in the systems for better effectiveness in the normal working
    of the company during the year.

3.  Reviewed the company’s performance to ensure compliance with the
    Securities and Exchange Acts, Regulations of the Stock Exchange of
    Thailand (SET) and any other relevant laws, including the compliance
    with the Company’s requirement and obligations to external agencies
    related to its business

4.  Reviewed the company’s risk management system to ensure its
    adequacy. The audit Committee is of the opinion that Company’s risk
    management process is efficient and effective.

5.  Reviewed and provided opinion to connected transactions or
    transactions that may have conflict of interest, and information
    disclosure of such transactions to comply with Regulation of the
    Stock Exchange of Thailand (SET) and the Office of the Securities
    and Exchange Commission (SEC). The external auditors are of opinion
    that the significant transaction with the connected persons were
    disclosed and shown in the Financial Statement and notes to
    Financial Statements and the Audit Committee considered that such
    transactions were reasonable and beneficial to the business of the
    Company and were disclosed correctly and completely.

6.  Considered appointment of the External Auditors and their
    Remuneration for year 2012, to propose to the Board of Directors to
    ask for the approval of the shareholders in the AGM for the
    year 2012. After considering the performance, independency and
    remuneration concluded to propose appointment of Mr. Termphong
    Opanaphan License No. 4501, Ms. Thipawan Nananuwat License
    no.3459and Ms. Siraporn Ouaanunkun License no.3844 of M/S Ernst &
    Young office limited to serve as the Company’s external’s auditor
    for the year 2011 with the remuneration of Baht 950,000 plus out of
    pocket expenses. The Audit Committee gave its opinion regarding the
    external auditors as follows:

    i.  The external auditors performed their duties with knowledge,
        professional competency and gave recommendation regarding
        internal control system and various risks and also maintained
        independency in performing their duties.

    ii. The proposed remuneration for year 2012 of Baht 950,000 is
        appropriate and is the same as last year 2011.

    iii. There is compliance with the Regulation of the Office of the
         Securities and Exchange Commission (SEC) with regards to the
         changing of the external auditor every 5 years. If such auditor
         is reappointed to be the external auditors for the year 2012,
         it will be 2^(nd) consecutive year.

    iv. The external auditors had no relation with the company and its
        subsidiaries.

The Audit Committee always values proper internal control and continuous
risk management system. The Company has good corporate governance and
appropriate procedures in line with its business, together with
generally accepted accounting principles, financial statements and
compliance with relevant laws and regulations.

Mr. Prakit Pradipasen

Chairman of Audit Committee