Sri Trang Agro–Industry Public Company Limited

Enclosure 3

The Audit Committee Report

The Audit Committee Report

The Audit Committee, appointed by the Board of Directors of Sri Trang
Agro-Industry Public Company Limited (the “Company”), consists of 3
independent directors, two-thirds of whom have finance and accounting
knowledge, as follows:

1. Mr. Prakob Visitkitjakarn Chairman of Audit Committee

2. Mr. Kriang Yanyongdilok Audit Committee

3. Mr. Samacha Potavorn Audit Committee

The Audit Committee performs its duties and responsibilities as assigned
by the Board of Directors of the Company. In year 2012, the Audit
Committee members attended a total of 12 meetings. Mr. Prakob
Visitkitjakarn and Mr. Samacha Potavorn attended all the meetings while
Mr. Kriang Yanyongdilok attended 11 meetings, and, where the agendas
were related, meetings were also attended by the senior management,
manager of the internal audit department and auditor. The
responsibilities of the Audit Committee can be summarized as follows:

-   The Audit Committee reviewed quarterly and year end financial
    statements of 2012 together with the auditor and the management to
    ensure that they are accurate and comply with generally accepted
    accounting principles. Through the meetings there were discussions,
    opinion exchanges, and assessment on the reporting prior to seeking
    the approval from the Executive Committee of such financial
    statements.

-   Considered internal audit plan and reviewed the results of the audit
    conducted by the internal audit department, as well as the
    sufficiency and appropriateness of the internal control system, to
    ensure that they are suitable and efficient.

-   Reviewed the Company’s compliance with the regulations, relevant
    laws and the principles of good corporate governance and ensured
    that the Company has complied with its Articles of Association,
    regulations of the Securities and Exchange Commission and the Stock
    Exchange of Thailand, relevant laws and the principles of good
    corporate governance and has disclosed information sufficiently and
    transparently.

-   Reviewed the entering into and disclosure of connected transactions
    and interested person transactions which may lead to conflicts of
    interest between the interested party and the Company. The review
    concluded that such transactions have complied with the laws and the
    regulations of the Stock Exchange of Thailand and Singapore Exchange
    Securities Trading Limited.

-   Reviewed the risk management policy and any oversight of risk
    management processes and activities to mitigate and manage risk at
    acceptable levels determined by the Board of Directors.

-   Selected and nominated auditors of the Company and auditing fees for
    2012 to be proposed to the Board of Directors to obtain an approval
    from the 2012 Annual General Meeting of Shareholders. The Audit
    Committee has considered the performance, the independence, and the
    appropriate of the remuneration of the auditors.

In conclusion, it is the opinion of the Audit Committee that the
Company’s operations in the past year have sufficient and appropriate
internal control system, financial statements were prepared under the
generally accepted accounting principles, and complied with relevant
laws of the Securities and Exchange, the regulations of the Stock
Exchange of Thailand, the regulations of the Singapore Exchange
Securities Trading Limited, and the law relating to the business of the
Company. In the performance of its duties the Audit Committee has had
full discretion to give all relevant matters its independent
consideration, and there has been no limitation on its access to
information.

Yours sincerely,

(Mr. Prakob Visitkitjakarn)

Chairman of Audit Committee

27 February 2013