Attachment 3

Audit Committee Report

Report of the Audit Committee

Dear Shareholders,

The Audit Committee of KGI Securities (Thailand) Public Company Limited
consists of three independent directors. In 2011, the Audit Committee
had six meetings and details of attendance of each director are as
follows:

+-----------------------+---------------------------+------------------+
| Audit Committee       | Position                  | Attendance       |
|                       |                           | Record /         |
|                       |                           |                  |
|                       |                           | Total Meeting    |
+-----------------------+---------------------------+------------------+
| Dr. Pisit Leeahtam    | Chairman of the Audit     | 5 / 6            |
|                       | Committee                 |                  |
+-----------------------+---------------------------+------------------+
| Dr. Don Bhasavanich   | Audit Committee Member    | 6 / 6            |
+-----------------------+---------------------------+------------------+
| Mr. Pradit            | Audit Committee Member    | 6 / 6            |
| Sawattananond         |                           |                  |
+-----------------------+---------------------------+------------------+

The Committee performed its duties as assigned by the Board of Directors
in accordance with the Charter of the Audit Committee. These duties
included reviewing of financial statements, reviewing of the Company’s
internal control, reviewing of the Company's compliance with laws
relating to securities and the stock exchange, reviewing of the related
party transactions, monitoring of risk management, as well as proposing
the appointment of external auditors. The duties are summarized as
follows:

1.  Reviewing of financial statements

  The Audit Committee reviewed the quarterly and yearly financial
  statements for the year 2011 of the Company and its subsidiaries with
  the Executive of Finance and Accounting Department, Audit Department,
  and the external auditor which does not participate with the top
  management of the Company. Thus, the Audit Committee consulted with
  the external auditors so as to freely discuss important issues in the
  preparation of the financial statements.

  The Audit Committee agreed that the financial statements of KGI
  Securities (Thailand) Public Company Limited and its subsidiaries for
  year ended 31 December 2011 were correct and complete adhering to the
  general accepted accounting principles and in accordance to the law
  and related regulations.

2.  Reviewing of internal control system

  The Audit Committee monitored and reviewed the audit plan of the
  Company and its implementation along with considering on the quarterly
  and annual reports of the Audit Department for the year 2011. In
  addition, the Audit Committee assessed the Self Assessment
  Questionnaire on Adequacy of Internal Control System of the Company
  along with organization control and operational environment, risk
  management measures, management activity control, information and
  communication measures, and monitoring system. The assessment result
  for the year 2011, the Audit Committee regarded that the Company has
  an adequate internal control system appropriate for its businesses.

3.  Review of Company’s compliance with Securities and Exchange Act

  The Audit Committee monitored and reviewed the Company’s compliance
  with Securities and Exchange Act along with considering the quarterly
  and annual reports of the Legal and Compliance Department for the year
  2011. The Audit Committee agreed that the Company closely controlled
  and audited the performance of its units to ensure that they worked
  appropriately and complied with the rules.

4.  Reviewing of related party transactions

In 2011, the Audit Committee reviewed related party transactions which
were general business terms and approved in principle by the Board. For
the other related transactions, the Audit Committee has considered and
agreed that these transactions were necessary and reasonable and served
the most benefit of the Company including disclosing all significant
information complying with SET regulations.

5.  Monitoring of risk management

  In 2011, the Audit Committee monitored the risk management practices
  and assessed the adequacy and effectiveness of the risk management
  system to ensure that the Company has efficient risk management
  control. These risks include Credit Risk, Market Risk, and Operation
  Risk.

6.  Revision of the Audit Committee Charter

  In the case where it was considered to be necessary and appropriate,
  the Audit Committee was able to revise its Charter and proposed
  amendments to the Company’s Board of Directors for consideration and
  approval. These included the Committee’s authority, scope of work
  duties, and meetings to be in line with the principles of good
  corporate governance, as well as the regulations of the Stock Exchange
  of Thailand and Securities and Exchange Commission. As such, in the
  past year, considerations were made and it is up-to-date and
  appropriate to the Company’s environment.

7.  Appointment of the external auditor for 2012

  The Audit Committee considered the performance of the external auditor
  Ernst and Young Office Ltd in the past year and agreed that Ernst and
  Young Office Ltd and its auditors have expertise in the auditing of
  financial businesses including good suggestions and consultation on
  accounting, tax and internal control. The Audit Committee has the
  opinion that the audit fee for 2012 that Ernst & Young Office Ltd. has
  proposed is appropriate for the business and size of business of the
  Company.

  Thus the Auditor recommended that the Board of Directors seek approval
  at the ordinary general shareholder’s meeting for the appointment of
  Ms. Ratana Jala, Certified Public Accountant registration No.3734
  and/or Mrs. Nonglak Pumnoi, Certified Public Accountant registration
  No.4172, and/or Ms. Rungnapa Lertsuwankul, Certified Public Accountant
  registration No. 3516 as the Company’s auditor for 2012.

8.  Self Assessment Control

  The Audit Committee members performed a self assessment comparing with
  compliance guideline. The evaluation of the year 2011 revealed that
  the Audit Committee’s performance completely fulfilled its Charter and
  complied with good principles, enhancing good corporate governance
  effectively.

Respectfully,

  - Mr.Pisit Leeahtam-

  Mr. Pisit Leeahtam

  Chairman of Audit Committee

Respectfully,

Attachment 4

Branch Office & Regional Office

+------------------------+----------------------+----------------------+
| Bangkok Metropolitan   | Provincial Area      |                      |
| Area                   |                      |                      |
+------------------------+----------------------+----------------------+
| Pin Klao               | Chiang Rai           | Suphan Buri          |
|                        |                      |                      |
| 7/129 Central Pinklao  | 490/1 Uttrarakit     | 28/6-7 Muanhan Road, |
| Building,              | Road,                |                      |
|                        |                      | Thapeeleang          |
| 7^(th) Floor,Room no.  | Weang Sub-District,  | Sub-District,        |
| 704, Boromrajchonnanee |                      |                      |
| Road,                  | Muang District,      | Muang District,      |
|                        |                      |                      |
| Arunammarin            | Chiang Rai 57000     | Suphan Buri 72000    |
| Sub-District,          |                      |                      |
|                        | Tel: (053) 740701-7  | Tel: (035) 522530-3  |
| Bangkok Noi District,  |                      |                      |
|                        | Fax: (053) 600973    | Fax: (035) 522530-3  |
| Bangkok 10700          |                      |                      |
|                        | Fax: (053) 740704    |                      |
| Tel: 02-884-9090-8     |                      |                      |
|                        |                      |                      |
| Fax: 02-884-9099       |                      |                      |
+------------------------+----------------------+----------------------+
| Changwattana           | Nakhon Sawan         | Nakhon Pathom        |
|                        |                      |                      |
| 99/349 Na-nakorn       | 15/28-29 Sawanvithi  | 28/32 Yingpao Road,  |
| building,              | Road,                |                      |
|                        |                      | Sanamjan             |
| 1^(st) Floor, Moo.2,   | Pak Sub-District Nam | Sub-District,        |
| Changwattana Road,     | Pho,                 |                      |
| Tongsonghong           |                      | Muang District,      |
| Sub-District,          | Muang District,      |                      |
|                        |                      | Nakhon Pathom 73000  |
| Laksee District,       | Nakhon Sawan 60000   |                      |
|                        |                      | Tel: (034) 272300-9  |
| Bangkok 10210          | Tel: (056) 314211-9  |                      |
|                        |                      | Fax: (034) 217181    |
| Tel: 02-576-1889       | Fax: (056) 314211-9  |                      |
|                        |                      |                      |
| Fax: 02-576-1562       |                      |                      |
+------------------------+----------------------+----------------------+
| Thapra                 | Nakhon Ratchasima    | Phetchaburi          |
|                        |                      |                      |
| TVO. Building , Ground | 1242/2 The Mall      | 60/4 , Moo 8,        |
| Floor                  | Shopping Center,     | Kirirattaya Road,    |
|                        | Nakorn-Ratchasima    | Thongchai            |
| 149 Ratchadapisek Road | branch,              | Sub-District,        |
|                        |                      |                      |
| (Thapra-Taksin),       | 3^(rd) Floor,        | Muang District,      |
|                        | Mittapap Road,       |                      |
| Bukkhalow              |                      | Petchaburi 76000     |
| Sub-District,          | Naimuang             |                      |
|                        | Sub-District,        | Tel: (032) 418371-5  |
| Thonburi District,     |                      |                      |
| Bangkok 10600          | Muang District,      | (032) 401761-5       |
|                        |                      |                      |
| Tel: 02-876-4800-06    | Nakhon Ratchasima    | Fax: ( 032) 418375   |
|                        | 30000                |                      |
| Fax: 02-876-4807       |                      |                      |
|                        | Tel: (044) 393722    |                      |
|                        |                      |                      |
|                        | Fax: (044) 393723    |                      |
+------------------------+----------------------+----------------------+
| Silom Center           | Udon Thani           | Hat Yai              |
|                        |                      |                      |
| 2, Silom Center        | 26                   | 29 Lee Garden Plaza, |
| Building , 18^(th)     | -27 Naraesuan Road,  | 6^(th) Floor,        |
| Floor, Room 1803,      |                      |                      |
| Silom Road, Suriyawong | Ma                   | Room no. 602,        |
| Sub-District, Bangrak  | kkeng Sub-District,  | Prachathipat Road,   |
| District,              |                      |                      |
|                        | Muang District,      | Hat Yai              |
| Bangkok 10500          |                      | Sub-District,        |
|                        | Udon Thani 41000     |                      |
| Tel: 02-632-9360-69    |                      | Hat Yai District,    |
|                        | Tel: (042) 24        |                      |
| Fax: 02-632-9370       | 4008, (042) 243536,  | Songkhla 90110       |
|                        |                      |                      |
|                        |  (042) 247925        | Tel: (074) 352520-39 |
|                        |                      |                      |
|                        | Fax: (042) 243960    | Fax: (074) 237164    |
+------------------------+----------------------+----------------------+
|                        | Samut Sakhon         |                      |
|                        |                      |                      |
|                        | 923/55 A.T. Tower    |                      |
|                        | Building,            |                      |
|                        |                      |                      |
|                        | Ekachai Road,        |                      |
|                        |                      |                      |
|                        | Maha Chai            |                      |
|                        | Sub-District,        |                      |
|                        |                      |                      |
|                        | Muang District,      |                      |
|                        |                      |                      |
|                        | Samut Sakhon 74000   |                      |
|                        |                      |                      |
|                        | Tel: (034) 426940-7  |                      |
|                        |                      |                      |
|                        | Fax: (034) 426940-5  |                      |
+------------------------+----------------------+----------------------+

  Subsidiary Company Regional Office

+-----------------------+---------------------+-----------------------+
| One Asset Management  | Taiwan              | Hong Kong             |
| Limited               |                     |                       |
|                       | KGI Securities      | KGI Hong Kong group   |
| 989 Siam Tower (Siam  | Co.Ltd.             |                       |
| Discovery), 24^(th)   |                     | 41/F Central Plaza,   |
| Floor, Rama I Road,   | No. 700, Mingshui   |                       |
|                       | Road,               | 18 Harbour Road,      |
| Pathumwan             |                     |                       |
| Sub-District,         | Zhongshan District, | Wanchai, Hong Kong    |
|                       |                     |                       |
| Pathumwan District,   | Taipei City 104,    | Tel : (852) 2878-6888 |
|                       | Taiwan (R.O.C.)     |                       |
| Bangkok 10330,        |                     | Fax : (852) 2878-6800 |
| Thailand              | Tel: (886-2)        |                       |
|                       | 2181-8888           | Website:              |
| Tel: 66 (0) 2659 8888 |                     | htt                   |
|                       | Fax : (886-2)       | p://www.kgieworld.com |
| Fax : 66 (0) 2659     | 8501-2944           |                       |
| 8860                  |                     |                       |
|                       | Website             |                       |
| Website :http://      | :http://www.kgi.com |                       |
| www.one-asset.com     |                     |                       |
+-----------------------+---------------------+-----------------------+