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 2006, 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 2006 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 also considered, selected, and
recommended appointment of the Company’s auditor and auditing fee
Accordingly, the Audit Committee had proposed that the Company appointed
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 2006. The Board of
Directors’ meeting No. 1/2006 held on 24 February 2006 and the Annual
General Meeting of Shareholders No. 1/2006 held on Thursday 20 April
2006 had approved the aforesaid appointment.

Respectfully,

  []

  Mr. Pisit Leeahtam

  Chairman of Audit Committee

Attachment 4

Branch Office

+------------------------+----------------------+---------------+------+
| Bangkok Metropolitan   | Provincial Area      |               |      |
| Area                   |                      |               |      |
+------------------------+----------------------+---------------+------+
| Pin Klao Branch        | Chiang Mai Branch    | Samut Sakhon  |      |
|                        |                      | Branch        |      |
| 7/129 Central Pinklao  | 12 Huaykaew          |               |      |
| Building,              | Departmentstore      | 923/55 A.T.   |      |
|                        | Building no.12,      | Tower         |      |
| 7^(th) Floor,Room no.  | 1^(st) Floor,        | Building,     |      |
| 704, Boromrajchonnanee |                      |               |      |
| Road,                  | Room no. 101, 102,   | Ekachai Road, |      |
|                        | 103,                 |               |      |
| Arunammarin            |                      | Maha Chai     |      |
| Sub-District,          | Huaykaew Road,       | Sub-District, |      |
|                        |                      |               |      |
| Bangkok Noi District,  | Changpurk            | Muang         |      |
|                        | Sub-District,        | District,     |      |
| Bangkok 10700          |                      |               |      |
|                        | Muang District,      | Samut Sakhon  |      |
| Tel: 66 (0)            | Chiang Mai 50300     | 74000         |      |
| 2884-9090-8            |                      |               |      |
|                        | Tel: (053) 226100    | Tel: (034)    |      |
| Fax: 66 (0) 2884-9099  |                      | 426940-7      |      |
|                        | Fax: (053) 226701    |               |      |
|                        |                      | Fax: (034)    |      |
|                        |                      | 426940-5      |      |
+------------------------+----------------------+---------------+------+
| Surawongse Branch      | Chiang Rai Branch    | Suphan Buri   |      |
|                        |                      | Branch        |      |
| 33/25-28 Wall Street   | 490/1 Uttrarakit     |               |      |
| Tower Building,        | Road,                | 28/6-7        |      |
|                        |                      | Muanhan Road, |      |
| 2^(nd) Floor,          | Weang Sub-District,  |               |      |
| Surawongse Road,       |                      | Thapeeleang   |      |
|                        | Muang District,      | Sub-District, |      |
| Suriyawong             |                      |               |      |
| Sub-District,          | Chiang Rai 57000     | Muang         |      |
|                        |                      | District,     |      |
| Bangrak District,      | Tel: (053) 740701-7  |               |      |
| Bangkok 10500          |                      | Suphan Buri   |      |
|                        | Fax: (053) 600973    | 72000         |      |
| Tel: 66 (0) 2632-9988  |                      |               |      |
|                        | Fax: (053) 740704    | Tel: (035)    |      |
| Fax: 66(0) 2632-9990   |                      | 522530-3      |      |
|                        |                      |               |      |
|                        |                      | Fax: (035)    |      |
|                        |                      | 522530-3      |      |
+------------------------+----------------------+---------------+------+
| Yaowaraj Branch        | Nakhon Sawan Branch  | Nakhon Pathom |      |
|                        |                      | Branch        |      |
| 215 The Grand China    | 15/28-29 Sawanvithi  |               |      |
| Trade Tower            | Road,                | 28/32 Yingpao |      |
|                        |                      | Road,         |      |
| and Hotel, 6^(th)      | Pak Sub-District Nam |               |      |
| Floor, Yaowaraj Road,  | Pho,                 | Sanamjan      |      |
| Sumphantawong          |                      | Sub-District, |      |
| Sub-District,          | Muang District,      |               |      |
| Sumphantawong          |                      | Muang         |      |
| District,              | Nakhon Sawan 60000   | District,     |      |
|                        |                      |               |      |
| Bangkok 10100          | Tel: (056) 314211-9  | Nakhon Pathom |      |
|                        |                      | 73000         |      |
| Tel: 66 (0)            | Fax: (056) 314211-9  |               |      |
| 2226-5070-84           |                      | Tel: (034)    |      |
|                        |                      | 272300-9      |      |
| Fax: 66(0) 2622-8825   |                      |               |      |
|                        |                      | Fax: (034)    |      |
|                        |                      | 217181        |      |
+------------------------+----------------------+---------------+------+
| Changwattana Branch    | Nakhon Ratchasima    | Phetchaburi   |      |
|                        | Branch               | Branch        |      |
| 99/349 Na-nakorn       |                      |               |      |
| building,              | 1242/2 The Mall      | 60/4 , Moo 8, |      |
|                        | Shopping Center,     | Kirirattaya   |      |
| 1^(st) Floor, Moo.2,   | Nakorn-Ratchasima    | Road,         |      |
| Changwattana Road,     | branch,              | Thongchai     |      |
| Tongsonghong           |                      | Sub-District, |      |
| Sub-District,          | 3^(rd) Floor,        |               |      |
|                        | Mittapap Road,       | Muang         |      |
| Laksee District,       |                      | District,     |      |
| Bangkok 10210          | Naimuang             |               |      |
|                        | Sub-District,        | Petchaburi    |      |
| Tel: 66 (0) 2576-1889  |                      | 76000         |      |
|                        | Muang District,      |               |      |
| Fax: 66(0) 2576-1562   |                      | Tel: (032)    |      |
|                        | Nakhon Ratchasima    | 418371-5,     |      |
|                        | 30000                | (032)         |      |
|                        |                      | 401761-5      |      |
|                        | Tel: (044) 251041-9  |               |      |
|                        |                      | Fax: ( 032)   |      |
|                        | Fax: (044) 251041-9  | 418375        |      |
+------------------------+----------------------+---------------+------+
| Silom Branch           | Pak Chong Branch     | Ayutthaya     |      |
|                        |                      | Branch        |      |
| 191 Silomcomplex       | 695,697 Mittapap     |               |      |
| Building,              | Road, Pakchong       | 125 Moo 7,    |      |
|                        | Sub-District,        | Paholyothin   |      |
| 19^(th) Floor, Room C, | Pakching District,   | Road,         |      |
| Silom Road,            | Nakhon Ratchasima    | Chiengrak-noi |      |
|                        | 30000                | Sub-District, |      |
| Silom Sub-District,    |                      |               |      |
| Bangrak District,      | Tel: (044) 316-777   | Bang Pa-In    |      |
| Bangkok 10500          |                      | District,     |      |
|                        | Fax: ( 044) 316778   |               |      |
| Tel: 66 (0) 2231-3040  |                      | Ayutthaya     |      |
|                        |                      | 13180         |      |
| Fax: 66(0) 2231-3055   |                      |               |      |
|                        |                      | Tel: (035)    |      |
| Fax: 66(0) 2632-1080   |                      | 237-111       |      |
|                        |                      |               |      |
|                        |                      | Fax: ( 035)   |      |
|                        |                      | 237119        |      |
+------------------------+----------------------+---------------+------+
| Rama II Branch         | Udon Thani Branch    | Hat Yai       |      |
|                        |                      | Branch        |      |
| 128 Central Rama II    | 26                   |               |      |
| Building,              | -27 Naraesuan Road,  | 29 Lee Garden |      |
|                        |                      | Plaza, 6^(th) |      |
| 2^(nd) Floor, Room No. | Ma                   | Floor,        |      |
| 259, Moo 6,            | kkeng Sub-District,  |               |      |
|                        |                      | Room no. 602, |      |
| Rama II Road,          | Muang District,      | Prachathipat  |      |
|                        |                      | Road,         |      |
| Samae Dum              | Udon Thani 41000     |               |      |
| Sub-District,          |                      | Had Yai       |      |
|                        | Tel: (042) 24        | Sub-District, |      |
| Bangkhuntian District, | 4008, (042) 243536,  | Hat Yai       |      |
| Bangkok 10150          |                      | District,     |      |
|                        | (042) 247925         | Songkhla      |      |
| Tel: 66 (0) 2872-4140  |                      | 90110         |      |
|                        | Fax: (042) 243960    |               |      |
| Fax: 66(0) 2872-4066   |                      | Tel: (074)    |      |
|                        |                      | 352520-39     |      |
|                        |                      |               |      |
|                        |                      | Fax: (074)    |      |
|                        |                      | 237164        |      |
+------------------------+----------------------+---------------+------+