SET Announcements

Tor. 11/1999 March 31, 1999 Subject:Progress Report on the Internal Audit Selection Dear President The Stock Exchange of Thailand Loxley Public Company Limited ("Company") would like to report on the internal audit selection process as the following: 1. Set up an internal audit Presently, the Company has appointed the committee to study, consider, and select qualified persons to be the internal auditor as the following guideline: 1. To be honest, diligence, and responsible; 2. To be royal and not relevant to the improper or illegal activities; 3. Good faith and willful conduct their profession; 4. To held harmless to the organization; 5. To receive the compensation only from the Company; 6. To perform their duty in business manner; 7. To obtain confidential and trade secret of the Company. Furthermore, the Company is preparing to extend an auditing system network in order to increase the working reliability and efficiency. Meanwhile, the Company is in the process of selecting qualified persons for the auditing committee. The Company will keep you inform if there is any progress. 2. The guideline and timetable to select and appoint the auditing committee The Company provides the guideline to select the auditing committee as follows: 1. No less than three persons, at least one person with knowledge of accounting and finance; 2. To be in the term at least two years; 3. Irrelevant to the direct operating management; 4. To be independent committee. Meanwhile, the Company is in the process to select qualified persons for the auditing committee. The Company will keep you inform if there is any progress. 3. The scope of work 1. Responsible for the Company's financial report to be true, adequacy and reliability; 2. Provide the Company's efficient controlling system; 3. Consider, select, and propose the appointment of the Company's auditor; 4. Supervise the Company on the laws and regulations; 5. Supervise the Company for its maximum beneficial; 6. Working under supervision of the board of directors of the Company; 7. Develop report to be attached on the annual report of the Company. Sincerely yours, Loxley Public Company Limited (Mr.Suraphand Bhasitnirandr) Director