At the end of the term of the previous Audit Committee, the Board meeting of 14 August 2003 elected the following to serve on the Audit Committee for a period of two years: Mr. Viroj Lowhaphandu, Mr. Pichai Vasnasong, and Dr. Siri Ganjarerndee.

Subsequently, Mr. Viroj Lowhaphandu was elected Chairman of the Audit Committee while Mrs. Chantana Suebsin, Chief Audit Executive, continues to serve as the Committee’s Secretary.

The Audit Committee performed its duties through the Internal Audit Division, as assigned by the Company’s Board of Directors. In the year 2003, the Committee had four official meetings and accomplished the following:

1. Recommended to the Board of Directors to revise the Audit Committee Charter and prepare a self-assessment. The Board approved the revised Audit Committee Charter and acknowledged the self-assessment on 13 November 2003. The Audit Committee also stepped up its efforts to enhance the practice of Good Corporate Governance.

2. Reviewed the quarterly and annual financial statements of 2003 with the public auditor, the director concerned and the Chief Audit Executive of the Company, to ensure that all accounting statements are correct and made available, that there is sufficient disclosure in compliance with accounting standards as set up by the Government of Thailand, and that they are useful to the investors.

3. Reviewed the Bangkok Post’s editorial operations for the first time and proposed a more efficient performance and the employment of more cost-effective measures to keep expenditure under the annual budget.

4. Proposed the implementation of a standard risk management system and the nomination of a risk management team to supervise and minimise all kinds of risks. Six meetings were held to identify all types of risks such as operational risks, financial risks, IT and IT-related risks, and to recommend appropriate measures to minimise these risks.

5. Reviewed and found out that the Company’s internal control procedures were already appropriate for its business, although suggestions for improvement in some areas were put forward. The public auditor has found no irregularity and shares this opinion.

The Audit Committee agrees that the Internal Audit Division performed its duties accordingly in the year 2003.

With regard to IT audit, the Committee may have to opt for outsourcing since there is only one qualified IT auditor.

For the Company’s accounting period ended 31 December 2004, the Audit Committee recommends that the Board proposes to the Shareholders on its Ordinary Shareholders’ meeting, that Mr. Narong Puntawong, Certified Public Accountant (Thailand) No. 3315, Mr. Ruth Chaowanagawi, Certified Public Accountant (Thailand) No. 3247 and
Mr. Sophon Permsirivallop, Certified Public Accountant (Thailand) No. 3182 of Ernst & Young Office Limited, be appointed as Company’s auditors, anyone being authorised to conduct the audit and express an opinion on the annual financial statements of the Company.

The proposed auditing fee, including three quarterly reviews for the year 2004 but excluding out-of-pocket expenses, is Baht 876,000, a 2.9% increase over the previous year. The Committee deems this is quite reasonable compared to the estimated normal inflation factors for 2003/2004.

The Audit Committee recommends the Board’s presentation of the Consolidated and Company Financial Statements for the year ended 31 December 2003 for the Shareholders’ approval.

On behalf of the Audit Committee

Mr. Viroj Lowhaphandu
Chairman of the Audit Committee

16 February 2004
Bangkok