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F inancial Statement and Auditor’s Report

Report of External Auditor
(Translation Only)

To Board of Directors and the Member Companies of
The General Insurance Association

I have audited the balance sheets as at 31 December 2010 and 2009, and the statements of income and
expenditure and accumulated capital budget of the year that ended on the same date of each of the stated years
of the General Insurance Association. The Association’s management is responsible for the correctness and
completeness of information in these financial statements. My responsibility is to express an opinion on these
financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require
that I plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement presentation.
I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present financial status as of 31 December 2010 and
2009 of the General Insurance Association correctly in accordance with generally accepted accounting principles.

(Vichai Jaturanoonda)
Certified Public Accountant
Registration No. 1431

AST Master Co., Ltd.
February 8, 2011

Annual Report 2010 126

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