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

I have audited the balance sheets as at 31 December 2011 and 2010, 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 2011
and 2010 of the General Insurance Association correctly in accordance with the IFRSs for Non-Publicly
Accountable Entities (NPAEs).

As clarified in the Note to financial statement 2 and 3, the company has used the IFRSs for Non-Publicly
Accountable Entities (NPAEs) which became effective as of January 1, 2011 and the financial statement for the
year ended on December 31, 2010 has been revised.

(Vichai Jaturanoonda)
Certified Public Accountant
Registration No. 1431

AST Master Co., Ltd.
February 14, 2012

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