REPORT OF CERTIFIED PUBLIC ACCOUNTANT

To The Board of Directors and Shareholders of 
        VIBHAVADI MEDICAL CENTER PUBLIC COMPANY LIMITED 

       	I have audited the consolidated balance sheet as at December 31, 2006, the consolidated statements of income, changes in shareholders’ equity and cash flows for the year then ended of  Vibhavadi Medical Center Public Company Limited and subsidiary. I have also audited the balance sheet as at December 31, 2006, the statements of income, changes in shareholders’ equity and cash flows for the year then ended of Vibhavadi Medical Center Public Company Limited. These financial statements are the responsibility of the Company’s management as to their correctness and completeness of the presentation. My responsibility is to express an opinion on these financial statements based on my audit. As described in Note 2 to the financial statements, I have not audited the financial statements of a subsidiary and two associated companies included in the preparation of the consolidated financial statements. The consolidated financial statements for 2006 reflect the total of the subsidiary’s assets and the investment in these associated companies by the equity method of Baht 471.1 million and the equity share in the associated companies’ profit of Baht 19.6 million. In addition, the Company financial statements for 2006 reflect the investment in these subsidiary and associated companies recorded by the equity method of Baht 406.3 million and the equity share in their profit - net of Baht 19.2 million. The financial statements of these subsidiary and associated companies have been audited by other auditors whose reports have been provided to me, and my report, insofar as it relates to these amounts included in the consolidated financial statements and the Company financial statements, is based solely on the reports of the other auditors. The consolidated financial statements of Vibhavadi Medical Center Public Company Limited and subsidiary and the Company financial statements of Vibhavadi Medical Center Public Company Limited for the year ended December 31, 2005, presented herein for comparative purposes, were audited by other auditor in my firm. Those financial statements included the financial statements of an associated company included in the preparation of the consolidated financial statements which were audited by other auditor as described in Note 2 to the financial statements. The consolidated financial statements and the Company financial statements for 2005 reflect the total of  the investment in these associated company by the equity method of Baht 287.6 million and the equity share in the associated company’s profit - net of Baht 11.6 million. Based on his audit and the reports of the other auditors, he expressed an unqualified opinion on those financial statements in his report dated February 28, 2006.

 
	I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform the 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 audit provides a reasonable basis for my opinion.












       In my opinion, based on my audit and the reports of the other auditors referred to in the first paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of Vibhavadi Medical Center Public Company Limited and subsidiary and of Vibhavadi Medical Center Public Company Limited as at December 31, 2006, and the results of their operations and  their cash flows for the year then ended in conformity with generally accepted accounting principles. 




                                                                                      (PRADIT  RODLOYTUK)
                                                                                    Certified Public Accountant
                                                                                          Registration  No. 218

Ast Master Co., Ltd.
February 21, 2007
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