Audit Committee

Under the Bursa Malaysia Listing Requirements, the audit committee must be composed of at least three members, the majority of whom must be independent directors. An alternate director may not be appointed to the committee.

In addition, at least one member of the audit committee must be a member of the Malaysia Institute of Accountants. If he is not such a member, he must either have at least three years working experiences or have passed the requisite examinations as stated in the Accountants Act 1967, or be a member of one of the association of Accountants as stated in the Accountants Act 1967.

Alternatively, if he is not a member of the Malaysian Institute of Accountants, he must fulfill such other requirements as listed by the Stock Exchange.

The function of the audit committee as follows:

1. Reviewing the followings and reporting to the board of directors

-with the external auditor, the audit plan

-with the external auditor, his evaluation of the system of the internal controls

-with the external auditor, his audit report

-assistance given by the employees of the company to the internal auditors

-any letter of resignation from the external auditor of the listed issuer

2. Recommend the nomination of a person or persons as external auditors