Dear Shareholders,

The Board of Directors of Siam City Cement Public Company Limited has appointed an Audit Committee comprising of three independent directors with deep experience across the cement industry, accounting and finance, legal matters and general business. All members meet the qualification requirements of the Securities and Exchange Commission, Thailand (SEC) and the Stock Exchange of Thailand (SET).

Throughout the year, the Audit Committee discharged its responsibilities objectively and independently in accordance with its charter, which is reviewed annually to reflect current priorities endorsed by the Board of Directors. The Audit Committee continues to promote a culture grounded in good governance, ethics, integrity, accountability and transparency to support sustainable performance.

In 2025, the Audit Committee, comprising three members, held a total of nine meetings, with all members attending every meeting.

The Audit Committee’s annual self-assessment reflected satisfactory effectiveness and a commitment to continuous improvement. In establishing priorities for the 2026 audit plan, the Committee evaluated the Group’s business risks, enhancements to internal controls, organizational efficiency, cyber resilience, and preparedness for emerging sustainability reporting requirements.

The key activities of the Audit Committee for 2025 are outlined below:

1. Review of Financial Reports: The Audit Committee thoroughly reviewed material matters in quarterly financial information and annual financial statements of Siam City Cement Public Company Limited and its subsidiaries, in collaboration with Management and External Auditors, ensuring compliance with Thai Financial Reporting Standards (TFRS) and alignment with International Financial Reporting Standards (IFRS). Discussions with the Management and External Auditors covered financial statements accuracy, disclosures, significant accounting adjustments, audit scope, adequacy of accounting practices, Key Audit Matters (KAM) and internal control assessments. To uphold financial reporting standards and protect stakeholders’ interests, the Audit Committee also met privately with the External Auditors to discuss audit approaches, the quarterly and annual audit plan, to identify any unusual transactions, reaffirm audit independence and to address sensitive issues. The External Auditors found no significant concerns or indication of fraud affecting the Company’s financial statements. The Audit Committee also monitored changes in accounting standards and reviewed Management’s financial analysis reports. Additionally, it approved non-audit services provided by the External Auditor to maintain External Auditor independence.

2. Review of Related Party Transactions and Potential Conflicts of Interest: The Audit Committee conducted quarterly reviews of related party transactions and those potentially conflicting with the Company’s interests to assess their necessity, reasonableness, adherence to arm’s-length terms, and transparency. They also confirmed alignment with the financial statements through the External Auditor and ensured timely disclosure to the SET.

3. Risk Management Process Review: The Audit Committee conducted quarterly assessments of the Company’s risk management processes to monitor principal risks and mitigation and encourage enhanced risk sensing through data-driven dashboards and scenario analysis.

4. Evaluation of Internal Controls and oversight of the Group Internal Audit and Compliance function: The Audit Committee had monthly meetings with the Group Internal Audit and Compliance department, as well as the Group Chief Executive Officer and Group Chief Financial Officer, to evaluate the effectiveness of internal controls. In addition, quarterly reviews were conducted with External Auditors. These assessments focused on business priorities, organizational efficiency, and the ongoing enhancement of the internal control system through training and awareness initiatives. Management’s responses to audit findings and recommendations satisfied the Audit Committee, which concluded that the organization maintained sufficient internal controls. The External Auditors also confirmed that there were no major deficiencies affecting the Company's financial statements. Furthermore, the Audit Committee examined and approved the Group Internal Audit and Compliance Annual Plan for 2026, including its budget.

5. Compliance with Governance and Regulatory Requirement: The Audit Committee ensured adherence to SEC, SET, and other applicable regulations by reviewing quarterly compliance reports and fostering strong corporate governance through training and communication initiatives, including e-learning programs. The Audit Committee also evaluated reports from the Company’s whistleblowing system (INSEE Speak Up) regarding external complaints, fraud investigations, and risk assessments, implementing preventive measures as needed. In addition, updates to the Governance, Risk, and Compliance (GRC) framework were reviewed, including revisions to the Manual of Authorities and the Policy Landscape across the group. In its oversight of Environmental, Social, and Governance (ESG) risks, compliance, and reporting, the Audit Committee promoted transparency and accountability by aligning ESG disclosures with global standards, validating ESG data through internal controls, and encouraging ethical business practices such as anti-corruption policies. The Audit Committee further promoted board and management accountability for ESG integration, embedding sustainability considerations into corporate strategy and risk management to strengthen long-term business resilience and stakeholder confidence.

6. Review of Corruption Risk and Anti corruption criteria: The Audit Committee conducted a review on the Company’s anti-corruption policy, practices, and anti-bribery guidelines to safeguard the Company’s interests, including the overall corruption risk assessment and the adequacy of key preventive and detective controls. The Committee also reviewed the effectiveness of reporting and whistleblowing mechanisms including whistleblower protection and the oversight of complaint-handling and investigation processes, together with ongoing anti-corruption communication and related external engagement, as applicable. Based on internal audit results, no significant weaknesses were identified; therefore, the Audit Committee is of the opinion that the Company maintains appropriate internal controls and adequate supervision in accordance with applicable anti-corruption criteria.

7. Appointment of External Auditors for 2026: The Audit Committee recommends the appointment of Ms. Kamontip Lertwitworatep and/or Ms. Sarinda Hirunprasurtwutti and/or Mr. Chayanut Metkunakorn of EY Office Limited as the Company’s External Auditors for 2026 with the audit fees for the Board’s concurrence and the shareholders’ approval at the AGM 2026.

In conclusion, the Audit Committee considers that the Company’s financial statements have been prepared in accordance with applicable financial reporting standards. The related party transactions were conducted at arm's length on standard commercial terms. Furthermore, risk management processes, internal controls, and governance systems were determined to be both adequate and efficient. This ensures that the Company maintains full compliance with all relevant regulations.