PART 1 NATURE OF BUSINESS
1. Policy and Business Overview

Business Description of the company

Tata Steel (Thailand) Public Company Limited, formerly known as
Millennium Steel Public Company Limited was established as a joint
venture project between N.T.S Company whose shares held by Horrungrueng
Group and SISCO and SCSC Company whose shares held by Siam Cement
Holding Limited.

The company operates its business as a Holding company with shareholding
in its three subsidiaries namely N.T.S, SISCO and SCSC. The three
subsidiaries produce rebars, wire rods, small section, and Special Bar
Quality Steel administered by a management team comprising of those
specialized in making steel from Tata Steel, India and a good knowledge
management team from N.T.S, SISCO and SCSC Company.

The company’s operation is undertaken as a group with the Company as the
top policy maker and the 3 subsidiaries are responsible for carrying out
the operation according to the prescribed policy of the Company with
regard to marketing, production plan, raw material sourcing, finance,
human resources management and other aspects of administration.

The Company’s major shareholder is the Tata Steel Global Holdings Pte.
Ltd. (“TSGH”), a wholly owned subsidiary of Tata Steel Limited (“TSL”),
and which operates its business as an investment company with its head
office at Singapore. TSL is a registered company incorporated under
Indian Laws and is among top three integrated steel producers of India.
Though TSL (Indian operations) is in the same industry as the Thailand
based Company, its product range is much more diversified and the
company caters to a wide group of customer. TSL also extends support to
TSTH in the business operations by providing assistance in technology,
knowhow, treasury, and finance, training of people and international
sales through its network of offices. Along with Singapore operations,
TSL drives the long products strategy in India & SE in an integrated
manner.

1.1 VISION and GOALS

VISION

Tata Steel (Thailand) aims to become a value creating enterprise for its
shareholders by strengthening presence in speciality and branded
products while sustaining market leadership in long products in Thailand

Customer Intimacy, Operations Excellence, Highest Standards of Corporate
Citizenship, Happy and Enthused Employees will be our areas of focus to
realize this Vision.

GOALS IN 2015

- Increase Return on Invested Capital (ROIC) to 12%
- Reduce Lost Time Injury Frequency (LTIF) to 0.4
- Maintain Carbon Dioxide (CO₂) emissions to less than 1.0 ton/ton of
liquid Steel
- In Top Quartile across all industries

1.2 Significant Developments

Previous significant profile and developments as follows:

+------+---+---------------------------------------------------------------+
| 2002 | - |                                                               |
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+------+---+---------------------------------------------------------------+
| 2004 | - |                                                               |
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+------+---+---------------------------------------------------------------+
| 2005 | - |                                                               |
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+------+---+---------------------------------------------------------------+
| 2006 | - |                                                               |
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|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      | “ |                                                               |
|      | T |                                                               |
|      | S |                                                               |
|      | T |                                                               |
|      | H |                                                               |
|      | ” |                                                               |
|      | . |                                                               |
+------+---+---------------------------------------------------------------+
| 2007 | - |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      | T |                                                               |
|      | h |                                                               |
|      | e |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
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|      | m |                                                               |
|      | p |                                                               |
|      | a |                                                               |
|      | n |                                                               |
|      | y |                                                               |
|      |   |                                                               |
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|      | a |                                                               |
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|      | a |                                                               |
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|      | ) |                                                               |
|      | . |                                                               |
+------+---+---------------------------------------------------------------+
| 2008 | - |                                                               |
|      |   |                                                               |
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|      | 0 |                                                               |
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|      | 2 |                                                               |
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|      |   |                                                               |
|      |   |                                                               |
|      | i |                                                               |
|      | t |                                                               |
|      | s |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      | n |                                                               |
|      | e |                                                               |
|      | t |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      | p |                                                               |
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|      | i |                                                               |
|      | t |                                                               |
|      | ) |                                                               |
|      | . |                                                               |
+------+---+---------------------------------------------------------------+
| 2009 | - |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      | T |                                                               |
|      | h |                                                               |
|      | e |                                                               |
|      |   |                                                               |
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|      |   |                                                               |
|      |   |                                                               |
|      | M |                                                               |
|      | i |                                                               |
|      | n |                                                               |
|      | i |                                                               |
|      |   |                                                               |
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|      | t |                                                               |
|      |   |                                                               |
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|      |   |                                                               |
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|      | A |                                                               |
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|      | i |                                                               |
|      | a |                                                               |
|      | . |                                                               |
+------+---+---------------------------------------------------------------+
| 2011 | - |                                                               |
|      |   |                                                               |
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|      |   |                                                               |
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|      | s |                                                               |
|      | . |                                                               |
|      |   |                                                               |
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|      | A |                                                               |
|      | T |                                                               |
|      | A |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
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|      | a |                                                               |
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|      |   |                                                               |
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|      | l |                                                               |
|      | a |                                                               |
|      | u |                                                               |
|      | n |                                                               |
|      | c |                                                               |
|      | h |                                                               |
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|      | d |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      | i |                                                               |
|      | n |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      | A |                                                               |
|      | u |                                                               |
|      | g |                                                               |
|      | u |                                                               |
|      | s |                                                               |
|      | t |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      |   |                                                               |
|      | 2 |                                                               |
|      | 0 |                                                               |
|      | 1 |                                                               |
|      | 1 |                                                               |
|      | . |                                                               |
+------+---+---------------------------------------------------------------+
| 2012 |   | -   The Company enters the Special Bar Quality steel market,  |
|      |   |     only producer of this product in Thailand.                |
|      |   |                                                               |
|      |   | -   The Company launches seismic resistant rebar for earth    |
|      |   |     quake prone areas, first time in Thailand.                |
+------+---+---------------------------------------------------------------+
| 2013 |   | -   The Company was recognized by the Stock Exchange of       |
|      |   |     Thailand for Outstanding CSR Award and CSRI Recognition   |
|      |   |     award.                                                    |
|      |   |                                                               |
|      |   | -   NTS Steel Group Plc., one of the subsidiaries has been    |
|      |   |     awarded with Prime Minister Safety award.                 |
+------+---+---------------------------------------------------------------+

Shareholding Structure

Policy on division of operation between companies within the group

The Company has a policy to allocate production at each of its
subsidiary with an objective to maximize contribution of the company as
a whole. The product mix is derived based on the technical and
production capability of each plant and specific decisions to roll a
particular product is based on the market needs and customer
requirements.

+----------------------------+-----------+-----------+----------------+
| Subsidiary                 | Paid up   | Business  | Product        |
|                            | Capital   | Type      |                |
|                            |           |           |                |
|                            | (Million  |           |                |
|                            | Baht)     |           |                |
|                            |           |           |                |
|                            | As at     |           |                |
|                            |           |           |                |
|                            | March 31, |           |                |
|                            | 2014      |           |                |
+----------------------------+-----------+-----------+----------------+
| N.T.S. Steel Group Plc.    | 4,627.96  | Ma        | Rebars and     |
| (“NTS”)                    |           | nufacture | wire rods      |
|                            |           | steel     |                |
+----------------------------+-----------+-----------+----------------+
| The Siam Iron and Steel    | 120.00    | Ma        | Wire rods and  |
| (2001) Co., Ltd. (“SISC”)  |           | nufacture | small sections |
|                            |           | steel     |                |
+----------------------------+-----------+-----------+----------------+
| The Siam Construction      | 1,750.00  | Ma        | Rebars         |
| Steel Co.,Ltd. (“SCSC”)    |           | nufacture |                |
|                            |           | steel     |                |
+----------------------------+-----------+-----------+----------------+

2. Nature of Business Performance

Structure of Revenue

The proportions of the Company’s revenue from the sales by product
lines, as produced by subsidiaries, are as follows:

[TABLE]

2.1 Type of products

1.  Reinforcement Bars (“Rebars”)

The product line consists of round bars and deformed bars with diameter
in size range 6-25 mm and 10-40 mm, respectively. The round bars are
produced in accordance with Thai Industrial Standards Institute (TIS)
No. 20-2543, grade quality: SR 24 and deformed bars are produced in
accordance with Thai Industrial Standards Institute (TIS) No. 24-2548,
grade quality SD 30, SD 40 and SD 50. Rebars are used by the
construction sector and primarily for reinforcement of concrete in
applications such as roads, bridges, footing, buildings, houses and
general use, etc.

Additionally, the Company developed and launched a new rebar product
suitable for seismic zones under the brand umbrella of TATA TISCON and
called it as Super Ductile rebars, with grade quality of SD 40 in
diameters of 10 to 40 mm The new rebar product complies with the
international quality standard and provides higher safety and protection
to the building structures in earthquake prone zones in and around
Thailand.

2. LOW CARBON WIRE RODS (“LCWR”)

LCWR is of grade quality: SWRM 6-22, SWRY11 and SWRCH6A-22A. The size
range is 5.5-16 mm and these are produced in accordance with Thai
Industrial Standards Institute (TIS) No. 348-2540, JIS G3503 (1980) and
JIS G3507 (1991) respectively. These are used as raw materials by the
wire industry who in turn make wire products for construction & General
Engineering sector for applications such as binding wire, nails, wire
mesh, galvanized wire, barbed wire, welding wire, cold drawn wire, screw
and nuts, etc.

3. HIGH CARBON WIRE RODS (“HCWR”)

HCWR conforms to : SWRH 27 - 82. The size range is 5.5 - 19 mm in
diameter and these are produced in accordance with Thai Industrial
Standards Institute (TIS) No. 349 - 2548. These are used as raw
materials by the wire industry for construction, such as PC wires and PC
strand, compression springs, extension springs, torsion springs, slings
etc.

4. SMALL SECTIONS

Small sections have various forms such as angles and channels. These are
produced in accordance with Thai Industrial Standards Institute (TIS)
No. 1227-2539, grade quality: SM400-570 and SS400-540. These products
serve as end use products in construction sector with applications such
as roof structures, electricity poles and billboards etc.

5. SPECIAL BARS QUALITY (“SBQ”)

SBQ is a round steel bar in plain carbon steel in the size range of 19 -
40 mm These are produced in accordance with JIS G3101 (1995) for SS400
grade for General Engineering applications. For special usage, SBQ is
produced to JIS G4051 (1979) spec in grades S10C - S50C. These products
serve Automotive and General Engineering sector.

6. CUT AND BEND (“CAB”)

Cut and Bend products are ready to use products for the construction
sector and have been developed for the customers to assist in time
saving, labor, transportation cost reduction and to provide better
yields. The raw material is rebars, which are then taken to a “Cut and
Bend” centre set up by the company for this purpose. After converting
into ready to use condition as per the designs given by the end
customers, the products are sent to the construction sites.

MANAGEMENT STANDARD SYSTEM

All the three subsidiaries of the Company namely SISCO, SCSC and NTS are
certified to ISO 9001:2008 (International Standard for quality
management system), ISO 14001:2004 (International Standard for the
environmental management system) and TIS 18001:2554 & OHSAS 18001:2007
(International Standard of occupational health and safety management
system).

Privileges through the BOI Program

The Company can enjoy certain privileges from the BOI and its
subsidiaries as of March 31, 2011 as follows:

+------------+-------------+-------------------------------------------+
|            | Production  | Privileges Received                       |
|            | Volume      |                                           |
|            |             |                                           |
|            | (tons per   |                                           |
|            | annum)      |                                           |
+------------+-------------+-------------------------------------------+
| NTS        | 500,000     | -   Tax exemption for 8 years for the net |
|            |             |     profit from the first income (April   |
| Phase II   | 500,000     |     2006 – April 2014)                    |
|            |             |                                           |
| MBF*       |             | -   Net loss incurred between 1^(st) –    |
|            |             |     8^(th) year can be realized against   |
|            |             |     taxable profits during the next 5     |
|            |             |     years.                                |
|            |             |                                           |
|            |             | -   Tax exemption for 8 years for the net |
|            |             |     profit from the first income          |
|            |             |     (November 2009 – November 2017)       |
|            |             |                                           |
|            |             | -   Net loss incurred between 1^(st) –    |
|            |             |     8^(th) year can be realized against   |
|            |             |     taxable profits during the next 5     |
|            |             |     years.                                |
+------------+-------------+-------------------------------------------+

* Mini Blast Furnace Project

2.2 Market Situation and Competition

Market

Domestic Market

1.  Rebars

The product is distributed through a network of dealers in Bangkok
metropolitan areas including in upcountry regions of Thailand. In terms
of direct sales by the company sales executives, the product is sold
directly to the contractors and project owners in greater Bangkok. Last
year, the Company was able to increase its sales volume through dealers
in upcountry provinces by 40% over the previous year, thereby
strengthening the position of TATA TISCON as the largest selling brand
in Thailand with total market share at 33% (increase from 29%). This
approach of selling in upcountry regions is unique and different from
the approach adopted by most competitors who focus on sales in Bangkok
metropolitan and its satellite areas. The sales volumes in these areas
are less volatile and product commands a higher premium than the next
best brand. In its endeavor to improve the product mix, last year the
Company emphasizes on the development of the new seismic resistant
rebar, TATA TISCON S Super Ductile for the upcountry market of Chiang
Mai. The product, first time in Thailand, was launched to provide the
customers with a new option to enhance safety of the building structures
in higher seismic zones. The product has been well received and efforts
are underway to increase the reach further to other high seismic zones.

2.  Wire Rods

LCWR, the low carbon wire rods category is supplied to the producers of
finished goods like nails, fences, mesh etc. The special wire rods like
HCWR Y11 and CHQ are supplied to the wire drawers who make finished
goods such as PC wire, PC strand, welding rods, electrodes fasteners,
tire bead wire and wire springs. These products are sold directly to the
customer accounts by sales team of the company.

3.  Small Sections

The existing distribution channel for this product is through the
dealers who in turn re-distribute this to the construction contractors
and fabricators.

4.  Special Bar Quality

The company sells directly to the manufacturers who, in turn, serve
automotive and general engineering sector and bright bar makers.

5.  Cut and Bend

This product is a special service provided to the contractors wherein a
custom shaped steel is supplied directly to the project site based on
the bar cut list schedule obtained from the customers. It can reduce
loss from cutting and bending at the project site while efficiency and
productivity can be improved with less labor expenses resulting in
saving of time.

Further, the Company has a plan in place to develop and introduce new
products regularly, especially the high-value special wire products in
automotive sector such as rod ER70S-6 wire for using as CO2 welding
wire; SWRH77B wire for producing motorcycle’s shock absorber; and 10B21,
10B22 wire for producing nuts and screws in automotive and construction
sectors.

Export Market

The company exports Rebars and Wire Rods to the neighboring countries
such as Laos, Myanmar, Cambodia, Vietnam, Indonesia and the Philippines
through existing and market specific distribution network, located in
the foreign country. The Company also exports rebars products to India
in consultation with Tata Steel India’s distribution network for TATA
TISCON rebars.

Proportion of production distribution

  ----------------------- -------------- ----------- ----------- ----------- -----------
  Distribution Channels   % to domestic                                      
                          distribution                                       
                          by FY                                              

                          2013-2014      2012-2013   2011-2012   2010-2011   2009-2010

  Direct Sales            36%            44%         47%         48%         43%

  TSTH Regional Dealers   15%            12%         13%         17%         19%

  TSTH Metro Dealers      49%            44%         40%         35%         38%

  Total                   100%           100%        100%        100%        100%
  ----------------------- -------------- ----------- ----------- ----------- -----------

Industry Outlook and Competition

Domestic Market

The Company’s competitors can be divided into two groups namely, the
manufacturers with Electric Arc Furnace (EAF) and Non-EAF manufacturers
or re-rollers. Those who have EAF, procure the feedstock “scrap” from
domestic and international sources as it is used as a raw material to
produce semi-finished goods i.e. billets, which in turn are used to
produce finished products i.e. rebars, wire rods, small sections and
special bars. Non EAF manufacturers or Re-rollers, on the other hand,
purchase billets from open market to produce the finished goods.

In terms of overall production capacity of the long steel industry, it
is estimated that the supply far outstrip the local demand since there
are many rebar producers in the market which results in severe
competition in the rebar category. As for the domestic wire rod
producers, while there are 3 to 4 local producers, the main competition
is from imported wire rods from China, Japan, South Korea. Since 2011,
there has been a significant surge of wire imports from the People’s
Republic of China. These products come in the category that allows
importers to save 5% customs duty and these products fetch a 9% tax
rebate from the Government of China for exporting alloy steel wire rods.
This has caused domestic customers of wire rods to shift to imports
causing partial to full closure of wire rod units in Thailand. The
problem is also faced by other SE Asian countries and respective
Governments have taken necessary steps to curb such imports. Government
of Thailand has assessed the issue and imposed anti-dumping duty ranging
from 5.17% to 34% in high carbon wire rod category on different Chinese
mills

The list of all long product producers in Thailand with their capacities
(as at 31 March, 2014)

  (Tons per annum)

+-------------------------+-----------+-----------+--------+----------+
| Company                 | P         |           |        | Melting  |
|                         | roduction |           |        | Capacity |
|                         | Capacity  |           |        |          |
|                         | of Long   |           |        |          |
|                         | Products  |           |        |          |
+-------------------------+-----------+-----------+--------+----------+
|                         | EAF       | Non-EAF   | Total  |          |
|                         |           |           |        |          |
|                         | Rolling   | Rolling   |        |          |
|                         | Capacity  | Capacity  |        |          |
+-------------------------+-----------+-----------+--------+----------+
| Tata Steel (Thailand)   | 1,700,000 | -         | 1,7    | 1        |
| (TSTH)                  |           |           | 00,000 | ,500,000 |
+-------------------------+-----------+-----------+--------+----------+
| Bangsaphan Barmill      | -         | 1,000,000 | 1,0    | -        |
| (BSBM)                  |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Bangkok Steel Industry  | 750,000   | -         | 7      | 360,000  |
| (BSI)                   |           |           | 50,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Bangkok Iron and Steel  | 500,000   | -         | 5      | 275,000  |
| Works (BISW)            |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Tycoon (TYCN)           | -         | 500,000   | 5      | -        |
|                         |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Burapa Steel (BRP) /    |           | 550,000   | 5      | 500,000  |
| MILLCON (MCST)          |           |           | 50,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| M Metal                 | 800,000   | -         | 8      | 300,000  |
|                         |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| BNNS Steel Group (BNNS) | 240,000   | -         | 2      | 250,000  |
|                         |           |           | 40,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Union Metal Limited     | 200,000   | -         | 2      | 420,000  |
| (UMC)                   |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Siam Steel Syndicate    | 200,000   | -         | 2      | 110,000  |
| (SSS)                   |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Triumph Steel (Triumph) | 120,000   | -         | 1      | 120,000  |
| / Paisarn Steel         |           |           | 20,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Thai Steel Bar (GS)     | 120,000   | -         | 1      | 120,000  |
|                         |           |           | 20,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Namheng Steel (NHS)     | 300,000   | -         | 3      | 300,000  |
|                         |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Thai Steel Profile      | -         | 320,000   | 3      | -        |
| (TSC)                   |           |           | 20,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Siam Yamato Steel (SYS) | 1,340,000 | -         | 1,3    | 1        |
|                         |           |           | 40,000 | ,400,000 |
+-------------------------+-----------+-----------+--------+----------+
| Nova Steel (NS)/ Nov PM | -         | 700,000   | 7      | -        |
| Steel                   |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Prapadaeng Shape Steel  | -         | 1,000,000 | 1,0    | -        |
|                         |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| BP Wire Rods (BPWR)     | -         | 600,000   | 6      | -        |
|                         |           |           | 00,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Kasemsak Trading (KST)  | 180,000   | -         | 1      | 100,000  |
|                         |           |           | 80,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Others                  | -         | 1,978,000 | 1,9    | 132,000  |
|                         |           |           | 78,000 |          |
+-------------------------+-----------+-----------+--------+----------+
| Total Capacity          | 6,450,000 | 6,648,000 | 13,0   | 5        |
|                         |           |           | 98,000 | ,852,000 |
+-------------------------+-----------+-----------+--------+----------+

Source: Iron and Steel Institute of Thailand (ISIT)

International Market – Export

The company is engaged in exports to ASEAN countries like Laos, Myanmar,
Cambodia, Vietnam, Indonesia and Philippines, including exports of
rebars products to India, in order to increase its net revenues. A good
distribution network set up has helped the company to achieve good
prices for its brand TATA TISCON in neighboring countries. Since we
maintain a consistent presence, we get repeat business from our loyal
customers in ASEAN. The competition is mainly from local domestic mills
and China. Export amount for about 10% of Company’s total sales.

Industry Outlook

2013 was a challenging year for the global steel industry with apparent
steel use growth at the slowest rate since 2009. This was mainly due to
the Eurozone crisis which persisted throughout the year 2013 and whose
impact was felt in the poor volume off take and price volatility. Global
steelmakers continued to witness supply growth outpacing demand, with
capacity utilization rates remaining consistently below 80%. Subdued
steel prices and a slowdown in demand growth from China continued to
weigh on the global steel sector in 2012. Apparent steel use in China,
the largest steel producer and consumer, is expected to grow by 3% in
2014 following a 6% increase in 2013. However, underlying demand in the
EU is expected to improve following the expected economic recovery in
2014.

Steel demand in the SE region recovered rapidly in 2013 and registered a
robust 4.6% growth over 2012. The region is expected to show a similar
growth in 2014. However, Capacity utilization remains the major concern
for steel producers in the region exacerbated by unabated low priced
imports from China. SE Asian countries have approached their respective
Governments to support the local producers by imposing AD investigations
against such imports.

Thailand’s economy in 2013 experienced slow economic growth in later
half of the year due to political instability causing a delay in
government investment, as well as lack of confidence in economic
situation from the private sector and slow down of FDI pending for clear
national solution. As a result, there is a growth of 2.9% over last
year. This was reflected in the steel demand growth of 4.5% with total
steel consumption touching 17.7 million tons in 2013. The rate of
domestic consumption rises from 262 kilograms/person/year in 2012 to 274
kg/person/year in 2013. (Source: Iron and Steel Institute of Thailand)

Total long product domestic consumption

  ------------- ---------------------------- ----------------------------
  Year          Long Products (Million Ton)  Growth (%)

  2013          5.93                         5%

  2012          5.64                         18%

  2011          4.76                         3%

  2010          4.62                         12%
  ------------- ---------------------------- ----------------------------

Source: Iron and Steel Institute of Thailand

Steel Industry outlook for the year 2014-2015

Due to political issues and delay in government investment projects in
2014, GDP of Thailand is expected to grow only by 0 to 3.5%. Much of
this growth will be due to the growth in infrastructure projects and
export sector following the trends in Europe and the United States. The
low inflation rate and stable interest rate regime has caused a steady
flow of FDI into Thailand. Exports continue to be the forex earners for
Thailand. Consequently, domestic steel consumption is expected to cross
18 million Tons in 2014, an increase of around 2.5% over 2013. In terms
of long products, the growth of domestic consumption is expected to
cross 6.1 million tons showing a growth of around 2% over last year. The
increased imports from China remain the biggest concern since these
imports cause pressure on volume and price for the domestic producers.

2.3 Procurement

Tata steel Thailand Procurement Division

Procurement Division of Tata Steel (Thailand) is responsible for the
purchase of metallic scrap, steel billets, raw materials, goods for
maintenance, repair and operations (MRO Goods), services and inbound
logistics. The team consists of around 50 professionals, located at the
Bangkok Head Office and at three plant sites in Chonburi (NTS), Saraburi
(SISCO) and Rayong (SCSC).

Procurement division focuses on sourcing appropriate quality of products
and services within required lead time to match with the inventory and
production plan of the company so as to maximize value and benefit to
the company.

Production capacity of Tata Steel (Thailand)

+-----------------------------+---------+---------+---------+---------+
|                             | NTS     | SISC    | SCSC    |   Total |
+-----------------------------+---------+---------+---------+---------+
| Capacity (tons per annum)   |         |         |         |         |
+-----------------------------+---------+---------+---------+---------+
| - Rebars                    | 400,000 | -       | 500,000 | 900,000 |
+-----------------------------+---------+---------+---------+---------+
| - Wire rods                 | 400,000 | 230,000 | -       | 630,000 |
+-----------------------------+---------+---------+---------+---------+
| - Small Sections            | -       | 170,000 | -       | 170,000 |
+-----------------------------+---------+---------+---------+---------+
| Total capacity              | 800,000 | 400,000 | 500,000 | 1,      |
|                             |         |         |         | 700,000 |
+-----------------------------+---------+---------+---------+---------+

  Source: Tata Steel (Thailand) Plc.
  With the total finished goods production of 1,282,500 Ton, the
  production capacity utilization for the period ending in March, 2014
  stood at 75%.

Procurement team in consultation with Supply Chain department regularly
forecasts product and service requirements to maintain inventory level
suitable for production plan and support production process continually
at the same time.

The local sourcing strategy is aligned to the procurement strategy of
the Tata Steel Group and derives synergy in the market place by
leveraging the Group procurement model. In addition, Tata Steel
(Thailand) is focused on continuous improvement in procurement processes
by implementing dedicated Procurement strategies per spend-category,
increasing strategic sourcing contract coverage and enhancing supplier
relationship management for select strategic vendors and categories.
Automation of repetitive order items is an integral part of these change
processes, aimed at reducing costs and time, which in turns allows for
better engagement on strategic sourcing. This has been made possible due
to development of suitable processes, techniques and people over a
period of time.

Within Tata Steel Group which comprise of Tata Steel Limited, Tata Steel
Europe, Nat Steel and Tata Steel (Thailand), procurement process is
managed by recognized global standards or Procurement Operating Model
(POM). Procurement strategy is consistent within the Tata Steel Group
and has improved continuously over a period of time. The company
recognizes the value of sourcing quality products and service and
simultaneously keeps good relationships with vendors and stakeholders.
Procurement team has implemented Supplier Relationship Project with
strategic vendors to improve processes in collaboration with entire
value chain namely suppliers, procurement team and end users. This
facilitates regular exchange of knowledge and best practices across the
stakeholders leading to reduction in system cost.

Tata Steel (Thailand) sources raw materials and products both from
domestic market and through import by focusing on the quality at
reasonable price. Proportion of domestic and import supply is
approximately 75 percent and 25 percent respectively. Share of domestic
buying is higher due to shorter lead time, lower transportation costs
and to avoid risk due to fluctuation in currency exchange rate.

Scrap and other raw materials like Ferro Alloys account for a
significant share of the production cost. Therefore, Tata Steel Group
has set up lead buys that provide guidance, share information and
practices on strategic buying approach to the respective scrap and raw
material buyers.

Risk Factors

1. Metallic and Raw material price fluctuations

The main raw material for the production process is scrap, where price
changes based on demand and supply from both domestic and import route.
Scrap demand in Thailand is about 6.2 million ton per year while supply
capacity is about 5.5 million ton per year. Thus Thailand has to import
approximately 0.7 million ton scrap every year (data as of 2013). As
scrap accounts for almost 70% of the product cost, any fluctuation in
its price has significant impact on the profitability. To mitigate this
risk, Tata Steel (Thailand) has developed integrated planning models
that facilitate close working between sourcing of raw material and
marketing of finished products to respond quickly to changes in market
place. The process also supports the system inventory planning.
Procurement team through its strong relationship channels with the
suppliers and in the market forecast the price movement. The company
operates on a lean inventory to minimize the impact of steep price
fluctuation in scrap.

2. Fluctuation of currency exchange rate

The proportion of import (raw material and other products) is about 25%
of the total spend for the company. Close liaison between the
procurement team and Finance department helps to plan appropriate
financial tool to hedge the risk of fluctuation in foreign exchange.

3. Consistency in quality and quantity of raw materials

One of the major risk in steel manufacturing process is the fluctuation
in quality of raw materials specially ferro alloys. This is because
ferro alloys cannot be easily substituted. This product is freely traded
across the world and hence prices vary. Tata Steel Group has reduced the
risk by setting up Lead buy through Singapore, India, Thailand and
Europe to follow a consistent strategy within the Group and combine
purchase volume to enjoy higher bargaining power. In the process, only
reliable suppliers are contracted thereby reducing the risk of
inconsistency in quality and to ensure that required quantities are
always available.

For other raw materials such as Natural gas which is used as fuel in
production process, Tata Steel (Thailand) has entered into a long term
contract with a leading company in Thailand. This ensures adequate
quantity, required quality and stable price of fuel to the manufacturing
sites.

4. Labor shortage

The company engages two types of labor at the manufacturing sites:
skilled and general worker. For skilled , Tata Steel (Thailand) has
established labor policies as regular employees providing staff
training, welfare and emphasizing on safety awareness in the workplace.
The company has policy about other benefits such as overtime wages and
additional compensation due to working in a hazardous environment (dust,
smoke or heat). These facilitate building up employee motivation and
skill development thereby increasing plant productivity.

For general workers, Tata Steel (Thailand) outsources contractor and has
policy related to accident insurance. However, this category of labor is
getting scarce in Thailand due to economic development of the country.
Therefore, Tata steel Thailand compliments the shortage of general
workers by engaging legal workers from nearby countries such as Myanmar,
Laos and Cambodia to ensure that plant operations are not hampered due
to manpower shortage.

Structure of Tata Steel (Thailand) Procurement

Procurement Division of the company is organized as per spend in major 5
functions, focusing on different spend categories described as under:

1. Metallics

This represents over 75% of the total spend of Tata Steel (Thailand).
Sub categories include domestic scrap, imported scrap and billets, in
different grades. Basic strategy is to maximize domestic scrap sourcing
and procure imported scrap in close co-operation with the global Tata
Steel Group Procurement network. During 2013, Tata Steel (Thailand) has
supplied domestic scrap accounting for almost 80% of the total scrap.
Strategic partners play an important role in meeting scrap requirement
of the company and service approximately 50% of total scrap volume.
Moreover, the domestic scrap supply market is segmented in several
vendor segments and the Metallic procurement team has developed tailored
commercial strategies for these segments, thereby supporting the overall
Metallic procurement strategy to drive optimum Value-In-Use at each of
the three plants.

2. Maintenance Repairs and Operation Goods

This department is predominantly working on sourcing (technical) MRO
Goods, including Graphite Electrodes, Bearings, Rolls, Fuel and Fluid
Systems, Water Treatment System, Natural Gases, Filter, Belt-Chain and
etc. These categories typically require close co-operation between
(plant) engineers and the procurement team.

3. Raw Materials, Inbound Logistics and Cooperate Services

Raw Materials team handles the procurement of Ferro Alloys, Refractory
and other additives used in the Electric Arc Furnace. Most of these
items are sourced in close cooperation with Hubs in India, Singapore, UK
and the Netherlands. Key strategy is to find the right source of supply
with optimum value and price combination suitable for Tata Steel
(Thailand) operations.

Inbound Logistics and related services are structured to handle import
cargoes. This team works in close co-operation with the Tata Steel Group
Shipping & Logistics team. Key goal is to manage inbound logistics in
such a way that all cargoes reach the end users on time, with optimal
costs in the safe manner.

4. Plant Procurement

Many service and supply activities pertain to the day to day operations
of the plants. Therefore, Tata Steel (Thailand) has assigned a
department to serve the internal end users with smooth and flexible
procurement processes. The department has the staff stationed at the
plant sites, which allows close collaboration and ensures highest
service levels to meet and exceed the internal customer's expectations.

5. Procurement Development and Support

In order to bring alignment with Tata Steel Group procurement policy,
Procurement Development and Support is structured to develop and improve
working process, master data maintenance and communicate procurement
information in a clear and transparent manner to internal and external
stakeholders.

Procurement Vision and Code of Conduct

Tata Steel (Thailand) has adopted Tata Code of Conduct (TCOC) and
therefore drives strict compliance to the TCOC clauses across the
procurement function. Some of the principles have been embedded as a
"standard" across the Group Procurement details of which are as given
below:

• Ensure a single face to the market

• Maximize value and innovation through our supplier & end user
relationships

• Seek contract relationship that represents fair value for all
stakeholders

• Align and integrate our objectives with those of our end users in the
development of sourcing strategy

• To support deployment and use of common tools and standards across
procurement

• To facilitate compliance across the business entities

• Maintain highest level of ethical standards, transparency in dealing
and compliance to the Code of Conduct

Environmental Impacts

Tata Steel (Thailand) has set up policies to control suppliers and
business partners to recognize and comply with environmental laws
including the rules and regulations prescribed by legal. Presently, the
Company has no legal dispute or lawsuits relating to environment
problems.

2.4 Work related to project or high value of purchases and sales pending
the delivery

- Not Applicable -

3. Risk Factors

At Tata Steel (Thailand), Risk management framework is an integral part
of the Planning Process to enable organizational sustainability and the
key business drivers are an integral part of management review process.
Company has adopted a Risk Governance structure, which promotes a
forward looking approach to risk management. This approach enables the
Company to counter and mitigate various risks and simultaneously allows
it to pursue underlying opportunities for the benefit of the business.

Being an enterprise in the steel business, quite expectedly, the company
encounters several risks in its business operations. Accordingly, a risk
portfolio matrix has been developed consisting of all known business
risks, followed up with a detailed analysis of business environment,
market condition and organizational capabilities. All attributes along
with key learning in various functions are collated, undergoes a series
of deliberation during executive committee meetings, validated through
appropriate adequacy checks, and a mitigation strategy is evolved. The
prioritization process along with functional implementation of specific
assignments ensures effectiveness of the overall objective.

Since the last quarter of 2013, Thailand has seen political turmoil
adversely affecting business sentiments and GDP of the country. To tide
over the prolonged political uncertainty, the company has focused on
following key areas i.e. building relationship with customer & supplier
through cross functional team, cost control and tight working capital
management. This has helped the company to stay more flexible and agile
there by enabling the company to respond to customer & business
requirements in a more efficient manner.

1. Market Risk

Like any other country, the Thai steel industry is vulnerable to the
cyclical swings in the market demand and price volatility that stems
from input raw materials as well as finished goods. Since, long products
are predominantly consumed by the construction segment, GDP growth has a
direct impact on the demand volatility. Further, Thailand promotes free
trade regime and as such supply situation is severely influenced by
imports leading to increased volatility in the finished goods prices.
Even though the apparent steel consumption has seen an upward trend but
most of this increase has been through continued growth in steel
imports.

The company has taken concrete steps to mitigate the adverse effect of
the market risk by focusing on having a “branded” play in one of the
main product lines. Further, the company has steadily increased its
presence in upcountry market as well as in neighboring countries. Along
with consistent product quality the company has also focused on service
levels. Better service levels have ensured availability of required SKUs
at the right time, right place & right quantity. The listening posts
with customers are kept active to understand the customer needs in a
more comprehensive manner.

On strategic front, new product development process has a robust
mechanism to capture the specific customer requirement and proactively
design such products to meet the customer specific needs. Development of
such products is supported by the technical expertise that the company
has from the resources at the local and Tata Steel Group level. The
technical expertise also provides inputs to customer to improve their
operation there by providing complete solutions.

2. Risk of Raw Material Supply

Being 100% raw material dependent, like any other steel company, TSTH
does have to address the risk arising from volatility in quantity and
prices of input materials. Post MBF moth ball, the risk exposure of TSTH
is limited to scrap. A mitigation approach of the company has built
relationship with network of domestic vendors, its approach in the
supply space to bring reliability in domestic collections. Apart from
this, the company has also enhanced domestic scrap collection through
yard management with key partners. Imports also provide a hedge to the
risk since a timely contracting can help address both quantity and
quality risk. TSTH has made significant strides in last two year in this
area and has taken assistance of the resources at the Tata Steel Group
level.

3. Risks Associated with MBF

Mini blast furnace project at NTS was commissioned to attain an enriched
mix. However, the continued high prices of coke and iron ore compelled
the company to mothball the furnace in August 2011. By ensuring a proper
maintenance, the company has addressed the potential risk of problems in
restart. All relationships with partner suppliers have been managed well
in this period of mothball.

4. Health, Safety and Environment Risks

Like any other steel making operation, the steel making operation has an
inherent safety and workplace environment risk. While, steel operations
per se do not involve hazardous materials, the operations are at high
temperature and heavy loads are involved. Since, the steel plant has
manning of contractor and own employees, it is essential to have a
comprehensive safety management program. Accordingly, the company has
implemented Safety Excellence Management program across all its three
plants. In particular, the new Fatality Risk Control Program (FRCP) has
helped in identifying the commonly accepted unsafe practices and
effective countermeasures have been put in place accordingly. The
positive isolation implementation is the fool proof mechanism to
eliminate possibility of any unsafe incidence due to man machine
interface. In FY’2014 Prime Minister Safety Excellence Award was given
to NTS & certificates to SCSC and SISC. To further strengthen the safety
process the company has started capturing and reporting of near miss
incidents. The “zero tolerance” approach has enabled rigorous
implementation of contractor management safety initiatives to strengthen
safe working practices in all outsourced activities. The safety
excellence has also been extended to corporate offices wherein regular
safety drills and training is carried out to bring in safety awareness
and engagement.

The Company and its subsidiaries accord high priority to utilize
resources effectively and efficiently with appropriate environmental
management regulation to minimize adverse impact to the community.
Industrial Estate Authority of Thailand (IEAT) and Department of Primary
Industries and Mines, Ministry of Industry has recognized efforts of NTS
and SCSC on environment front. The main raw material used across all
three locations is ferrous scrap and is fully recyclable. Company has
adopted TPM framework and under loss structure reporting, employees
identify the areas of wastage and implement project to minimize the
energy consumption. Company conducts yearly energy audit by experts from
Tata Steel Group. This enables appropriate warning system for any
related risk.

5. Human Resource Risks

Operating out of industrial zone and in the low unemployment region of
Bangkok, the company faces an obvious risk of attrition particularly in
operating grade and supervisory grade employees. To an extent, the risk
is self-mitigating in nature due to high churn experienced by almost all
industries. However, the company provides career growth opportunities as
well as extensive personnel development programs on functional and
managerial needs to improve the competency level of employees thereby
inducing loyalty. Last year, a new initiative “LOT” (Leaders of
tomorrow) was introduced to give a fast track career growth opportunity
to employees for their development. In addition, Knowledge management
system and IT related systems are used to retain the tacit and expressed
knowledge thereby mitigating the risk associated with loss of critical
resources. Deployment of best practices through working at operating
site has been initiated.

6. Risk of Foreign Exchange Volatility

The volatility in foreign exchange leads to potential business
profitability risk in view of the increased ‘buy base’ from
international markets. Albeit small when compared with the total
business revenues of the company, the Forex volatility is being
addressed through a Hedging mechanism in line with a structured hedging
strategy, monitored by the Regional Treasury Committee, with update to
Board on quarterly basis.

7. Risks Associated with Natural Calamity

Due to its location in 4 different geographies, the company’s inherent
risk to natural calamity is relatively moderate. During the floods in
FY’2012, SISC plant at Saraburi stayed protected though had to be closed
due to flooding of employee areas. The other two plants are in East of
Thailand and as such relatively safe. However, the company is aware of
the risk associated with operating in industrial area and has
accordingly taken extensive insurance coverage related to natural
calamity and all industrial risks. The company does emergency handling
procedures at all its facilities, and a structured periodical ‘mock
drills’ are done to ensure effectiveness of such procedures. Disruption
to business operation is effectively addressed by flexible supply chain
management and switching operation amongst the three production units.

4. Operating Assets

4.1 Property, plant and equipment used in business activities for the
Company and its subsidiaries

As of March 31, 2014, property, plant and equipment used in business
activities can be summarized as below:

+----------------------+-------------+-----------+---------------------+
| Type of Asset        | Proprietary | Book      | Obligation          |
|                      | righ        | Value     |                     |
|                      | t/ownership |           |                     |
|                      |             | (Baht     |                     |
|                      |             | million)  |                     |
+----------------------+-------------+-----------+---------------------+
|   1. Land and land   | Ownership   | 837.10    | See detail by each  |
|   improvement        |             |           | Company             |
+----------------------+-------------+-----------+---------------------+
|   2. Buildings and   | Ownership   | 1,823.21  | See detail by each  |
|   structures         |             |           | Company             |
+----------------------+-------------+-----------+---------------------+
|   3. Machinery and   | Ownership   | 5,635.01  | See detail by each  |
|   Equipment          |             |           | Company             |
+----------------------+-------------+-----------+---------------------+
|   4. Work in         | Ownership   | 21.50     | See detail by each  |
|   progress           |             |           | Company             |
+----------------------+-------------+-----------+---------------------+
|   5. Others          | Ownership   | 42.55     | See detail by each  |
|                      |             |           | Company             |
+----------------------+-------------+-----------+---------------------+
|   6. Allowance for   |             | (         |                     |
|   impairment on      |             | 2,939.71) |                     |
|   plant and          |             |           |                     |
|   equipment          |             |           |                     |
+----------------------+-------------+-----------+---------------------+
| Total                |             | 5,419.66  |                     |
+----------------------+-------------+-----------+---------------------+

Details of operating assets can be categorized by each Company as
follows:

Tata Steel (Thailand) Public Company Limited (“TSTH”)

+----------------------+-------------+-----------+---------------------+
| Type of Asset        | Proprietary | Book      | Obligation          |
|                      | righ        | Value     |                     |
|                      | t/ownership |           |                     |
|                      |             | (Baht     |                     |
|                      |             | million)  |                     |
+----------------------+-------------+-----------+---------------------+
|   1. Work in         | Ownership   | -         | - None -            |
|   progress           |             |           |                     |
+----------------------+-------------+-----------+---------------------+
|   2. Others          | Ownership   | 11.16     | - None -            |
+----------------------+-------------+-----------+---------------------+
| Total                |             | 11.16     |                     |
+----------------------+-------------+-----------+---------------------+

N.T.S. Steel Group Public Company Limited (“NTS”)

+----------------------+-------------+-----------+---------------------+
| Type of Asset        | Proprietary | Book      | Obligation          |
|                      | righ        | Value     |                     |
|                      | t/ownership | (Baht     |                     |
|                      |             | million)  |                     |
+----------------------+-------------+-----------+---------------------+
|   1. Land and land   | Ownership   | 837.10    | Mortgaged           |
|   improvement        |             |           |                     |
+----------------------+-------------+-----------+---------------------+
|   2. Buildings and   | Ownership   | 1,478.37  | Mortgaged           |
|   structures         |             |           |                     |
+----------------------+-------------+-----------+---------------------+
|   3. Machinery and   | Ownership   | 5,237.07  | Mortgaged           |
|   Equipment          |             |           |                     |
+----------------------+-------------+-----------+---------------------+
|   4. Work in         | Ownership   | 3.40      | - None -            |
|   progress           |             |           |                     |
+----------------------+-------------+-----------+---------------------+
|   5. Others          | Ownership   | 20.31     | - None -            |
+----------------------+-------------+-----------+---------------------+
|   6. Allowance for   |             | (         |                     |
|   impairment on      |             | 2,939.71) |                     |
|   plant and          |             |           |                     |
|   equipment          |             |           |                     |
+----------------------+-------------+-----------+---------------------+
| Total                |             | 4,636.54  |                     |
+----------------------+-------------+-----------+---------------------+

The Siam Iron and Steel (2001) Company Limited (“SISC”)

+---------------------------+------------+---------+-----------------+
| Type of Asset             | P          | Book    | Obligation      |
|                           | roprietary | Value   |                 |
|                           | right      | (Baht   |                 |
|                           | /ownership | m       |                 |
|                           |            | illion) |                 |
+---------------------------+------------+---------+-----------------+
|   1. Land and land        | Ownership  | 0.00    | - None -        |
|   improvement             |            |         |                 |
+---------------------------+------------+---------+-----------------+
|   2. Building and         | Ownership  | 47.03   | Mortgaged       |
|   structures              |            |         |                 |
+---------------------------+------------+---------+-----------------+
|   3. Machinery and        | Ownership  | 99.31   | Mortgaged       |
|   Equipment               |            |         |                 |
+---------------------------+------------+---------+-----------------+
|   4. Work in progress     | Ownership  | 2.88    | - None -        |
+---------------------------+------------+---------+-----------------+
|   5. Others               | Ownership  | 4.94    | - None -        |
+---------------------------+------------+---------+-----------------+
| Total                     |            | 154.16  |                 |
+---------------------------+------------+---------+-----------------+

The Siam Construction Steel Company Limited (“SCSC”)

  ------------------------------ ----------------- ---------- ----------------
  Type of Asset                  Proprietary       Book value Obligation
                                 right/ownership   (Baht      
                                                   million)   

  1. Land and land improvement   Ownership         0.00       - None -

  2. Building and structures     Ownership         297.81     Mortgaged

  3. Machinery and Equipment     Ownership         298.64     Mortgaged

  4. Work in progress            Ownership         15.22      - None -

  5. Others                      Ownership         6.13       - None -

  Total                                            617.80      
  ------------------------------ ----------------- ---------- ----------------

Remark : Land, building and structures and Machinery of subsidiaries,
which are NTS, SISC and SCSC, were mortgaged for long-term loan and
working capital between TSTH and Siam Commercial Bank Public Company
Limited in the amount of Baht 6,870 million , TSTH and Bangkok Bank
Public Company Limited of Baht 5,930 million, respectively.

5. Legal Dispute

As of March 31, 2014, the Company and its subsidiaries which include
NTS, SISC and SCSC had no legal dispute, neither as plaintiff nor
defender, that have not yet been finalized in the following 3 cases:

1)  No legal dispute or law suits which may have adverse impact to the
    assets of the Company or its subsidiaries in the amount of exceeding
    5% of the shareholders’ equity.

2)  No legal dispute or law suits which may have material effect to the
    operations of business of the Company or its subsidiaries.

3)  No legal dispute or law suits arising from the normal operation of
    the business of the Company and its subsidiaries.

6. General Information

+---------------+---+-----------------+------+--------------------------+
| Company’s     | : | Tata Steel      |      |                          |
| name          |   | (Thailand)      |      |                          |
|               |   | Public Company  |      |                          |
|               |   | Limited         |      |                          |
|               |   |                 |      |                          |
|               |   | (Formerly known |      |                          |
|               |   | as : Millennium |      |                          |
|               |   | Steel Public    |      |                          |
|               |   | Company Limited |      |                          |
|               |   | or “MS”)        |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Registration  | : | 0107545000136   |      |                          |
| No.           |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Business Type | : | Manufacturer    |      |                          |
|               |   | and distributor |      |                          |
|               |   | of long steel   |      |                          |
|               |   | products.       |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Securities    | : | TSTH            |      |                          |
| Trading       |   |                 |      |                          |
| Symbol        |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| ISIN Number   | : | Local           |      |                          |
|               |   | TH0692010000    |      |                          |
|               |   |                 |      |                          |
|               |   | Foreign         |      |                          |
|               |   | TH0692010018    |      |                          |
|               |   |                 |      |                          |
|               |   | NVDR            |      |                          |
|               |   | TH0692010R12    |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Established   | : | July 12, 2002   |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Listing Date  | : | November 29,    |      |                          |
|               |   | 2002            |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Trading Date  | : | December 18,    |      |                          |
|               |   | 2002            |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Head Office   | : | Rasa Tower 2,   |      |                          |
|               |   | 20^(th) Floor,  |      |                          |
|               |   |                 |      |                          |
|               |   | 555             |      |                          |
|               |   | Phaholyothin    |      |                          |
|               |   | Road,           |      |                          |
|               |   |                 |      |                          |
|               |   | Chatuchak,      |      |                          |
|               |   | Bangkok 10900,  |      |                          |
|               |   | Thailand        |      |                          |
|               |   |                 |      |                          |
|               |   | Tel. 66 (2)     |      |                          |
|               |   | 937-1000 Fax.   |      |                          |
|               |   | 66 (2) 937-1224 |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Website       | : | ht              |      |                          |
|               |   | tp://www.tatast |      |                          |
|               |   | eelthailand.com |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Authorized    | : | 8,421,540,848   |      |                          |
| Capital/      |   | Baht            |      |                          |
|               |   |                 |      |                          |
| Paid Up       |   |                 |      |                          |
| Capital       |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Ordinary      | : | 8,421,540,848   |      |                          |
| Shares        |   | shares          |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Par Value     |   | 1.00 Baht per   |      |                          |
|               |   | share           |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Registrar     | : | Thailand        |      |                          |
|               |   | Securities      |      |                          |
|               |   | Depository      |      |                          |
|               |   | Company Limited |      |                          |
|               |   |                 |      |                          |
|               |   | 4, 6 -7^(th)    |      |                          |
|               |   | Floor, The      |      |                          |
|               |   | Stock Exchange  |      |                          |
|               |   | of Thailand     |      |                          |
|               |   | Building        |      |                          |
|               |   |                 |      |                          |
|               |   | 62              |      |                          |
|               |   | Ratchadapisek   |      |                          |
|               |   | Road,           |      |                          |
|               |   | Klongtoey,      |      |                          |
|               |   | Bangkok 10110,  |      |                          |
|               |   | Thailand        |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   | Tel. 66 (2)     | Fax  |                          |
|               |   | 229-2800        | 66   |                          |
|               |   |                 | (2)  |                          |
|               |   |                 | 35   |                          |
|               |   |                 | 9-12 |                          |
|               |   |                 | 62-3 |                          |
+---------------+---+-----------------+------+--------------------------+
| Auditors      | : | Ms. Thanawan    | (C   |                          |
|               |   | Anuratbodee     | erti |                          |
|               |   |                 | fied |                          |
|               |   |                 | Pu   |                          |
|               |   |                 | blic |                          |
|               |   |                 | Ac   |                          |
|               |   |                 | coun |                          |
|               |   |                 | tant |                          |
|               |   |                 | Regi |                          |
|               |   |                 | stra |                          |
|               |   |                 | tion |                          |
|               |   |                 | No.3 |                          |
|               |   |                 | 440) |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   | Deloitte Touche |      |                          |
|               |   | Tohmatsu Jaiyos |      |                          |
|               |   | Audit Co., Ltd. |      |                          |
|               |   |                 |      |                          |
|               |   | Rajanakarn      |      |                          |
|               |   | Building, 25th  |      |                          |
|               |   | Floor, 183      |      |                          |
|               |   | South Sathorn   |      |                          |
|               |   | Road, Yannawa,  |      |                          |
|               |   | Sathorn,        |      |                          |
|               |   | Bangkok, 10120, |      |                          |
|               |   | Thailand        |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   | Tel. 66 (2)     | Fax  |                          |
|               |   | 676-5700        | 66   |                          |
|               |   |                 | (2)  |                          |
|               |   |                 | 676- |                          |
|               |   |                 | 5757 |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Corporate     | : | Mrs. Arisara Na |      |                          |
| C             |   | Ranong          |      |                          |
| ommunications |   |                 |      |                          |
|               |   | Tel. 66 (2)     |      |                          |
| and Activity  |   | 937-1000 Ext.   |      |                          |
|               |   | 2420 Fax 66 (2) |      |                          |
|               |   | 937-1224        |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   | Email :         |      |                          |
|               |   | arisaran@tatast |      |                          |
|               |   | eelthailand.com |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   |                 |      |                          |
+---------------+---+-----------------+------+--------------------------+
| Investor      | : | Miss Pratana    |      |                          |
| Relations     |   | Sinhaneti       |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   | Tel. 66 (2)     |      | Fax 66 (2) 937-1224      |
|               |   | 937-1000 Ext.   |      |                          |
|               |   | 1460            |      |                          |
+---------------+---+-----------------+------+--------------------------+
|               |   | Email :         |      |                          |
|               |   | pratanas@tatast |      |                          |
|               |   | eelthailand.com |      |                          |
+---------------+---+-----------------+------+--------------------------+

Subsidiaries Profile (As of March 31, 2014)

N.T.S. Steel Group Public Company Limited

Registration No. 0107536001273

Business Type Manufacturer of bars, rebars and wire rods

Established October 4, 1988

Factory No. 351, Moo 6, 331 Highway,

  Hemaraj Chonburi Industrial Estate, Bowin,

  Sriracha, Chonburi 20230

  Tel. 66 (3) 834-5355 Fax. 66 (3) 834-5350

Paid Up Capital 4,627,965,356.40 Baht

Par Value 1.20 Baht

Held by TSTH 99.76 %

The Siam Construction Steel Company Limited

Registration No. 0105532094348

Business Type Manufacturer of rebars

Established October 4, 1989

Factory Plot I-23, Map Ta Phut Industrial Estate,

  Ampher Muang, Rayong 21150

  Tel. 66 (3) 868-3968 Fax. 66 (3) 868-3969

Paid Up Capital 1,750,000,000.00 Baht

Par Value 100 Baht

Held by TSTH 99.99 %

The Siam Iron and Steel (2001) Company Limited

Registration No. 0105544085276

Business Type Manufacturer of wire rods and small sections

Established September 3, 2001

Factory No. 49 Moo 11, Tambon Bang Khamode,

  Ampher Ban Mor, Saraburi 18270

  Tel. 66 (3) 628-8000 Fax. 66 (3) 628-8002

Paid Up Capital 120,000,000.00 Baht

Par Value 100 Baht

Held by TSTH 99.99 %

Remarks[] 3 Subsidiaries Head Office: Rasa Tower 2, 20th Floor, 555
Phaholyothin Road, Chatuchak, Bangkok 10900, Thailand Tel. 66 (2)
937-1000 Fax. 66 (2) 937-1224