7. Capital Structure

TSTH’s securities

On March 31, 2012, the registered capital of the Company is Baht
11,025,579,573, the paid-up capital is Baht 8,421,540,848, divided into
8,168,767,623 shares of the ordinary share and 252,773,225 shares of the
preferred share, with a par value of Baht 1.

For the rights attaching to the preferred shares are as follows :

1.  The preferred shares are eligible to convert into ordinary shares at
    any time within the duration of 11 years from the effective date
    (November 29, 2002), or shall be forced conversion at the 11^(th)
    anniversary date or unless the preferred shareholders sell/transfer
    its shares, whenever each circumstance first arises. In this regard,
    the conversion ratio of preferred shares to the ordinary shares is
    1:1.

2.  The preferred shareholders are equally entitled to vote and receive
    its dividend as the ordinary shareholders are entitled.

3.  The preferred shareholders are eligible to receive the value from
    liquidation in the first priority to the ordinary shareholders.

4.  The Company is entitled to redeem its preferred shares from any
    holders if the surplus in cash flow arises with the redemption price
    based on conversion price per share of Baht 1.87 and the additional
    Baht 1.30 per share plus the interest calculated from the conversion
    price from the effective date, until the redemption date at MLR.

In addition, the Company has issued the warrants totaling 2,604,038,725
units, which the ordinary shares have been allotted as a reserve for the
exercise as shown below:

The 2 type of warrants are tenure up to 10 years. The warrant holders
can exercise such warrants in every last business day of each quarter,
with the expiry date ending on December 1, 2012. Currently, none of the
warrants holder has exercised its right to purchase the ordinary share.

History and Development of capital increase and decrease including
paid-up capital of the Company is shown below:

+----------+----------+---------+------------+------------------------+
| D/M/Y    | Re       | I       | After      | Transaction            |
|          | gistered | ncrease | Increase   |                        |
|          | Capital  | (De     | (Decrease) |                        |
|          |          | crease) | Capital    |                        |
|          | (Baht    |         |            |                        |
|          | million) | (Baht   | (Baht      |                        |
|          |          | m       | million)   |                        |
|          |          | illion) |            |                        |
+----------+----------+---------+------------+------------------------+
| July 12, | Ordinary | 0.01    | 0.01       | Established with its   |
| 2002     | share    |         |            | initial capital of     |
|          |          |         |            | Baht 10,000, divided   |
|          | Baht     |         |            | into the ordinary      |
|          | 10,000   |         |            | share of 10,000 shares |
|          |          |         |            | with a par value of    |
|          | P        |         |            | Baht 1. Its paid-up    |
|          | referred |         |            | capital was Baht       |
|          | share    |         |            | 10,000 divided into    |
|          |          |         |            | 10,000, ordinary       |
|          | -None-   |         |            | shares                 |
+----------+----------+---------+------------+------------------------+
| August   | Ordinary | 0.01    | 0.01       | Increased its          |
| 1, 2002  | share    |         |            | registered capital     |
|          |          |         |            | from Baht 10,000 to    |
|          | 6,729.44 |         |            | Baht 8,813.12 million  |
|          |          |         |            | divided into 6,729.44  |
|          | P        |         |            | million ordinary       |
|          | referred |         |            | shares and 2,083.68    |
|          | share    |         |            | million preferred      |
|          |          |         |            | shares with a par      |
|          | 2,083.68 |         |            | value of Baht 1. The   |
|          |          |         |            | paid-up capital is     |
|          |          |         |            | Baht 10,000, divided   |
|          |          |         |            | into 10,000 ordinary   |
|          |          |         |            | shares                 |
+----------+----------+---------+------------+------------------------+
| November | Ordinary | O       | Ordinary   | Issued the ordinary    |
| 29, 2002 | share    | rdinary | share      | shares and preferred   |
|          |          | share   |            | shares totaling        |
|          | 6,729.44 |         | 1,851.62   | 2,639.92 million       |
|          |          | 1       |            | shares to right        |
|          | P        | ,851.62 | Preferred  | offering for existing  |
|          | referred |         | share      | NTS’s shareholders,    |
|          | share    | Pr      |            | divided into 1,851.62  |
|          |          | eferred | 788.30     | million ordinary       |
|          | 2,083.68 | share   |            | shares and 788.30      |
|          |          |         |            | million preferred      |
|          |          | 788.30  |            | shares with a par      |
|          |          |         |            | value of Baht 1. Its   |
|          |          |         |            | paid-up capital was    |
|          |          |         |            | Baht 2,639.92 million  |
+----------+----------+---------+------------+------------------------+
| December | Ordinary | O       | Ordinary   | Issued the ordinary    |
| 2, 2002  | share    | rdinary | share      | shares and preferred   |
|          |          | share   |            | shares totaling        |
|          | 6,729.44 |         | 3,394.18   | 2,805.54 million       |
|          |          | 1       |            | shares to right        |
|          | P        | ,542.56 | Preferred  | offering for CHC,      |
|          | referred |         | share      | McDonald and MCL as    |
|          | share    | Pr      |            | detailed below:        |
|          |          | eferred | 2,051.28   |                        |
|          | 2,083.68 | share   |            | -   Issued the         |
|          |          |         |            |     ordinary shares of |
|          |          | 1       |            |     1,542.56 million   |
|          |          | ,262.98 |            |     shares and         |
|          |          |         |            |     preferred shares   |
|          |          |         |            |     of 895.38 million  |
|          |          |         |            |     shares to CHC with |
|          |          |         |            |     a par value of     |
|          |          |         |            |     Baht 1             |
|          |          |         |            |                        |
|          |          |         |            | -   Issued the         |
|          |          |         |            |     preferred shares   |
|          |          |         |            |     totaling 367.60    |
|          |          |         |            |     million shares to  |
|          |          |         |            |     McDonald and MCL.  |
|          |          |         |            |                        |
|          |          |         |            | Its paid-up capital    |
|          |          |         |            | was Baht 5,445.46      |
|          |          |         |            | million.               |
+----------+----------+---------+------------+------------------------+

+----------+----------+---------+------------+------------------------+
|          |          | Paid-up |            | Transaction            |
|          |          | capital |            |                        |
+----------+----------+---------+------------+------------------------+
| D/M/Y    | Re       | I       | After      |                        |
|          | gistered | ncrease | Increase   |                        |
|          | Capital  | (De     | (Decrease) |                        |
|          |          | crease) | Capital    |                        |
|          | (Baht    |         |            |                        |
|          | million) | (Baht   | (Baht      |                        |
|          |          | m       | million)   |                        |
|          |          | illion) |            |                        |
+----------+----------+---------+------------+------------------------+
| December | Ordinary | -       | Ordinary   | The preferred          |
| 9,       | share    |         | share      | shareholders converted |
| 2002 -   |          |         |            | its 447.53 million     |
| August   | 7,097.04 |         | 3,841.71   | preferred shares to    |
| 29, 2003 |          |         |            | the ordinary shares in |
|          | P        |         | Preferred  | the conversion ratio   |
|          | referred |         | share      | of 1:1. Accordingly,   |
|          | share    |         |            | its total paid-up      |
|          |          |         | 1,603.75   | capital was Baht       |
|          | 1,716.08 |         |            | 5,445.46 million.      |
|          |          |         |            |                        |
|          |          |         |            | Amendment of the       |
|          |          |         |            | Clause 4 of the        |
|          |          |         |            | Memorandum of          |
|          |          |         |            | Association of the     |
|          |          |         |            | Company to be in line  |
|          |          |         |            | with the conversion of |
|          |          |         |            | preferred shares       |
|          |          |         |            | amounting 367.60       |
|          |          |         |            | million shares.        |
+----------+----------+---------+------------+------------------------+
| October  | Ordinary | O       | Ordinary   | Second issuance of     |
| 16 and   | share    | rdinary | share      | newly issued shares    |
| 20, 2003 |          | share   |            | amounting to 132.60    |
|          | 7,097.04 |         | 3,974.31   | million shares to      |
|          |          | 132.60  |            | existing shareholders, |
|          | P        |         | Preferred  | up to 62.08 million    |
|          | referred |         | share      | shares, and to CHC as  |
|          | share    |         |            | private placement, up  |
|          |          |         | 1,603.75   | to 70.52 million       |
|          | 1,716.08 |         |            | shares pursuant to the |
|          |          |         |            | merger agreement, with |
|          |          |         |            | a par value of Baht 1. |
|          |          |         |            | Total paid-up capital  |
|          |          |         |            | was Baht 5,578.06      |
|          |          |         |            | million.               |
+----------+----------+---------+------------+------------------------+
| December | Ordinary |         | Ordinary   | The preferred          |
| 23, 2003 | share    |         | share      | shareholders converted |
|          |          |         |            | its 3.34 million       |
|          | 7,097.04 |         | 3,977.65   | preferred shares to    |
|          |          |         |            | the ordinary shares in |
|          | P        |         | Preferred  | the conversion ratio   |
|          | referred |         | share      | of 1:1. Accordingly,   |
|          | share    |         |            | its total paid-up      |
|          |          |         | 1,600.41   | capital was Baht       |
|          | 1,716.08 |         |            | 5,578.06 million.      |
+----------+----------+---------+------------+------------------------+
| December | Ordinary | -       | Ordinary   | Amendment of the       |
| 30       | share    |         | share      | Clause 4 of the        |
|          |          |         |            | Memorandum of          |
| and 31,  | 7,138.91 |         | 3,977.65   | Association of the     |
| 2003     |          |         |            | Company to be in line  |
|          | P        |         | Preferred  | with the above         |
|          | referred |         | share      | transaction as         |
|          | share    |         |            | follows:               |
|          |          |         | 1,600.41   |                        |
|          | 1,603.75 |         |            | -   Conversion of      |
|          |          |         |            |     preferred shares   |
|          |          |         |            |     to ordinary shares |
|          |          |         |            |     up to 79.93        |
|          |          |         |            |     million shares.    |
|          |          |         |            |                        |
|          |          |         |            | -   Reduction of       |
|          |          |         |            |     unissued shares    |
|          |          |         |            |     and unallotted for |
|          |          |         |            |     the convertible    |
|          |          |         |            |     debenture and      |
|          |          |         |            |     warrants up to     |
|          |          |         |            |     70.46 million      |
|          |          |         |            |     shares. (38.06     |
|          |          |         |            |     million ordinary   |
|          |          |         |            |     shares, 32.4       |
|          |          |         |            |     million preferred  |
|          |          |         |            |     shares).           |
|          |          |         |            |                        |
|          |          |         |            | Its registered capital |
|          |          |         |            | was 8,742.66 million   |
|          |          |         |            | shares with its        |
|          |          |         |            | paid-up capital of     |
|          |          |         |            | 5,578.06 million       |
|          |          |         |            | shares.                |
+----------+----------+---------+------------+------------------------+

+----------+----------+---------+------------+------------------------+
|          |          | Paid-up |            | Transaction            |
|          |          | Capital |            |                        |
+----------+----------+---------+------------+------------------------+
| D/M/Y    | Re       | I       | After      |                        |
|          | gistered | ncrease | Increase   |                        |
|          | Capital  | (De     | (Decrease) |                        |
|          |          | crease) | Capital    |                        |
|          | (Baht    |         |            |                        |
|          | million) | (Baht   | (Baht      |                        |
|          |          | m       | million)   |                        |
|          |          | illion) |            |                        |
+----------+----------+---------+------------+------------------------+
| January  | Ordinary | -       | Ordinary   | Amendment of the       |
| 5, 2004  | share    |         | share      | Clause 4 of the        |
|          |          |         |            | Memorandum of          |
|          | 9,138.91 |         | 3,977.65   | Association of the     |
|          |          |         |            | Company to be in line  |
|          | P        |         | Preferred  | with the increase of   |
|          | referred |         | share      | registered capital of  |
|          | share    |         |            | the Company amounting  |
|          |          |         | 1,600.41   | Baht 2,000 million     |
|          | 1,603.75 |         |            | from Baht 8,742.66     |
|          |          |         |            | million to Baht        |
|          |          |         |            | 10,724.66 million,     |
|          |          |         |            | divided into the newly |
|          |          |         |            | issued ordinary shares |
|          |          |         |            | of 2,000 million       |
|          |          |         |            | shares with a par      |
|          |          |         |            | value of Baht 1. The   |
|          |          |         |            | total paid-up capital  |
|          |          |         |            | was Baht 5,578.06      |
|          |          |         |            | million.               |
+----------+----------+---------+------------+------------------------+
| January  | Ordinary | -       | Ordinary   | The preferred          |
| 13,      | share    |         | share      | shareholders converted |
|          |          |         |            | its 12.06 million      |
| 2004     | 9,138.91 |         | 3,989.71   | preferred shares to    |
|          |          |         |            | the ordinary shares in |
|          | P        |         | Preferred  | the conversion ratio   |
|          | referred |         | share      | of 1:1. Accordingly,   |
|          | share    |         |            | its total paid-up      |
|          |          |         | 1,588.35   | capital was Baht       |
|          | 1,603.75 |         |            | 5,578.06 million.      |
+----------+----------+---------+------------+------------------------+
| February | Ordinary | O       | Ordinary   | Existing ordinary      |
| 13, 2004 | share    | rdinary | share      | shareholders and       |
|          |          | share   |            | preferred shareholders |
|          | 9,138.91 |         | 4,168.09   | as of January 9, 2004  |
|          |          | 178.38  |            | exercised their right  |
|          | P        |         | Preferred  | to purchase the newly  |
|          | referred |         | share      | issued shares in the   |
|          | share    |         |            | proportion of 10       |
|          |          |         | 1,588.35   | existing shares held   |
|          | 1,603.75 |         |            | to 1 new share at the  |
|          |          |         |            | exercise price set to  |
|          |          |         |            | be Baht 2.30 per       |
|          |          |         |            | share, totaling 178.38 |
|          |          |         |            | million shares. The    |
|          |          |         |            | total paid-up capital  |
|          |          |         |            | was Baht 5,756.44      |
|          |          |         |            | million.               |
+----------+----------+---------+------------+------------------------+
| April    | Ordinary | -       | Ordinary   | Amendment of the       |
| 22, 2004 | share    |         | share      | Clause 4 of the        |
|          |          |         |            | Memorandum of          |
|          | 9,154.31 |         | 4,168.09   | Association of the     |
|          |          |         |            | Company to be in line  |
|          | P        |         | Preferred  | with the conversion of |
|          | referred |         | share      | preferred shares       |
|          | share    |         |            | amounting 15.40        |
|          |          |         | 1,588.35   | million shares.        |
|          | 1,588.35 |         |            |                        |
+----------+----------+---------+------------+------------------------+
| October  | Ordinary | -       | Ordinary   | The preferred          |
| 19,      | share    |         | share      | shareholders converted |
|          |          |         |            | its 4.27 million       |
| 2004     | 9,154.31 |         | 4,172.36   | preferred shares to    |
|          |          |         |            | the ordinary shares in |
|          | P        |         | Preferred  | the conversion ratio   |
|          | referred |         | share      | of 1:1. Accordingly,   |
|          | share    |         |            | its total paid-up      |
|          |          |         | 1,584.08   | capital was Baht       |
|          | 1,588.35 |         |            | 5,756.44 million.      |
+----------+----------+---------+------------+------------------------+

+----------+----------+---------+------------+------------------------+
|          |          | Paid-up |            | Transaction            |
|          |          | Capital |            |                        |
+----------+----------+---------+------------+------------------------+
| D/M/Y    | Re       | I       | After      |                        |
|          | gistered | ncrease | Increase   |                        |
|          | Capital  | (De     | (Decrease) |                        |
|          |          | crease) | Capital    |                        |
|          | (Baht    |         |            |                        |
|          | million) | (Baht   | (Baht      |                        |
|          |          | m       | million)   |                        |
|          |          | illion) |            |                        |
+----------+----------+---------+------------+------------------------+
| November | Ordinary | O       | Ordinary   | CHC, a convertible     |
| 30, 2004 | share    | rdinary | share      | debenture holder,      |
|          |          | share   |            | converted its          |
|          | 9,154.31 |         | 4,591.08   | convertible debenture  |
|          |          | 418.72  |            | up to 5,903.86 units,  |
|          | P        |         | Preferred  | each of which was      |
|          | referred |         | share      | valued at Baht         |
|          | share    |         |            | 100,000, to the        |
|          |          |         | 1,584.07   | ordinary shares        |
|          | 1,588.35 |         |            | amounting to 418.72    |
|          |          |         |            | million shares at the  |
|          |          |         |            | conversion price of    |
|          |          |         |            | Baht 1.41:1 ordinary   |
|          |          |         |            | share. The total       |
|          |          |         |            | paid-up capital was    |
|          |          |         |            | Baht 6,175.15 million. |
+----------+----------+---------+------------+------------------------+
| February | Ordinary | -       | Ordinary   | The preferred          |
| 18, 2005 | share    |         | share      | shareholders converted |
|          |          |         |            | its 12.30 million      |
|          | 9,154.31 |         | 4,603.37   | preferred shares to    |
|          |          |         |            | the ordinary shares in |
|          | P        |         | Preferred  | the conversion ratio   |
|          | referred |         | share      | of 1:1. Accordingly,   |
|          | share    |         |            | its total paid-up      |
|          |          |         | 1,571.78   | capital was Baht       |
|          | 1,588.35 |         |            | 6,175.15 million.      |
+----------+----------+---------+------------+------------------------+
| April    | Ordinary | -       | Ordinary   | Amendment of the       |
| 22, 2005 | share    |         | share      | Clause 4 of the        |
|          |          |         |            | Memorandum of          |
|          | 9,170.88 |         | 4,603.37   | Association of the     |
|          |          |         |            | Company to be in line  |
|          | P        |         | Preferred  | with the conversion of |
|          | referred |         | share      | preferred shares       |
|          | share    |         |            | amounting 16.57        |
|          |          |         | 1,571.78   | million shares.        |
|          | 1,571.78 |         |            |                        |
+----------+----------+---------+------------+------------------------+
| December | Ordinary | -       | Ordinary   | The preferred          |
| 20, 2005 | share    |         | share      | shareholders converted |
|          |          |         |            | its 900.39 million     |
|          | 9,170.88 |         | 5,503.76   | preferred shares to    |
|          |          |         |            | the ordinary shares in |
|          | P        |         | Preferred  | the conversion ratio   |
|          | referred |         | share      | of 1:1. Accordingly,   |
|          | share    |         |            | its total paid-up      |
|          |          |         | 671.39     | capital was Baht       |
|          | 1,571.78 |         |            | 6,175.15 million.      |
+----------+----------+---------+------------+------------------------+
| December | Ordinary | O       | Ordinary   | CHC, a convertible     |
| 21, 2005 | share    | rdinary | share      | debenture holder       |
|          |          | share   |            | converted its convert  |
|          | 9,170.88 |         | 5,645.61   | its debenture up to    |
|          |          | 141.84  |            | 2,000 units, each of   |
|          | P        |         | Preferred  | which was valued at    |
|          | referred |         | share      | Baht 100,000 to the    |
|          | share    |         |            | ordinary shares        |
|          |          |         | 671.39     | amounting to 141.84    |
|          | 1,571.78 |         |            | million shares at the  |
|          |          |         |            | conversion price of    |
|          |          |         |            | Baht 1.41:1 ordinary   |
|          |          |         |            | share. The total       |
|          |          |         |            | paid-up capital was    |
|          |          |         |            | Baht 6,317 million.    |
+----------+----------+---------+------------+------------------------+
| January  | Ordinary | -       | Ordinary   | The preferred          |
| 10,      | share    |         | share      | shareholders converted |
|          |          |         |            | its 18.45 million      |
| 2006     | 9,170.88 |         | 5,664.06   | preferred shares to    |
|          |          |         |            | the ordinary shares in |
|          | P        |         | Preferred  | the conversion ratio   |
|          | referred |         | share      | of 1:1. Accordingly,   |
|          | share    |         |            | its total paid-up      |
|          |          |         | 652.94     | capital was Baht 6,317 |
|          | 1,571.78 |         |            | million.               |
+----------+----------+---------+------------+------------------------+

+----------+----------+---------+------------+------------------------+
|          |          | Paid-up |            | Transaction            |
|          |          | Capital |            |                        |
+----------+----------+---------+------------+------------------------+
| D/M/Y    | Re       | I       | After      |                        |
|          | gistered | ncrease | Increase   |                        |
|          | Capital  | (De     | (Decrease) |                        |
|          |          | crease) | Capital    |                        |
|          | (Baht    |         |            |                        |
|          | million) | (Baht   | (Baht      |                        |
|          |          | m       | million)   |                        |
|          |          | illion) |            |                        |
+----------+----------+---------+------------+------------------------+
| February | Ordinary | -       | Ordinary   | Amendment of the       |
| 17, 2006 | share    |         | share      | Clause 4 of the        |
|          |          |         |            | Memorandum of          |
|          | 1        |         | 5,664.06   | Association of the     |
|          | 0,089.72 |         |            | Company to be in line  |
|          |          |         | Preferred  | with the conversion of |
|          | P        |         | share      | preferred shares       |
|          | referred |         |            | amounting 918.84       |
|          | share    |         | 652.94     | million shares.        |
|          |          |         |            |                        |
|          | 652.94   |         |            |                        |
+----------+----------+---------+------------+------------------------+
| February | Ordinary | -       | Ordinary   | Reduction of the       |
| 20, 2006 | share    |         | share      | registered capital     |
|          |          |         |            | from Baht 10,742.66    |
|          | 8,268.10 |         | 5,664.06   | million to Baht        |
|          |          |         |            | 8,921.04 million by    |
|          | P        |         | Preferred  | way of reduction of    |
|          | referred |         | share      | unissued shares and    |
|          | share    |         |            | unalloted for the      |
|          |          |         | 652.94     | convertible debenture  |
|          | 652.94   |         |            | and warrants up to     |
|          |          |         |            | 1,821.62 shares.       |
+----------+----------+---------+------------+------------------------+
| February | Ordinary | -       | Ordinary   | Increase of the        |
| 22, 2006 | share    |         | share      | registered capital     |
|          |          |         |            | from Baht 8,921.04     |
|          | 1        |         | 5,664.06   | million to Baht        |
|          | 0,372.64 |         |            | 11,025.58 million by   |
|          |          |         | Preferred  | issuing up to 2,104.54 |
|          | P        |         | share      | million shares with a  |
|          | referred |         |            | par value of Baht 1    |
|          | share    |         | 652.94     |                        |
|          |          |         |            |                        |
|          | 652.94   |         |            |                        |
+----------+----------+---------+------------+------------------------+
| February | Ordinary | -       | Ordinary   | The preferred          |
| 23, 2006 | share    |         | share      | shareholders converted |
|          |          |         |            | its 18.09 million      |
|          | 1        |         | 5,682.15   | preferred shares to    |
|          | 0,372.64 |         |            | the ordinary shares in |
|          |          |         | Preferred  | the conversion ratio   |
|          | P        |         | share      | of 1:1. Accordingly,   |
|          | referred |         |            | its total paid-up      |
|          | share    |         | 634.85     | capital was Baht       |
|          |          |         |            | 6,317.00 million.      |
|          | 652.94   |         |            |                        |
+----------+----------+---------+------------+------------------------+
| March    | Ordinary | -       | Ordinary   | The preferred          |
| 21, 2006 | share    |         | share      | shareholders converted |
|          |          |         |            | its 41.68 million      |
|          | 1        |         | 5,723.83   | preferred shares to    |
|          | 0,372.64 |         |            | the ordinary shares in |
|          |          |         | Preferred  | the conversion ratio   |
|          | P        |         | share      | of 1:1. Accordingly,   |
|          | referred |         |            | its total paid-up      |
|          | share    |         | 593.17     | capital was Baht       |
|          |          |         |            | 6,317.00 million.      |
|          | 652.94   |         |            |                        |
+----------+----------+---------+------------+------------------------+
| March    | Ordinary | O       | Ordinary   | Issuance of newly      |
| 22, 2006 | share    | rdinary | share      | issued shares          |
|          |          | share   |            | amounting to 2,104.54  |
|          | 1        |         | 7,828.37   | million shares to Tata |
|          | 0,372.64 | 2       |            | Steel as its private   |
|          |          | ,104.54 | Preferred  | placement basis with a |
|          | P        |         | share      | par value of Baht 1.   |
|          | referred |         |            | Total paid-up capital  |
|          | share    |         | 593.17     | was Baht 8,421.54      |
|          |          |         |            | million.               |
|          | 652.94   |         |            |                        |
+----------+----------+---------+------------+------------------------+
| May 2,   | Ordinary | -       | Ordinary   | Amendment of the       |
| 2006     | share    |         | share      | Clause 4 of the        |
|          |          |         |            | Memorandum of          |
|          | 1        |         | 7,828.37   | Association of the     |
|          | 0,432.41 |         |            | Company to be in line  |
|          |          |         | Preferred  | with the conversion of |
|          | P        |         | share      | preferred shares       |
|          | referred |         |            | amounting 59.77        |
|          | share    |         | 593.17     | million shares.        |
|          |          |         |            |                        |
|          | 593.17   |         |            |                        |
+----------+----------+---------+------------+------------------------+

+----------+----------+---------+------------+------------------------+
|          |          | Paid-up |            | Transaction            |
|          |          | Capital |            |                        |
+----------+----------+---------+------------+------------------------+
| D/M/Y    | Re       | I       | After      |                        |
|          | gistered | ncrease | Increase   |                        |
|          | Capital  | (De     | (Decrease) |                        |
|          |          | crease) | Capital    |                        |
|          | (Baht    |         |            |                        |
|          | million) | (Baht   | (Baht      |                        |
|          |          | m       | million)   |                        |
|          |          | illion) |            |                        |
+----------+----------+---------+------------+------------------------+
| May 16,  | Ordinary | -       | Ordinary   | The preferred          |
| 2008     | share    |         | share      | shareholders converted |
|          |          |         |            | its 340.40 million     |
|          | 7,828.37 |         | 8,168.77   | preferred shares to    |
|          |          |         |            | the ordinary shares in |
|          | P        |         | Preferred  | the conversion ratio   |
|          | referred |         | share      | of 1:1. Accordingly,   |
|          | share    |         |            | its total paid-up      |
|          |          |         | 252.77     | capital was Baht       |
|          | 593.17   |         |            | 8,421.54 million.      |
+----------+----------+---------+------------+------------------------+

Shareholders

The major shareholders of the Company at last book closing date on June
1, 2012

+---+-----------------------+---------+---------+----------+-------+
| N | Name                  | Amount  |         |          | Perce |
| o |                       | of      |         |          | ntage |
| . |                       | shares  |         |          | of    |
|   |                       |         |         |          | The   |
|   |                       |         |         |          |       |
|   |                       |         |         |          | Total |
|   |                       |         |         |          | S     |
|   |                       |         |         |          | hares |
+---+-----------------------+---------+---------+----------+-------+
|   |                       | O       | Pr      | Total    |       |
|   |                       | rdinary | eferred |          |       |
+---+-----------------------+---------+---------+----------+-------+
| 1 | TATA STEEL GLOBAL     | 5,718,  | 0       | 5,718    | 67.90 |
|   | HOLDINGS PTE. LTD.    | 472,083 |         | ,472,083 |       |
+---+-----------------------+---------+---------+----------+-------+
| 2 | MR. VEERAPHAN         | 408,    | 0       | 408      | 4.84  |
|   | THEEPSUWAN            | 013,300 |         | ,013,300 |       |
+---+-----------------------+---------+---------+----------+-------+
| 3 | BANGKOK BANK PLC.     | 43,     | 252,    | 296      | 3.52  |
|   |                       | 277,571 | 773,225 | ,050,796 |       |
+---+-----------------------+---------+---------+----------+-------+
| 4 | THAI NVDR CO., LTD.   | 116,    | 0       | 116      | 1.38  |
|   |                       | 014,884 |         | ,014,884 |       |
+---+-----------------------+---------+---------+----------+-------+
| 5 | SOCIAL SECURITY       | 107,    | 0       | 107      | 1.28  |
|   | OFFICE (2 CASES)      | 414,400 |         | ,414,400 |       |
+---+-----------------------+---------+---------+----------+-------+
| 6 | MR. VIROJ UNGPAIBOON  | 87,     | 0       | 87       | 1.03  |
|   |                       | 000,001 |         | ,000,001 |       |
+---+-----------------------+---------+---------+----------+-------+
| 7 | DR. KANOKKAEW VIRAVAN | 86,     | 0       | 86       | 1.03  |
|   |                       | 542,300 |         | ,542,300 |       |
+---+-----------------------+---------+---------+----------+-------+
| 8 | PERSHING LLC          | 73,     | 0       | 73       | 0.87  |
|   |                       | 424,985 |         | ,424,985 |       |
+---+-----------------------+---------+---------+----------+-------+
| 9 | KASIKORN BANK PCL.    | 52,     | 0       | 52       | 0.62  |
|   |                       | 302,017 |         | ,302,017 |       |
+---+-----------------------+---------+---------+----------+-------+
| T |                       | 6,575,  | 252,    | 6,945    | 82.47 |
| o |                       | 465,512 | 773,225 | ,234,766 |       |
| t |                       |         |         |          |       |
| a |                       |         |         |          |       |
| l |                       |         |         |          |       |
+---+-----------------------+---------+---------+----------+-------+
| 1 | Other Shareholders    | 1,476,  | 0       | 1,476    | 17.53 |
| 1 | (total number of      | 306,082 |         | ,306,082 |       |
|   | 7,191)                |         |         |          |       |
+---+-----------------------+---------+---------+----------+-------+
| G |                       | 8,168,  | 252,    | 8,421    | 100   |
| r |                       | 767,623 | 773,225 | ,540,848 |       |
| a |                       |         |         |          |       |
| n |                       |         |         |          |       |
| d |                       |         |         |          |       |
| T |                       |         |         |          |       |
| o |                       |         |         |          |       |
| t |                       |         |         |          |       |
| a |                       |         |         |          |       |
| l |                       |         |         |          |       |
+---+-----------------------+---------+---------+----------+-------+

-   A subsidiary that is instituted by SET, for issue a trading
    instrument called “Non-Voting Depository Receipt (NVDR)”. The main
    purpose of NVDRs is to stimulate trading activities in the Thai
    stock market. Investors are able to receive all financial benefits
    as those who invest directly in a company’s ordinary shares without
    the restriction of foreign limited. However there is no any
    restriction of foreign limited on TSTH shares.

-   As at June 1, 2011, TSTH has 7,528 of Non-Strategic Shareholders
    (Free Float), is equivalent to 2,449,899,733 of ordinary shares,
    calculated from the total ordinary shares of 8,168,767,623 or 29.99%
    .

Dividend payment policies of the Company and its subsidiaries

The Company has the policy for the dividend payment to the shareholders
at the rate of not exceeding 40% of net profit after tax (after
deduction of legal reserve) of consolidated financial statements by
considering the relevant factors which shall not cause significant
effects to the Company’s business operation. Such factors are such as
the operation performance, financial status, the Company’s solvency, the
business expansion, the obligations to complete the debts service
according to the Company’s restructuring loan agreements as well as
other loan agreements including any other factors relevant to the
business operation of the Company. The consideration shall be consistent
with the concept of maximizing long-term benefit for the shareholders
but it shall also be subject to the approval from the Board of Directors
and/or the Shareholders’ meeting.

Dividend Policy of subsidiaries takes into account of each subsidiary’s
operating results; that is, a dividend will be declared when the
subsidiaries are able to general an adequate amount of the net profit
and no retained deficits are reported. In addition, the subsidiaries
refer to major factors mentioned earlier in consideration of a dividend
payment.

The history of dividend payment is as follows:

+------------+----------+-----------+---------+----------+-----------+
| Details    | Net      | Net       | Number  | D        | Dividend  |
|            | profit   | profit/   | of      | ividend/ | payout    |
|            | (Million | share     | shares  | share    | ratio     |
|            | Baht)    | (Baht)    | (M      |          | (Percent) |
|            |          |           | illion) | (Baht)   |           |
+------------+----------+-----------+---------+----------+-----------+
| FY         | 850      | 0.00      | 8       | 0        | 0         |
| 2011-2012  |          |           | ,421.54 |          |           |
+------------+----------+-----------+---------+----------+-----------+
| FY         | 35       | 0.00      | 8       | 0        | 0         |
| 2010-2011  |          |           | ,421.54 |          |           |
+------------+----------+-----------+---------+----------+-----------+
| FY         | 41       | 0.00      | 8       | 0        | 0         |
| 2009-2010  |          |           | ,421.54 |          |           |
+------------+----------+-----------+---------+----------+-----------+
| FY         | 130      | 0.02      | 8       | 0        | 0         |
| 2008-2009  |          |           | ,421.54 |          |           |
+------------+----------+-----------+---------+----------+-----------+
| FY         | 3,391    | 0.40      | 8       | 0.076    | 20        |
| 2007-2008  |          |           | ,421.54 |          |           |
+------------+----------+-----------+---------+----------+-----------+
| FY 2007⁽²⁾ | 44       | 0.01      | 8       | 0        | 0         |
|            |          |           | ,421.54 |          |           |
+------------+----------+-----------+---------+----------+-----------+
| FY 2006⁽¹⁾ | 708      | 0.09      | 8       | 0.03     | 38        |
|            |          |           | ,421.54 |          |           |
+------------+----------+-----------+---------+----------+-----------+

Remarks : ⁽¹⁾ Starting from January 1, 2007, TSTH changed its accounting
policy for its investment from the Equity Method to Cost Method. This
adjustment caused difference in reporting net profit (PAT) between the
Separate Financial Statements and the Consolidated Financial Statements

⁽²⁾ Three-month period of operating performance (January - March)