8. Capital Structure

8.1 The Company’s Securities

  a) Registered capital of the Company

  Registered capital: Baht 105,729,921,239.25

  Par Value: Baht 8.25

  Paid-up capital: Baht 74,137,788,788.25 with 8,986,398,641 common
  shares on issue

  b) Contingent Obligations to issue shares

  Type: Warrants

  No. of Warrants: 3,233,879,388 units

  Maturity: 31 October 2011

  Issue date: 31 October 2003

  Offering Price: Baht 0.05

  Offering: Existing Shareholders whose names appeared in the share
  registration book on 11 April 2000

  Exercise Ratio: 1 warrant for 1 common share

  Exercise Price: Baht 3.162

  Common shares reserved: 3,233,879,388 shares

  First Exercised date: 29 December 2006

  Last Exercise date: 31 October 2011

8.2 Shareholders

Names of the top 10 shareholders of the Company on 7 April 2004.

+----------------------------------------+---------------+------------+
| Name                                   | Number of     | Per        |
|                                        | shares        | centage(%) |
+----------------------------------------+---------------+------------+
| 1. Maharaj Planner Co.,Ltd.¹           | 3,291,370,578 | 36.63      |
+----------------------------------------+---------------+------------+
| 2. Thai Asset Management Corporation ² | 1,550,314,798 | 17.25      |
+----------------------------------------+---------------+------------+
| 3. The Industrial Finance Corporation  | 1,058,938,896 | 11.78      |
| of Thailand ²                          |               |            |
+----------------------------------------+---------------+------------+
| 4. The Government Saving Bank ³        | 291,603,307   | 3.24       |
+----------------------------------------+---------------+------------+
| 5. Asset Management Corporation ³      | 223,395,666   | 2.49       |
+----------------------------------------+---------------+------------+
| 6. Standard Chartered Nakornthon Plc.² | 181,370,660   | 2.02       |
|                                        |               |            |
| 7. Horrungruang Group ⁴                | 91,368,800    | 1.02       |
|                                        |               |            |
| 8. Steel Dynamics, Inc.                | 74,468,090    | 0.83       |
+----------------------------------------+---------------+------------+
| 9. ECT Thailand Investment, Inc.       | 41,086,844    | 0.46       |
+----------------------------------------+---------------+------------+
| 10. Mrs. Somporn Juengrungruangkij     | 40,288,500    | 0.45       |
+----------------------------------------+---------------+------------+
| Subtotal                               | 6,844,206,139 | 76.16      |
+----------------------------------------+---------------+------------+
| 11. Other shareholders                 | 2,142,192,502 | 23.84      |
+----------------------------------------+---------------+------------+
| Grand total                            | 8,986,398,641 | 100.00     |
+----------------------------------------+---------------+------------+

Note: (1) Plan Administrator in capacity of custodian for Noteholder
hold shares from conversion of debt to equity on 31 October, 2003.
(Effective date)

(2) Financial Institution Creditors whose hold shares from conversion of
debts to equity on 31 October, 2003. (Effective date)

(3) Financial Institution Creditors whose hold some part of shares from
conversion of debts to equity.

  (4) The Horrungruang Group consists of:

  1. Mr. Sawasdi Horrungruang 2. Mr. Sawai Horrungruang

  3. Mr. Kosol Horrungruang 4. Mr. Pravit Horrungruang

  5. Ms. Nuchanart Horrungruang 6. Mr. Sumeth Horrungruang

  7. Ms. Penpunnee Horrungruang 8. Sun Tech Group Plc.

  9. Hemaraj Land and Development Plc. 10. Sriracha Harbour Plc.

8.3 Dividend

  The Plan allowed the Company to pay dividends from its profits to the
  Company’s shareholders after repayment of all due debts, all payment
  reserves have been provided in accordance with the MRA, and only up to
  50 percent of the excess cash flow. The reserve amount will be
  prescribed in accordance with the MRA