2.8 Capital Structure

1. Company’s Capital

In 2007, there has not been any changes in the Company’s capital. As of
31 December, 2007, the Company’s capital was registered at 860,000,000
Baht and the paid up capital was 844,083,520 Baht which was divided into
a total common share of 168,816,704 shares at 5 Baht par value and
listed in the Stock Exchange of Thailand.

2. Shareholders

The names and the share holding ratio of the top 10 shareholders as at
31 December 2007 are listed below:

  ------ -------------------------- ------------- --------------- ---------
         Names of Shareholders      Nationality   Amount held     %

  1.     A.P.F. Holdings Co., Ltd.  Thai          132,670,619     78.59
         ¹                                                        

  2.     Mr. Sitthichai Limpsowan   Thai          4,287,500       2.54

  3.     Mrs.Sirada Limpsowan       Thai          3,769,000       2.23

  4.     Thai NVDR Co., Ltd.        Thai          2,279,300       1.35

  5.     Ms. Chattama Chinrattana   Thai          710,700         0.42

  6.     Mr. Kiat Srijomkwan        Thai          700,000         0.41

  7.     Ms.Patumporn               Thai          563,100         0.33
         Chirarattanapichet                                       

  8.     Mrs.Panya Chinrattana      Thai          506,400         0.30

  9.     Mr. Sanit Dusadeenode      Thai          505,000         0.30

  10.    Mrs. Tanida Pothichan      Thai          493,900         0.29
  ------ -------------------------- ------------- --------------- ---------

Remark : The updated shareholders’ list can be viewed at
www.unitedsec.com before the AGM of the year 2008

Remark 1 : As of 31 December, 2007 the paid-up capital of A.P.F.Holdings
Co., Ltd. was Baht 281,000,000. The shareholders’ structure is as
follows:

  1. Sanwa World Service Company Limited (50.72%)

  1.1 Sanwa World Service Company Limited carries the business of
  investment both in and outside The Stock Exchange of Thailand having
  as of 7 December, 2006 the registered and paid-up capital of Baht
  100,000,000 held by Mr. Mitsuji Konoshita (45%), Mr. Fumio Kyuma
  0.8%), Mr. Tatsuya Konoshita (0.8%), Mr. Phongsak Thongluang (3.96%),
  Mr. Anek Arampanich (3.96%), Sanwa World Media Co., Ltd. (39.44%) and
  Samdao Trading Co., Ltd. (6.04%)

  1.1.1 Sanwa World Media Co., Ltd. carries the business of investment
  both in and outside The Stock Exchange of Thailand having as of 2
  November 2006 the registered and paid-up capital of Baht 6,000,000
  held by Mr. Kotaro Maru (30%), Mr. Tatsuya Konoshita (19%), Mr.
  Phongsak Thongluang (24%), Mr. Anek Arampanich (24%), Miss Suntree
  Vijitchanachai (1%), Miss Ruedee Ditsarat (1%), Mrs. Thongyim
  Chakthong (1%)

  1.1.2 Samdao Trading Co., Ltd. carries the business of investment both
  in and outside The Stock Exchange of Thailand having as of 22
  September, 2006 the registered and paid-up capital of Baht 8,000,000
  held by Mr. Phongsak Thongluang (30%), Mr. Anek Arampanich (29.97%),
  Mr. Deephong Sahachartsiri (29.97%), Mr. Tetsuhiko Miki (10%), Mr.
  Nutthawut Sritha (0.0125%), Miss Veena Boorchum (0.0125%), Miss
  Suntree Vijitchanachai (0.0125%), Miss Pissamai Wattanavikkrum
  (0.0125%)

  2. Mr. Mitsuji Konoshita (20.28%)

  3. Mr. Osamu Shigematsu (20%)

  4. Mr. Kenji Tanaka (9%)

  5. Mr. Phongsak Thongluang (0.000035%)

  6. Mr. Anek Arampanich (0.000035%)

  7. Miss Chanpen Auasangdeekul (0.000035%)

3. The Dividend Payment Policy

The Company has a policy to pay dividend to the shareholders approx. 75%
from the net profit of the fiscal year.