PART 2 MANAGEMENT AND CORPORATE GOVERNANCE

7. Securities and Shareholders

7.1 TSTH’s securities

On March 31, 2014, the registered capital of the Company is Baht
8,421,540,848, the paid-up capital is Baht 8,421,540,848, divided into
8,421,540,848 shares of the ordinary share, with a par value of Baht 1.

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

+---------+---+-----------+----------+-----------+---+-----------------------+
| D/M/Y   | R |           | Increase | After     | T |                       |
|         | e |           | (D       | Increase  | r |                       |
|         | g |           | ecrease) | (         | a |                       |
|         | i |           |          | Decrease) | n |                       |
|         | s |           | (Baht    | Capital   | s |                       |
|         | t |           | million) |           | a |                       |
|         | e |           |          | (Baht     | c |                       |
|         | r |           |          | million)  | t |                       |
|         | e |           |          |           | i |                       |
|         | d |           |          |           | o |                       |
|         | C |           |          |           | n |                       |
|         | a |           |          |           |   |                       |
|         | p |           |          |           |   |                       |
|         | i |           |          |           |   |                       |
|         | t |           |          |           |   |                       |
|         | a |           |          |           |   |                       |
|         | l |           |          |           |   |                       |
|         |   |           |          |           |   |                       |
|         | ( |           |          |           |   |                       |
|         | B |           |          |           |   |                       |
|         | a |           |          |           |   |                       |
|         | h |           |          |           |   |                       |
|         | t |           |          |           |   |                       |
|         | m |           |          |           |   |                       |
|         | i |           |          |           |   |                       |
|         | l |           |          |           |   |                       |
|         | l |           |          |           |   |                       |
|         | i |           |          |           |   |                       |
|         | o |           |          |           |   |                       |
|         | n |           |          |           |   |                       |
|         | ) |           |          |           |   |                       |
+---------+---+-----------+----------+-----------+---+-----------------------+
| July    | O |           | 0.01     | 0.01      | E |                       |
| 12,     | r |           |          |           | s |                       |
| 2002    | d |           |          |           | t |                       |
|         | i |           |          |           | a |                       |
|         | n |           |          |           | b |                       |
|         | a |           |          |           | l |                       |
|         | r |           |          |           | i |                       |
|         | y |           |          |           | s |                       |
|         | s |           |          |           | h |                       |
|         | h |           |          |           | e |                       |
|         | a |           |          |           | d |                       |
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|         | o |           |          |           | 0 |                       |
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|         |   |           |          |           | 0 |                       |
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|         |   |           |          |           | r |                       |
|         |   |           |          |           | e |                       |
|         |   |           |          |           | s |                       |
+---------+---+-----------+----------+-----------+---+-----------------------+
| Aug 1,  | O |           | 0.01     | 0.01      | I |                       |
| 2002    | r |           |          |           | n |                       |
|         | d |           |          |           | c |                       |
|         | i |           |          |           | r |                       |
|         | n |           |          |           | e |                       |
|         | a |           |          |           | a |                       |
|         | r |           |          |           | s |                       |
|         | y |           |          |           | e |                       |
|         | s |           |          |           | d |                       |
|         | h |           |          |           | i |                       |
|         | a |           |          |           | t |                       |
|         | r |           |          |           | s |                       |
|         | e |           |          |           | r |                       |
|         |   |           |          |           | e |                       |
|         | 6 |           |          |           | g |                       |
|         | , |           |          |           | i |                       |
|         | 7 |           |          |           | s |                       |
|         | 2 |           |          |           | t |                       |
|         | 9 |           |          |           | e |                       |
|         | . |           |          |           | r |                       |
|         | 4 |           |          |           | e |                       |
|         | 4 |           |          |           | d |                       |
|         |   |           |          |           | c |                       |
|         | P |           |          |           | a |                       |
|         | r |           |          |           | p |                       |
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|         | a |           |          |           | a |                       |
|         | r |           |          |           | h |                       |
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|         |   |           |          |           | 1 |                       |
|         | 2 |           |          |           | 0 |                       |
|         | , |           |          |           | , |                       |
|         | 0 |           |          |           | 0 |                       |
|         | 8 |           |          |           | 0 |                       |
|         | 3 |           |          |           | 0 |                       |
|         | . |           |          |           | t |                       |
|         | 6 |           |          |           | o |                       |
|         | 8 |           |          |           | B |                       |
|         |   |           |          |           | a |                       |
|         |   |           |          |           | h |                       |
|         |   |           |          |           | t |                       |
|         |   |           |          |           | 8 |                       |
|         |   |           |          |           | , |                       |
|         |   |           |          |           | 8 |                       |
|         |   |           |          |           | 1 |                       |
|         |   |           |          |           | 3 |                       |
|         |   |           |          |           | . |                       |
|         |   |           |          |           | 1 |                       |
|         |   |           |          |           | 2 |                       |
|         |   |           |          |           | m |                       |
|         |   |           |          |           | i |                       |
|         |   |           |          |           | l |                       |
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|         |   |           |          |           | n |                       |
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|         |   |           |          |           | o |                       |
|         |   |           |          |           | 6 |                       |
|         |   |           |          |           | , |                       |
|         |   |           |          |           | 7 |                       |
|         |   |           |          |           | 2 |                       |
|         |   |           |          |           | 9 |                       |
|         |   |           |          |           | . |                       |
|         |   |           |          |           | 4 |                       |
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|         |   |           |          |           | h |                       |
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|         |   |           |          |           | n |                       |
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|         |   |           |          |           | 2 |                       |
|         |   |           |          |           | , |                       |
|         |   |           |          |           | 0 |                       |
|         |   |           |          |           | 8 |                       |
|         |   |           |          |           | 3 |                       |
|         |   |           |          |           | . |                       |
|         |   |           |          |           | 6 |                       |
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|         |   |           |          |           | 0 |                       |
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|         |   |           |          |           | 1 |                       |
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|         |   |           |          |           | 0 |                       |
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|         |   |           |          |           | s |                       |
+---------+---+-----------+----------+-----------+---+-----------------------+
| Nov 29, | O |           | Ordinary | Ordinary  | I |                       |
| 2002    | r |           | share    | share     | s |                       |
|         | d |           |          |           | s |                       |
|         | i |           | 1,851.62 | 1,851.62  | u |                       |
|         | n |           |          |           | e |                       |
|         | a |           | P        | Preferred | d |                       |
|         | r |           | referred | share     | t |                       |
|         | y |           | share    |           | h |                       |
|         | s |           |          | 788.30    | e |                       |
|         | h |           | 788.30   |           | o |                       |
|         | a |           |          |           | r |                       |
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|         | 6 |           |          |           | a |                       |
|         | , |           |          |           | r |                       |
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|         | 2 |           |          |           | s |                       |
|         | 9 |           |          |           | h |                       |
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|         | 4 |           |          |           | r |                       |
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|         |   |           |          |           | C |                       |
|         |   |           |          |           | H |                       |
|         |   |           |          |           | C |                       |
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|         |   |           |          |           | B |                       |
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|         |   |           |          |           |   |                       |
|         |   |           |          |           | 1 |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           | - |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           |   |                       |
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|         |   |           |          |           | I |                       |
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|         |   |           |          |           | u |                       |
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|         |   |           |          |           |   |                       |
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|         |   |           |          |           | 3 |                       |
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|         |   |           |          |           | . |                       |
|         |   |           |          |           | 6 |                       |
|         |   |           |          |           | 0 |                       |
|         |   |           |          |           |   |                       |
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|         |   |           |          |           | h |                       |
|         |   |           |          |           | a |                       |
|         |   |           |          |           | r |                       |
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|         |   |           |          |           | s |                       |
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|         |   |           |          |           |   |                       |
|         |   |           |          |           | t |                       |
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|         |   |           |          |           |   |                       |
|         |   |           |          |           | M |                       |
|         |   |           |          |           | c |                       |
|         |   |           |          |           | D |                       |
|         |   |           |          |           | o |                       |
|         |   |           |          |           | n |                       |
|         |   |           |          |           | a |                       |
|         |   |           |          |           | l |                       |
|         |   |           |          |           | d |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           | a |                       |
|         |   |           |          |           | n |                       |
|         |   |           |          |           | d |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           | M |                       |
|         |   |           |          |           | C |                       |
|         |   |           |          |           | L |                       |
|         |   |           |          |           | . |                       |
|         |   |           |          |           |   |                       |
|         |   |           |          |           | I |                       |
|         |   |           |          |           | t |                       |
|         |   |           |          |           | s |                       |
|         |   |           |          |           | p |                       |
|         |   |           |          |           | a |                       |
|         |   |           |          |           | i |                       |
|         |   |           |          |           | d |                       |
|         |   |           |          |           | - |                       |
|         |   |           |          |           | u |                       |
|         |   |           |          |           | p |                       |
|         |   |           |          |           | c |                       |
|         |   |           |          |           | a |                       |
|         |   |           |          |           | p |                       |
|         |   |           |          |           | i |                       |
|         |   |           |          |           | t |                       |
|         |   |           |          |           | a |                       |
|         |   |           |          |           | l |                       |
|         |   |           |          |           | w |                       |
|         |   |           |          |           | a |                       |
|         |   |           |          |           | s |                       |
|         |   |           |          |           | B |                       |
|         |   |           |          |           | a |                       |
|         |   |           |          |           | h |                       |
|         |   |           |          |           | t |                       |
|         |   |           |          |           | 5 |                       |
|         |   |           |          |           | , |                       |
|         |   |           |          |           | 4 |                       |
|         |   |           |          |           | 4 |                       |
|         |   |           |          |           | 5 |                       |
|         |   |           |          |           | . |                       |
|         |   |           |          |           | 4 |                       |
|         |   |           |          |           | 6 |                       |
|         |   |           |          |           | m |                       |
|         |   |           |          |           | i |                       |
|         |   |           |          |           | l |                       |
|         |   |           |          |           | l |                       |
|         |   |           |          |           | i |                       |
|         |   |           |          |           | o |                       |
|         |   |           |          |           | n |                       |
|         |   |           |          |           | . |                       |
+---------+---+-----------+----------+-----------+---+-----------------------+
|         |   |           | Paid-up  |           |   | Transaction           |
|         |   |           | capital  |           |   |                       |
+---------+---+-----------+----------+-----------+---+-----------------------+
| D/M/Y   |   | R         | Increase | After     |   |                       |
|         |   | egistered | (D       | Increase  |   |                       |
|         |   | Capital   | ecrease) | (         |   |                       |
|         |   |           |          | Decrease) |   |                       |
|         |   | (Baht     | (Baht    | Capital   |   |                       |
|         |   | million)  | million) |           |   |                       |
|         |   |           |          | (Baht     |   |                       |
|         |   |           |          | million)  |   |                       |
+---------+---+-----------+----------+-----------+---+-----------------------+
| Dec 9,  |   | Ordinary  | -        | Ordinary  |   | The preferred         |
| 2002 –  |   | share     |          | share     |   | shareholders          |
|         |   |           |          |           |   | converted its 447.53  |
| Aug 29, |   | 7,097.04  |          | 3,841.71  |   | million preferred     |
| 2003    |   |           |          |           |   | shares to the         |
|         |   | Preferred |          | Preferred |   | ordinary shares in    |
|         |   | share     |          | share     |   | the conversion ratio  |
|         |   |           |          |           |   | of 1:1. Accordingly,  |
|         |   | 1,716.08  |          | 1,603.75  |   | its total paid-up     |
|         |   |           |          |           |   | capital was Baht      |
|         |   |           |          |           |   | 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.       |
+---------+---+-----------+----------+-----------+---+-----------------------+
| Oct 16  |   | Ordinary  | Ordinary | Ordinary  |   | Second issuance of    |
| and 20, |   | share     | share    | share     |   | newly issued shares   |
| 2003    |   |           |          |           |   | amounting to 132.60   |
|         |   | 7,097.04  | 132.60   | 3,974.31  |   | million shares to     |
|         |   |           |          |           |   | existing              |
|         |   | Preferred |          | Preferred |   | shareholders, up to   |
|         |   | share     |          | share     |   | 62.08 million shares, |
|         |   |           |          |           |   | and to CHC as private |
|         |   | 1,716.08  |          | 1,603.75  |   | placement, up to      |
|         |   |           |          |           |   | 70.52 million shares  |
|         |   |           |          |           |   | pursuant to the       |
|         |   |           |          |           |   | merger agreement,     |
|         |   |           |          |           |   | with a par value of   |
|         |   |           |          |           |   | Baht 1. Total paid-up |
|         |   |           |          |           |   | capital was Baht      |
|         |   |           |          |           |   | 5,578.06 million.     |
+---------+---+-----------+----------+-----------+---+-----------------------+
| Dec 23, |   | Ordinary  |          | Ordinary  |   | The preferred         |
| 2003    |   | share     |          | share     |   | shareholders          |
|         |   |           |          |           |   | converted its 3.34    |
|         |   | 7,097.04  |          | 3,977.65  |   | million preferred     |
|         |   |           |          |           |   | shares to the         |
|         |   | Preferred |          | Preferred |   | ordinary shares in    |
|         |   | share     |          | share     |   | the conversion ratio  |
|         |   |           |          |           |   | of 1:1. Accordingly,  |
|         |   | 1,716.08  |          | 1,600.41  |   | its total paid-up     |
|         |   |           |          |           |   | capital was Baht      |
|         |   |           |          |           |   | 5,578.06 million.     |
+---------+---+-----------+----------+-----------+---+-----------------------+
| Dec 30  |   | Ordinary  | -        | Ordinary  |   | Amendment of the      |
| and 31, |   | share     |          | share     |   | Clause 4 of the       |
| 2003    |   |           |          |           |   | Memorandum of         |
|         |   | 7,138.91  |          | 3,977.65  |   | Association of the    |
|         |   |           |          |           |   | Company to be in line |
|         |   | Preferred |          | Preferred |   | with the above        |
|         |   | share     |          | share     |   | transaction as        |
|         |   |           |          |           |   | follows:              |
|         |   | 1,603.75  |          | 1,600.41  |   |                       |
|         |   |           |          |           |   | -   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   | R         |   | Increase | After     |   |                      |   |
|         | egistered |   | (D       | Increase  |   |                      |   |
|         | Capital   |   | ecrease) | (         |   |                      |   |
|         |           |   |          | Decrease) |   |                      |   |
|         | (Baht     |   | (Baht    | Capital   |   |                      |   |
|         | million)  |   | million) |           |   |                      |   |
|         |           |   |          | (Baht     |   |                      |   |
|         |           |   |          | million)  |   |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Jan 5,  | Ordinary  |   | -        | Ordinary  |   | Amendment of the     |   |
| 2004    | share     |   |          | share     |   | Clause 4 of the      |   |
|         |           |   |          |           |   | Memorandum of        |   |
|         | 9,138.91  |   |          | 3,977.65  |   | Association of the   |   |
|         |           |   |          |           |   | Company to be in     |   |
|         | Preferred |   |          | Preferred |   | line with the        |   |
|         | share     |   |          | share     |   | increase of          |   |
|         |           |   |          |           |   | registered capital   |   |
|         | 1,603.75  |   |          | 1,600.41  |   | of the Company       |   |
|         |           |   |          |           |   | amounting Baht 2,000 |   |
|         |           |   |          |           |   | million 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.             |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Jan 13, | Ordinary  |   | -        | Ordinary  |   | The preferred        |   |
|         | share     |   |          | share     |   | shareholders         |   |
| 2004    |           |   |          |           |   | converted its 12.06  |   |
|         | 9,138.91  |   |          | 3,989.71  |   | million preferred    |   |
|         |           |   |          |           |   | shares to the        |   |
|         | Preferred |   |          | Preferred |   | ordinary shares in   |   |
|         | share     |   |          | share     |   | the conversion ratio |   |
|         |           |   |          |           |   | of 1:1. Accordingly, |   |
|         | 1,603.75  |   |          | 1,588.35  |   | its total paid-up    |   |
|         |           |   |          |           |   | capital was Baht     |   |
|         |           |   |          |           |   | 5,578.06 million.    |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Feb 13, | Ordinary  |   | Ordinary | Ordinary  |   | Existing ordinary    |   |
| 2004    | share     |   | share    | share     |   | shareholders and     |   |
|         |           |   |          |           |   | preferred            |   |
|         | 9,138.91  |   | 178.38   | 4,168.09  |   | shareholders as of   |   |
|         |           |   |          |           |   | January 9, 2004      |   |
|         | Preferred |   |          | Preferred |   | exercised their      |   |
|         | share     |   |          | share     |   | right to purchase    |   |
|         |           |   |          |           |   | the newly issued     |   |
|         | 1,603.75  |   |          | 1,588.35  |   | shares in the        |   |
|         |           |   |          |           |   | proportion of 10     |   |
|         |           |   |          |           |   | existing shares held |   |
|         |           |   |          |           |   | 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,     | share     |   |          | share     |   | Clause 4 of the      |   |
| 2004    |           |   |          |           |   | Memorandum of        |   |
|         | 9,154.31  |   |          | 4,168.09  |   | Association of the   |   |
|         |           |   |          |           |   | Company to be in     |   |
|         | Preferred |   |          | Preferred |   | line with the        |   |
|         | share     |   |          | share     |   | conversion of        |   |
|         |           |   |          |           |   | preferred shares     |   |
|         | 1,588.35  |   |          | 1,588.35  |   | amounting 15.40      |   |
|         |           |   |          |           |   | million shares.      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Oct 19, | Ordinary  |   | -        | Ordinary  |   | The preferred        |   |
|         | share     |   |          | share     |   | shareholders         |   |
| 2004    |           |   |          |           |   | converted its 4.27   |   |
|         | 9,154.31  |   |          | 4,172.36  |   | million preferred    |   |
|         |           |   |          |           |   | shares to the        |   |
|         | Preferred |   |          | Preferred |   | ordinary shares in   |   |
|         | share     |   |          | share     |   | the conversion ratio |   |
|         |           |   |          |           |   | of 1:1. Accordingly, |   |
|         | 1,588.35  |   |          | 1,584.08  |   | its total paid-up    |   |
|         |           |   |          |           |   | capital was Baht     |   |
|         |           |   |          |           |   | 5,756.44 million.    |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
|         |           |   | Paid-up  |           |   | Transaction          |   |
|         |           |   | Capital  |           |   |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| D/M/Y   | R         |   | Increase | After     |   |                      |   |
|         | egistered |   | (D       | Increase  |   |                      |   |
|         | Capital   |   | ecrease) | (         |   |                      |   |
|         |           |   |          | Decrease) |   |                      |   |
|         | (Baht     |   | (Baht    | Capital   |   |                      |   |
|         | million)  |   | million) |           |   |                      |   |
|         |           |   |          | (Baht     |   |                      |   |
|         |           |   |          | million)  |   |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Nov 30, | Ordinary  |   | Ordinary | Ordinary  |   | CHC, a convertible   |   |
| 2004    | share     |   | share    | share     |   | debenture holder,    |   |
|         |           |   |          |           |   | converted its        |   |
|         | 9,154.31  |   | 418.72   | 4,591.08  |   | convertible          |   |
|         |           |   |          |           |   | debenture up to      |   |
|         | Preferred |   |          | Preferred |   | 5,903.86 units, each |   |
|         | share     |   |          | share     |   | of which was valued  |   |
|         |           |   |          |           |   | at Baht 100,000, to  |   |
|         | 1,588.35  |   |          | 1,584.07  |   | the ordinary shares  |   |
|         |           |   |          |           |   | 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.    |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Feb 18, | Ordinary  |   | -        | Ordinary  |   | The preferred        |   |
| 2005    | share     |   |          | share     |   | shareholders         |   |
|         |           |   |          |           |   | converted its 12.30  |   |
|         | 9,154.31  |   |          | 4,603.37  |   | million preferred    |   |
|         |           |   |          |           |   | shares to the        |   |
|         | Preferred |   |          | Preferred |   | ordinary shares in   |   |
|         | share     |   |          | share     |   | the conversion ratio |   |
|         |           |   |          |           |   | of 1:1. Accordingly, |   |
|         | 1,588.35  |   |          | 1,571.78  |   | its total paid-up    |   |
|         |           |   |          |           |   | capital was Baht     |   |
|         |           |   |          |           |   | 6,175.15 million.    |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| April   | Ordinary  |   | -        | Ordinary  |   | Amendment of the     |   |
| 22,     | share     |   |          | share     |   | Clause 4 of the      |   |
| 2005    |           |   |          |           |   | Memorandum of        |   |
|         | 9,170.88  |   |          | 4,603.37  |   | Association of the   |   |
|         |           |   |          |           |   | Company to be in     |   |
|         | Preferred |   |          | Preferred |   | line with the        |   |
|         | share     |   |          | share     |   | conversion of        |   |
|         |           |   |          |           |   | preferred shares     |   |
|         | 1,571.78  |   |          | 1,571.78  |   | amounting 16.57      |   |
|         |           |   |          |           |   | million shares.      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Dec 20, | Ordinary  |   | -        | Ordinary  |   | The preferred        |   |
| 2005    | share     |   |          | share     |   | shareholders         |   |
|         |           |   |          |           |   | converted its 900.39 |   |
|         | 9,170.88  |   |          | 5,503.76  |   | million preferred    |   |
|         |           |   |          |           |   | shares to the        |   |
|         | Preferred |   |          | Preferred |   | ordinary shares in   |   |
|         | share     |   |          | share     |   | the conversion ratio |   |
|         |           |   |          |           |   | of 1:1. Accordingly, |   |
|         | 1,571.78  |   |          | 671.39    |   | its total paid-up    |   |
|         |           |   |          |           |   | capital was Baht     |   |
|         |           |   |          |           |   | 6,175.15 million.    |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Dec 21, | Ordinary  |   | Ordinary | Ordinary  |   | CHC, a convertible   |   |
| 2005    | share     |   | share    | share     |   | debenture holder     |   |
|         |           |   |          |           |   | converted its        |   |
|         | 9,170.88  |   | 141.84   | 5,645.61  |   | convert its          |   |
|         |           |   |          |           |   | debenture up to      |   |
|         | Preferred |   |          | Preferred |   | 2,000 units, each of |   |
|         | share     |   |          | share     |   | which was valued at  |   |
|         |           |   |          |           |   | Baht 100,000 to the  |   |
|         | 1,571.78  |   |          | 671.39    |   | ordinary shares      |   |
|         |           |   |          |           |   | amounting to 141.84  |   |
|         |           |   |          |           |   | million shares at    |   |
|         |           |   |          |           |   | the conversion price |   |
|         |           |   |          |           |   | of Baht 1.41:1       |   |
|         |           |   |          |           |   | ordinary share. The  |   |
|         |           |   |          |           |   | total paid-up        |   |
|         |           |   |          |           |   | capital was Baht     |   |
|         |           |   |          |           |   | 6,317 million.       |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Jan 10, | Ordinary  |   | -        | Ordinary  |   | The preferred        |   |
| 2006    | share     |   |          | share     |   | shareholders         |   |
|         |           |   |          |           |   | converted its 18.45  |   |
|         | 9,170.88  |   |          | 5,664.06  |   | million preferred    |   |
|         |           |   |          |           |   | shares to the        |   |
|         | Preferred |   |          | Preferred |   | ordinary shares in   |   |
|         | share     |   |          | share     |   | the conversion ratio |   |
|         |           |   |          |           |   | of 1:1. Accordingly, |   |
|         | 1,571.78  |   |          | 652.94    |   | its total paid-up    |   |
|         |           |   |          |           |   | capital was Baht     |   |
|         |           |   |          |           |   | 6,317 million.       |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
|         |           |   | Paid-up  |           |   | Transaction          |   |
|         |           |   | Capital  |           |   |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| D/M/Y   | R         |   | Increase | After     |   |                      |   |
|         | egistered |   | (D       | Increase  |   |                      |   |
|         | Capital   |   | ecrease) | (         |   |                      |   |
|         |           |   |          | Decrease) |   |                      |   |
|         | (Baht     |   | (Baht    | Capital   |   |                      |   |
|         | million)  |   | million) |           |   |                      |   |
|         |           |   |          | (Baht     |   |                      |   |
|         |           |   |          | million)  |   |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Feb 17, | Ordinary  |   | -        | Ordinary  |   | Amendment of the     |   |
| 2006    | share     |   |          | share     |   | Clause 4 of the      |   |
|         |           |   |          |           |   | Memorandum of        |   |
|         | 10,089.72 |   |          | 5,664.06  |   | Association of the   |   |
|         |           |   |          |           |   | Company to be in     |   |
|         | Preferred |   |          | Preferred |   | line with the        |   |
|         | share     |   |          | share     |   | conversion of        |   |
|         |           |   |          |           |   | preferred shares     |   |
|         | 652.94    |   |          | 652.94    |   | amounting 918.84     |   |
|         |           |   |          |           |   | million shares.      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Feb 20, | Ordinary  |   | -        | Ordinary  |   | Reduction of the     |   |
| 2006    | share     |   |          | share     |   | registered capital   |   |
|         |           |   |          |           |   | from Baht 10,742.66  |   |
|         | 8,268.10  |   |          | 5,664.06  |   | million to Baht      |   |
|         |           |   |          |           |   | 8,921.04 million by  |   |
|         | Preferred |   |          | Preferred |   | way of reduction of  |   |
|         | share     |   |          | share     |   | unissued shares and  |   |
|         |           |   |          |           |   | unalloted for the    |   |
|         | 652.94    |   |          | 652.94    |   | convertible          |   |
|         |           |   |          |           |   | debenture and        |   |
|         |           |   |          |           |   | warrants up to       |   |
|         |           |   |          |           |   | 1,821.62 shares.     |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Feb 22, | Ordinary  |   | -        | Ordinary  |   | Increase of the      |   |
| 2006    | share     |   |          | share     |   | registered capital   |   |
|         |           |   |          |           |   | from Baht 8,921.04   |   |
|         | 10,372.64 |   |          | 5,664.06  |   | million to Baht      |   |
|         |           |   |          |           |   | 11,025.58 million by |   |
|         | Preferred |   |          | Preferred |   | issuing up to        |   |
|         | share     |   |          | share     |   | 2,104.54 million     |   |
|         |           |   |          |           |   | shares with a par    |   |
|         | 652.94    |   |          | 652.94    |   | value of Baht 1      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Feb 23, | Ordinary  |   | -        | Ordinary  |   | The preferred        |   |
| 2006    | share     |   |          | share     |   | shareholders         |   |
|         |           |   |          |           |   | converted its 18.09  |   |
|         | 10,372.64 |   |          | 5,682.15  |   | million preferred    |   |
|         |           |   |          |           |   | shares to the        |   |
|         | Preferred |   |          | Preferred |   | ordinary shares in   |   |
|         | share     |   |          | share     |   | the conversion ratio |   |
|         |           |   |          |           |   | of 1:1. Accordingly, |   |
|         | 652.94    |   |          | 634.85    |   | its total paid-up    |   |
|         |           |   |          |           |   | capital was Baht     |   |
|         |           |   |          |           |   | 6,317.00 million.    |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| March   | Ordinary  |   | -        | Ordinary  |   | The preferred        |   |
| 21,     | share     |   |          | share     |   | shareholders         |   |
| 2006    |           |   |          |           |   | converted its 41.68  |   |
|         | 10,372.64 |   |          | 5,723.83  |   | million preferred    |   |
|         |           |   |          |           |   | shares to the        |   |
|         | Preferred |   |          | Preferred |   | ordinary shares in   |   |
|         | share     |   |          | share     |   | the conversion ratio |   |
|         |           |   |          |           |   | of 1:1. Accordingly, |   |
|         | 652.94    |   |          | 593.17    |   | its total paid-up    |   |
|         |           |   |          |           |   | capital was Baht     |   |
|         |           |   |          |           |   | 6,317.00 million.    |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| March   | Ordinary  |   | Ordinary | Ordinary  |   | Issuance of newly    |   |
| 22,     | share     |   | share    | share     |   | issued shares        |   |
| 2006    |           |   |          |           |   | amounting to         |   |
|         | 10,372.64 |   | 2,104.54 | 7,828.37  |   | 2,104.54 million     |   |
|         |           |   |          |           |   | shares to Tata Steel |   |
|         | Preferred |   |          | Preferred |   | as its private       |   |
|         | share     |   |          | share     |   | placement basis with |   |
|         |           |   |          |           |   | a par value of       |   |
|         | 652.94    |   |          | 593.17    |   | Baht 1. Total        |   |
|         |           |   |          |           |   | paid-up capital was  |   |
|         |           |   |          |           |   | Baht 8,421.54        |   |
|         |           |   |          |           |   | million.             |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| May 2,  | Ordinary  |   | -        | Ordinary  |   | Amendment of the     |   |
| 2006    | share     |   |          | share     |   | Clause 4 of the      |   |
|         |           |   |          |           |   | Memorandum of        |   |
|         | 10,432.41 |   |          | 7,828.37  |   | Association of the   |   |
|         |           |   |          |           |   | Company to be in     |   |
|         | Preferred |   |          | Preferred |   | line with the        |   |
|         | share     |   |          | share     |   | conversion of        |   |
|         |           |   |          |           |   | preferred shares     |   |
|         | 593.17    |   |          | 593.17    |   | amounting 59.77      |   |
|         |           |   |          |           |   | million shares.      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
|         |           | P |          |           | T |                      |   |
|         |           | a |          |           | r |                      |   |
|         |           | i |          |           | a |                      |   |
|         |           | d |          |           | n |                      |   |
|         |           | - |          |           | s |                      |   |
|         |           | u |          |           | a |                      |   |
|         |           | p |          |           | c |                      |   |
|         |           | C |          |           | t |                      |   |
|         |           | a |          |           | i |                      |   |
|         |           | p |          |           | o |                      |   |
|         |           | i |          |           | n |                      |   |
|         |           | t |          |           |   |                      |   |
|         |           | a |          |           |   |                      |   |
|         |           | l |          |           |   |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| D/M/Y   | R         | I |          | After     |   |                      |   |
|         | egistered | n |          | Increase  |   |                      |   |
|         | Capital   | c |          | (         |   |                      |   |
|         |           | r |          | Decrease) |   |                      |   |
|         | (Baht     | e |          | Capital   |   |                      |   |
|         | million)  | a |          |           |   |                      |   |
|         |           | s |          | (Baht     |   |                      |   |
|         |           | e |          | million)  |   |                      |   |
|         |           | ( |          |           |   |                      |   |
|         |           | D |          |           |   |                      |   |
|         |           | e |          |           |   |                      |   |
|         |           | c |          |           |   |                      |   |
|         |           | r |          |           |   |                      |   |
|         |           | e |          |           |   |                      |   |
|         |           | a |          |           |   |                      |   |
|         |           | s |          |           |   |                      |   |
|         |           | e |          |           |   |                      |   |
|         |           | ) |          |           |   |                      |   |
|         |           |   |          |           |   |                      |   |
|         |           | ( |          |           |   |                      |   |
|         |           | B |          |           |   |                      |   |
|         |           | a |          |           |   |                      |   |
|         |           | h |          |           |   |                      |   |
|         |           | t |          |           |   |                      |   |
|         |           | m |          |           |   |                      |   |
|         |           | i |          |           |   |                      |   |
|         |           | l |          |           |   |                      |   |
|         |           | l |          |           |   |                      |   |
|         |           | i |          |           |   |                      |   |
|         |           | o |          |           |   |                      |   |
|         |           | n |          |           |   |                      |   |
|         |           | ) |          |           |   |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| May 16, | Ordinary  | - |          | Ordinary  | T |                      |   |
| 2008    | share     |   |          | share     | h |                      |   |
|         |           |   |          |           | e |                      |   |
|         | 10,432.41 |   |          | 8,168.77  | p |                      |   |
|         |           |   |          |           | r |                      |   |
|         | Preferred |   |          | Preferred | e |                      |   |
|         | share     |   |          | share     | f |                      |   |
|         |           |   |          |           | e |                      |   |
|         | 593.17    |   |          | 252.77    | r |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | h |                      |   |
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|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | s |                      |   |
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|         |           |   |          |           | n |                      |   |
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|         |           |   |          |           | r |                      |   |
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|         |           |   |          |           | t |                      |   |
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|         |           |   |          |           | 3 |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | 0 |                      |   |
|         |           |   |          |           | . |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | 0 |                      |   |
|         |           |   |          |           | m |                      |   |
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|         |           |   |          |           | . |                      |   |
|         |           |   |          |           | A |                      |   |
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|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | - |                      |   |
|         |           |   |          |           | u |                      |   |
|         |           |   |          |           | p |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | p |                      |   |
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|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | w |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | B |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | 8 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | 1 |                      |   |
|         |           |   |          |           | . |                      |   |
|         |           |   |          |           | 5 |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | m |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | . |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Sep 12, | Ordinary  | - |          | Ordinary  | R |                      |   |
| 2013    | share     |   |          | share     | e |                      |   |
|         |           |   |          |           | d |                      |   |
|         | 8,168.77  |   |          | 8,168.77  | u |                      |   |
|         |           |   |          |           | c |                      |   |
|         | Preferred |   |          | Preferred | t |                      |   |
|         | share     |   |          | share     | i |                      |   |
|         |           |   |          |           | o |                      |   |
|         | 252.77    |   |          | 252.77    | n |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | f |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | g |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | p |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | f |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | m |                      |   |
|         |           |   |          |           | B |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | 1 |                      |   |
|         |           |   |          |           | 1 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 0 |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | 5 |                      |   |
|         |           |   |          |           | . |                      |   |
|         |           |   |          |           | 5 |                      |   |
|         |           |   |          |           | 8 |                      |   |
|         |           |   |          |           | m |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | B |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | 8 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | 1 |                      |   |
|         |           |   |          |           | . |                      |   |
|         |           |   |          |           | 5 |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | m |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | b |                      |   |
|         |           |   |          |           | y |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | g |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | y |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | f |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 6 |                      |   |
|         |           |   |          |           | 0 |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 0 |                      |   |
|         |           |   |          |           | 3 |                      |   |
|         |           |   |          |           | 8 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 7 |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | 5 |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | m |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | u |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | f |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 6 |                      |   |
|         |           |   |          |           | 0 |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 0 |                      |   |
|         |           |   |          |           | 3 |                      |   |
|         |           |   |          |           | 8 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 7 |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | 5 |                      |   |
|         |           |   |          |           | B |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | w |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | v |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | f |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | v |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | f |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | w |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | . |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+
| Nov,    | Ordinary  | - |          | Ordinary  | T |                      |   |
| 2013    | share     |   |          | share     | h |                      |   |
|         |           |   |          |           | e |                      |   |
|         | 8,168.77  |   |          | 8,421.54  | p |                      |   |
|         |           |   |          |           | r |                      |   |
|         | Preferred |   |          | Preferred | e |                      |   |
|         | share     |   |          | share     | f |                      |   |
|         |           |   |          |           | e |                      |   |
|         | 252.77    |   |          | 0         | r |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | v |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | 5 |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | . |                      |   |
|         |           |   |          |           | 7 |                      |   |
|         |           |   |          |           | 7 |                      |   |
|         |           |   |          |           | m |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | p |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | f |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | y |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | v |                      |   |
|         |           |   |          |           | e |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | f |                      |   |
|         |           |   |          |           | 1 |                      |   |
|         |           |   |          |           | : |                      |   |
|         |           |   |          |           | 1 |                      |   |
|         |           |   |          |           | . |                      |   |
|         |           |   |          |           | A |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | r |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | g |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | y |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | p |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | d |                      |   |
|         |           |   |          |           | - |                      |   |
|         |           |   |          |           | u |                      |   |
|         |           |   |          |           | p |                      |   |
|         |           |   |          |           | c |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | p |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | w |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | s |                      |   |
|         |           |   |          |           | B |                      |   |
|         |           |   |          |           | a |                      |   |
|         |           |   |          |           | h |                      |   |
|         |           |   |          |           | t |                      |   |
|         |           |   |          |           | 8 |                      |   |
|         |           |   |          |           | , |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | 2 |                      |   |
|         |           |   |          |           | 1 |                      |   |
|         |           |   |          |           | . |                      |   |
|         |           |   |          |           | 5 |                      |   |
|         |           |   |          |           | 4 |                      |   |
|         |           |   |          |           | m |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | l |                      |   |
|         |           |   |          |           | i |                      |   |
|         |           |   |          |           | o |                      |   |
|         |           |   |          |           | n |                      |   |
|         |           |   |          |           | . |                      |   |
+---------+-----------+---+----------+-----------+---+----------------------+---+

7.2 Shareholders

Top ten major shareholders from 7,431 Shareholders on the book closing
date on June 3, 2014 for the right to attend the Thirteenth Ordinary
General Meeting of Shareholders are detailed below;

  --------------------------------------- -------------------- ----------
  Name                                    Ordinary Shares      %

  1. TATA STEEL GLOBAL HOLDINGS PTE. LTD. 5,728,472,083        67.90

  2. MR. VEERAPHAN THEEPSUWAN             395,855,000          4.70

  3. BANGKOK BANK PLC                     296,050,796          3.52

  4. MR. VIROJ UNGPAIBOON                 210,000,000          2.49

  5. HORRUNGRUANG GROUP                   43,032,240           0.51

  6. THE LAW DEBENTURE TRUST CORPORATION  24,422,935           0.29
  PLC.                                                         

  7. SALOMON BROTHERS INTERNATIONAL LTD.  19,256,543           0.23

  8. DEUTCHE BANK AG. LONDON              7,283,611            0.09

  9. BANK OF AMERICA, N.A., LONDON BRANCH 4,508,849            0.05

  10. ROCHELLE FINANCE LTD. C/O SIMPSON   2,254,425            0.03
  FINANCIAL LTD.                                               

  TOTAL                                   6,721,136,482        79.81

  11. OTHER SHAREHOLDERS                  1,700,404,366        20.19

  GRAND TOTAL                             8,421,540,848        100.00
  --------------------------------------- -------------------- ----------

Remarks : - There are shareholders in the account of Thailand Securities
Depository Company Limited
Account name “Thailand Securities Depository Company Limited for
Depositors” in the amount of 1,409,019,615 shares or 16.74%
- There are shareholders in the account of Thailand Securities
Depository Company Limited
Account name “Thailand Securities Depository Company Limited for
Depositors” in the amount of 277,412,602 shares or 3.29%
- As of June 3, 2014, TSTH has 7,202 of Non-Strategic Shareholders
(Free-Float), is equivalent to 2,702,842,471 of ordinary shares,
calculated from the total paid up ordinary shares of 8,421,540,848 or
32.09%

7.3 Issuing of other Securities

- None –

7.4 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         | 30.8     | 0.00      | 8       | 0        | 0         |
| 2013-2014  |          |           | ,421.54 |          |           |
+------------+----------+-----------+---------+----------+-----------+
| FY         | - 3,393  | 0.00      | 8       | 0        | 0         |
| 2012-2013  |          |           | ,421.54 |          |           |
+------------+----------+-----------+---------+----------+-----------+
| 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)

8. The Structure of the Board of Directors

The Company’s management structure consists of the Board of Directors
and Committees namely, the Audit Committee, Executive Committee,
Corporate Governance, Nomination and Remuneration Committee.

8.1 The Board of Directors

The Company’s Article of Association specifies that The Board of
Directors consists of not less than five and not more than 14 Directors.
Currently, there are 8 Directors with three Independent Directors.

The Board of Directors as on 31 March 2014

+---------------------------+----------------+--------------+----------+
| Name                      | Positions      | Attendance   | Number   |
|                           |                |              | of       |
|                           |                | (During      | Meetings |
|                           |                | 2013-2014)   |          |
+---------------------------+----------------+--------------+----------+
| 1.  Mr. Koushik           | Chairman       | 5            | 4 ^((a)) |
|     Chatterjee            |                |              |          |
+---------------------------+----------------+--------------+----------+
| 2.  Mr. Maris Samaram     | Independent    | 5            | 5        |
|                           | Director       |              |          |
+---------------------------+----------------+--------------+----------+
| 3.  Asst. Prof. Rawewan   | Independent    | 5            | 5        |
|     Peyayopanakul         | Director       |              |          |
+---------------------------+----------------+--------------+----------+
| 4.  Mr. Hatasakdi Na      | Independent    | 5            | 4 ^((b)) |
|     Pombejra              | Director       |              |          |
+---------------------------+----------------+--------------+----------+
| 5.  Mr. Taratorn          | Director       | 5            | 5        |
|     Premsoontorn          |                |              |          |
+---------------------------+----------------+--------------+----------+
| 6.  Mr. Vivek Madan Kamra | Director       | 0            | 0        |
+---------------------------+----------------+--------------+----------+
| 7.  Mr. Peeyush Gupta     | Director       | 5            | 5 ^((c)) |
+---------------------------+----------------+--------------+----------+
| 8.  Mr. Rajiv Mangal      | Director       | 1            | 1        |
+---------------------------+----------------+--------------+----------+

Remarks :

1.  The substantial changes relating to company director during the
    year.

-   Mr. Hemant Madhusudan Nerurkar, Chairman, resigned on October 31,
    2013.

-   Mr. Koushik Chatterjee, Vice Chairman, has been appointed as
    Chairman on December 1, 2013.

-   Mr. Rajiv Mangal, a new director, became President&CEO in replace of
    Mr. Peeyush Gupta on December 1, 2013.

2.  Director meeting attendance

(a) Meeting through video conference 3 times, an apology for absence 1
    time because of an urgent matter.

(b) An apology for absence 1 time because of an urgent matter.

(c) Meeting through video conference 1 time.

3.  Mr. Maris Samaram and Asst. Prof. Rawewan Peyayopanakul , audit
    committee members have knowledge and experience in accounting and
    financial matters to review the credibility of the financial
    statements.

4.  Mr. Vivek Madan Kamra has been appointed as a new Director,
    replacing Mr. Peter John Hogg on April 25, 2014.

Authorized Directors and binding signatory procedures

Mr. Koushik Chatterjee, Chairman of the Executive Committee and Mr.
Rajiv Mangal, the President & CEO jointly sign with the Company’s seal
affixed, or Mr. Koushik Chatterjee, Chairman of the Executive Committee
or Mr. Rajiv Mangal, the President & CEO jointly sign with Mr. Taratorn
Premsoontorn together with the Company’s seal affixed.

  Scope of authority of the Board of Directors

  The Board of Directors has the duty and authority to manage the
  Company in compliance with the objectives, Articles of Association and
  resolutions of the shareholder’s meeting. However, the Board may not
  approve or decide on the following issues unless acknowledged by the
  majority of the attending Directors in the meeting of the Company
  and/or Subsidiaries:

1.  Any loan exceeding Baht 50 million and not in the Group’s annual
    budget.

2.  Granting loans, collaterals, indemnifications, guarantees, letters
    of support or commitments to any persons and not in the Group’s
    annual budget unless allowed in the contracts of the financial
    restructuring agreement or business rehabilitation plan of NTS.

3.  Any investments exceeding Baht 50 million and not in the Group’s
    annual budget.

4.  Sales, transfers, rent out or permissions related to any properties
    or assets with the book value exceeding Baht 50 million and not in
    the group’s annual budget.

5.  Approvals or amendments of the Group’s annual budget.

6.  Any transactions with connected parties not regarding as normal
    business operation.

7.  Changing of the accounting policy, approval of the annual
    consolidated financial statements, annual individual financial
    statements and quarterly group financial statements.

8.  Changes related to the Group’s business operation or termination of
    any business operation.

The Board of Directors may appoint any person to manage the Company’s
operation under supervision of the Board of Directors or may authorize
such persons with the authorities the Board of Directors deem
appropriate for a certain period of time. The Board of Directors may
revoke, alter or amend such authorization. The Board of Directors may
delegate to the Executive Committee (Executive Directors) or the
President the authority to perform various functions. Approvals of any
business operation must comply with the authority limit specified by the
Board of Directors. Such delegation of authority shall not be in a way
to allow the Executive Committee (Executive Directors) or the President
to be able to approve transactions that they or other persons may
dispute, have interest in or have conflict of interest with the Company
and its subsidiaries, in accordance with the Company’s Articles of
Association and SEC’s announcement. Exclusion is made to approval of
transactions in compliant with the Board of Directors’ pre-approved
policies and criteria in the normal course of business operation such as
procurement of raw materials and connected transactions with related
companies.

Audit Committee

+--------------------------+---------------+--------------+-----------+
| Name                     | Positions     | Attendance   | Number of |
|                          |               |              | Meetings  |
|                          |               | (During      |           |
|                          |               | 2013-2014)   |           |
+--------------------------+---------------+--------------+-----------+
| 1.  Mr. Maris Samaram    | Independent   | 4            | 4         |
|                          | Director      |              |           |
+--------------------------+---------------+--------------+-----------+
| 2.  Asst. Prof. Rawewan  | Independent   | 4            | 3 ^((a))  |
|     Peyayopanakul        | Director      |              |           |
+--------------------------+---------------+--------------+-----------+
| 3.  Mr. Hatasakdi Na     | Independent   | 4            | 3 ^((b))  |
|     Pombejra             | Director      |              |           |
+--------------------------+---------------+--------------+-----------+

Remarks:

Director meeting attendance

(a) An apology for absence 1 time because of an urgent matter.

(b) An apology for absence 1 time because of an urgent matter.

  Scope of authority of the Audit Committee

1.  Supervise and review to ensure that the Company has a financial
    reporting system that complies with the accounting standard as
    specified by the laws with transparency, accuracy and adequacy.

2.  Encouraging the development of a financial reporting system to meet
    with international accounting standards.

3.  Review the Company’s internal control and internal audit system for
    appropriateness and effectiveness.

4.  Review the Company’s risk management system.

5.  Review the Company’s compliancy with laws on securities and
    securities exchange and other laws and regulations related to
    Company’s business.

6.  Review internal control system, plans and audit procedures including
    auditing evaluation of the Company’s various operations, in
    accordance with generally accepted principles and standards.

7.  Disclosure of the Company’s information in case of connected
    transaction or transaction that may induce conflict of interest for
    accuracy and completeness in compliant with the Securities
    Exchange’s regulations. This is to ensure that those transactions
    are reasonable and to the best interest of the Company.

8.  Review and provide recommendations on Internal Audit Office’s
    performance and coordinate with the auditors.

9.  Prepare report on business supervision of the Audit Committee and
    published in the Company’s annual report. Such report must be signed
    off by Chairman of the Audit Committee and must contain at least the
    following information

    -   Opinion on accuracy, completeness and credibility of the
        Company’s financial reports.

    -   Opinion on adequacy of the Company’s internal control system.

    -   Opinion on compliancy with the Securities and Exchange laws,
        Securities exchange regulations and other laws related to
        Company’s business.

    -   Opinion on appropriateness of the auditor.

    -   Opinion on transactions that may induce conflict of interest.

    -   Number of the Audit Committee meetings and attendances of each
        Committee member.

    -   Opinion or overall remark perceived by the Audit Committee upon
        carrying out their duty according to the Charter.

    -   Other transactions that should be noted by shareholders and
        general investors, under the scope of duties and
        responsibilities delegated to by the Board of Directors.

10. Consider, select, nominate and propose remuneration for Company’s
    auditor. Attend meeting with the auditor, in the absence of the
    Management, at least once a year.

11. Appoint, revoke, transfer or terminate the Director of the Internal
    Audit Office (if any) or employ or change the employment of other
    Internal Audit Offices.

12. Consider budget and manpower of the Internal Audit Office (if any)
    or employment budget of other Internal Audit Offices.

13. Other functions as specified by laws or as delegated to by the Board
    of Directors.

Corporate Governance & Nomination and Remuneration Committee

+----------------------------+-------------+--------------+-----------+
| Name                       | Positions   | Attendance   | Number of |
|                            |             |              | Meetings  |
|                            |             | (During      |           |
|                            |             | 2013-2014)   |           |
+----------------------------+-------------+--------------+-----------+
| 1.  Mr. Koushik Chatterjee | Chairman    | 3            | 3 ^((a))  |
+----------------------------+-------------+--------------+-----------+
| 2.  Mr. Maris Samaram      | Committee   | 3            | 3         |
+----------------------------+-------------+--------------+-----------+
| 3.  Asst. Prof. Rawewan    | Committee   | 3            | 3         |
|     Peyayopanakul          |             |              |           |
+----------------------------+-------------+--------------+-----------+
| 4.  Mr. Taratorn           | Committee   | 3            | 3         |
|     Premsoontorn           |             |              |           |
+----------------------------+-------------+--------------+-----------+

Remarks:

Director meeting attendance

(a) Meeting through video conference 3 times.

Scope of authority of the Corporate Governance, Nomination and
Remuneration Committee

Corporate Governance and Nomination

1.  To examine, review, and propose to the Board of Directors guidelines
    for corporate governance of the Company.

2.  To advise the Board of Directors and the management in line with the
    Company’s established corporate governance principles.

3.  To present to the Board of Directors, norms and principles, as well
    as nominees for filling board vacancies as a result of directors’
    term completion or other cases. To join the Board, the nominees must
    obtain approval from the shareholders’ Meeting.

4.  To nominate prospective President to the Board of Directors for
    approval.

5.  To facilitate directors in evaluating performance of the Board of
    Directors collectively and summarize the evaluation result to the
    Board of Directors so as to enhance the Board’s supervision
    effectiveness.

6.  Other duties assigned by the Board of Directors.

Remuneration Committee

1.  To review and recommend remuneration for the Board of Directors and
    other board appointed Committees and propose to the Board of
    Directors and shareholders’ meeting for approval.

2.  To review and recommend remuneration (including Salary increase and
    Bonus) for the President, Sr. Management (COO and VPs) of the
    Company and propose to the Board of Directors for approval.

3.  To define guidelines, procedures and determination of such
    remuneration to correspond with the Company’s operating result with
    regard to the various factors and other companies in the industry.

4.  To review and recommend the budget for the salary increases, bonus
    and compensation for employees of the Company and its subsidiaries
    and propose it to the Board of Directors for approval.

5.  To review and recommend salary increase and bonus for the President
    of the Company and propose to the Board of Directors for approval.

6.  To approve salary increase and bonus for the Sr. Management (COO and
    VPs) of the Company and its subsidiaries based on the proposal given
    by the President.

7.  Other duties assigned by the Board of Directors.

Executive Committee

+-------------------------------+-----------------+---------+---------+
| Name                          | Positions       | Att     | Number  |
|                               |                 | endance | of      |
|                               |                 |         | M       |
|                               |                 |         | eetings |
+-------------------------------+-----------------+---------+---------+
| 1.  Mr. Koushik Chatterjee    | Chairman        | -       | -       |
+-------------------------------+-----------------+---------+---------+
| 2.  Mr. Peeyush Gupta         | Committee       | -       | -       |
+-------------------------------+-----------------+---------+---------+
| 3.  Mr. Vivek Kamra           | Committee       | -       | -       |
+-------------------------------+-----------------+---------+---------+
| 4.  Mr. Rajiv Mangal          | Committee       | -       | -       |
+-------------------------------+-----------------+---------+---------+

Remarks: There was no Executive committee meeting during the past year

  Scope of authority of the Executive Committee

1. Define policies, strategies, management structure and authority to
correspond with and support the economic situation for approval by the
Board of Directors.

2. Consider and comment on the business plan and annual budget
allocation proposed by the management to the Board of Directors for
approval.

3. Supervise, oversee and monitor on the Company’s operation to ensure
its efficiency and appropriateness with the business situation for the
benefit of the Company’s operation to accomplish the objectives
according to the policies and business plan prescribed by the Board of
Directors.

4. Other functions as occasionally designated by the Board of Directors.

The Executive Committee may authorize any Executives with the authority
to perform a specific function or functions deemed appropriate by the
Executive.

Annual General Shareholder Meeting for year 2013

+---------------------------+--------------+---------------+----------+
| Name                      | Positions    | Attendance    | Number   |
|                           |              |               | of       |
|                           |              | (During       | Meetings |
|                           |              | 2013-2014)    |          |
+---------------------------+--------------+---------------+----------+
| 1.  Mr. Koushik           | Chairman     | 1             | 1        |
|     Chatterjee            |              |               |          |
+---------------------------+--------------+---------------+----------+
| 2.  Mr. Maris Samaram     | Independent  | 1             | 1        |
|                           | Director     |               |          |
+---------------------------+--------------+---------------+----------+
| 3.  Asst. Prof. Rawewan   | Independent  | 1             | 1        |
|     Peyayopanakul         | Director     |               |          |
+---------------------------+--------------+---------------+----------+
| 4.  Mr. Hatasakdi Na      | Independent  | 1             | 1        |
|     Pombejra              | Director     |               |          |
+---------------------------+--------------+---------------+----------+
| 5.  Mr. Taratorn          | Director     | 1             | 1        |
|     Premsoontorn          |              |               |          |
+---------------------------+--------------+---------------+----------+
| 6.  Mr. Vivek Madan Kamra | Director     | -             | - ^((a)) |
+---------------------------+--------------+---------------+----------+
| 7.  Mr. Peeyush Gupta     | Director     | 1             | 1        |
+---------------------------+--------------+---------------+----------+
| 8.  Mr. Rajiv Mangal      | Director     | -             | - ^((b)) |
+---------------------------+--------------+---------------+----------+

Remarks:

Director meeting attendance

^((a)) Mr. Vivek Madan Kamra has been appointed as a new director with
effect from April 25, 2014.
^((b)) Mr. Rajiv Mangal, a new director, became President&CEO in replace
of Mr. Peeyush Gupta on December 1, 2013.

2.  Management

The Management as on 31 March 2014

+----------------------------+-----------------------------------------+
| Name                       | Positions                               |
+----------------------------+-----------------------------------------+
| 1.  Mr. Rajiv Mangal       | President & CEO                         |
+----------------------------+-----------------------------------------+
| 2.  Mr. Thana              | Chief Operating Officer                 |
|     Ruangsilasingha        |                                         |
+----------------------------+-----------------------------------------+
| 3.  Mr. Shishir Vijay      | Chief Financial Officer                 |
|     Pimplikar              |                                         |
+----------------------------+-----------------------------------------+
| 4.  Mr. Sirorote           | Vice President – Human Resources &      |
|     Matemanosak            | Corporate Affairs                       |
+----------------------------+-----------------------------------------+
| 5.  Mr. Paitoon Chuesook   | Vice President - Procurement            |
+----------------------------+-----------------------------------------+
| 6.  Mr. Biswajit Ghosh     | Vice President – Quality Assurance and  |
|                            | Product Development                     |
+----------------------------+-----------------------------------------+
| 7.  Mr. Songsak            | Vice President – Marketing & Sales      |
|     Piyawannarat           |                                         |
+----------------------------+-----------------------------------------+
| 8.  Mr. Arun Kumar         | Vice President – Chonburi Plant         |
|     CHowdhary              |                                         |
+----------------------------+-----------------------------------------+
| 9.  Mr. Wanlert Kanwiwat   | Vice President – Rayong Plant           |
+----------------------------+-----------------------------------------+
| 10. Mr. Chaichalerm        | Vice President – Saraburi Plant         |
|     Bunyanuwat             |                                         |
+----------------------------+-----------------------------------------+
| 11. Mr. Chandra Mohan      | Vice President – Capital Projects and   |
|     Verma                  | Business Excellence                     |
+----------------------------+-----------------------------------------+

  Scope of authority of the Management

1.  Supervise, oversee and manage the normal business operation for the
    benefit of the Company with regards to the objectives, Articles of
    Association along with the regulations, resolutions, policies, plans
    and allocated and approved budget by the Board of Directors within
    related legal framework and scope of authority prescribed by the
    Board of Directors.

2.  Prepare annual business plan and budget in accordance with the Board
    of Directors’ policies and present to the Executive Committee
    (Executive Directors) and the Board of Directors.

3.  Scrutinize information and facts on issues related to business
    operation before presenting to the Executive Committee (Executive
    Directors) and the Board of Directors.

4.  Has the authority to approve normal business transactions such as
    raw materials procurement, operating expenses, sales and
    administrative expenses and investment expenses within the authority
    limits defined by the Board of Directors.

5.  Other functions as occasionally designated by the Board of
    Directors.

Organization of the Company as on March 31, 2014

[]

2.  Company Secretary

On 21 July 2008, the Board passed a resolution to appoint Miss Pratana
Sinhaneti as Company Secretary. She has knowledge and experience to
carry out the functions of Company Secretary as well as being complete
such the courses related to Company Secretary matter ie. Company
Secretary Program, Fundamental Practice for Corporate Secretary. The
Company Secretary has a dual reporting line to the Board and its
committees. The Company Secretary has the following duties and
responsibilities:

-   Organize and facilitate board and board committee meetings.

-   Organize the annual general meeting of shareholders, and record and
    publish the related minutes.

-   File all documents and related records.

-   Monitor and ensure that the Board is in compliance with all related
    laws and regulations.

-   Handle corporate governance issues and provide advice on these to
    the Board.

-   Assist shareholders, directors and members of management with any
    board-related matters.

-   Follow up on all resolutions passed and instructions given by the
    Board and shareholders’ meetings.

A qualification Company Secretary appears in the attachment no. 1.

8.4 Remuneration of Directors and Executives

The Company has clearly and reasonably set a policy and guideline on
remuneration of Director and Executives so that competent Directors and
Executives can be retained while not be over paid.

The Corporate Governance, Nomination and Remuneration Committee would
propose the remuneration of the Board of Directors and Committees by
considering the duties, responsibilities, overall performances and
Company’s operating result to shareholders for approval. The
remuneration is appropriate when compared within the same industry.
However, the Company has no policy to pay the remuneration to the
Executive who takes the position of the Director of the Subsidiaries.

For remuneration of the President and Executives of the Company and its
subsidiaries, the Board of Directors, by acknowledgement of the
Corporate Governance, Nomination and Remuneration Committee, would
consider on the duties, responsibilities, individual performance and
Company’s operating result in both short and long terms. The agreed
baseline remuneration can create motivation in company’s administration
and implementation to achieve objectives and sustainable growth.

(1) Total Remuneration of the Board of Directors

There are two types of financial remuneration for the Directors. These
are fixed remuneration that is paid every quarter and a meeting
allowance, which would be paid only to the attending Directors after
each meeting.

In case of the retiring or incoming Directors, they would be paid by
calculating only for the days in office during that quarter.

Details of Director’s remuneration in effective until resolved otherwise
by the shareholders’ meeting:

+-------------------------+-----------+---------------+---------------+
|                         |           | Remuneration  | Meeting       |
|                         |           |               | Allowance     |
+-------------------------+-----------+---------------+---------------+
|                         |           | (Baht/year)   | (             |
|                         |           |               | Baht/meeting) |
+-------------------------+-----------+---------------+---------------+
|   Board of Directors    | Chairman  | 630,000       | 42,000        |
+-------------------------+-----------+---------------+---------------+
|                         | Vice      | 525,000       | 21,000        |
|                         | Chairman  |               |               |
+-------------------------+-----------+---------------+---------------+
|                         | Director  | 472,500       | 21,000        |
+-------------------------+-----------+---------------+---------------+
|   Audit Committee       | Chairman  | 168,000       | 15,750        |
+-------------------------+-----------+---------------+---------------+
|                         | Member    | 115,500       | 10,500        |
+-------------------------+-----------+---------------+---------------+
|   Executive Committee   | Chairman  | 0             | 15,750        |
+-------------------------+-----------+---------------+---------------+
|                         | Member    | 0             | 10,500        |
+-------------------------+-----------+---------------+---------------+
|   Corporate Governance, | Chairman  | 150,000       | 15,750        |
|                         |           |               |               |
|   Nomination and        |           |               |               |
|   Remuneration          |           |               |               |
+-------------------------+-----------+---------------+---------------+
|   Committee             | Member    | 75,000        | 10,500        |
+-------------------------+-----------+---------------+---------------+

(A) Details of the Directors Remuneration in 2013 - 2014

+---+-----------------------+-------+-------+------+----------+------+
| N | Names                 | Re    |       |      |          |      |
| o |                       | muner |       |      |          |      |
| . |                       | ation |       |      |          |      |
|   |                       | (     |       |      |          |      |
|   |                       | Baht) |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+
|   |                       | Board | Audit | E    | C        | T    |
|   |                       | of    | Comm  | xecu | orporate | otal |
|   |                       | Dire  | ittee | tive | Gov      |      |
|   |                       | ctors |       | C    | ernance, |      |
|   |                       |       |       | ommi | No       |      |
|   |                       |       |       | ttee | mination |      |
|   |                       |       |       |      | and      |      |
|   |                       |       |       |      | Remu     |      |
|   |                       |       |       |      | neration |      |
|   |                       |       |       |      | C        |      |
|   |                       |       |       |      | ommittee |      |
+---+-----------------------+-------+-------+------+----------+------+
| 1 | Mr. Koushik           | 0.00  | -     | -    | -        | 0.00 |
| . | Chatterjee^((a))      |       |       |      |          |      |
|   |                       |       |       |      |          |      |
|   | Chairman              |       |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+
| 2 | Mr. Maris Samaram     | 598,5 | 231,0 | -    | 11       | 94   |
| . |                       | 00.00 | 00.00 |      | 7,000.00 | 6,50 |
|   | Independent Director, |       |       |      |          | 0.00 |
|   | Chairman of the       |       |       |      |          |      |
|   |                       |       |       |      |          |      |
|   | Audit Committee and   |       |       |      |          |      |
|   | Corporate Governance, |       |       |      |          |      |
|   |                       |       |       |      |          |      |
|   | Nomination and        |       |       |      |          |      |
|   | Remuneration          |       |       |      |          |      |
|   | Committee             |       |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+
| 3 | Asst. Prof. Rawewan   | 598,5 | 147,0 | -    | 11       | 86   |
| . | Peyayopanakul         | 00.00 | 00.00 |      | 7,000.00 | 2,50 |
|   |                       |       |       |      |          | 0.00 |
|   | Independent Director, |       |       |      |          |      |
|   | Audit Committee,      |       |       |      |          |      |
|   |                       |       |       |      |          |      |
|   | Corporate Governance, |       |       |      |          |      |
|   |                       |       |       |      |          |      |
|   | Nomination and        |       |       |      |          |      |
|   | Remuneration          |       |       |      |          |      |
|   | Committee             |       |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+
| 4 | Mr. Hatasakdi Na      | 577,5 | 147,0 | -    | -        | 72   |
| . | Pombejra              | 00.00 | 00.00 |      |          | 4,50 |
|   |                       |       |       |      |          | 0.00 |
|   | Independent Director, |       |       |      |          |      |
|   | and Audit Committee   |       |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+
| 5 | Mr. Taratorn          | 598,5 | -     | -    | 11       | 71   |
| . | Premsoontorn          | 00.00 |       |      | 7,000.00 | 5,50 |
|   |                       |       |       |      |          | 0.00 |
|   | Director and          |       |       |      |          |      |
|   | Corporate Governance, |       |       |      |          |      |
|   |                       |       |       |      |          |      |
|   | Nomination and        |       |       |      |          |      |
|   | Remuneration          |       |       |      |          |      |
|   | Committee             |       |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+
| 6 | Mr. Peter John Hogg   | 535,5 | -     | -    | -        | 53   |
| . |                       | 00.00 |       |      |          | 5,50 |
|   | Director and          |       |       |      |          | 0.00 |
|   | Executive Committee   |       |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+
| 7 | Mr. Peeyush Gupta     | 577,5 | -     | -    | -        | 57   |
| . |                       | 00.00 |       |      |          | 7,50 |
|   | Director and          |       |       |      |          | 0.00 |
|   | Executive Committee   |       |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+
| 8 | Mr. Rajiv             | 178,9 | -     | -    | -        | 17   |
| . | Mangal^((b))          | 28.00 |       |      |          | 8,92 |
|   |                       |       |       |      |          | 8.00 |
|   | President and CEO and |       |       |      |          |      |
|   |                       |       |       |      |          |      |
|   | Executive Committee   |       |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+
| 9 | Mr. Hemant Madhusudan | 536,0 | -     | -    | -        | 53   |
| . | Nerurkar^((C))        | 71.00 |       |      |          | 6,07 |
|   |                       |       |       |      |          | 1.00 |
+---+-----------------------+-------+-------+------+----------+------+
| T |                       | 4,    | 525,0 | -    | 35       | 5,07 |
| o |                       | 200,9 | 00.00 |      | 1,000.00 | 6,99 |
| t |                       | 99.00 |       |      |          | 9.00 |
| a |                       |       |       |      |          |      |
| l |                       |       |       |      |          |      |
+---+-----------------------+-------+-------+------+----------+------+

Remarks (1) ^((a)) Informing not to receive director’s remuneration
since 1 March, 2013.
(2) ^((b)) Becoming President & CEO in replace of Mr. Peeyush Gupta on
December 1, 2013.
(3) ^((C)) Resigning from Chairman on October 31, 2013.

(A) The amount and total remuneration of Directors and Managements

  Total remuneration of the Executives

  Total remuneration in terms of salary and bonus for 2013-2014 (1 April
  2013 - 31 March 2014) for 13 executives were Baht 36.25 million.

  Total remuneration of the Board of Directors of core business
  subsidiaries

  The Company does not pay remuneration to Directors of its
  subsidiaries.

  Total remuneration of executives of core business subsidiaries

  Total remuneration in terms of salary and bonus for 2013-2014 (1 April
  2013 - 31 March 2014) for 3 executives was included in the
  remuneration of the Company’s executives.

  Other forms of remuneration (if any)

  Other remuneration paid to Directors

  There is no other remuneration i.e. bonus, pension and other privilege
  paid to directors.

  Other remuneration paid to Executives

  Provident Fund

  The Company has contributed to the provident fund of employees for
  executives of the Company and its subsidiaries approximately 10% of
  total payroll or equal to the contribution in 2013-2014 (1 April 2013
  – 31 March 2014) for 13 executives totaling Baht 3.41 million.

Company Car

  The Company has provided company maintained cars to Company’s
  Executives and Senior Management of the company.

  Currently, the Company has no policy to offer Executives with the
  Employee Stock Option Program (ESOP) or Employee Joint Investment
  Program (EJIP), but has managed compensation for executives in other
  forms based on performance; Company’s operating results, duties,
  responsibilities and potential of each Executive.

5.  Employees

  The number of employees of the Company and its subsidiaries as at 31
  March 2014 were 1,263 persons. For the year 2013-2014, the company has
  paid remuneration to its employees in the amount of 219.75 million
  baht. The remuneration included salary, overtime, variable bonus, cash
  allowance, social security and provident fund.

  In addition, the three subsidiaries have also paid the same to their
  employees in the amount of 583.64 million baht.

  Number of the employees and remuneration

+-----------------------+---------+----------+-----------+-----------+
| 2013 – 2014           | Tata    | N.T.S    | The Siam  | The Siam  |
|                       | Steel   | Steel    | Iron &    | Con       |
| (as of March 31,      |         | Group    | Steel     | struction |
| 2014)                 | (Th     | Plc.     | (2001)    | Steel     |
|                       | ailand) |          | Co., Ltd  | Co., Ltd  |
|                       | Plc.    |          |           |           |
+-----------------------+---------+----------+-----------+-----------+
| Operational Employee  | 66      | 329      | 230       | 241       |
| (person)              |         |          |           |           |
+-----------------------+---------+----------+-----------+-----------+
| Management Employee   | 46      | 10       | 7         | 7         |
| (person)              |         |          |           |           |
+-----------------------+---------+----------+-----------+-----------+
| Employee in           | 168     | 57       | 53        | 49        |
| Headquarter (person)  |         |          |           |           |
+-----------------------+---------+----------+-----------+-----------+
| Total (person)        | 280     | 396      | 290       | 297       |
+-----------------------+---------+----------+-----------+-----------+
| Employee’s            | 219.75  | 243.31   | 168.92    | 171.41    |
| Remuneration (MB)     |         |          |           |           |
+-----------------------+---------+----------+-----------+-----------+

During the past 3 years, the company has no significant increase or
decrease in employees’ number and has not received any significant labor
disputes.

9. Corporate Governance

9.1 Corporate Governance Policy

The Company has documented its policy and principles of good corporate
governance in the Company’s “Good Corporate Governance Manual” since
2005. It has been reviewed and improved to make it up-to-date and
aligned with the changing environment. The last update done was in 2009,
and it is currently under on-going update. The Company’s “Good Corporate
Governance” comprises of 6 key elements as follows:

1.  Good corporate governance policies and principle

1.  Business ethics

2.  Board structure

3.  Roles, duties and responsibilities of the Board of Directors

4.  Respect for the rights and treatment of shareholders and
    stakeholders

5.  Information disclosure and transparency

9.2 Other Committees

(1) Structure of Committees

Currently the Board of Directors consist of eight members, three of whom
are independent Directors as specified in the Company and SEC’s
regulation, together with five non-executive Directors and Directors
representing major shareholders. The Company’s Directors are
knowledgeable and have broad experiences covering law, accounting,
finance and steel business. The Company has defined that the Chairman,
as the policy leader, and the President & CEO, as the leader of the
business operation, should not be the same person to clearly segregate
the roles and induce equilibrium in operation.

In addition, the Board of Directors has appointed three Committees to
focus on particular matters and then submit their deliberations for
further consideration or acknowledgement by the Board. They are the
Audit Committee, the Executive Committee and the Corporate Governance,
Nomination and Remuneration Committee.

List of member of each Committee and scope of authority appear in
Section 8, item 8.1 Management Structure.

9.3 Selection of the Directors and Executives

(1) Independent Directors

The Corporate Governance, Nomination and Remuneration Committee is
responsible for selection of Independent Directors, two independent
directors out of four directors, before proposing to the Board of
Directors and/or the shareholders’ meeting for election or appointment.
The selection would be in line with the guidelines and principles
approved by the Board of Directors. The Company‘s definition of
“Independent Director” is stricter than the one specified by the SEC so
that they can act independently suitable with specific nature of the
Company.

Qualifications of Director

1.  Possess the qualifications with no prohibited characteristics as
    specified in the Company’s Articles of Association, the Public
    Company Limited Act and the Securities Exchange regulations.

1.  Persons with capabilities, experiences and diversity of skills,
    knowledgeable, competent, leadership, varied perspectives, ethical,
    record of transparency and ability to express opinions
    independently.

2.  Persons who can devote sufficient time to attend Board meetings to
    monitor Company’s operation. Holding of Board positions in other
    companies should be limited to an appropriate numbers.

3.  Persons who are not Directors, Executives, shareholders or partners
    with substantial shareholding of the similar or competitive business
    operations or business operations that may provoke conflict of
    interest with the Company.

4.  For Director who is also the President, selection consideration
    would also base on past performance and result of potentiality
    evaluation.

Qualifications of Independent Director

-   Holding not over 1% of the total voting shares of the Company,
    parent company, subsidiary company, associate company or juristic
    person who may have conflicts with, including shares held by related
    persons.

-   No participation in the management nor being an employee, staff,
    salaried advisor, person with controlling power, parent company,
    subsidiary, associate or juristic person who may have conflict with,
    and not having interest in such activities for the previous 24
    months prior to appointment.

-   No kinship, marriage or legally registered as the father, mother,
    spouse brother/sisters and child, including child’s spouse, with the
    Executive, major shareholder, person with controlling power or
    person who will be nominated as Executive or person with controlling
    power of the Company or subsidiaries.

-   No business relationship with the Company, parent company,
    subsidiary, associate or juristic person who may have conflict with,
    in a way that may limit the exercise of independent judgment. This
    includes not being, or not having been a major shareholder,
    non-independent Director or Executive of an entity which have
    business relationship with the Company, parent company, subsidiary,
    associate or juristic person who may have conflict with, and not
    having direct or indirect interest in the following activities for
    the previous 24 months.

1.  Transactions in the course of normal business operation such as
    merchandise sales, raw materials purchase or providing services
    value more than 3% of the Company tangible assets or within the 12
    months period.

1.  Transactions of renting or renting out of immovable properties.

2.  Transactions related to assets or services such as acquisition or
    disposition of assets, rights or providing or receiving services.

3.  Transactions related to granting or receiving financial assistance
    such as granting or receiving loans, guarantees or providing asset
    as collateral, including other similar practices which result in the
    obligation for debt repayment to other parties with value more than
    3% of the net physical asset or more than Baht 20 millions,
    whichever the least within the period of 12months. In case of
    transactions of granting or receiving financial assistance, debt
    obligation incurred during the period of one year prior to the date
    of business relationship of the same person should be accumulated.

-   Not being an auditor of the Company, parent company, subsidiary,
    associate or juristic person who may have conflict with, and not
    being major shareholder, non-Independent Director, Executive or
    managing partner of the auditing office whose auditor works in the
    Company, parent company, subsidiary, associate or juristic person
    who may have conflict with, and should have no interest in such
    characteristics for the previous 24 months.

-   Not being a professional service provider, including being a legal
    advisor or financial advisor who receives service fee of more than
    Baht two millions from the Company, parent company, subsidiary,
    associate or juristic person who may have conflict with. In case the
    professional service provider is the juristic person, it should
    include being a major shareholder, non-Independent Director,
    Executive or managing partner of such professional service provider
    and not having interest in such characteristics for the previous 24
    months.

-   Not being a Director appointed as representative of the Company’s
    Director, major shareholders or shareholders related to major
    shareholders.

-   Not having characteristics that would make independent expression of
    opinion about Company’s operation impossible.

-   Capable of taking care of every shareholder’s interest equally.

-   Capable of managing conflict of interest.

-   Be able to attend the Board of Directors’ meeting to make decision
    on matters independently.

-   Possess the qualifications with no prohibited characteristics
    specified by the Company’s Article of Association and regulations of
    the Public Company Limited Act and the SEC.

Retirement Age

-   Independent and Non-Executive Directors who have completed the age
    of 70 years may continue as Directors at the discretion of the Board
    but in no case beyond the age of 75 years.

-   The retirement age for Independent Directors would be 75 years.

Guideline and Voting Procedures

In case the election of Company’s Director is proposed to the
shareholders’ meeting for consideration, it would be preceded according
to the guidelines and procedures specified in the Company’s Article of
Association such as shareholders will have one vote for each share held
and in case of a tie, the Chairman of the meeting will have a deciding
vote. However, for the election of Company’s Director, voting for
individual or multiple Directors may be applied but all voting rights
equivalent to all the shares held must be exercised at one time and
cannot be divided for various candidates.

In the event that a vacancy occurs due to any reason other than the
retirement of a Director, the Board shall consider appointing a
qualified person who is not prohibited by law to be a replacement
Director at the following meeting. Exception is where the remaining term
of the vacancy is shorter than two months. The replacement Director
shall serve the remaining term of the vacancy. The Board’s resolution
for replacement shall be two-thirds majority votes of remaining
Directors.

(2) Selection of Directors and Executives

The selection of Directors shall comply with the above description above
in (1)

The Executive Committee will make initial selection for individuals to
be appointed as the President & CEO and senior executives, by filtering
qualified persons having knowledge, skills and experiences beneficial to
the Company. The candidates must have good understanding about business
and be able to manage operations to achieve goal and targets formulated
by the Board of Directors. The candidate will be further submitted to
the Corporate Governance, Nomination and Remuneration Committee to be
considered and then proposed for approval by the Board of Directors.

9.4 Corporate Governance of Subsidiaries and Affiliates

The Board oversees the Company’s subsidiaries in order to protect the
holding company’s interests as follows:

-   Encourage them to adopt good corporate governance principles.

-   Appoints representative directors and members of management to serve
    on the boards of subsidiaries.

-   Oversees business operations through the appointed representative
    directors, members of management and a group-wide policy.

-   Considers key matters such as strategic directions, business plans,
    capital increases or decreases, divestment and significant policies.

-   Monitors operating results via members of management, the Executive
    Committee, and the Board itself.

-   Monitors compliance with the rules and regulations regarding:
    related-party transactions; acquisition and disposition of assets;
    and adequate and timely disclosure of information. This also
    includes maintaining proper accounting records and preparing
    financial reports in accordance with all applicable laws and
    generally accepted accounting principles.

-   Assigns the Company’s internal audit unit to conduct audits at the
    subsidiaries and affiliates in order to ensure the adequacy and
    effectiveness of their internal control systems.

9.5 Use of Insider Information

Besides the specified usage of insider information in the Company’s
“Code of Ethics,” there are policies and measures to prohibit the use of
insider information for the benefit of Directors and Executives by
educating them about the responsibility to report on the proportion of
Company’s shareholding and any change of such proportion as specified by
the announcement of the SEC and Capital Market Supervisory Board (CMSB),
guidelines of the SET, including penalty for violation. In case there
was a change in the proportion of Company’s shareholding, the Corporate
Secretary will summarize, compile and propose to the Board of Directors
meeting for acknowledgement, the details of which are also disclosed in
the Annual Report.

Moreover, the Company has implemented adequate internal control measures
to supervise the use of insider information to comply with good
corporate governance principles, and define a policy on prohibiting the
use of insider information for personal gain (abusive self-dealing) such
as trading with insider information (insider trading) of Directors,
Executives and employees working in the unit with access to information
of the Company and its subsidiaries (including spouse and underage
children of such persons.

-   Prohibit the above persons to trade Company’s securities within two
    weeks prior to the disclosure of Company’s quarterly financial
    statements and annual financial statements and within 24 hours after
    the disclosure of such financial statements to the SET (Blackout
    period).

-   In case of other non-disclosed significant information which may
    have an effect on the price of Company’s securities, the Board of
    Directors has prohibited trading of Company’s securities until
    expiration of 24 hours after such information has been released to
    the public.

9.6 Auditor’s Fee

(1) Audit Fee

For the period April 2013 - March 2014, the Company and its subsidiaries
paid audit fee of Baht 4,080,000.

(2) Non-audit Fee

For the period of April 2013 - March 2014, the Company and its
subsidiaries paid a fee such as for audit procedures of the consolidated
reporting packages (Indian GAAP), travelling, per diem, lodging etc. of
Baht 2,418,323 to its auditor, the audit firm affiliated with the
auditor, individuals or business entities related to the auditor and its
affiliated audit firm.

9.7 Compliance with Good Corporate Governance Principles in Other
Matters

The Company is determined to encourage and support the principles of
good corporate governance along with its business operation because it
realizes that good corporate governance would drive management system
towards efficiency, transparency and accountability. This would enhance
the confidence of the shareholders, investors, stakeholders and all
relevant parties, which leads to a sustainable growth and increases
value for the shareholders in the long term.

Apart from conducting business with high standard of conduct (both
organization and personal behavior) according to “Tata Code of Conduct:
TCOC”, the company has followed the five categories of the principles of
good corporate governance for listed companies issued by SET. The said
principles are the same as the OECD Principles of Corporate Governance,
comprising of five relevant principles and practices. This has been
documented in the Company’s “Good Corporate Governance Policy” since
2005. The principles were adapted for appropriate use in relation to
Company’s circumstances and have been reviewed and improved to make it
up-to-date and correspond to the ever changing situation. The Company
has been always rated as “very good” in the Corporate Governance
evaluation.

  The Company’s corporate governance report for the year 2013-2014 is as
  follows:

  Category I

  Shareholders’ Rights

The Company respects and realizes the importance of shareholders’
rights, as owners of the investment. The Company has encouraged
shareholders to fully exercise their rights in preserving the Company’s
interest and it will not violate or deprive the rights of shareholders.

1. basic rights such as rights to become registered shareholders,
purchase/sales or transfer of shares, profit/dividend participation,
receiving of sufficient information or report, for instance, changes to
equity structure, changes to executive authority, and liquidations of
company’s major assets, including equal access share buyback and etc.

2. rights to vote during general meeting, i.e., election of directors
and remuneration, profit allocation and dividend payment, assignment of
auditor and setting audit fee, amendment to the Memorandum of
Associations and regulations, changes to equity structure, and approval
to key transactions affecting the Company’s business operation.

3. any other rights according to the law.

Apart from encouraging exercising those basic rights, the Company has
made it convenient for shareholders to attend shareholders’ meeting by
implementing mechanism for good meeting arrangement. The Company would
provide information about the date, time, venue, meeting agenda,
attending procedures, voting procedures and information on matters to be
decided well in advance and would not in any way limit the opportunity
to receive information or attend the meeting.

The Company also assigns the Corporate Secretary Office to treat and
facilitate shareholders’ rights exercise. Shareholders can contact the
Corporate Secretary Office via telephone at 02-937-1000 ext. 1460-2

The Company arranges shareholders’ meeting called Annual General Meeting
within four months after the end of Company’s financial year (within
July every year), other than the said meeting, an extraordinary general
meeting may be called.

The annual general meeting for 2013 was held on July 31, 2013 at 09.30
AM at the Grand Hyatt Erawan Hotel, Bangkok. The Company used the Record
Date method where shareholding at May 31, 2013 would be eligible for
attending the meeting and compile a list according to Section 225 of the
Securities and Securities Exchange Act and close the book for transfer
suspension on June 3, 2013. There is no extraordinary general meeting
called during 2013.

The Company assigned the Thailand Securities Depository Co., Ltd.
(“TSD”), the Company’s securities registrar, to send the invitation
letter, together with relevant documents in both Thai and English to the
shareholders 21 days in advance of the meeting. The accompanying
documents are

1.  Invitation letter for the Annual General Meeting in with details of
    the date, time, venue, agenda of the meeting whether for
    acknowledgement, approval or for consideration, together with the
    objectives, rationale and recommendations of the Board of Directors
    for each proposed issue. The information is considered sufficient
    for decision making.

1.  Proxy forms as specified by the Ministry of Commerce, both simple
    Form A and the complicated Form B where shareholders can designate
    their voting decision whether it is “Agree”. “Disagree” or
    “Abstained”. Shareholders may vote for the election of individual
    Director during the related agenda.

2.  Information of the Independent Directors assigned by the Company as
    proxy for shareholders such as names, ages, addresses and relative
    interest in the matters proposed.

3.  Annual report with information in both Thai and English in CD Rom
    format (and in printed format to be sent to the desired
    shareholders).

4.  Clarification on the credentials supporting attending right.

1.  Company’s Articles of Association in part related to shareholders’
    meeting.

5.  Map of the meeting venue.

  Moreover, the Company has

1.  Advertised the meeting invitation announcement in Thai newspaper for
    3 consecutive days at least 3 days in advance of the meeting date.

1.  Publish information of such shareholders’ meeting on Company’s
    website in advance of the meeting so that shareholders may gain
    access to the information conveniently and promptly and have
    sufficient time to study the information before receiving printed
    materials from Company.

2.  Allow all shareholders to submit their inquiries in advance by
    submission of written inquiries to the Board of Directors or
    Independent Directors through Corporate Secretary, during 3 months
    prior/after the end of Company’s financial year, for proceeding to
    each Director or Independent Director. Inquiries related to the
    Company will be answered in the Annual General Meeting later.

The Company has informed shareholders of such schedule through SET news
network (www.set.or.th). For 2013 Annual General Meeting of
shareholders, no shareholder has submitted advance inquiries to the
Company.

  Category II :

  Equitable Treatment of Shareholders

The Company realizes its duty to look after the interest of every
shareholder, whether it is a major shareholder, institutional investor,
foreign shareholder including minor shareholder by equitable treatments
described as under:

  Shareholders’ meeting

The Company provides non-complicated proceeding procedures and avoids
unnecessary costs while being able to facilitate shareholders for the
convenience of attending the meeting such as:

1.  arrange a meeting venue that is conveniently accessible,

1.  prepare explanation about credentials to verify attending right,

1.  prepare sufficient competent officers and equipment to handle
    credential verification and registration,

2.  allow unavailable shareholders to grant proxy to a person as he/she
    wishes or assign a proxy to a nominated Independent Director with no
    any complicated method,

3.  prepare duty stamps to be affixed in the shareholders’ proxy forms,

4.  computerize registration to facilitate convenience and promptness,
    and

5.  allow advance registration for two hours before the meeting starts.

Furthermore, after the meeting started, shareholders still can register
to attend the meeting and have the right to vote the matter being
considered or not yet passed the resolution.

In Annual General Meeting of 2013, there were 559 shareholders attended
the meeting in person and via proxy accounting for 6,248,236,503 shares
or 74.20% of the paid up shares of 8,421,540,848. The Chairman of the
Board of Directors and Chairman of the Committees, namely, the Chairman
of the Corporate Governance, Nomination and Remuneration Committee and
all directors attended the meeting. Furthermore, executives, auditors
including legal advisors have attended the meeting to explain and answer
all inquiries.

Before the meeting

The Corporate Secretary informs shareholders of the Articles of
Association related to the meeting and meeting procedures such as voting
procedures, vote counting procedures and announcement of the result.

  During the meeting

The presiding Chairman conducts the meeting transparently according to
the announced agendas with no additional agenda for consideration other
than those specified on the Notification inviting shareholders to the
Annual General Meeting. Appropriate and sufficient time would be
allotted for consideration of each agenda before voting. Shareholders
would be allowed to vote for election of individual Director and
encouraged to provide comments, recommendations and ask questions
freely.

The Company uses voting ballots for convenience of shareholders and
arranges for auditors from the Audit Company to supervise vote counting
for transparency according to law and Company’s principles (Inspector).
Vote counting would be done by computer, shareholder would have one vote
per one share. Results of the vote for each agenda would be announced
after resolving of each agenda item by slide projection. Moreover, the
meeting would be recorded on a video media.

  After the meeting

The Company announces the meeting resolution (agreement, disagreement or
abstention) through SET news network (www.set.or.th) immediately after
the meeting and prepares the meeting minutes within period specified by
law. The minutes records details such as

1.  names and positions of the attended Directors, Executives including
    related persons,

1.  voting procedures and vote counting,

2.  questions and answers, comments and recommendations,

3.  meeting resolutions and voting result on each agenda, classified as
    agreement, disagreement and abstention.

Further, to enhance good relationship with shareholders, after the AGM,
in September 2013, the Company has extended an invitation to
shareholders to visit one of the subsidiary’s plant of Siam Steel (2001)
in Saraburi. There were 36 shareholders who participated in the said
visit.

Use of insider information

Details of the Company’s policy and measures to prohibit the use of
insider information for the benefit of Directors and Executives are in
the section 9.5.

There has been no incident of the use of insider information for the
benefit of securities trading by the Directors and Managements during
the previous year.

Report on stakeholders

The Company has specified that its Directors, Executives and related
persons must declare their own interest in the form defined by the Board
of Directors. When there is any appointment to be the Directors or
Executives or changes in the report, the Corporate Secretary has been
assigned to compile and present to Chairman of the Audit Committee and
Chairman of the Board of Directors for acknowledgement such reports. The
Company would use such information to monitor and supervise transactions
that may lead to conflict of interest such as connected transactions.

  Connected Transactions

The Company clearly defined principle and procedure of the connected
transactions and to be strictly complied with the regulation of the
Securities and Exchanges Commission, Capital Market Supervisory Board
and the Stock Exchange of Thailand regard to the conflict of connected
transactions. The Directors and Executives having interests and/or
connection on a matter will not attend the meeting and vote on such
matter to make the fair decisions.

Besides, the Audit Committee is entrusted to review connected
transactions on a quarterly basis to avert possible conflicts of
interest. Disclosure of connected transactions is provided in the notes
to the audited financial statements.

In the previous year, the Company never acted against the regulations of
the SET and SEC on Connected Transactions or acquisition/disposition of
assets, including a transaction of providing financial assistance to
non-subsidiaries.

  Category III

  Role of Stakeholders

The Company recognized that encouraging a strong relationship and
co-operation between Company and all stakeholders would be a factor to
build wealth, stability and long-term sustainability. It has adhered to
the rights of all stakeholders in relation to its business operation,
both defined by law or mutual agreement, by being responsible to the
internal and external stakeholders, whose rights have been violated,
with strict fairness, as well as keep developing engagement mechanism
for stakeholders.

The employees adhere to the company's Code of Ethics issued under the
"Tata Code of Conduct (TCOC)". This has 25 clauses and defines
guidelines and practices related to ethical business conduct with all
stakeholders. Measures and channels for stakeholders to
communicate/inform on unethical conducts are clearly spelt out along
with process to protect the informant under the “Policy and Regulation
regarding Whistle Blower” (Whistle Blower). The Company also endorses to
the Declaration made by the Collective Action Coalition against
Corruption (CAC) voicing the intention from the Thai Private Sector to
counter all types of corruption.

Stakeholders can suggest/ report/ appeal on the above Code of Ethics in
person/ by letter/ E-mail/ telephone/ fax by contact via the Chairman of
the Audit Committee or the Ethic Counselor, details of whom are as given
below:

Chairman of the Audit Committee

Mr. Maris Samaram

80 Soi Prompan, Sukhumvit 39

Klongtan Nua, Khet Wattana Bangkok 10110

E-mail address : msamaram@gmail.com

  Ethic Counselor

  Mr. Sirorote Metamanosak

  Tata Steel (Thailand) Public Company Limited

  Rasa Tower 2, 20th Floor,

  555 Phaholyothin Road, Chatuchak, Bangkok 10900

  Tel. : 66 (2) 937-1000 ext. 1810 Fax : 66 (2) 937-1224

  E-mail address : sirorotem@tatasteelthailand.com

There has been no incident of the appeal against Company’s “Code of
Ethics” or deprivation of rights during the previous year.

  Guidelines and responsibility to each group of stakeholders are:

  Shareholders

The Company is committed to create value for all shareholders with
fairness by operating business efficiently and treat shareholders with
respect and as per the applicable laws and regulations. The Company
shall inform shareholders of correct and complete information, including
disclosing such information in accordance with relevant rules and
agreement.

The details appear on Category I: Shareholders’ Rights and Category II:
Equitable Treatment of Shareholders.

  Employees

The Company regards employees as a valuable asset. Therefore, emphasis
is placed on training and development of employees at all levels and
scope of works to strengthen the significant basis of the organization.
Safety, occupational health and working environment for the employees is
given high priority. Besides, the Company ensures that employees receive
fair and appropriate remuneration and welfare to commensurate with their
skills and qualifications and in line with the market. The Company also
provides a provident fund for them. The details appear in section of
“Human Resources and Development”.

  Customers

The Company has commitment to provide good quality products and services
to customers in line with the stated requirements. This starts from
collecting requirements from the customers and continues till the
delivery of goods and after sales service. The Company has an endeavor
to constantly work towards improving the customer satisfaction and takes
an annual feedback from its customers to find areas of improvements in
product quality, delivery, service, complaint handling and product
development. The three plants comply with the relevant quality and
environmental standards thereby ensuring the delivery of intended
quality. The Company has a closed loop complaint handling system that
allows expeditious resolution of complaints to the satisfaction of the
distressed customer. The complaint handling system handles both product
and service type complaints. The system provides easy access to the
customers to raise the claim on the company should there be a deficiency
in product or service. The Company has also followed a policy of sales
return” in case of deficient or non-standard products.

  Partners

The Company sets a clear policy and framework based on the TATA Code of
Conduct (TCOC) for its business implementation with transparency and
equitability in dealing with all partners. Its subsidiaries are also
strictly compliance to the same TATA Code of Conduct. The Code covers
joint operations between the Company and its partners, for instance,
regular trainings on safety have been extended to transport contractors
who work for the plants.

  Creditors

The Company strictly complies with the conditions and requirements of
both Trade Creditors and Lender and pays debt on specified time, as well
as following the affirmatives give to the creditors throughout the
liable periods and provide information with accuracy, transparency,
equity and fairness.

  Community and society

The Company clearly states in its policy of carrying out business by
being a good corporate citizenship with duty and responsibility to the
surrounding communities and society. The Company does not regard its
implementation according to the specified policy as an option, but it
determines to incorporate them into its business plan.

The Company committed to promote and improve well-being of people in
surrounding communities as well as in other areas of the country such as
helping people in remote areas, disadvantage groups, and victims of
natural disasters, including giving high priority to environmental
conservation activities both at community level and broader level in the
society. From that commitment, the Company has defined its activities
for community and society into four categories:

1.  supporting surrounding community activities,

1.  developing children and youth in remote areas,

2.  supporting non-profit organizations, and

3.  environmental conservation.

Details of activities carried out by the Company in the year 2013 –
2014, appear in the section on “Sustainability Report”.

  Environment

The focus is on environmental conservation in order to preserve the same
by strictly conforming to laws, regulations, and various standards in
every production process and steps of work. In particular efficient
resources management (covering energy conservation, water resources
management, air pollution management, greenhouse effect management,
noise pollution management, and waste management) and re-use of
resources in strict compliance with environmental laws and regulations
and monitored. Tata Group has a stated policy on “Climate Change” or
global warming issues. All subsidiaries of the company conduct studies
to have deeper understanding and to be able to address issues promptly.
More green technology is being opted for implementation. Therefore, the
Company and subsidiaries set long-term goals to monitor and address
carbon dioxide and other greenhouse effect gas emission. The said goals
bring about new environmental friendly process guidelines and research
for new innovations in different areas. The “Green” concept is also
being applied in each step of the Company’s core business operations.

Detailed information on corporate environmental responsibility carried
out by the Company during 2013-2014 appears in the section on
“Sustainability Report”.

  Category IV :

  Disclosure and Transparency

The Company realizes and emphasizes on the responsibility to disclose
required financial and non-financial information for transparency,
accountability and the benefit of shareholders, investors, analysts and
other stakeholders. Such information disclosed must be correct,
inclusive, and thorough and create no misunderstanding. The information
should be up-to-date and timely as specified by the Securities Exchange
Commission (SEC), the Securities Exchange of Thailand and relevant
agencies. The Management is responsible for the communication and
important information disclosure both the Periodic reports such as
financial statements, annual statement (Form 56-1), annual report (Form
56-2) and Non-Periodic reports such as asset acquisition/disposition,
connected transaction, participation/cancellation of joint venture,
increase/decrease of capital, issuance of new shares and buy back of
shares.

The Company has set up the Corporate Secretary Office to act as a center
for Company’s information disclosure both in normal and urgent
situations. Samples of the information are

1.  Financial and non-financial information with completeness,
    correctness and comparativeness, both in Thai and English : SET news
    network (www.set.or.th)

1.  Analytical clarification of the financial status and operating
    results in every quarter : SET news network/ TSTH website
    (www.tatasteelthailand.com)/ Newspapers

2.  Latest shareholding structure is disclosed with details of major
    shareholders and proportion of minority shareholders, including
    beneficial owner and no cross holding between the Company’s group.
    The information of Directors and Executives’ shareholding, not over
    one percent of stocks issued, is also included : Annual Report/ TSTH
    website

3.  Information in the annual report is disclosed completely and clearly
    for the benefit of shareholders’ decision making such as analysis on
    financial status and operating performance, analysis on industry
    overview and competition, business risks, bio-data of Directors and
    Executives, remuneration of Directors and top Executives and
    information on Directors’ meeting attendances : TSTH website

4.  Financial statements in accordance with generally accepted
    accounting principles and audited by an independent auditor who is
    qualified and accepted by SEC. The Company had no record on
    submitted delayed quarterly and annually financial statement to SET
    and SEC : SET news network/ TSTH website

5.  Information on connected transactions (if any)

In addition to the disclosure of information as specified by the
Securities Exchange Commission (SEC), The Securities Exchange of
Thailand and relevant authorities, the Company has assigned the
President as its ‘speaker’ to communicate Company’s information to the
public investors who are shareholders and general shareholders, and
assigned the Corporate Secretary to manage the function of Investor
Relation by being responsible for communicating and coordinating with
shareholders, institutional shareholders, general shareholders, analysts
and related agencies and providing convenient access to Company’s
information such as meeting materials, operating performance materials
and other reports through Company’s website (www.tatasteelthailand.com)
This is to strengthen investors’ understanding and confidence towards
the Company.

Furthermore, the Company also has policy on press briefing quarterly to
disseminate its operational results to the public through media, for
instance, newspapers and various magazines. The President & CEO, Chief
Operating Officer, Vice President-Human Resources and Vice
President-Marketing and Sales are assigned to provide interviews on
behalf of the Company.

In 2013-2014, after having submitted the operational performance to the
SET, the Company arranged for the press briefing to make announcement to
the public. There were about 10 - 20 analysts, including analysts from
banks, financial institutions, printed media, attending each quarterly
press briefing to get an update Company’s performance as well as latest
outlook of steel industry.

  Category V :

  Responsibilities of the Board of Directors

The Company specifies the role of Directors so that they can perform the
function with “responsibility, cautiousness, integrity and
accountability” with an objective to provide equitable treatment to all
shareholders and create mutual confidence between shareholder and the
Company. Management system in accordance with the principles of good
corporate governance has been implemented to ensure honest, reasonable
and independent supervision and operation under legal framework and
business ethics for effectiveness and efficient working of the Board
functions to maximize benefits to all stakeholders.

  Structure of the Board

The Company takes into account check and balance principle as well as
emphasizes on broad diversity under the clear structure of the Board.
The Board of Directors comprise of qualified persons with appropriate
knowledge, ability and experiences in steel industry and other
businesses, gender, leadership with broad perspective, ability to commit
time and efforts for functioning as Directors who can express freely and
beneficial to the Company’s business operation. Specific Committees have
been appointed to consider specific matters in compliant to the
corporate governance guidelines.

Besides, the Board of Directors also appoints the Corporate Secretary
who is qualified and experienced on secretariat matters, as per the
details under Section 8, item 8.3 Management Structure.

  Roles, Duties and Responsibilities of the Board of Directors

The Board of Directors have to define Company’s vision, mission,
policies, long-term strategy, business plan and annual budget which is
proposed by the assigned management. To consider those matters,
directors will fully discuss and share their opinions. Besides, the
Board also assigned the responsibility to Management to implement
policies and plan to improve Company's operation on a continuous basis.

Further, the Board of Directors has the responsibility to review
operating plans, targets, and to allocate adequate budget, especially
budget for organization and product research and development,
competitive capability development. Each quarter, the Directors will
review Company’s performance and on annual basis carry out Directors
performance evaluation, including that of senior management. The Board
will develop, review and improve risk management system, internal
control and internal audit to respond to the changing environment, and
to oversee and develop Company’s corporate governance to international
standards. They should dedicate their time without taking improper
advantages for themselves or other persons, and should not act in such a
way that could provoke conflict of interest or compete with the Company
or its subsidiaries’ operation. The ultimate objective is to conduct
business with stability for the balanced and sustainable benefits of all
stakeholders in line with vision, mission and goals of the Company.

The Company has a policy to separate the positions of Chairman of the
Board and President & CEO.

The Chairman’s duties include the following:

  1. Guiding the Board to ensure its effective functioning.

  2. Providing independent advice and counsel to the President & CEO.

  3. Consulting with the President & CEO and Company Secretary to draw
  up meeting agendas.

  4. Encouraging all board members to debate issues freely during
  meetings, ask questions and express opinions.

  5. Encouraging constructive relations within the Board members and
  between the Board and management.

  6. Ensuring effective communication with the shareholders.

  The Audit Committee

The Audit Committee was appointed by the Board in the year 2002, and now
consisted of three Independent Directors. All committee members are
knowledgeable and have a business understanding with experience in
accounting or finance. More than one Director has adequate knowledge and
experience to review the credibility of the financial statements and
review the operation to be in compliant with the policy and Company’s
regulations, along with the laws, regulations and guidelines of the
supervisory agencies to develop financial and accounting system to be in
line with international standards. The review ensures that the Company
has the internal control system, internal audit system and risk
management system which is concise, appropriate, up-to-date and
efficient.

The Company has authorized the Audit Committee to function efficiently
and express its opinion independently. To enhance the efficiency to
monitor the Company’s operation, since the year 2009, the Company had
established the internal audit office which is under the supervision of
the Committee. When needed, the Audit Committee may seek an external
independent advisory at the Company’s expenses.

  The Executive Committee (Management Committee)

The Executive Committee was appointed by the Board in the year 2002. It
consists of three Directors with the responsibility to supervise the
Company’s operation as assigned by the Board of Directors to consider
the policy, strategies, structure and administration authority, business
plans, budget allocation and supervising and monitoring of Company’s
operation, along with screening the matters before presenting to the
Board of Directors for consideration.

  The Corporate Governance, Nomination and Remuneration Committee

  The Corporate Governance, Nomination Committee and the Remuneration
  Committee were appointed by the Board in the year 2004. However, the
  Board of Directors has resolved that both Committees be merged into
  one Committee with effect from 31 January 2013, to improve
  effectiveness and to facilitate its functioning. The said Committee
  now consists of four Directors, including two Independent Directors,
  having the duty on corporate governance namely: to propose, review and
  supervise the functions of the Board of Directors and Executives in
  accordance with the Company’s corporate governance guidelines; to
  consider selection process and recruit appropriate person for
  nomination as Director or President & CEO in replacement of the
  retiring Director or in other cases. It has the duty to study,
  consider and monitor the change and trend of the remuneration of the
  Board of Directors, Members of Committees and the President & CEO and
  the senior management of the Company.

  Terms of the Board of Directors and Committees

The term of office of each director shall be three years, provided that
at every annual general meeting of shareholders, one-third of the
directors retire. Directors have to jointly agree on the retiring
sequence and the director who vacates his office may be re-elected with
no limit on terms. The term of members of other Committees shall be
equal to the tenure of the director on the Board and the director will
vacate the Committee as soon as he/she steps down from the Board.

  Serving on other Company Boards by Directors and President and CEO

The Company is reviewing the policy on maximum number of other listed
companies allowed for each director to serve as the member of their
boards. While, there is no such policy in place yet, half of the current
Board of Directors is Thai while the rest are non-Thai. The non-Thai
directors do not have their domicile in Thailand; therefore they do not
sit on other listed company boards in Thailand. According to the data
captured during the last five years, no Thai director has served more
than three other listed company boards. Each of the directors is capable
to perform their duties and dedicate appropriate time and efforts for
the company.

Since the President and CEO is an inside director, just like other
employees, he has to dedicate his full efforts for the company according
to the terms of the employment contract. President and CEO who also
serves as a director on the Company do not serve as a director in other
listed company, except on the board of the subsidiaries. In any case,
the association on other companies outside Thailand has to be declared
in the resume printed in the annual report.

  Meeting of the Board of Directors

The Company has scheduled meeting dates and pre-circulated agenda for
the meeting of the Board of Directors and Committees, including
monitoring of operation. Additional meetings may be arranged for urgent
matters. Before each meeting, invitation letter, agenda and accompanying
papers are sent for advance study. Chairman of the Board of Directors
who chairs the meeting would conduct the meeting according to the
agenda, taking care of interests of shareholders and other stakeholders,
and allowing independent expression of opinion, allocating sufficient
time for thorough discussion and expression in each agenda. The
resolution of each agenda would be decided by majority voting. In case
of a tie, the Chairman of the meeting would cast a deciding vote.
Director who has an interest in the discussing matter would not attend
the meeting and/or would abstain. The minutes would be clearly recorded
after the end of the meeting.

During 2013-2014, five Board of Directors’ meetings have been held with
over 75% of the directors attending at each meeting and higher than 75%
attendance rate of each director. The Management would also attend each
meeting of the Board of Directors to report on essential information and
to acknowledge the policies and decisions of the Board of Directors.
Exception is made to some meeting agenda specifically reserved for only
the Board of Directors or non-Executive Directors to allow independence
of expression. In each quarter, independent directors will also confer
meeting separately among themselves.

Summary of meetings and attendances of Directors for 2013-2014 are in
Section 8 Management Structure, sub-section 8.1.

  Business Ethics

The Company has set high standards in business operation through
professionalism, integrity, moral and ethical behavior. This is
implemented using “Tata Code of Conduct (TCOC)” which documented and
published in Thai version as the “Ethics Handbook”. This is distributed
to the Board of Directors, Executive Committee, Executives, employees
and external stakeholders who conduct business with the Company,
including government agencies and private sectors. Besides, the
Management of the company oversees, communicate and encourage employees
at all levels to strictly and constantly adhere to the principles of
integrity, transparency and fairness. Whenever there is a breach or
possibility of a breach of Company’s Code of Conduct, supervisors must
be notified immediately. Ethics Counselor has been appointed since 2008
and employees are encouraged to report any grievance or mal-practice
without any fear and obligation.

The Tata Code of Conduct consists of 25 clauses, covering matters of
national interest, financial reporting and records, competition,
equal-opportunity employer, gifts and donation, relationship with
government agencies, political non-alignment, health, safety and
environment, quality of products and services, corporate citizenship,
cooperation of Tata Companies, public representation of the company and
the group, third-party representation, use of the Tata brand, group
policies, shareholders, ethical conduct, regulatory compliance,
concurrent employment, conflict of interest, securities transactions and
confidential information, protecting company assets, citizenship,
integrity of data furnished and reporting concerns.

Furthermore, the Company has announced “Policy and procedures on
petitioning of Code of Conduct violation” (Whistle blower) to safeguard
employees and external stakeholders who choose to report on the
violation or possible violation of the Code of Conduct to the Chairman
of the Audit Committee or the Ethic advisor or to other company’s
specific units safely and practically.

  Internal Control and Internal Audit

The Company encourages employees at all levels to realize the importance
of internal control and internal audit system by setting up efficient
system and controlling/monitoring procedures throughout the
organization. The intent is to have a compliant process to maintain
flexibility where employees can control, supervise, evaluate and review
their own work to minimize the risk of fraudulent acts and improper
exercise of power and to prohibit illegitimate activities.

Since 2009, the Company has also set up its own internal audit office.
This office has the responsibility to supervise the internal audit work
of the Company and its subsidiaries which operates under the supervision
of the Audit Committee. The Audit Committee carries out quarterly review
to oversee compliance with the policies, plans, authority and
regulations, including evaluating the risk management and internal
control for appropriateness and effectiveness. This is done to ensure
that major operations and significant financial transactions are carried
out according to the prescribed guidelines and regulations.

Additional details appear in Section 11, Internal Control and Risk
Management, sub-section 11.3

  Handling of Conflict of Interest

The Company places importance on the handling of Conflict of Interest
issues with caution. Directors, Executives and employees will work with
honesty, reasonableness, independence and transparency manner in the
overall interest of the Company and Shareholders by following the
guidelines of SEC, SET, Company’s Article of Association and relevant
laws. It also reports and discloses complete and clear information on
Company’s operation. Care is taken to not disclose insider information
or uses such information for personal advantage. If any of the Directors
has a stake or interest in the matter discussing, he/she will not attend
such meeting or will abstain his/her vote.

Moreover, the Company emphasizes the strict compliance with the Code of
Conduct in business operation and has set clear guidelines on the issue
subject for employees at all levels.

  Risk Management

The Company has implemented appropriate risk management system by
adopted an international standard to be applied for the Company’s
business. It has appointed the Risk Management Committee consisting of
the Management from each major department of the Company and its
subsidiaries to define and revise the administrative policy and
strategy, the organization-wise implementation, including risk factors,
risk probability and impacts to the Company’s goal. Moreover, the
appropriate plan and process to mitigate risks are defined, followed up
and reviewed to increase its efficiency. The Company has also assigned
the Audit Committee to evaluate the effectiveness of risk management
system and report to the Board of Directors regularly. This is the
warning mechanism to help protect or minimize the possible losses to
Company’s and subsidiaries’ operation.

  Training and development Programs for Directors and Executives

The Company looks after the interests of Directors and Executives’ since
their appointment by supporting them with an appropriate training
related to the Company operation by nominating them to relevant programs
conducted by institutions such as the Securities and Exchange
Commission, the Securities Exchange of Thailand, Thai Institute of
Directors Association (“IOD”) and public and private academic
institutions. These exposures help them to perform their duties
effectively and equip themselves to cope with the changing situations.
In this regard, all Thai Directors have attended trainings and seminars
that related to the Directors’ duty by IOD.

During the past year, Mr. Hatasakdi Na Pombejra, Independent Director
and member of the Audit Committee has attained the following courses at
IOD;

1.  Chartered Director Class (CDC 7/2013)

1.  Successful Formulation & Executive Strategy (SFE 18/2013)

2.  How to Measure the Success of Corporate Strategy (HMS 2/2013)

10. Corporate Social Responsibility

Introduction

Throughout its glorious history of over 100 years, the Tata Group has
been widely recognized as an organization committed to good corporate
citizenship – long before the term came into use by the corporate world.
This philosophy was one of the guiding principles of the Group founder,

Mr.Jamsetji Tata (1839-1904), who viewed the creation of wealth not as
an end in itself, but as the means by which the group could make
positive contribution to the communities in which it operates.

Today, the Tata Group operates in multiple geographies and as a good
corporate citizen, Tata Group recognizes that it has important social,
environmental and economic responsibilities. As a responsible corporate
citizen of the country, Tata Steel (Thailand) takes pride in balancing
economic prosperity with social progress.

Like other countries, Thailand faces many challenges of the new world.
Climate change, energy security, management of finite non-renewable
resources, restricting the damage to the eco-systems, water management
to support vegetation, agriculture and drinking requirements and
providing equal opportunity of growth to its citizens, are some of the
specific challenges of Thailand. At Tata Steel (Thailand), we understand
that we can and must play an important part in addressing these
challenges, both through the products we make and the way we manage our
operations.

The three plant sites of Tata Steel (Thailand) operate Electric Arc
Furnaces that restricts the emission of carbon dioxide to the
environment. Our endeavor always is to work towards energy efficiency
programs and continuously take care of emissions related to dust, noise
and other gases. Thailand is on the cusp of industrial development and
infrastructure explosion. Steel is an essential building block and this
way, we are able to restrict the ‘price’ that the environment has to pay
to produce steel.

Regard occupational safety, the Company has taken a resolve to reach
highest levels of safety performance. During 2013-2014, the Company
reached its best ever level of loss time injury rate (LTIF) of 0.33
which is lowest level since 2006. The Safety Management System is based
on Dupont Safety framework and accords equal focus to employees and its
contractors.

The Company takes pride in participating in various activities that
address such requirements. Many of these activities are given shape by
employees of the company while some others are funded by the company
resources. In addition, the company draws up an annual Corporate Social
Responsibility calendar to list our events based on the need of the
communities around the plant sites as well as in various needy corners
of Thailand. For example, Tata Steel (Thailand) adopts primary schools
to set up ‘book corners’ that promotes education among young children. A
total of 179 schools have been adopted in various provinces of Thailand
to bring about education and knowledge to create a sustainable society.

Further, Tata Code of Conduct has been implemented across all units,
functions and has been rolled out to cover key partners and suppliers.
At Tata Steel (Thailand), the commitment of creating a sustainable and a
responsible enterprise is as important as the resolve to attain highest
levels of performance.

Mission for Sustainability of Tata Steel (Thailand)

“We must be responsible and responsive to the countries, communities and
environments in which we work, always ensuring that what comes from the
people goes back to the people many times over”

The above words of Mr. Jamsetji Tata, the founder of Tata Group guides
all companies in the Tata Group to promote good governance along with
sound business operation for sustainability of the enterprise. At Tata
Steel (Thailand), these words provide us the direction to enable us to
create meaningful benefits for the society and community. Accordingly,
business strategies formulated by Tata Steel (Thailand) stem from the
belief that ‘the sustainable growth and development of the community and
society is also the sustainable growth and development of the company’.

There are three elements that stitch together to drive growth and
sustainable development. These elements pertain to social, environmental
and economic theme and a right combination of these elements ensures
business sustainability for all concerned people.

Basic Elements of Sustainability

At Tata Steel (Thailand), we believe in sustainable development which
consists of economic strategies, environment management system and
social support, along with being a good corporate citizen. For each of
the above mentioned components, the Company stresses on building good
relationship between all its stakeholders across all its sectors.
Alongside, the Company also commits to set relevant policy and
initiatives that can create positive impact to the business operations.

At Tata Steel (Thailand), sustainability is a core principle and has
been in practices since its inception.

Over the year, it has seen modification to address more and more aspects
of employees and stakeholders. Sustainability includes running of the
business operation in a “green” way, which implies better planning of
resources together with improvement of environment. This is directly
measured by the emission level of greenhouse gasses and keeping track of
its activities that have an impact on the climate change. Endeavour is
to carry out production, selling and servicing in an environmentally
friendly way. Therefore, Sustainability, as per Tata Steel (Thailand),
is the belief that the world with good environment and good health is
the best legacy that should be handed over to the future generations.

Nature of Our Business

Tata Steel (Thailand) Public Company, earlier name is Millennium Steel
Public Company Limited, established after successful merging beteen
N.T.S. Steel Group Plc (NTS), Siam Iron and Steel (2001) Co., Ltd. and
Siam Steel Construction Co., Ltd. (SCSC)

Currently, the Company’s major shareholder is the Tata Steel Global
Holdings Pte. Ltd. (“TSGH”), a wholly owned subsidiary of Tata Steel
Limited (“TSL”) 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. TSL also supports to TSTH in the business
operations by providing assistance in technology, finance, training of
people and international sales through its network of offices. TSL
drives the long products strategy in India & SE Asia in an integrated
manner.

The company is managed by capable management team with steel experiences
from Tata Steel India and also capable management team from Tata Steel
(Thailand)

The Company’s operation is undertaken as a group with the Company as the
top policy maker and the three 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 is managed by executives specialized in Steel business from
Tata Steel India and skilled Board of Directors from Tata Steel
(Thailand) The Company’s operation is undertaken as a group with the
Company as the top policy maker and the three 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.

Tata Steel (Thailand) has its 3 subsidiaries namely:

N.T.S. Steel Group Plc. (NTS): No. 351, Moo 6, Highway 331, Hemaraj
Chonburi Industrial Estate, Tambon Bowin, Amphoe Sri Racha, Chonburi
Province

Siam Iron and Steel (2001) Co., Ltd. (SISC): No. 49, Moo 11 Tambon Bang
Khamode, Amphoe Ban Mor, Saraburi Province

Siam Steel Construction Co., Ltd. (SCSC): Plot No. I-23, Map Ta Phut
Industrial Estate, Amphoe Muang, Rayong Province

Type of Products and Services

1.  Reinforcement Bars (Rebars)

The products consist of the round bars and deformed bars with diameter
of sizes 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. The rebars products serve various
purposes for construction industry mostly for reinforcement of concrete
such as road, bridge, footing, buildings, houses and general use for
construction industry, etc.

Currently, the Company has developed new rebar product with seismic
resistant properties under the brand TATA TISCON Super Ductile rebars,
with grade quality of SD 40 with diameter of 10-40 mm. The new rebar
product complies with international quality standard to resist external
forces, for instance, from earthquake, storm, or storm surge, and
provides better safety and protection for building structures.

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 they are produced in accordance with Thai
Industrial Standards Institute (TIS) No. 348-2540, JIS G3503 (1980) and
JIS G3507 (1991) respectively. They are used as raw materials for
construction parts 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 is of grade quality: SWRH 27-82. The size range is 5.5 - 19 mm. and
it is produced in accordance with Thai Industrial Standards Institute
(TIS) No. 349-2548. They are used as raw materials for manufacturer of
PC wires and PC strands, compression spring, extension spring, torsion
spring, sling etc.

4.  Small Sections

Small sections have various forms such as angles or channels. They are
produced in accordance with Thai Industrial Standards Institute (TIS)
No. 1227-2539, grade quality: SM400-570 and SS400-540. They serve
various uses of construction industry e.g. roof structures, electricity
poles and billboards etc.

5.  Special Bars Quality (SBQ)

SBQ is round steel bar in plain carbon steel in the size range of
ranging 19 – 40 mm. They are produced in accordance with JIS G3101
(1995) for general usage and JIS G4051 (1979) for S10C–S50C grade
quality for special usage. These products serve automotive and general
engineering sector.

6.  Cut and Bend (CAB)

Cut and Bend Services are ready to use produced from our quality Rebars
construction products as material to serve customer’s requirements which
assist them with time saving, labor and transportation cost reduction
and better yields. Customers can save costs from bending at the same
time there is no waste at their construction sites.

The product is distributed through a network of dealers in Bangkok &
surrounding provinces including up-country regions of Thailand. Last
year, the Company was able to increase its sales volume through dealers
in up-country provinces by 40% over the previous year. In its endeavor
to improve the product mix, The Company also emphasizes on 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.

Moreover, the company exports rebars and Wire Rods to neighboring
countries such as Laos, Myanmar, Cambodia, Vietnam, Indonesia and the
Philippines through existing, market specific distribution networks
located in relevant countries. The Company also exports rebars products
to India with the support from distribution networks of Tata Steel
India.

Management Standard System

TSTH’s subsidiaries have adopted international standards. SISC, SCSC and
NTS are certified to ISO 9001: 2008 (International standard in Quality
Management Systems). In addition, the Company realizes the importance of
the environment control and all three subsidiaries are certified to ISO
14001: 2004 (International standard for the environmental control). The
Company is well aware of the importance of the safety in the working
environment for its employees. SISC and SCSC are certified to TIS 18001:
2554 & OHSAS 18001: 2007 (International standard of Occupational Health
and Safety Management Systems). Additionally, NTS is in the process of
applying for the same OHSAS certification.

About the Report

Reporting Process

This CSR report has been prepared to show the commitment on social
responsibility of Tata Steel (Thailand). The report is separated from
the Annual Report in order to explain relevant policy, directions,
including outcome of the Company’s economic, social and environmental
operations, covering information collected from 1 April 2013 to 31 March
2014. This is the first version of CSR report from Tata Steel
(Thailand). It has been prepared in compliance with the SET’s standard.
The report includes key issues related to business operations with CSR
and their direct and indirect impacts to stakeholders. In the future,
the Company also aims to prepare CSR report in compliance with the GRI
G4 Guidelines.

Quality Control and Reliability

In the reporting process, there is a review step conducted by CSR
responsible department and validation of information by relevant
responsible departments.

Stakeholder Engagement

Stakeholder engagement, internally and externally, is a key part of the
Company’s business operations. It is the key element of sustainability
management of Tata Group. Recommendations from stakeholders will be take
into account for process improvement, including for making assessment
key issues of sustainability. This year the Company has defined ten
distinct categories of stakeholders, namely, 1) customers, 2) employees,
3) community, 4) shareholders, 5) creditors, 6) government agencies, 7)
vendors, 8) partners, 9) media, 10) competitors. Communications and
engagement approaches for each category will vary as appropriate.

  -------------- ----------------------- --------------------------------
  Stakeholder    Expectation             Responses by Tata Steel
                                         (Thailand)

  Customers      Satisfaction from good  Committed to provide customers
                 quality products and    with good quality products and
                 services at reasonable  services with international
                 prices.                 standards to reasonable prices
                                         and fairness and develop
                                         products and services in
                                         response to diverse requirements
                                         and control quality production.

  Employees      Security and career     Providing equal opportunities
                 advancement, with       for all employees without
                 satisfying welfare and  discrimination against any
                 benefits, having        social status, nationality,
                 opportunities to        caste, religion, family, marital
                 develop skills and      status, gender, sexual
                 knowledge, and good     orientation, age and ethnicity,
                 safety and occupational while encouraging continuous
                 health, and quality of  training and development for
                 life.                   employees at all levels,
                                         providing career paths according
                                         to employees’ ability based on
                                         values and competency, including
                                         improving quality of life of
                                         employees and their families.

  Community      Taking care community’s Conducting business operations
                 surrounding environment with integrity, supporting
                 by not discharge any    activities for improving quality
                 pollution while support of life for benefits of the
                 development activities  community through various
                 in educational,         corporate social responsible
                 religious, and public   activities, and also
                 health areas;           implementing green production
                 supporting public       process for environmental
                 welfare and income      conservation in surrounding
                 generating activities   communities
                 in the community.       

  Shareholders   Return on investment    Conducting business operations
                 and company’s growth    in compliance with good
                                         governance and company’s vision
                                         to maximize benefits and values
                                         to shareholders

  Creditors      Creating creditors’     Careful run business operation,
                 confidence that payment create profit and make timely
                 of loan shall be made   payment of loan, strictly
                 in timely manner.       committing and compliant to
                                         contract terms and conditions.

  Government     Compliance with         Strictly compliance with
  authorities    applicable laws and     applicable laws and regulations,
                 regulations.            and fully cooperate with
                                         government authorities.

  Vendors        Required correct        Comply to the fair commercial
                 purchase order for      competition framework and TCOC,
                 products or services,   verifying detailed information
                 on-time payment,        on PO before sending to
                 including good          supplier, maintain payment
                 relationship between    standard by closely monitoring
                 suppliers and the buyer of payment status, build good
                                         relationship

  Business       Return, security        Generating appropriate return,
  Partners                               improving safety measures and
                                         environment, building capability
                                         and strengthening worker quality

  Media          Disclosure of relevant, Giving high priority on the
                 clear and correct       disclosure of prompt and correct
                 information promptly    information to the media for
                 and timely manner.      further distributing to the
                                         public in timely manner.

  Competitors    Fairness                Fair treatment to competitors
                                         and comply with fair competition
                                         framework, laws and regulations
                                         and code of conduct.
  -------------- ----------------------- --------------------------------

Key Issues Assessment

This report extends reporting scope to cover the Company’s subsidiaries,
namely, three subsidiaries that its stake holder is higher than 50.
Please refer to their detailed information in the Company’s Annual
Report.

Scoping Reporting Content

This report will cover assessment on key issues of the Company’s
sustainability by applying the SET guidelines.

Step 1 Identifying key issues:

-   Key issues identified by considering nature of business and
    sustained growth of industry.

-   Selecting key issues affecting direct stakeholders.

Step 2 prioritizing key issues:

-   Prioritizing key issues for sustainability from its economic, social
    and environmental impacts to business operations, and key issues
    affecting stakeholders

-   Key issues for sustainability will be reported in the CSR Report,
    web site.

-   Review by responsible departments.

Step 3 reviewing issues:

-   Propose key issues for sustainability to responsible departments
    that are information owner to review, support by information from
    stakeholder engagement.

-   Defining key theme for reporting and reviewing content to be in line
    with quality reporting system.

-   Reviewing assessment of key issues.

Step 4 Validation

-   Validating with external stakeholders to collect responses for
    further improvement of content as appropriate and in line with key
    issues for communications.

Assessment Scope of Company Business

According to the Company business structure, its value chain is
consisted of:

1.  Procurement, i.e., scraps

2.  Using raw materials for production of upstream products, i.e.,
    rebars, wire, small sections.

3.  End user applications, i.e., usage of products.

Guideline for Selection of Issues

Selection of issues to be reported is based on key issues identified by
stakeholders. They are expectations of stakeholders towards the Company
and business impacts. The Company has collected ideas and input from
series of meetings and discussions with stakeholders, namely,
shareholders, employees, customers, venders, surrounding communities and
media. The said meetings include Annual General Meeting, Employees Meet
the President meeting, customers and vendors meetings, open forum to
generate ides and press release. Ideas from employees as suggested to
the senior management and executives and generate further discussions.
Expectations have been captured for continuous improvement on issues
related to steel production and other key development initiatives
affected stakeholders. The Company will further take into account for
formulation of its later business plan.

Key Issues

During the past year, the Company has continuously improved many areas
of operations in response to requirements and expectations, including
creating more confidence to all stakeholders. The Company has compared
between input from stakeholders and actions already taken in order to
further make improvement in other process and come up with new targets.

+---------------+---------------+----------------------+---------------+
| Key Issues    | Stakeholder   | Actions Taken        | Next Targets  |
+---------------+---------------+----------------------+---------------+
| Corporate     | Shareholder:  | Operating in comply  | Participating |
| Governance,   | The Company   | with the guideline   | in various    |
|               | is required   | of corporate         | activities to |
| Ethic and     | to operate    | governance while     | create good   |
| Integrity     | fairly,       | encouraging          | relationship  |
|               | taking into   | shareholders to      | with          |
|               | account       | exercise their basic | creditors.    |
|               | benefits,     | rights, namely,      |               |
|               | rights,       | attending AGM,       | The Company   |
|               | equality      | voting, propose      | is committed  |
|               | according to  | agenda, and nominate | to strictly   |
|               | the guideline | individual as        | comply with   |
|               | of CG.        | Director. The        | terms and     |
|               |               | Company has invited  | conditions.   |
|               |               | shareholders to      |               |
|               |               | visit its plant and  | Focusing on   |
|               |               | provided channel for | transparent   |
|               |               | communication via    | business      |
|               |               | web site.            | operations,   |
|               |               |                      | and providing |
|               |               |                      | orientation   |
|               |               |                      | to new        |
|               |               |                      | employees on  |
|               |               |                      | Tata Code of  |
|               |               |                      | Conduct.      |
+---------------+---------------+----------------------+---------------+
|               | Customers:    | Products and         |               |
|               | require the   | services quality     |               |
|               | Company to    | improved; warranty   |               |
|               | operate its   | of goods and         |               |
|               | business in   | services provided;   |               |
|               | line with     | setting up claiming  |               |
|               | Tata Code of  | system on products   |               |
|               | Conduct;      | and services.        |               |
|               | would like to |                      |               |
|               | have quality  | Protection of        |               |
|               | products and  | privacy of           |               |
|               | services at   | customers, and not   |               |
|               | appropriate   | using customers’     |               |
|               | prices; and   | information for      |               |
|               | protect       | other benefits.      |               |
|               | co            |                      |               |
|               | nfidentiality |                      |               |
|               | of customers. |                      |               |
+---------------+---------------+----------------------+---------------+
|               | Vendors:      | Maintain             |               |
|               | Equality,     | confidentiality of   |               |
|               | transparency  | vendor and do not    |               |
|               | and integrity | exploit their        |               |
|               | in business   | information, and     |               |
|               | operations,   | establish code of    |               |
|               | protecting    | conduct of           |               |
|               | common        | procurement          |               |
|               | interests by  | department.          |               |
|               | compliance to |                      |               |
|               | laws and      |                      |               |
|               | common        |                      |               |
|               | agreement.    |                      |               |
+---------------+---------------+----------------------+---------------+
|               | Creditor:     | Strictly comply with |               |
|               | strictly      | terms and            |               |
|               | comply with   | conditions, and      |               |
|               | terms,        | disclose financial   |               |
|               | including     | information to       |               |
|               | making term   | creditors; and make  |               |
|               | payment,      | payment on schedule; |               |
|               | taking care   | do not involve in    |               |
|               | of guaranteed | cheating, taking     |               |
|               | property.     | bribes or taking any |               |
|               |               | personal gain or     |               |
|               |               | interest             |               |
+---------------+---------------+----------------------+---------------+
|               | Public        | Operate its business |               |
|               | Sector: it is | and management in    |               |
|               | expected that | line with all laws   |               |
|               | the Company   | and regulations and  |               |
|               | shall operate | international        |               |
|               | its business  | standards on labour, |               |
|               | in comply     | human rights,        |               |
|               | with laws and | operations,          |               |
|               | regulations.  | environment, health, |               |
|               |               | and safety with      |               |
|               |               | regular monitoring.  |               |
+---------------+---------------+----------------------+---------------+
|               | Employees:    | Providing fair       |               |
|               | require       | remuneration at the  |               |
|               | career        | same level of        |               |
|               | development,  | leading companies;   |               |
|               | fair          | career advancement,  |               |
|               | remuneration, | remuneration and     |               |
|               | work safety,  | incentives will      |               |
|               | knowledge and | depend on quality,   |               |
|               | skills        | achievement,         |               |
|               | transferred   | attitude and         |               |
|               | and equality. | competency; and,     |               |
|               |               | setting up a channel |               |
|               |               | to collect           |               |
|               |               | employees’ idea and  |               |
|               |               | comment              |               |
+---------------+---------------+----------------------+---------------+
|               | Community,    | Operating its        |               |
|               | society,      | business by using    |               |
|               | environment:  | resources            |               |
|               | r             | effectively, while   |               |
|               | esponsibility | minimize impacts to  |               |
|               | to community, | society, environment |               |
|               | society and   | and quality of life; |               |
|               | environment,  | building awareness   |               |
|               | covering      | of employees to be   |               |
|               | safety,       | responsible to       |               |
|               | quality of    | society,             |               |
|               | life and      | environment: and,    |               |
|               | natural       | regularly return     |               |
|               | resources     | certain portion of   |               |
|               | conservation; | profit to society    |               |
|               | promotion of  | and environment.     |               |
|               | energy        |                      |               |
|               | efficiency;   |                      |               |
|               | awareness of  |                      |               |
|               | quality of    |                      |               |
|               | life of       |                      |               |
|               | surrounding   |                      |               |
|               | community and |                      |               |
|               | society       |                      |               |
+---------------+---------------+----------------------+---------------+
| Innovation    | Customers:    | Providing support    |               |
| Management    | receive       | budget 0.25 MB, for  |               |
|               | quality       | developing 1new      |               |
|               | products,     | project.(Pyrometer   |               |
|               | friendly to   | for Seismic Rebar    |               |
|               | society and   | project at SCSC)     |               |
|               | environment.  |                      |               |
+---------------+---------------+----------------------+---------------+
| Product       | Customers:    | Improving products   | The Company   |
| R             | receive       | quality at the right | is committed  |
| esponsibility | higher        | prices.              | to develop    |
|               | quality       |                      | new products. |
|               | products at   | Visiting customers   |               |
|               | the same      | to collect input and | Setting       |
|               | prices or     | recommendations. The | customers’    |
|               | lower.        | customers            | satisfaction  |
|               |               | satisfaction survey  | survey target |
|               |               | of 2012-2013,        | in line with  |
|               |               | resulting in scores  | the           |
|               |               | of 85 from full      | international |
|               |               | scores of 100 of     | standard, and |
|               |               | which is higher than | it must be    |
|               |               | the average          | higher than   |
|               |               | satisfaction rate in | the 2013-2014 |
|               |               | the same industry.   | of the same   |
|               |               |                      | industry      |
|               |               | Developing CRM       | average.      |
|               |               | system to collect    |               |
|               |               | customers’           |               |
|               |               | complaints from the  |               |
|               |               | Company’s web site   |               |
|               |               | and from staff.      |               |
+---------------+---------------+----------------------+---------------+
| Supply Chain  | Vendor:       | Establishing         | Improving and |
| Management    | supply-chain  | supplier             | developing    |
|               | management    | registration for     | supplier      |
|               | system        | transparent          | management    |
|               | facilitates   | competition and      | system with   |
|               | fair          | fairness.            | international |
|               | competition.  |                      | standards.    |
|               | Both          |                      |               |
|               | suppliers and |                      |               |
|               | the Company   |                      |               |
|               | can develop   |                      |               |
|               | in parallel   |                      |               |
|               | with good     |                      |               |
|               | direction     |                      |               |
|               | with higher   |                      |               |
|               | standard.     |                      |               |
+---------------+---------------+----------------------+---------------+
| Environmental | Community,    | Focusing on working  | Development   |
| Friendly      | society, and  | safety and           | of Safety     |
| Production    | environment:  | occupational health  | Process       |
| Process       | Upon          | management in line   | Management    |
|               | improvement   | with standards, by   | System.       |
|               | of resources  | taking into account  |               |
|               | utilization   | business that could  |               |
|               | process and   | cause environmental  |               |
|               | reducing      | impacts.             |               |
|               | waste,        |                      |               |
|               | overall       | Loss Time Injury     |               |
|               | environment   | Frequency Rate from  |               |
|               | is improving  | the past year is     |               |
|               | and           | 0.33                 |               |
|               | beneficial to |                      |               |
|               | society,      |                      |               |
|               | community.    |                      |               |
|               | Environmental |                      |               |
|               | friendly      |                      |               |
|               | approach      |                      |               |
|               | results in    |                      |               |
|               | better        |                      |               |
|               | health,       |                      |               |
|               | well-being    |                      |               |
+---------------+---------------+----------------------+---------------+
|               | Shareholder:  |                      |               |
|               | Environmental |                      |               |
|               | friendly now  |                      |               |
|               | is a key area |                      |               |
|               | of interest   |                      |               |
|               | by            |                      |               |
|               | shareholders  |                      |               |
|               | and           |                      |               |
|               | investors.    |                      |               |
+---------------+---------------+----------------------+---------------+
| Climate       | Community,    | Reducing energy      | Set target    |
| Change and    | society,      | consumption          | for water     |
| Water         | environment:  |                      | recycling and |
| Management    | vulnerable    |                      | reuse at      |
|               | from climate  |                      | least 30 % in |
|               | changes and   |                      | the           |
|               | water         |                      | production    |
|               | resources     |                      | process.      |
|               | management,   |                      |               |
|               | if no good    |                      |               |
|               | management in |                      |               |
|               | place,        |                      |               |
|               | natural       |                      |               |
|               | resources in  |                      |               |
|               | community and |                      |               |
|               | society will  |                      |               |
|               | be effected.  |                      |               |
+---------------+---------------+----------------------+---------------+
| Employee      | Employees:    | Considering          | Expected      |
| Satisfaction  | employees are | remuneration and     | target        |
| Survey        | part of a     | welfare for          | employee      |
|               | successful    | employees in line    | satisfaction  |
|               | company.      | with costs of living | score in 2014 |
|               | Employees     | and the Company’s    | shall not     |
|               | development   | operational          | lower than 4. |
|               | and caring    | performance;         |               |
|               | are essential | encouraging          |               |
|               | for company’s | capability building  |               |
|               | growth.       | for employees.       |               |
|               |               |                      |               |
|               |               | Employees            |               |
|               |               | satisfaction survey  |               |
|               |               | conducted in 2013,   |               |
|               |               | the result of        |               |
|               |               | satisfaction score   |               |
|               |               | is 3.88 and loyalty  |               |
|               |               | score is 4.01 from   |               |
|               |               | full score of 6.     |               |
+---------------+---------------+----------------------+---------------+
| Corporate     | Community,    | Carefully operate    | Operate its   |
| Social        | society, and  | its business, avoid  | business with |
| R             | environment:  | causing any impacts  | CSR and       |
| esponsibility | If a company  | to community,        | conduct       |
|               | does not have | society and          | satisfaction  |
|               | CSR, there    | environment.         | assessment,   |
|               | would be      |                      | expected      |
|               | impacts to    | Provide support to   | increasing    |
|               | community and | various activities   | score in      |
|               | society.      | beneficial to        | 2014.         |
|               |               | community, society   |               |
|               |               | and environment on   |               |
|               |               | improving quality of |               |
|               |               | life.                |               |
+---------------+---------------+----------------------+---------------+

Management Approach
Structure of the Board of Directors

The Board of Directors comprises of eight Directors, including seven
non-executives Directors (three of which are independent Directors) and
one executive Director who are the President, in compliance with SEC and
the Principles of Corporate Governance. The Company’s eight Directors
are qualified, knowledgeable and have broad experiences from different
areas and have been trained regularly in various courses. For
transparency, the Company has defined that the Chairman and the
President and CEO should not be the same person.
The Board of Directors has also appointed three Committees to focus on
particular matters. They are the Audit Committee, The Executive
Committee and the Corporate Governance, Nomination and Remuneration
Committee.

Meeting of the Board of Directors

During 2013-2014, five meetings of the Board of Directors have been held
to consider Company’s directions, policy, business strategies, including
promotion of CSR, environment and human rights matters. During the past
year, the Thai Institute of Directors (IOD) introduces the ASEAN CG
Scorecard for assessment of corporate governance of listed companies in
ASEAN. The purpose of the tool is to facilitate CG assessment in order
to create corporate sustainability.

Transparent Audit

The Audit Committee comprises of three independent Directors who are
knowledgeable with experiences to audit financial statements. The
auditor will be invited to present at each Audit Committee’s meeting to
provide comment to financial reports. During the past year, there are 4
meetings of the Audit Committee. Each Audit Committee member presents at
every meeting to review and audit the Company’s internal control in line
with the SEC guideline before proposing to the Board of Directors and
including its report in the Annual Report.

Performance Evaluation

The Company conducts performance evaluation for each Committee once a
year in compliance with the SET’s best practice. The performance
evaluation includes self-evaluation, evaluation by the Board, and
crossed evaluation.

Components of the Board of Directors

According to the Company’s regulations, there shall be not less than
five members of the Board of Directors but not exceed 14 Directors.
Currently the Board of Directors consists of eight members, three of
whom are independent Directors, or one-third of all Directors as of 31
March 2014.

Structure of CSR Function

The Company has appointed the Corporate Governance, Nomination and
Remuneration Committee, to be responsible on corporate governance and
nomination, as well as to consider and review practices on the Company’s
corporate governance before submitted to the Board of Directors. It has
duty to provide advises to the Board of Directors and executives on any
practice in line with guideline on corporate governance. It may propose
relevant criteria and policy, including selection of qualified person
for nomination as Director in replacement of any retiring Director or
other cases, to the Board of Directors and to the general meeting of the
shareholders for approval. It has duty to consider selection appropriate
person and nominate as the President to the Board of Directors for
approval. It has duty to conduct performance evaluation of whole Board
of Directors and propose its results to the Board of Directors to
improve its function and corporate governance. It also has other duty as
assigned by the Board of Directors.

[]

The Company has established a communication and corporate affairs
department, comprising of corporate affairs team and social activities
team, to handle CSR program and activities. This team is under the Vice
President – HR and Corporate Affairs who is also the Ethic Counselor to
Tata Steel (Thailand).

Structure of Management of Business Ethics

In order that Tata Steel (Thailand)’s business operations comply with
TCOC, correctly, completely and strictly, and to be in line with the
Ethical Management framework of Tata Steel Group (Thailand), the Company
has established the Ethical Committee on 2009, and appointed Ethic
Counselor, as well as Ethic Coordinators positioned in three
subsidiaries. Vice President of each plant will Chair each Ethical
Committee while there will be plant ethic coordinator work as its
secretary.

[]

Role of Ethic Counselor: providing advises to Tata Steel (Thailand) and
its subsidiaries for fully compliance to Tata Code of Conduct (TCOC),
including act as channel for internal and external reporting of any
complaint on ethical conduct, being the secretary to the Ethical
Committee of TSTH, and making ethical report directly to the President,
and being Ethic Coordinator between TSTH and Tata Steel Limited (India).

Role of Ethic Coordinator: coordinating on ethical matters between
different departments and the Ethic Counselor, being a channel for
collecting complaints from internal and external organizations, acting
as the secretary to the Ethical Committee at subsidiaries and making
ethical report directly to the Chair of the said Ethical Committee and
to the Ethic Counselor.

Policy on Corporate Social Responsibility

Tata Steel (Thailand) and three subsidiaries take high priority on
corporate social responsibility in operating their business as appeared
in Clause 10 of the Tata Code of Conduct:

Clause 10 Corporate citizenship

“A Tata company shall be committed to good corporate citizenship, not
only in the compliance of all relevant laws and regulations but also by
actively assisting in the improvement of quality of life of the people
in the communities in which it operates.

Tata companies are also encouraged to develop systematic processes and
conduct management reviews, as stated in the Tata ‘corporate
sustainability protocol’, from time to time so as to set strategic
direction for social development activity. The company shall not treat
these activities as optional, but should strive to incorporate them as
an integral part of its business plan.”

The Company’s CSR activities are essential for its sustainability
management. The Company has identified social responsible targets
related to the said sustainability, namely, creating profits to
shareholders, caring for employees and environmental conservation, and
etc. At present, apart from business performance indicators,
expectations from all stakeholders must be taken into account. Tata
Steel (Thailand) emphasizes on CSR constantly and embedded CSR as part
of its vision, purpose, strategy, program and operational processes that
can create value-added to the Company. By this, it also contributes to
strong and sustainable business growth. The management team always
creates balance between business operations and social and environmental
responsibility. The Company has carried out CSR activities the same way
as its 140 years old parent company who always provides support to
surrounding communities development and society at large. Currently,
even it is evident that only giving away could not create real value in
long term, however it is still necessary that the Company has to provide
support on communities development surrounding three plants. Further,
the Company has to keep emphasizing on social responsibility in
production processes even more than usual in order to cope with more
expectations from stakeholders.

Social responsibility is essential for steel industry since it is
related to processing of raw materials for further applications in other
industries that create higher value and national economic growth.
However steel industry prunes to create pollution and can directly or
indirectly affect environment. Since it involves in upstream industry
for all other downstream ones, the Company operates with CSR starting
from raw materials selection, sourcing, logistic, warehousing,
processing, quality control, waste treatment, including taking
preventive measures to avoid any adverse effects against economy,
society and environment.

The Company does not take that CSR is a burden for the Company. CRS
brings about benefits, both during and after its implementation, for all
stakeholders. For instance, activities include economic value-added
ones; being production base for other industries in case of wire
products and special grade products for automotive industry; new
innovations for environment conservation and energy saving; income
generating by creating jobs for communities; selling community’s
products in plants’ premises, etc. Communications and activities
engaging stakeholders include discussions, meetings, opening forum,
responses to questionnaires. They can create positive attitudes from
those who are affected by the Company. Corporate governance and the
compliance to business code of ethics can be beneficial to stakeholders.
They can bring about good relationship with different groups of
stakeholders and improve the Company’s image as well as building trust
and confidence from stakeholders.

Tata Steel (Thailand) operates its business in steel industry of which
must emphasize on CSR. Specific characteristics of the business that
involves direct and indirect utilization of natural resources, namely
land, water, air, noises and energy. It contributes to certain impacts
to environment, for instance, scrap collection, production process which
causes air, water or noises pollution, or even waste treatment process.
They all contribute to changing pattern of our society and may cause
both positive and negative impacts. For example, production process of a
plant can affect surrounding communities. It can generate positive
economic results for the Company due to steel products will be used for
infrastructure projects in both the public and private sector and
generate national economic growth. Special grade products are used in
automotive industry or further fabricated in substitute for imported
products. At the same time, its adverse impacts can be higher rate of
electricity consumption. On health care concerns, dusk is dissipated
from its production line. Even it is well under the level allowed by the
government regulations but it could cause sickness or health issues to
employees, contractors and surrounding community members.

On economy, society, environment and Good Governance: Tata Steel
(Thailand) aims to operate with better performance to generate
satisfying profit for shareholders, employees, and send positive impacts
to the country. The Company has corporate governance focusing on
management in comply with laws and regulations, with transparency and
accountability to shareholders. On social issues: the Company emphasizes
on gender equality, covering equality in remuneration, welfare,
promotion to higher management position, anti-corruption, protection of
privacy, and confidentiality of customers. On environment: Steel
industry has direct risks on CO₂ emission from production process,
issues with sharing water resource with community and large scale of
power usage. The Company put efforts to implement green standards, for
instance, waste treatment and recycling, global change, global warming
due to CO₂ emission, campaigns on energy efficiency and etc. The Company
also collaborates with all stakeholders in order to implement CSR
activities successfully, as well as cooperates with local authorities on
transparency and compliance with relevant laws and society.

Directions and CSR Strategy

Tata Steel (Thailand) has integrated TCOC and CSR management together
with its business strategy so that TCOC and CSR management policy will
be implemented in all business operation, corporate governance, as well
as social and environmental responsibility. All concerns and input from
stakeholders and also key issues on occupation health, safety and
environment will be taken into account and being part of strategic
planning. Directions and strategies as approved by the Ethical Committee
shall be communicated company-wide, from senior management, middle level
management and all staff. Business strategy is focusing on strengthening
current business operations in parallel with constantly identifying new
growth opportunities. At the same time the Company maintains balance
between business, society and environment on both its business
performance and sustainability. Relevant strategy will be driven by
efficient business units and KPIs are systematically monitored. The
Company sets long term organizational goals in four areas, namely:

1.  Value creation: by benchmarking on profitability and key financial
    ratio from manufacturing, marketing and operating according to its
    strategies and programs with a goal to increase Return of Invested
    Capital to 12%

2.  Promotion of working safety: having KPI on reduce Lost Time Injury
    Frequency (LTIF) to 0.4

3.  Environment conservation: by maintain carbon dioxide emissions to
    less than 1.0 ton/ton of liquid steel

4.  Employer of Choice: by operating in top quartile across all
    industries.

To create strong foundation and readiness for sustainable business
growth, Tata Steel (Thailand) focuses on capability building on key
functions for business expansion and planning on staff development since
they are essential driving force and will grow along with the Company.
Capability building will focuses on enhancement of staff competency and
skills to perform their responsible functions, and building leadership
for management and general staff. In addition, the Company also promotes
staff rotation according to their career part to position in other
plants domestically and internationally. This is contributed to more
staff career advancement.

Other areas of development that are essential and beneficial to
stakeholders include making profit, return, welfare, products and
services responsibility, climate change, air pollution control,
community engagement, strengthening community, and so on. For key issues
that are essential for the Company are: create return to shareholders,
caring for employees, occupational health and safety, environment
conservation, energy efficiency, water management, waste and losses
management, quality products and services according to customers’
requirements, corporate governance, risk management and etc.

Risk Assessment on CSR

The Board of Directors remains committed to effectiveness the Internal
Control System. The control framework is approached by the Board. The
Operational Managements are the front line for identifying potential
risks, designing, implementing, monitoring and updating controls. The
Company has Policies and Procedures, including Codes of Conducts as a
guideline for day-to-day operating and ensuring that goods/services are
provided effectively as well as Company’s affairs are conducted
impartially.

The Board of Directors has established the Audit Committee with three
independent directors. They has been delegated the responsibilities for
reviewing the adequacy and effectiveness of the Company’s internal
controls regarding the achievement of objectives relating to operations,
financial reporting and compliance with the Company’s Policies and
prevailing regulations. Its responsibilities also involve reviewing the
Company performance in compliance with the Good Corporate Governance
Principles, nominating external auditors, and any other tasks as
designated by the Board of Directors. Besides, the Audit Committee is
entrusted to modify the control measures in response to changing
circumstances, environment, and business risks. The audit Committee
bases on the information drawn from various sources to carry out this
responsibility including:

-   Management discussion on operation performance and key concerns

-   External Auditor who express opinion on the Company’s financial
    statement and raise key concerns regarding the financial reporting

-   Internal Auditor provides assurance through the annual and 5-years
    audit plan, which is approved by the Audit Committee, and routine
    audit regarding the adequacy and effectiveness of Internal Control
    System.

-   Ethic Counselor who reports cases regarding the Codes Of Conducts
    and Compliance breach

On May 4, 2012, a meeting of the Board of Directors of the Company,
which was attended by members of the Audit Committee, the Board of
Directors, after considering of the recommendation of the Audit
Committee, has come up with the opinion for the internal control system
in the year 2013-2014 of the Company in each area as the followings:

Organization and Environment

The Company has an organizational structure and environment that promote
operational efficiency and an adequate control system. In addition,
there is an appropriate segregation of duties among functions. This
organizational format has also been shown to be suitable to the business
plan, including the recruitment of quality personnel and the continual
development program in corresponding to changes in business operations.
The Company has established the Standard of Operating as a guideline for
ensuring the operational efficiency. The Company also established the
clear annual business goals for 2013 - 2014 and long term plan,
incorporating different factors such as economic conditions, market
conditions and competition strategies.

Risk Management

The Company has a process to identify and consider the implications of
business risk factors which are continuously updated with Industry
changes, Economic Scenario, Financial Outlook and internal resources.
The likelihood of occurrence and severity impacts to the objective
achievement have been evaluated for prioritization of risks. Risks
Assessment Matrix is cascaded throughout the Company. Head of
Departments therefore formulate the comprehensive action plan to
mitigate risks. The review and monitoring is performed regularly through
the corporate level meeting of Management Team as a part of overall
Strategic Planning Process. Risk Management is an integral part of the
President reporting to the Board Meeting.

Operational Control of Management

The Company has established policies and procedures that are appropriate
for the efficient operations of the business. These include the
determination of clear scope, responsibility and authority for each
level of management, and monitoring of the operation of the Company and
its subsidiaries on a regular basis. Appropriate internal controls are
also evident in transactions concerning major shareholders, directors
and management team or related parties.

Information Technology and Communication System

Information that are complete, accurate, relevant and important are
submitted to the Board of Directors to facilitate their decision making
process. Minutes of all Board meetings are thoroughly taken. Important
and accounting documents are kept according to legal requirements and a
storage system is available for such use. The Company also maintains a
system of communication channels that are updated, on-time and easy to
understand.

Monitoring System

Management meeting is held on a monthly basis to monitor the operating
performance of the Company and comparison to the plan. It will be
quarterly proposed to the Board of Directors meeting along with the
Audit Committee meeting. Causes are analyzed and corrections and
improvements made on a continuous basis

Vision and Leadership

1. Vision Formulation

The Board of Directors defines vision and policy governing impacts to
the stakeholders of the Company. The Corporate Governance, Nomination
and Remuneration is designated by the Board of Directors to consider and
review relevant practices and propose policy and criteria on the
Company’s corporate governance. The President is authorized to conduct
business implementation in line with the policy, prepare budget and
identify CSR activities relating to stakeholders. Quarterly reports
shall be made and submitted to the Board of Directors and recorded in
the Annual Report. This is to show the Company’s commitment on CSR and
the result of which will be review for formulation of following
operation strategy.

The Company’s vision is derived from compilation of all ideas, input and
concerns from stakeholders, especially employees. The employee awareness
is essential for achieving the Company’s goals. The challenge vision has
been proposed to the Board of Directors for approval. Then the President
is authorized to cascade key policy to senior management through series
of meeting on relevant policies. Other senior management will further
communicate their policies to all employees.

The Company’s vision is to delivery of quality products and to support
other business operations to achieve its CSR goals. Therefore the
written vision has been formulated showing key focusing areas, i.e.,
results of business from compliance to CSR operations, practices relate
to stakeholder, and share values.

Written CSR Policy

+-----------+----------------------------------------------------------+
| Vision    | Tata Steel (Thailand) aims to become a value creating    |
|           | enterprise for its shareholders by strengthening         |
|           | presence in speciality and branded products and Branding |
|           | 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.                                             |
+-----------+----------------------------------------------------------+
| Mission   | Tata Steel (Thailand) aims to promote safety,            |
|           | occupational health and working environment for          |
|           | employees, following Safety Excellence Journey, and aims |
|           | to become a leader in process improvement and management |
|           | excellence, including costs management in all areas,     |
|           | including services and delivery of quality products to   |
|           | our customers, and increasing sales of special quality   |
|           | steel products, with key foundation of corporate         |
|           | citizenship and supporting by human resources            |
|           | development for knowledgeable employees with high        |
|           | capabilities, enthusiasm and happiness.                  |
+-----------+----------------------------------------------------------+
| Goals     | Goals in FY 2015                                         |
|           |                                                          |
|           | -   Value Creation: Increase Return on Invested Capital  |
|           |     (ROIC) to 12%                                        |
|           |                                                          |
|           | -   Safety: Reduce Lost Time Injury Frequency (LTIF) to  |
|           |     0.4.                                                 |
|           |                                                          |
|           | -   Environment: Maintain Carbon Dioxide (CO₂) emissions |
|           |     to less than 1.0 Ton/Ton of liquid steel             |
|           |                                                          |
|           | -   Employer of choice: In Top Quartile across all       |
|           |     industries.                                          |
+-----------+----------------------------------------------------------+
| Corporate | People” FIRST Culture, the operational framework for     |
| Culture   | employees at Tata Steel (Thailand), it is on top of the  |
|           | TCOC and comprises of:                                   |
|           |                                                          |
|           | -   Flexibility In Operations                            |
|           |                                                          |
|           | -   Innovation In Processes                              |
|           |                                                          |
|           | -   Reliability Through Products and Services            |
|           |                                                          |
|           | -   Speed of Execution                                   |
|           |                                                          |
|           | -   Teamwork Across Functions                            |
+-----------+----------------------------------------------------------+
| Policies  | The Company has a commitment towards the excellence in   |
| on        | occupational safety, health and working environment for  |
| Occ       | its employees, contractors and other related parties.    |
| upational | Recognizing its importance, the company has defined      |
| Safety,   | policies to be implemented by management and employees   |
| Health    | at all levels. The policies are:                         |
| and       |                                                          |
| Working   | -   Institute management system for occupational safety, |
| En        |     health and working environment (OHSAS 18001) in      |
| vironment |     compliance with related regulations.                 |
|           |                                                          |
|           | -   Emphasize on identifying hazards and risks related   |
|           |     to work and determine control measures to reduce and |
|           |     prevent injuries, sicknesses and loss from work.     |
|           |                                                          |
|           | -   Contribute the necessary resources and impart        |
|           |     training to all levels of employees and contractors  |
|           |     to build competencies, awareness and                 |
|           |     responsibilities towards occupational safety, health |
|           |     and working environment.                             |
|           |                                                          |
|           | -   Communicate policies and achievements on             |
|           |     occupational safety, health and working environment  |
|           |     to be commonly understood throughout the             |
|           |     organization, and to the public as well.             |
|           |                                                          |
|           | -   Monitor and review the implementation regularly for  |
|           |     possible improvements to achieve stated objectives   |
|           |     and goals.                                           |
+-----------+----------------------------------------------------------+
| Policies  | The Company realizes its responsibility towards the      |
| on        | country and the global community to conserve the         |
| En        | environment. The Company is committed to conduct its     |
| vironment | business in an environment friendly way. The policies on |
|           | environment are:                                         |
|           |                                                          |
|           | 1.  Develop Environment Management System in every step  |
|           |     of operations in compliance with Thailand’s standard |
|           |     and environment laws. This includes other guidelines |
|           |     adopted by the company such as Tata Steel Group      |
|           |     guidelines on environment management.                |
|           |                                                          |
|           | 2.  Control and manage pollution by defining objectives, |
|           |     goals, action plans and evaluation of                |
|           |     implementation. Areas of Focus are:                  |
|           |                                                          |
|           |     1.  Climate Change: Control and manage carbon        |
|           |         dioxide emission to the atmosphere in accordance |
|           |         with the defined standards. The company aspires  |
|           |         to be a role model in steel industry for         |
|           |         controlling and reducing carbon dioxide          |
|           |         emission. “Back to the nature” concept will also |
|           |         be incorporated in the company’s operations.     |
|           |                                                          |
|           |     2.  Dust: Control and manage dust in the workplace   |
|           |         and the surrounding community incompliance with  |
|           |         air quality standards.                           |
|           |                                                          |
|           |     3.  Water: Waste water treatment in compliance with  |
|           |         waste water quality standards.                   |
|           |                                                          |
|           |     4.  Other waste: Treat other wastes in accordance    |
|           |         with defined standards. Recycling is encouraged. |
|           |                                                          |
|           |     5.  Noise: Control and improve noise environment to  |
|           |         the defined standards.                           |
|           |                                                          |
|           |     6.  Energy: Improve and manage to continuously       |
|           |         reduce the energy consumption.                   |
|           |                                                          |
|           | 3.  Create standard Environment Management System        |
|           |     according to ISO 14001 for continuous development    |
|           |     and improvement.                                     |
|           |                                                          |
|           | 4.  Institute environment studies and training for all   |
|           |     employees to promote awareness and implementation.   |
|           |                                                          |
|           | 5.  Cooperate with government and private sector in      |
|           |     promoting environment conservation.                  |
|           |                                                          |
|           | This policy should be observed by all employees and will |
|           | be publicized in public.                                 |
+-----------+----------------------------------------------------------+
| M         | 1. National interest                                     |
| anagement |                                                          |
| of        | 2. Financial reporting and records                       |
| Business  |                                                          |
| Ethics    | 3. Competition                                           |
|           |                                                          |
|           | 4. Equal opportunities employer                          |
|           |                                                          |
|           | 5. Gifts and donations                                   |
|           |                                                          |
|           | 6. Government agencies                                   |
|           |                                                          |
|           | 7. Political non-alignment                               |
|           |                                                          |
|           | 8. Health, safety and environment                        |
|           |                                                          |
|           | 9. Quality of products and services                      |
|           |                                                          |
|           | 10. Corporate citizenship                                |
|           |                                                          |
|           | 11. Cooperation of Tata companies                        |
|           |                                                          |
|           | 12. Public representation of the company and the Group   |
|           |                                                          |
|           | 13. Third party representation                           |
|           |                                                          |
|           | 14. Use of the Tata brand                                |
|           |                                                          |
|           | 15. Group policies                                       |
|           |                                                          |
|           | 16. Shareholders                                         |
|           |                                                          |
|           | 17. Ethical conduct                                      |
|           |                                                          |
|           | 18. Regulatory compliance                                |
|           |                                                          |
|           | 19. Concurrent employment                                |
|           |                                                          |
|           | 20. Conflict of interest                                 |
|           |                                                          |
|           | 21. Securities transactions and confidential information |
|           |                                                          |
|           | 22. Protecting company assets                            |
|           |                                                          |
|           | 23. Citizenship                                          |
|           |                                                          |
|           | 24. Integrity of data furnished                          |
|           |                                                          |
|           | 25. Reporting concerns                                   |
|           |                                                          |
|           | *For more information of TCOC (Tata Code of Conduct) go  |
|           | to www.tatasteelthailand.com                             |
+-----------+----------------------------------------------------------+

2 Organization Leadership

The Board of Directors and the President have key roles to provide
directions and guidance on sustainability. Vision and directions have
been formulated to motivate can create morale to all employees. A
management structure covering CSR has been clearly defined, including
the promoting department and providing linkages with implementing CSR by
all operating units with stakeholder engagement. This includes
establishing a communication and corporate affairs department, including
HR teams at three plants to oversee relevant implementation under their
responsibility, namely, administrative system, monitoring and evaluation
system, support system to drive vision, i.e., employee performance
assessment, recognition, disciplinary actions, building engagement, and
etc. Communication and cascading vision is carried out to stakeholders
to emphasize on the importance of CSR. Further, all staff are encouraged
to participate in CSR program, starting from making decision,
participating on various activities and evaluation.

Key vision and policy will be announced and communicated to management
and employees via different modes of media in Tata Group seriously and
clearly.

The Board of Directors emphasizes the importance of its operations on
CSR and safety and environment. The Board establishes a policy and
guideline for implementation. This is a policy prioritized and monitored
by the parent company. Relevant programs have been considered and
approved for budget support. The President is authorized to manage
budget for special activities relevant surrounding communities and their
members. The said activities will also be reported in the Annual Report.

The President sets high priority on CSR by involving in formulating and
filtering of relevant policy and guideline incorporated in the annual
plan and annual budget before proposing them to the Board of Directors
for approval. The President provides support and engages in driving
business operations with CSR, including by regular monitoring of
progress of the Company’s CSR programs. The communications on CSR
policy, including safety (LTIF) and environment (CO₂) will be the first
one to reach internal and external stakeholders.

Senior management and employees’ roles are essential for the Company.
Various committees and work groups of senior management have been
establish to develop cross-functioned CSR initiatives, namely, setting
up a work group to prepare EIA reports, setting up the Ethic Committee
and so on. There are also regular meeing with the senior management
where employees can propose any CSR ideas.

Report of implementations according to CSR policy and plan will be
submitted to the Board of Directors, the President and relevant
stakeholders. The Board of Directors will receive quarterly CSR report
quarterly. The President will receive the report from different
functions. Each Monday and every month, employees will receive the
result on operational directly from the President during the meeting
“Meet the President” four times yearly. At each subsidiary, regular
communications will be carried out by the Vice President of the three
plants. Shareholders will receive information on operational performance
during Annual General Meeting annually, and receive quarterly financial
reports through SEC. Creditors, analysts, journalists, media will
receive information quarterly. Stakeholders will receive information
occasionally, for instance, surrounding communities will get information
during the open house activities.

Business Practices and CSR (CSR in Process)

The Company’s CSR policy covers relevant principle, framework, and
practices that will guide decision making by the senior management. It
also shows commitment of the Company that can create awareness for
employees and stakeholder on CSR.

1 Corporate Governance

The company aims to conduct business operations with sustainable growth
and having competitive advantage by taking into account current and
future risks. All business operations must be accountable, transparent
and ethical, respectful to benefits of stakeholders, compliance to the
rule of law, international standard practices and observing human
rights. The corporate social responsibility has to be cascaded
throughout the organization.

The Board of Directors shall consider and approve for all key matters
relating to the Company’s CSR activities. The President has been
assigned to implement key CSR policy and principle beginning by
communicating to employees and stakeholders via different channels.
Specific channel has been established between stakeholders, senior
management and the Board of Directors to collect recommendations.
Employees will have opportunities to file complaints on any violation of
TCOC to the Audit Committee. Shareholders also have chance to question
the Board of Directors during the AGM.

The Company has set its vision, mission, goals, corporate culture, HSE
policy, environmental policy, Tata Code of Conduct covering business
conducts relating to CSR aspects. CSR issues are integrated in core
vision level and at practices level that can be implemented and
monitored. For strategies, different stakeholder will be identified,
namely, shareholders, customers, employees, contractors, communities or
society, creditors, suppliers for raw materials.

The Company encourages communications between shareholders, management,
employees and stakeholders. Ideas and input from each party comes from
communications with shareholder at the Annual General Meeting,
communications through the Company’s website, www.set.or.th or
www/settrade.com. Communications with senior management through meet the
President activities, communications with employees through
E-newsletter, web board, and communications with stakeholders through
open house, community meeting, vendors meeting, meeting with adjacent
companies. Input from different communications channels will be
collected and considered for improvement as shown in various reports.

The Company emphasizes on good governance and announces various measures
to prevent conflict of interests. There are effective monitoring
mechanisms in place to enhance these measures. As shown in TCOC, Clause
19 on Concurrent Employment, Clause 20 on Conflict of Interest, and
clause 21 Securities transactions and confidential information. Relevant
reports related to corporate governance and implementation of measures
will be prepared, such as a report relating to Whistle Blower’s policy.

The Company discloses information on remuneration of Directors, senior
management, employees or related parties without any cover-up for tax
diversion or improper actions. The said remuneration information
collected will be shown in Annual Report.

2 Operation with Fairness

The Company takes that it is essential to conduct business fairly by
implementing TCOC with stakeholders include the public secret, business
partners, vendors, suppliers, contractors, customers, and competitors.
It also promotes positive impacts from anti-corruption initiatives,
responsible politic engagement, fair competition, CSR operations and
respectful to property rights. The Company always ethically conducts
business transaction with other organizations.

The Company operates business with ethical conducts and accountability
to all stakeholders. The Board of Directors, management team and
employees at all levels always comply to which is in return resulting in
business growth and gaining trust from all sectors. The practices are in
line with the internationally accepted principle of the corporate
governance. Clear vision has been formulated for guidance business
operations of employees at all levels.

The Company is committed in 5 Core Values of Tata as follows:

1.  Integrity: We must conduct our business fairly, with honesty and
    transparency. Everything we do must stand the test of public
    scrutiny.

2.  Understanding: We must be caring, show respect, compassion and
    humanity for our colleagues and customers around the world, and
    always work for the benefit of all stakeholders relevant to our
    business operations.

3.  Excellence: We must constantly strive to achieve the highest
    possible national and international standards in our day-to-day work
    and in the quality of the goods and services we provide.

4.  Unity: We must work cohesively with our colleagues across the group
    and with our customers and partners around the world, building
    strong relationships based on tolerance, understanding and mutual
    cooperation.

5.  Responsibility: We must continue to be responsible, sensitive to the
    countries, communities and environments in which we work, always
    ensuring that we will work for the benefit of the countries,
    communities, and societies we operate.

Tata Code of Conduct (TCoC)

The Board of Directors has collected practices for employees into “Tata
Code of Conduct (TCoC)” to guide business conducts in line with Tata
Steel visionary on business operations. The handbook follows the
existing TCoC from Tata Group (India) including clear guideline on
practices to facilitate understanding and implementation. TCoC clauses
include, for instance, national interest, giving or receiving assets or
other interests, conflict for interest, protecting of company assets,
competition, and quality of products and services. In addition to TCOC
handbook, the Board of Directors and senior management become role model
and leadership in TCoC implementation, as well as provide enabling work
environment for compliance with TCoC by employees and all parties
concerned. Furthermore, campaigns have been organized to promote
awareness of TCoC, by using employees’ newsletter, TCoC Newsletter and
intranet system.

In July each year, it is designated as “Ethics Month”. The purpose is to
raise awareness of all employees to be part of ethical business
management. Tata Steel (Thailand), as part of Tata Group, also therefore
organizes a celebration to highlight the compliance to TCOC. Tata
Group’s Ethical Committee will oversee that various events be arranged
throughout July. This is to promote and raise awareness in strictly
compliance to the TCOC with commitment from all employees.

Since the implementation of the “Tata Code of Conduct” that lays down
principles and ethical standards for compliance in different areas of
management and good governance, any actions in violation or suspect to
be in violation of the Tata Code of Conduct, whether it is major or
minor matter, the Company shall take it seriously. The Company also
establishes Whistle Blower Policy and Practices to provide channel for
all employees and stakeholders to be able to report any violation or
possible actions of the Code, based on the following whistle blower
principle. Protection will be provided to any employee who reports an
event of misconduct or violation. In case of doubt or any query,
employees can consult their managers at all levels or the Ethics
Counselor who is responsible for monitoring TCOC implementations. The
key principle in reporting any violation is as follows:

“Every employee of a Tata Company shall promptly report to the
Management, and / or third-party ethics helpline, when she / he becomes
aware of any actual or possible violation of the Code or an event of
misconduct, act of misdemeanor or act not in Company's interest, which
could affect the business or reputation of his/ her or any other Tata
Company. Such reporting shall be made available to suppliers and
partners, too.

Any employee can choose to make a protected disclosure under the Whistle
Blower Policy of the company, providing for reporting to the chairperson
of the audit committee or the board of directors or specified authority.
Such a protected disclosure shall be forwarded, when there is reasonable
evidence to conclude that a violation is possible or has taken place,
with a covering letter, which shall bear the identity of the Whistle
Blower.

The company shall ensure protection to the whistleblower and any
attempts to intimidate him / her would be treated as a violation of the
Code.”

Tata Steel (Thailand) reports on methodology and measures to counter
unfair competitions, namely, price manipulation, dumping to eliminate
competitors, bid rigging or collusion. Measures include filing a report
on dumping practices, monopoly agreement and illegal elimination of
competition. Products price setting derives from inquiry with vendors
and customers. The Company discloses products pricing to the Ministry of
Commerce regularly and on request. Products will not be overpriced
according to the request from the Ministry of Commerce. The procurement
policy is based on close bidding. Proposal envelop will be opened by an
appointed committee. This includes selling of unutilized material, its
price setting are based on costs and competitiveness. The Company does
not support unfair importation. The fair procurement process has been
defined, i.e., open a call for tender, appointing a responsible
committee, determining average market prices for tender, complaints
handling process, free competition and annual review.

The Company discloses its policy on promotion of business operations
while taking into account intellectual property rights of other venders
and also local wisdom, as well as exercising its rights and protection
of the Company’s property rights by taking into account expectation of
society, human rights, and basic personal needs. This also includes
filing reports for cases of irregularities or violation of rights,
unfair market manipulation, fraudulent cases, violations of copy rights
and intellectual property rights. Under Clause 21 of TCOC on securities
transactions and confidential information, an employee of the Company
shall strictly respect and maintain confidential information of other
companies, including intellectual property, trade mark, and invention.
The Company does not encourage any production by violation of copy
rights, fake product, or low standard products. The Company does not
have any policy to procure any product in violation of intellectual
property. Notifications have been made to suppliers to educate them on
fake products. The Company makes agreement on how to handle intellectual
property. The Company has a policy on using only legitimate software.

The Company prepares its report covering results from encouraging CSR
activities with its partners in the supply-chain, via procurement and
distribution channels. For example, TCOC booklets have been distributed
to all stakeholders of the Company. As a result, the companies’
commercial vendors will not be affected by actions taken by government
authorities to curb down under-standard products. The Company regularly
communicates with suppliers and customers through its ‘Steel link’
quarterly magazine. Terms and conditions have been added in procurement
contract, stipulating that vendors shall comply with laws. During the
execution of the contract, regular monitoring will be made to verify
suppliers’ compliance. The Company also establishes a strict policy on
supplier responsibility, having support budget as appropriate. Suppliers
will be monitored continuously to assure that they carry out their
business with appropriate social responsibility. The Company organizes
workshop to clarify TCOC related issues to its suppliers, Suppliers are
required to show their acknowledgement and show commitment after the
workshop. Any condition that could affect environment has to be spelled
out in relevant procurement contract. Suppliers’ assessment will be
carried out in compliance with laws and the Company’s management system.
In the event of breaching of such terms, the contract can be terminated.

The Company determines measures to counter business conspiracy and
unfair competition, namely, bid rigging, limit supply quantity, hoarding
goods or unfair subsidy to subsidiaries, including prices cut on
products and services affecting smaller companies. Implementations of
relevant counter measures are summarized in a report. The Company also
has a policy on promotion of fair competition, for example, counter
monopoly, anti-dumping measure, and etc. This appears in Clause 3 of the
TCOC on Competition.

The Company has a policy on fair treatment to trade partners and do not
take advantages over partners. The Company will not use any kind of
market manipulation to create pressure to vendors. The Company complies
with TCOC, Clause 3 on Competition, and Clause 13 on third party
representation. This means caring for business vendors and developing
them to grow together with the Company. For example, the procurement
policy on Blanket Order Agreement to quote annual pricing, a policy on
Supplier Relationship Management, joint-program with vendors to reduce
costs, and supplier development schedule.

The Company supports its partners to increase CSR by raising awareness
of vendors on CSR. CSR and environment related issues have been included
in the procurement regulation and in supplier contract. The monitoring
and evaluation of the compliance will be regularly carried out, for
example, regular contractor assessment. While determining selection
criteria for suppliers, or any joint marketing agreement, group sourcing
agreement or vendor visit plan, the attachment document shall be
provided together with the Service Order to provide details on,
punishment on misconduct and environmental policy. Notification on TCoC
has been circulated to all stakeholders, together with TCoC Handbook,
compliance with Responsible Procurement Policy of parent company. All
employees have to pass orientation course on CSR Awareness and further
pass their knowledge to vendors.

3 Collective Action Coalition Against Corruption

The Company establishes the policy on counter corruption. To conduct
fair and ethical business, all forms of bribery must be countered (never
receive nor offer, or make illegal payment or comparable benefits) to
government officers or any employee in the private sector. This includes
conflict of interest, fraudulent, money laundering, embezzlement,
concealment of material facts, and obstruction to justice, and use of
influence for personal gain.

*For more information of Collective Action Coalition against Corruption,
please see page 123 – 124.

4.  Human Rights Protection

The Company respects basic human rights that can be categorized into two
key areas: civil rights and political rights, including rights to life
and freedom, equality under the law, freedom of expression, and
economic, social and cultural rights, including rights to work, rights
to food, rights to the jog jest attainable standard of health, rights to
education, and social welfare rights.

The Company is aware that employees are valuable resources therefore it
has a policy as appropriate and fair to employees at different levels
without having to wait for their complaints. Regular activities and
communications with employees have been conducted to create
understanding on improvement and changes in many areas. The Company
takes that all employees are in the same family and deserve good
treatment, including support, caring and advices. They have various
opportunities to engage in relationship building activities in the
workplace. Management has to be reliable and becomes role model to
create employees satisfaction and motivation to perform their duties
effectively. Employees can depend on their management friendly support
on all aspects, both working or in other areas. Sincerely concerns with
employees shown by the management can create positive working
atmosphere. The Company treats all employees fairly regardless whether
or not they are members of the trade union. However the Company is not
against setting up the trade union and ready to accommodate with
compliance to all relevant laws. Further, for the fairness to employees,
the Company establishes HR management committees at different levels to
consider and resolve any complaints fairly and promptly. Relevant issues
can be resolved before affecting to wider areas. The Company also
develops clear procedures to expedite complaint handling without
discriminating against any individuals due to their differences. Details
on how to file complaints are included in the Whistle blower Policy and
Practices.

Employees are diversified by religions, ages, nationality and education
but there is no employee complaint on discrimination against inequality
treatment. This is due to the Company’s awareness on equality,
supporting by the guideline on equality treatment to employees, no
discrimination against any individual due to differences physically or
mentally, nationality, religion, gender, ages, education or any other
matters. The principle of equality of employment has been stipulated in
the Tata Code of Conduct to be practiced by all staff. It is considered
that all provisions in the TCOC is a part of “Employee Rules and
Regulations” that employees shall comply with. The Company gives
orientation on TCOC to all employees since the first day of their
employment. The TCOC is reiterated during all training courses for
employees and notified to other organizations.

In addition, the Company has a policy on employment of its employees and
partners with respect to human rights. By adhere to labour laws and
other applicable standards, so fare there is no complaint against the
Company on child labour or force labour.

The Company circulates to all employees the policy and practices on
human rights, including non-discrimination practices. For instance, the
policy related to migrant workers who will enjoy the same safety
measures, group insurance policy, and social security as Thai workers.

The Company demonstrated the freedom of association and collective
bargaining. There are measures in place to stop hiring child labour. In
addition, there are measures related to elimination of involuntary or
forced labour implemented in particular areas and with particular
suppliers who pose as a treat for such issue. Other measures include a
company’s regulation stipulating that no child under 18 years being
hired, and staff recruitment shall be done without discrimination
against gender, race or nationality. The Company provides opportunity
for freedom of association by employees, freedom to propose ideas to the
management. There is a clear policy not to hire illegal workers, both as
employees and contractors. Regular meetings between representatives from
employees and employers have been organized to discuss any labour issues
and submitted to the management.

The Company sets up a Whistle Blower system for receiving complaints and
collect incidents from employees and stakeholders. Reported cases will
be collected, reported, analyzed, resolved, monitored, followed up and
investigated and summarized to the senior management regularly. Specific
committee will be appointed for further investigation on each specific
case. Each employee shall comply to the Tata Code of Conduct as a
guideline for their business practices. In the event of any violation to
the TCoC, the Company has an escalation system via the Ethic Counselor
or to the Audit Committee. During annual employee satisfaction survey,
one topic that has been included is human rights protection. Results
from the survey will be further analyzed and response plan will be
developed for improvement accordingly. The Company arranges monthly
meeting on staffing to consider impacts towards permanent staff and
contractors. In addition, at the DIC (Safety) meeting, representatives
of contractors will be invited to attend to discuss how to improve
working condition for safety.

The Company does not support discrimination while provides equal
opportunities for employment. The said policy covers female, disable
persons. This policy is realized and can be quantifiable. It is
prescribed under Clause 4 of TCOC on Equal Opportunities Employer. The
Company’s HR regulation stipulates on employment without regard to their
gender or disabilities. The Company employs employees with disabilities
and complies with Disability Employment Law. The Company also makes
contribution to the Fund for Empowerment of Persons with Disabilities.
Relate to recruitment, the Company hires local and provincial staff. The
Company allows for employees or their representatives to socialize or
conduct collective bargaining with the Company. Currently there are two
trade unions set up in two plants. There are regular meeting between
representatives of employers and employees’ committee, scheduled
meet-the-President event and club meeting schedule, etc.

The Company has a policy on review and filter suppliers, for instance,
manufacturers and sub-contractors, on their fair business operations and
non-violation of human rights. As appear under Clause 3 of TCOC on
Competition, and Clause 13 on Third Party Representation. This means
that the Company asserts that its suppliers are expected to abide by the
same TCOC. Transport and logistics contract with fair terms and prices,
defining fair fuel costs by distance, letter of guarantee, appointment
of contractor agreement hiring committee, appointment of committee for
opening tender envelop, making arrangement for bidding on short or
second grade rebar, appointment of acceptance test community for capital
assets, supply and services. There are procedures on approval for
contractor’s staff, checking profile of contractor’s staff, and
procurement procedures.

Communications on business operation based on human rights in TCOC have
been carried out to employees, suppliers and contractors in supply-chain
system. This is to ensure that they will comply with the Company’s human
rights principle.

The Company’s welfare committee represents employees in consultations on
issues related to health and well-being of both employees and
management.

Employee health, both physical and mental health, is key area of focus
by the Company. The Company provides healthcare plan for employees to
lower their health concerns. The Company arranges annual health check
for employees. Health care training courses, including personal health
and disease prevention, have been organized for employees. In addition,
the Company makes arrangements for H1N1 flue vaccination for employees
two years consecutively.

The Company emphasizes on working safety by setting target of Zero
Accident.

Further, the Company is committed to establish safety culture. The
Safety Pause activity has been introduced so that there must be safety
dialogue in prior to any regular meeting. This is to raise safety
awareness as first priority. All employees and contractors have to pass
basic safety course and other relevant training.

In 2013, the Company recorded lost time injury frequency rate (LTIF) of
0.33 lowest in 8 years.

5.  Equality Treatment to Employees

Employee Capability Building:

All employees will have their own development plan as a Training Road
Map, covering development process with basic skill development plan.
Supervisor will be responsible on developing training road map after
employees’ competency assessment. Capability building plan will be
agreeable by employees and their supervisors before notifying the HR
department. Currently the Company has completed the individual
development plan (IDP) covering all functions.

Each year an employee will have average 40 training hours (all training
courses). For operations, training courses will focus on operational and
professional skills in line with the IDP to improve efficiency. For
supervisors, leadership and specialized skills will be trained so that
they will be able to manage and resolve any issues under responsibility.
At the management level, capability building will focus on leadership.

Employee Satisfaction and Employee Engagement:

The Company has a policy focusing on creating working place for
efficient and enthusiast employees. This becomes an integral part of the
key HR strategy. In 2013, an employee engagement and satisfaction survey
has been conducted covering 19 areas, namely, company policy,
management, process, management, salary and bonus, teamwork, personal
life satisfaction, company image, job security, job achievement,
acknowledgement, career growth, job nature, working environment,
performance assessment, welfare and other benefits, employee
development, communications and employee activities.

In 2013, the result from employee satisfaction survey is 3.88 from the
full scores of 6, comparing to in earlier year at 3.647 and the result
from employee engagement survey is 4.01 comparing to in earlier year at
3.85.

During the past year the Company has focused on its employees therefore
there was increasing satisfaction on their personal life, job
achievement, acknowledgement, management, company policy and team work.
In addition, regular employee relationship activities have been
organized to promote employees’ morale, dedication and happiness.

Provided Fund: It is established for employees to prepare for their
retirement. The Company makes 5-10% of employee’s salary for the
contribution. Currently, the value of the provident fund is 913 million
baht with total number of 1,735 beneficiaries.

Remuneration and Welfare: The Company considers that it shall be in line
with the policy on transparency, fairness as well as competiveness in
order to attract qualified personnel. In addition to employees, the
Company also takes care of their family, i.e., health care expenses for
their parent, baby delivery expenses, spouse and child health expenses.

And for the career advancement of employees, each year the Company
provides 4 scholarships for studying in master degree in country or
abroad. The Company also provides 40 scholarships to employee’s children
annually.

The Company believes that employees are important assets that can enable
sustain growth. The Company has policy and practices on HR management in
all areas resulting in good working environment, namely, knowledge and
skills development, competency and ethical development, building
awareness on natural and environmental conservation.

The Company’s policy and practices for employees. There are procedures
on selection, recruitment and promotion of employees; disciplinary
actions and complaint handling, transfer and relocation of employees,
skills training and development, occupational health and safety, and
others guideline related to working conditions, in particular those
related to working hours and remuneration. The Company accepts trade
union setting up, employees’ representatives to discuss any social or
employment issues.

The Company prepares reports on key statistics on employment and
employee relation, total number of employees, number and ratio of new
employee to retired ones, number of employees go back to work after
maternity leave. Other reports include monthly report on staffing
information to support decision making, and improving on selection and
recruitment of employees based on merit system and equal treatments.
Fair remuneration to employees is according to employees’ roles and
responsibilities, performance and competency. The Company takes good
care of employees’ wellbeing, including covering for medical expenses
for employees, families and the parent. Further, sport and other
entertaining events have been organized for employees and family’s
members. Employees’ career growth will be managed appropriately and
fairly according to their performance and competency. The Company will
prepare various reports submitted to government authorities upon
request. Number of employees and attrition rate will be reviewed
monthly. Employees can take leave to deliver baby and exercise other
rights according to labour law while on some areas the Company provides
better conditions than the labour law, for instance, annual holidays (15
days) and other types of leave, sick leave, or religious leave.

The Company reports information on injury rate, occupational illness,
number of day lost and away from work, and number of occupational
deaths, including programs to support employees, their families and
community. This includes providing education, training, consultation,
prevention, and risk control from serious diseases. The target is set to
zero accident while recognition will be made at appropriate intervals.
The safety board has been set up visibly. In the event of any accident,
the communication will be done to regularly update to plant’s employees.
All new employees will receive training on safety. Fire drill is
performed annually. Company’s performance and other matters are
regularly updated to employees. Employees have opportunities to set up
sports club, entertainment club, managed by employees. There are welfare
committee, employee committee and the trade union, representing
employees to take care benefits for employees. Safety reports will be
submitted monthly and quarterly to the Provincial Labour Office. Annual
health check report and other reports will be submitted to Provincial
Labour Office. Mobile healthcare unit is organized annually for
providing health services. Weekly public speaker system announcement is
used for communications on HSE information, and other essential
information to employees and contractors. Open house activities are
organized occasionally by inviting community members to visit plants.
The Company participates with the government "Drug Free Workplace" and
"Conducting the standards for preventing and solving drug problems in
the workplace" project. Monthly report will be submitted to the
Executives Committee. The employees will be informed on the number of
days free from any injury and on the number of days absent from serious
injury.

The Company prepares report on total hours of training or skill
development. Appropriate components of management and employees are
based on diversification and equal opportunity, including level of basic
salary, and remuneration between female and male employees by type of
jobs, and also locations of plants. The Human Resources Committee has
been established with duty to consider matters related to salary
increase, promotion, and transfer and welfare improvement for fairness
to all employees. Continuous improvement for employees has been carried
out for both Functional Business and Leadership positions. Training
courses cover basic knowledge for operation, namely, Safety, TPM, TBEM,
and CSR. Training Roadmap has been prepared for each function to
determine competency to be developed, covering Knowledge, Skill and
Attribute aspects. The Company has also prepared Individual Development
Plan for each employee. Report on training hours must be submitted to
the Skill Development Institute. The Company’s policy on promotion of
diversity and equal opportunities has been prescribed in TCoC on equal
opportunities employer, covering determining remuneration without regard
to gender, religions and race. Remuneration and other benefits shall
depend on qualification. The report has been provided via monthly
meeting.

The Company takes care of employees on health and safety. Annual medical
check-up has been scheduled with support budget, as well as, testing for
lead in blood and urine, annual management medical check-up, and older
workers. The Company has established the Occupational Safety, Health and
Working Environment Committee.

The Company has capability building project, including various training
beneficial to employees and their career growth. Information on training
hours per year for each employee has been collected. Each training
course has been evaluated. Quantitative results of each project has been
analyzed for further improvement on training plan, training module,
training profile of each employee, training hour per month, and monthly
summary of training plan. Performance assessment is result-based and
measurable.

The Company prepares appropriate working conditions and even better than
relevant laws and regulations. Comparing with employees in other
companies of the same industry, on salary, working hours, weekly
holidays, and protection of pregnant women, as appeared in the HR
management regulations, total holidays are more than that prescribed
under the law, total number of working hours is lower than law,
providing for baby delivery expense. The Company does not have
termination policy, therefore there is no termination practices even
during financial lost.

The Company has a policy on promotion of cooperation and discussion with
employees. While formulating any regulations affecting employees and the
Company, there are consultations with employees for agreement on
practicable resolutions, for instance, review meeting by the management,
meeting between employer’s representatives and employee committee,
meeting between the Company’s representatives and the welfare committee
and meeting of the welfare committee.

The Company has a policy on promoting of sustainable employees
self-sufficiency, developing and promoting well-being of their families
and sufficiency that will result in enhancement of their performance and
business operations. The announcement has been made on applying
self-sufficiency economy theory. Relevant activities have been arranged,
for instance, occupational training for employee’s families, promoting
employees provident fund. Employees have opportunities to change their
provident fund contribution rate. The provident fund committee has also
been appointed.

In addition to taking care of employees, the Company extends to
employees’ children and encourages participation in various activities,
for instance, providing scholarship. The Company promotes employees’
children to participate in the “Tata Young Expressions, Children
Competition” organized by the Parent Company. This is an activity
promoting artistic and creativity for the youth while having chance to
contribute to the Company’s recognition.

6.  Responsibility to Consumers

The Company is committed to conduct fair marketing by providing quality
and safety products as well as excellent services to the consumers. The
Company is always ready to response to consumers’ requirements,
providing recommendations about products applications, consultation on
resolutions to issues raised and accepting complaints in order that
consumers will have highest satisfaction and maintain adherence.

Consumers’ accountability covers responsibility on steel products and
services through fair marketing. This includes compensations, protection
of privacy of information and educating customers.

The company’s every products have high standard with certification by
Thai Industrial Standards Institute (TISI), Ministry of Industrial.

The Company discloses detailed information of products according to the
regulation on labeling, as well as compliance with laws, standards and
recommendations on marketing communications, including public relation,
market promotion and sponsoring activities. The Company displays
detailed information on products tags. The Company openly invites
interested parties to visit production lines at the plant. Products
quality has been improved continuously, focusing on safety, energy costs
saving. At each products delivery, the Company will provide its quality
certificate. Customers have been educated on danger from low quality
steel products and benefits from standard products. Communications
include brochure, seminar, booklet, radio spots and newspapers. Products
information is shown on catalogue and a web site, by categories and
types of standard certification. Advertisements have been placed on
local radio stations. The Company’s booth will be opened at trade shows.
Seminars have been organized for contractors who directly products
users. Bar Code system has been implemented to facilitate identification
of products specification.

The company is committed to produce and provide service to response to
consumers’ requirements. In particular, safety or risk prevention, from
products by customers, creates trust, increases sales volume for
standard and higher than standard products prescribed by relevant
Consumer Protection Act, namely, the Bureau of Indian Standards TIS
9001-2552 (ISO 9001:2008), TIS 14001-2548 (ISO 14001:2004), TIS
18001-2542, BS OHSAS 18001:2007, TIS 9001-2552 (ISO 9001:2008),
production license for reinforce concrete: rebars TIS 9001-2552 (ISO
9001:2008), BS OHSAS 18001:2007, TIS 18001-2542, and new products,
namely, high standard seismic rebars.

The Company regularly conducts study to make assessment and improve any
impacts from its products and services of which may occur to customers.
The study covers key issues that could significantly affect customers.
Result from the study will be used for further development of products
and services. After that there will be quantitative evaluation using
appropriate research methodology, for example conducting customers
satisfaction survey regarding products and services improvement.

Costs-benefits of communications with customers via media, products
marketing and advertisement will be adequately provided for decision
making. The Company will not take any measure that causes ambiguous or
manipulative information of products and services. The Company will not
make over statement or misinform that can cause misunderstanding. The
Company’s measures will not involve in acts of deceive, cover up,
misrepresentation, or intentionally mislead customers, i.e., using fine
printed in products tag. Relevant provisions are in Clause 9 of the TCoC
on quality of products and services and other document demonstrating
benefits from buying the Company’s products.

The Company respects rights of privacy and protects personal information
of customers. There will be no inquiry or collect customers information
in prior to their consent. Purpose of personal information collection
and its applications must be informed to customers before
implementation. Customers’ information security must be maintained.
Privacy information will not be shared to other parties unless
permission granted by customers. Customers have legal rights to verify
validity of information and usage of their information. After finding
any error or irregularity in data collection and its usage, deletion or
correction can be carried out. Disclosure of information can only be
done according to the notification to customers. Customers’ data
protection shall comply with laws. Under Clause 22 of the TCOC on
protecting company assets, it also includes customers’ information.

Contract between the Company and customers must be eligibly written and
easy to understand. Customers must have opportunity to study proposed
contract and inquire relevant detailed term in the contract at the point
of sale until it is duly agreeable by both parties. The Company does not
have unfair terms and conditions and not taking advantages while clear
and adequate information on prices, specification, terms and conditions,
costs, period and termination date of contract will be provided.
Relevant provision is appeared in TCoC under Clause 3 on competition and
Clause 9 on quality of products and services.

7 Community and Social Development

The Company is fully aware of its responsibility as part of community
and society and ready to support community activities, including its
environmental and social development. This includes creating employment
opportunity, diversifying economic activities and strengthening
different community organizations.

Engagement in community and social development: Communities that the
Company has engaged in development activities may not be limited in the
stakeholders affected by its business operation. This is due to the
Company’s aim to be part of member in communities and sharing common
interests.

The Company hires employees from both local and from other communities.
The Company’s wage structure is in line with, or higher than, the basic
wage rate. It also opens opportunity for vendors to supply local workers
to work for the Company as employees and contractors. The Company
cooperates with communities on their products and services so that they
have income stability. A community has been contracted for supplying
used cloth for cleaning machinery. The number of local employment will
be reported at the quarterly meeting with the Industrial Estate
Authority,.

The Company collaborates in various development and investment
infrastructure projects for public benefits, namely, promoting local
youth education by setting up book corners under “Grow Smart with Tata
Steel” for small schools in surrounding communities and schools in
remote areas all over Thailand. Currently, there are 169 schools in 34
provinces in its annual target. Other activities include providing
knowledge to the local youth on computer, English, soccer skill, Trakrao
skill; participating with many school activities, namely, during robe
offering and Kathin offering to monks and Songkran ceremony. The Company
also takes part in school and temple facilities development, and support
sustained community development by providing fellowship, involving in
making artificial coral, construction of check dams, coastal forest
reforestation, and making artificial salt-licks for wildlife, and etc.

The Company discloses its operations related to community initiations of
which are based on mutual agreement, community dialogue, impacts
assessment, and development planning, including assessment of any
operations that have trend or possibility to have significant adverse
impacts to local communities. The Company organizes open house activity
and inviting community members to visit the plant, production process,
and discussing about their requirements and concerns about impacts of
business operation toward the community. Dust dissipation around plants
will be monitored and its result made public announcement. Feedback
boxes have been set up in front of the plant to collect community input.
The Company also invites community leaders to visit plants and clarifies
no preventive measures to reduce NO_(X) and SO_(X) emission from NG
Furnace at the rolling plant in Rayong province. The Company
collaborates with the Industrial Estate Authority (IEA) on the “Green
star award for excellent environment management” project.

The Company has conducted community survey around plants areas for any
adverse impacts from plants operations. Results from the survey have
been used for improvement to avoid direct and indirect damages to
community and society. Survey activities include monitoring impacts from
dust dissipation in Ban Prapassorn village areas; meeting with community
at Ruengrang, Saohai District, Saraburi Province to exchange ideas and
communicate the Company’s policy to the community; skill training to
community members on make clay pots, community visit at Takuan – Aow
Pradoo, Takuan Kongkaram School; joint meetings between the Group;
meeting on construction of roads I-7 and I-8; matter related to
environment and vendor meetings.

Engagement with surrounding communities to generate growth for them,
this includes support voluntary camp for development and maintain
pleasant environment; providing support communities to be sustainable
self-sufficient. The Company focuses on continuous implementation for
sustainability. Concrete results will be visible and can be monitored,
KPIs will be defined and the outcome from development will be
quantifiable. Other activities include voluntary camp, release of
hatched fish, planting community forest, coastal forest, measures for
environment conservation, skill training on clay pots, and promoting
self-sufficiency in surrounding communities.

8 Environmental Management

Environmental Friendly Business Operation

With the Company’s vision, aiming to achieve operational excellence with
highest standard of corporate citizen, the Company therefore develops
the policy, strategy, management guideline, operational guideline and
implementation plan to conduct its business in an environment friendly
way (or Green Process), namely, resources management, water management,
carbon dioxide management, and etc.

The Company launches campaigns to create awareness for all employees to
save energy by emphasizing on their participation, in line with their
functions, for instance, energy efficiency on office lighting by turning
off lighting switches campaign. Different programs and media are
developed regularly for raising awareness and keep reminding on energy
efficiency. As a result, based on power consumption metering in FY 2014
it was reduced from fy 2013 at 2.50% However, changing mindsets is a
ling-term program. Thefore the Compnay is serious about conducting
regular campaigns.

The awareness building activities for office staff and plant operators,
resulting in awareness on energy saving. The Company aims to integrate
energy saving management as part of green house gases emission reduction
program. As a result this will contribute to resolution to climate
change.

Water Management

The Company is committed to use resources efficiently without having
impacts to environment and surrounding communities. Water is one of
major resources for business operations. The Company therefore initiates
many projects to optimize water efficiency, namely:

-   Reducing water usage by improvement of efficiency of production
    process

-   Recycling and reusing water: the Company is committed to reuse water
    from production process after its treatment.

-   Water resources restoration: In addition to reduction of water
    usage, treatment and reuse, the Company does not disregard the low
    quality water to the environment. Waste water management must comply
    to relevant laws and regulations, at the same time waste water
    treatment system has to be improved constantly to minimize
    environmental impacts. Water can be reused in different areas. At
    the same time, the Company has carried out many activities on water
    conservation and restoration. The Company support the construction
    of check dams both temporary and permanent ones in the area of the
    Ang Rue Nai Wildlife Sanctuary, covering Rayong and Chonburi
    provinces where our plants situated. The purpose of check dams
    construction is to return forest to the nature. Forest and watershed
    areas will be restored.

Air Quality Management

The Company has analyzed factors contributing to air pollution from
production process and other support activities for root causes in order
to minimize pollution. After that air pollution will be treated before
releasing clean air to the atmosphere. At the same time new researches
and technology have been implemented, for instance:

Nitrogen Oxide (NO_(X)): Defining control procedures for appropriate
fuel combustion while installing low Nitrogen Oxide reduction equipment.

Sulfur Dioxide (SO_(X)): It has no colour with unpleasant smell. Main
cause of acid rain is from combustion of fossil fuels, i.e., coal and
petroleum, which contain sulfur compounds. Afther burning fuels with
sulfur elements, it will produce Sulfur Dioxide (SO₂) or Sulfur Oxide
(SO_(X) ). Based on the analysis, Tata Steel (Thailand) set a policy to
select fuels by its quality and element compounds.

Greenhouse Effect Management

Monthly monitoring Carbon Dioxide (CO₂) emissions to atmosphere. The
Company has set the target to reduce CO₂ emission to less than 1.0 Ton
per a ton of liquid steel by 2015. TATA Steel (Thailand) can achieve the
above-mentioned target in 2013, CO₂ emission from production process is
less than 0.587 Ton per a ton of liquid steel.

-   Using natural gas instead of fuel oil at the Reheating Furnace (RHF)
    to reduce Sulfur Dioxide (SO₂) emission and the use of Low NO_(x)
    Burner to replace existing burner at the RHF to reduce Nitrogen
    Oxide (NO_(x)) emission.

De-dusting

Different activities in production process can produce dust, starting
from raw materials handling, transportation, combustion, and piling.
Tata Steel (Thailand) applies various technologies for treatment
depending on type of dust and its properties in relation to particular
activities, namely:

-   High temperature and low humidity dust from furnace in production
    process will be captured by a Cyclone device to reduce its
    temperature and pass through bag filter. dust diffusion can be
    reduced and it will also re-used as raw materials.

-   Regarding dust from piling, the Company sets high priority to
    prevent its impacts from surrounding communities and implements
    various measures, for instance, regulary watering materials piling
    areas, covering with sheets, and put up appropriate slant for wind
    protection. The study has been conducted on wind directions and
    speed and profile of surrounding communities. Trees have been
    planted as buffer zone around plant areas for capturing dust while
    creating pleasurable landscape.

In addition, each plants under the management of Tata Steel (Thailand)
Group has implemented various activities to promote good environment for
plants and surrounding communities, for instance, Big Cleaning Day
activities, promoting 5S activities as part of foundation to further
system development and other quality management system. Other activities
include raising awareness on natural environment and working
environment. Activities for planting trees around the plant area and
surrounding communities including growing flowers in open space in the
plant area for pleasure and increasing green space and to reduce global
warming.

With participation and cooperation to address environment issues by all
sections that are aware of the priority, during April 2013 – March 2014,
the Company receives and award called IEAT Green Star Award for
Excellent Environment Management.

Further, the Company supports econ system restoration and biodiversity
conservation through community forest in surrounding communities.
Promotion activities with community members have been organized to raise
awareness in biodiversity conservation and restoration in community
forest area. In addition, the campaign also includes the youth to
participate in natural resources conservation in their community forest.

From above-mentioned environment operational guideline, it clearly shows
Tata Steel (Thailand)’s commitment to conduct its business operations
with serious and continuous environmental conservation guidelines for
our communities, society and the world.

The Company takes care of the environmental impacts by compliance with
international standards, focusing on developing clean and modern
technology to optimize production process efficiency, and sustainable
use of resources based on 3R principles of Reduce, Reuse/Recycle and
Replenish. The Company has a Zero Discharge policy for creating business
operations with clean technology.

The Company takes into account impacts from its decisions and
operations, including use of resources, plant location, pollution and
waste, as well as impacts towards plant and animal habitats.

The Company prepares reporting on quantity of materials used, recycled,
energy and water, information on air pollution emission, water
discharged and waste, including significant leakages. In addition, there
are reports on scrap, raw materials, including power and water
consumption. Electricity power is being controlled for higher efficiency
by regularly improvement of machines and equipment maintenance. It
reschedules production planning during Off Peak, On Peak/ Zero
Discharge. No waste water will be discharged from the plant. Waste water
will be threated and reused in production process and other areas, for
instance, watering plants. Environmental Impacts Assessment report has
been carried out according to relevant EIA standards. Various measures
have been designed and followed up and reported to government agencies.
Reports on use of materials, recycled materials, energy, water and waste
treatment have been periodically submitted to government agencies on
time as prescribed by laws. Air pollution is regularly monitored and
controlled not to exceed standard level. The report on CO₂ emission and
the report on energy consumption per unit of products will be
benchmarked with Tata Steel Group worldwide. Actions plan will be
formulated for further improvement by exchanging resources and energy
efficiency technology. Annual energy conservation plan will be prepared
and submitted to relevant government agencies. For waste disposal by
contractors, the Company has to prepare a report submitted to the
Department of Industrial Works. For certain discharge of pollution, for
instance, combustion of fossil fuels in rolling process (SO_(x),
NO_(x)), the Company has installed on-line data logging for collecting
data submitted to the Industrial Estate Authority.

The Company discloses information on environmental impacts mitigation.
Relevant EIA report on environmental impacts mitigation has been
developed and submitted to government authority, and it is also
available for the public. Plants are always opened for a visit by
community representatives. There is another sales report from sales
team, covering sales of different products. One of the packaging
initiatives is to use wire strap. It can be recycled as scrap later and
reused for production again. Steel production is energy intensive. The
Company defines the value of CO₂ Emission calculated from energy and
resources causing all form of CO₂ emission. Action plan for continuous
improvement of resources and energy use has been regularly reviewed.

The Company has never been penalized from any violation against
environmental laws and regulations. But there are reports on
environmental complaints, for example, from certain impacts such as
dust, waste, water discharge. The clarifications are made to government
agencies concerned on resolutions and measures.

Prevention of Pollution

The Company’s management focuses on prevention of pollution. Risk
management on environment covers matter related to pollution and waste
prevention. Community will be educated and disclosed information about
environmental risks involved and it can be verified, as well as how to
response to unexpected incidents affect environment.

An emergency plan has been prepared to response to incidents affecting
environment that may arise from business operations. To contain damages,
there are following measures: the risk management on environment,
pollution from production, waste & pollution management, environmental
complaints handling, prevention of pollution from sources, covering
whole products cycle, disseminating knowledge and information to
community, raising awareness on environment, environmental emergency
plan, requesting permission for waste disposal outside the plant,
training on waste disposal, CEMS Continuous Emission Monitoring System,
conducting emergency drills, emergency responses, environmental
management, receiving recognition as green mining plant, training
employees on environment, environmental planning, submission of
environmental related documents to external organizations and
communicating relevant policy to all stakeholders.

Sustainable Resource Used

The Company has efficient resources use plan to reduce its energy and
water usage. It encourages employees and gives them opportunities to
express ideas and transfer knowledge base for sustainable resource use.
Any resource use will be measured, recorded and reported in the
efficient resource use report. Recycled resource will be reused for its
sustainability. Equipment, materials, energy or resources will be
locally sourced for optimization. This results in costs saving since the
Company does not have to procure them oversea. Other projects include
TPM, replacing fuel oil use with natural gas, reporting of water and
power use, environmental program, procurement of used cloth produced
locally instead of sourcing from Bangkok.

Climate Change Mitigation and Adaptation

The Company takes action on climate change mitigation in relation to
production of product and services. This is done by identifying sources
of emission, measuring them and collecting data on significant GHG,
directly and indirectly. There are measures for GHG reduction
controllable by the Company, namely, using low pollution technology,
using renewable energy for GHG reduction and providing opportunity for
community to voice their ideas on GHG reduction. The Company sets up a
team and direct responsible management to follow up and response to
global warming issues. It also promotes internal activities for improve
global warming. A report on global change mitigation covers data from
production process that has Continuous Emission Monitoring System (CEMS)
installation. Other reports include CO₂ emission report, replacing fuel
oil with natural gas, and planting trees for global warming reduction.

Promotion and Conservation of Ecosystem

The Company organizes activities on promotion and conservation of
ecosystem. The said activities are based on legal framework and other
regulations. New applications or innovations are used in promotion and
conservation of ecosystem, for example, using machine to save energy,
promoting the plant to maintain balance of nature and environment, study
impacts of ecosystem to consider expansion of production plan,
establishing responsible team to address environmental conservation and
biodiversity, including setting up environmental work group in line with
TIS ISO 14001, defining organizational structure with environmental
section, defining environmental restoration measures, releasing hatch
fry, planting trees in community forest and coastal forest, and
environmental conservation camp.

National Resources Restoration

The Company has measures to protect bio diversity. Its operations must
not threaten survival of being. There are natural restoration measures,
including improving utilization and value of ecological system relating
to plants, animals, soil and water. Follow-up and evaluation of
restoration measures will be made by monitoring key indicators on CSR,
environment activities, environment restoration, for instance, one
outstanding plant is recognized as green mining.

9 Innovation and Innovation Sharing

Knowledge, experiences and lesson learned from CSR implementation will
be leveraged for further business innovation that can be beneficial for
improvement of competitive advantages, increasing value added for both
business and society at the same time.

To leverage knowledge and experiences from CSR implementations and
transform them into business innovations that can improve
competitiveness and value for both business and society. The
installation of an inverter to control motor speed according to load,
resulting in energy saving since hydrolic pump does not run at fixed
speed all the time. Replacing fluorescent bulbs from T8 to T5 –
resulting in energy saving.

The Company encourages employees to conduct research and development on
applicable innovations that will be significantly beneficial to the
public. Annually there is a promotion and support any department in the
Company to be responsible for innovation beneficial to society, under
the Tata Innovista 2014 program. Last year there were 16 proposals for
contest and three of them have been selected for further competition in
ASEAN regional level.

The three projects were;

1)  Steel Plant Yield : The development of production process to get
    more products with same amount of raw material.

2)  Auto Weighing System : To increase working efficiency with Auto
    Weighing System

3)  Seismic Rebar : The innovation invented to produce the Earthquake
    Resistant Steel Structure.

Relationship with Stakeholders

In conducting business operations, the Company has to take into account
not only customers, but also all kinds of business operators, including
those in the same industry, as well as different government authorities.
The essential groups are community and society. Therefore the Company’s
engagement with stakeholder is one of key practices that can ensure of
good understanding about each group rather than only relationship as
producers and customers. This understanding also extends to relevant
impacts and dependency and leading to engagement process that support
sustainability in both short term and long term business operations.

The Company develops its CSR policy and programs by take into account
direct and indirect business impacts of stakeholders, namely, customers,
venders, employees, shareholders, surrounding communities. Indirect
stakeholders include government regulatory authorities, general public,
other communities not close to plant locations, and so on. The Company
has to consider about ecological system to prevent natural exploitation
and setting up natural disaster prevention system.

*For more information on Relationship with Stakeholders, Please see page
81 – 84.

Supply Chain Management

The Company has a supply chain management strategy with high priority on
quality of products and services, on-time delivery, efficient
utilization of resources, and using health and environmental friendly
production process. In addition, there is supplier management system in
place for appropriate management, assessment of their capacity,
monitoring and evaluating suppliers. TCoC has been referred to in the
supplier contract so that employees and suppliers will strictly comply
with the same. The Company’s suppliers comprises scraps suppliers, and
other suppliers providing goods and services, namely, contractors,
machinery and equipment distributors, logistic company and etc.

Risk Assessment of Suppliers

The Company has developed supplier registration process. Any qualified
supplier will be evaluated before registration as the Company’s
suppliers. Supplies have to pass four criteria, namely, 1) technical
aspect, 2) ability to provide quality assurance and quality control, 3)
safety, occupational health and environment, and 4) financial aspect.
The assessment also includes their labour laws and ethical compliance.
During the past year, there are 172 new suppliers pass the registration
assessment, and at year end there were total 2,857 companies.

In addition to the above assessment for supplier registration, the
Company reviews and conducts additional risks assessment for evaluation
and selection of raw materials suppliers. Since shortage of raw
materials for production is the Company’s risk therefore the Company
leverages the Group procurement model to increase bargaining power. The
sourcing of reliable quality raw materials can be assured. To reduce
risk on reliable quality and quantity of raw materials, the Company
works closely with suppliers to develop contingency plan for substitute
materials. Furthermore, the Company has plan for monitor long term
supply of raw materials and trend of key factors affecting raw materials
supply. A quarterly report will be submitted to the Board of Directors.
Other risks from suppliers concerning services providers related and
logistics, the Company will focus on SHE management and society.
Especially small and medium contractors handle waste and transport. In
the event of improper management, the adverse impacts may affect society
and the Company’s reputation and trust.

Supplier Evaluation and Monitoring

The Company conducts supplier performance evaluation in three aspects,
namely, on quality of products and services, on timely delivery and on
occupational safety, health and environment to assure that they conduct
business on the same standard as the Company. All products and services
deliverables to the Company shall comply with requirements, policy,
operational standards, and in line with organizational target. During
the year, end user sections can report any complaint on their
applications. The Company will investigate for facts and find resolution
together with responsible sections and suppliers. In the case where any
supplier cannot maintain standard, temporary suspend on procurement can
be initiated, or its supplier registration can be revoked, or any other
punishment on case by case basis. Annual records of supplier evaluation
and audit of 250 eligible suppliers based on volume and value of
transaction, there are four supplier notified to improve quality of
their products and services. In order to clarify the Company’s
requirements and building capability for sustained relation with
suppliers, the Company establishes supplier development plan and
provides them with advice and support.

Supplier Development

The Company has a policy on supplier development according to the
Supplier Relationship Management plan. It is expected that all suppliers
have to pass annual assessment on environmental, social and corporate
government. During the past three years, the Company organized
appropriate workshop and training courses on Supplier Development
regularly. Under the OEMS project, the Company has implemented
approaches and guidelines on supply-chain management, focusing on
strengthening suppliers and contractors on sustainable best practices on
safety, environment and risk management. The Company organizes suppliers
annual conference to communicate to them about organizational
directions, clarification on business operations guideline, including
rules and regulations, for instance, Tata Code of Conduct (TCOC),
combating all forms of corruption, a policy prohibiting acceptances of
any prizes or present and etc. The purpose of supplier development
program is to build their capability, the Company provides training to
contractors on work safety before allowing their staff to work in
plant’s premises in order to reduce LITF rate.

Procurement of Raw Materials and Other Services

The effective procurement includes improvement on sourcing for raw
materials, increasing information sharing and infrastructure sharing and
reducing costs structure, and lower budget, shorten shipment time, and
facilitate communications and reporting.

The Company has collaborated with subsidiaries of Tata Group (NSH) in
ASEAN, India and Europe, to improve its procurement capability and
strategy. Procurement of certain products and services can be done
together. This includes sharing of procurement knowledge and experiences
with other companies, as well as domestic sourcing from local suppliers
for support income distribution

Company’s mission on CSR

Tata Steel (Thailand), the leading manufacturer and seller of long steel
products in Thailand, commits to operate its business following the
principle of good corporate citizen, based on the awareness and
realization of its roles and responsibilities to communities, society
and the country, including the priority of serious and continuous
environment conservation. These are essential mechanisms for driving the
business growth of the Company while maintain social development and
sustainable environment.

Under the focus ideology representing by clear and concrete corporate
social and environment responsibility, the Company formulates following
the Company’s mission on corporate social responsibility activities in
four areas:

1. Supporting the surrounding community

The Company aims to improve the living standard of the people in the
surrounding communities to encourage the positive attitude and
acceptance as the part of the community. The quality of life of
community members will be improved with more sustainable and
self-sufficiency. The community will have more opportunities to think
and implement by themselves with the support and cooperation from the
Company.

There are seven areas of the Company’s support for surrounding
communities as follows:

1.1 Activities to promote local culture and customs: for instance,
Kathin offerring, robes offering to Buddhist monks at temples; casting
candles and offering during Buddhist lent and cleaning and painting
community’s temple.

1.2 remote health and safety for community members: for instance,
organizing mobile clinics, campaigns on preventing influenza, creating
awareness on drug abuse and organizing training on safe motorcycle
riding.

1.3 Community development: for instance, providing construction
materials and office equipment, as well as, employees’ volunteering
activity to develop temples, schools and local administration offices,
including supporting other activities organized by communities and local
administration authorities.

1.4 Occupational promotion in community: organizing various occupational
skills training for community members, supporting income generating
activities in communities by allowing local handicraft products to sell
in the Company premises.

1.5 Children and youth development in communities: by presenting
scholarship, school supplies, sports gear to schools, building water
closets, improving playgrounds and canteens for community schools,
organizing Children’s Day activities for school children in community,
arranging English training and soccer skills training for community
children, including improving soccer field, supporting boy scouts’ camp,
English camp and also basic computer skills for children and youth in
communities.

1.6 Support victims of natural disasters and underprivileged groups in
community: for instance, distributing relief bags to flood victims in
communities; improving school ground and its electrical system in flood
area; organizing 5 S activities; including donating chairs to temples
that lose their assets during the flood.

1.7 Community environmental conservation: by organizing environmental
conservation camp for school children in communities, planting trees
around plants and communities, as well as reforestation in community
forests and campaigning on National Tree Planting Day.

2. Supporting Children and Youth Development in Remote Areas

The Company realizes that children and youth are going to be an
important power in the development and stability of the nation in the
future. Then, they should receive adequate and continuous chance in
terms of their development. A library is an important source of
knowledge. It is the place where wisdom created, opportunity provided
and progress become possible for the children to catch up with modern
technology and can adapt to any changes. At present children in remote
areas are still deprived of support in terms of library access resulting
in a lack of opportunity for self-improvement.

Tata Steel (Thailand) Public Limited initiates a “Grow Smart with Tata
Steel” project which aims to encourage learning and self-development for
school children in remote areas by promoting reading habits, expanding
their knowledge, skills and ability to apply lessons learnt to assist
their family and community. These will be beneficial to community and
social development in the long run.

The Company has created book corners in school library and supplied them
with books and other learning materials, at first starting with schools
located in company’s plants surrounding communities and later extending
to schools in rural areas throughout Thailand. The overall target for
books corner to be delivered is 400 schools. The criteria for school
selection are as follows:

Criteria for school selection:

1. Schools with 70-120 school children

2. Teaching from pre-school 1 class – to 6^(th) grade

3. Having a library separately from class rooms

4. Appropriate ratio of school children – teachers (and school
administrators)

5. Vision and management of school administrators

6. There is a librarian to taking care the library

7. General condition of the library, tidiness and caring

8. Library usage record

9. Reading promotion activities organized by the school

10. School administration as well as relationship with communities and
local authorities

11. Good learning achievement (results from O-Net / NT testing)

12. Accessible to schools in all seasons.

Criteria for books selection:

Books to be selected will have different key learning areas, focusing on
4-colour picture in seven categories to promote academic excellence,
ethics and being good citizen. Each book will have numeric and color
code to facilitate usage and handling as follows:

1. Scientific and Mathematics (Red)

2. Social Study, Religions and Cultures (Yellow)

3. Health Education, Physical Education, Arts (Pink)

4. Thai and English (Green)

5. Environmental Conservation (Orange)

6. Values and Ethics (Blue)

7. Life Skills Education (Purple)

There are about 200 books supplied during the first delivery and after
that during every January and June of each year for five consecutive
years. Each school is required submit a library usage record form to the
Company on the seventh of each month for further consideration on books
selection for following delivery. For long-term sustainability, the
Company also distributes the “Library Management Guideline” to each
school to support them with more effective library management approach.
Additional books supply will be delivered to each school every six
months. The Company also organizes school visits as appropriate.

During 2013, Tata Steel (Thailand) delivers book corners for 22 schools
under the “Grow Smart with Tata Steel project.” There are total of 179
schools in 35 provinces nationwide already received book corners so far.

3. Supporting of Non-profit Organizations

The Company provides support for non-profit organizations covering
royal-initiated projects, university students’ voluntary camps, natural
disasters relief support and support for socially underprivileged groups
and public welfare projects.

3.1 Support the Royal Initiated Projects

• Support the Chaipattana Foundation by building Chaipattana Aerator

• Support the publication of the comic “Following the footsteps of our
King with Sufficiency Economy” for distribution to libraries all over
the country.

3.2 Support students’ volunteer camps

• Sponsor construction round bars to volunteer camps of the Faculty of
Engineering, Chulalongkorn University for building reinforced concrete
bridges in rural areas to improve local people well-being under the
“Yuwawitsawakorn-borphit Bridge” project.

3.3 Natural Disaster Relief

• Distributing relief bags and drinking water for flood victims

• Blankets donation to school children at Ban Sapae Tai in Mae Hongson
province under the project “Let’s Warm Up”

• Money donation to the Department of Primary Industries and Mines for
helping flood victims in the Northern part of Thailand

3.4 Support for socially underprivileged groups and public welfare
projects

• Donation of food and supplies and lunch offered to Home for Orphanage
Babies.

• Co-host the grand merit making for providing office supplies for
vocational training building and shelter for homeless elderly blind
people.

• Donation of food and supplies and lunch offer, and organizing
recreation activities for elderly people at Bangkhae 2 Hoe for the Aged.

• Organizing volunteer activity on reading audio books for Thailand
Foundation of the Blind.

• Organizing blood donation events in cooperation with Blood Donation
Center, Siriraj Hospital and Thai Red Cross.

4. Environmental Conservation

Companies in Tata Steel (Thailand) Group pay attention in using the
natural resources efficiently, as well as properly managing the
surrounding environment in order not to affect the whole community and
society, as follows:

4.1 Management to preserve the environment

Limit the CO2 emission, reduce the energy use, replace fuel oil with
natural gas, treat and reuse the waste water from the production
process, use gas discharged from production process to produce the
electricity to be used in the plants.

4.2 The Save Our Earth Project: The Company initiates “Save Our Earth”
project to raise awareness on environmental responsibility for
employees. Employees’ campaigns are organized to highlight and address
the issue of global warming.

• Distributing cloth bags to all employees to reduce plastic bags usage.

• Providing the guideline on reducing global warming to all employees,

• Developing campaign materials for natural resources and environment
conservation, covering topics of reducing water usage, electricity
usage, gasoline usage, paper and plastic bags usage.

4.3 Working with other organizations in various environmental
conservation activities, for instance:

• Cooperating with Fishery Department, Kasetsart University, by
providing round bars steel to build home for coral and sea animals at
Kho Larn Island, Pattaya City, Chonburi Province; including releasing
seahorses to the sea under the seahorses conservation project.

• Building permanent and temporary check dams, artificial saline soil,
and planting flora orchids and wild banana at Ang Rue Nai Wildlife
Sanctuary, Chonburi and Rayong province in order to create food and
water supply resources for wildlife animals.

• Releasing 10,000 hatched fish to natural bodies of water at Taling
Chan District Office.

• Fishing out garbages from Khlong Lad Mayom public canal in Taling Chan
area.

• Working with the Mangrove Conservation Group at Khlong Tamru, Chonburi
province, in mangrove reforestation project, and release young crabs
into the water, to dedicate merit to H.M. the King of an occasion of his
birthday celebration.

  • Participating with Ban Chang District, Rayong province, in a project
  to build 85 check dams to dedicate merit to H.M. the King of an
  occasion of his 85^(th) Birthday celebration in 2012.

Collective Action Coalition against Corruption

The Company reports events of corruption, embezzlement, as well as the
policy and practices on prevention and counter corruption. The Company
establishes the independent internal audit unit who can make direct
report to the Audit Committee. There is audit plan in place focusing on
all risk departments. At the same time, the Company’s policy on Whistle
Blower providing a channel for filing complaint of any misconduct. The
whistleblower will be protected. Further, the Company has identified
standard procedures that can prevent corruption, namely, procurement
standard, standard on investigation and acceptance, defined level of
authorization. External auditor will perform audit and make risk
assessment on misconduct annually. There is a questionnaire on risk
assessment conducted every year by the auditor.

The Company uses various approaches to promote, support, train, and
raise awareness of employees and stakeholders on policy and practices on
prevention and counter corruption. After distribution of TCOC Handbook,
training has been arranged for employees and suppliers. Furthermore, the
Company has prepared ethical agreement for suppliers to sign their
recognition and endorsement. The Company continuously monitors suppliers
as part of the selection process to maintain compliance standards.

The Company discloses measures for counter bribery and corruption and
its commitment on anti-corruption to customers, trade partners and
stakeholders. The Company organizes training on Tata Code of Ethic to
explain relevant policy and practices. Disclosure of counter corruption
measures is made to all subsidiaries and other companies in the same
industry. The Audit Committee constantly reports any bribery
investigation to the the President to further approve its deliberation
and notify employees. In the event of misconduct found, for instance,
involving scrap delivery, the Company will punish involving supplier by
openly terminate the order and discuss with the supplier how to punish
individuals involves.

The Company has written policy and practices on counter acceptance or
payment of bribery and corruption. It encourages Directors, senior
management and employees to have awareness of this essential issue and
engage in eradication of bribery and corruption. The Company provides
channel for Directors, senior management and employees to report any
violation to responsible executives or department. The policy and
practices are in place for providing protection to any reporter of
bribery and corruption. In the event of bribery or corruption, it will
be handled with fairness. Relevant provisions are in TCOC, namely,
Clause 2 on financial reporting and records, Clause 5 on gifts and
donations, Clause 6 on government agencies, Clause 17 on ethical
conduct, and Clause 25 on reporting concerns, and a whistle blower
policy.

The Company uses different approaches to distribute information and
provide education on counter bribery and corruption. The Company’s
regulation and Tata Code of Conduct have been established as well as
training for building awareness. During the orientation all 25
provisions in the TCOC will be clarified to new employees.

Since corruption is like a tumor of Thai society and become obstruction
of national development, the Company has participated with the Private
Sector Action Coalition Against Corruption, “CAC”). Private
organizations get together and make joint statement opposing to “offer”
any bribery. The Thai Institute of Directors (IOD) acts as the secretary
to the CAC coalition.

The Company clearly shows its commitment not to involve in any
corruption by endorsement anti-corruption statement with CAC. Currently,
the Company is going through the CAC certification process.

11. Internal Control and Risk Management

The Board of Directors remains committed to effectiveness of the
Internal Control System. The control framework is approached by the
Board. The Operational Managements are the front line for identifying
potential risks, designing, implementing, monitoring and updating
controls. The Company has Policies and Procedures, including Codes of
Conducts as a guideline for day-to-day operating and ensuring that
goods/services are provided effectively as well as Company’s affairs are
conducted impartially.

The Board of Directors has established an Audit Committee comprising of
three independent directors. They has been delegated with the
responsibility of reviewing the adequacy and effectiveness of the
Company’s internal controls regarding the achievement of objectives
relating to operations, financial reporting and compliance with the
Company’s Policies and prevailing regulations. Its responsibilities also
involve reviewing the Company performance in compliance with the Good
Corporate Governance Principles, nominating external auditors, and any
other tasks as designated by the Board of Directors. Besides, the Audit
Committee is entrusted to modify the control measures in response to
changing circumstances, environment, and business risks. The audit
Committee bases on the information drawn from various sources to carry
out this responsibility including:

  • Management discussion on operation performance and key concerns

  • External Auditor who express opinion on the Company’s financial
  statement and raise key concerns regarding the financial reporting

  • Internal Auditor provides assurance through the annual and 5-years
  audit plan, which is approved by the Audit Committee, and routine
  audit regarding the adequacy and effectiveness of Internal Control
  System.

  • Ethic Counselor who reports cases regarding the Codes Of Conducts
  and Compliance breach

On April 25, 2014, a meeting of the Board of Directors of the Company,
which was attended by members of the Audit Committee, the Board of
Directors, after considering of the recommendation of the Audit
Committee, has come up with the opinion for the internal control system
in the year 2013-2014 of the Company in each area as the followings:

ORGANIZATION AND ENVIRONMENT

The Company has a well-defined organizational structure and environment
that promotes operational efficiency and adequate control system. In
addition, there is appropriate segregation of duties among functions.
The organizational structure facilitates fulfillment of Annual Business
Plan goals including recruitment of quality personnel and employee
development plans in line with changes in business environment. The
Company has established Standard Operating guidelines for ensuring the
operational efficiency. The Company also established the clear annual
business goals for FY 2014 - 2015, taking into account various factors
such as economic & market conditions and competition strategies.

RISK MANAGEMENT

The Company has a process to identify and consider the implications of
business risk factors which are continuously updated with industry
changes, economic scenario, financial outlook and internal resources.
The likelihood of occurrence and severity impacts to the objective
achievement has been evaluated for prioritization of risks. The review
and monitoring is performed regularly through the corporate level
meeting of Management Team as a part of overall Strategic Planning
Process. President periodically updates the Board on the subject.

OPERATIONAL CONTROL OF MANAGEMENT

The Company has established policies and procedures that are appropriate
for the efficient operations of the business. These include the
determination of clear scope, responsibility and authority for each
level of management, and monitoring of the operation of the Company and
its subsidiaries on a regular basis. Appropriate internal controls are
evident in transactions concerning major shareholders, directors and
management team or related parties.

INFORMATION TECHNOLOGY AND COMMUNICATION SYSTEM

Information that are complete, accurate, relevant and important are
submitted to the Board of Directors to facilitate their decision making
process. Minutes of all Board meetings are thoroughly taken. Important
and accounting documents are kept according to legal requirements and a
storage system is available for such use. The Company also maintains a
system of communication channels that are updated, on-time and easy to
understand.

MONITORING SYSTEM

Management meeting is held on a monthly basis to monitor the operating
performance of the Company and comparison to the plan. It will be
quarterly proposed to the Board of Directors meeting along with the
Audit Committee meeting. Causes are analyzed and corrections and
improvements made on a continuous basis.

The Board of Directors is satisfied that the internal control system of
the Company is appropriate and effective

12. Connected Transaction

Characteristics of connected transactions

For the 12-month period ending March 31, 2014, March 31, 2013 and March
31, 2012, the Company entered into connected transactions with related
companies as summarized below:

Type of Connected transactions Unit: (in Thousand Baht)

+--------------------------------+------------+-----------+-----------+
|                                | Mar 31,    | Mar 31,   | Mar 31,   |
|                                | 2014       | 2013      | 2012      |
+--------------------------------+------------+-----------+-----------+
| Sales                          | 1,177,231  | 2,084,418 | 2,527,483 |
+--------------------------------+------------+-----------+-----------+
| Other income                   | 8,149      | 8,096     | 6,630     |
+--------------------------------+------------+-----------+-----------+
| Purchases                      | 2,375,933  | 1,302,411 | 2,013,754 |
+--------------------------------+------------+-----------+-----------+
| Other expense                  | 25,101     | 27,525    | 11,191    |
+--------------------------------+------------+-----------+-----------+
| Trade accounts receivable      | 55,062     | 101,125   | 56,684    |
+--------------------------------+------------+-----------+-----------+
| Rece                           | 1,142      | 3,107     | 73,243    |
| ivables and loan to borrowers  |            |           |           |
+--------------------------------+------------+-----------+-----------+
| Other non-current assets *     | 71,220     | 71,220    | -         |
+--------------------------------+------------+-----------+-----------+
| Trade accounts payable         | 725,875    | 493,716   | 732,495   |
+--------------------------------+------------+-----------+-----------+
| Payables and loan from lenders | 8,926      | 15,648    | 7,248     |
+--------------------------------+------------+-----------+-----------+
| Short-term loans               | -          | -         | 270,596   |
+--------------------------------+------------+-----------+-----------+
| Long-term loans **             | 270,596    | 270,596   | -         |
+--------------------------------+------------+-----------+-----------+
| Guarantees of th               | See        |           |           |
| e Company and its subsidiaries | details    |           |           |
|                                | page 136   |           |           |
+--------------------------------+------------+-----------+-----------+

*Reclassification: Accounts receivable (Tata Sons Ltd.) 71,220 (in
Thousand Baht) from other receivable - related parties to other current
assets. During the year 2014, the receivable was changed from Tata Sons
Ltd. to Tata Steel Global Holdings Pte Ltd.

**Reclassification: From Short-term loans to Long-term loans. See
details page 135.

Details of each connected transaction are as follows:

Details of Sales with related parties Unit: (in Thousand Baht)

+---+--------------------+---------+---------+-------+--------+-------+
| N |                    | Type of | Relat   | A     |        |       |
| a |                    | B       | ionship | mount |        |       |
| m |                    | usiness |         | of    |        |       |
| e |                    |         |         | Conn  |        |       |
|   |                    |         |         | ected |        |       |
| o |                    |         |         | Tr    |        |       |
| f |                    |         |         | ansac |        |       |
|   |                    |         |         | tions |        |       |
| C |                    |         |         |       |        |       |
| o |                    |         |         |       |        |       |
| m |                    |         |         |       |        |       |
| p |                    |         |         |       |        |       |
| a |                    |         |         |       |        |       |
| n |                    |         |         |       |        |       |
| y |                    |         |         |       |        |       |
+---+--------------------+---------+---------+-------+--------+-------+
|   |                    |         |         | Mar   | Mar    | Mar   |
|   |                    |         |         | 31,   | 31, 13 | 31,   |
|   |                    |         |         | 14    |        | 12    |
+---+--------------------+---------+---------+-------+--------+-------+
| 1 | The Siam           | Manu    | Same    | 92    | 1,8    | 2,19  |
|   | Industrial Wire    | facture | group   | 5,379 | 11,050 | 8,612 |
|   | Co., Ltd.          | Steel   | of      |       |        |       |
|   |                    | Wire    | shar    |       |        |       |
|   |                    |         | eholder |       |        |       |
+---+--------------------+---------+---------+-------+--------+-------+
| 2 | Tata International | Trading | Same    | -     | 18,801 | 23    |
|   | Metals Asia Ltd    |         | group   |       |        | 4,915 |
|   | (Formerly named    |         | of      |       |        |       |
|   | Tata Steel         |         | shar    |       |        |       |
|   | International      |         | eholder |       |        |       |
|   | (Hong Kong) Ltd.)  |         |         |       |        |       |
+---+--------------------+---------+---------+-------+--------+-------+
| 3 | Tata Steel Limited | Manu    | Parent  | 12    | 339    | 6     |
|   |                    | facture | company | 3,565 |        | 7,828 |
|   |                    | Steel   |         |       |        |       |
+---+--------------------+---------+---------+-------+--------+-------+
| 4 | Tata Steel         | Trading | Same    | -     | 4,709  | 2     |
|   | International      |         | group   |       |        | 6,128 |
|   | Singapore.         |         | of      |       |        |       |
|   |                    |         | shar    |       |        |       |
|   |                    |         | eholder |       |        |       |
+---+--------------------+---------+---------+-------+--------+-------+
| 5 | Tata Steel Asia    | Trading | Same    | -     | 2      | -     |
|   | (Hong Kong) Ltd.   |         | group   |       | 49,519 |       |
|   |                    |         | of      |       |        |       |
|   |                    |         | shar    |       |        |       |
|   |                    |         | eholder |       |        |       |
+---+--------------------+---------+---------+-------+--------+-------+
| 6 | NatSteel Holding   | Manu    | Same    | 6,403 | -      | -     |
|   | Pte. Ltd.          | facture | group   |       |        |       |
|   |                    | Steel   | of      |       |        |       |
|   |                    |         | shar    |       |        |       |
|   |                    |         | eholder |       |        |       |
+---+--------------------+---------+---------+-------+--------+-------+
| 7 | TSN Wires Co.,     | Manu    | Same    | 12    | -      | -     |
|   | Ltd.               | facture | group   | 1,884 |        |       |
|   |                    | gal     | of      |       |        |       |
|   |                    | vanized | shar    |       |        |       |
|   |                    | steel   | eholder |       |        |       |
|   |                    | wire    |         |       |        |       |
+---+--------------------+---------+---------+-------+--------+-------+
| T |                    |         |         | 1,17  | 2,0    | 2,52  |
| o |                    |         |         | 7,231 | 84,418 | 7,483 |
| t |                    |         |         |       |        |       |
| a |                    |         |         |       |        |       |
| l |                    |         |         |       |        |       |
| i |                    |         |         |       |        |       |
| n |                    |         |         |       |        |       |
| t |                    |         |         |       |        |       |
| e |                    |         |         |       |        |       |
| r |                    |         |         |       |        |       |
| - |                    |         |         |       |        |       |
| c |                    |         |         |       |        |       |
| o |                    |         |         |       |        |       |
| m |                    |         |         |       |        |       |
| p |                    |         |         |       |        |       |
| a |                    |         |         |       |        |       |
| n |                    |         |         |       |        |       |
| y |                    |         |         |       |        |       |
| s |                    |         |         |       |        |       |
| a |                    |         |         |       |        |       |
| l |                    |         |         |       |        |       |
| e |                    |         |         |       |        |       |
| t |                    |         |         |       |        |       |
| r |                    |         |         |       |        |       |
| a |                    |         |         |       |        |       |
| n |                    |         |         |       |        |       |
| s |                    |         |         |       |        |       |
| a |                    |         |         |       |        |       |
| c |                    |         |         |       |        |       |
| t |                    |         |         |       |        |       |
| i |                    |         |         |       |        |       |
| o |                    |         |         |       |        |       |
| n |                    |         |         |       |        |       |
| s |                    |         |         |       |        |       |
+---+--------------------+---------+---------+-------+--------+-------+

Details of Other income with related parties Unit: (in Thousand Baht)

+---+---------------------+--------+---------+-------+-------+-------+
| N |                     | Type   | Relat   | A     |       |       |
| a |                     | of     | ionship | mount |       |       |
| m |                     | Bu     |         | of    |       |       |
| e |                     | siness |         | Conn  |       |       |
|   |                     |        |         | ected |       |       |
| o |                     |        |         | Tr    |       |       |
| f |                     |        |         | ansac |       |       |
|   |                     |        |         | tions |       |       |
| C |                     |        |         |       |       |       |
| o |                     |        |         |       |       |       |
| m |                     |        |         |       |       |       |
| p |                     |        |         |       |       |       |
| a |                     |        |         |       |       |       |
| n |                     |        |         |       |       |       |
| y |                     |        |         |       |       |       |
+---+---------------------+--------+---------+-------+-------+-------+
|   |                     |        |         | Mar   | Mar   | Mar   |
|   |                     |        |         | 31,   | 31,   | 31,   |
|   |                     |        |         | 14    | 13    | 12    |
+---+---------------------+--------+---------+-------+-------+-------+
| 1 | Siam Steel Mill     | R      | Hold    | 8,149 | 8,096 | 6,630 |
|   | Services Co.,Ltd.   | ecycle | share   |       |       |       |
|   |                     |        | ind     |       |       |       |
|   |                     |        | irectly |       |       |       |
+---+---------------------+--------+---------+-------+-------+-------+
| 2 | NatSteel Recycling  | T      | Same    | -     | -     | -     |
|   | Pte. Ltd            | rading | Group   |       |       |       |
|   |                     |        | of      |       |       |       |
|   |                     |        | Shar    |       |       |       |
|   |                     |        | eholder |       |       |       |
+---+---------------------+--------+---------+-------+-------+-------+
| 3 | NatSteel Trade      | T      | Same    | -     | -     | -     |
|   | International Pte.  | rading | group   |       |       |       |
|   | Ltd                 |        | of      |       |       |       |
|   |                     |        | shar    |       |       |       |
|   |                     |        | eholder |       |       |       |
+---+---------------------+--------+---------+-------+-------+-------+
| 4 | The Siam Industrial | Manuf  | Same    | -     | -     | -     |
|   | Wire Co., Ltd.      | acture | group   |       |       |       |
|   |                     | Steel  | of      |       |       |       |
|   |                     | Wire   | shar    |       |       |       |
|   |                     |        | eholder |       |       |       |
+---+---------------------+--------+---------+-------+-------+-------+
| 5 | Tata Steel          | Manuf  | Same    | -     | -     | -     |
|   | Nederland Services  | acture | group   |       |       |       |
|   | B.V.                | Steel  | of      |       |       |       |
|   |                     |        | shar    |       |       |       |
|   |                     |        | eholder |       |       |       |
+---+---------------------+--------+---------+-------+-------+-------+
| T |                     |        |         | 8,149 | 8,096 | 6,630 |
| o |                     |        |         |       |       |       |
| t |                     |        |         |       |       |       |
| a |                     |        |         |       |       |       |
| l |                     |        |         |       |       |       |
| i |                     |        |         |       |       |       |
| n |                     |        |         |       |       |       |
| t |                     |        |         |       |       |       |
| e |                     |        |         |       |       |       |
| r |                     |        |         |       |       |       |
| - |                     |        |         |       |       |       |
| c |                     |        |         |       |       |       |
| o |                     |        |         |       |       |       |
| m |                     |        |         |       |       |       |
| p |                     |        |         |       |       |       |
| a |                     |        |         |       |       |       |
| n |                     |        |         |       |       |       |
| y |                     |        |         |       |       |       |
| o |                     |        |         |       |       |       |
| t |                     |        |         |       |       |       |
| h |                     |        |         |       |       |       |
| e |                     |        |         |       |       |       |
| r |                     |        |         |       |       |       |
| i |                     |        |         |       |       |       |
| n |                     |        |         |       |       |       |
| c |                     |        |         |       |       |       |
| o |                     |        |         |       |       |       |
| m |                     |        |         |       |       |       |
| e |                     |        |         |       |       |       |
| t |                     |        |         |       |       |       |
| r |                     |        |         |       |       |       |
| a |                     |        |         |       |       |       |
| n |                     |        |         |       |       |       |
| s |                     |        |         |       |       |       |
| a |                     |        |         |       |       |       |
| c |                     |        |         |       |       |       |
| t |                     |        |         |       |       |       |
| i |                     |        |         |       |       |       |
| o |                     |        |         |       |       |       |
| n |                     |        |         |       |       |       |
| s |                     |        |         |       |       |       |
+---+---------------------+--------+---------+-------+-------+-------+

Details of Purchases with related parties Unit: (in Thousand Baht)

+---+---+--------------------+--------+---------+-------+-------+-------+
| N |   |                    | Type   | Relat   | A     |       |       |
| a |   |                    | of     | ionship | mount |       |       |
| m |   |                    | Bu     |         | of    |       |       |
| e |   |                    | siness |         | Conn  |       |       |
|   |   |                    |        |         | ected |       |       |
| o |   |                    |        |         | Tr    |       |       |
| f |   |                    |        |         | ansac |       |       |
|   |   |                    |        |         | tions |       |       |
| C |   |                    |        |         |       |       |       |
| o |   |                    |        |         |       |       |       |
| m |   |                    |        |         |       |       |       |
| p |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| y |   |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
|   |   |                    |        |         | Mar   | Mar   | Mar   |
|   |   |                    |        |         | 31,   | 31,   | 31,   |
|   |   |                    |        |         | 14    | 13    | 12    |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | T |                    | Manuf  | Same    | -     | -     | 6,393 |
|   | a |                    | acture | group   |       |       |       |
|   | t |                    | Steel  | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | S |                    |        | eholder |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | U |                    |        |         |       |       |       |
|   | K |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 2 | N |                    | T      | Same    | 2,00  | 76    | 1,48  |
|   | a |                    | rading | Group   | 3,125 | 8,207 | 9,394 |
|   | t |                    |        | of      |       |       |       |
|   | S |                    |        | Shar    |       |       |       |
|   | t |                    |        | eholder |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | R |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | y |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | P |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 3 | T |                    | Procu  | Same    | -     | -     | 1,432 |
|   | a |                    | rement | group   |       |       |       |
|   | t |                    |        | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | T |                    |        | eholder |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | G |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | b |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | P |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | u |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | C |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | P |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 4 | T |                    | Manuf  | Parent  | -     | -     | 18    |
|   | a |                    | acture | company |       |       | 1,796 |
|   | t |                    | Steel  |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | T |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 5 | S |                    | R      | I       | 18    | 15    | 17    |
|   | i |                    | ecycle | ndirect | 8,637 | 6,787 | 8,487 |
|   | a |                    |        | share   |       |       |       |
|   | m |                    |        | holding |       |       |       |
|   | S |                    |        | by      |       |       |       |
|   | t |                    |        | sub     |       |       |       |
|   | e |                    |        | sidiary |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | M |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | v |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | C |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | , |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 6 | T |                    | Sh     | Same    | -     | -     | 1,287 |
|   | a |                    | ipping | group   |       |       |       |
|   | t |                    |        | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | N |                    |        | eholder |       |       |       |
|   | Y |                    |        |         |       |       |       |
|   | K |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | h |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | p |                    |        |         |       |       |       |
|   | p |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | P |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | , |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 7 | N |                    | T      | Same    | -     | -     | (38)  |
|   | a |                    | rading | group   |       |       |       |
|   | t |                    |        | of      |       |       |       |
|   | S |                    |        | shar    |       |       |       |
|   | t |                    |        | eholder |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | T |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | I |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | P |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 8 | T |                    | T      | Same    | 6,299 | -     | -     |
|   | a |                    | rading | group   |       |       |       |
|   | t |                    |        | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | I |                    |        | eholder |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | M |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | A |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | ( |                    |        |         |       |       |       |
|   | F |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
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|   | l |                    |        |         |       |       |       |
|   | y |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
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|   | d |                    |        |         |       |       |       |
|   | T |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | I |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | ( |                    |        |         |       |       |       |
|   | H |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | K |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | ) |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | ) |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 9 | T |                    | Manuf  | Same    | 677   | 1,139 | 3,998 |
|   | h |                    | acture | group   |       |       |       |
|   | e |                    | Steel  | of      |       |       |       |
|   | S |                    | Wire   | shar    |       |       |       |
|   | i |                    |        | eholder |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | I |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | u |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | W |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | C |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | , |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | M |                    | T      | Same    | -     | -     | 540   |
| 0 | j |                    | rading | group   |       |       |       |
|   | u |                    | and    | of      |       |       |       |
|   | n |                    | procu  | shar    |       |       |       |
|   | c |                    | rement | eholder |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | v |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | T |                    | Procu  | Same    | -     | -     | -     |
| 1 | a |                    | rement | group   |       |       |       |
|   | t |                    |        | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | S |                    |        | eholder |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | R |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | u |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | A |                    |        |         |       |       |       |
|   | u |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | N |                    | Inv    | Same    | -     | -     | -     |
| 2 | a |                    | esting | group   |       |       |       |
|   | t |                    |        | of      |       |       |       |
|   | S |                    |        | shar    |       |       |       |
|   | t |                    |        | eholder |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | H |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | P |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | T |                    | Manuf  | Same    | -     | 10    | -     |
| 3 | a |                    | acture | group   |       | 2,117 |       |
|   | t |                    | Steel  | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | S |                    |        | eholder |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | u |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | h |                    |        |         |       |       |       |
|   | E |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | A |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | T |                    | T      | Same    | 17    | 27    | 9     |
| 4 | a |                    | rading | group   | 7,195 | 4,161 | 4,402 |
|   | t |                    |        | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | S |                    |        | eholder |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | A |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | ( |                    |        |         |       |       |       |
|   | H |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | K |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | ) |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | T |                    | Sh     | Same    | -     | -     | 5     |
| 5 | a |                    | ipping | group   |       |       | 5,999 |
|   | t |                    |        | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | S |                    |        | eholder |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | I |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | ( |                    |        |         |       |       |       |
|   | U |                    |        |         |       |       |       |
|   | K |                    |        |         |       |       |       |
|   | ) |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | T |                    | Manuf  | Same    | -     | -     | 64    |
| 6 | a |                    | acture | group   |       |       |       |
|   | t |                    | Steel  | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | S |                    |        | eholder |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | I |                    |        |         |       |       |       |
|   | J |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | u |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | B |                    |        |         |       |       |       |
|   | V |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| T |   |                    |        |         | 2,37  | 1,30  | 2,01  |
| o |   |                    |        |         | 5,933 | 2,411 | 3,754 |
| t |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| l |   |                    |        |         |       |       |       |
| i |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| t |   |                    |        |         |       |       |       |
| e |   |                    |        |         |       |       |       |
| r |   |                    |        |         |       |       |       |
| - |   |                    |        |         |       |       |       |
| c |   |                    |        |         |       |       |       |
| o |   |                    |        |         |       |       |       |
| m |   |                    |        |         |       |       |       |
| p |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| y |   |                    |        |         |       |       |       |
| p |   |                    |        |         |       |       |       |
| u |   |                    |        |         |       |       |       |
| r |   |                    |        |         |       |       |       |
| c |   |                    |        |         |       |       |       |
| h |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| s |   |                    |        |         |       |       |       |
| e |   |                    |        |         |       |       |       |
| t |   |                    |        |         |       |       |       |
| r |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| s |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| c |   |                    |        |         |       |       |       |
| t |   |                    |        |         |       |       |       |
| i |   |                    |        |         |       |       |       |
| o |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| s |   |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+

Details of 0ther expense with related parties Unit: (in Thousand Baht)

+---+---+--------------------+--------+---------+-------+-------+-------+
| N |   |                    | Type   | Relat   | A     |       |       |
| a |   |                    | of     | ionship | mount |       |       |
| m |   |                    | Bu     |         | of    |       |       |
| e |   |                    | siness |         | Conn  |       |       |
|   |   |                    |        |         | ected |       |       |
| o |   |                    |        |         | Tr    |       |       |
| f |   |                    |        |         | ansac |       |       |
|   |   |                    |        |         | tions |       |       |
| C |   |                    |        |         |       |       |       |
| o |   |                    |        |         |       |       |       |
| m |   |                    |        |         |       |       |       |
| p |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| y |   |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
|   |   |                    |        |         | Mar   | Mar   | Mar   |
|   |   |                    |        |         | 31,   | 31,   | 31,   |
|   |   |                    |        |         | 14    | 13    | 12    |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | T |                    | Manuf  | Same    | 1     | 1     | 1     |
|   | a |                    | acture | group   | 1,496 | 3,842 | 0,379 |
|   | t |                    | Steel  | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | C |                    |        | eholder |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | u |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | y |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | v |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | ( |                    |        |         |       |       |       |
|   | T |                    |        |         |       |       |       |
|   | h |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | ) |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 2 | T |                    | co     | Same    | -     | -     | -     |
|   | a |                    | mputer | group   |       |       |       |
|   | t |                    | cons   | of      |       |       |       |
|   | a |                    | ultant | shar    |       |       |       |
|   | S |                    | s      | eholder |       |       |       |
|   | t |                    | ervice |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | U |                    |        |         |       |       |       |
|   | K |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 3 | M |                    | T      | Same    | 4     | 409   | 711   |
|   | j |                    | rading | group   |       |       |       |
|   | u |                    | and    | of      |       |       |       |
|   | n |                    | procu  | shar    |       |       |       |
|   | c |                    | rement | eholder |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | v |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 4 | T |                    | Manuf  | Same    | 5     | -     | -     |
|   | h |                    | acture | group   |       |       |       |
|   | e |                    | Steel  | of      |       |       |       |
|   | S |                    | Wire   | shar    |       |       |       |
|   | i |                    |        | eholder |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | I |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | u |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | W |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | C |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | , |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 5 | T |                    | Tr     | Same    | -     | -     | -     |
|   | a |                    | aining | group   |       |       |       |
|   | t |                    | s      | of      |       |       |       |
|   | a |                    | ervice | shar    |       |       |       |
|   | S |                    |        | eholder |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | v |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 6 | T |                    | So     | Same    | -     | -     | -     |
|   | a |                    | ftware | group   |       |       |       |
|   | t |                    | se     | of      |       |       |       |
|   | a |                    | rvices | shar    |       |       |       |
|   | C |                    |        | eholder |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | u |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | y |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | v |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 7 | T |                    | Manuf  | Parent  | 90    | 20    | 27    |
|   | a |                    | acture | company |       |       |       |
|   | t |                    | Steel  |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | T |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | m |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 8 | T |                    | Inv    | Same    | 5,560 | -     | -     |
|   | a |                    | esting | group   |       |       |       |
|   | t |                    |        | of      |       |       |       |
|   | a |                    |        | shar    |       |       |       |
|   | S |                    |        | eholder |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 9 | T |                    | Inv    | Shar    | 19    | -     | -     |
|   | a |                    | esting | eholder |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | G |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | b |                    |        |         |       |       |       |
|   | a |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | H |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | P |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | N |                    | Manuf  | Same    | 142   | 180   | -     |
| 0 | a |                    | acture | group   |       |       |       |
|   | t |                    | steel  | of      |       |       |       |
|   | S |                    |        | shar    |       |       |       |
|   | t |                    |        | eholder |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | H |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | P |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | N |                    | T      | Same    | -     | 2,079 | 74    |
| 1 | a |                    | rading | group   |       |       |       |
|   | t |                    |        | of      |       |       |       |
|   | S |                    |        | shar    |       |       |       |
|   | t |                    |        | eholder |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | R |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | y |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | n |                    |        |         |       |       |       |
|   | g |                    |        |         |       |       |       |
|   | P |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| 1 | S |                    | Rec    | I       | 7,785 | 1     | -     |
| 2 | i |                    | ycling | ndirect |       | 0,995 |       |
|   | a |                    | and    | share   |       |       |       |
|   | m |                    | reproc | holding |       |       |       |
|   | S |                    | essing | by      |       |       |       |
|   | t |                    | steel  | sub     |       |       |       |
|   | e |                    | scrap  | sidiary |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | M |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | l |                    |        |         |       |       |       |
|   | S |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | r |                    |        |         |       |       |       |
|   | v |                    |        |         |       |       |       |
|   | i |                    |        |         |       |       |       |
|   | c |                    |        |         |       |       |       |
|   | e |                    |        |         |       |       |       |
|   | s |                    |        |         |       |       |       |
|   | C |                    |        |         |       |       |       |
|   | o |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
|   | , |                    |        |         |       |       |       |
|   | L |                    |        |         |       |       |       |
|   | t |                    |        |         |       |       |       |
|   | d |                    |        |         |       |       |       |
|   | . |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+
| T |   |                    |        |         | 2     | 2     | 1     |
| o |   |                    |        |         | 5,101 | 7,525 | 1,191 |
| t |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| l |   |                    |        |         |       |       |       |
| i |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| t |   |                    |        |         |       |       |       |
| e |   |                    |        |         |       |       |       |
| r |   |                    |        |         |       |       |       |
| - |   |                    |        |         |       |       |       |
| c |   |                    |        |         |       |       |       |
| o |   |                    |        |         |       |       |       |
| m |   |                    |        |         |       |       |       |
| p |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| y |   |                    |        |         |       |       |       |
| o |   |                    |        |         |       |       |       |
| t |   |                    |        |         |       |       |       |
| h |   |                    |        |         |       |       |       |
| e |   |                    |        |         |       |       |       |
| r |   |                    |        |         |       |       |       |
| e |   |                    |        |         |       |       |       |
| x |   |                    |        |         |       |       |       |
| p |   |                    |        |         |       |       |       |
| e |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| s |   |                    |        |         |       |       |       |
| e |   |                    |        |         |       |       |       |
| t |   |                    |        |         |       |       |       |
| r |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| s |   |                    |        |         |       |       |       |
| a |   |                    |        |         |       |       |       |
| c |   |                    |        |         |       |       |       |
| t |   |                    |        |         |       |       |       |
| i |   |                    |        |         |       |       |       |
| o |   |                    |        |         |       |       |       |
| n |   |                    |        |         |       |       |       |
| s |   |                    |        |         |       |       |       |
+---+---+--------------------+--------+---------+-------+-------+-------+

Details of Trade Accounts Receivable with related parties Unit: (in
Thousand Baht)

+---+---------------------+--------+---------+-------+-------+--------+
| N |                     | Type   | Relat   | A     |       |        |
| a |                     | of     | ionship | mount |       |        |
| m |                     | Bu     |         | of    |       |        |
| e |                     | siness |         | Conn  |       |        |
|   |                     |        |         | ected |       |        |
| o |                     |        |         | Tr    |       |        |
| f |                     |        |         | ansac |       |        |
|   |                     |        |         | tions |       |        |
| C |                     |        |         |       |       |        |
| o |                     |        |         |       |       |        |
| m |                     |        |         |       |       |        |
| p |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| y |                     |        |         |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
|   |                     |        |         | Mar   | Mar   | Mar    |
|   |                     |        |         | 31,   | 31,   | 31, 12 |
|   |                     |        |         | 14    | 13    |        |
+---+---------------------+--------+---------+-------+-------+--------+
| 1 | TSN Wires Co., Ltd. | Manuf  | Same    | 7,089 | -     | -      |
|   |                     | acture | group   |       |       |        |
|   |                     | galv   | of      |       |       |        |
|   |                     | anized | shar    |       |       |        |
|   |                     | steel  | eholder |       |       |        |
|   |                     | wire   |         |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
| 2 | The Siam Industrial | Manuf  | Same    | 4     | 10    | 54,243 |
|   | Wire Co., Ltd.      | acture | group   | 7,973 | 0,787 |        |
|   |                     |        | of      |       |       |        |
|   |                     | Wire   | shar    |       |       |        |
|   |                     | rod    | eholder |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
| 3 | Tata steel          | T      | Same    | -     | -     | 2,441  |
|   | International       | rading | group   |       |       |        |
|   | (Singapore) Ltd.    |        | of      |       |       |        |
|   |                     |        | shar    |       |       |        |
|   |                     |        | eholder |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
| 4 | Tata Steel Limited  | Manuf  | Parent  | -     | 338   | -      |
|   |                     | acture | company |       |       |        |
|   |                     | steel  |         |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
| T |                     |        |         | 5     | 10    | 56,684 |
| o |                     |        |         | 5,062 | 1,125 |        |
| t |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| l |                     |        |         |       |       |        |
| i |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| t |                     |        |         |       |       |        |
| e |                     |        |         |       |       |        |
| r |                     |        |         |       |       |        |
| - |                     |        |         |       |       |        |
| c |                     |        |         |       |       |        |
| o |                     |        |         |       |       |        |
| m |                     |        |         |       |       |        |
| p |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| y |                     |        |         |       |       |        |
| T |                     |        |         |       |       |        |
| r |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| d |                     |        |         |       |       |        |
| e |                     |        |         |       |       |        |
| A |                     |        |         |       |       |        |
| c |                     |        |         |       |       |        |
| c |                     |        |         |       |       |        |
| o |                     |        |         |       |       |        |
| u |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| t |                     |        |         |       |       |        |
| s |                     |        |         |       |       |        |
| R |                     |        |         |       |       |        |
| e |                     |        |         |       |       |        |
| c |                     |        |         |       |       |        |
| e |                     |        |         |       |       |        |
| i |                     |        |         |       |       |        |
| v |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| b |                     |        |         |       |       |        |
| l |                     |        |         |       |       |        |
| e |                     |        |         |       |       |        |
| t |                     |        |         |       |       |        |
| r |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| s |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| c |                     |        |         |       |       |        |
| t |                     |        |         |       |       |        |
| i |                     |        |         |       |       |        |
| o |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| s |                     |        |         |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+

Details of Debtors and loan with related parties Unit: (in Thousand
Baht)

+---+---------------------+--------+---------+-------+-------+--------+
| N |                     | Type   | Relat   | A     |       |        |
| a |                     | of     | ionship | mount |       |        |
| m |                     | Bu     |         | of    |       |        |
| e |                     | siness |         | Conn  |       |        |
|   |                     |        |         | ected |       |        |
| o |                     |        |         | Tr    |       |        |
| f |                     |        |         | ansac |       |        |
|   |                     |        |         | tions |       |        |
| C |                     |        |         |       |       |        |
| o |                     |        |         |       |       |        |
| m |                     |        |         |       |       |        |
| p |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| y |                     |        |         |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
|   |                     |        |         | Mar   | Mar   | Mar    |
|   |                     |        |         | 31,   | 31,   | 31, 12 |
|   |                     |        |         | 14    | 13    |        |
+---+---------------------+--------+---------+-------+-------+--------+
| 1 | Siam Steel Mill     | R      | Hold    | 710   | 786   | 821    |
|   | Services Co.,Ltd.   | ecycle | share   |       |       |        |
|   |                     |        | ind     |       |       |        |
|   |                     |        | irectly |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
| 2 | NatSteel Recycling  | T      | Same    | -     | -     | -      |
|   | Pte. Ltd            | rading | Group   |       |       |        |
|   |                     |        | of      |       |       |        |
|   |                     |        | Shar    |       |       |        |
|   |                     |        | eholder |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
| 3 | Tata Steel          | Manuf  | Same    | 432   | 1,954 | 1,202  |
|   | Nederland Services  | acture | Group   |       |       |        |
|   | B.V.                | steel  | of      |       |       |        |
|   |                     |        | Shar    |       |       |        |
|   |                     |        | eholder |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
| 4 | Tata Sons Ltd       | Inve   | Same    | -     | -     | 71,220 |
|   |                     | stment | Group   |       |       |        |
|   |                     | ho     | of      |       |       |        |
|   |                     | ldings | Shar    |       |       |        |
|   |                     | and    | eholder |       |       |        |
|   |                     | consu  |         |       |       |        |
|   |                     | ltancy |         |       |       |        |
|   |                     | se     |         |       |       |        |
|   |                     | rvices |         |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
| 5 | Tata Steel UK Ltd.  | Manuf  | Same    | -     | 367   | -      |
|   |                     | acture | Group   |       |       |        |
|   |                     | steel  | of      |       |       |        |
|   |                     |        | Shar    |       |       |        |
|   |                     |        | eholder |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+
| T |                     |        |         | 1,142 | 3,107 | 73,243 |
| o |                     |        |         |       |       |        |
| t |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| l |                     |        |         |       |       |        |
| i |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| t |                     |        |         |       |       |        |
| e |                     |        |         |       |       |        |
| r |                     |        |         |       |       |        |
| - |                     |        |         |       |       |        |
| c |                     |        |         |       |       |        |
| o |                     |        |         |       |       |        |
| m |                     |        |         |       |       |        |
| p |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| y |                     |        |         |       |       |        |
| D |                     |        |         |       |       |        |
| e |                     |        |         |       |       |        |
| b |                     |        |         |       |       |        |
| t |                     |        |         |       |       |        |
| o |                     |        |         |       |       |        |
| r |                     |        |         |       |       |        |
| s |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| d |                     |        |         |       |       |        |
| l |                     |        |         |       |       |        |
| o |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| t |                     |        |         |       |       |        |
| r |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| s |                     |        |         |       |       |        |
| a |                     |        |         |       |       |        |
| c |                     |        |         |       |       |        |
| t |                     |        |         |       |       |        |
| i |                     |        |         |       |       |        |
| o |                     |        |         |       |       |        |
| n |                     |        |         |       |       |        |
| s |                     |        |         |       |       |        |
+---+---------------------+--------+---------+-------+-------+--------+

Details of Other non-current asset with related parties Unit: (in
Thousand Baht)

+---+---------------------+--------+---------+-------+--------+--------+
| N |                     | Type   | Relat   | A     |        |        |
| a |                     | of     | ionship | mount |        |        |
| m |                     | Bu     |         | of    |        |        |
| e |                     | siness |         | Conn  |        |        |
|   |                     |        |         | ected |        |        |
| o |                     |        |         | Tr    |        |        |
| f |                     |        |         | ansac |        |        |
|   |                     |        |         | tions |        |        |
| C |                     |        |         |       |        |        |
| o |                     |        |         |       |        |        |
| m |                     |        |         |       |        |        |
| p |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| y |                     |        |         |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
|   |                     |        |         | Mar   | Mar    | Mar    |
|   |                     |        |         | 31,   | 31, 13 | 31, 12 |
|   |                     |        |         | 14    |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 1 | Tata Steel Global   | Inv    | Shar    | 7     | -      | -      |
|   | Holdings Pte. Ltd.  | esting | eholder | 1,220 |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 2 | Tata Sons Ltd       |   Inve | Same    | -     | 71,220 | -      |
|   |                     | stment | Group   |       |        |        |
|   |                     |   ho   | of      |       |        |        |
|   |                     | ldings | Shar    |       |        |        |
|   |                     |   and  | eholder |       |        |        |
|   |                     |        |         |       |        |        |
|   |                     |  consu |         |       |        |        |
|   |                     | ltancy |         |       |        |        |
|   |                     |   se   |         |       |        |        |
|   |                     | rvices |         |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| T |                     |        |         | 7     | 71,220 | -      |
| o |                     |        |         | 1,220 |        |        |
| t |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| l |                     |        |         |       |        |        |
| i |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| e |                     |        |         |       |        |        |
| r |                     |        |         |       |        |        |
| - |                     |        |         |       |        |        |
| c |                     |        |         |       |        |        |
| o |                     |        |         |       |        |        |
| m |                     |        |         |       |        |        |
| p |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| y |                     |        |         |       |        |        |
| O |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| h |                     |        |         |       |        |        |
| e |                     |        |         |       |        |        |
| r |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| o |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| - |                     |        |         |       |        |        |
| c |                     |        |         |       |        |        |
| u |                     |        |         |       |        |        |
| r |                     |        |         |       |        |        |
| r |                     |        |         |       |        |        |
| e |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| s |                     |        |         |       |        |        |
| s |                     |        |         |       |        |        |
| e |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| r |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| s |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| c |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| i |                     |        |         |       |        |        |
| o |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| s |                     |        |         |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+

Details of Trade Accounts Payable with related parties Unit: (in
Thousand Baht)

+---+---+-------------------+--------+---------+-------+--------+--------+
| N |   |                   | Type   | Relat   | A     |        |        |
| a |   |                   | of     | ionship | mount |        |        |
| m |   |                   | Bu     |         | of    |        |        |
| e |   |                   | siness |         | Conn  |        |        |
|   |   |                   |        |         | ected |        |        |
| o |   |                   |        |         | Tr    |        |        |
| f |   |                   |        |         | ansac |        |        |
|   |   |                   |        |         | tions |        |        |
| C |   |                   |        |         |       |        |        |
| o |   |                   |        |         |       |        |        |
| m |   |                   |        |         |       |        |        |
| p |   |                   |        |         |       |        |        |
| a |   |                   |        |         |       |        |        |
| n |   |                   |        |         |       |        |        |
| y |   |                   |        |         |       |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+
|   |   |                   |        |         | Mar   | Mar    | Mar    |
|   |   |                   |        |         | 31,   | 31, 13 | 31, 12 |
|   |   |                   |        |         | 14    |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+
| 1 | T |                   | Procu  | Same    | -     | -      | -      |
|   | a |                   | rement | Group   |       |        |        |
|   | t |                   |        | of      |       |        |        |
|   | a |                   |        | Shar    |       |        |        |
|   | S |                   |        | eholder |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | G |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | o |                   |        |         |       |        |        |
|   | b |                   |        |         |       |        |        |
|   | a |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | P |                   |        |         |       |        |        |
|   | r |                   |        |         |       |        |        |
|   | o |                   |        |         |       |        |        |
|   | c |                   |        |         |       |        |        |
|   | u |                   |        |         |       |        |        |
|   | r |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | m |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | n |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | C |                   |        |         |       |        |        |
|   | o |                   |        |         |       |        |        |
|   | . |                   |        |         |       |        |        |
|   | P |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | L |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | d |                   |        |         |       |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+
| 2 | T |                   | Manuf  | Same    | -     | -      | -      |
|   | a |                   | acture | Group   |       |        |        |
|   | t |                   | Steel  | of      |       |        |        |
|   | a |                   |        | Shar    |       |        |        |
|   | S |                   |        | eholder |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | U |                   |        |         |       |        |        |
|   | K |                   |        |         |       |        |        |
|   | L |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | d |                   |        |         |       |        |        |
|   | . |                   |        |         |       |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+
| 3 | T |                   | Manuf  | Parent  | -     | -      | -      |
|   | a |                   | acture | company |       |        |        |
|   | t |                   | Steel  |         |       |        |        |
|   | a |                   |        |         |       |        |        |
|   | S |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | L |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | m |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | d |                   |        |         |       |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+
| 4 | N |                   | T      | Same    | 66    | 4      | 6      |
|   | a |                   | rading | Group   | 7,685 | 21,188 | 77,013 |
|   | t |                   |        | of      |       |        |        |
|   | S |                   |        |         |       |        |        |
|   | t |                   |        | Shar    |       |        |        |
|   | e |                   |        | eholder |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | R |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | c |                   |        |         |       |        |        |
|   | y |                   |        |         |       |        |        |
|   | c |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | n |                   |        |         |       |        |        |
|   | g |                   |        |         |       |        |        |
|   | P |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | . |                   |        |         |       |        |        |
|   | L |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | d |                   |        |         |       |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+
| 5 | S |                   | R      | Hold    | 2     | 9,463  | 8,107  |
|   | i |                   | ecycle | share   | 1,468 |        |        |
|   | a |                   |        | ind     |       |        |        |
|   | m |                   |        | irectly |       |        |        |
|   | S |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | M |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | S |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | r |                   |        |         |       |        |        |
|   | v |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | c |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | s |                   |        |         |       |        |        |
|   | C |                   |        |         |       |        |        |
|   | o |                   |        |         |       |        |        |
|   | . |                   |        |         |       |        |        |
|   | , |                   |        |         |       |        |        |
|   | L |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | d |                   |        |         |       |        |        |
|   | . |                   |        |         |       |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+
| 6 | M |                   | T      | Same    | -     | -      | -      |
|   | j |                   | rading | group   |       |        |        |
|   | u |                   | and    | of      |       |        |        |
|   | n |                   | procu  | shar    |       |        |        |
|   | c |                   | rement | eholder |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | o |                   |        |         |       |        |        |
|   | n |                   |        |         |       |        |        |
|   | S |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | r |                   |        |         |       |        |        |
|   | v |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | c |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | L |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | m |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | d |                   |        |         |       |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+
| 7 | T |                   | T      | Same    | 3     | 63,065 | 47,375 |
|   | a |                   | rading | group   | 6,722 |        |        |
|   | t |                   |        | of      |       |        |        |
|   | a |                   |        | shar    |       |        |        |
|   | S |                   |        | eholder |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | l |                   |        |         |       |        |        |
|   | A |                   |        |         |       |        |        |
|   | s |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | a |                   |        |         |       |        |        |
|   | ( |                   |        |         |       |        |        |
|   | H |                   |        |         |       |        |        |
|   | o |                   |        |         |       |        |        |
|   | n |                   |        |         |       |        |        |
|   | g |                   |        |         |       |        |        |
|   | K |                   |        |         |       |        |        |
|   | o |                   |        |         |       |        |        |
|   | n |                   |        |         |       |        |        |
|   | g |                   |        |         |       |        |        |
|   | ) |                   |        |         |       |        |        |
|   | L |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | m |                   |        |         |       |        |        |
|   | i |                   |        |         |       |        |        |
|   | t |                   |        |         |       |        |        |
|   | e |                   |        |         |       |        |        |
|   | d |                   |        |         |       |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+
| T |   |                   |        |         | 72    | 4      | 7      |
| o |   |                   |        |         | 5,875 | 93,716 | 32,495 |
| t |   |                   |        |         |       |        |        |
| a |   |                   |        |         |       |        |        |
| l |   |                   |        |         |       |        |        |
| i |   |                   |        |         |       |        |        |
| n |   |                   |        |         |       |        |        |
| t |   |                   |        |         |       |        |        |
| e |   |                   |        |         |       |        |        |
| r |   |                   |        |         |       |        |        |
| - |   |                   |        |         |       |        |        |
| c |   |                   |        |         |       |        |        |
| o |   |                   |        |         |       |        |        |
| m |   |                   |        |         |       |        |        |
| p |   |                   |        |         |       |        |        |
| a |   |                   |        |         |       |        |        |
| n |   |                   |        |         |       |        |        |
| y |   |                   |        |         |       |        |        |
| T |   |                   |        |         |       |        |        |
| r |   |                   |        |         |       |        |        |
| a |   |                   |        |         |       |        |        |
| d |   |                   |        |         |       |        |        |
| e |   |                   |        |         |       |        |        |
| A |   |                   |        |         |       |        |        |
| c |   |                   |        |         |       |        |        |
| c |   |                   |        |         |       |        |        |
| o |   |                   |        |         |       |        |        |
| u |   |                   |        |         |       |        |        |
| n |   |                   |        |         |       |        |        |
| t |   |                   |        |         |       |        |        |
| s |   |                   |        |         |       |        |        |
| P |   |                   |        |         |       |        |        |
| a |   |                   |        |         |       |        |        |
| y |   |                   |        |         |       |        |        |
| a |   |                   |        |         |       |        |        |
| b |   |                   |        |         |       |        |        |
| l |   |                   |        |         |       |        |        |
| e |   |                   |        |         |       |        |        |
| t |   |                   |        |         |       |        |        |
| r |   |                   |        |         |       |        |        |
| a |   |                   |        |         |       |        |        |
| n |   |                   |        |         |       |        |        |
| s |   |                   |        |         |       |        |        |
| a |   |                   |        |         |       |        |        |
| c |   |                   |        |         |       |        |        |
| t |   |                   |        |         |       |        |        |
| i |   |                   |        |         |       |        |        |
| o |   |                   |        |         |       |        |        |
| n |   |                   |        |         |       |        |        |
| s |   |                   |        |         |       |        |        |
+---+---+-------------------+--------+---------+-------+--------+--------+

Details of Creditors and loan with related parties ** Unit: (in Thousand
Baht)

+---+---------------------+--------+---------+-------+--------+--------+
| N |                     | Type   | Relat   | A     |        |        |
| a |                     | of     | ionship | mount |        |        |
| m |                     | Bu     |         | of    |        |        |
| e |                     | siness |         | Conn  |        |        |
|   |                     |        |         | ected |        |        |
| o |                     |        |         | Tr    |        |        |
| f |                     |        |         | ansac |        |        |
|   |                     |        |         | tions |        |        |
| C |                     |        |         |       |        |        |
| o |                     |        |         |       |        |        |
| m |                     |        |         |       |        |        |
| p |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| y |                     |        |         |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
|   |                     |        |         | Mar   | Mar    | Mar    |
|   |                     |        |         | 31,   | 31, 13 | 31, 12 |
|   |                     |        |         | 14    |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 1 | Siam Steel Mill     | R      | Hold    | 317   | 12,561 | 7,246  |
|   | Services Co.,Ltd    | ecycle | share   |       |        |        |
|   |                     |        | ind     |       |        |        |
|   |                     |        | irectly |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 2 | Tata Consultancy    | Co     | Same    | 3,087 | 3,041  | -      |
|   | service(Thailand)   | mputer | group   |       |        |        |
|   | Ltd                 | cons   | of      |       |        |        |
|   |                     | ultant | shar    |       |        |        |
|   |                     | s      | eholder |       |        |        |
|   |                     | ervice |         |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 3 | The Siam Industrial | Manuf  | Same    | -     | 12     | 2      |
|   | Wire Co., Ltd.      | acture | group   |       |        |        |
|   |                     |        | of      |       |        |        |
|   |                     | Steel  | shar    |       |        |        |
|   |                     | Wire   | eholder |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 4 | Mjunction Services  | T      | Same    | -     | -      | -      |
|   | Limited             | rading | group   |       |        |        |
|   |                     | and    | of      |       |        |        |
|   |                     | procu  | shar    |       |        |        |
|   |                     | rement | eholder |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 5 | Tata Sons Ltd.      | Inv    | Same    | 5,510 | -      | -      |
|   |                     | esting | group   |       |        |        |
|   |                     |        | of      |       |        |        |
|   |                     |        | shar    |       |        |        |
|   |                     |        | eholder |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 6 | Tata Steel UK Ltd.  | Manuf  | Same    | 12    | -      | -      |
|   |                     | acture | group   |       |        |        |
|   |                     | Steel  | of      |       |        |        |
|   |                     |        | shar    |       |        |        |
|   |                     |        | eholder |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 7 | NatSteel Recycling  | T      | Same    | -     | -      | -      |
|   | Pte, Ltd.           | rading | group   |       |        |        |
|   |                     |        | of      |       |        |        |
|   |                     |        | shar    |       |        |        |
|   |                     |        | eholder |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| 8 | NatSteel Holding    | Manuf  | Same    | -     | 34     | -      |
|   | Pte,Ltd.            | acture | group   |       |        |        |
|   |                     | Steel  | of      |       |        |        |
|   |                     |        | shar    |       |        |        |
|   |                     |        | eholder |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+
| T |                     |        |         | 8,926 | 15,648 | 7,248  |
| o |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| l |                     |        |         |       |        |        |
| i |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| e |                     |        |         |       |        |        |
| r |                     |        |         |       |        |        |
| - |                     |        |         |       |        |        |
| c |                     |        |         |       |        |        |
| o |                     |        |         |       |        |        |
| m |                     |        |         |       |        |        |
| p |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| y |                     |        |         |       |        |        |
| C |                     |        |         |       |        |        |
| r |                     |        |         |       |        |        |
| e |                     |        |         |       |        |        |
| d |                     |        |         |       |        |        |
| i |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| o |                     |        |         |       |        |        |
| r |                     |        |         |       |        |        |
| s |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| d |                     |        |         |       |        |        |
| l |                     |        |         |       |        |        |
| o |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| r |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| s |                     |        |         |       |        |        |
| a |                     |        |         |       |        |        |
| c |                     |        |         |       |        |        |
| t |                     |        |         |       |        |        |
| i |                     |        |         |       |        |        |
| o |                     |        |         |       |        |        |
| n |                     |        |         |       |        |        |
| s |                     |        |         |       |        |        |
+---+---------------------+--------+---------+-------+--------+--------+

Remark: ** Detail of creditors and loan with related parties above was
normal transaction between the Company and its subsidiaries and related
companies, in which if the transaction above is classified as core
business of each company, it will be treated as trade accounts payable
with related parties, but if it’s not core business, the transaction
will be recorded as the creditors and loan with related parties.

+---+----------------------+--------+---------+-------+--------+--------+
| D |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| i |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| s |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| f |                      |        |         |       |        |        |
| L |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| g |                      |        |         |       |        |        |
| - |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| r |                      |        |         |       |        |        |
| m |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| f |                      |        |         |       |        |        |
| r |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| m |                      |        |         |       |        |        |
| r |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| d |                      |        |         |       |        |        |
| p |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| r |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| i |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| s |                      |        |         |       |        |        |
| d |                      |        |         |       |        |        |
| u |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| i |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| y |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| r |                      |        |         |       |        |        |
| U |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| i |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| : |                      |        |         |       |        |        |
| ( |                      |        |         |       |        |        |
| i |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| T |                      |        |         |       |        |        |
| h |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| u |                      |        |         |       |        |        |
| s |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| d |                      |        |         |       |        |        |
| B |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| h |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| ) |                      |        |         |       |        |        |
+---+----------------------+--------+---------+-------+--------+--------+
| N |                      | Type   | Relat   | A     |        |        |
| a |                      | of     | ionship | mount |        |        |
| m |                      | Bu     |         | of    |        |        |
| e |                      | siness |         | Conn  |        |        |
|   |                      |        |         | ected |        |        |
| o |                      |        |         | Tr    |        |        |
| f |                      |        |         | ansac |        |        |
|   |                      |        |         | tions |        |        |
| C |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| m |                      |        |         |       |        |        |
| p |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| y |                      |        |         |       |        |        |
+---+----------------------+--------+---------+-------+--------+--------+
|   |                      |        |         | Mar   | Mar    | Mar    |
|   |                      |        |         | 31,   | 31, 13 | 31, 12 |
|   |                      |        |         | 14    |        |        |
+---+----------------------+--------+---------+-------+--------+--------+
| 1 |                      | Manufa | Shar    | -     | -      | 2      |
| . |                      | cturer | eholder |       |        | 70,596 |
| T |                      | Steel  |         |       |        |        |
| a |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| S |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| G |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| b |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| H |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| d |                      |        |         |       |        |        |
| i |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| g |                      |        |         |       |        |        |
| P |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| . |                      |        |         |       |        |        |
| , |                      |        |         |       |        |        |
| L |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| d |                      |        |         |       |        |        |
| . |                      |        |         |       |        |        |
+---+----------------------+--------+---------+-------+--------+--------+
| T |                      |        |         | -     | -      | 2      |
| o |                      |        |         |       |        | 70,596 |
| t |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| L |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| g |                      |        |         |       |        |        |
| - |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| r |                      |        |         |       |        |        |
| m |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| d |                      |        |         |       |        |        |
| u |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| i |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| y |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| r |                      |        |         |       |        |        |
+---+----------------------+--------+---------+-------+--------+--------+
| N |                      | Type   | Relat   | A     |        |        |
| a |                      | of     | ionship | mount |        |        |
| m |                      | Bu     |         | of    |        |        |
| e |                      | siness |         | Conn  |        |        |
|   |                      |        |         | ected |        |        |
| o |                      |        |         | Tr    |        |        |
| f |                      |        |         | ansac |        |        |
|   |                      |        |         | tions |        |        |
| C |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| m |                      |        |         |       |        |        |
| p |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| y |                      |        |         |       |        |        |
+---+----------------------+--------+---------+-------+--------+--------+
|   |                      |        |         | Mar   | Mar    | Mar    |
|   |                      |        |         | 31,   | 31, 13 | 31, 12 |
|   |                      |        |         | 14    |        |        |
+---+----------------------+--------+---------+-------+--------+--------+
| 1 |                      | Manufa | Shar    | 27    | 2      | -      |
| . |                      | cturer | eholder | 0,596 | 70,596 |        |
| T |                      | Steel  |         |       |        |        |
| a |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| S |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| G |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| b |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| H |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| d |                      |        |         |       |        |        |
| i |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| g |                      |        |         |       |        |        |
| P |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| . |                      |        |         |       |        |        |
| , |                      |        |         |       |        |        |
| L |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| d |                      |        |         |       |        |        |
| . |                      |        |         |       |        |        |
+---+----------------------+--------+---------+-------+--------+--------+
| T |                      |        |         | 27    | 2      | -      |
| o |                      |        |         | 0,596 | 70,596 |        |
| t |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| L |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
| g |                      |        |         |       |        |        |
| - |                      |        |         |       |        |        |
| t |                      |        |         |       |        |        |
| e |                      |        |         |       |        |        |
| r |                      |        |         |       |        |        |
| m |                      |        |         |       |        |        |
| l |                      |        |         |       |        |        |
| o |                      |        |         |       |        |        |
| a |                      |        |         |       |        |        |
| n |                      |        |         |       |        |        |
+---+----------------------+--------+---------+-------+--------+--------+

+-------------+-----------------------------------------+--------------+
| Detail of   |                                         |              |
| the         |                                         |              |
| Guarantee   |                                         |              |
| of the      |                                         |              |
| company and |                                         |              |
| its         |                                         |              |
| s           |                                         |              |
| ubsidiaries |                                         |              |
| Unit: (in   |                                         |              |
| Million     |                                         |              |
| Baht)       |                                         |              |
+-------------+-----------------------------------------+--------------+
| Name of     | Characteristics of Guarantee            | Guarantee    |
| Company     |                                         | Value        |
+-------------+-----------------------------------------+--------------+
| TSTH        | - Guarantee for loan in accordance with | 12,800       |
|             | loan agreement between                  |              |
|             |                                         |              |
|             |   TSTH Group and BBL, SCB               |              |
+-------------+-----------------------------------------+--------------+
| NTS         | - Guarantee for loan in accordance with | 12,800       |
|             | loan agreement between                  |              |
|             |                                         |              |
|             | TSTH Group and BBL, SCB                 |              |
+-------------+-----------------------------------------+--------------+
| SISC        | - Guarantee for loan in accordance with | 12,800       |
|             | loan agreement between                  |              |
|             |                                         |              |
|             | TSTH Group and BBL, SCB                 |              |
+-------------+-----------------------------------------+--------------+
| SCSC        | - Guarantee for loan in accordance with | 12,800       |
|             | loan agreement between                  |              |
|             |                                         |              |
|             | TSTH Group and BBL, SCB                 |              |
+-------------+-----------------------------------------+--------------+

Remark: Such guarantee is the guarantee 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.

Pricing Condition and Policy

The said connected transactions between the Company and subsidiaries or
related companies were adopted for commercial transactions, including
borrowing or grant of loans within the policy frame work of transfer
pricing mechanism, with prices and interest rates applicable to ordinary
person. In the absence of reference price or interest benchmark rate,
the Company uses the third party prices as if operating under the same
or similar conditions with significant transactions. This is based on
the appraised value reported by independent appraisers.

Necessity and Appropriateness of Connected transaction

The said connected transaction has been transacted in the normal course
of business and is a generally accepted trading term. The benefits to
the Company from such transactions were that purchase of raw materials
ensured quality and continuity of supply, sales of goods added more
channels of product distribution, and promissory notes enhanced
flexibility in operation.

Measures/Procedures of approving connected transaction

In approval of connected transactions, each subsidiary, as clearly set
forth in the Authority Table of the Company, must seek approval from
either its Vice President - Plant or the subsidiaries’ Board of
directors or President or Executive Committee or the Company’s Board of
directors, depending on the amount of budget involved under the
Company’s internal control system which has properly been set up. Such
authoritative power is reviewed on a regular basis for the sake of
operational flexibility and internal control.

Should there be any transactions relating to persons having conflict of
interest with the Company, the Company will strictly follow rules,
regulations according to the notifications of by the Securities and
Exchange Commission and the Stock Exchange of Thailand, i.e., seeking
approval from the Board of Directors and/ or the shareholders, with the
recommendation from the Audit Committee. Directors and Executives having
interest and/ or connection on a matter will not attend the meeting and
vote on such matter to make the fair decisions.

The implementation also included the compliance with the regulation, in
case there shall be a disclosure of connected transactions and
acquisition or disposition of assets of the Company or its subsidiaries.
The company conforms to the accounting standards announced by Federation
of Accounting Professions with respect to the disclosure of connected
transactions or connected transactions are established on the basis of
necessity, reasonableness, and the optimal benefit of the company.

Policy or future trend of connected transaction

Future connected transactions between the Company and its subsidiaries
or related companies will be conducted in the ordinary course of
business on an arm’s length basis. In respect of transactions involving
persons with conflict of interests or having interests and/or connected
persons, the Company will strictly perform accordingly to measures and
procedures prescribed by the Securities and Exchange Commission and the
Stock Exchange of Thailand.