2.8 Capital Structure

1. Company’s Capital

As of 31 December, 2006, the Company’s registered capital was
860,000,000 Baht and the paid up capital was 844,083,520 Baht which was
divided into a total common share of 168,816,704 shares at 5 Baht par
value and listed in the Stock Exchange of Thailand.

2. Shareholders

The names and the share holding ratio of the top 10 shareholders as at
31 December 2006 are listed below:

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

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

  2.        Mr. Sitthichai Limpsowan       4,287,600         2.54

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

  4.        Thai NVDR Co., Ltd.            2,239,600         1.33

  5.        Mr.Prateep Mahakitsiri         710,000           0.42

  6.        Mr. Kiat Srijomkwan            700,000           0.41

  7.        Ms.Patumporn                   563,100           0.33
            Chirarattanapichet                               

  8.        Mr. Sanit Dusadeenode          505,000           0.30

  9.        Mr. Santi Mahapiyasilp         420,000           0.25

  10.       Mr. Samrit Mekarunkamol        350,000           0.21
  --------- ------------------------------ ----------------- -------------

Remark : The updated shareholders’ list can be viewed at
www.unitedsec.com before the AGM of the year 2007

Remark 1 : As of 31 December, 2006 the paid-up capital of A.P.F.Holdings
Co., Ltd. was Baht 280,000,000. The shareholders’ structure is as
follows:

  1. Sanwa World Service Company Limited (50.99%)

  (Sanwa World Service Company Limited carries the business of
  investment both in and outside The Stock Exchange of Thailand having
  as of 7 December, 2006 the registered and paid-up capital of Baht
  100,000,000 held by Mr. Mitsuji Konoshita (45%), Mr. Fumio Kyuma
  0.8%), Mr. Tatsuya Konoshita (0.8%), Mr. Phongsak Thongluang (3.96%),
  Mr. Anek Arampanich (3.96%), Sanwa World Media Co., Ltd. (39.44%)
  (Sanwa World Media Co., Ltd. carries the business of investment both
  in and outside The Stock Exchange of Thailand having as of 2 November
  2006 the registered and paid-up capital of Baht 6,000,000 held by Mr.
  Kotaro Maru (30%), Mr. Tatsuya Konoshita (19%), Mr. Phongsak
  Thongluang (24%), Mr. Anek Arampanich (24%), Miss Suntree
  Vijitchanachai (1%), Miss Ruedee Ditsarat (1%), Mrs. Thongyim
  Chakthong (1%)) and Samdao Trading Co., Ltd. (6.04%) (Samdao Trading
  Co., Ltd. carries the business of investment both in and outside The
  Stock Exchange of Thailand having as of 22 September, 2006 the
  registered and paid-up capital of Baht 8,000,000 held by Mr. Phongsak
  Thongluang (30%), Mr. Anek Arampanich (29.97%), Mr. Deephong
  Sahachartsiri (29.97%), Mr. Tetsuhiko Miki (10%), Mr. Nutthawut Sritha
  (0.0125%), Miss Veena Boorchum (0.0125%), Miss Suntree Vijitchanachai
  (0.0125%), Miss Pissamai Wattanavikkrum (0.0125%))

  2. Mr. Mitsuji Konoshita (20%)

  3. Mr. Osamu Shigematsu (20%)

  4. Mr. Kenji Tanaka (9%)

  5. Mr. Phongsak Thongluang (0.000035%)

  6. Mr. Anek Arampanich (0.000035%)

  7. Miss Chanpen Auasangdeekul (0.000035%)

3. The Dividend Payment Policy

The Company has a policy to pay dividend to the shareholders approx. 75%
from the net profit of the fiscal year which had been adjusted from 50%
and was approved by the shareholders in the Annual General Meeting of
the Shareholders since April, 2006.