Share Capital

Our share capital is Baht 300,000,000 divided into 300,000,000 ordinary
shares of Baht 1/- each. Our capital is fully paid up. The company has
not increased its share capital during last 5 years.

Liability to issue share in the future

---None---

Policy for capital increase

The company does not have any plans to increase its shares capital or
issue the new shares in the near future.

Major shareholders (Top 10)

(source : Share registrar as on 31.12.2004)

+---+---------------------------+---------------+------------+-------+
| S | Shareholders              | Nationality   | No of      | %     |
| e |                           |               | Share      |       |
| n |                           |               |            |       |
| o |                           |               |            |       |
| . |                           |               |            |       |
+---+---------------------------+---------------+------------+-------+
|   | ผู้ถือหุ้น                     | สัญชาติ         | จำนวนหุ้น    |       |
+---+---------------------------+---------------+------------+-------+
| 1 | Thai Rayon Public         | Thai          | 74,937,500 | 24.98 |
|   | Co.,Ltd.                  |               |            |       |
+---+---------------------------+---------------+------------+-------+
|   | บริษัท ไทยเรยอน จำกัด        | ไทย           |            |       |
|   | (มหาชน)                   |               |            |       |
+---+---------------------------+---------------+------------+-------+
| 2 | Everlon International     | British       | 37,687,500 | 12.56 |
|   | Holding                   | Virgin Island |            |       |
+---+---------------------------+---------------+------------+-------+
|   | บริษัท เอเวอลอน             | เกาะบิชติส      |            |       |
|   | อินเตอร์เนชั่นแนล โฮลดิ้ง       | เวอร์จิน        |            |       |
+---+---------------------------+---------------+------------+-------+
| 3 | Thailand Securities       | Thai          | 34,856,386 | 11.62 |
|   | Depository Company Limted |               |            |       |
|   | for Depositors            |               |            |       |
+---+---------------------------+---------------+------------+-------+
|   | บริษัท ศูนย์รับฝากหลักทรัพย์      | ไทย           |            |       |
|   | (ประเทศไทย) จำกัด เพื่อผู้ฝาก  |               |            |       |
+---+---------------------------+---------------+------------+-------+
| 4 | Mr.Veeraphan Theepsuwan   | Thai          | 24,770,120 | 8.26  |
+---+---------------------------+---------------+------------+-------+
|   | นายวีระพันธ์ ทีปสุวรรณ         | ไทย           |            |       |
+---+---------------------------+---------------+------------+-------+
| 5 | P.T Indo Bharat Rayon     | Indonesian    | 23,296,880 | 7.76  |
+---+---------------------------+---------------+------------+-------+
|   | บริษัท พี ที อินโด บารัส เรยอน  | อินโดนีเซีย      |            |       |
+---+---------------------------+---------------+------------+-------+
| 6 | Mirapa Limited            | Gibraltar     | 14,000,000 | 4.67  |
+---+---------------------------+---------------+------------+-------+
|   | บริษัท มิราพา จำกัด           | จิปรอนต้า       |            |       |
+---+---------------------------+---------------+------------+-------+
| 7 | Hilltop Limited           | British       | 10,271,250 | 3.42  |
|   |                           | Virgin Island |            |       |
+---+---------------------------+---------------+------------+-------+
|   | บริษัท ฮิลท็อป จำกัด           | เกาะบิชติส      |            |       |
|   |                           | เวอร์จิน        |            |       |
+---+---------------------------+---------------+------------+-------+
| 8 | Asseau Company Ltd.       | British       | 10,040,120 | 3.35  |
|   |                           | Virgin Island |            |       |
+---+---------------------------+---------------+------------+-------+
|   | บริษัท อาเซยู จำกัด           | เกาะบิชติส      |            |       |
|   |                           | เวอร์จิน        |            |       |
+---+---------------------------+---------------+------------+-------+
| 9 | Grasim Industries Ltd.    | Indian        | 8,250,000  | 2.75  |
+---+---------------------------+---------------+------------+-------+
|   | บริษัท กราซิม อินดัสตรีส์ จำกัด   | อินเดีย         |            |       |
+---+---------------------------+---------------+------------+-------+
| 1 | Thevaraya Co.,Ltd         | Thai          | 6,566,250  | 2.19  |
| 0 |                           |               |            |       |
+---+---------------------------+---------------+------------+-------+

Note : There is no ultimate shareholders as per SET guidelines

Dividend Policy

The company would like to reiterate its dividend policy of paying
dividend between 35-50% of net profit after tax. The payment of dividend
will be based on its requirement of funds for CAPEX, expansion and for
investment in various projects. If payment of dividend will have affect
on company’s performance and cashflow requirements, the company will
decide for payment of dividend accordingly in the best interest of the
company. The Thai subsidiary company is not expected to be in a position
to pay dividends for next few years due to accumulated losses and loan
repayments. The Chinese subsidiary company has just started operations
with 2004 as first full year of operation, it may not be in position to
pay dividend for next few years.