8.  Capital Structure

(1) The Company’s Security

a)  Share capital: authorized common shares at Baht 1 par value totaling
    1,600,000,000 shares. Fully paid share capital is in 1,200,000,000
    shares. (At the Ordinary Shareholders’ meeting held on March 26,
    2003, the shareholders unanimously approved to change the par value
    of common shares of the Company from Baht 10 per share to Baht 1 per
    share. The Company registered the change with Department of Commerce
    on April 17, 2003.)

The Company does not issue other types of stocks, except from common shares.

The Company does not have any plans to issue and offer share or convertible securities for the Thai Trust Fund.

b)  The Siam Cement Public Company Limited issued 10 series of
    debentures valuing Baht 81,000 million. The interest rate is 3.25 –
    6.25 percent with maturities of 2 - 4 years (Details are disclosed
    in notes to the consolidated financial accounts in number 17, page
    43)

c)  Among major shareholders, the Company does not have any shareholding
    agreements, which might affect its management.

Remarks: All ten placements of debenture were rated as “A+(tha)” from
Fitch Ratings (Thailand).

(2) Shareholders

(a) First ten major shareholders as at December 31, 2006 are as follows.

+------+-------------------------------------+---------------+--------+
| No.  |  Shareholders                       | Number of     | % of   |
|      |                                     |               | Total  |
|      |                                     | Common Shares |        |
|      |                                     |               | Shares |
+------+-------------------------------------+---------------+--------+
| 1    | Bureau of the Crown Property        | 360,000,000   | 30.00  |
+------+-------------------------------------+---------------+--------+
| 2    | Thai NVDR Co., Ltd.*                | 132,099,201   | 11.01  |
+------+-------------------------------------+---------------+--------+
| 3    | Chase Nominees Limited 42           | 31,766,133    | 2.65   |
+------+-------------------------------------+---------------+--------+
| 4    | BNP Pari                            | 23,630,200    | 1.97   |
|      | bas Securities Services, Luxembourg |               |        |
+------+-------------------------------------+---------------+--------+
| 5    | CPB Equity Co., Ltd.**              | 23,202,000    | 1.93   |
+------+-------------------------------------+---------------+--------+
| 6    | Littledown Nominees Limited         | 18,721,100    | 1.56   |
+------+-------------------------------------+---------------+--------+
| 7    | Chase Nominees Limited 1            | 16,816,400    | 1.40   |
+------+-------------------------------------+---------------+--------+
| 8    | Office of the Privy Purse           | 15,473,000    | 1.29   |
+------+-------------------------------------+---------------+--------+
| 9    | Nortrust Nominees Ltd.              | 15,124,400    | 1.26   |
+------+-------------------------------------+---------------+--------+
| 10   | Randery Burahmakan Co.,Ltd.         | 14,810,400    | 1.23   |
+------+-------------------------------------+---------------+--------+

Remarks * Thai NVDR Co., Ltd. is the shareholder of SCC which issued
Non-Voting Depository Receipts (NVDRs) for investors. The information of
investors was shown on the website: www.set.or.th

** CPB Equity Co., Ltd. is the company fully-owned by Bureau of the
Crown Property

(b) The Majority of Shareholders is a group whose movement has a marked
influence on the establishment of corporate policy and strategy.

+------+-------------------------------------+---------------+--------+
| No.  |  Shareholders                       | Number of     | % of   |
|      |                                     |               | Total  |
|      |                                     | Common Shares |        |
|      |                                     |               | Shares |
+------+-------------------------------------+---------------+--------+
| 1    | Bureau of the Crown Property        | 360,000,000   | 30.00  |
+------+-------------------------------------+---------------+--------+
| 2    | CPB Equity Co., Ltd.**              | 23,202,000    | 1.93   |
+------+-------------------------------------+---------------+--------+

Foreign Limit

The Company has imposed limitations on the number of shares which can be
owned by the foreigners at 25 percent of fully paid-up capital. As at
December 31, 2006 the Company declared that 25 percent of fully paid-up
capital shares are owned by the foreigners.

(3) Dividend Policy

The Company has a policy on paying dividends to the shareholders based
on the operating results of the Company, concerning the corporate
structure, financial position, investment plan as well as paying
frequency, providing that a fixed ratio for dividend payment has not
been set. In 2006, the Company made a net profit of Baht 29,451 million,
resulting in the retained earnings for appropriation. At the Ordinary
General Meeting of Shareholders, the Board resolved to declare final
dividend for the year 2006 at Baht 15 per share or equivalent to 61.2
percent of net profit.

For most subsidiaries whose 100 percent shares owned by the company, the
Siam Cement PLC. also considered their financial structure and
investment. The company did not find any policy that led to transfer of
interest, lack of transparency as stated in the principles of good
corporate governance.

From the Company’s total operating results and financial position, the Board of Directors has agreed to submit for approval at the ordinary Shareholders’ Meeting, a dividend payment of Baht 15.00 per share. However, the Board of Directors had already passed a resolution approving the 2006 interim dividend payment at the rate of Baht 7.50 per share on August 22, 2006. Thus, the final dividend will be at the rate of Baht 7.50 per share, scheduled for payment on April 26, 2007 which pending approval at the shareholders’ meeting on March 28, 2007. Dividend payments for the last ten years of the Siam Cement PLC. are shown below:

(Unit: Baht per share)

+-------+-------------+--------------+-----------+-------------------+
|       | Interim     | Annual       | Total     | Dividend on Share |
| Year  | Dividend    | Dividend     |           | Value             |
|       |             |              |           |                   |
|       |             |              |           | at Baht 1 per     |
|       |             |              |           | share             |
+-------+-------------+--------------+-----------+-------------------+
| 1996  | 10.00       | 10.00        | 20.00     | 2.00              |
+-------+-------------+--------------+-----------+-------------------+
| 1997  | -           | -            | -         | -                 |
| -2000 |             |              |           |                   |
+-------+-------------+--------------+-----------+-------------------+
| 2001  | -           | 10.00        | 10.00     | 1.00              |
+-------+-------------+--------------+-----------+-------------------+
| 2002  | -           | 30.00        | 30.00     | 3.00              |
+-------+-------------+--------------+-----------+-------------------+
| 2003* | 2.50        | 3.50         | 6.00      | 6.00              |
+-------+-------------+--------------+-----------+-------------------+
| 2004  | 5.50        | 9.50         | 15.00     | 15.00             |
+-------+-------------+--------------+-----------+-------------------+
| 2005  | 7.50        | 7.50         | 15.00     | 15.00             |
+-------+-------------+--------------+-----------+-------------------+
| 2006  | 7.50        | 7.50         | 15.00     | 15.00             |
+-------+-------------+--------------+-----------+-------------------+

Remark: - In 1996-2002, par value of the Company common shares are Baht
10 per share.

* Shareholders approved to change par value of common shares from Baht
10 per share to Baht 1 per share.