8.  Capital Structure

(1) The Company’s Security

1.  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.

2.  The Siam Cement Public Company Limited issued 8 series* of
    debentures valuing Baht 110,000 million. The interest rate is 4.15 –
    6.25 percent with maturities of 3 - 4 years (Details are disclosed
    in notes to the consolidated financial accounts in number 17, page
    109)

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

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

(2) Shareholders

a. First 10 major shareholders as at February 23, 2010

+---+------------------------------------------+-------------+---------+
| N | Shareholders                             | No. of      | % of    |
| o |                                          | ordinary    | total   |
| . |                                          | shares      | shares  |
+---+------------------------------------------+-------------+---------+
| 1 | THE CROWN PROPERTY BEREAU                | 360,000,000 | 30.00   |
+---+------------------------------------------+-------------+---------+
| 2 | THAI NVDR CO., LTD                       | 117,761,625 | 9.81    |
+---+------------------------------------------+-------------+---------+
| 3 | CHASE NOMINEES LIMITED 42                | 44,273,432  | 3.69    |
+---+------------------------------------------+-------------+---------+
| 4 | NORTRUST NOMINEES LTD.                   | 37,904,004  | 3.16    |
+---+------------------------------------------+-------------+---------+
| 5 | BNP                                      | 27,367,536  | 2.28    |
|   |  PARIBAS SECURITIES SERVICES, LUXEMBOURG |             |         |
+---+------------------------------------------+-------------+---------+
| 6 | CPB EQUITY CO., LTD                      | 23,220,000  | 1.94    |
+---+------------------------------------------+-------------+---------+
| 7 | STATE STREET BANK AND TRUST COMPANY      | 21,927,540  | 1.83    |
+---+------------------------------------------+-------------+---------+
| 8 | SOCIAL SECURITY OFFICE                   | 18,044,480  | 1.50    |
+---+------------------------------------------+-------------+---------+
| 9 | OFFICE OF THE PRIVY PURSE                | 15,473,000  | 1.29    |
+---+------------------------------------------+-------------+---------+
| 1 | HSBC (SINGAPORE) NOMINEES PTE LTD.       | 15,007,767  | 1.25    |
| 0 |                                          |             |         |
+---+------------------------------------------+-------------+---------+

Remark: CPB Equity Co., Ltd. is the company fully-owned by The Crown
Property Bureau.

The information of Investors under Thai NVDR Co., Ltd. is shown on the
website: www.set.or.th

As at February 23, 2010, the first major 4 NVDR holders were as follows:

+---+------------------------------------------+-------------+---------+
| N | NVDR shareholders                        | No. of      | % of    |
| o |                                          | ordinary    | total   |
| . |                                          | shares      | shares  |
+---+------------------------------------------+-------------+---------+
| 1 | GERLACH                                  | 15,559,015  | 1.30    |
|   |  & CO.-AGF FUNDS INC. AS MANAGER/TRUSTEE |             |         |
+---+------------------------------------------+-------------+---------+
| 2 | HSBC (SINGAPORE) NOMINEES PTE LTD.       | 10,638,161  | 0.89    |
+---+------------------------------------------+-------------+---------+
| 3 | CHASE NOMINEES LIMITED 1                 | 8,748,047   | 0.73    |
+---+------------------------------------------+-------------+---------+
| 4 | SOMERS (U.K.) LIMITED                    | 7,440,500   | 0.62    |
+---+------------------------------------------+-------------+---------+

  b. The majority of shareholders are a group whose movement has a
  marked influence on the establishment of corporate policy and
  strategy. (As at February 23, 2010)

+---+-----------------------------------------+------------+---------+
| N | Shareholders                            | No. of     | % of    |
| o |                                         | ordinary   | total   |
| . |                                         | shares     | shares  |
+---+-----------------------------------------+------------+---------+
| 1 | THE CROWN PROPERTY BEREAU               | 3          | 30.00   |
|   |                                         | 60,000,000 |         |
+---+-----------------------------------------+------------+---------+
| 2 | CPB EQUITY CO., LTD                     | 2          | 1.94    |
|   |                                         | 3,220,000  |         |
+---+-----------------------------------------+------------+---------+

  Foreign Limit

  The company has imposed limitations on the number of shares which can
  be held by the foreigners at 25% of fully paid-up capital. As at
  December 31, 2009, the company declared that 25% of fully paid-up
  capital shares are held by the foreigners.

(3) Dividend Policy

The company has a dividend payout policy on paying dividends to the
shareholders at 40% - 50% of the consolidated net profit. However, when
reviewing the dividend payout for any potential changes for the
respective period, the company may take into account all irregular
situations, and uncontrollable factors, accordingly. In 2009, the
company made a net profit at 24,346 Million Baht, resulting in the
retained earnings for appropriation at the ordinary general meeting of
shareholders, the Board resolved to declare the annual dividends for the
year 2009 at 8.50 per share or equal to 42 percent of net profit.

For most subsidiaries whose 100 percent shares owned by the company, The
Siam Cement Public Company Limited considered their operating results,
concerning the corporate structure financial position and investment
plan. The company did not find any policy that led to transfer of
interests, lack of transparency as stated in the principles of good
corporate governance.

Detail of Other Dividend Distribution

+------+--------------+--------------+--------------+---------------+
| Year | Interim      | Final        | Annual       | Dividends     |
|      | dividends    | dividends    | dividend     | payout ratio  |
|      | (Baht/share) | (Baht/share) | (Baht/share) | on net profit |
|      |              |              |              | (%)           |
+------+--------------+--------------+--------------+---------------+
| 2005 | 7.50         | 7.50         | 15.00        | 56            |
+------+--------------+--------------+--------------+---------------+
| 2006 | 7.50         | 7.50         | 15.00        | 61            |
+------+--------------+--------------+--------------+---------------+
| 2007 | 7.50         | 7.50         | 15.00        | 59            |
+------+--------------+--------------+--------------+---------------+
| 2008 | 5.50         | 2.00         | 7.50         | 54            |
+------+--------------+--------------+--------------+---------------+
| 2009 | 3.50         | 5.00         | 8.50         | 42            |
+------+--------------+--------------+--------------+---------------+