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  7. Capital Structure

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7.1 The Company’s Capital

As of December 31, 2012, the Company has registered and fully paid-up
capital of THB 125 million consisting of 125 million common shares each
with THB 1 par value.

7.2 Shareholders

The list of the top 10 shareholders as of December 31, 2012 is
summarized as follows:

  ------ -------------------------------- ----------------- -------------
  No.    Shareholder Name                 As of December    
                                          31, 2012          

                                          No. of Shares     % Total

  1.     Dr. Vivat Vithoontien Group¹     61,490,030        49.19

  2.     Mr. Anake Pinvanichkul           11,180,010        8.94

  3.     Mr. Saringkarn Sutaschuto        7,981,500         6.39

  4.     International Finance            6,000,000         4.80
         Corporation²                                       

  5.     Taechanawakul Group³             5,546,000         4.44

  6.     Citibank Nominees Singapore      5,000,000         4.00
         Pte.Ltd. (Standard Bank Plc.                       
         Holding)⁴                                          

  7.     Pumpaisanchai Group⁵             3,111,100         2.49

  8.     JAIC Asia Holdings Pte, Ltd.     3,000,000         2.40
         (Singapore)                                        

  9.     Daiwa Secutities Capital Markets 2,723,600         2.18
         Co., Ltd. Clients Account                          

  10.    Khumnerdngam Group⁶              1,975,000         1.58

  11.    Other shareholders               16,992,760        13.59

         Total                            125,000,000       100.00
  ------ -------------------------------- ----------------- -------------

  Remark: ¹ Shareholder proportion of Dr. Vivat Vithoontien Group
  comprises:

  ------- ----------------------------- -------------------- ----------------
                                        No. of Shares        % Total

  1.      Dr.Vivat Vithoontien          43,384,166           34.71

  2.      Jonathan Vithoontien          9,052,932            7.24

  3.      Claire Vithoontien            9,052,932            7.24

  Total                                 61,490,030           49.19
  ------- ----------------------------- -------------------- ----------------

Remark:² International Finance Corporation (IFC). IFC is a member of the
World Bank Group and was established in 1956 to promote private sector
activities in the developing countries by focusing on 3 major areas: a)
providing financial support to private sector projects; b) providing
support to businesses in developing countries seeking funds in the
international markets; and c) providing financial consulting and
technical support to businesses and government in the developing
countries.

Remark:³ Shareholder proportion of Taechanawakul Group comprises:

  ------- ------------------------------------ ----------------- ------------
                                               No. of Shares     % Total

  1.      Ms.Sujittra Taechanawakul            4,665,700         3.73

  2.      Mr.Tavich Taechanawakul              880,300           0.71

  Total                                        5,546,000         4.44
  ------- ------------------------------------ ----------------- ------------

Remark:⁴ Citibank Nominees Singapore Pte Ltd is the custodian of
Standard Bank Public Company Limited

Remark:⁵ Shareholder proportion of Pumpaisanchai Group comprises:

  ------- ------------------------------------ ----------------- ------------
                                               No. of Shares     % Total

  1.      Ms.Suvimol Pumpaisanchai             2,730,000         2.18

  2.      Ms.Norarat Pumpaisanchai             189,100           0.15

  3.      Ms.Pichayaporn Pumpaisanchai         100,000           0.08

  4.      Ms.Duangthip Pumpaisanchai           92,000            0.07

  Total                                        3,111,100         2.49
  ------- ------------------------------------ ----------------- ------------

Remark:⁶ Shareholder proportion of Khumnerdngam Group comprises:

  ------- ------------------------------------ ----------------- ------------
                                               No. of Shares     % Total

  1.      Mr. Manus Khumnerdngam               1,375,000         1.10

  2.      Mrs. Surapee Khumnerdngam            600,000           0.48

  Total                                        1,975,000         1.58
  ------- ------------------------------------ ----------------- ------------

7.3 Dividend Policy

The dividend policy of the Company and subsidiaries is that the dividend
payout ratio shall be at a rate of no less than 50% of the Company’s
annual net profit after deducting income tax and legal reserves. The
dividend payment policy may be adjusted from time to time based upon the
Company’s future investment plans and other factors. The annual dividend
payment must be approved by a shareholder resolution, while the Board of
Directors has authority to approve the interim dividend payment which
must be reported in the minutes for the next shareholder meeting.

However, The Board of Directors meeting no. 1/2013 on February 27, 2013
had resolution to seek approval to the Annual General Shareholders
meeting to abstain dividend payment for operating year 2012 due to the
deficit earning of the Financial Statement of Company only.

Details of dividend payment for operating year 2012 compared with
previous years.