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 9 series* of
    debentures valuing Baht 105,000 million. The interest rate is 4.25 –
    6.25 percent with maturities of 2 - 4 years (Details are disclosed
    in notes to the consolidated financial accounts in number 17, page
    59)

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

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

(2) Shareholders

(a) First ten major shareholders as at February 26, 2009 are as follows.

+-----+-------------------------------------+----------------+-------+
| No. |  Shareholders                       | No. of         | % of  |
|     |                                     | ordinary       | total |
|     |                                     | shares         |       |
|     |                                     |                | s     |
|     |                                     |                | hares |
+-----+-------------------------------------+----------------+-------+
| 1   | THE CROWN PROPERTY BUREAU           | 360,000,000    | 30.00 |
+-----+-------------------------------------+----------------+-------+
| 2   | THAI NVDR CO., LTD.*                | 95,155,948     | 7.93  |
+-----+-------------------------------------+----------------+-------+
| 3   | CHASE NOMINEES LIMITED 42           | 44,256,232     | 3.69  |
+-----+-------------------------------------+----------------+-------+
| 4   | NORTRUST NOMINEES LTD.              | 36,832,864     | 3.07  |
+-----+-------------------------------------+----------------+-------+
| 5   | BNP PARIBAS SECURITIES SERVICES     | 24,154,236     | 2.01  |
|     | LUXEMBOURG                          |                |       |
+-----+-------------------------------------+----------------+-------+
| 6   | CPB EQUITY CO., LTD.**              | 23,220,000     | 1.94  |
+-----+-------------------------------------+----------------+-------+
| 7   | STATE STREET BANK AND TRUST COMPANY | 22,945,615     | 1.91  |
+-----+-------------------------------------+----------------+-------+
| 8   | SOCIAL SECURITY OFFICE              | 18,297,780     | 1.52  |
+-----+-------------------------------------+----------------+-------+
| 9   | HSSOCIAL SECURITY OFFICEBC          | 15,843,800     | 1.32  |
|     | (SINGAPORE) NOMINEES PTE LTD.       |                |       |
+-----+-------------------------------------+----------------+-------+
| 10  | OFFICE OF THE PRIVY PURSE           | 15,473,000     | 1.29  |
+-----+-------------------------------------+----------------+-------+

Remarks * Thai NVDR Co., Ltd. is a subsidiary of SET. It is responsible
for issuing the Non-Voting Depository Receipt (NVDR), a share listed on
SET, to investors, and executing the purchase or sale of those listed
company shares. NVDR holders receive the same full financial benefits as
they would receive had they invested directly in shares but there are no
voting rights for NVDR holders.

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

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

As at February 26, 2009, there were 10 NVDR holders, as follows:

+------+--------------------------------------+------------+----------+
| No.  | NVDR shareholders                    | No. of     | % of     |
|      |                                      | ordinary   | total    |
|      |                                      |            |          |
|      |                                      | shares     | shares   |
+------+--------------------------------------+------------+----------+
| 1    | GERLACH & C                          | 16,175,615 | 1.35     |
|      | O.-AGF FUNDS INC. AS MANAGER/TRUSTEE |            |          |
+------+--------------------------------------+------------+----------+
| 2    | STATE STREET BANK AND TRUST COMPANY  | 14,797,047 | 1.23     |
+------+--------------------------------------+------------+----------+
| 3    | NORTRUST NOMINEES LTD.               | 6,285,054  | 0.52     |
+------+--------------------------------------+------------+----------+
| 4    | NORBAX INC., 13                      | 5,657,300  | 0.47     |
+------+--------------------------------------+------------+----------+
| 5    | MELLON NOMINEES (UK) LIMITED         | 4,520,236  | 0.38     |
+------+--------------------------------------+------------+----------+
| 6    | SOMERS (U.K.) LIMITED                | 4,445,000  | 0.37     |
+------+--------------------------------------+------------+----------+
| 7    | MELLON BANK, N.A.                    | 4,030,800  | 0.34     |
+------+--------------------------------------+------------+----------+
| 8    | HSBC (SINGAPORE) NOMINEES PTE LTD.   | 3,908,080  | 0.33     |
+------+--------------------------------------+------------+----------+
| 9    | CHASE NOMINEES LIMITED 50            | 1,958,400  | 0.16     |
+------+--------------------------------------+------------+----------+
| 10   | THE                                  | 1,886,300  | 0.16     |
|      |  BANK OF NEW YORK (NOMINEES) LIMITED |            |          |
+------+--------------------------------------+------------+----------+

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

+------+--------------------------------------+------------+----------+
| No.  |  Shareholders                        | No. of     | % of     |
|      |                                      | ordinary   | total    |
|      |                                      |            |          |
|      |                                      | shares     | shares   |
+------+--------------------------------------+------------+----------+
| 1    | THE CROWN PROPERTY BUREAU            | 3          | 30.00    |
|      |                                      | 60,000,000 |          |
+------+--------------------------------------+------------+----------+
| 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 held by the foreigners at 25 percent of fully paid-up capital. As
  at December 31, 2008 the company declared that 25 percent 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 2008, the
company made a net profit at 16,771 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 2008 at 7.50 per share or equal to 54 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    | dividends    | payout        |
|      |              |              | (Baht/share) |               |
|      | (Baht/share) | (Baht/share) |              | ratio on net  |
|      |              |              |              | profit (%)    |
+------+--------------+--------------+--------------+---------------+
| 2004 | 5.50         | 9.50         | 15           | 49            |
+------+--------------+--------------+--------------+---------------+
| 2005 | 7.50         | 7.50         | 15           | 56            |
+------+--------------+--------------+--------------+---------------+
| 2006 | 7.50         | 7.50         | 15           | 61            |
+------+--------------+--------------+--------------+---------------+
| 2007 | 7.50         | 7.50         | 15           | 59            |
+------+--------------+--------------+--------------+---------------+
| 2008 | 5.50         | 2.00         | 7.50         | 54            |
+------+--------------+--------------+--------------+---------------+