8.  Capital Structure

(1) The Company’s Security

a)  Share capital: authorized common shares at Baht 1 par value totaling
    1,600,000 shares. Fully paid share capital is in 1,200,000 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.
    Details are displayed in notes to the consolidated financial
    accounts in number 13 - “Share Capital”, page 27.)

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 8 series of debentures
    valuing Baht 80,500 million. The Siam Pulp and Paper Public Company
    Limited also issued 2 placements totaling Baht 10,000 million. The
    interest rate differed for both fixed and floating rates with
    maturities of 3-6 years (Details are disclosed in notes to the
    consolidated financial accounts in number 12, page 26-27).

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” from Fitch
Ratings (Thailand)

Shareholders

First ten major shareholders of the Company as at its share transfer
registration-closing date on March 4, 2004 are as follows:

+-----+----------------------------------------+---------+------------+
| R   | Name                                   | Number  | % of Total |
| ank |                                        | of      | Shares     |
|     |                                        | Common  |            |
|     |                                        | Shares  |            |
+-----+----------------------------------------+---------+------------+
| 1   | Bureau of the Crown Property           | 360,    | 30.00      |
|     |                                        | 000,000 |            |
+-----+----------------------------------------+---------+------------+
| 2   | Thai NVDR Company Limited*             | 117,    | 9.78       |
|     |                                        | 357,464 |            |
+-----+----------------------------------------+---------+------------+
| 3   | HSBC (Singapore) Nominees Pte Ltd      | 30,     | 2.57       |
|     |                                        | 813,819 |            |
+-----+----------------------------------------+---------+------------+
| 4   | State Street Bank and Trust Company    | 25,     | 2.15       |
|     |                                        | 760,844 |            |
+-----+----------------------------------------+---------+------------+
| 5   | The Siam Commercial Bank Public        | 24,     | 2.08       |
|     | Company Limited                        | 909,400 |            |
+-----+----------------------------------------+---------+------------+
| 6   | CPB Equity Co., Ltd.                   | 23,     | 1.93       |
|     |                                        | 202,000 |            |
+-----+----------------------------------------+---------+------------+
| 7   | Chase Nominees Limited 1               | 19,     | 1.61       |
|     |                                        | 298,945 |            |
+-----+----------------------------------------+---------+------------+
| 8   | Office of The Privy Purse              | 15,     | 1.29       |
|     |                                        | 473,000 |            |
+-----+----------------------------------------+---------+------------+
| 9   | Randery Burahmakan Co., ltd.           | 14,     | 1.23       |
|     |                                        | 810,400 |            |
+-----+----------------------------------------+---------+------------+
| 10  | Cementhai Foundation                   | 13,     | 1.11       |
|     |                                        | 294,300 |            |
+-----+----------------------------------------+---------+------------+

Remarks * Dividend receiving right but non-voting right in shareholders’
meeting except for resolution in delisting from the Stock Exchange of
Thailand. Investors can find number of NVDR shares from website :
www.set.or.th.

(2) Dividend Policy

The Company pays dividend according to its profitability and shareholders’ approval.

From the Company’s total operating results and financial position, the Board made a resolution to propose the shareholders’ meeting for the dividend payment of 2003 at Baht 6.00 per share. The Company paid interim dividend at Baht 2.50 per share on August 28, 2003 and will pay the rest at Baht 3.50 per share on April 21, 2004. Dividend payment for the last ten years of the Siam Cement Public Company Limited are shown below:

(Unit : Baht/share)

+----------+---------------------+---------------------+--------------+
| Year     | Interim Dividend    | Annual Dividend     | Total        |
+----------+---------------------+---------------------+--------------+
| 1993     | 7.00                | 9.00                | 16.00        |
+----------+---------------------+---------------------+--------------+
| 1994     | 9.00                | 9.00                | 18.00        |
+----------+---------------------+---------------------+--------------+
| 1995     | 10.00               | 9.00                | 19.00        |
+----------+---------------------+---------------------+--------------+
| 1996     | 10.00               | 10.00               | 20.00        |
+----------+---------------------+---------------------+--------------+
| 1        | -                   | -                   | -            |
| 997-2000 |                     |                     |              |
+----------+---------------------+---------------------+--------------+
| 2001     | -                   | 10.00               | 10.00        |
+----------+---------------------+---------------------+--------------+
| 2002     | -                   | 30.00               | 30.00        |
+----------+---------------------+---------------------+--------------+
| 2003*    | 2.50**              | 3.50***             | 6.00         |
+----------+---------------------+---------------------+--------------+

  * Shareholders approved to change par value of common shares from Baht
  10 per share to Baht 1 per share as per details in notes to financial
  accounts –“Share Capital”.

** Paid on August 28, 2003.

*** To be paid on April 21, 2004.