History of The Company

Thai Carbon Black Public Co.,Ltd. was set up in 1978 as a Joint Venture
between the Adiya Birla Group of India and local Thai Investors to
manufacture Carbon Black, an important raw material for automobile tyre
and rubber industry. The company was established with initial registered
capital of Baht 500,000 and increased during the past years for the
expansion of capacity to the present level of Baht 300,000,000. Today,
the company produces up to 215,000-221,000 metric tons of world-class
furnace grade carbon black in its sophisticated manufacturing plant in
Angthong.

During the year the Company has decided to expand its production
capacity by another 75,000-80,000 MT/year approximately due to growth in
domestic automobile industry and export potential. The expansion project
is under implementation and expected to commence production by early
2009.

The company meets critical requirements of major tyre companies in
Thailand for Carbon Black. In addition, the company also exported 46% of
sale revenue to several countries to world’s major tire manufacturers in
2007.

Our company does not have any holding company.

Presently the subsidiary company is focusing on operational efficiency,
approval of its products from MNC’s, cost outs and optimization of
product mix.

The company is also working for setting up a JV company in Oman along
with local partner for setting up Carbon Black Plant.

Business Operation of the Company, Subsidiary and Associated Companies

+------------+------------+---+-------+-----+-----+-----+---------------+
| Company    | Activity   |   | Pa    | %   | C   | Va  | Other Major   |
| Name       |            |   | id-up | Sh  | ost | lue | Shareholders  |
|            |            |   | Ca    | are | of  | of  |               |
|            |            |   | pital | Ho  | I   | I   | (>10%)        |
|            |            |   |       | ldi | nve | nve |               |
|            |            |   |       | ngs | stm | stm |               |
|            |            |   |       |     | ent | ent |               |
|            |            |   |       |     | (   | (   |               |
|            |            |   |       |     | MB) | MB) |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Subsidiary |            |   |       |     |     |     |               |
| Companies  |            |   |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Liaoning   | M          | 1 |       | 89  |     | 333 | 1. Dashiqiao  |
| Birla      | anufacture | 5 |       | .00 | 662 | .96 | Ronghua       |
| Carbon     | of Carbon  | 7 |       |     | .47 |     | Chemicals     |
| Co.,Ltd    | Black      | m |       |     |     |     | Co.,Ltd (11%) |
|            |            | i |       |     |     |     |               |
| (          |            | l |       |     |     |     |               |
| Registered |            | l |       |     |     |     |               |
| in China)  |            | i |       |     |     |     |               |
|            |            | o |       |     |     |     |               |
|            |            | n |       |     |     |     |               |
|            |            | R |       |     |     |     |               |
|            |            | M |       |     |     |     |               |
|            |            | B |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Birla      | M          | 1 |       | 98  |   5 |     |               |
| Carbon     | anufacture | . |       | .00 | .97 |  1. |               |
| Mexico,    | of carbon  | 9 |       |     |     | 357 |               |
| S.A.DE     | black      | m |       |     |     |     |               |
|            |            | i |       |     |     |     |               |
| C.V.       | (under     | l |       |     |     |     |               |
| (          | planning   | l |       |     |     |     |               |
| Registered | stage)     | i |       |     |     |     |               |
| in Mexico) |            | o |       |     |     |     |               |
|            |            | n |       |     |     |     |               |
|            |            | M |       |     |     |     |               |
|            |            | e |       |     |     |     |               |
|            |            | x |       |     |     |     |               |
|            |            | i |       |     |     |     |               |
|            |            | c |       |     |     |     |               |
|            |            | a |       |     |     |     |               |
|            |            | n |       |     |     |     |               |
|            |            | P |       |     |     |     |               |
|            |            | e |       |     |     |     |               |
|            |            | s |       |     |     |     |               |
|            |            | o |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Associated |            |   |       |     |     |     |               |
| Companies  |            |   |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Aditya     | M          | B |       | 30  | 509 | 1,  | 1.Thai Rayon  |
| Birla      | anufacture | a |       | .00 | .82 | 262 | Pcl (29.98%)  |
| Chemicals  | of Caustic | h |       |     |     | .59 |               |
| (Thailand) | Soda &     | t |       |     |     |     |               |
| Co.,Ltd    | Epich      | 1 |       |     |     |     |               |
|            | lorohydrin | , |       |     |     |     |               |
|            |            | 7 |       |     |     |     |               |
|            |            | 0 |       |     |     |     |               |
|            |            | 0 |       |     |     |     |               |
|            |            | M |       |     |     |     |               |
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|            |            | n |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| P.T. Indo  | M          | 4 |       | 40  | 196 | 360 | 1.Thai Rayon  |
| Liberty    | anufacture | 2 |       | .00 | .95 | .25 | Plc. (40%)    |
| Textiles   | of         | , |       |     |     |     |               |
| (          | Synthetic  | 5 |       |     |     |     | 2.Cheddington |
| Registered | Yarn       | 4 |       |     |     |     | Trading       |
| in         |            | 9 |       |     |     |     | Company Inc.  |
| Indonesia) |            | , |       |     |     |     | (16%)         |
|            |            | 0 |       |     |     |     |               |
|            |            | 0 |       |     |     |     |               |
|            |            | 0 |       |     |     |     |               |
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|            |            | . |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Alexandria | Man        | 1 |       | 1   | 26  | 16  | 1.Thai Rayon  |
| Fiber      | ufacturing | 5 |       | 4.4 | 5.9 | 3.7 | Plc. (14.4%)  |
| Company    | of Acrylic | 0 |       |     |     |     |               |
| S.A.E.,    | Fibre      | M |       |     |     |     | 2.SIDPEC      |
|            |            | i |       |     |     |     | (20%)         |
| (          |            | l |       |     |     |     | 3.APICORP     |
| Registered |            | l |       |     |     |     | (10%)         |
| in Egypt)  |            | i |       |     |     |     |               |
|            |            | o |       |     |     |     | 3.Saudi       |
|            |            | n |       |     |     |     | Egyptian      |
|            |            | E |       |     |     |     | Industrial    |
|            |            | g |       |     |     |     | Investment    |
|            |            | y |       |     |     |     | Company       |
|            |            | p |       |     |     |     | S.A.E. (10%)  |
|            |            | t |       |     |     |     |               |
|            |            | i |       |     |     |     |               |
|            |            | a |       |     |     |     |               |
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|            |            | d |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+

INVESTMENT STRUCTURE OF THAI CARBON BLACK PUBLIC COMPANY LIMITED (as on 31 December 2006)

The sales revenue structure of the company, subsidiary and associated
companies for the past three years is as follow :

Million Baht

+-----------------------------+-------------+-------------+------------+
| Company                     | 2007        | 2006        | 2005       |
|                             |             |             |            |
|                             | Amount      | Amount      | Amount     |
+-----------------------------+-------------+-------------+------------+
| Thai Carbon Black Plc.      | 6,802       | 6,594       | 4,617      |
+-----------------------------+-------------+-------------+------------+
| Liaoning Birla Carbon       | *97.88      | *94.79      | *64.42     |
| Co.,Ltd.                    |             |             |            |
+-----------------------------+-------------+-------------+------------+
| P.T. Indo Liberty Textiles  | **479,824   | **364,375   | **327,429  |
+-----------------------------+-------------+-------------+------------+
| Aditya Birla Chemicals      | 8,529       | 7,461.34    | 5,136      |
| (Thailand) Co.,Ltd          |             |             |            |
|                             | .0          |             |            |
+-----------------------------+-------------+-------------+------------+
| Alexandria Fiber S.A.E.     | ***231      | ***149      | Nil        |
+-----------------------------+-------------+-------------+------------+
| Birla Carbon Mexico, S.A.   | Nil         | Nil         | Nil        |
| DE C.V                      |             |             |            |
+-----------------------------+-------------+-------------+------------+

* Million Chinese RMB (The company started operation from 1^(st) July
2003)

** Million Indonesia Rupiah

*** Million LE