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 160,000 metric tons of world-class furnace
grade carbon black in its sophisticated manufacturing plant in Angthong.

. During the 4^(th) quarter of 2004 the company has decided to increase
its production capacity by approx 45,000 MT/ year to meet the growing
demand in domestic as well as export market due to better growth of auto
industry in Thailand and worldwide. The expansion project is currently
under erection and installation and the company expect to commence
commercial production of the expansion project by Aug’2005. The total
project cost will be approx Baht 1,075 million including working
capital. After expansion the total production capacity of the company
will be approx.205,000 MT/ year

The company meets critical requirements of major tyre companies in
Thailand for Carbon Black. In addition, the company also exported 45% of
Carbon Black production to several countries to world’s major tire
manufacturers in 2004.

Our company does not have any holding company.

The subsidiary company in China is also expanding its capacity by approx
40,000 MT/year and expected to commence production by 3^(rd) quarter of
2005

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          | 7 |       | 77  |     |     | 1. Dashiqiao  |
| Birla      | anufacture | 8 |       | .00 | 297 | 235 | Ronghua       |
| Carbon     | of Carbon  | . |       |     | .99 | .93 | Chemicals     |
| Co.,Ltd    | Black      | 5 |       |     |     |     | Co.,Ltd (23%) |
|            |            | m |       |     |     |     |               |
| (          |            | i |       |     |     |     |               |
| Registered |            | l |       |     |     |     |               |
| in China)  |            | l |       |     |     |     |               |
|            |            | i |       |     |     |     |               |
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|            |            | R |       |     |     |     |               |
|            |            | M |       |     |     |     |               |
|            |            | B |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Thai       | M          | B |       | 60  |     |     | 1.Malton      |
| Sulphites  | anufacture | a |       | .00 |  78 | 145 | Limited (10%) |
| and        | of Sodium  | h |       |     | .00 | .95 |               |
| Chemicals  | Sulphite   | t |       |     |     |     | 2.Rama        |
| Co.,Ltd.,  | and Sodium | 1 |       |     |     |     | Trading       |
| Thailand   | Meta       | 3 |       |     |     |     | Co.,Ltd.      |
|            | bisulphite | 0 |       |     |     |     | (10%)         |
|            |            | M |       |     |     |     |               |
|            |            | i |       |     |     |     |               |
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+------------+------------+---+-------+-----+-----+-----+---------------+
| Associated |            |   |       |     |     |     |               |
| Companies  |            |   |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Thai       | M          | B |       | 50  | 600 | 600 | Thai Rayon    |
| Organic    | anufacture | a |       | .00 | .00 | .00 | Plc. (49%)    |
| Chemicals  | of         | h |       |     |     |     |               |
| Co.,Ltd    | Epich      | t |       | 40  | 416 | 357 |               |
| .,Thailand | lorohydrin | 1 |       | .00 | .00 | .25 |               |
|            | & Caustic  | , |       |     |     |     |               |
|            | Soda       | 2 |       |     |     |     |               |
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+------------+------------+---+-------+-----+-----+-----+---------------+
| P.T. Indo  | M          | 4 |       | 40  | 196 | 299 | 1.Thai Rayon  |
| Liberty    | anufacture | 2 |       | .00 | .95 | .86 | Plc. (40%)    |
| Textiles   | of         | , |       |     |     |     |               |
| (          | Synthetic  | 5 |       |     |     |     | 2.Cheddington |
| Registered | Yarn       | 4 |       |     |     |     | Trading       |
| in         |            | 9 |       |     |     |     | Company Inc.  |
| Indonesia) |            | , |       |     |     |     | (16%)         |
|            |            | 0 |       |     |     |     |               |
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+------------+------------+---+-------+-----+-----+-----+---------------+
| Alexandria | Man        | 1 |       | 27  | 265 | 261 | 1.Thai Rayon  |
| Fiber      | ufacturing | 5 |       | .50 | .96 | .67 | Plc. (27.50%) |
| Company    | of Acrylic | 0 |       |     |     |     |               |
| S.A.E.,    | Fibre      | M |       |     |     |     | 2.SIDPEC      |
| Egypt      |            | i |       |     |     |     | (20%)         |
|            |            | l |       |     |     |     | 3.APICORP     |
|            |            | l |       |     |     |     | (10%)         |
|            |            | i |       |     |     |     |               |
|            |            | o |       |     |     |     | 3.Saudi       |
|            |            | n |       |     |     |     | Egyptian      |
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+------------+------------+---+-------+-----+-----+-----+---------------+

INVESTMENT STRUCTURE OF THAI CARBON BLACK PUBLIC COMPANY LIMITED (as on 31 December 2004)

NOTE: THE AUDIT COMMITTEE AND BOARD of directors IN ITS MEETING HELD ON
21.02.2005 APPROVED TO SELL ITS ENTIRE INVESTMENT OF 60% IN TSC TO
REFOCUS ON ITS CORE BUSINESS

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

Million Baht

+-----------------------------+-------------+-------------+------------+
| Company                     | 2004        | 2003        | 2002       |
|                             |             |             |            |
|                             | Amount      | Amount      | Amount     |
+-----------------------------+-------------+-------------+------------+
| Thai Carbon Black Plc.      | 3,500       | 3,219       | 3,167      |
+-----------------------------+-------------+-------------+------------+
| Liaoning Birla Carbon       | **47.01     | **9.536     | -          |
| Co.,Ltd.                    |             |             |            |
+-----------------------------+-------------+-------------+------------+
| Thai Sulphite & Chemicals   | 513         | 455         | 406        |
| Co.,Ltd.                    |             |             |            |
+-----------------------------+-------------+-------------+------------+
| P.T. Indo Liberty Textiles  | *241,511    | *208,262    | *203,413   |
+-----------------------------+-------------+-------------+------------+
| Thai Organic Chemicals      | 1,425       | 1,131       | 956        |
| Co.,Ltd                     |             |             |            |
+-----------------------------+-------------+-------------+------------+
| Alexandria Fiber S.A.E.     | Nil         | -           | -          |
+-----------------------------+-------------+-------------+------------+

* Million Indonesia Rupiah

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