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 2005 the company has commissioned its
expansion project with approximate production capacity of 45,000 to
50,000 Mt/year. The expansion project has been commissioned in scheduled
time frame and within budget.

The company meets critical requirements of major tyre companies in
Thailand for Carbon Black. In addition, the company also exported 47% of
sale revenue to several countries to world’s major tire manufacturers in
2005.

Our company does not have any holding company.

During the year the company has sold its 60% equity share holding in
subsidiary company Thai Sulphites and Chemicals Co., ltd. to have focus
on its core business.

The company’s subsidiary in China namely Liaoning Birla Carbon Co., Ltd.
(LBCC), in which the company holds 77% equity has expanded its capacity
as planned to produce carbon black in 4^(th) quarter of 2005. After
expansion the total capacity is increased to approx. 50,000 MT/year from
the initial capacity of 10,000 Mt/year. During the year the subsidiary
company has incurred loss of RMB 9.60 million (approx. Baht 47 million).
The year 2006 will be the first full year of operation after expansion
and the subsidiary company is expected to considerably increase market
share and sales on expanded capacity and expected to generate profit.

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          | 6 |       | 77  |     | 216 | 1. Dashiqiao  |
| Birla      | anufacture | 6 |       | .00 | 297 | .96 | Ronghua       |
| Carbon     | of Carbon  | m |       |     | .99 |     | Chemicals     |
| Co.,Ltd    | Black      | i |       |     |     |     | Co.,Ltd (23%) |
|            |            | l |       |     |     |     |               |
| (          |            | l |       |     |     |     |               |
| Registered |            | i |       |     |     |     |               |
| in China)  |            | o |       |     |     |     |               |
|            |            | n |       |     |     |     |               |
|            |            | R |       |     |     |     |               |
|            |            | M |       |     |     |     |               |
|            |            | B |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Associated |            |   |       |     |     |     |               |
| Companies  |            |   |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Aditya     | M          | B |       | 31  | 536 | 774 | 1.Thai Rayon  |
| Birla      | anufacture | a |       | .53 | .00 | .83 | Pcl (29.98%)  |
| Chemicals  | of         | h |       |     |     |     |               |
| (Thailand) | Epich      | t |       |     |     |     | 2. Thai       |
| Co.,Ltd    | lorohydrin | 1 |       |     |     |     | Polyphosphate |
|            | & Caustic  | , |       |     |     |     | & Chemicals   |
|            | Soda       | 7 |       |     |     |     | Co.,Ltd       |
|            |            | 0 |       |     |     |     | (31.76%)      |
|            |            | 0 |       |     |     |     |               |
|            |            | M |       |     |     |     |               |
|            |            | i |       |     |     |     |               |
|            |            | l |       |     |     |     |               |
|            |            | l |       |     |     |     |               |
|            |            | i |       |     |     |     |               |
|            |            | o |       |     |     |     |               |
|            |            | n |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| P.T. Indo  | M          | 4 |       | 40  | 196 | 306 | 1.Thai Rayon  |
| Liberty    | anufacture | 2 |       | .00 | .95 | .60 | Plc. (40%)    |
| Textiles   | of         | , |       |     |     |     |               |
| (          | Synthetic  | 5 |       |     |     |     | 2.Cheddington |
| Registered | Yarn       | 4 |       |     |     |     | Trading       |
| in         |            | 9 |       |     |     |     | Company Inc.  |
| Indonesia) |            | , |       |     |     |     | (16%)         |
|            |            | 0 |       |     |     |     |               |
|            |            | 0 |       |     |     |     |               |
|            |            | 0 |       |     |     |     |               |
|            |            | , |       |     |     |     |               |
|            |            | 0 |       |     |     |     |               |
|            |            | 0 |       |     |     |     |               |
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|            |            | I |       |     |     |     |               |
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|            |            | d |       |     |     |     |               |
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|            |            | n |       |     |     |     |               |
|            |            | e |       |     |     |     |               |
|            |            | s |       |     |     |     |               |
|            |            | i |       |     |     |     |               |
|            |            | a |       |     |     |     |               |
|            |            | n |       |     |     |     |               |
|            |            | R |       |     |     |     |               |
|            |            | p |       |     |     |     |               |
|            |            | . |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+
| Alexandria | Man        | 1 |       | 27  | 265 | 269 | 1.Thai Rayon  |
| Fiber      | ufacturing | 5 |       | .50 | .96 | .57 | 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      |
|            |            | E |       |     |     |     | Industrial    |
|            |            | g |       |     |     |     | Investment    |
|            |            | y |       |     |     |     | Company       |
|            |            | p |       |     |     |     | S.A.E. (10%)  |
|            |            | t |       |     |     |     |               |
|            |            | i |       |     |     |     |               |
|            |            | a |       |     |     |     |               |
|            |            | n |       |     |     |     |               |
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|            |            | n |       |     |     |     |               |
|            |            | d |       |     |     |     |               |
+------------+------------+---+-------+-----+-----+-----+---------------+

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

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

Million Baht

+-----------------------------+-------------+-------------+------------+
| Company                     | 2005        | 2004        | 2003       |
|                             |             |             |            |
|                             | Amount      | Amount      | Amount     |
+-----------------------------+-------------+-------------+------------+
| Thai Carbon Black Plc.      | 4,617       | 3,500       | 3,219      |
+-----------------------------+-------------+-------------+------------+
| Liaoning Birla Carbon       | **64.42     | **47.01     | **9.536    |
| Co.,Ltd.                    |             |             |            |
+-----------------------------+-------------+-------------+------------+
| P.T. Indo Liberty Textiles  | *275,322    | *241,511    | *208,262   |
+-----------------------------+-------------+-------------+------------+
| Aditya Birla Chemicals      | 5,136       | 1,425       | 1,131      |
| (Thailand) Co.,Ltd          |             |             |            |
+-----------------------------+-------------+-------------+------------+
| Alexandria Fiber S.A.E.     | Nil         | Nil         | -          |
+-----------------------------+-------------+-------------+------------+

* Million Indonesia Rupiah

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