Share Capital

Our share capital is Baht 300,000,000 divided into 300,000,000 ordinary
shares of Baht 1/- each. Our capital is fully paid up. The company has
not increased its share capital during last 5 years.

Liability to issue share in the future

---None---

Policy for capital increase

The company does not have any plans to increase its shares capital or
issue the new shares in the near future.

Major shareholders (Top 10)

(source : Share registrar as on 31.12.2005)

+---+--------------------------------+-------------+-----------+------+
| S | Shareholders                   | Nationality | No of     | %    |
| e |                                |             | Share     |      |
| n |                                |             |           |      |
| o |                                |             |           |      |
| . |                                |             |           |      |
+---+--------------------------------+-------------+-----------+------+
|   | ผู้ถือหุ้น                          | สัญชาติ       | จำนวนหุ้น   |      |
+---+--------------------------------+-------------+-----------+------+
| 1 | Thai Rayon Public Co.,Ltd.     | Thai        | 7         | 2    |
|   |                                |             | 4,937,500 | 4.98 |
+---+--------------------------------+-------------+-----------+------+
|   | บริษัท ไทยเรยอน จำกัด (มหาชน)     | ไทย         |           |      |
+---+--------------------------------+-------------+-----------+------+
| 2 | Everlon International Holding  | British     | 3         | 1    |
|   |                                | Virgin      | 7,687,500 | 2.56 |
|   |                                | Island      |           |      |
+---+--------------------------------+-------------+-----------+------+
|   | บริษัท เอเวอลอน อินเตอร์เนชั่นแนล    | เกาะบิชติส    |           |      |
|   | โฮลดิ้ง                          | เวอร์จิน      |           |      |
+---+--------------------------------+-------------+-----------+------+
|   | บริษัท ศูนย์รับฝากหลักทรัพย์           | ไทย         |           |      |
|   | (ประเทศไทย) จำกัด เพื่อผู้ฝาก       |             |           |      |
+---+--------------------------------+-------------+-----------+------+
| 3 | Mr.Veeraphan Theepsuwan        | Thai        | 2         | 8.31 |
|   |                                |             | 4,929,120 |      |
+---+--------------------------------+-------------+-----------+------+
|   | นายวีระพันธ์ ทีปสุวรรณ              | ไทย         |           |      |
+---+--------------------------------+-------------+-----------+------+
| 4 | P.T Indo Bharat Rayon          | Indonesian  | 2         | 7.77 |
|   |                                |             | 3,296,880 |      |
+---+--------------------------------+-------------+-----------+------+
|   | บริษัท พี ที อินโด บารัส เรยอน       | อินโดนีเซีย    |           |      |
+---+--------------------------------+-------------+-----------+------+
| 5 | Mirapa Limited                 | Gibraltar   | 1         | 4.67 |
|   |                                |             | 4,000,000 |      |
+---+--------------------------------+-------------+-----------+------+
|   | บริษัท มิราพา จำกัด                | จิปรอนต้า     |           |      |
+---+--------------------------------+-------------+-----------+------+
| 6 | Hilltop Limited                | British     | 1         | 3.42 |
|   |                                | Virgin      | 0,271,250 |      |
|   |                                | Island      |           |      |
+---+--------------------------------+-------------+-----------+------+
|   | บริษัท ฮิลท็อป จำกัด                | เกาะบิชติส    |           |      |
|   |                                | เวอร์จิน      |           |      |
+---+--------------------------------+-------------+-----------+------+
| 7 | Asseau Company Ltd.            | British     | 1         | 3.35 |
|   |                                | Virgin      | 0,040,120 |      |
|   |                                | Island      |           |      |
+---+--------------------------------+-------------+-----------+------+
|   | บริษัท อาเซยู จำกัด                | เกาะบิชติส    |           |      |
|   |                                | เวอร์จิน      |           |      |
+---+--------------------------------+-------------+-----------+------+
| 8 | Grasim Industries Ltd.         | Indian      | 8,250,000 | 2.75 |
+---+--------------------------------+-------------+-----------+------+
|   | บริษัท กราซิม อินดัสตรีส์ จำกัด        | อินเดีย       |           |      |
+---+--------------------------------+-------------+-----------+------+
| 9 | Thevaraya Co.,Ltd              | Thai        | 6,566,250 | 2.19 |
+---+--------------------------------+-------------+-----------+------+
| 1 | Thai Industrial Management and | Thai        | 5,810,380 | 1.94 |
| 0 | Trading Co.,Ltd                |             |           |      |
+---+--------------------------------+-------------+-----------+------+

Note : There is no ultimate shareholders as per SET guidelines

Dividend Policy

The company would like to reiterate its dividend policy of paying
dividend between 35-50% of net profit after tax, however, the payment of
dividend will be based on its requirement of funds for CAPEX, expansion
, future growth and for investment in various projects. If payment of
dividend will have effect on company’s performance and cashflow
requirements for its operations and for growth plans and investments,
the company will decide for payment of dividend accordingly in the best
interest of the company.