AFFILIATES

Established	2003
Head office	Shanghai, China
Business	Technical services and sales of products of SAN NOPCO LIMITED, San Nopco (Korea) Limited., and Sanyo Kasei (Nantong) Co., Ltd.
Capital	400,000 USD (100% owned)
Contact	Room 503, Jin Zhong Bldg., No.680 Zhao Jia Bang Rd., Shanghai 200031, China Tel: +86-21-6466-2391 Fax: +86-21-6466-2393

Established	2003
Head office	Shanghai, China
Business	Official distributor of SAN NOPCO LIMITED and Sanyo Kasei (Nantong) Co., Ltd. in China for paint and coating materials
Capital	200,000 USD (100% owned)
Contact	Room 505, Jin Zhong Bldg., No.680 Zhao Jia Bang Rd., Shanghai 200031, China Tel: +86-21-6445-6920 Fax: +86-21-6445-9114

Established	1987
Head office	Seoul, Korea
Business	Production and sales of chemicals for construction materials, cement, mortar, paper, and paint
Capital	1.2 billion KRW (49% owned), Mr. Son (51%)

Established	1949
Head office	Kyoto, Japan
Business	Production and sales of performance chemicals
Capital	13, 051 million JPY
Stock Exchanges	Tokyo