Abstract: Woven fabric of continuous, untwisted carbon yarn is impregnated with a modified cyanate ester resin or oligomer, preferably at least about 10% by weight of the combined weight of the cured resin and fabric. The cured fabric may be employed as a wet friction material suitable for use in transmission fluid couplings, and the like. The cured composite sheet can be backed with an adhesive film or liquid bonding paste for ease of bonding to one side of the metal portion of the transmission or clutch. Where thicker material is required, two or more cured composite sheets can be bonded together for applications such as transmissions.