Performance Summary

Thoresen Thai Agencies Public Company Limited (“TTA” or the “Company”) reports net losses of Baht 65.09 million and losses per share of Baht 0.09 for the three-month period from 1 October 2009 to 31 December 2009 (the “2010 First Quarter” or “1Q FY 2010”). This compares with net profits and earnings per share of Baht 897.13 million and Baht 1.27, respectively for the three-month period that from 1 October 2008 to 31 December 2008 (the “2009 First Quarter” or “1Q FY 2009”).

2010 First Quarter Consolidated Results Review

Total operating revenues were Baht 4,681.72 million, total operating expenses were Baht 4,599.29 million, and thus operating profits were Baht 82.43 million. This represented a 93.12% year-on-year fall from operating profits of Baht 1,198.14 million during the same period last year, and an 87.01% quarter-on-quarter drop for the three-month period that ended on 30 September 2009 (the “2009 Fourth Quarter” or “4Q FY 2009”).

The breakdown of net profit contribution to TTA for the three different business segments follows:

Note: Corporate¹ (TTA, the holding company, and includes inter-company eliminations)