Report of Mermaid ESOP Warrant Allocation
Ref. No. COR:MS/EL08021e/ms
20 November 2008
Subject: Report of Mermaid ESOP Warrant Allocation
Attention : The President of the Stock Exchange of Thailand
Ref : Disclosure of Information No. COR:MS/EL07015e/ms dated 6 August 2007 and No. COR:MS/EL08014e/ms dated 2 July 2008 in Relation to Mermaid ESOP Scheme and the Permission of Mermaid's ESOP Scheme by SEC
In the above-mentioned reports to the Stock Exchange of Thailand ("SET"), Thoresen Thai Agencies Public Company Limited ("TTA") would like to confirm that on 20 November 2008, Mermaid Maritime Public Company Limited ("Mermaid"), a 57.14% owned subsidiary of TTA, has issued 698,000 warrants to their employees (including an employee who is a director) of Mermaid and its subsidiaries under its ESOP scheme. Details of which are as follows:
| (a) | Date of grant | 20 November 2008 |
| (b) | Offering price | Zero per unit |
| (b) | Exercise price of warrants granted | SGD 0.30 per unit |
| (c) | Number of warrants granted | 698,000 units |
| (d) | Market price of shares on the date of the grant | SGD 0.26 per unit |
| (e) | Validity period of the warrants | 5 years from date of grant |
Yours faithfully,
Thoresen Thai Agencies Public Company Limited
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(M.L. Chandchutha Chandratat)
Managing Director
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(Ms. Nuch Kalyawongsa)
Director, Group Finance/Accounting