The Last Notification Period to Exercise TTA-W2 (Revised "SP" Date)

Ref. No.  COR:MS/EL04031e/py

                                                                                     13^th August 2004

Re  :  The Last Notification Period to Exercise TTA-W2 (Revised "SP" Date)

To  : President of the Stock Exchange of Thailand

            Pursuant to the 1/1999 Extraordinary General Shareholders' Meeting of Thoresen Thai Agencies

Public Company Limited on 10th August 1999, it was resolved that the Company issue Warrants-2

(TTA-W2) to the Company's existing shareholders whose names appear on the Company's share register

book on 21^st July 1999 and that the Warrant-2 be exercised on 30th of March, June, September and

December of each year. The last exercise date will be scheduled on 30th September 2004 and after the last

exercise date, the warrants will no longer be exercised. 

            The Company has fixed the date on which the warrant register book of TTA-W2 will be closed for

suspending the transfer of warrants from 31^st August 2004 at 12.00 noon until 29^th September 2004.

            In order to comply with the settlement system of SET, the Company requests SET to suspend

the trading of TTA-W2 (posting "SP" sign) from 26 August 2004 until 30 September 2004. The

TTA-W2 will then be delisted from SET from 1 October 2004.

The details and procedures of the last exercise are as follows:

            1.  The last exercise date of Warrants (TTA-W2) is 30^th September 2004 during 8.30 a.m. to 3.30

p.m. at the 10^th Floor, Orakarn Building, 26/26-27, Soi Chidlom, Ploenchit Road, Lumpini, Pathumwan,

Bangkok 10330;

            2.  The Holder of warrant certificate(s) ("the Holder") is required to notify his/her intention to

exercise warrants within 30 days prior to the Exercise Date, which shall be 31^st August 2004 to 29^th

September 2004 (the notification period). The Holder can obtain a notice of exercise form at the Company's

head office during the Notification Period;

             3.  One warrant has a right to subscribe one common share of the Company at the price of 1 Baht

each;

                                                                                                                                             Cont. 2.../

THORESEN THAI AGENCIES PUBLIC COMPANY LIMITED

            4.  The Holder who wishes to exercise his/her right on the Exercise Date shall comply with the

conditions governing the notification of intention to exercise by submitting the following documents to the

Company's head office:

4.1    Fully filled exercise notice,

4.2   Warrant Certificate(s) or Certificate receipt(s) in the form prescribed by the SET with the

        amount specified in the Exercise Notice,

4.3   Certified copy of his/her personal identification card,

4.4       Payment in the amount specified in the Exercise Notice.  The Holder who wishes to exercise

        his/her rights shall make payment in the form of cheque, draft, bill of exchange or payment

        order from a bank (or banks) which can be cashed in the Bangkok Metropolitan Area when

        called within 2 days and shall be made payable to "Thoresen Thai Agencies Public Company

       Limited" or in Thai "?????? ?????????? ??????????? ????? (?????)".  The date on such

       payment form shall not exceed the date of the Exercise Date.

            For more information, the Holder can contact Ms. Mantanee Surakarnkul or Ms. Pensiri

Yubolmetarak at telephone No. 250-0569-74 Ext. 144,223.

                                                                              Yours faithfully,

                                                Thoresen Thai Agencies Public Company Limited

                                    M.R. Chandram S. Chandratat                   Mr. Ole Teigen

Chairman                                            Director