12^th July 2004

Subject  :  Notice of registration of paid-up capital

To          :  The President of the Stock Exchange of Thailand

Thoresen Thai Agencies Public Company Limited would like to notify a change in the paid-up capital of the Company from Baht 639,353,820 (Baht Six Hundred Thirty-Nine Million Three Hundred Fifty-Three Thousand Eight Hundred and Twenty) to Baht 639,567,720 (Baht Six Hundred Thirty-Nine Million Five Hundred Sixty-Seven Thousand Seven Hundred and Twenty) resulting from the conversion of the TTA-W2 warrants No. 2/2004 by the warrant holders on 30 June 2004.

The change in the paid-up capital has now been registered with the Public Company Registrar on 9 July 2004.

                                                                      Yours faithfully,

                         ……………………………………..          ………………………

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

                                       Chairman                                Managing Director