Adjustment to the Conversion Price of TTA Convertible Bonds

Ref.No. COR:MS/EL08006e/ms

8 February 2008

Subject: Adjustment to the Conversion Price of TTA Convertible Bonds

To: The President of the Stock Exchange of Thailand

Ref: Disclosure of Information No. COR:MS/EL07020e/pc dated 20 September 2007 in relation to the Issue of US Dollar Denominated Convertible Bonds to Foreign Investors

With reference to the USD 169.80 million Convertible Bonds (the "Bonds") issued toforeign investors on 24 September 2007 and the key features of the Bonds shown in the above-mentioned report to the Stock Exchange of Thailand ("SET"), Thoresen Thai Agencies Public Company Limited ("TTA") would like to announce that from 8 February 2008, the conversion price of the Bonds shall be Baht 58.52 per share (previously Baht 59.90 per share).

The adjustment to the conversion price of the Bonds is in accordance with the Terms and Conditions of the Bonds clause 7.3 (iii) (B) which specifies that whenever TTA shall pay any distribution in cash that yields more than 2% of the current market price per share, the conversion price of the Bonds shall be adjusted. A convertible bond is a combination of debt and equity option. When dividends greater than the level used to price the convertible bond are paid by TTA, the value of the equity option decreases unless there is some adjustment to the conversion price.

An annual dividend payment of Baht 1.65 per share from the net profit of TTA for the financial year that ended on 30 September 2007 was approved by shareholders at the 1/2008 Annual General Meeting of Shareholders on 31 January 2008. This payment exceeds the 2% dividend threshold; therefore, an adjustment to the conversion price of the Bonds is required.

The calculation of adjustments to the conversion price of the Bonds was reported to the Singapore Exchange ("SGX-ST") and can be viewed at http://info.sgx.com/webcorannc.nsf/New+Announcement+Today+by+Company+Name?Open view&RestrictToCategory=TTHORESEN%20THAI%20AGENCIES%20PUBLIC%20COMPANY%20LIMITED

Yours faithfully,
Thoresen Thai Agencies Public Company Limited