Ref: COR:MS/EL13001e/ms
3 January 2013
Subject: Establishment of a New Subsidiary in Denmark
To: The President of the Stock Exchange of Thailand
Thoresen Thai Agencies Public Company Limited ("TTA") would like to confirm the establishment of Thoresen Shipping Denmark APS, a wholly owned subsidiary of Thoresen Shipping Singapore Pte. Ltd. ("TSS"). Details of which are as follows:
Company Name : Thoresen Shipping Denmark APS Country of Incorporation : Denmark
Date of Incorporation : 6 December 2012
Date of Business Commencement : 2 January 2013
Type of Business : Commercial dry bulk shipping activities
Registered and Paid-up Capital : DKK 80,000
Shareholder : TSS
Source of Funds : From working capital of TSS Rationale for the Investment
TSS has positioned approximately half of its fleet in the Atlantic Ocean, which provides higher yields than the Asia Pacific region but requires a focus on premium service and cargos from a diverse set of clients, including European industrial majors. While the bulk of TSS' commercial activities will continue in its Singapore hub, the opening of its Copenhagen office is expected to give TSS an opportunity to expand and provide better service to its European client base.

Size of the Transaction

The consideration invested by TSS in Thoresen Shipping Denmark APS was DKK 80,000, or Baht
424,300 (Baht Four Hundred Twenty Four Thousand and Three Hundred) using a DKK/THB
exchange rate of 5.30375.
The transaction is not subject to the notification of the Capital Market Supervisory Board No. TorJor.
20/2551 re: Rules and Regulations for Executing Significant Transactions Categorized as an Acquisition or Disposal of Asset, and Notification of the Board of Governors of The Stock Exchange of Thailand re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets B.E. 2547 (2004.)
When the transaction is combined with other acquisition transactions during the last 6 months, it is not subject to both Notifications as mentioned above.
Yours faithfully,

Thoresen Thai Agencies Public Company Limited


M.L. Chandchutha Chandratat Ms. Thitima Rungkwansiriroj
President & Chief Executive Officer Executive Vice President
Corporate Finance and Accounting

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