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S CIE NC GE AI AG THA N T SE S ORE Corporate Profile Thoresen Thai Agencies Plc. g THO Presentation to Phatra Securities 27 September 2011 S Agenda CIE NC TTA Evolution: Transport, Energy, and Infrastructure Focus GE TTA

  1. S CIE NC GE AI AG THA N T SE S ORE Corporate Profile Thoresen Thai Agencies Plc. g THO Presentation to Phatra Securities 27 September 2011

  2. S Agenda CIE NC  TTA Evolution: Transport, Energy, and Infrastructure Focus GE  TTA Resiliency: Smooth Navigation AI AG  TTA Solid Balance Sheet: Strong Cash and Liquidity Position  TTA Business Portfolio: Three Lines of Business  TTA Diverse Revenue Sources  TTA Diverse Revenue Sources THA  TTA Group Businesses:  Dry Bulk Shipping N T  Subsea Engineering Subsea Engineering  Offshore Drilling  Coal Mining SE  Coal Distribution S  Fertiliser Production and Distribution ili d i d i ib i ORE with Warehouse and Logistics Services  TTA Going Forward: Strong Focus on Execution and Performance THO Page 2 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

  3. S TTA Evolution CIE TTA has been repositioning itself into a business group focused on NC transport, energy, and infrastructure t t d i f t t GE 1980-2005 2005-2008 2009-NOW AI AG  Completed Phase 1 of Evolution  Completed Phase 1 of Evolution  Made  Made  Moved to a  Moved to a TTA was TTA was by making new investments originally investments in “corporate ‐ run” across all three lines of business: a shipping dry bulk vessels approach after Transport , Energy , and services in the 1980’s the exit of the Infrastructure Infrastructure provider provider controlling controlling THA  Made shareholders,  Phase 2 of Evolution is emphasis investments in subsequently on growth and long ‐ term offshore services resulting in N T shareholder value creation by vessels and TTA being one TTA being one consolidating and investing in l d d drilling rigs in of the most existing businesses the 2000’s widely and SE publicly held S companies companies ORE in the SET, 99.6% free float THO Page 3 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

  4. S TTA Evolution CIE TTA’s plan combines expansive growth, financial acumen, NC and focused diversification d f d di ifi ti GE Core Competencies What We Do Not Do AI AG  Disciplined investment analysis  Disciplined investment analysis  Short term asset trading  Short ‐ term asset trading  Long ‐ term strategic thinking  Speculative derivatives  International business networks  Effective financial management THA N T Success in 2008-09 Crisis Learnings SE  Growth ‐ oriented investments of about  Level of integration and oversight are USD 187 million highly correlated to success of S  Recruited new senior management acquisitions ORE  Repurchased USD 66.9 million of  Quality of people and their array of skills convertible bonds at 72% of par must be improved continuously to  Secured USD 200 million credit facility achieve growth objectives THO for mergers and acquisitions Page 4 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

  5. S TTA Resiliency CIE TTA’s strengths enabled smooth navigation through economic crisis NC Advantage Pre-crisis (before 2008) Post-crisis (2008 – Aug 2011) GE Business origination Business origination Review of multiple investment Review of multiple investment Executed 11 corporate acquisitions Executed 11 corporate acquisitions 1 capability capability opportunities opportunities and 12 dry bulk, dive support and 12 dry bulk, dive support AI AG vessels, and drilling rig purchases vessels, and drilling rig purchases Deep industry expertise Deep industry expertise In ‐ house commercial and technical In ‐ house commercial and technical Growing advantage Growing advantage 2 management of key businesses management of key businesses THA Active asset management Active asset management Dry bulk fleet of 45 vessels Dry bulk fleet of 45 vessels 18 dry bulk vessels fleet at end of 18 dry bulk vessels fleet at end of 3 3QFY11, but total assets grew 76% 3QFY11, but total assets grew 76% N T Experienced and Experienced and Plans to delever balance sheet and Plans to delever balance sheet and Repurchase US Dollar Convertible Repurchase US Dollar Convertible 4 disciplined financial disciplined financial increase liquidity increase liquidity bonds, issued Thai Baht bonds, bonds, issued Thai Baht bonds, SE management management secured local bank financing secured local bank financing S Match maturity of assets M t h M t h Match maturity of assets t t it it f f t t C Core value Core value C l l Important differentiator I Important differentiator I t t t diff t diff ti t ti t 5 5 ORE and liabilities and liabilities Extensive support services Extensive support services Develop group ‐ wide human Develop group ‐ wide human Increased shared services across the Increased shared services across the THO 6 6 resources, finance, and IT resources, finance, and IT group, resulting in cost efficiency group, resulting in cost efficiency capabilities capabilities Page 5 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

  6. S TTA Solid Balance Sheet CIE TTA maintains a strong cash and liquidity position NC GE 0.49 x Leverage 0.45 AI AG 0.27 0.22 31,532 ion 31,091 , 30,974 , THA 29 215 29,215 solidated ‐ Baht mill N T 3,701 , 3 773 3,773 Cons 454 1,979 11,525 10,428 7,558 SE 4,970 S 30 ‐ Sep ‐ 08 30 ‐ Sep ‐ 09 30 ‐ Sep ‐ 10 30 ‐ Jun ‐ 11 ORE Equity Long ‐ term Debts Short ‐ term Debts THO • Consolidated cash of Baht 4 948 million • Consolidated cash of Baht 4,948 million • Available credit lines of USD 517 million for growth opportunities Page 6 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

  7. S TTA Business Portfolio CIE Three lines of business NC GE AI AG THA N T SE S ORE … achieve growth through diversification … achieve growth through diversification THO and balance across three core business groups … and balance across three core business groups … Page 7 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

  8. S TTA Business Portfolio CIE Three lines of business NC GE AI AG THA N T SE S ORE … achieve growth through diversification … achieve growth through diversification THO and balance across three core business groups … and balance across three core business groups … Page 8 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

  9. S TTA Diverse Revenue Sources CIE TTA’s diversified portfolio compensating for downturn in NC d dry bulk shipping b lk hi i GE Revenues Revenues AI AG Baht million 1 791 1,791 THA 4,565 16% 35% N T 3,711 28% 9,359 82% SE S 4 567 4,567 Others ORE 35% Sales (coal + fertiliser) Offshore services THO Dry bulk shipping Drybulk shipping 9MFY06 9MFY06 9MFY11 Page 9 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

  10. S Group Business Recap CIE Dry bulk shipping remains under pressure, but others doing NC relatively well l ti l ll GE cautious positive AI AG dry bulk subsea coal offshore coal oil & gas logistics shipping engineering distribution drilling mining tankering THA  Consolidated TTA remains profitable in 9MFY11 with Baht 327 million of net profit N T TRANSPORT  Dry bulk shipping enduring a prolonged oversupply situation  Long ‐ term charters maintaining revenues and profits for Petrolift  Improvement in subsea engineering business but challenges remain E NE RGY SE  Bright outlook for offshore drilling with establishment of S Asia Offshore Drilling (“AOD”) ORE  Philippines coal mine (Merton) producing and selling coal at robust prices  Robust coal sales for UMS but lower margins as 0 ‐ 5 mm coal inventory INFRA- THO STRUCTURE STRUCTURE being aggressively reduced being aggressively reduced  Logistics business progressing well in Vietnam Page 10 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

  11. S Group Business: Dry Bulk Shipping CIE Thoresen owns and operates a fleet of dry bulk vessels, NC t transporting dry bulk cargos worldwide ti d b lk ld id Dynamics Outlook GE  Fleet reconfiguration in progress to achieve  Demand growth should continue in AI AG higher operational efficiency hi h i l ffi i trade of key commodities, i.e. iron d f k di i i i  10 Handysize vessels sold in FY11 ore, coal, steel products, etc.  One new built Supramax delivered in June 2011  Vessel supply however grows at a  Owned fleet at fiscal year ‐ end should consist of faster pace  Supply glut thus expected to  Supply glut thus expected to 15 vessels (9 Handymax and 6 Supramax) 15 vessels (9 Handymax and 6 Supramax), THA 43,798 ‐ DWT average size, and 10.8 ‐ year average age continued for another 2 ‐ 3 years  Average TCE improved from higher weighting of Supramax time charter rate higher N T efficiency efficiency  In ‐ house commercial and technical management expertise fleet reconfiguration SE Key Strategies S  Maintain a compact, modern, highly efficient fleet ORE  Charter in vessels to fulfil customers’ needs  Reflag owned fleet to Singapore flag to enjoy higher operational incentives THO  Base commercial team in Singapore  Base commercial team in Singapore  Maintain strong cost focus Page 11 | TTA Corporate Profile Presentation to Phatra Securities, September 2011

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