Thoresen Thai Agencies PLC Corporate Presentation March 2008 HK000NDC
Important Notice This presentation is being furnished to you solely for your information and for your use and may not be copied, reproduced or redistributed to any other person in any manner. You agree to keep the contents of this presentation and these materials confidential. The information contained in this presentation does not constitute or form any part of any offer or invitation to purchase any securities and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any transaction. This document is for review only by persons who are existing shareholders of Thoresen Thai Agencies Public Company Limited (“TTA”) who are also (I) Non-US persons, as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), who are outside the United States, or (II) Persons who are Qualified Institutional Buyers as defined in Rule 144A under the Securities Act. By your acceptance of this document, you acknowledge that you fall within either category (I) or (II) of the prior sentence. Neither this document, in whole or in part, nor any copy thereof may be taken or transmitted to any other person. The distribution of this document to other persons or in other jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the federal securities laws of the United States and the laws of other jurisdictions. This presentation has been prepared on the basis of publicly available information and information confidential to TTA. Except as required by law, none of TTA or its advisers or their and their affiliates' respective officers, employees, agents and consultants make any representation or warranty as to the accuracy or completeness of the contents of this presentation, and take no responsibility for any loss or damage suffered as a result of any omission, inadequacy, or inaccuracy therein. This document contains forward-looking statements. These statements are subject to certain risks and uncertainties that could cause the performance or achievements of TTA to differ materially from the information set forth herein, although such information reflects forecasts and projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as at the dates thereof and although all reasonable care has been taken to ensure that the facts stated herein are accurate and that the forward-looking statements, opinions and expectations contained herein are based on fair and reasonable assumptions. TTA undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect TTA views only as of the date hereof. 2 HK000NDC
Agenda � Introduction � Investment Highlights � Fleet Renewal and Expansion Plan � Conclusion � Appendix 3 HK000NDC
Introduction HK000NDC
Introduction Integrated Maritime Business Group Net Profit Contribution − Ownership of 43 vessels and charterer of 6 vessels Dry Bulk (FY 2007 / Q1-2008) operating primarily in Asia and the Middle East Shipping − Strong demand for dry bulk shipping in Asia driven by Sector 88.78% / 94.83% demand for commodities Long-term sector − Modest supply growth of vessels coming online in 2008 growth − Operates 2 tender drilling rigs and 6 offshore service Offshore vessels Services − Continued strong demand for offshore drilling on back of Sector strong oil and gas exploration and production activities 8.25% / 3.07% Rapidly expanding offshore − Demand for sub-sea engineering services expected to oil and gas industry sharply increase driven by demand for sub-sea well installations − Complements other businesses Shipping − Demand for shipping services to rise in line with the net Services increase in vessels resulting from the Asian-led global trade Sector 2.97% / 2.10% boom Asian-led boom in − High growth in the Middle East, China, and India markets global trade expected to lead to increased demand for shipping services 5 HK000NDC
Introduction (cont’d) TTA’s Management Structure M.L. Chandchutha Chandratat Group Executives - Ms. Nuch Kalyawongsa - Mr. Pongsak Kanchanakpan Dry Bulk Shipping Group Shipping Services Group Offshore Services Group - Mr. Andrew John Airey - Mr. Frank A. N. Teeuwen - Mr. David S. Simpson - Mr. Anders Soedergren - Mr. Helge Bruns - Mr. John Crane - Mr. Ivar Harald Saus - Mr. William Arthur Wilcox - Mr. Svein Nodland - Capt. Yodchai Ratanachiwakorn - Capt. Chamnan Chomsoonthorn - Mr. Mark Shepherd - Capt. Wijit Gulwarottama 6 HK000NDC
Investment Highlights HK000NDC
Investment Highlights Attractive Attractive Industry Outlook Industry Outlook Integrated Maritime Integrated Maritime Strong Financial Strong Financial Business Services Business Services Performance Performance Provider Provider Established and Established and Expandable Expandable Growing Presence in Growing Presence in Business Model Business Model Niche Markets Niche Markets Strong and Strong and Versatile and High Versatile and High Diversified Portfolio Diversified Portfolio Quality Fleet and Quality Fleet and of Clients Services of Clients Services 8 HK000NDC
Attractive Industry Outlook Positive Outlook for Dry Bulk Shipping Sector Dry Bulk Shipping Demand One-Year Time Charter Dry Bulk Carrier Global GDP Growth Rates Order Book Tonne Miles Change YOY US$ / Day Million DWT (billion) (%) 50,000 14 5,000 20 42,500 18.6 18.1 12 4,007 3,840 40,000 16 4,000 3,582 3,354 10 3,203 25,940 30,000 12 3,000 10.9 8 2,266 8.6 2,191 2,051 6 1,912 1,864 20,000 8 2,000 4 4 10,000 1,000 2 1.2 0.9 0.5 0.2 0 0 0 0 2004 2005 2006 2007 2008 (e) 2004 2005 2006 2007 2008 (e) 2008 2009 2010 2011+ 2004 2005 2006 2007 2008 (e) -2 Handysize Handymax Global Economy USA Handysize Handymax Handysize Handymax Europe Japan China India Source: Drewry 4Q-2007, page 5 Source: Drewry Q4-2007, page 28 Source: Drewry Q4-2007, page 30 Source: Drewry Q4-2007, page 23 Growing concerns Long haul trades TC rates and Tight vessel � � � � over global in commodities vessel prices supply and economic growth, expected to drive remain at high infrastructure given US demand levels bottlenecks slowdown Industry dynamics underpin continued growth in dry bulk shipping 9 HK000NDC
Attractive Industry Outlook (cont’d) Significant Growth in Oil and Gas Demand Boosts Demand for Offshore Services Oil Demand Growth � Asia is one of the largest contributors, Million Barrels / Day by volume, to oil and gas demand 18 16 growth 14 12 10 8 6 3.95 4.12 4.09 3.76 3.90 3.56 4 � SEA accounts for approximately 60% 2 0 of total oil production in the Asia Pacific Former Soviet Union region 2003 2004 2005 2006 2007 (e) 2008 (e) Million Barrels / Day Million Barrels / Day 17.29 18 18 16.66 � 16.03 15.48 15.00 16 16 Growth in oil and gas demand fuels 13.64 14 14 demand for offshore services 12 12 10 10 6.87 8 6.58 8 6.28 5.99 5.73 5.41 6 6 4 4 2 2 � 0 0 Continued demand in the region Asia Middle East expected to remain strong 2003 2004 2005 2006 2007(e) 2008 (e) 2003 2004 2005 2006 2007 (e) 2008 (e) Source: IEA Oil Market Report, Nov 2007 & Annual Statistical Supplement for 2006 Source: Drewry 2007 (e) Expected Significant expansion opportunities in SEA offshore oil and gas sector 10 HK000NDC
Integrated Maritime Business Services Provider Leading Company in Both Dry Bulk Shipping and Offshore Services Sectors One of South East Asia’s Integrated Business Model One of Thailand’s Leading Largest Diversified Vessel with Extensive Service Companies Portfolios Network � Market cap – US$ 969 m (1) � Owner / operator of 43 and � Strong network of offices charterer of 6 dry bulk and booking agents in the � Member of SET 50 Index carriers region � Asiamoney “Best Managed � Owner / operator of 4 and � Long relationships with Mid-Cap Company” in charterer of 2 offshore large international Thailand - 2007 service vessels via shipbroking companies and Mermaid many local shipbrokers � Forbes “Asia Best 200 Under a Billion” – 2006 � Owner / operator of 2 � Good direct contact with � SET Awards – “Best tender drilling rigs via clients Mermaid Performance” in the Service Industry group – 2005 Strong expertise and value-added services in select niche markets in both dry bulk shipping and offshore services sectors Note (1): As of 29 February 2008 (using the exchange rate of Bt 31.90 = US$1.00 quoted by the Bank of Thailand on 29 February 2008) 11 HK000NDC
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