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Notice Of A Change In The Percentage Level Of A Substantial Shareholder's Interest

BackSep 16, 2009
Part I
1. Date of notice to issuer 16/09/2009
2. Name of Substantial Shareholder Argyle Street Management Limited
3. Notice Type Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest.
Part II - Not Required
Part III
1. Date of change of Deemed Interest 16/09/2009
2. The change in the percentage level From 46.08 % To 50.10 %
3. Circumstance(s) giving rise to the interest or change in interest # Others

Argyle Street Management Limited ("ASML") is the beneficial holder of more than 20% of the voting shares of ASM Hudson River Fund ("ASMHRF") and ASM Asia Recovery Fund ("ASMARF"). ASMARF is the beneficial holder of more than 50% of the issued share capital of ASM Asia Recovery (Master) Fund ("ASMARMF"). ASMARMF is the beneficial holder of more than 20% of the issued share capital of ASM Ventures Limited ("ASMVL").

On 11 Sep 2009, 4,495,315 and 680,000 Series A warrants of TIH held in trust by ASMVL as nominee respectively for ASMARMF and ASMHRF were exercised and ordinary shares of TIH are allotted on 16 Sep 2009. As a result, 4,495,315 and 680,000 shares of TIH are held in trust by ASMVL as nominee for ASMARMF and ASMHRF respectively.

In addition, 4,274,685 Series A warrants held by ASMARMF through its depository agent were exercised on 11 Sep 2009 and ordinary shares of TIH are allotted on 16 Sep 2009. As a result, 20,550,877 shares of TIH are held by ASMARMF through its depository agent.

ASMHRF and ASMVL also hold 1,192,491 and 36,601,536 shares of TIH respectively through their depository agent.

All of the shares are held by their depository agent, HSBC (Singapore) Nominees Private Limited.

Accordingly, ASML has a deemed interest in 63,520,219 shares.
4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions: The change is the result of a single transaction - the exercise of Series A warrants.
Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest :
 
  Direct Deemed
No. of shares held before the change 0 54,070,219
As a percentage of issued share capital 0 % 46.08 %
No. of shares held after the change 0 63,520,219
As a percentage of issued share capital 0 % 50.10 %
Footnotes (i) Before the Change - the percentage of the total issued shares is calculated based on 117,333,338 Ordinary Shares as at 12 May 2009.
(ii) After the Change - the percentage of the total issued shares is calculated based on 126,787,358 Ordinary Shares as at 16 September 2009.