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

BackSep 18, 2009
Part I
1. Date of notice to issuer 18/09/2009
2. Name of Substantial Shareholder Argyle Street Management Holdings 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 17/09/2009
2. The change in the percentage level From 50.10 % To 58.57 %
3. Circumstance(s) giving rise to the interest or change in interest # Others

Argyle Street Management Holdings Limited ("ASMHL") is the beneficial holder of more than 50% of the voting shares of Argyle Street Management Limited ("ASML"). 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 and ASMHRF are the beneficial holders of more than 20% of the issued share capital of ASM Ventures Limited ("ASMVL").

On 17/09/2009 ASMARMF purchased 10,743,000 TIH shares via off market purchase, resulting ASMHL's total deemed interest in 74,263,219 TIH shares, of which:-

1. 36,601,536 shares held by ASMVL through its depository agent;
2. 31,293,877 shares held by ASMARMF through its depository agent after off market purchase of 10,743,000 shares;
3. 4,495,315 and 680,000 shares held in trust by ASMVL as nominee for ASMARMF and ASMHRF respectively; and
4. 1,192,491 shares held by ASMHRF through its depository agent.

All of the shares are held by their depository agent, HSBC (Singapore) Nominees Private Limited.
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.
Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest :
 
  Direct Deemed
No. of shares held before the change 0 63,520,219
As a percentage of issued share capital 0 % 50.10 %
No. of shares held after the change 0 74,263,219
As a percentage of issued share capital 0 % 58.57 %
Footnotes (i)The percentage of the total issued shares is calculated based on 126,787,358 Ordinary Shares as at 16 September 2009.