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

BackSep 15, 2009
Part I
1. Date of notice to issuer 11/09/2009
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 11/09/2009
2. The change in the percentage level From 51.38 % To 19.17 %
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 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 to be converted into ordinary shares of TIH. As a result, 0 and 4,733,601 Series A warrants 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 directly were exercised on the same day. As a result, 536,426 Series A warrants of TIH are held by ASMARMF directly.

ASMHRF also holds 352,491 Series A warrants directly.

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

Accordingly, ASMHL has a deemed interest in 5,622,518 Series A warrants.
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 15,072,518
As a percentage of issued share capital 0 % 51.38 %
No. of shares held after the change 0 5,622,518
As a percentage of issued share capital 0 % 19.17 %
Footnotes (i) The percentage figures in Parts III & IV refers to the number of Series A Warrants.
(ii) The percentage of Series A Warrants is calculated based on 29,333,334 Series A Warrants issued on 12 May 2009.