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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 ASM Asia Recovery (Master) Fund
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 31.73 % To 1.83 %
3. Circumstance(s) giving rise to the interest or change in interest # Others

ASMARMF, as the beneficial holder of more than 20% of the issued share capital of ASM Ventures Limited ("ASMVL"), has a deemed interest in the holdings of ASMVL.

On 11 Sep 2009, 4,495,315 Series A warrants of TIH held in trust by ASMVL as nominee for ASMARMF were exercised and to be converted into ordinary shares of TIH. As a result, 0 Series A warrants of TIH are held in trust by ASMVL as nominee for ASMARMF.

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.

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

Accordingly, ASMARMF has a deemed interest in 536,426 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 9,306,426
As a percentage of issued share capital 0 % 31.73 %
No. of shares held after the change 0 536,426
As a percentage of issued share capital 0 % 1.83 %
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.
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