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

BackJun 23, 2009
Part I
1. Date of notice to issuer 22/06/2009
2. Name of Substantial Shareholder ASM Asia Recovery (Master) Fund ("ASMARMF")
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 21/05/2009
2. The change in the percentage level From 53.28 % To 31.73 %
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.

As a result of a rights issue of TIH, ASMARMF and ASMVL holds 4,811,111 Series B warrants of TIH and 10,819,119 Series B warrants of TIH respectively. All of the Series B warrants are held by their depository agent, HSBC (Singapore) Nominees Private Limited.

Pursuant to a trust arrangement between ASMVL and its beneficial holders, ASMVL renounced the 10,819,119 Series B warrants of TIH. 4,495,315 Series B warrants of TIH are held on trust by ASMVL as nominee for ASMARMF.

Accordingly, ASMARMF has a deemed interest in 9,306,426 Series B 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 15,630,230
As a percentage of issued share capital 0 % 53.28 %
No. of shares held after the change 0 9,306,426
As a percentage of issued share capital 0 % 31.73 %
Footnotes (i) The percentage of Series B Warrants is calculated based on 29,333,334 Series B Warrants issued on 12 May 2009.
(ii) The percentage figures in Parts III & IV refers to the number of Series B Warrants.
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