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Notice Of A Substantial Shareholder's Interest

16 October 2012
Part I
1. Date of notice to issuer 15/10/2012
2. Name of Substantial Shareholder Mr. Chalermchai Mahagitsiri
3. Notice Type Notice of a Director's (including a director who is a substantial shareholder) Interest and Change in Interest.
Notice of a New Substantial Shareholder's interest.
Part II
1. Date of change of Interest 11/10/2012
2. Name of Registered Holder Mr. Chalermchai Mahagitsiri
3. Circumstance(s) giving rise to the interest or change in interest # Others

Mr. Chalermchai Mahagitsiri is the registered holder of 100,313,700 ordinary shares (14.169%) in Thoresen Thai Agencies Plc. ("TTA"), Mermaid's majority shareholder. His associates are Ms. Ausana Mahagitsiri who is a registered holder of 27,417,100 ordinary shares (3.872%) in TTA and Ms. Suvimol Mahagitsiri who is the registered holder of 2,100,000 ordinary shares (0.297%) in TTA. The combined interest of Mr. Chalermchai Mahagitsiri and his two above mentioned associates in TTA is therefore 129,830,800 ordinary shares (18.338%).

On 11 October 2012, Mr. Chalermchai Mahagitsiri acquired ownership and control of Raffles Resources 1 Limited, a company that is the registered holder of 35,459,400 ordinary shares (5.008%) in TTA. This resulted in an increase in the collective interest of Mr. Chalermchai Mahagitsiri and his associates in TTA to 165,290,200 ordinary shares (23.346%).

By virtue of the aforesaid transaction, Mr. Chalermchai Mahagitsiri and his associates have now become entitled to exercise or to control the exercise of not less than 20% of the total votes of all ordinary shareholders of TTA. He is therefore considered to have a deemed interest in Mermaid shares held by TTA and hence falls under the definition of a Substantial Shareholder in Mermaid.
4. Information relating to shares held in the name of the Registered Holder
 
No. of Shares held before the change 0
As a percentage of issued share capital 0.00 %
No. of Shares which are subject of this notice 0
As a percentage of issued share capital 0.00 %
Amount of consideration (excluding brokerage and stamp duties) per share paid or received 0.00
No. of Shares held after the change 0
As a percentage of issued share capital 0.00 %
Part III - Not Required
Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest :
 
  Direct Deemed
No. of shares held before the change 0 0
As a percentage of issued share capital 0.00 % 0.00 %
No. of shares held after the change 0 448,414,341
As a percentage of issued share capital 0.00 % 57.141 %
Footnotes Part II(4) is not applicable as there were no transactions related to Mermaid shares. Part IV(1) sets out Mermaid shares that are currently directly and indirectly owned by TTA. Mr. Chalermchai Mahagitsiri is considered to have a deemed interest in these Mermaid shares owned by TTA.

Mr. Chalermchai Mahagitsiri is a Director of Mermaid and its Executive Vice Chairman. He is also Mermaid's Interim Chief Executive Officer.

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