This website was created by minority shareholders of TTA to share information with other shareholders. It presents publically available facts and figures showing the poor performance of TTA under current management. TTA's profits have declined 91% from 2008 to 2010 while management salaries doubled. Dividends per share have declined 88% and the share price has fallen 69% over the same period, underperforming the stock market index. The website argues that an EGM is needed to discuss improving TTA's performance.

1. TTA Minority Shareholders
Website
with the true facts
This website is designed by the minority shareholders of TTA to
inform other TTA shareholders.
All information contained within comes from publically available
sources, including from TTA Annual Reports.
All minority shareholders should demand an Extraordinary General
Meeting to discuss how to improve the performance of TTA.

2. TTA vs SET Performance
 TTA’s share price reached high on 15 October 2007 at Bt 62.27. As at 15 June 2011 TTA share price was Bt 19.10.
This represents a loss of 69%.
 From 2009 to 2010, TTA’s net profits halved from Bt 1.8 billion to Bt 0.8 billion but Management salaries doubled!
 Dividends was reduced from Bt 2.25 per share in FY2008 to Bt 0.26 per share in FY2010. In just three years,
dividend payment has been reduced by 88%.
 TTA share price decreased 69% since October 2007, in same time period SET Index increased 13%. This indicates
Current Management’s diversification plan is losing money for shareholders.

3. Mermaid Maritime PCL
IPO
 TTA already owned 50% of Mermaid Maritime PCL in 2004.
 From 1 January 2005 to 15 June 2011, TTA increased its ownership of Mermaid to 57.1% by investing a further
Bt 4.167 billion – which is now worth Bt 2.867 billion (Share price at 15 June 2011: S$0.335). This is a loss to TTA
shareholders of Bt 1.3 billion or 31%.
 Share price is down 79% since the IPO in October 2007.
 Mermaid paid no dividends from 1 February 2004 until 1 March 2011.

4. How unique is UMS?
 In 4th Quarter of 2009, TTA acquired 89% of UMS for a total investment cost of Bt 3.957 billion.
 As at 15 June 2011, UMS share price was Bt 15.50, which means TTA’s investment in UMS was worth only
Bt 2.109 billion.
 During TTA’s period of ownership, UMS has not paid any dividends.
 TTA has made a loss on its UMS investment of Bt 1.848 billion or 47%.

5. TTA Profits
down 91%
from 2008 to
2010
TTA Dividends TTA Share
per share: Price down
2008 Bt 2.25 69% from
2010 Bt 0.26 Results 2007 to 2010
delivered by
Current TTA
Management
Value of UMS Mermaid
down by 47% share price
since down 79%
acquisition since IPO