Asset Acquisitions and Disposals::Disposal Of Assets and Interested Person Transaction

MERMAID MARITIME PUBLIC COMPANY LIMITEDบริษัท เมอร์เมด มาริไทม์ จํากัด(มหาชน)(Reg. No. 0107550000017)26/28-29, 9th Floor Orakarn Bldg.,Soi Chidlom, Ploenchit Road, Lumpinee, Pathumwan, Bangkok 10330, Thailand.Tel.: [phone]~6; Fax: [phone] DISPOSAL OF ASSETS & INTERESTED PERSON TRANSACTIONMermaid Maritime Public Company Limited (the "MML") wishes to announce thatMermaid International Ventures (the "Seller"), a wholly owned subsidiary of Mermaid Maritime Mauritius Ltd., which is in turn a wholly owned subsidiary of MML, has entered into separate agreements with Thor Friendship Shipping Pte. Ltd. (the "Buyer") a wholly owned subsidiary of Thoresen Thai Agencies Public Company Limited ("TTA"), whereby the Buyer will purchase, and the Seller will sell (the "Disposal"), a number of assets related to digital currencies (the "Assets").1. CHAPTER 9 OF THE LISTING RULES - INTERESTED PERSON:TTA holds 58.22 percent the total share capital of MML and, as a controlling shareholder, is an Interested Person. This shareholding is held by TTA both directly and indirectly. [TTA holds directly 49.53 percent and indirectly, through two (02) of its 99.99 and 100 percent owned subsidiaries, 1.44 percent through Athene Holdings Ltd., and 7.25 percent through Soleado Holdings Pte. Ltd. respectively].In addition to TTA, the following are also Interested Persons:TTAMMLName%Name%Major1. Mr. Chalermchai Mahagitsiri23.151. Mr. Chalermchai Mahagitsiri24.13Shareholder*(Holding both direct and indirect via custodian)(Holding both direct andindirect via TTA* and MML**)Directors1. Mr. Prasert Bunsumpun2. Mr. Chalermchai Mahagitsiri3. Mr. Jean Paul Thevenin1. Mr. Prasert Bunsumpun2. Mr. Chalermchai Mahagitsiri3. Mr. Jean Paul TheveninExecutive1. Mr. Vincent SiawBUYER(as of 19May2021)SELLER(as of 11 January 2021)Name%Name%Major1. Mr. Chalermchai Mahagitsiri23.151. Mr. Chalermchai Mahagitsiri24.13Shareholder(Holding indirectly via TTA*)(Holding indirect via TTA* and MML**)Directors1. Mr. Chalermchai Mahagitsiri1. Mr. Chalermchai Mahagitsiri2. Mr. Vincent Siaw

MERMAID MARITIME PUBLIC COMPANY LIMITEDบริษัท เมอร์เมด มาริไทม์ จํากัด(มหาชน)(Reg. No. 0107550000017)26/28-29, 9th Floor Orakarn Bldg.,Soi Chidlom, Ploenchit Road, Lumpinee, Pathumwan, Bangkok 10330, Thailand.Tel.: [phone]~6; Fax: [phone] * The latest book closing of TTA on the 30th of December 2021* The latest book closing of MML on the 12th of March 20212. FINANCIAL INFORMATION AND CONSIDERATION The total consideration for the Assets is therefore US$ 4,930,370.00 (United States Dollars Four Million and Nine Hundred and Thirty Thousand Three Hundred and Seventy) (the "Consideration").The Consideration was arrived at on a willing-buyer willing-seller basis, based onavailable market information.3. RATIONALE FOR THE DISPOSAL AND USE OF PROCEEDSMML considers that it is in its best interests to monetize the Assets in order to redeploy resources. The net proceeds from the sale shall be made available for MML's working capital.4. COMPLETION The total Consideration has been received by the Seller, and, pursuant to the S&P Agreement, the Seller and the Purchaser have agreed to complete the transfer of the Assets within a mutually agreeable timeframe taking into account relevant rules governing the various Assets. 5. PRO FORMA FINANCIAL EFFECTS OF THE DISPOSAL5.1 The pro forma financial effects of the Disposal on the net tangible assets (the "NTA") per share and the earnings per share of MML and the share capital of MML as set outbelow are prepared purely for illustration only and do not reflect the actual future financial situation of MML after the Disposal. The pro forma financial effects have been prepared based on the latestannounced audited consolidated financial statements of MML for the financial year ended the 31st of December 2020 (the "FY2020"), such financialyear being the most recently audited completed financial year.

MERMAID MARITIME PUBLIC COMPANY LIMITEDบริษัท เมอร์เมด มาริไทม์ จํากัด(มหาชน)(Reg. No. 0107550000017)26/28-29, 9th Floor Orakarn Bldg.,Soi Chidlom, Ploenchit Road, Lumpinee, Pathumwan, Bangkok 10330, Thailand.Tel.: [phone]~6; Fax: [phone] Net Tangible Assets - FY2020 Purely for illustrative purposes only and assuming that the Disposal had beencompleted on the 31st of December 2020, being the end of FY2020, the effect on the NTA per share of MML as at the 31st of December 2020 is as follows:Before the Proposed DisposalAfter the Proposed DisposalNTA (US$'000)177,290177,220NTA per share (US$)0.12540.12545.3 Earnings Per Share - FY2020Purely for illustrative purposes only and assuming that the Disposal had been completed on the 01st of January 2020 being the beginning of FY2020, the effect on the earnings per share of MML for FY2020 is as follows:Before the DisposalAfter theDisposalProfit/loss attributable to the Shareholders (US$'000)(109,654)(109,724)Number of ordinary shares outstanding (US$'000)1,413,3291,413,329Earnings per share (US cents)(0.0776)(0.0776)5.4 Share Capital The Disposal will not have any impact on the issued share capital of MML. 6. CHAPTER 10 OF THE LISTING MANUAL 6.1 Rule 1006 Relative Figures for the Disposal The relative figures for the Disposal computed on the relevant bases set out in Rule 1006 of the ListingManual of the SGX-ST ("Listing Manual") are as follows:Rule 1006BasesRelative Figures (%)(a)Net asset value as compared with MML's net asset value (FY 2020)2.78(b)Net profit attributable to the Assetscompared with MML's net loss-

MERMAID MARITIME PUBLIC COMPANY LIMITEDบริษัท เมอร์เมด มาริไทม์ จํากัด(มหาชน)(Reg. No. 0107550000017)26/28-29, 9th Floor Orakarn Bldg.,Soi Chidlom, Ploenchit Road, Lumpinee, Pathumwan, Bangkok 10330, Thailand.Tel.: [phone]~6; Fax: [phone] (c)The consideration received compared with the market capitalization of MML6.327. INTERESTS OF DIRECTORS AND CONTROLLING SHAREHOLDERSSave for their interests in the shares of MML (if any), none of the Directors or controlling shareholders of MML has any interest, direct or indirect, in the Disposal. 8. DIRECTORS' SERVICE CONTRACTSNo person is proposed to be appointed as a director of MML in connection with the Disposal. Accordingly, no service contract is proposed to be entered into between MML and any such person in connection with the Disposal. 9. DOCUMENTS AVAILABLE FOR INSPECTIONCopies of the contract documents are available for inspection during normal business hours at the registered office of MML at No. 26/28-29 Orakarn Building, 09thFloor, Soi Chidlom, Ploenchit Road, Lumpinee, Pathumwan, Bangkok 10330, Thailand for a period of three (03) months commencing from the date of this AnnouncementPlease be informed accordingly.James FrawleyContract Manager07th January 2022