TTA to Issue Debentures with 5% Coupon Rate and "BBB" Rating from TRIS to Institutional Investors and High Net Worth Investors Subscription Date: 23-25 March 2021

TTA CORPORATE| TTA Transport |TTA Energy| TTA Infrastructure

Press Release

TTA to Issue Debentures with 5% Coupon Rate and "BBB" Rating from TRIS

to Institutional Investors and High Net Worth Investors

Subscription Date: 23-25 March 2021

Bangkok, Thailand - 8 March 2021: Mr. Chalermchai Mahagitsiri, President and CEO of Thoresen Thai Agencies Public Company Limited or TTA, revealed that "TTA has recently submitted a filing of the registration statement to the Office of the Securities and Exchange Commission (SEC) for issuing and offering the Debentures of TTA No. 1/2564 under MTN program, which are name-registered, unsubordinated and unsecured debentures with a debenture holder's representative to institutional investors and/or high net worth investors. The issue size will be up to THB 1,200 million with an additional greenshoe up to THB 300 million, making total issue size of THB 1,500 million. The tenor will be 2 years and 6 months. And, the coupon rate will be fixed at 5.00% per annum, payable quarterly."

TTA appointed joint arrangers - Asia Plus Securities, ASL Securities, Country Group Securities, Finansia Syrus Securities, Globlex Securities, KGI Securities (Thailand), Krungthai Zmico Securities, KTBST Securities, UOB Kay Hian Securities (Thailand), and Yuanta Securities (Thailand). The subscription period will be from 23-25 March 2021. The minimum subscription will be THB 100,000 with subsequent multiplied of THB 10,000 for institutional investors, while the minimum subscription will be THB 100,000 with subsequent multiplied of THB 100,000 for high net worth investors.

The proceeds from this debenture issuance will be used for the redemption of the debentures coming due, for which TTA will first use its own cash to redeem in advance, and for business expansion - acquisition of additional vessels to expand fleet - as well as for working capital. Moreover, TTA neither has record of any default in payment of principal and/or interest of debentures nor failure to comply with any terms and conditions of debentures ever.

In January 2021, TRIS Rating affirmed the company rating and the issue rating on these debentures at "BBB" with a negative outlook. TTA's ratings are supported by the strong balance sheet with sizable liquid reserves. TTA maintained cash under management of around THB 7.7 billion, leading to a strong capital structure with low net-interest-bearing-debt to equity at 0.08 times as of 31 December 2020.

"It is hard to predict when the impact from Covid-19 pandemic will be over. However, we expect that the worst situation may have already passed. TTA is very likely to return to profits during 2021. Early in this year, dry bulk market seems to be improving with rising demand for dry bulk fleet, which could set the bullish tone for this year. Offshore Service segment is expected to recover, driven by strong order book of subsea projects and lower risk going forward as it exited drilling business last year. Agrochemical segment will continue to be profitable. Food & Beverage business also has potential to continually grow its sale volumes from delivery services." added Chalermchai.

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TTA CORPORATE| TTA Transport |TTA Energy| TTA Infrastructure

About TTA:

Thoresen Thai Agencies Public Company Limited, or TTA, is a strategic investment holding company that is listed on the Stock Exchange of Thailand, with an investment policy to achieve growth through a balanced portfolio that is diversified both locally and internationally. Included in its current business portfolio are shipping, offshore service, agrochemical, food & beverage, and investment.

Investors should study product features, conditions of returns and risks before making an investment decision.

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For more information, please contact:

Thoresen Thai Agencies Plc.

Natasa Urcharoenngan	E-mail:[e-mail]
Tel: [phone] Ext.332	Mobile: [phone]
Thanit Tirapanith	E-mail:thanit.t @thoresen.com
Tel: [phone] Ext. 393	Mobile: [phone]