Top 20 Shareholders

As at 18 February 2010, the 20 largest holders of ordinary shares in Mermaid on record and the numbers held by such shareholders were as follows:

	Name	No.of Shares	%	Culm. %
1	THORESEN THAI AGENCIES PLC	191,602,670	35.40	35.403
2	SOLEADO HOLDINGS PTE LTD	117,648,600	21.74	57.141
3	THAILAND EQUITY FUND	81,576,020	15.07	72.214
4	HSBC (SINGAPORE) NOMS PTE LTD	42,928,740	7.93	80.146
5	CITIBANK NOMS S'PORE PTE LTD	33,068,800	6.11	86.257
6	DBS NOMINEES PTE LTD	22,636,131	4.18	90.439
7	DBSN SERVICES PTE LTD	6,308,500	1.17	91.605
8	DBS VICKERS SECS (S) PTE LTD	5,050,350	0.93	92.538
9	MERRILL LYNCH (S'PORE) P L	4,930,950	0.91	93.449
10	BNP PARIBAS SECS SVCS SPORE	3,354,900	0.62	94.069
11	RAFFLES NOMINEES (PTE) LTD	3,223,250	0.60	94.664
12	DB NOMINEES (S) PTE LTD	2,833,289	0.52	95.188
13	OCBC SECURITIES PRIVATE LTD	2,579,280	0.48	95.665
14	UOB KAY HIAN PTE LTD	2,401,485	0.44	96.108
15	PHILLIP SECURITIES PTE LTD	2,036,420	0.38	96.485
16	KIM ENG SECURITIES PTE. LTD.	1,454,500	0.27	96.753
17	UNITED OVERSEAS BANK NOMINEES	1,453,600	0.27	97.022
18	LIM & TAN SECURITIES PTE LTD	1,314,600	0.24	97.265
19	CHEE YAM MUI	1,125,000	0.21	97.473
20	CIMB-GK SECURITIES PTE. LTD.	917,500	0.17	97.642