Tender Offer

Subject                                  : Tender offer
Listed company subject to tender offer   : KERRY EXPRESS (THAILAND) PUBLIC 
COMPANY LIMITED (KEX)
Offeror (New)                            :
SF International Holding (Thailand) Co., Ltd.
Offer price
Common shares (baht per share) (Update)  : 5.50
Tender offer                             : Not for delisting
Remark                                   : Under the KLN's Public Announcement, 
the DIS Transaction is subject to satisfaction of the condition of KLN obtaining
a waiver from the Office of the Securities and Exchange Commission ("SEC") in
respect of its tender offer obligations arising out of the DIS Transaction under
the law. Subject to the satisfaction of such condition, SF International
Holding (Thailand) Co., Ltd. ("SFTH"), which currently holds 1,000 Company's
shares, and will come to hold another 467,373,855 Company's shares from the DIS
Transaction (through acquiring such shares from Flourish Harmony Holdings
Company Limited ("FHHL"), one of the KLN shareholders, on the same day as the
completion of the DIS Transaction), holding approximately 26.8% of all issued
shares of the Company as a result, will also be required to make a mandatory
tender offer to acquire all issued shares of the Company (other than those
already or to be held from the DIS Transaction by SFTH) in accordance with the
requirements of the Notification of Capital Market Supervisory Board Tor Jor.
12/2554 Re: Rules, Conditions and Procedures for the Acquisition of Securities
for Business Takeover (as amended). As per KLN's Public Announcement, SFTH, FHHL
and SF Holding (HK) Limited (subsidiaries of S.F. Holding Co., Ltd. which is a
listed company on the Shenzhen Stock Exchange)  have undertaken that if the DIS
Transaction becomes unconditional, SFTH will submit the tender documents to the
SEC within three business days from the date on which the condition is
satisfied, and will launch the tender offer at the offer price of THB 5.50 per
share no later than three business days after submission date as required under
the law. It was also stated that SFTH has no current intention to make any
material change to the business objectives, core business operation/ assets,
business management plan, investment plan, management, financial structure or
dividend policy of the Company during the period of 12 months after its tender
offer closes, nor does it intend to (unless required by legal and/or regulatory
requirements) delist the Company's shares from the Stock Exchange of Thailand
during the period. SFTH may however during the said period consider making
necessary changes, as it deems appropriate, depending on the results of the
tender offer (and therefore, the level of control held by SFTH in the Company
after the close of the tender offer) while also factoring in the prevailing
market environment as well as development plans and business operations of the
Company.
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