INNOPAC HOLDINGS LIMITED (formerly Inno-Pacific Holdings Ltd) (Incorporated in Singapore)

(Company Registration No. 197301788K)

UPDATE ON THE PROPOSED TAKEOVER BID FOR UP TO 212,147,063 ORDINARY FULLY PAID SHARES REPRESENTING THE ENTIRE ISSUED AND PAID UP CAPITAL OF MERLIN DIAMONDS LIMITED (THE "PROPOSED TAKEOVER") NOTICE OF STATUS OF CONDITIONS


Innopac Holdings Limited (the "Company") refers to the announcements of 31st January 2013, 26th
March 2013, 2nd April 2013, 15th April 2013, 18th April 2013, 2nd May 2013, 6th May 2013, 8th May
2013, 9th May 2013, 23rd May 2013, 10th June 2013, 11th June 2013, 18th June 2013, 20th June 2013 and 27th June 2013 in relation to the Proposed Takeover (the "Announcements").

Save as otherwise defined, all terms used in the Announcements shall have the same meaning when used in this announcement.

Pursuant to section 630(3) of Corporations Act 2001 (Cth) (Australia), the Company has given notice to MED and ASX that save for the following Conditions under the Bidder's Statement being satisfied, namely:
(i) approval by the Foreign Investment Review Board ("FIRB") under Section 10.5(b) of the Bidder's Statement;
(ii) approval from Government Agencies under Section 10.5(e); and
(iii) approval of the Proposed Takeover by shareholders of the Company under Section
10.5(k),
the Offer remains subject to the remaining Conditions set out in Section 10.5 of the Bidder's
Statement, which include:
(i) the Company receiving minimum acceptances which represent at least 90% of the aggregate of all the MED Shares on issue; and
(ii) the conversion of Merlin Convertible Notes into MED shares.
As at the date of this Announcement, the total acceptances received by the Company is 68.05%.
The Company will continue to provide relevant updates on the Proposed Takeover as necessary.

BY ORDER OF THE BOARD OF INNOPAC HOLDINGS LIMITED

Wong Chin Yong
Managing Director & Chief Executive Officer
4 July 2013

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