KLN Logistics (Thailand) Company Limited agreed to Spin-Off 52.06083% stake of Kerry Express (Thailand) Public Company Limited (SET:KEX) on December 29, 2023. As per the terms, 907,200,000 shares of KEX will be distributed to the shareholders of Kerry Logistic Network Limited. For every one KLN Logistics Share held, shareholders will receive 0.5019 of a KEX Share.

Since the KEX Shares to be distributed under the Distribution are held in the name of Kerry Thailand, the Company and Kerry Thailand will enter into a share purchase agreement with respect to the acquisition of such KEX Shares so as to provide the Company a right to direct the transfer of KEX Shares to KLN Shareholders for implementing the Distribution. The Distribution is therefore subject to the Company obtaining a waiver from Thai SEC in respect of its tender offer obligations arising out of the Distribution. FHHL held approximately 51.5% of all issued KLN Shares.

Assuming there is no change to such shareholding interest on the Record Date and subject to the satisfaction of the Condition, FHHL will be entitled to receive an aggregate of 467,373,855 KEX Shares under the Distribution, representing approximately 26.8% of all issued KEX Shares. As of February 5, 2024, the Company obtained a waiver from Thai SEC in respect of its tender offer obligations arising out of the Distribution, Accordingly, the Condition has been satisfied and the Distribution has become unconditional. The Record Date for determining KLN Shareholders?

entitlement to the Distribution is February 22, 2024. Tricor Investor Services Limited acted as a registrar, Siam Premier International Law Office Ltd. acted as a legal advisor, and The Hongkong and Shanghai Banking Corporation Limited acted as a financial advisor to KLN Logistics Network Limited.