Kerry Express Thailand Public : The extension in the use of IPO Proceeds

	(Translation)
Ref. No:	KEX 012/2022
Date:	August 10, 2022
Subject:	The extension in the use of IPO Proceeds
Attention:	President
	The Stock Exchange of Thailand

With reference to the initial public offering ("IPO") of Kerry Express (Thailand) Public Company Limited (the "Company")'s during the period of 8 - 9, 14 December 2020, which offered 300 million newly issued shares at the IPO price of THB 28.00 per share, totaling THB 8,111 million after the deduction of all IPO related expenses with the purpose of use of proceeds as specified in the Company's prospectus (per the table on page 2).

The Company has been exploring the opportunities to create value to its shareholders by using various strategies, including business expansion, and diversification, partnership engagement as well as strengthening its operational excellence. Thus, the Company would like to extend the utilization of funds, including IPO proceeds, to reflect such strategies.

The Board of Directors Meeting No. 4/2022 approved the extension of the specified use of IPO proceeds as disclosed in the filing and IPO prospectus. The amendment has considered immaterial with the value not exceeding THB 1,200 million or less than 15 per cent of the total amount received from the IPO. Therefore, the Company is required to gain the Board of Directors' approval and report the amendment to the shareholders at the next shareholders' meeting. This is in accordance with the Notification of the Office of the Securities and Exchange Commission No. SorJor. 63/2561 Re: Change in Purposes of Proceeds Utilisation under the Registration Statement for Offer for Sale of Securities and Draft Prospectus.

Kerry Express (Thailand) Public Company Limited

Head Office: Room 906, 9th Floor, Chao Phya Tower,

89 Soi Wat Suan Plu, Charoen Krung Road, Bangrak, Bangkok 10500, Thailand Tel.: [phone] Fax: [phone] www.kerryexpress.com

(Unit: Million Baht)

Purpose From Prospectus

Approved new purpose

Amount under

Actual

Remaining

Amount under

Actual

Remaining

Objective of capital utilization

utilisation

utilisation

Objective of capital utilization

utilisation

portion

utilisation projection

portion

projection

30 June 2022

30 June 2022

1.

Expansion of express

1.

Expansion of express

delivery network and

investments in transportation

delivery network and

network to enhance

investments in

operational efficiency and in

transportation network to

4,370

1,581

2,789

the development of

4,370

1,581

2,789

enhance operational

information technology

efficiency and in the

systems by means of own

development of information

capital investment and

technology systems.

investment in shares of other

companies*

2.

Repayment of existing

800

800

-

2.

Repayment of existing

800

800

-

indebtedness to banks

indebtedness to banks

3.

Working Capital

2,941

1,343

1,598

3.

Working Capital

2,941

1,343

1,598

Total

8,111

3,724

4,387

Total

8,111

3,724

4,387

*The amount used in investment in shares of other companies shall not exceed THB 1,200 million.

The Company will propose the matter for shareholders' acknowledgement at the next Annual General Meeting of Shareholders.

Please be informed accordingly.

Kerry Express (Thailand) Public Company Limited

Head Office: Room 906, 9th Floor, Chao Phya Tower,

89 Soi Wat Suan Plu, Charoen Krung Road, Bangrak, Bangkok 10500, Thailand Tel.: [phone] Fax: [phone] www.kerryexpress.com

Sincerely Yours,

(Mr. Issarin Patramai)

Chief Investment Officer

Kerry Express (Thailand) Public Company Limited

Head Office: Room 906, 9th Floor, Chao Phya Tower,

89 Soi Wat Suan Plu, Charoen Krung Road, Bangrak, Bangkok 10500, Thailand Tel.: [phone] Fax: [phone] www.kerryexpress.com