HONG KONG SAR - Media OutReach - 24 December 2020 - KerryLogistics Network Limited ('Kerry Logistics Network'; Stock Code 0636.HK) is pleased to announce that it has completed thespin-off of its subsidiary, Kerry Express Thailand ('KETH'; Stock Code 'KEX'),which commenced trading on the Stock Exchange of Thailand ('SET') today. KETH remainsa subsidiary of Kerry Logistics Network after the spin-off.

Theprice of KETH's initial public offering of 300 million shares was fixedat the upper limit of THB 28 per share. KETH had received very strong investorinterest with more than 23 times oversubscription from institutional investorsand approximately 10 times oversubscription from cornerstone investors.

Theproceeds from the offering are intended to be used for KETH's express deliverynetwork expansion and investments in its transportation network to enhance itsoperational efficiency, in the development of IT systems, the repayment ofexisting indebtedness to banks and as working capital for business operations.

William Ma, Group Managing Director of Kerry Logistics Network, said, "Weare very proud of this successful spin-off and listing, and the enthusiasticreception from investors. KETH is now a true Thai company that belongs to theThai people to serve the Thai [people/population]. Kerry Logistics Network hasnurtured KETH's growth through the years and has been encouraged by how it hasprospered. By now, Kerry Express Thailand has become a byword for excellence indelivery service in Thailand. With the leadership of an outstanding managementteam and capital from the listing, we are confident that KETH's future triumphswill reach new heights and be the standard to which all are measured."

AlexNg, Chief Executive Officer of Kerry Express Thailand, said, "KETH's listing onthe SET is an important milestone for the company and the culmination of theKETH team's hard work. We are truly grateful for the support of our investors,which in itself is a testament to KETH's current achievements and brilliantprospects. The proceeds from the offering will ensure KETH's continual growthand thriving future as we further strengthen our infrastructure and enhance ouroperations to provide our customers the best service to our ability and createvalue for our stakeholders."

Sinceits establishment in 2006, KETH has become an indispensable part of Thai life.In 2019, KETH delivered an average of 1.1 million parcels per business day tooffices, warehouses, retail shops and households in Thailand. It was recognisedas Thailand's Most Admired Brand 2020 by marketing magazine Brand Age. Duringthe COVID-19 pandemic, KETH was deemed one of the essential services by theThai government, exempt from mandatory closure, and played a key role insupporting businesses and consumers in Thailand in these unprecedented times.

About Kerry Logistics Network Limited (Stock Code 0636.HK)

Kerry Logistics Network is an Asia-based,global 3PL with a highly diversified business portfolio and the strongestcoverage in Asia. It offers a broad range of supply chain solutions from integratedlogistics, international freight forwarding (air, ocean, road, rail andmultimodal), industrial project logistics, to cross-border e-commerce,last-mile fulfilment and infrastructure investment.

With a global presence across 59 countries,Kerry Logistics Network has established a solid foothold in half of the world'semerging markets. Its diverse infrastructure, extensive coverage ininternational gateways and local expertise span across China, India, SoutheastAsia, the CIS, Middle East, LATAM and other locations.

Kerry Logistics Network generated a revenueof over HK$40 billion in 2019 and is the largest international logisticscompany listed on the Hong Kong Stock Exchange.