Haiyi Holdings Pte. Ltd made an offer to acquire an additional 17.87% stake in SingXpress Land Ltd (Catalist:5CE) from the shareholders of SingXpress Land for SGD 27.1 million in cash on November 27, 2012. Haiyi Holdings will acquire 2.3 billion shares at a price of SGD 0.0118 per share. The shareholders include CIMB Securities (Singapore) Pte Ltd., investment arm, DBS Vickers Securities (Singapore) Pte. Ltd., investment arm, KIM Eng Holdings Ltd., asset management arm, Maybank Kim Eng Securities Pte Ltd, investment arm, OCBC Securities Private Limited, Investment Arm, Phillip Securities Pte Ltd., investment arm, Xpress Group Limited, Chua Swee Wah, Toh Soon Huat, Zhang Yuanqing, Tan Chin Wah, Wong Han Meng, Ng Keng Teong, Lee Boon Siong (Lee Wenhsiang) or Lee Khai Lai, Low Woo Swee @ Loh Swee Teck, Cheong Soon Kiat, Tay Kong Ho, Au Ah Yian, Tan Tong Chee and others. Sim Yong Nam and Loh Hoon Sun holding 12 million and 5 million shares are acting as parties in concert. Phillip Securities, as financial adviser confirms that sufficient financial resources are available to Haiyi Holdings to satisfy full acceptance of the offer. The offer will close on January 11, 2013. The offeror will not extend the Offer.

If Haiyi Holdings Pte. Ltd receives valid acceptances pursuant to the offer in respect of not less than 90% then Haiyi Holdings would have the right to compulsorily acquire all the shares of the shareholders who have not accepted the offer. As the offeror intends to maintain the listing status of SingXpress, he does not intend to exercise any rights of compulsory acquisition. The offer will be unconditional in all respects. Therefore, the offer is not conditional upon the level of acceptances which the Offeror may receive in respect of the offer. Haiyi Holdings received an irrevocable undertaking from Xpress Credit Limited not to accept the offer in respect of all or any of the shares held. Haiyi Holdings has no intention to discontinue the employment of the employees of Singxpress and the subsidiaries. As on December 24, 2012, the independent Directors recommend that shareholders should reject the offer if they are able to obtain a price higher than the offer price.

Sim Yong Nam of Phillip Securities Pte Ltd. acted as financial advisor for Haiyi Holdings. Hong Leong Finance Limited acted as financial advisor to independent committee of Directors. Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar to SingXpress to Haiyi Holdings.

Haiyi Holdings Pte. Ltd completed the acquisition of an additional 0.05% stake in SingXpress Land Ltd (Catalist:5CE) from the shareholders of SingXpress Land for SGD 0.08 million on January 11, 2013.