PRESS RELEASE Berli Jucker Announces Baht 4 billion Rights Issue, Management Succession Berli Jucker Public Company Limited announced today a major capital raising programme and a series of senior management changes following the forthcoming retirement of its President and Chief Executive Officer, Dr. Adul Amatavivadhana, who has reached the age of 60. The Company is proposing a 7 for 4 rights issue offering to raise approximately Baht 4 billion in the form of new shares at Baht 40 per share. The issue will be considered at an Extraordinary General Meeting to be held on 5th June, 1998 and indications from investors are such that the Company is confident the issue will be fully subscribed. Proceeds of the capital raising will be used to (i) fund a tender for the 33.9 per cent, or 19.8 million shares, of Thai Glass Industries Public Co. Ltd. which Berli Jucker does not already own, at a price of Baht 70 per share, (ii) to reduce its Baht 3 billion of debt, and (iii) fund new investments. Subject to relevant regulatory approvals, the tender for the shares in Thai Glass is expected to be completed by the end of June. Berli Jucker intends to buy the remainder of Thai Glass, for which it already acts as a sales agent and distributor, so that it can improve management co-ordination of the unit's business improve operational efficiencies, save costs, and assist it in funding various capital expenditures at a time when it is difficult for the company to raise debt on its own. In response to significant interest in Berli Jucker from foreign investors which cannot hold shares in the Company as its foreign shareholder limit of 49 per cent is already fully utilised, Berli Jucker also announced today that it intends to participate in the Thai Trust Fund programme to the of up to 24 per cent of its total shares. The programme will enable foreign investors to achieve economic participation in a Thai company as though they were ordinary shareholders by investing through a non-voting trust, administered by a subsidiary of the Stock Exchange of Thailand, dedicated to holding the Company's shares on behalf of such foreign shareholding. It was also announced that Dr. Adul will retire from his current position to take up the non-executive post of Vice Chairman, with effect from 1st July. He will be succeeded by Mr. David J. Nicol, who has served as Berli Jucker's Chief Financial Officer since 1994 and has steered the Company through the initial stages of Thailand's current financial crisis. Mr. Nicol previously served as Group Vice President - Finance at First Pacific Company Limited in Hong Kong, and has substantial experience in other business organisations in London and New York. The following other senior management changes were announced: Khun Prasert Maekwatana, who serves as Managing Director of Thai Glass Industries Public Co., Ltd., will rejoin Berli Jucker's management board while retaining his current post. Khun Prasert's extensive experience in the Consumer Products and Packaging businesses will be valuable in assisting in Berli Jucker's acquisition plans in these areas. Mr. C. Blair R. Sinton will succeed Mr Nicol as Chief Financial Officer. Mr. Sinton currently serves as Chief Financial Advisor to PDCP Bank in the Philippines and has extensive financial and banking experience in Asia, having held senior management positions for more than 14 years with major companies in Hong Kong including China Light & Power and First Pacific Bank. Mr. Augie Palisoc, Jr., formerly a Senior Vice President of Berli Jucker and currently President and Chief Executive Officer of Steniel Packaging Corporation in the Philippines, will rejoin the Company as an Executive Vice President focusing on investments and acquisitions. Khun Piti Sithi-Amnuai will continue to serve as Berli Jucker's Chairman. The responsibilities of the Company's three other Executive Vice Presidents remain unchanged. Khun Visutr Phongviratchai is head of the Company's Consumer Products and AGFA divisions, Khun Phornchai Athikhomkulchai is head of the Company's Glass and Technical divisions and Khun Phisit Dachanabhirom is Company Secretary in charge of the Legal and Services divisions. Commenting on the changes, Mr. Nicol said: "It is gratifying to take over an orderly ship after Dr. Adul's 8( years as President which saw, amongst other highlights, the acquisition of controlling shareholdings in Thai Glass Industries and Cellox Paper - currently our two most successful subsidiaries. The opportunities for a financially strong group such as Berli Jucker to expand through acquisitions at this time are immense. We will focus our investments in those areas within our core expertise - Consumer Products, Packaging and Technical Products. At the same time we face the need for urgent changes in some of our core businesses, in particular the need to build critical mass and to enhance our service capabilities in all areas to ensure we deliver world class performance at competitive prices to our principals. We have a strong management team and an energetic workforce and together we will rise to meet the challenges we face". 30th April 1998 For further information contact: Dr Adul Amatavivadhana : Tel 367-1010 David J Nicol: Tel 367-1024 E-mail - davidnicol@berlijucker.co.th