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2 November 2011

ANNOUNCMENT

I am pleased to announce that King's Safetywear Limited (KSW) has entered into a strategic initiative with Honeywell International Inc. (Honeywell), a Fortune 100 company and global market leader in the Personal Protective Equipment (PPE) space through its Honeywell Safety Products division (HSP).

The shareholders of KSW have signed an agreement with Honeywell effecting the sale of 100% of KSW shares to Honeywell. The completion of this transaction is expected in early 2012.

Through its subsidiaries worldwide, KSW shall maintain 'business as usual' with its stakeholders including customers, distributors, suppliers, contractors, unions, industry associations, consultants and employees, while looking for opportunities to further expand the business with HSP.

Honeywell, through HSP, intends to keep the general KSW Group structures intact. The KSW structure and business will be placed in HSP. The KING'S, OTTER and OLIVER brands shall be retained and their market positioning maintained.

This very positive and exciting new strategic direction with Honeywell will enable our existing business to make the quantum leap to true global leadership through HSP's existing substantial footprint and influence in the global PPE market.

On behalf of the KSW Group, I sincerely thank our stakeholders worldwide for their valued support through the years. Looking ahead, I would anticipate these relationships being enhanced in quality and mutual benefit from achieving synergies and gaining added support services available through this association with Honeywell.

Frankie Chan

Executive Chairman

King's Safetywear Limited