Li & Fung : VOLUNTARY ANNOUNCEMENT - DRAWDOWN UNDER THE MEDIUM TERM NOTE AND PERPETUAL SECURITIES PROGRAMME

be unlawful prior to registration or qualification under the securities laws of any such .

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	VOLUNTARY		T
DRAWDOWN UNDER MED UMANNOUNCEMENTERM TE AND PERPETUAL
			Stock Code: 494
		SECURITIES PROGRAMME
Reference is made to the announc ment of the Company on 20 September 2019 in relation to
the annual update of the Programme.
The B ard is pl ased to announce that on 26 September 2019, the Company has carried out
drawd wn under the Programme to offer and issue the Drawdown Notes in an	gregate
nominal amount of			whi h are exempt from, and not subject to, the registration
requirements underUSthe$400,000,000,. . Securities Act.	U.S. dollars, w ll have a aturity date of 4 October
The Drawdown Notes are
2024 and will bear interest denominatedthe rate of interest described in their terms.
D AWDOWN UNDER THE MEDIUM TERM NOTE AND PERPETUAL SECURITIES
PROGRAMME BY THE COMPANY
The B ard is pleas d	announce that on 26 September 2019, the Comp y has c rried out
drawdown under the Prtogramme to offer and issue the	Notes in an aggregate nominal
amount of		which are	exempt from,Drawdownan not subject to, the registration
requirementsUSunder$400,000,000,the . . Securities Act.
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PRINCIPAL TERMS OF THE DRAWDOWN NOTES

Issuer

Li & Fung Limited

Joint Lead Managers

Citigroup Global Markets Limited, The Hongkong

nd

Shanghai

Issue Currency

Banking Corporation Limited, Mizuho Securities Asia Limited and

U.S. dollars

Issue Size

US$400,000,000

Issue Price

99.561 per cent. of the Issue Size

Rate of Interest

4.375 per cent. per annum

Pricing Date

26 September 2019

Issue Date

4 October 2019

Issu

r Optional

The Issuer may redeem the Notes in whole but not in part at any

Redemption

on giving not less than 30 nor more than 60 d ys' notice totimeth

holders

at a

mption

price

equal

to the

principal

amount of the Notes redeeme

plus (i) an applicable premium,

calculated as of the redemption date, equal to the then present value

of all required remaining scheduled interest

ts due on such

Notes o the maturity da e of the Notes, and paymen(ii) ccru d and unpaid

interest, if any, to (but not including) the redemption date

In

ddition, the Issuer may redeem the Notes

whole but not in part

at any time on or after 4 September 2024

n giving not less than

30

nor

ore

than 60 days' notice

to the

holders of the

at

a

ption price equal to the

principal

amount

of NotesheNotes

redeemed

plus accrued and unpaid interest, if any, to (but not

including) the redemption date

The Company currently

intends to use the net p oceeds from the Drawdown Notes for

refinancing long-term indebtedness and general corporate purposes.

An application will be

by the Company to the S

Exchange Securities Trading

Limited (the SGX-ST) formadeth listing of and permission to d

al the Draw own Notes and such

permission will be granted when the Drawdown Notes havingaporebeen admitted to the Official List of

the SGX-ST, which is expected to be on or about 7 October 2019.

DEFINITIONS

In th

announcement, the following terms have the meanings set forth below unless the context

requires otherwise:

the board of directors of the Company

"Board"

"Company"

Li & Fung Limited, whose shares are listed on the main board of the

Stock Exchange of Hong Kong

"Drawdown Notes" theofferedUS$and400,000,000to be issued4.375byperthecentCompany. notespursuantdue 4 Octobera drawdown2024 under the Programme

"Hong Kong" the Hong Kong Special Administrative Region of the PRC

"Programme" USestablished$2 billionbymediumthe Companyterm noteon and11 Octoberperpetual2016securities programme

"UAct".S. Securities U.S. Securities Act of 1933, as amended

"United States" the United States of America

"US$"U.S. dollar(s), the lawful currency of the United States ByWilliamOrderFUNGof theKwokBoardLun

Group Chairman, Li & Fung Limited

Hong Kong, 26 September 2019

AsKwokat Lunthe date(GrNonupof Chairman),this announcement,Spencer Theodorethe ExecutiveFungDirectors(Group Chiefof theExecutiveCompanyOfficer)are Williamand JosephFung CRobert. Phi; Compagnon;the -executivethe IndependentDirectors areNonVictor-executive DirKwokectorsKingare(HonoraryAllan WongChairman)Chi Yun,andMartinMarc Tang Yue Nien, Margaret Leung Ko May Yee, Chih Tin Ch ung and John G. Rice.

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