Hongkong and Shanghai Hotels : 22 Oct 2018 - Announcement pursuant to Rule 13.51B(2) of the Listing Rules

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

THE HONGKONG AND SHANGHAI HOTELS, LIMITED

(Incorporated in Hong Kong with limited liability)

(Stock Code: 00045)

Announcement pursuant to Rule 13.51B(2) of the Listing Rules

This announcement is made by The Hongkong and Shanghai Hotels, Limited (the "Company") pursuant to Rule 13.51B(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The Board of Directors (the "Board") of the Company noted that an announcement was made by The Bank of East Asia, Limited ("BEA") on 16 October 2018 (the "BEA Announcement") in relation to Dr the Hon. Sir David Kwok Po Li ("Dr Li"), its Chairman and Chief Executive. According to the BEA Announcement, the National Court in Madrid opened a criminal investigation in relation to certain transactions undertaken by CaixaBank, S.A. ("CaixaBank") on 3 October 2018 (the "Investigation"). The Investigation has been brought against, among others, CaixaBank, some of its executives/directors and Dr Li. Dr Li was a director of CaixaBank until October 2014.

The allegations include alleged market abuse, insider trading, misrepresentation of financial statements, mismanagement of the firms and unfair treatment of shareholders.

Dr Li is an Independent Non-Executive Director and a member of the Nomination Committee of the Company. He is not involved in the day-to-day business of the Company.

The Board has no information on the Investigation other than those set out in the BEA Announcement.

To the best knowledge, information and belief of the Board, the Investigation does not relate in any way to the affairs of the Company and its subsidiaries (the "Group") and will not have any impact on the Group.

By order of the Board Christobelle Liao Company Secretary

Hong Kong, 22 October 2018

As at the date of this announcement, the Board of Directors of the Company comprises the following Directors:

Non-Executive Chairman The Hon. Sir Michael Kadoorie

Non-Executive Deputy Chairman Andrew Clifford Winawer Brandler

Executive Directors

Managing Director and Chief Executive Officer Clement King Man Kwok

Chief Operating Officer Peter Camille BorerChief Financial Officer Matthew James Lawson

Non-Executive Directors William Elkin Mocatta John Andrew Harry Leigh Nicholas Timothy James Colfer James Lindsay Lewis

Philip Lawrence Kadoorie

Independent Non-Executive Directors Dr the Hon. Sir David Kwok Po Li Patrick Blackwell Paul

Pierre Roger Boppe

• Dr William Kwok Lun Fung

• Dr Rosanna Yick Ming Wong

• Dr Kim Lesley Winser

Ada Koon Hang Tse