Li & Fung : VOLUNTARY ANNOUNCEMENT - FURTHER ISSUE OF US$100,000,000 4.375% NOTES DUE 2024

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.

This announcement is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

This announcement is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form a part of an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred to herein have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States, absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act. Any offering of securities will be made by means of an offering document. Such offering document will contain detailed information about the Company and its management and financial statements. No public offering of the securities referred to herein will be made in the United States. None of the New Notes will be offered to the public in Hong Kong nor will the New Notes be placed to any connected persons of the Company.

Incorporated in Bermuda with limited liability

Stock Code: 494

VOLUNTARY ANNOUNCEMENT

FURTHER ISSUE OF US$100,000,000 4.375% NOTES DUE 2024

BY LI & FUNG LIMITED

Reference is made to the announcement of the Company on 26 September 2019 in relation to the issuance of the Original Notes.

The Board is pleased to announce that the Company has carried out a further drawdown under the Programme to offer and issue the New Notes in an aggregate principal amount of US$100,000,000 and with an issue date of 29 October 2019. The New Notes, when issued, will be consolidated and form a single series with the Original Notes, and will rank pari passu with the Original Notes. The New Notes are exempt from, and not subject to, the registration requirements under the U.S. Securities Act.

The New Notes will be denominated in U.S. dollars, have a maturity date of 4 October 2024, and bear a fixed interest rate of 4.375% per annum during their term. The issue price of the New Notes will be 100.351% of the principal amount of the New Notes (which for the avoidance of doubt includes the accrued interest in respect of the period from, and including, 4 October 2019 to, but excluding, the Closing Date).

This announcement is made by the Company on a voluntary basis.

FURTHER DRAWDOWN UNDER THE MEDIUM TERM NOTE AND PERPETUAL SECURITIES PROGRAMME BY THE COMPANY

Reference is made to the announcement of the Company on 26 September 2019 in relation to the issuance of the Original Notes.

The Board is pleased to announce that the Company has carried out a further drawdown under the Programme to offer an issue the New Notes in an aggregate principal amount of US$100,000,000 and with an issue date of 29 October 2019. The New Notes, when issued, will be consolidated and form a single series with the Original Notes, and will rank pari passu with the Original Notes. The New Notes are exempt from, and not

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subject to, the registration requirements under the U.S. Securities Act.

The New Notes will be denominated in U.S. dollars, have a maturity date of 4 October 2024, and bear a fixed interest rate of 4.375% per annum during their term. The issue price of the New Notes will be 100.351% of the principal amount of the New Notes (which for the avoidance of doubt includes the accrued interest in respect of the period from, and including, 4 October 2019 to, but excluding, the Closing Date).

The Company intends to raise funding through the issue of the New Notes primarily for refinancing long- term indebtedness and general corporate purposes.

An application will be made by the Company to the SGX-ST for the listing of and permission to deal in the New Notes and such permission will be granted when the New Notes have been admitted to the Official List of the SGX-ST, which is expected to be on or about 30 October 2019.

DEFINITIONS

In this announcement, the following terms have the meanings set forth below unless the context requires otherwise:

"Closing Date"	29 October 2019
"Joint Lead Managers"	Mizuho Securities Asia Limited and Standard Chartered Bank
"New Notes"	the US$100,000,000 4.375% notes due 2024 to be issued by
	the Company on the Closing Date which will be consolidated
	and form a single series with the Original Notes
"Original Notes"	the US$400,000,000 4.375% notes due 2024 issued by the
	Company at an issue price of 99.561% of their principal
	amount on 4 October 2019
"Programme"	the US$2 billion medium term note and perpetual securities
	programme established by the Company on 11 October 2016
"SGX-ST"	the Singapore Exchange Securities Trading Limited
"U.S. Securities Act"	U.S. Securities Act of 1933, as amended
"US$"	the U.S. dollar(s), the lawful currency of the United States
By Order of the Board
William FUNG Kwok Lun
Group Chairman, Li & Fung Limited
Hong Kong, 22 October 2019

As at the date of this announcement, the Executive Directors of the Company are William Fung Kwok Lun (Group Chairman), Spencer Theodore Fung (Group Chief Executive Officer) and Joseph C. Phi; the Non-executive Directors are Victor Fung Kwok King (Honorary Chairman) and Marc Robert Compagnon; the Independent Non-executive Directors are Allan Wong Chi Yun, Martin Tang Yue Nien, Margaret Leung Ko May Yee, Chih Tin Cheung and John G. Rice.

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