Hongkong and Shanghai Hotels : 08 Oct 2020 - Discloseable Transaction - Restructuring of Joint Venture Arrangements in Thailand - Signing of Transaction Agreements

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THE HONGKONG AND SHANGHAI HOTELS, LIMITED

(Incorporated in Hong Kong with limited liability)

(Stock Code: 00045)

Discloseable Transaction

Restructuring of Joint Venture Arrangements in Thailand

Signing of Transaction Agreements

Reference is made to the announcement made by The Hongkong and Shanghai Hotels, Limited (the "Company") on 28 August 2020 (the "Announcement") in respect of the signing of the heads of terms with the Phataraprasit Shareholders, to confirm their agreement to restructure the current arrangements between the Company and the Phataraprasit Shareholders in relation to their respective shareholding in HSH-Siam Chaophraya Holdings Co., Ltd. ("HSH-SCH"). The Company owns a 50% interest in HSH-SCH.

Unless otherwise defined, all terms used herein shall be as defined in the Announcement.

The Board of Directors of the Company is pleased to announce that on 8 October 2020, PIIHL, a wholly-owned subsidiary of the Company, has entered into legally-binding transaction agreements (the "Transaction Agreements") with the Phataraprasit Shareholders, to terminate their relationship under the shareholders' agreement in HSH-SCH and split amongst the parties the assets and liabilities set up under HSH-SCH. Subject to completion in accordance with the Transaction Agreements, the Company will, through its subsidiaries, acquire the Phataraprasit Shareholders' 50% economic interest in The Peninsula Bangkok and its surrounding land in consideration for Phataraprasit Shareholders' 50% economic interest in the Thai Country Club and TCC Land Parcels and the Cash Consideration. The Cash Consideration shall be paid to the Phataraprasit Shareholders on completion of the Transaction, which is expected to take place on or about 28 October 2020.

Shareholders and potential investors of the Company should note that completion of the Transaction may or may not proceed. Shareholders and potential investors of the Company should exercise caution when dealing in the securities of the Company.

By order of the Board

Christobelle Liao

Company Secretary

Hong Kong, 8 October 2020

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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	Non-Executive Directors
Andrew Clifford Winawer Brandler	William Elkin Mocatta
	John Andrew Harry Leigh
	Nicholas Timothy James Colfer
	James Lindsay Lewis
Executive Directors	Philip Lawrence Kadoorie
Independent Non-Executive Directors
Managing Director and Chief Executive Officer
Clement King Man Kwok	Dr the Hon. Sir David Kwok Po Li
	Patrick Blackwell Paul
	Pierre Roger Boppe
	Dr William Kwok Lun Fung
Chief Operating Officer	Dr Rosanna Yick Ming Wong
Dr Kim Lesley Winser
Peter Camille Borer	Ada Koon Hang Tse

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