Hongkong and Shanghai Hotels : 28 Oct 2020 - Discloseable Transaction - Restructuring of Joint Venture Arrangements in Thailand

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)

Discloseable Transaction

Restructuring of Joint Venture Arrangements in Thailand

Reference is made to the announcements made by The Hongkong and Shanghai Hotels, Limited (the "Company") on 28 August 2020 and 8 October 2020 (the "Announcements") in respect of the restructuring of joint venture arrangements between the Company and the Phataraprasit Shareholders in HSH-Siam Chaophraya Holdings Co., Ltd. ("HSH-SCH") and its subsidiaries. The Company owns a 50% interest in HSH-SCH.

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

The Board of Directors of the Company is pleased to announce that all conditions precedent under the Transaction Agreements have been satisfied and the restructuring of assets and liabilities under HSH-SCH has been completed. As a result, the joint venture relationship between the Company and the Phataraprasit Shareholders has been terminated. The Company had, through its subsidiaries, acquired the Phataraprasit Shareholders' 50% economic interest in The Peninsula Bangkok and its surrounding land in consideration for the Company's 50% economic interest in the Thai Country Club and TCC Land Parcels and the Cash Consideration. The Cash Consideration has been paid to the Phataraprasit Shareholders on 28 October 2020.

By order of the Board

Christobelle Liao

Company Secretary

Hong Kong, 28 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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