Oversea-Chinese Banking Corporation Limited (SGX:039) commences share repurchases on May 9, 2017, under the program mandated by the shareholders in the Annual General Meeting held on April 28, 2017. As per the mandate, the company will repurchase up to 209,124,917 shares, representing 5% of the issued ordinary share capital. The repurchases will made on market repurchases or through off-market purchase effected otherwise than on the SGX-ST in accordance with any equal access scheme. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be 105% of the average closing price of the ordinary shares for the five consecutive market days on which the ordinary shares are transacted on the SGX-ST or, as the case may be, other exchange immediately preceding the date of market purchase. While in case of off-market repurchases, the maximum price that will be paid by the company for repurchases will be 110% of the average closing price of the ordinary shares for the five consecutive market days on which the ordinary shares are transacted on the SGX-ST on the date of the making of the offer pursuant to the off-market purchase, and deemed to be adjusted in accordance with the listing rules of the SGX-ST for any corporate action which occurs after the relevant five-day period. The company will use its internal sources of funds to finance its purchase or acquisition of ordinary shares. The repurchases will be pursuant to sections 76C and 76E of the Companies Act. The share repurchase program shall expire at the earliest of the date on which the next Annual General Meeting of the company is held or is required to be held, the date on which the share buy-backs are carried out to the full extent mandated or the date on which the authority contained in the share repurchase mandate is varied or revoked.