Pacific Century Premium Developments : Distribution in Specie of the Shares of the Company by Controlling Shareholder

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.

PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED

盈科大衍地產發展有限公司*

(Incorporated in Bermuda with limited liability)

(Stock Code: 00432)

DISTRIBUTION IN SPECIE OF THE SHARES OF THE COMPANY

BY CONTROLLING SHAREHOLDER

Reference is made to the Company's announcements dated 2 March 2012, 16 May 2012 and 21 June 2012, the Company's circular dated 5 April 2012, and the Company's prospectus dated 4 June 2012 in relation to, amongst other things, the Convertible Notes; the Company's announcement dated 6 August 2020 (the "Announcement") in relation to the PCCW Distribution, the Conversion and the Amendment; and the Company's announcement dated 18 August 2020 in relation to the Conversion. Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

Reference is also made to the announcements of PCCW dated 6 August 2020 and 28 August 2020 in relation to, amongst other things, the PCCW Distribution and the Conversion.

The Board announces that the Bondholders' Consent has been obtained on 28 August 2020. On the same date, the Company's wholly-owned subsidiary, PCPD Capital Limited, has issued an announcement on the website of the Singapore Exchange Securities Trading Limited in respect of the receipt of the Bondholders' Consent.

In connection with the above, the Company has been informed by PCCW that the amount of the PCCW Distribution will be increased by the amount of the Adjusted PCCW Distribution to a total of 834,800,925 Shares on the basis of 108 Shares for every 1,000 PCCW Shares held by the Qualifying PCCW Shareholders. Accordingly, assuming that no further Shares are issued or repurchased by the Company prior to the issue of the Conversion Shares, the shareholding structure of the Company taking into account the Conversion and the PCCW Distribution is expected to be as follows:

	As at the date of this	Immediately after the
	Conversion and PCCW
	announcement
		Distribution(1)
Shareholder	Number of Shares		%	Number of Shares		%
Asian Motion	285,088,666		70.88	635,354,407		40.03
Mr. Li and his associates(2)	-		-	241,545,951(3)		15.22
Other non-public Shareholders	-		-	889,409(4)		0.06
Public Shareholders	117,100,647		29.12	709,466,212		44.69
Total	402,189,313		100.00	1,587,255,979		100.00

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Notes:

1. The shareholding numbers may be subject to changes as a result of fractional entitlements in the PCCW Distribution.
2. As at the date of this announcement, Mr. Li is an executive director of the Company.
3. Of these Shares:
4. 1. Pacific Century Diversified Limited ("PCD"), a wholly-owned subsidiary of Chiltonlink Limited ("Chiltonlink"), will hold 29,102,971 Shares, and Eisner Investments Limited ("Eisner") will hold 4,128,020 Shares. Mr. Li owned 100% of the issued share capital of Chiltonlink and Eisner;
   2. 18,933,725 Shares will be held by Pacific Century Group Holdings Limited ("PCGH"). Mr. Li was the founder of certain trusts which held 100% interests in PCGH; and
   3. 189,381,235 Shares will be held by Pacific Century Regional Developments Limited ("PCRD"), a company in which PCGH had, through itself and certain wholly-owned subsidiaries being Anglang Investments Limited, Pacific Century Group (Cayman Islands) Limited, Pacific Century International Limited and Borsington Limited, an aggregate of 88.63% interest. Mr. Li was the founder of certain trusts which held 100% interests in PCGH. Mr. Li was also deemed to be interested in 1.06% of the issued share capital of PCRD through Hopestar Holdings Limited, a company wholly-owned by Mr. Li.
5. Of these Shares:
6. 1. Ms. Hui Hon Hing, Susanna, an executive director of the Company, will be interested in 782,154 Shares; and
   2. Mr. Lee Chi Hong, Robert, a non-executive director of the Company and the non-executive chairman of the Company, will be interested in 107,255 Shares.

By Order of the Board

Pacific Century Premium Developments Limited

Timothy Tsang

General Counsel and Company Secretary

Hong Kong, 28 August 2020

As at the date of this announcement, the directors of the Company are as follows:

Executive Directors:

Li Tzar Kai, Richard; Benjamin Lam Yu Yee (Deputy Chairman and Group Managing Director); and Hui Hon Hing, Susanna

Non-Executive Directors:

Lee Chi Hong, Robert (Non-Executive Chairman); and Dr Allan Zeman, GBM, GBS, JP

Independent Non-Executive Directors:

Prof Wong Yue Chim, Richard, SBS, JP; Chiang Yun; and Dr Vince Feng

• For identification only

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