Shangri La Asia : La Issued Inaugural Panda Bond

(Hong Kong, 5 June 2024)Bank of China ("BOC"), China Merchants Securities ("CMS"), Mizuho Bank (China), Ltd. ("Mizuho") is pleased to announce the successful issuance of Shangri-La Asia Limited's (HKEX stock code: 00069/SGX stock code: S07) ("Shangri-La") first Panda Bond. The RMB1 billion 3-year note is jointly managed by Bank of China, China Merchants Securities and Mizuho Bank (China), Ltd. Shangri-La had earlier set up a RMB20 billion MTN Programme. This RMB1 billion issuance is the first tranche of that programme and was subscribed 4.09x. The coupon rate is 2.5% following the AAA-rating by China Lianhe Credit Rating Co., Ltd. on both Shangri-La and the RMB1 billion issue. Proceeds raised from the issuance will be used for general corporate purposes.

Mr Zhu Lei, Head of Debt Capital Markets, Investment Banking Department, BOC, said: "This is the first-ever Panda Bond issued by a Hong Kong listed Hospitality Group. This issuance was subscribed 4.09x, which reflects Shangri-La's strong creditworthiness, excellent financial and robust business fundamentals".

Mr. Huo Da, Board Chairman, Executive Director and Chief Information Officer of CMS said: "This is the first time we are working with Shangri-La on Corporate Debt issuance. This is the lowest coupon rate of Panda Medium Term Notes for an offshore non-state-owned entity. We are delighted with these strong results and look forward to continuing working with them in future issuances."

Mr. Kenya Yoshiura, President, Vice Chairman of Mizuho Bank (China), Ltd. said: "We have been working with Shangri-La on various offshore transactions for some time now and happy to partake in our first Mainland China on-shore hospitality transaction with Shangri-La."

Mr. Chua Chee Wui, Shangri-La Chief Financial Officer and Executive Director said, "The successful debut of our inaugural panda bond demonstrates investors' confidence in Shangri-La. This further diversifies our funding sources and marks our first foray into the onshore RMB capital markets, and also helps us manage our Group's foreign currency exposure and better match our assets geographical exposure."

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About Bank of China

Bank of China is the bank with the longest continuous operation among Chinese banks. Formally established in February 1912, and a wholly state-owned commercial bank since 1994, the Bank provides various financial services, and has developed into a large commercial bank delivering services in local and foreign currencies and featuring complete business varieties and strong strength.

The Bank was listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in 2006, becoming the first Chinese bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. As China's most globalised and integrated bank, Bank of China has institutions across the Chinese mainland as well as 64 countries and regions, and BOCHK and the Macau Branch serve as local note-issuing banks in their respective markets.

About China Merchants Securities

China Merchants Securities co. Ltd. (CMS) is a leading investment bank in China, with a highly integrated and collaborative full-service business model. Adhering to a client-oriented approach, we provide clients with all-round professional services of Wealth-Management and Institutional business, Investment Banking, Investment Management, Investment and Trading. CMS wholly owns CMS International, CMS Asset Management, China Merchants Futures, CMS Zhiyuan, China Merchants Investment, and is a shareholder of Bosera Funds and China Merchants Fund, building a comprehensive service platform integrating both domestic and international business.

Under the control of China Merchants Group, the Company fully benefits from the brand influence of "China Merchants" and the industrial and financial resources within the Group. Strongly supported by China Merchants Group, the Company has continued to grow and develop and achieve A+H share listing. It has always maintained a market-oriented operating mechanism and a sound corporate governance structure to provide a solid guarantee for the Company's steady and long-term development.

As the premiere domestic securities company, China Merchants Securities shares a growing history with the domestic securities markets and the company always remains a forerunner for development and innovation in the capital market through our constant quest for excellence and outstanding accomplishments.

About Mizuho Bank (China),Ltd.

Mizuho Bank (China), Ltd. (the "Mizuho") is a wholly-owned foreign bank established in Shanghai, the People's Republic of China. The Bank's business scope includes full foreign currency business and Renminbi business with foreign customers.

"Mizuho" has also established 10 branches in Beijing, Shenzhen, Dalian, Wuxi, Tianjin, Qingdao, Guangzhou, Wuhan, Suzhou and Hefei respectively, and 3 sub-branches in Kunshan, Changshu and Shanghai Hongqiao.

About Shangri-La Group

Shangri-La Group is one of the world's premier developers, owners and managers of hotel and investment properties which comprises office buildings, commercial real estate and serviced apartments/residences. The Group's other principal activities include hotel management services as well as property development for sale. It currently owns and/or manages over 100 hotels globally in more than 75 destinations under the Shangri-La, Kerry, JEN by Shangri-La and Traders brands. Prominently positioned in Asia, the Group has a substantial pipeline of upcoming hotel and mixed-use development projects in Australia, Mainland China, Cambodia, and Japan. For more information, please visithttps://www.shangri-la.com/group/.