Redemption Notice

Hongkong & Shanghai Banking Corp Ld

12 June 2023

 

12 June 2023

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

NOTICE OF REDEMPTION AND CANCELLATION OF LISTING

To the holders of US$400,000,000 Primary Capital Undated Floating Rate Notes (Third Series), ISIN Code: GB0004355490

(the 'Notes')

Notice is hereby irrevocably given to the holders of the Notes that, pursuant to Condition 4(b) (Optional Redemption) of the terms and conditions of the Notes (the 'Conditions') and subject to Condition 2 (Status and Subordination) of the Notes, on the Interest Payment Date (as defined in the Conditions of the Notes) falling in July 2023 (expected to be 31 July 2023) (the 'Redemption Date'), HBAP will exercise its option to redeem all of the outstanding Notes at 100 per cent. of their principal amount, together with accrued but unpaid interest from (and including) 28 April 2023 to (but excluding) the Redemption Date. On or after the Redemption Date, unless payment is improperly withheld or refused or is not made by reason of Condition 2 (Status and Subordination) of the Notes, interest in respect of the Notes will cease to accrue.

Any Coupons (as defined in the Conditions of the Notes) maturing after the Redemption Date shall be void and payments of the principal of the Notes, together with the above-mentioned accrued interest, will be made upon presentation and surrender of the Notes and the Coupons maturing on or before the Redemption Date as provided in Condition 5 (Payments) of the Notes. For these purposes, the place of payment is at the specified office of any Paying Agents, being at the date hereof: Citibank, N.A., London Branch, Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB, United Kingdom.

For Notes which are held through Euroclear Bank SA/NV ('Euroclear') or Clearstream Banking, S.A. ('Clearstream, Luxembourg'), holders should look to Euroclear and/or Clearstream, Luxembourg for repayment on the Redemption Date.

The listing of the Notes on the Official List of the Financial Conduct Authority and the admission of the Notes to trading on the Main Market of the London Stock Exchange plc will be cancelled by HBAP on, or shortly after, 1 August 2023.

Capitalised terms used but not otherwise defined herein shall have the relevant meanings given to them in the trust deed relating to the Notes dated 9 July 1986 as amended or supplemented from time to time, between, among others, The Hongkong and Shanghai Banking Corporation Limited and The Law Debenture Trust Corporation p.l.c., copies of which are available for inspection at the specified offices of the Trustee or the Paying Agents.

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Investor enquiries to:

Greg Case                            [phone]                   [e-mail]

Media enquiries to:

Vinh Tran                              [phone]                                  [e-mail]

The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'Securities Act'), or any state securities laws and, unless so registered, may not be offered or sold within the United States or to, or for the account or the benefit of, US persons, as defined in Regulation S under the Securities Act, except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act and in compliance with any applicable state securities laws.

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