LIFUNG 6.000% Perpetual Corp (USD)

Bond Factsheet

Matured/ Called

Li & Fung Limited

Indicative

Full Lot

Bid Price

99.965

Change in Bid Price

Bid Yield (%)

Change in Bid Yield

Ask Price

100.148

Change in Ask Price

Ask Yield (%)

Change in Ask Yield

Indicative price as of 25 May 2018, 12:00am

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Bond Information

Li & Fung Limited operates as an export trading company. The Company exports consumer products such as garments, fashion accessories, toys, games, sporting goods, home furnishings, handicrafts, shoes, travel goods, and tableware. Li & Fung serves customers worldwide.

Bond Issuer

Li & Fung Limited

Guarantor

Announcement Date

01 Nov 2012

Issue Date

08 Nov 2012

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.142

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

6.000

Coupon Type

Variable

Annual Coupon Rate

6.000

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

ISIN

XS0851808435

CUSIP

EJ4281279

Bond Currency

USD

Total Issue Size

Outstanding Issue Size

500,000,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Consumer Discretionary

Bond Sub Sector

Distributors

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

SGX

Bond Feature(s)

Deferral Interest Payment

The Issuer may, at its sole discretion, elect to defer, in whole or in part, any Distribution (including any Arrears of Distribution and any Additional Distribution Amount) which is otherwise scheduled to be paid on a Distribution Payment Date to the next Distribution Payment Date (an "Optionally Deferred Distribution Payment") by giving notice (an "Optional Distribution Deferral Notice") to the Holders (in accordance with Condition 16 (Notices)) not more than 10 nor less than five Business Days prior to a scheduled Distribution Payment Date (an "Optional Deferral Event") unless, during the three months ending on the day before that scheduled Distribution Payment Date a Compulsory Distribution Payment Event has occurred.

Extracted from Offering Circular Dated 1 November 2012

Issuer Call

The Securities may be redeemed at the option of the Issuer (an "Optional Redemption") in whole, but not in part, on the First Reset Date (25 May 2018), the Second Reset Date (25 May 2023) or any Distribution Payment Date after the Second Reset Date (each, a "Call Settlement Date") on the Issuer giving not less than 30 nor more than 60 days' notice to the Holders (which notice shall be irrevocable and shall oblige the Issuer to redeem the Securities on the relevant Call Settlement Date) at the Redemption Amount.

Extracted from Offering Circular Dated 1 November 2012

Coupon Step

Rate of Distribution:

(i) in respect of the period from, and including, the Issue Date to, but excluding, 25 May 2018 (the "First Reset Date"), the Initial Distribution Rate (6.0%);

(ii) in respect of the period from, and including, the First Reset Date (25 May 2018) to, but excluding, 25 May 2023 (the "Second Reset Date"), the First Reset Distribution Rate [Treasury Rate + Initial Spread (5.276%)];

(iii) from and including, each Reset Date falling on and after the Second Reset Date (25 May 2023), to, but excluding, the immediately following Reset Date (every 5 years thereafter), up to the Reset Date falling on 25 May 2043 (the "Additional Step-up Margin Reset Date"), the Second Reset Distribution Rate [Treasury Rate + Initial Spread (5.276%) + Step-Up Margin (0.25%)]; and

(iv) from, and including, each Reset Date falling on and after the Additional Step-up Margin Reset Date (25 May 2043), to, but excluding, the immediately following Reset Date, the Third Reset Distribution Rate [Treasury Rate + Initial Spread (5.276%) + Step-Up-Margin (0.75%)].

Extracted from Offering Circular Dated 1 November 2012

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