On 23 September 2019, Li & Fung Limited announced an invitation to the holders of its $750,000,000, 5.250% notes due 13 May 2020 to offer to tender any and all such Notes for purchase by the Company for cash in accordance with the procedures, and upon the terms and subject to the conditions set out in, the tender offer memorandum (as it may be amended or supplemented from time to time, the Tender Offer Memorandum) and subject to the offer restrictions referred to in "Offer and Distribution Restrictions" in the Tender Offer Memorandum. The invitation to tender the Notes for purchase is referred to herein as the "Offer". Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the Tender Offer Memorandum.