Li & Fung Limited announced that on 11 August 2020, the Company entered into the Subscription Agreement to carry out a drawdown under the Programme to offer and issue the Drawdown Notes in an aggregate nominal amount of USD 300,000,000 4.50% notes due on August 18, 2025 offered and to be issued by the Company pursuant to a drawdown under the Programme. The New Notes are exempt from, and not subject to, the registration requirements under the U.S. Securities Act. The issue price of the New Notes will be 100.00% of the New Note. Completion of the issue of the Drawdown Notes is subject to the satisfaction or waiver of the conditions precedent set forth in the Subscription Agreement. The Issuer may redeem the Drawdown Notes in whole but not in part at any time before 18 July 2025 on giving not less than 30 nor more than 60 days notice to the holders of the Drawdown Notes at a redemption price equal to the principal amount of the Drawdown Notes redeemed plus (i) an applicable premium, calculated as of the redemption date, equal to the then present value of all required remaining scheduled interest payments due on such Notes to the maturity date of the Drawdown Notes, and (ii) accrued and unpaid interest, if any, to (but not including) the redemption date.