Far East Horizon : UPDATE OF THE US$4,000,000,000 MEDIUM TERM NOTE AND PERPETUAL SECURITIES PROGRAMME BY FAR EAST HORIZON LIMITED

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities referred to herein.

This announcement is not, and is not intended to be, an offer of securities of the Company for sale, or the solicitation of an offer to buy securities of the Company, in the United States or elsewhere. The securities referred to herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States or other jurisdiction, and the securities may not be offered or sold within the United States (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 applicable state or local securities laws. This announcement and the information contained herein are not for distribution, directly or indirectly, in or into the United States. No public offer of the securities referred to herein is being or will be made in the United States.

(Incorporated in Hong Kong with limited liability)

(Stock Code: 3360)

VOLUNTARY ANNOUNCEMENT

UPDATE OF THE US$4,000,000,000 MEDIUM TERM NOTE AND

PERPETUAL SECURITIES PROGRAMME

BY

FAR EAST HORIZON LIMITED

The Board is pleased to announce that the Company has on 22 September 2020 updated the Programme. Under the Updated Programme, the Company may offer and issue Notes and/ or Perpetual Securities in series, with the aggregate nominal amount of Notes and Perpetual Securities which may be outstanding at any time of up to US$4,000,000,000 (or its equivalent in other currencies).

The Company has appointed DBS Bank and Standard Chartered Bank as the Arrangers under the Updated Programme.

As the Company may or may not proceed with drawdown(s) under the Updated Programme, the timing of drawdown(s) (if any) is uncertain as it depends on market conditions and the funding needs of the Company and the terms of each drawdown may vary within the parameters set out in the Updated Programme, shareholders of the Company and prospective investors are advised to exercise caution when dealing in the securities of the Company.

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UPDATE OF THE US$4,000,000,000 MEDIUM TERM NOTE AND PERPETUAL SECURITIES PROGRAMME BY THE COMPANY

The Board is pleased to announce that the Company has on 22 September 2020 updated the Programme. Under the Updated Programme, the Company may offer and issue Notes and/or Perpetual Securities in series, with the aggregate nominal amount of Notes and Perpetual Securities which may be outstanding at any time of up to US$4,000,000,000 (or its equivalent in other currencies).

An announcement will be made by the Company for the listing of the Updated Programme during the 12-month period from 22 September 2020 on the Stock Exchange whereby Notes and/ or Perpetual Securities may be issued by way of debt issues to professional investors only. In relation to any issue of Notes or Perpetual Securities, the Company has the option to agree with the relevant dealer(s) to list the Notes or Perpetual Securities, as the case may be, on the Stock Exchange or any other stock exchange.

The Company has appointed DBS Bank and Standard Chartered Bank as the Arrangers under the Updated Programme by way of an amended and restated programme agreement dated 22 September 2020.

The Company currently intends to use the net proceeds from each issue of Notes or Perpetual Securities, as the case may be, issued under the Updated Programme for the Company's working capital and general corporate purposes. Subject to all necessary approvals having been obtained from the relevant PRC government authorities, the proceeds may also be on-lent to the subsidiaries of the Company in the PRC by way of intercompany loan.

The Board is of the view that the Updated Programme is to make available a platform to enhance its flexibility and efficiency for future funding or capital management. It is designed to allow Notes and/or Perpetual Securities to be drawdown from time to time and the Company has no current intention to drawdown the entire amount of the Updated Programme. The principal amount and timing of drawdown(s) of Notes and/or Perpetual Securities under the Updated Programme are dependent on several factors, including but not limited to, market conditions and the funding needs of the Company.

As the Company may or may not proceed with drawdowns under the Updated Programme, the timing of drawdown(s) (if any) is uncertain as it depends on market conditions and the funding needs of the Company and the terms of each drawdown may vary within the parameters set out in the Updated Programme, shareholders of the Company and prospective investors are advised to exercise caution when dealing in the securities of the Company.

DEFINITIONS

In this announcement, the following terms have the meanings set forth below unless the context requires otherwise:

"Arrangers"DBS Bank and Standard Chartered Bank, acting as the joint

arrangers for the Updated Programme

"Board"

the board of directors of the Company

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"Company"

"DBS Bank"

"Hong Kong"

"Listing Rules"

"Notes"

"Perpetual Securities"

"PRC"

Far East Horizon Limited, whose shares are listed on the main board of the Stock Exchange

DBS Bank Ltd.

the Hong Kong Special Administrative Region of the PRC

The Rules Governing the Listing of Securities on the Stock Exchange

notes that may be offered and issued by the Company under the Updated Programme

perpetual securities that may be offered and issued by the Company under the Updated Programme

The People's Republic of China, for the purposes of this announcement, excluding Hong Kong, Macau Special Administrative Region of the PRC and Taiwan

"Programme"	US$1,000,000,000 medium term note programme established
	by the Company on 5 April 2012, as updated and increased to
	US$4,000,000,000 on 2 May 2013, 14 April 2014, 22 April 2015 and
	2 June 2016, respectively, and further updated to include the option
	of offering and issuing Perpetual Securities on 31 May 2017 by the
	Company, and thereafter updated on 9 May 2018 and 31 May 2019,
	respectively
"Standard Chartered Bank" Standard Chartered Bank (Hong Kong) Limited
"Updated Programme"	the programme as updated on 22 September 2020
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
"United States"	the United States of America
"US$"	U.S. dollar(s), the lawful currency of the United States

By order of the Board

Far East Horizon Limited

Chief Executive Officer and Executive Director

Kong Fanxing

Hong Kong, 22 September 2020

As at the date of this announcement, the executive directors of the Company are Mr. KONG Fanxing and Mr. WANG Mingzhe, the non-executive directors of the Company are Mr. NING Gaoning (Chairman), Mr. YANG Lin, Mr. LIU Haifeng David, Mr. KUO Ming-Jian and Mr. John LAW, and the independent non-executive directors of the Company are Mr. CAI Cunqiang, Mr. HAN Xiaojing, Mr. LIU Jialin and Mr. YIP Wai Ming.

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