Muang Thai Life Assurance Public Company Limited - Tender Offer - Launch

MUANG THAI LIFE ASSURANCE PUBLIC COMPANY LIMITED ANNOUNCES CASH TENDER OFFER FOR ITS US$400,000,000 FIXED RATE RESET SUBORDINATED NOTES DUE 2037

03 JULY 2023

Full announcement including disclaimers and offer restrictions available via SGX (Source: Muang Thai Life Assurance Public Company Limited)

"3 July 2023. Muang Thai Life Assurance Public Company Limited (the Company) announces today an invitation to holders of its outstanding US$400,000,000 Fixed Rate Reset Subordinated Notes due 2037 (ISIN: XS2396503505) (the Notes) to tender their Notes for purchase by the Company for cash (such invitation, the Offer)."

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"Summary of the Offer

A summary of certain of the terms of the Offer appears below:"

(1) Subject to the terms and conditions of the Notes, the Company may, at its option, during the period from and including

27 October 2026 to and including the Reset Date (being 27 January 2027), redeem all, but not some only, of the Notes. For

further details, see Condition 7.3 of the terms and conditions of the Notes.

(2) This is the Rate of Interest from and including 27 October 2021 to but excluding the Reset Date (being 27 January

2027).

(3) The Company will also pay an amount equal to the accrued and unpaid interest from (and including) the immediately

preceding interest payment date for the Notes up to (but excluding) the Settlement Date in respect of Notes accepted for purchase

pursuant to the Offer.

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"Rationale for the Offer

The purpose of the Offer is to proactively manage the Company’s capital profile and provide liquidity to

Noteholders whose Notes are accepted in the Offer. Notes purchased by the Company pursuant to the Offer will

forthwith be cancelled and will not be re-issued or re-sold. Notes which have not been validly offered and accepted

for purchase pursuant to the Offer will remain outstanding."

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