Pricing Supplement. This document constitutes the Pricing Supplement relating to the issue of Notes described herein.

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1 Pricing Supplement 28 March 2012 Howes Capital Limited Issue of U.S.$600,000, per cent. Guaranteed Notes due 2017 Guaranteed by Shangri-La Asia Limited under the U.S.$3,000,000,000 Medium Term Note Programme This document constitutes the Pricing Supplement relating to the issue of Notes described herein. Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the Conditions ) set forth in the Offering Circular dated 27 March This Pricing Supplement contains the final terms of the Notes and must be read in conjunction with such Offering Circular. Full information on the Issuer, the Guarantor and the offer of the Notes is only available on the basis of the combination of this Pricing Supplement and the Offering Circular. 1 (a) Issuer: Howes Capital Limited (b) Guarantor: Shangri-La Asia Limited 2 (i) Series Number: 001 (ii) Tranche Number: Specified Currency or Currencies: U.S. dollars (U.S.$) 4 Aggregate Nominal Amount: (i) Series: U.S.$600,000,000 (ii) Tranche: U.S.$600,000,000 5 (i) Issue Price: per cent. of the Aggregate Nominal Amount (ii) Net Proceeds: Approximately U.S.$595,068,250 after the deduction of certain expenses 6 (i) Specified Denominations: U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof (ii) Calculation Amount: U.S.$1,000 7 (i) Issue Date: 10 April 2012 (ii) Interest Commencement Date: 10 April Maturity Date: 10 April Interest Basis: 4.75 per cent. Fixed Rate (further particulars specified below) 10 Redemption/Payment Basis: Redemption at par 1

2 11 Change of Interest Basis or Redemption/Payment Basis: 12 Put/Call Options: 13 Date of Board approval for issuance of Notes and Guarantee obtained: Written resolutions of the directors of the Issuer dated 28 March 2012 Written resolutions of the directors of the Guarantor dated 28 March Listing: Singapore Exchange Securities Trading Limited 15 Method of distribution: Syndicated Provisions relating to Interest (if any) Payable 16 Fixed Rate Note Provisions Applicable (i) Rate of Interest: 4.75 per cent. per annum payable semi-annually in arrear (ii) Interest Payment Date(s): 10 April and 10 October in each year up to and including 10 April 2017 (iii) (iv) Fixed Coupon Amount(s): (Applicable to Notes in definitive form) Broken Amount(s): (Applicable to Notes in definitive form) U.S.$23.75 per Calculation Amount (if definitive) (v) Day Count Fraction: 30/360 (vi) Determination Date(s): (vii) Other terms relating to the method of calculating interest for Fixed Rate Notes: None 17 Floating Rate Note Provisions 18 Zero Coupon Note Provisions 19 Index Linked Interest Note Provisions 20 Dual Currency Interest Note Provisions 2

3 Provisions relating to Redemption 21 Issuer Call: 22 Investor Put: 23 Final Redemption Amount: U.S.$1,000 per Calculation Amount 24 Early Redemption Amount payable on redemption for taxation reasons or on event of default and/or the method of calculating the same (if required or if different from that set out in Condition 7.6): U.S.$1,000 per Calculation Amount General Provisions Applicable to the Notes 25 Form of Notes: Registered Global Note (U.S.$600,000,000 nominal amount) registered in the name of a nominee for a common depositary for Euroclear and Clearstream, Luxembourg 26 Additional Financial Centre(s) or other special provisions relating to Payment Dates: 27 Talons for future Coupons or Receipts to be attached to Definitive Bearer Notes (and dates on which such Talons mature): 28 Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and consequences of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment: No 29 Details relating to Instalment Notes: (i) Instalment Amount(s): (ii) Instalment Date(s): 30 Other terms or special conditions: 3

4 Distribution 31 (i) If syndicated, names and addresses of Managers and underwriting commitments: Bank of China (Hong Kong) Limited (Underwriting Commitment: U.S.$75,000,000) BOCI Asia Limited (Underwriting Commitment: U.S.$75,000,000) Crédit Agricole Corporate and Investment Bank (Underwriting Commitment: U.S.$150,000,000) The Hongkong and Shanghai Banking Corporation Limited (Underwriting Commitment: U.S.$150,000,000) Morgan Stanley & Co. International plc (Underwriting Commitment: U.S.$150,000,000) (ii) (iii) Date of Subscription Agreement Stabilising Manager(s) (if any): 28 March 2012 Crédit Agricole Corporate and Investment Bank 32 If non-syndicated, name of relevant Dealer: 33 U.S. Selling Restrictions: Reg. S Category 2; TEFRA not applicable 34 Additional selling restrictions: See Additional Selling Restriction herein Operational Information 35 Any clearing system(s) other than Euroclear or Clearstream, Luxembourg and the relevant identification number(s): 36 Delivery: Delivery against payment 37 In the case of Registered Notes, specify the location of the office of the Registrar if other than New York: 38 Additional Paying Agent(s) (if any): Hong Kong Other Information 39 Use of proceeds: The net proceeds from the issue of the Notes will be used by the Guarantor and/or the Guarantor's subsidiaries as general working capital, to fund future capital expenditures and to repay bank borrowings. ISIN: XS Common Code:

5 Additional Selling Restriction Republic of Italy The offering of the Notes has not been registered with the Commissione Nazionale per le Società e la Borsa ("CONSOB") pursuant to Italian securities legislation. Each Joint Lead Manager has represented and agreed that any offer, sale or delivery of the Notes or distribution of copies of the Offering Circular or any other document relating to the Notes in the Republic of Italy will be effected in accordance with all Italian securities, tax and exchange control and other applicable laws and regulation. Any such offer, sale or delivery of the Notes or distribution of copies of the Offering Circular or any other document relating to the Notes in the Republic of Italy must be: (i) (ii) made by an investment firm, bank or financial intermediary permitted to conduct such activities in the Republic of Italy in accordance with Legislative Decree No. 58 of 24 February 1998, CONSOB Regulation No of 29 October 2007 and Legislative Decree No. 385 of 1 September 1993 (in each case as amended from time to time); and in compliance with any other applicable laws and regulations or requirement imposed by CONSOB or any other Italian authority. 5

6 Listing Application This Pricing Supplement comprises the final terms required for the issue of Notes described herein pursuant to the U.S.$3,000,000,000 Medium Term Note Programme of Howes Capital Limited. 1

Pricing Supplement dated 21 January Value Success International Limited

Pricing Supplement dated 21 January 2014 Value Success International Limited Issue of CNY750,000,000 4.95 per cent. Notes due 2019 Guaranteed by China Ping An Insurance Overseas (Holdings) Limited under