Sembcorp Industries : Establishment of S$3,000,000,000 Multicurrency Debt Issuance Programme S$3b Multicurrency Debt Issuance Programme - Information Memorandum

ESTABLISHMENT OF S$3,000,000,000 MULTICURRENCY DEBT ISSUANCE PROGRAMME

Singapore, April 3, 2020 - Sembcorp Industries Ltd ("SCI") wishes to announce that it, together with Sembcorp Financial Services Pte. Ltd. ("SFS", and together with SCI, the "Issuers"), have on April 3, 2020 established a S$3,000,000,000 Multicurrency Debt Issuance Programme (the "Programme"), pursuant to which each Issuer may issue notes (the "Notes") and perpetual securities (the "Perpetual Securities", and together with the Notes, the "Securities") from time to time. In the case of Securities issued by SFS, all sums payable in respect of such Securities are unconditionally and irrevocably guaranteed by SCI (in such capacity, the "Guarantor"). DBS Bank Ltd. has been appointed as sole arranger and dealer of the Programme.

Under the Programme, subject to compliance with all relevant laws, regulations and directives, Securities may be issued in any currency agreed between the relevant Issuer and the relevant dealer(s) for each issue of Securities.

Notes may be issued in various amounts and tenors, and may bear interest at fixed, floating, variable or hybrid rates or may not bear interest, or may be such other rates as may be agreed between the relevant dealer(s) and the relevant Issuer. Perpetual Securities will have no fixed maturities, may be issued by each Issuer in various amounts, may be senior or subordinated, may bear fixed or floating rates of distribution, and if so provided in the applicable pricing supplement, may have distributions deferred at the option of the relevant Issuer.

Further terms and conditions of the Securities are also set out in the information memorandum dated April 3, 2020 relating to the Programme (the "Information Memorandum"). A copy of the Information Memorandum is attached to this announcement for reference.

The proceeds arising from the issue of Securities under the Programme (after deducting issue expenses) will be used for the purpose of financing the general corporate working capital requirements of SCI and its subsidiaries or for such other purposes as may be specified in the relevant pricing supplement.

Application has been made to the Singapore Exchange Securities Trading Limited (the "SGX- ST") for the listing and quotation of the Programme and application will be made to the SGX- ST for permission to deal in and the listing and quotation of any Securities which are agreed at the time of issue thereof to be so listed on the SGX-ST. Such permission will be granted when such Securities have been admitted to the Official List of the SGX-ST. The SGX-ST assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained herein or in the Information Memorandum. Admission to the Official List of the SGX-ST and quotation of any Securities on the SGX-ST are not to be taken as an indication of the merits of the Issuers, the Guarantor, their respective subsidiaries and associated companies, the Programme or such Securities.

BY ORDER OF THE BOARD

SEMBCORP INDUSTRIES LTD

April 3, 2020