General Announcement::RULE 12.1 PUBLIC DEALING DISCLOSURE - POTENTIAL COMPLIANCE OFFER FOR SEMBCORP MARINE LTD

Morgan Stanley Asia	23 Church Street
(Singapore) Pte.	#16-01 Capital Square
(Co. Registration No.	Singapore 049481
199206298Z)	tel	(65) 6834 6888
	fax	(65) 6834 6938

MANDATORY UNCONDITIONAL GENERAL CASH OFFER FOR SEMBCORP MARINE LTD

1. Introduction
   Morgan Stanley Asia (Singapore) Pte. ("MS Singapore") refers to the announcements (the "Offer Announcements") dated 22 September 2021 and 1 November 2021 made by MS Singapore on behalf of Startree Investments Pte. Ltd. ("Startree"), a wholly-owned subsidiary of Temasek Holdings (Private) Limited, to acquire all the issued and paid-up ordinary shares in the capital of Sembcorp Marine Ltd (the "Company") other than those already owned, controlled or agreed to be acquired by Startree and its concert parties (the "MGO"), in compliance with Rule 14 of the Singapore Code on Take-overs and Mergers (the "Code").
   MS Singapore is the financial advisor to Startree in respect of the MGO and is required under the Code to make these disclosures.
2. Dealings
   Pursuant to Rule 12.1 of the Code and the Practice Statement on the Exemption of Connected Fund Managers and Principal Traders under the Code, MS Singapore wishes to report dealings by associates of MS Singapore in the securities of the Company ("Relevant Securities") for their own account or for the account of discretionary investment clients, details of which are set out in the table below.
   MS Singapore's disclosures pursuant to Rule 12 of the Code ("Rule 12 disclosures"), including those below, are made in compliance with its obligations under the Code. All trades in the Rule 12 disclosures are conducted in the ordinary course of business of the Morgan Stanley group, independent of the MGO, and will not affect the offer price under the MGO.

Trades on ordinary shares of the Company:

Resultant total

Resultant

amount of

Name of MS

Price paid or

total

Number of

Total

Relevant

Price per

received (SGD)

percentage

Singapore's associate

Securities owned

ordinary

amount

of ordinary

and whether dealing

Nature of dealing

ordinary

or controlled by

Trade Date

shares

paid or

shares in the

as principal or for

share

the associate and

purchased

received

capital of

discretionary

(SGD)

investment

or sold

(SGD)

the

investment client

Highest

Lowest

accounts under

Company

discretionary

acquired1

management

Morgan Stanley & Co.

3-Nov-2021

International plc

Swap Hedge

Buy

198,300

0.080

0.080

0.079

15,815.50

11,981,955

0.0382%

(dealing as principal)

Morgan Stanley & Co.

3-Nov-2021

International plc

Client

Sell

81,100

0.079

0.079

0.079

6,406.90

11,900,855

0.0379%

(dealing as principal)

Facilitation

1 Based on 31,389,099,152 shares of the Company in issue (excluding 6,223 treasury shares)

Derivatives Transactions (ordinary shares):

	Name of MS Singapore's associate			Number of
	Nature of dealing	referenced	Price per	Total amount paid	Maturity Date
Trade Date	and whether dealing as principal or
		securities	share (SGD)	or received (SGD)
	for discretionary investment client
			(ordinary shares)
3-Nov-2021	Morgan Stanley & Co. International plc	Swap	Sell	198,300	0.080	15,815.50	01-Aug-2023
(dealing as principal)
3-Nov-2021	Morgan Stanley Capital Services LLC	Swap	Buy	198,300	0.080	15,815.50	01-Aug-2023
(dealing as principal)
3-Nov-2021	Morgan Stanley Capital Services LLC	Swap	Sell	198,300	0.080	15,815.50	01-Aug-2023
(dealing as principal)

Issued by

Morgan Stanley Asia (Singapore) Pte.

_________________________________

Zhu An Lu Executive Director

Copy (via email) to:

Sembcorp Marine Limited