General Announcement::PROPOSAL TO ACQUIRE SINGAPORE PRESS HOLDINGS LIMITED AND POTENTIAL CHAIN OFFER FOR SPH REIT

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

PROPOSAL TO ACQUIRE SINGAPORE PRESS HOLDINGS LIMITED AND POTENTIAL CHAIN OFFER FOR SPH REIT

1. Introduction
   Morgan Stanley Asia (Singapore) Pte. ("MS Singapore") refers to the announcement (the "Possible Offer Announcement") dated 29 October 2021 made by Cuscaden Peak Pte. Ltd. ("Cuscaden"), a company formed by a consortium comprising Tiga Stars Pte. Ltd. (a subsidiary of Hotel Properties Limited), Adenium Pte. Ltd. (a wholly-owned subsidiary of CLA Real Estate Holdings Pte Ltd) and Mapletree Fortress Pte. Ltd. (an indirect, wholly-owned subsidiary of Mapletree Investments Pte Ltd) and the announcement dated 15 November 2021 (the "Joint Announcement") made jointly by Cuscaden and Singapore Press Holdings Limited (the "Company"), to acquire all the issued and paid-up ordinary shares in the capital of the Company excluding treasury shares via a scheme of arrangement (the "Acquisition").
   As stated in the Joint Announcement, Cuscaden may be required to undertake a chain offer ("Potential Chain Offer") for all the units in SPH REIT in accordance with the Singapore Code on Take-overs and Mergers (the "Code").
   MS Singapore is the financial adviser to Cuscaden in respect of the Acquisition and the Potential Chain Offer 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 and/or SPH REIT ("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 Acquisition and the Potential Chain Offer, and will not affect the offer price under the Acquisition and the Potential Chain Offer, if made.

Trades on ordinary shares of the Company:

									Resultant total	Resultant
									amount of
						Price paid or		total
	Name of MS			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.
1-Dec-2021	International plc	Swap Hedge	Buy	22,100	2.336	2.340	2.330	51,619.00	12,021,093	0.7476%
	(dealing as principal)

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)
1-Dec-2021	Morgan Stanley & Co. International plc	Swap	Sell	6,200	2.335	14,476.00	31-Oct-2022
(dealing as principal)
1-Dec-2021	Morgan Stanley Capital Services LLC	Swap	Buy	6,200	2.335	14,476.00	31-Oct-2022
(dealing as principal)
1-Dec-2021	Morgan Stanley Capital Services LLC	Swap	Sell	6,200	2.335	14,476.00	31-Oct-2022
(dealing as principal)
1-Dec-2021	Morgan Stanley & Co. International plc	Swap	Sell	15,900	2.336	37,142.40	01-Nov-2023
(dealing as principal)
1-Dec-2021	Morgan Stanley Capital Services LLC	Swap	Buy	15,900	2.336	37,142.40	01-Nov-2023
(dealing as principal)
1-Dec-2021	Morgan Stanley Capital Services LLC	Swap	Sell	15,900	2.336	37,142.40	01-Nov-2023
(dealing as principal)

Trades on units of SPH REIT:

									Resultant total
	Name of MS					Price paid or		amount of	Resultant
					Total	Relevant	total
			Number of		received (SGD)
	Singapore's associate				Securities owned	percentage
			Price per			amount
	and whether dealing	Nature of dealing	units			or controlled by	of ordinary
Trade Date	unit			paid or
as principal or for			purchased			the associate and	shares in the
			(SGD)			received
	discretionary			or sold			investment	capital of
						(SGD)
	investment client					Highest	Lowest	accounts under	SPH REIT
									discretionary	acquired2
									management
	Morgan Stanley & Co.
1-Dec-2021	International plc	Swap Hedge	Buy	1,000	1.000	1.000	1.000	1,000.00	9,745,202	0.3499%
	(dealing as principal)
	Morgan Stanley & Co.
1-Dec-2021	International plc	Swap Hedge	Sell	200	0.990	0.990	0.990	198.00	9,745,002	0.3499%
	(dealing as principal)

1. Based on 1,607,873,906 shares of the Company in issue (excluding 9,136,984 treasury shares)
2. Based on 2,785,164,072 units of SPH REIT in issue

Derivatives Transactions (units):

	Name of MS Singapore's associate	Nature of dealing	Number of	Price per unit	Total amount paid	Maturity Date
Trade Date	and whether dealing as principal or	referenced
		(SGD)	or received (SGD)
	for discretionary investment client			securities (units)
1-Dec-2021	Morgan Stanley & Co. International plc	Swap	Sell	1,000	1.000	1,000.00	28-Apr-2023
(dealing as principal)
1-Dec-2021	Morgan Stanley Capital Services LLC	Swap	Buy	1,000	1.000	1,000.00	28-Apr-2023
(dealing as principal)
1-Dec-2021	Morgan Stanley Capital Services LLC	Swap	Sell	1,000	1.000	1,000.00	28-Apr-2023
(dealing as principal)
1-Dec-2021	Morgan Stanley & Co. International plc	Swap	Buy	200	0.990	198.00	24-Mar-2022
(dealing as principal)
1-Dec-2021	Morgan Stanley Capital Services LLC	Swap	Sell	200	0.990	198.00	24-Mar-2022
(dealing as principal)
1-Dec-2021	Morgan Stanley Capital Services LLC	Swap	Buy	200	0.990	198.00	24-Mar-2022
(dealing as principal)

Issued by

Morgan Stanley Asia (Singapore) Pte.

_________________________________

Zhu An Lu Executive Director

Copy (via email) to:

Singapore Press Holdings Limited

SPH REIT