General Announcement::PROPOSED SCHEME OF ARRANGEMENT INVOLVING SINGAPORE PRESS HOLDINGS LIMITED (DEALING DISCLOSURE)

PROPOSED ACQUISITION OF SINGAPORE PRESS HOLDINGS BY WAY OF A

SCHEME OF ARRANGEMENT

DEALINGS DISCLOSURE

1. INTRODUCTION

J. P. Morgan (S.E.A.) Limited ("JPMSEAL") refers to the proposed scheme of arrangement (the "Scheme") to be undertaken by Singapore Press Holdings Limited (the "Company") and Keppel Pegasus Pte. Ltd. (the "Offeror") (which is a wholly-owned subsidiary of Keppel Corporation Limited ("KCL")) pursuant to Section 210 of the Companies Act, Chapter 50 of Singapore, involving, inter alia, (i) the distribution of units in SPH REIT held by the Company to the shareholders of the Company on a pro-rata basis and (ii) the Offeror acquiring the entire share capital of the Company (other than those already owned, controlled or agreed to be acquired by the Offeror and its concert parties), the consideration for which include units in Keppel REIT, which was announced on 2 August 2021 (the "Joint Announcement").

As stated in the Joint Announcement, JPMSEAL is the financial adviser to the Offeror in respect of the Scheme.

All capitalised terms used and not defined herein shall have the same meanings given to them in the Joint Announcement.

2. DISCLOSURE OF DEALINGS

Pursuant to Rule 12.1 of the Singapore Code on Take-overs and Mergers (the "Code") and the Practice Statement on the Exemption of Connected Fund Managers and Principal Traders under the Code, JPMSEAL wishes to announce the dealings by its associates in the relevant securities of the Company on 11 August 2021, details of which are set out in the Schedule hereto.

Issued by

J.P. Morgan (S.E.A.) Limited

12 August 2021

Singapore

1

Schedule

Dealing in

Shares

Resultant

Total

Total of

% of Resultant

Highest and Lowest

Amount

Equivalent

Date of

Name of Relevant Entity and (if different) name of the

Number

Price

Total of

Description of Security

Nature of Transaction

Prices Paid or Received

(Paid)/

Shares owned

Dealing

ultimate beneficial owner or controller

of Shares

(SGD)

Equivalent

(SGD)

(Received)

or controlled

Shares

(SGD)

by

the associate

Buy/Sell

Product Type

Nature of Dealing

Highest

Lowest

11-Aug-21

J.P. MORGAN SECURITIES PLC (dealing as principal)

SINGAPORE PRESS HOLDINGS LTD

Sell

Common Shares

Swap Hedge

(1,200)

1.89

1.89

1.89

2,267.10

24,508,017

1.54%

11-Aug-21

J.P. MORGAN SECURITIES PLC (dealing as principal)

SINGAPORE PRESS HOLDINGS LTD

Buy

Common Shares

Swap Hedge

21,900

1.90

1.90

1.89

41,614.63

24,529,917

1.54%

11-Aug-21

J.P. MORGAN SECURITIES PLC (dealing as principal)

SINGAPORE PRESS HOLDINGS LTD

Sell

Common Shares

Derivative Settlement

(25,650)

1.59

1.59

1.59

40,839.93

24,504,267

1.54%

Dealings in

Derivatives in

respect of

Shares

Number

Total

Date of

Name of Relevant Entity and (if different) name of the

of Shares to

Maturity

Closing Out

Reference

Amount

Description of Security

Nature of Transaction

which the

(Date)/

Date (if

Price

(Paid)/

Dealing

ultimate beneficial owner or controller

Derivatives

(Period)

applicable)

(SGD)

(Received)

relate

(SGD)

Buy/Sell

Product Type

Nature of Dealing

11-Aug-21

J.P. MORGAN SECURITIES PLC (dealing as principal)

SINGAPORE PRESS HOLDINGS LTD

Sell

Common Shares

Swap

(21,900)

8-Feb-23

-

1.90

41,623.14

11-Aug-21

J.P. MORGAN SECURITIES PLC (dealing as principal)

SINGAPORE PRESS HOLDINGS LTD

Buy

Common Shares

Swap

1,200

29-Jul-22

-

1.89

2,266.44

2