General Announcement::SPH REIT ANNOUNCEMENT

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 SPH REIT on 01 December 2021, details of which are set out in the Schedule hereto.

Issued by

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

02 December 2021

Singapore

1

Schedule

Dealing in

Units

Resultant

Total

Total of

% of Resultant

Highest and Lowest

Amount

Equivalent

Date of

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

Description

Number

Price

Total of

Nature of Transaction

Prices Paid or Received

(Paid)/

Units owned

Dealing

ultimate beneficial owner or controller

of Security

of Units

(SGD)

Equivalent

(SGD)

(Received)

or controlled

Units

(SGD)

by

the associate

Buy/Sell

Product Type

Nature of Dealing

Highest

Lowest

1-Dec-21

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

SPH REIT

Buy

REIT

Index hedge

900

1.00

1.00

1.00

900.36

1,086,365

0.04%

2