General Announcement::Media Restructuring Completion

Media Release

SPH ANNOUNCES COMPLETION OF MEDIA BUSINESS RESTRUCTURING

SINGAPORE, 1 December 2021 - Singapore Press Holdings Limited (Company or SPH) announced that the Media Business Restructuring was completed today (Completion).

On 6 May 2021, SPH announced that the Company and SPH Media Holdings Pte. Ltd. (Media HoldCo), a wholly-owned subsidiary of the Company, had entered into a business restructuring deed (BRD) to provide for:

1. the transfer of the Media HoldCo for nominal consideration of S$1 to SPH Media Trust, a not for profit company limited by guarantee (CLG),
2. the transfer of the media business of the Company (Media Business) to the Media HoldCo and its subsidiaries, and
3. the Company to make the contribution of certain assets to assist with the operation and maintenance of the restructured Media Business following the closing of the proposed restructuring of the Media Business in accordance with the BRD (SPH Contribution)

(collectively, the Media Business Restructuring).

On 10 September 2021, the resolution to approve the Media Business Restructuring, as well as the proposed adoption of the new constitution of the Company (Proposed Adoption of the New Constitution) and the proposed conversion of management shares into ordinary shares (Proposed Conversion), was passed by shareholders.

Pursuant to Completion, the Media HoldCo, which together with its subsidiaries holds the Media Business, has been transferred to the CLG for nominal consideration of S$1, and the SPH Contribution will be transferred to the Media HoldCo and its subsidiaries.

Following Completion, SPH will no longer have to meet the requirements imposed on newspaper companies under the Newspaper and Printing Presses Act, Chapter 206 of

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Singapore. SPH has also effected the Proposed Adoption of the New Constitution, and the Proposed Conversion, on 1 December 2021.

Chairman of SPH, Dr. Lee Boon Yang said: "The completion of the SPH Media Restructuring marks a major turning point for SPH. All of SPH's media business has been transferred to SPH Media Trust. The Trust will provide a solid foundation for high quality journalism in Singapore. I would like to thank all stakeholders for supporting this restructuring. I am confident that SPH Media Trust will fulfil its mission of serving as a trusted source of domestic and international news and I wish them every success as they embark on this exciting, meaningful and rewarding new chapter."

Responsibility Statement

The directors of SPH (including any who may have delegated detailed supervision of the preparation of this media release) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this media release which relate to SPH (excluding information relating to Keppel Pegasus Pte. Ltd. (Keppel Offeror), Keppel Corporation Limited, Keppel REIT, SPH REIT, Cuscaden Peak Pte. Ltd. (Cuscaden Offeror) or any opinion expressed by the Keppel Offeror, Keppel Corporation Limited or the Cuscaden Offeror (save for SPH's unitholding interest in SPH REIT)) are fair and accurate and that, where appropriate, no material facts which relate to SPH have been omitted from this media release, and the directors of SPH jointly and severally accept responsibility accordingly.

Where any information has been extracted or reproduced from published or otherwise publicly available sources or obtained from the Keppel Offeror, Keppel Corporation Limited or the Cuscaden Offeror, the sole responsibility of the directors of SPH has been to ensure, through reasonable enquiries, that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this media release. The directors of SPH do not accept any responsibility for any information relating to the Keppel Offeror, Keppel Corporation Limited, Keppel REIT, SPH REIT, the Cuscaden Offeror or any opinion expressed by the Keppel Offeror, Keppel Corporation Limited or the Cuscaden Offeror (save for SPH's unitholding interest in SPH REIT).

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