Keppel : Responses to Shareholders on Substantial & Relevant Questions

Responses to shareholders on substantial and relevant questions raised for

Keppel Corporation's Extraordinary General Meeting

Singapore, 13 October 2023 - Keppel Corporation Limited ("Keppel" and the "Company") would like to thank shareholders for submitting questions ahead of the Company's Extraordinary General Meeting to be held on Wednesday, 18 October 2023 at 10.00 a.m. (Singapore time).

Due to overlaps in several of the questions received, the Company will not be providing individual responses to every question. Instead, responses to substantial and relevant questions have been set out via the following topics:

1. Proposed Special Dividend in Specie of Units in Keppel REIT
2. Proposed Change of Name from "Keppel Corporation Limited" to "Keppel Ltd."
3. Others

Please refer to the Company's responses set out in Appendix 1. Unless otherwise defined, all capitalised terms shall bear the same meanings ascribed to them in the circular issued by the Company dated 26 September 2023 (the "Circular").

By Order of the Board

Karen Teo/Samantha Teong

Company Secretaries

13 October 2023

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Appendix 1

PROPOSED SPECIAL DIVIDEND IN SPECIE OF UNITS IN KEPPEL REIT (the "Proposed Distribution")

S/N	Question	Response
1	Why is Keppel distributing the	The Proposed Distribution of KREIT Units to Keppel
	Keppel REIT ("KREIT") Units,	shareholders is part of our ongoing capital management
	instead of selling off the Units	efforts.
	and distributing the cash
	proceeds to shareholders?	We have said that as we execute Vision 2030, we will have
		sufficient capital to ramp up our growth engines and reward
		our shareholders. The Proposed Distribution is an example of
		rewarding our shareholders. Instead of selling the KREIT
		Units, we have elected to distribute them to our shareholders
		who can then decide what they wish to do with the Units.
		KREIT is one of Asia's leading real estate investment trusts
		with a portfolio of prime commercial assets valued at over
		S$9.0 billion, comprising properties in Singapore; the key
		Australian cities of Sydney, Melbourne and Perth; Seoul,
		South Korea; as well as Tokyo, Japan.
2	Does Keppel intend to hold	Following the Proposed Distribution, Keppel will remain the
	KREIT Units for the long term?	largest unitholder of KREIT with approximately 37.0 per cent.
		of KREIT Units, maintaining strong alignment with KREIT
		unitholders' interests.
		Keppel, through our subsidiary Keppel Land Limited, remains
		fully committed as a sponsor of KREIT to further develop
		KREIT's growth.
3	How does the Proposed	The Proposed Distribution will increase KREIT's public float,
	Distribution benefit KREIT's	allowing the REIT to widen its investor base and enjoy higher
	unitholders?	trading liquidity, both of which are beneficial to KREIT
		unitholders in the longer run.
4	Will steps be taken to help	KREIT Units are traded in board lots of 100 KREIT Units in
	shareholders trade odd lots?	the ready market. Shareholders who wish to trade odd lots of
		KREIT Units on the SGX-ST are able to trade with a
		minimum size of one (1) KREIT Unit on the Unit Share
		Market of the SGX-ST.
		As odd lots of KREIT Units can be traded on the Unit Share
		Market of the SGX-ST, no separate arrangement will be
		made for the trading of such odd lots.
		Shareholders should note that the market for trading of odd
		lots of KREIT Units may be illiquid and trading in odd lots of
		KREIT Units may also incur a proportionately higher
		brokerage cost than trading in board lots of KREIT Units.

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PROPOSED CHANGE OF NAME FROM "KEPPEL CORPORATION LIMITED" TO "KEPPEL LTD."

S/N	Question	Response
5	Why is Keppel changing its	We are proposing the name change from "Keppel
	company name? How much	Corporation Limited" to "Keppel Ltd." to better align and more
	resources would this cost the	accurately reflect Keppel's strategic direction to be a global
	Company to implement?	asset manager and operator with one common purpose.
		"Keppel Ltd." also underscores our brand identity as one
		integrated company rather than a conglomerate of diverse
		parts, thus allowing all stakeholders including employees,
		customers, shareholders and investors to better identify with
		the strategic direction of the Company moving forward.
		There will be some initial administrative cost involved in
		implementing the name change, but it would not be
		prohibitive. We are not changing the Keppel wordmark, which
		enjoys considerable brand equity built up over the years. The
		Keppel wordmark displayed on the external facades of our
		buildings would therefore not be changed.
		We believe that the long-term benefits and value of a strong
		and unified brand, as outlined above, will far outweigh the
		costs.
OTHERS
S/N	Question	Response
6	How does Keppel intend to drive	Keppel is focused on creating value for all our stakeholders.
	Keppel's share price further?	The strong execution of our transformation plans thus far has
		created superior, tangible value for shareholders. From 1
		January 2022 to end-September 2023, including the
		completion of the offshore & marine transaction and the
		distribution in specie of Seatrium shares, Keppel's total
		shareholder return reached 125.5%, outperforming STI's
		12.0% by more than 10 times.
		As we grow our recurring income and achieve our funds
		under management and monetisation targets, we believe that
		Keppel will be in a good position to deliver superior returns to
		our shareholders.
7	Will Keppel consider declaring	We understand that dividends are important to our
	dividends on a quarterly basis?	shareholders and we have been rewarding our shareholders
		as we do well.
		Companies are required under the SGX Listing Manual to
		announce their financial results whenever dividends are
		being declared. Keppel therefore declares dividends on a
		semi-annual basis in tandem with the release of our half-
		yearly results.
		Nevertheless, we will take this suggestion into account as we
		consider the Company's future dividends.

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