Joint Statement By Keppel and SembCorp

Wednesday, October 24, 2001
The managements of Keppel Corporation and SembCorp Industries are holding discussions on the rationalization of the local shipyard industry and the possibility of other collaborations between the two groups.All discussions are at a preliminary stage and may or may not come to fruition. However, these discussions are being held with the understanding that all arrangements must make business sense and create value for shareholders.Shareholders of the two companies are therefore advised not to take any actions which may be prejudicial to their interests. Announcements will be issued publicly should there be any material developments.

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