Genting Singapore : Responses to Shareholders Questions

Genting Singapore Limited (Company Registration No. 201818581G)

10 Sentosa Gateway, Resorts World Sentosa, Singapore 098270

37TH ANNUAL GENERAL MEETING TO BE HELD ON 21 APRIL 2022 RESPONSES TO SUBSTANTIAL AND RELEVANT QUESTIONS RECEIVED FROM

SHAREHOLDERS

The Board of Directors of Genting Singapore Limited (the "Company") would like to thank shareholders who have submitted questions in advance of the Company's 37th Annual General Meeting ("AGM 2022") which will be held on Thursday, 21 April 2022 at 10.00 a.m. at Resorts World Ballroom West, Resorts World Convention Centre, Basement 2, 8 Sentosa Gateway, Resorts World Sentosa, Singapore 098269 and by way of electronic means.

Please refer to the Appendix which sets out the Company's responses to substantial and relevant questions relating to the AGM 2022 resolutions received from shareholders. Where questions overlap or are closely related, they have been consolidated and rephrased.

By Order of the Board

Genting Singapore Limited

Liew Lan Hing

Company Secretary

15 April 2022

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Genting Singapore Limited (Company Registration No. 201818581G)

10 Sentosa Gateway, Resorts World Sentosa, Singapore 098270

APPENDIX

• A. Business Outlook and Strategy

1.

• (a) With the easing of COVID-19 restrictions and reopening of borders, does the Group expect an increase in overseas travellers? What are the challenges faced and strategies in place?

• (b) With reference to Page 5 of the Annual Report, the Chairman mentioned that the outlook for the tourism industry is still somewhat uncertain. What is Management doing to address the uncertainties and to ensure the viability of Genting's business?

• (c) In terms of Resorts World at Sentosa Pte. Ltd. ("RWS") customer profile, which market is a significant segment, and what is Management doing to mitigate any COVID-19 related impact on such market?

• (d) With the Japan integrated resort plan discontinued, will the Company focus on organic growth in Singapore for the near term?

Business Outlook

Since 1 April 2022, Singapore has reopened its borders to fully vaccinated travellers amidst further relaxation of COVID-19 related regulations. While we are encouraged by the gradual increase in footfall to our integrated resort, we anticipate visitors from our traditional markets will take time to return to pre-COVID levels.

Amidst the disruptions brought by the COVID-19 pandemic, the Group has taken strides to reimagine our product offerings and visitor experiences, while investing in technology and innovation as well as in our talent development to position ourselves for growth opportunities. The Group has also been working closely with the Singapore Tourism

Board and our industry partners to reinforce Singapore's destination appeal in our visitor source markets to prepare for travel revival.

We continue to harness opportunities to refresh and build new visitor offerings to emerge stronger from the pandemic and capture upswing in demand. For example, RWS is refurbishing three of our hotels, namely Hard Rock Hotel Singapore, Hotel Michael and Festive Hotel which collectively offer over 1,200 keys. These hotels will undergo renovation works in phases from the second quarter of 2022 through 2023. When completed, Festive Hotel will be refashioned into a bleisure (business-leisure) and workation (work-vacation) hotel with a variety of mobile working spaces and lifestyle offerings that will meet new work trends. Importantly, Resorts World Convention Centre

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Genting Singapore Limited (Company Registration No. 201818581G)

10 Sentosa Gateway, Resorts World Sentosa, Singapore 098270

will undergo refurbishment to strengthen RWS's position as a leading business destination that continues to meet the requirements of future MICE events.

In addition, with tourists becoming more conscious about climate protection and conservation, RWS is increasing our commitment to sustainability in our day-to-day operations and fortifying our brand as a leading sustainable lifestyle destination resort, to capture the growing sustainable tourism market. In this regard, we have launched a series of green initiatives such as Eco-MICE packages that provide clients with the option to hold events at our MICE venues with the best green practices, and the RWS EcoTrail.

Workforce transformation continues to be integral in our human capital development to re-skill, up-skill and transform our workforce to be future-ready, resilient and adaptive in meeting future challenges.

Expansion Plans

We are making good progress with the RWS 2.0 project. Construction works on both Minion Land and Oceanarium will start in the second quarter of this year. At a total investment commitment of $4.5 billion, RWS 2.0 is a multi-year project which will place us at the forefront of Singapore's tourism recovery.

As for overseas expansion plans, following the discontinuation of the Japan integrated resort project, we continue to explore value-creating investment opportunities where there is good strategic fit with the Group's business.

2.

What is the forward looking guidance for the Company for FY2022's full year Revenue and Profit?

With Singapore's reopening of borders to all fully vaccinated travellers since 1 April 2022 and further relaxation of COVID-19 related regulations, we are cautiously optimistic of the recovery trajectory in 2022.

We expect recovery in travel will initially be led by those visiting friends and relatives and business travellers. Discretionary leisure travel will take time to return to meaningful levels due to limited flight schedules and ongoing COVID-19 related travel rules and restrictions especially on our traditional markets such as China.

The Company does not provide forward looking guidance with respect to its financial performance.

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Genting Singapore Limited (Company Registration No. 201818581G)

10 Sentosa Gateway, Resorts World Sentosa, Singapore 098270

3.

What is the expected annual expenditure timeline for the full $4.5 billion earmarked for RWS 2.0?

As announced on 12 August 2021, as part of RWS 2.0 expansion plans, the Group had acquired leasehold land for the expansion of its integrated resort which amounted to over $800 million. Further, on 17 February 2022, the Group announced a total amount of about $400 million to be invested in 2022 for RWS 2.0 and related refurbishment works.

RWS 2.0 is a multi-year project that will place the Group at the forefront of Singapore's tourism recovery when completed. The rest of RWS 2.0 will be completed in stages given the size of the project. The Company will provide further updates on material developments relating to the different phases of the RWS 2.0 project at the appropriate time.

(B)

Financials

• 4. With reference to Page 61 of the Annual Report, there was a large increase in purchases of property, plant and equipment (FY2021: ~$942 million, compared to FY2020: ~$88.3 million). Please elaborate what the purchase was for. Similarly, with reference to Page 83 of the Annual Report, please explain the additional amount of ~$830 million to leasehold land, properties and improvements in FY2021.

  The increase in the purchases of property, plant and equipment in 2021 was largely attributable to the addition to leasehold land, properties and improvements which related to the acquisition of leasehold land amounting to over $800 million for the expansion of the Group's Singapore integrated resort, RWS 2.0.

• 5. The Company will be subject to increased casino taxes from April 2022. Could the Company provide pro forma information on how FY2021 profits would have been affected if the new tax regime had applied?

  Under the new casino tax regime with effect from 1 March 2022, the casino tax rate increased from 5% to 8% of Gross Gaming Revenue for premium players and from 15% to 18% of Gross Gaming Revenue for other players. This 3 percentage point increase in casino tax will have a consequential negative impact on our net profit. Please refer towww.iras.gov.sg/quick-links/tax-rates/casino-tax-ratesfor further details.

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Genting Singapore Limited (Company Registration No. 201818581G)

10 Sentosa Gateway, Resorts World Sentosa, Singapore 098270

(C)Dividends and other questions

6.

• (a) What is the effect of the expansion of Universal Studios Singapore ("USS") (RWS 2.0) on Earnings Per Share ("EPS") and Dividend?

• (b) With the discontinuation of the Yokohama integrated resort project, will dividends be increased in the near term?

The expansion of USS is a key component of RWS's expansion plan (RWS 2.0) which will add two new themed zones, i.e. Minion Land and Super Nintendo World, to the park with the aim to grow attendance and yield for a positive impact to overall EPS.

The Group adopts a consistent approach to maintaining a balance between dividend payout that is aligned with shareholders' long term interest and prudent capital management for ensuring business needs and driving growth.

• 7. Why has the Company never rewarded shareholders with hotel stay and dining packages?

  The Company aims to enhance shareholder value by deploying its resources in a manner which generates sustainable growth and profits. The Company rewards its shareholders by means of distributing profits generated from its business activities to shareholders periodically through dividends.

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