Pacific Shipping Tru : EXTENSION OF CLOSING DATE, DEALINGS AND LEVEL OF ACCEPTANCES

EXIT OFFER

by

DBS BANK LTD.

(Company Registration Number: 196800306E) (Incorporated in the Republic of Singapore)

for and on behalf of

PACIFIC INTERNATIONAL LINES (PRIVATE) LIMITED (Company Registration Number: 196700080N) (Incorporated in the Republic of Singapore)

to acquire all the issued units of

PACIFIC SHIPPING TRUST

(A business trust constituted on 25 April 2006 under the laws of the Republic of Singapore) Managed by PST Management Pte. Ltd.

other than those held, directly or indirectly, by Pacific International Lines (Private) Limited as at the date of the Exit Offer

IN CONNECTION WITH THE PROPOSED VOLUNTARY DELISTING OF PACIFIC SHIPPING TRUST FROM THE OFFICIAL LIST OF THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED EXTENSION OF CLOSING DATE, DEALINGS AND LEVEL OF ACCEPTANCES 1. INTRODUCTION

DBS Bank Ltd. ("DBS Bank") refers to the exit offer letter dated 28 November 2011 (the "Exit Offer Letter") issued by DBS Bank, for and on behalf of Pacific International Lines (Private) Limited (the "Offeror"), to the unitholders of Pacific Shipping Trust ("PST") in connection with the proposed voluntary delisting of PST from the Official List of the Singapore Exchange Securities Trading Limited (the "SGX-ST") pursuant to Rules 1307 and 1309 of the listing manual of the SGX-ST.

All capitalised terms used and not defined herein shall have the same meanings given to them in the Exit Offer Letter, unless otherwise expressly stated or the context otherwise requires.

2. EXTENSION OF CLOSING DATE

DBS Bank wishes to announce, for and on behalf of the Offeror, that the closing date of the
Exit Offer will be extended from 5.30 p.m. on 13 January 2012 to 5.30 p.m. on 10 February

2012 or such later date(s) as may be announced from time to time by or on behalf of the Offeror. 3. DEALINGS

Pursuant to Rule 12.1 of the Code, DBS Bank wishes to announce, for and on behalf of the
Offeror, that the following dealings in Units1 (the "Dealings") were made by the Offeror on 5
January 2012:

Name Total number of Units acquired in open market Percentage of total number of issued Units Price paid per Unit (excluding brokerage commission, clearing fees and Goods and Services Tax)

Pacific International Lines (Private) Limited

51,000 0.01% US$0.420

Total 51,000 0.01% - 4. LEVEL OF ACCEPTANCES OF THE EXIT OFFER

DBS Bank wishes to announce, for and on behalf of the Offeror, that:
(a) Acceptances of the Exit Offer. As at 5.00 p.m. on 5 January 2012, the Offeror had received valid acceptances amounting to 111,883,556 Offer Units, representing approximately 18.97% of the total number of issued Units (including acceptances received from the parties acting in concert with the Offeror, amounting in aggregate to
125,000 Offer Units, and representing approximately 0.02% of the total number of issued Units).
(b) Units held on or before the Joint Announcement Date. As at the Joint
Announcement Date:
(i) the Offeror owned, controlled and had agreed to acquire 349,046,240 Units, representing approximately 59.19% of the total number of issued Units; and
(ii) parties acting in concert with the Offeror owned, controlled and had agreed to acquire an aggregate of 16,170,000 Units, representing approximately 2.74% of the total number of issued Units.
(c) Units acquired or agreed to be acquired after the Joint Announcement Date and up to 5.00 p.m. on 5 January 2012 (other than pursuant to valid acceptances of the Exit Offer). Following the Joint Announcement Date and up to 5.00 p.m. on 5
January 2012, other than pursuant to valid acceptances of the Exit Offer:
(i) taking into account the Dealings, the Offeror has acquired or agreed to acquire an aggregate of 108,293,000 Units 2 , representing approximately
18.36% of the total number of issued Units; and

1 Unless otherwise stated, all references to the total number of issued Units in this Announcement shall be to

589,750,000 Units.

2 This includes (i) 15,125,000 Units (representing approximately 2.56% of the total issued Units) which were acquired by the Offeror from DBS Bank via a married deal, as announced by DBS Bank for and on behalf of the Offeror on 11

October 2011, and (ii) 920,000 Units (representing approximately 0.16% of the total issued Units) which were

acquired by the Offeror from Khoo Cheng Lock Eric, Chen Siew Nyong Rosaline and Teo Hui Sing via off-market transactions, as announced by DBS Bank for and on behalf of the Offeror on 9 November 2011.

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(ii) parties acting in concert with the Offeror have not acquired or agreed to acquire any Units.
Accordingly, as at 5.00 p.m. on 5 January 2012, the total number of (A) Units owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it and (B) valid acceptances of the Exit Offer, amount to an aggregate of 569,222,796 Units, representing approximately 96.52% of the total number of issued Units.

5. PROCEDURES FOR ACCEPTANCE OF THE EXIT OFFER

Unitholders who wish to accept the Exit Offer but have not done so should complete, sign and forward their FAA and all other relevant documents as soon as possible so as to reach the Offeror c/o CDP not later than 5.30 p.m. on 10 February 2012 or such later date(s) as may be announced from time to time by or on behalf of the Offeror.

Unitholders who are in any doubt about the Exit Offer or as to the course of action they should take should consult their stockbroker, bank manager, solicitor, accountant, tax adviser or other professional adviser immediately.

Unitholders who have not received or who have misplaced the Exit Offer Letter and/or the FAA should contact either CDP or Boardroom Corporate and Advisory Services Pte Ltd without delay at the following addresses:

The Central Depository (Pte) Limited : The Central Depository (Pte) Limited

4 Shenton Way #02-01
SGX Centre 2
Singapore 068807
Tel: [phone]

Boardroom Corporate and Advisory Services Pte. Ltd.

: 50 Raffles Place #32-01
Singapore Land Tower
Singapore 048623
Tel: [phone]
Copies of the FAA may be obtained by Unitholders from CDP upon production of satisfactory evidence that they are Unitholders.

6. RESPONSIBILITY STATEMENT

The directors of the Offeror (including any director who may have delegated detailed supervision of this Announcement) have taken all reasonable care to ensure that the facts stated and opinions expressed in this Announcement are fair and accurate and that there are no other material facts not contained in this Announcement, the omission of which would make any statement in this Announcement misleading. The directors of the Offeror jointly and severally accept responsibility accordingly.
Where any information in this Announcement has been extracted or reproduced from published or publicly available sources or obtained from PST and/or the Trustee-Manager, the sole responsibility of the directors of the Offeror 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 Announcement.
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Issued by

DBS Bank Ltd.

For and on behalf of

Pacific International Lines (Private) Limited

5 January 2012
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