On 11 January 2002, Singapore Press Holdings ( SPH ) announced that it was considering the restructuring of its property businesses and assets with a view towards the demerger and the eventual listing of its property businesses on the Main Board of the Singapore Exchange Securities Trading Limited subject to favourable market conditions.

As current market conditions, exacerbated by uncertainties surrounding regional economies, are unfavourable, the Directors of SPH have decided not to proceed with the demerger and the eventual listing of SPH's property businesses.

The Directors continue to believe in enhancing shareholders value and would focus on our core media business and divest our non-core assets in a manner and at such time that would maximise shareholders value.

BY ORDER OF THE BOARD
Ginney Lim May Ling
Group Company Secretary

Singapore,16 July 2002