New GMM Media and SPH Magazines to set up joint venture to publish Her World in Thailand

SINGAPORE / THAILAND, 17 July 2003 - GMM Media Public Company Limited and SPH Magazines Pte Ltd (formerly Times Periodicals Pte Ltd) jointly announced today that they will be setting up a joint venture in Thailand to publish and circulate the Thai edition of Her World, the monthly women's fashion and lifestyle magazine.

GMM Media will hold 70% stake in the joint venture while SPH Magazines, through its wholly owned subsidiary, TP Ventures Pte Ltd, holds the remaining 30%. The company will initially be capitalised at THB15 million.

In the arrangement, SPH Magazines will license the use of the content of Her World Singapore to the joint venture. The Thai edition of Her World is expected to be launched in the first quarter of 2004.

Commenting on the collaboration, Mr Paiboon Damrongchaitham, Chairman of GMM Media Public Company Limited says, "The joint venture with the SPH Group of Singapore is a significant step for GMM Media. We believe that Her World Thailand will be successful because of the magazine quality and the experienced team behind it. The new company will be our publishing base to launch other quality magazines catering to various market segment as is the case with Grammy music business today"

GMM Media, which is the radio and television subsidiary of GMM Grammy Public Company Limited, has been expanding into publishing. Recently, GMM Inter Publishing Co., Ltd., a subsidiary of GMM Media, had just launched a new international magazine named Madam Figaro in Thai version on July 8.

Mr Wee Leong How, Chairman of SPH Magazines Pte Ltd said "The collaboration signifies another milestone for Her World in becoming a regional title. GMM Media is a very reputable company in Thailand and we are confident that the Thai edition of Her World would, over time, be as successful as the Singapore edition."

Her World Singapore is the flagship of SPH Magazines Pte Ltd, a subsidiary of Singapore Press Holdings Ltd. The Her World title is a household name in Singapore with a circulation of 75,000. Currently there is also an Indonesian edition published under a licensing arrangement entitled Her World Indonesia.

Mr David Tay, Managing Director of SPH Magazines, says: "We are very excited about this collaboration. Together with GMM Media, we want to build up Her World Thailand as one of the leading magazine titles in the country and to spin off new products in the future."

Jointly Issued by:

For more information, please contact:

Ms Cherie Ng (Advertising & Promotions Manager)
SPH Magazines Pte Ltd
DID: (65) 6319 6318
Mobile: (65) 9746 0372
Fax: (65) 6319 6345
Email: ngsyc@sph.com.sg

About GMM Grammy Public Company Limited

GMM Grammy Plc. was established 20 years ago in 1983 as a music production company. The Company subsequently was listed on the Stock Exchange of Thailand in 1994 and since then has expanded its scope of business capturing all major areas in the entertainment industry.

Today, GMM Grammy Plc., through the effective cross-utilization among all businesses and its "People", is the biggest entertainment company of the country offering happiness and pleasure to consumers throughout the country through its five core businesses as follows:

Music : 12 different music labels producing the finest quality music album in response to the changing taste of listeners. Supporting services, such as artist scouting and training and concert organizing also ensure continuous success

Media : handled by GMM Media Plc., the media arm of the group, the Company fully integrates radio, television and publishing businesses

Movie : handles the production and distribution of feature films, movie VCDs and commercial films

Mobile and Internet Content: handles technology driven areas of entertainment business in both wire and wireless fashions such as the website "eotoday.com" and ring-tone downloading

Edutainment : manages entertainment projects for educational purpose

About GMM Media Public Company Limited

GMM Media Plc. is the media arm of the Group. Listed on the Stock Exchange of Thailand in late November 2002, the Company has three core businesses as follows:

Radio : manages five leading radio stations in Thailand. All stations have been ranked within the top-five tier in terms of popularity among target listeners and have also been the preferred choice of ad spenders

Television : handles both in-house and commissioned productions of TV programmes, e.g. drama, gameshows, variety and music broadcast on every major TV station in Thailand

Publishing : handles production and distribution of well-known fashion magazines and popular pocket books

About Singapore Press Holdings Ltd

Main board listed Singapore Press Holdings Limited ("SPH") is the leading newspaper publisher in Singapore, with one of the region's most advanced printing assets. It is licensed to publish 15 newspapers in the four official languages, and six periodicals. Everyday, SPH newspapers reach 2.78 million individuals, or 90 per cent of persons above 15 years old.

In addition to its core business as a newspaper publisher, SPH provides Internet portal services with online news and e-commerce facilities while its broadcasting arm, SPH MediaWorks Ltd, runs two free-to-air TV channels. SPH has also expanded into property investment. It acquired Paragon and The Promenade - two prime retail commercial buildings in the heart of Orchard Road. SPH holds stakes in MobileOne (M1), a mobile phone and paging service provider. The group also has stakes in StarHub, a info-communications company offering cable TV, Internet as well as fixed-line and mobile telephone services.

About SPH Magazines

SPH Magazines Pte Ltd (SMPL) is the leading magazine publisher in Singapore with all its titles maintaining No. 1 readership in their respective sectors in the Nielsen Media Index 2002.

• Her World: Singapore's No. 1 women's magazine with 137,000 readership.
• Home & Décor: Style leader in home interior sector with 37,000 readership.
• Young Parents: The best-read parenting magazine for those with kids between 0 - 9 years old. Readership is 32,000.
• Her World Brides: A definitive wedding guide published quarterly

• NSMan: 150,000 cps, bi-monthly for SAFRA National Service Association
• ResQ: 120,000 cps, bi-monthly for Civil Defence Association for National Servicemen
• SilverKris: 75,000 cps monthly English edition and 45,000 cps bi-monthly Japanese edition for Singapore International Airlines

SMPL is the exclusive marketing representative of two leading Chinese publications.

• Citta Bella: No.1 Chinese women's magazine in Singapore
• You-Weekly: Popular weekly entertainment magazine