Belgacom IPO

04 March 2004

In response to press articles, Singapore Press Holdings Limited ("SPH") confirmed today that it is aware of a proposed IPO by Belgacom.

SPH has an indirect effective stake of about 1.3% in Belgacom. The stake is held through a joint venture with SingTel, in which SPH has a 10% shareholding. As SPH is a minority shareholder in the joint venture, any decision with regards to the sale will be driven by SingTel.

It is therefore premature for SPH to comment further on the Belgacom IPO or the treatment of any proceeds therefrom.