Belgacom IPO

22 March 2004

Further to its press release of 4 March 04, SPH would like to announce that shares of Belgacom will commence trading on Euronext Brussels today. SPH Group invested about S$93m for an effective 1.35% stake in Belgacom in 1996.

As the IPO proceeds have not been distributed nor the form of distribution determined, SPH is unable to comment on the financial impact of the proceeds on the SPH Group at the moment.