Valuation of property

28 June 2004

Date of Valuation : 24 June 2004

Name of Valuer : Knight Frank Pte Ltd

Description of Property : No. 290 Orchard Road "The Paragon", Lot 1139C Town Subdivision 27, Singapore

Registered Owner : Orchard 290 Ltd, a wholly-owned subsidiary of Singapore Press Holdings Ltd.

Open Market Valuation : S$1,200,000,000

The valuation report for the above property is available for inspection at the registered office of Singapore Press Holdings Ltd at 1000 Toa Payoh North, News Centre, Singapore 318994, during normal business hours for three months from today.