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Divestment of shares in an associate

10 March 2004

Singapore Press Holdings Ltd ("SPH" or the "Company") wishes to announce that its wholly-owned subsidiary, SPH MediaWorks Ltd has recently disposed of its entire stake of 50 shares at US$1.00 each in the capital of StarEastWorks Ltd ("StarEastWorks") (a company incorporated in the British Virgin Islands) to Rich Gear Investments Ltd, a wholly-owned subsidiary of Star East Holdings Ltd at the nominal sum of HK$10.00 on a "willing buyer and willing seller" basis. Prior to the disposal, there were no significant business operations in StarEastWorks. Henceforth, StarEastWorks shall no longer be an associate company of SPH MediaWorks Limited.

The carrying value of StarEastWorks had been fully provided for in the consolidated accounts of the Company and its subsidiaries as at August 31,2003.

The divestment is not expected to have any material impact on the earnings and net tangible assets per share of SPH.

None of the directors of SPH has any interest, direct or indirect, in this transaction. As at the date of this announcement, SPH has no substantial shareholders.