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Increase in Shareholding in Subsidiary

31 March 2004

Singapore Press Holdings Ltd ("SPH") wishes to announce that it has today increased its shareholding in its subsidiary, Hipro Printing Pte Ltd, from 160,000 shares to 200,000 shares, at the par value of $1.00 each. SPH now holds 100% of the shares in Hipro Printing Pte Ltd, which publishes Tamil Murasu, a Tamil language newspaper.

The increase in shareholding by SPH was a result of the transfer of 40,000 shares from Times Publishing Limited, for a total consideration of $494,898.80, arrived at on a willing-buyer-willing-seller basis.

The transaction has no material impact on the earnings per share or the net tangible assets of SPH.

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