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Proceeds received from Belgacom

16 April 2004

Further to its press releases on 4 March 2004 and 22 March 2004, SPH would like to announce that the SPH Group ("Group") has received on 13 April 2004 cash proceeds of Euros 112.4 million or approximately S$224.4 million relating to the disposal of its entire indirect shareholding in Belgacom. Arising from this, an investment income of about S$170.5 million will be reported in the third quarter of the SPH financial year.

As part of Belgacom’s IPO process, all selling shareholders of Belgacom were required to provide their proportionate share of indemnities in relation to the IPO, and SPH in turn has furnished the necessary back-to-back indemnities for its proportionate indirect shareholding in Belgacom.