Further to the circular to Shareholders dated 1 November 2006, Singapore Press Holdings Limited (the "Company") would like to provide additional information on the performance targets under the proposed SPH Performance Share Plan as follows:
Currently, performance targets are aimed at sustaining free cash flow growth and delivering long-term shareholder value. These are measured based on operating parameters relating to revenues, circulation sales, productivity, margins, expenses, customer satisfaction, and performance of the Company’s total shareholders’ return as compared to the Straits Times Index and to the Company’s cost of equity. The performance targets are to be satisfied during the prescribed performance period.
Subject to the performance targets being met, a participant will only be entitled to all of the shares which are the subject of an award upon expiry of the prescribed performance and vesting periods, which are currently intended to range in total from 3 to 4 years from the time the award is made.
Issued by : Singapore Press Holdings Limited
17 November 2006