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Announcement - Increase In Capital Of Subsidiary

SINGAPORE PRESS HOLDINGS LIMITED

ANNOUNCEMENT - INCREASE IN CAPITAL OF SUBSIDIARY

Singapore Press Holdings Limited (the "Company") is pleased to announce that SPH Magazines Private Limited, a 100%-owned subsidiary of The Straits Times Press (1975) Limited which is wholly-owned by the Company has today increased its issued and paid-up capital from S$250,000 to $10,000,000 by cash injection of S$9,750,000. This cash injection is fully funded by internal resources. The authorised capital has been increased from S$250,000 to S$20,000,000.

SPH Magazines Private Limited's principal activity is that of publishing and distribution, inter alia, of magazines, periodicals and books.

The capital injection has no material impact on the earnings per share or net tangible assets per share of the Company for the financial year ending 31 August 2004.

None of the directors of the Company has any interest, direct or indirect in SPH Magazines Private Limited. The Company has no substantial shareholder as at the date of this announcement.

Dated : 30 January 2004
Submitted by Ginney Lim May Ling, Group Company Secretaryon 30/01/2004to the SGX