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Announcement To The Singapore Exchange Ltd Completion Of Acquisition Of Blu Inc Group’s Publishing Business

Further to the announcement on 8 June 2004 regarding the Share Purchase Agreement dated 8 June 2004 made between Singapore Press Holdings Limited’s wholly-owned subsidiary, SPH Magazines Pte. Ltd. ("SPH Magazines"), and Blu Inc Group Limited, now known as Vantage Corporation Limited, the Board of Singapore Press Holdings Limited wishes to announce the completion today of the sale and transfer to SPH Magazines of the shares and magazine titles and marks under the Share Purchase Agreement.

Consequently, SPH Magazines is now the owner of:

a) all the magazine titles, trade names and marks owned by BIGL including Female, NuYou, Peak and Torque;

b) the following shares in the capital of the following companies:

(i) 5,000,000 ordinary shares of S$1.00 each constituting the entire issued share capital of Blu Inc Holdings (S) Pte Ltd;

(ii) 300,000 ordinary shares of S$1.00 each constituting the entire issued share capital of Blu Inc Media Pte Ltd;

(iii) 2 ordinary shares of S$1.00 each constituting the entire issued share capital of Blu Inc Publishing (S) Pte Ltd;

(iv) 2 ordinary shares of S$1.00 each constituting the entire issued share capital of Blu Inc Ventures Pte Ltd; and

(v) 1,000,002 ordinary shares of S$1.00 each constituting the entire issued share capital of Magazines Incorporated Pte Ltd.

None of the directors of Singapore Press Holdings Limited has any interest, direct or indirect, in this transaction.

Dated: 1 September 2004

Submitted by Ginney Lim May Ling,
Group Company Secretary to SGX on 1 September 2004.