TPL's Sale of Non-Core Investment Properties in UK

The Board of Directors of Times Publishing Ltd (the "Company") is pleased to announce that its wholly-owned subsidiary, Hazeldean Limited, a company incorporated in the UK, has completed the sale of two non-core investment properties located at 58 and 60-62 Old Compton Street, London, W1, UK. Hazeldean had a 50-50 interest in the property at 58 Old Compton Street jointly with the Marshall Cavendish Pension Fund.

Hazeldean Limitedaas share of the consideration, net of disposal costs, is L7.4 million. This was arrived at on a willing buyer willing seller basis. The sale will give rise to a post tax gain of approximately L4.8 million or S$12.4 million.

This transaction will increase both earnings per share and net tangible assets per share of the Group by 10c, based on current exchange rates.

The Company shall invest the proceeds on fixed deposits for the time being.

None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the transaction.

By Order Of The Board
Anthony Cheong Fook Seng
Company Secretary

Singapore, 29 November 2001

Submitted by Anthony Cheong Fook Seng, Company Secretary on 29/11/2001 to the SGX