Notice of Cessation of Substantial Shareholding - BIL International Limited

3 January 2003

We draw your attention to the Notice of Cessation of Substantial Shareholding which was released by the Company today following a sale by BIL International Limitedaas subsidiary, Inscribe Investments Limited (collectively "BIL") of 391,000 shares in the Company resulting in a shareholding percentage of 4.885%.

We wish to point out to Singapore Exchange Securities Trading Ltd that with the sale, BIL ceases to be "Substantial Shareholders" as defined in the Companies Act, Cap 50, and are no longer under an obligation to report further sales of the Company's shares.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 3/1/2003 to the SGX