Memoranda of Understanding with Associated Company Fung Choi Printing and Packaging Group Co Ltd

The Company wishes to announce that its wholly-owned subsidiary, Times Publishing Limited (" TPL "), has entered into two memoranda of understanding with the Company's associated company, Fung Choi Printing and Packaging Group Co Ltd (" Fung Choi "), in respect of proposed joint ventures to carry out publishing and retail and distribution activities in markets including Hong Kong and the People's Republic of China. Fung Choi is listed on the Singapore Exchange Securities Trading Ltd.

The two memoranda of understanding are non-binding and have a duration of 6 months. The parties are at the initial stages of feasibility studies and negotiations and will work together in good faith to finalise the terms of the proposed joint ventures. The necessary announcements will be made at the appropriate time if and when the terms are finalised.

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

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 29 March 2005 to the SGX.