NEWS RELEASE

SINGAPORE'S OWN HOMEGROWN, GLOBAL FREIGHT FORWARDING AND LOGISTICS COMPANY IS OFFICIALLY LAUNCHED
Announces Equal Equity Partnership with Singapore Post at Ceremony Officiated by EDB Chairman

SINGAPORE, 17 April 2001 - Singapore's own homegrown, global freight transportation and logistics company, S-Net Freight (Holdings) Pte Ltd, is officially launched today at a ceremony officiated by the Chairman of Singapore's Economic Development Board (EDB), Mr Teo Ming Kian. As a ringing endorsement for the company's capabilities, Singapore Post has signed an equal equity partnership with S-Net.

      An inauguration ceremony of the new company and joint venture was presided over by EDB Chairman, Mr Teo Ming Kian; S-Net Chief Executive Officer, Mr Cyril Rodrigo; S-Net's Chairman of the Board, Mr Robert Lim; SingTel Group's President & CEO, Mr Lee Hsien Yang; and Singapore Post's Chief Executive Officer, Mr William Tan.

       "S-Net's establishment and presence in Singapore not only strengthens our position as a hub for supply chain management, it also helps to add vibrancy to the enterprise ecosystem which Singapore is developing. EDB hopes that the launch of S-Net will help stimulate more local companies to form strategic alliances to grow their business globally," said Mr Teo Ming Kian, Chairman Economic Development Board.

      Conceptualised and founded by long-time key players in the regional freight fraternity, S-Net is an innovative, "new economy" freight service provider, backed by the solid reputation of its veteran freight executives. S-Net provides global air and ocean freight transportation, logistics management and customs brokerage services for business-to-business shipments, all through a Web-based system, which is the first of its kind in Asia.

      The key to S-Net's competitive edge in providing freight solutions to its customers, SWIFT (S-Net Web-based Information Techonology) is S-Net's web-based, platform-independent, integrated enterprise application. A nimble, flexible, "plug and play" system, SWIFT is designed to meet every transportation, warehousing and distribution requirement, from customer management, to operations, to accounts and human resources. S-Net's customers have complete, easy-to-use and real-time control of their transportation and logistics activities, through any Web browser, from anywhere in the world.

      "It has always been the dream of our partners to set up a strong, Asian-based logistics company, harnessing the talent and resources already available within the Asian freight fraternity. Today, that dream has become a reality," said Mr Cyril Rodrigo, Chief Executive Officer and founding member of S-Net.

      S-Net is further strengthened by its partner, Singapore Post, a wholly-owned subsidiary of Asia's leading communications company, SingTel. Together, Singapore Post and S-Net are building a strong regional logistics network to provide customers with a one-stop solution to their warehousing and transportation needs.

      Singapore Post is one of the first Asian postal organisations to partner with a commercial freight company to build a regional logistics network. Recent trends have seen postal organisations around the world move towards e-commerce and logistics through acquisitions and joint venture partnerships.

      SingTel Group President & CEO Mr Lee Hsien Yang said, "Since 1988, SingTel Group has embarked on an international investment strategy to enhance future growth in a fast-moving communications environment. We are now reaping the fruits of our labour, having successfully diversified our earnings base from Singapore." He further added, "Singapore Post now has in S-Net a new opportunity in freight-forwarding and logistics which will enable it to offer its customers a wider range of solutions for all their worldwide delivery and distribution needs."

       "With S-Net, Singapore Post is able to tap into a network which offers efficient and cost-effective supply chain solutions to meet the growing demand from international companies for integrated logistics and distribution services on a global scale," said Mr William Tan, Chief Executive Officer of Singapore Post.

      In a subtle salute to its partnership with Singapore Post, S-Net selected the new Fullerton Hotel as the venue for the inauguration ceremony, as the hotel is housed in Singapore's grand, old General Post Office building. Also in attendance at the launch were well-known freight executives from around the region, government officials, airlines, customers, business partners, and other company officials.

Headquartered in Singapore, S-Net has offices in Singapore, Hong Kong, Taiwan, Japan, Korea, China, Australia, Malaysia, Thailand, the Philippines, Indonesia, India and Sri Lanka, as well as "best in class" partners in North America, Europe and the Middle East.