Temasek Holdings (Private) Limited ("Temasek") and Singapore Technologies Pte Ltd ("STPL") announced on 13 October 2004 that a restructuring exercise (the "Restructuring Exercise") involving STPL and its group of companies would be undertaken. Under the Restructuring Exercise, substantially all shareholdings in the listed and unlisted companies (including Singapore Technologies Telemedia Pte Ltd ("ST Telemedia"), the holding company of StarHub Ltd) and other assets held by STPL will be transferred to Temasek and thereafter, STPL will be ceasing operations.

In connection with StarHub Ltd's initial public offering, STPL had given a moratorium undertaking to Credit Suisse First Boston (Singapore) Limited and UBS AG, Singapore branch, not to realise, transfer or dispose of any part of its effective interest in the shares of ST Telemedia for a period of 12 months from the date StarHub Ltd is admitted to the official list of the Singapore Exchange Securities Trading Limited, as described in the prospectus of StarHub Ltd dated 17 September 2004.

To facilitate the Restructuring Exercise, Credit Suisse First Boston (Singapore) Limited and UBS AG, Singapore branch have released STPL from its obligations under such moratorium undertaking.


The listing of the shares of StarHub Ltd on the SGX-ST was sponsored by Credit Suisse First Boston (Singapore) Limited and UBS AG, acting through its business group, UBS Investment Bank.