Further to the announcement made by the Board of Directors (the "Board") of IPC Corporation Ltd (the "Company") on 30 January 2002, the Board wishes to announce that the Company has acquired ThinSoft (USA) Inc (formerly known as Thin Computing, Inc), a company incorporated in the State of Delaware, the United States of America with an authorised share capital of 10,000 shares of common stock par value US$0.001 for each share and an issued share capital of US$0.01

ThinSoft (USA) Inc is a wholly-owned subsidiary of ThinSoft Investment Inc, which is a wholly-owned subsidiary of the Company.

ThinSoft (USA) Inc's principal business is in the development and distribution of thin computing solutions and related products.

The acquisition of ThinSoft (USA) Inc is part of the corporate restructuring exercise being undertaken to prepare for the listing of ThinSoft (Holdings) Inc on The Growth Enterprise Market of The Stock Exchange of Hong Kong Limited, further details of which will be available in a circular to shareholders to be despatched to shareholders shortly.

The acquisition of ThinSoft (USA) Inc will have no material impact on the financial position of the Group for the current financial year.

None of the Directors or substantial shareholders of the Company has any interest in the above transactions.

By Order of the Board

Submitted by Benjamin Ngiam Mia Kiat, Director on 02/02/2002 to the SGX