18 February 2002

We refer to the announcements made by IPC Corporation Ltd (the "Company") on 30 January 2002, 4 February 2002, 6 February 2002 and the Circular dated 4 February 2002 on the proposed spin-off and dilution of more than 20 per cent. (20%) of the Company's shareholding interest in ThinSoft Pte Ltd, a principal subsidiary of the Company.

The Board of Directors wishes to announce that ThinSoft (Holdings) Inc ("ThinSoft Holdings") has made a press release in Hong Kong today on the proposed listing of ThinSoft Holdings on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited.

We attach a copy of the press release for your information.

Submitted by Benjamin Ngiam Mia Kiat, Director on 18/02/2002 to the SGX