Singapore, 20 June 2002 - THINSOFT (Holdings) Inc (the 'Group'; GEM Stock Code: 8096) today announced that it has established a collaborative marketing arrangement with Micro Star International Co. Ltd (MSI) for the Group's BeTwin 2000/XP software solution.

MSI is the world's top Video Graphics Accelerator (VGA) card maker with a monthly shipment exceeding one million units. The company is also a manufacturer of mainboards and multimedia peripherals, and is headquartered in Jung-He, Taipei, Taiwan.

MSI has subsidiaries and service centers located throughout the world including Australia, France, Germany, Hong Kong, the Netherlands, and the United States.

ThinSoft (Holdings) Inc has two flagship products, BeTwin and WinConnect, that support applications running on the world's two most dominant operating systems Windows and Linux respectively. ThinSoft (Holdings) Inc is a subsidiary of IPC Corporation (S) Ltd and is listed on the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong Limited.

The collaborative marketing arrangement comes in the form of a Distribution Agreement and is signed between MSI and the Group's wholly owned subsidiary ThinSoft Pte Ltd.

Under the terms of the Agreement, MSI will include a free trial BeTwin 2000/XP with every VGA card shipped.

This is to introduce BeTwin to users to experience its value-added functionality and versatility.

MSI produces a wide range of video cards; particularly the dual output VGA card, which is a high-end performance card that provides users with the flexibility of two ports in the PC to drive two monitors.

As a companion Thin Computing software solution to MSI's VGA card, BeTwin's value added functionality is its ability to transform an additional monitor into a fully functioning PC. This creates two independent PCs that offer uncompromised computing power at a lower Total Cost of Ownership (TCO).

Users of MSI video products can go online to ThinSoft's website www.thinsoftinc.com to purchase the BeTwin 2000/XP software.

MSI Product Manager of MSI Graphics Davis Lin said: "MSI chose BeTwin 2000/XP due to its value-added functionality. The BeTwin solution brings out the intrinsic value of our video card products by allowing our users to make use of the second video port.

"By merely installing BeTwin, uncompromised high end performance from our video card products is made available to two independent users instantaneously. This is definitely an attractive proposition to our customers at a very low initial cost of investment that leads to a dramatic reduction in the TCO."

ThinSoft President and Executive Director Bernard Ngiam said: "The market collaboration with MSI is part of ThinSoft's ongoing efforts to make inroads into new distribution channels.

"MSI has extremely stringent quality standards for its product spectrum. As such, MSI's perspective that BeTwin is able to create two fully functioning PCs is testament to the software solution's unique value proposition and enhanced functionality."

About Micro Star International Co. Ltd:

Micro-Star International (MSI™) keeps the principle of "Award-winning product quality and outstanding customer service" in producing its mainboards and add-on cards, and achieves its position as one of the Top 5 mainboard manufacturers in the world.

About ThinSoft (Holdings) Inc:

ThinSoft (Holdings) Inc (the 'Group') is a leading global developer and distributor of Thin Computing Solutions (TCS) that reduce the Total Cost of Ownership (TCO) of IT operations. The Group has two flagship products, BeTwin and WinConnect that support applications running on the world's two most dominant operating systems Windows and Linux respectively.

ThinSoft (Holdings) Inc is listed on the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong Limited. Its stock code on GEM is 8096.

About the products:

BeTwin is the Group's software product designed for the Windows platform, to turn one PC into as many as five - a host PC plus up to four virtual PCs. Each virtual PC station is easily created through the addition of a set of monitor, keyboard, mouse and speakers. BeTwin allows users of the virtual PC station to share the unused computing power of the host PC. BeTwin is a solution that brings dramatic cost benefits to the ownership of PCs in any multi-user environment.

WinConnect is a software product that the Group designed for the Linux operating system platform, to enable Linux-based terminals to create a remote connection to run Windows applications.

Glossary:

Total Cost of Ownership ('TCO')

TCO of IT operations refers to all costs associated with initial IT system acquisition and ongoing usage, which includes: hardware, software, servicing, network management, maintenance, training, support and staffing, etc.

Thin Computing Solutions ('TCS')

TCS, by centralizing application processing and management, and data storage for all users, serves to reduce the TCO of IT operations.

About IPC

Listed on the main board of the Singapore Exchange (SGX), IPC Corporation Ltd (IPC) is an established Asian IT vendor in Thin Computing, e-Services & e-Platform solutions and Infocomm Product and Broadband Systems Integration, with a marketing and sales distribution network in more than 50 countries worldwide.

Three Core Business Units
IPC drives three core business units:
· Thin Computing
· e-Services & e-Platform
· Infocomm Product and Broadband Systems Integration

*For more information, please visit our website at www.ipc.com.sg

Thin Computing

ThinSoft (Holdings) Inc. (ThinSoft), a subsidiary of IPC Corporation Ltd, has developed a premium suite of cost effective thin computing solutions that significantly reduce the Total Cost of Ownership (TCO). ThinSoft offers two flagship product series "BeTwin" and "WinConnect" which run applications on Windows and Linux respectively; Windows and Linux represent the world's two most dominating operating systems. These solutions address the pervasive computing needs of individuals and organisations in the characteristically dynamic computing and communications environment. The competitive efficiency of the solution is attributed to its ability to link multiple users to a single host computer with uncompromised computing power as well as concurrent Internet usage.

*For more information, please visit our website at www.thinsoftinc.com

e-Services & e-Platform

e-IPC, a wholly owned subsidiary of IPC, is a leading Internet infrastructure provider of e-Services & e-Platform for B2B and B2C transactions. e-IPC's value proposition is the full service provision of On-line Exchange (OLX) and On-line Applications (OLA). Since 1996, e-IPC has been operating a premier network in China offering OLX and OLA e-Services to major enterprises in the retail industry in Shanghai.

*For more information, please visit our website at www.e-ipc.com.cn

OLX

OLX enables and facilitates the entire fulfillment cycle in the supply chain from credit check to inquiry to ordering to electronic processing and payment.

OLA

OLA is an on-line access platform to mission critical software applications to fulfill administrative and operational requirements such as data warehousing, data mining and data analysis, enterprise resource planning and customer relationship management.

Infocomm Product and Broadband Systems Integration

Essex Electronics (S) Pte Ltd (Essex) is a wholly owned subsidiary of IPC and is a premier provider of leading-edge telecommunications solutions as well as the provision of systems integration services and support for broadband communications. Essex offers a suite of Digital Enhanced Cordless Telecommunications wireless communications range of terminals and in-premise Wireless Local Loop solutions as well as Integrated Services Digital Network terminals. It also provides broadband systems integration service and support to major telecommunications, cable operators and hotels.

In terms of the Broadband Systems Integration dimension, IPC successfully developed and launched EaziSurf; an in-premise broadband solution for the Multi-Dwelling Unit (MDU) market. EaziSurf is a wired and wireless in-premise hardware and software broadband solution for the bandwidth demanding provision of seamless multimedia communications in MDU sites such as hotels and residential condominiums.

*For more information please visit our website www.essex.com.sg

Hong Kong:
For further information, please contact:

ThinSoft (Holdings) Inc
Ms Miranda M K Pang
Tel: 852 -2587 7800
Email: miranda.pang@thinsoftinc.com

Singapore:
For enquiries, please contact:
Mr Leslie Sim
Vice President, Investor Relations
23 Tai Seng Drive, Singapore 535224
Tel: (65) 744-2688 Fax: (65) 289 7308
Email: leslie.sim@ipc.com.sg

Submitted by Sally Lauw, Executive Director on 20 June 2002 to the SGX