Asiaone 1-42

23 May 2000
The Shareholders
SPH AsiaOne Ltd
82 Genting Lane
News Centre
Singapore 349567
Dear Sirs
This report has been prepared for inclusion in the prospectus (the “Prospectus”) of SPH AsiaOne Ltd
(the “Company”) to be dated 13 May 2000 in connection with the Invitation in respect of 148,000,000
Shares of par value $0.05 each in the capital of our Company.
On behalf of the Directors of our Company, I report that, having made due inquiry in relation to the
period between 29 February 2000, the date to which the last audited financial statements of our
Company and its subsidiary were made up, and the date hereof, being a date not earlier than 14
days before the issue of the Prospectus:-
(a) the business of our Company and its subsidiary has, in the opinion of the Directors, been
satisfactorily maintained;
(b) in the opinion of the Directors, save as disclosed in the “Financial Statements” section of the
Prospectus, no circumstances have arisen since 29 February 2000, the date to which the last
audited financial statements for our Company and its subsidiary were made up which would
adversely affect the trading or the value of the assets of our Company or any of its subsidiary;
(c) the current assets of our Company and its subsidiary appear in the books at values which are
believed to be realisable in the ordinary course of business;
(d) no contingent liabilities have arisen by reason of any guarantees given by our Company or its
subsidiary; and
(e) save as disclosed in the “Financial Statements” section of the Prospectus, there has been no
change in the published reserves or any unusual factors affecting the profits of our Company
and its subsidiary since 29 February 2000, the date to which the last audited financial statements
of our Company and its subsidiary were made up.
Yours faithfully
For and on behalf of
The Board of Directors
SPH AsiaOne Ltd
Low Huan Ping
Chief Executive Officer
DIRECTORS’ REPORT
116