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June 2007

ST Engineering's STELCOMMS Partner Converts Loan Into Shareholding

Singapore, 22 June 2007 — Singapore Technologies Engineering Ltd (ST Engineering) today announced, as a follow up to the previous announcement on 23 January 2006 on the set up of STELCOMMS Pte. Ltd. (STELCOMMS), that Lardosa Investment B.V. has exercised its option to convert its loan of S$0.98 million extended to STELCOMMS for a 49% equity stake in STELCOMMS.  Following this conversion, the shareholding of ST Electronics (Info-Comm Systems) Pte Ltd (STEE-InfoComm) in STELCOMMS is reduced from 100% to 51%. STEE-InfoComm is a wholly-owned subsidiary of Singapore Technologies Electronics Limited, the electronics arm of ST Engineering.

The reduction in shareholding is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.

STELCOMMS was jointly set up by the two parties in January 2006 to focus on growing the business for communication systems for homeland security agencies in the Asia-Pacific region.   It addresses the regional market by offering cost-effective solutions, leveraging on ST Electronics’ current strong market presence and network, as well as its domain knowledge and technical expertise in homeland security products and solutions.

Lardosa Investment B.V. is a Dutch holding company with portfolio companies, both in the homeland defence and the commercial IT areas, located in the US and Europe.

ST Electronics, the electronics arm of ST Engineering, delivers innovative system solutions to government, commercial, defence, and industrial customers worldwide. It specialises in the design, development and integration of advanced electronics systems, such as broadband radio frequency and satellite communication, e-government solutions, information communications technologies, rail and traffic management, realtime command and control, training and simulation, intelligent building management, and information security and mobile commerce solutions.  Its wholly owned subsidiary, ST Electronics (Info-Comm Systems) is a leading solutions house in the Asia Pacific region for infocommunications, advanced electronics and intelligent transportation businesses. Its core business areas include emergency response and integrated security & surveillance systems, e-Government infocommunication and enterprise solutions, intelligent traffic and advanced fleet management systems, infocomm security products and solutions, and managed operations services. Please visit www.stee.stengg.com.

ST Engineering is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors.  Headquartered in Singapore, the Group reported revenues of $4.49b in FY2006.  With a market capitalisation of over $10b, it ranks among the largest companies listed on the Singapore Exchange.  ST Engineering has more than 17,000 employees worldwide, and over 100 subsidiaries in 20 countries and 35 cities.  Please visit www.stengg.com.

Media contact:

Magdalen Loh
AVP / Head, Corporate Communications
Singapore Technologies Electronics Limited
Tel: (65) 6413 1788 / 9822 3321
Fax: (65) 6484 8840
Email: magloh@stee.stengg.com