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February 2008

ST Electronics Acquires Antycip Simulation Ltd

Singapore, 29 February 2008 — Singapore Technologies Electronics Limited (ST Electronics) today announced that it has through its subsidiary, ST Electronics (Training & Simulation Systems) Pte. Ltd. (STEE-T&S), acquired from Antycip Convergie SA 60% of its subsidiary, Antycip Simulation Ltd (Antycip Simulation), at a purchase consideration of Euro 2.3m (about S$4.84m).  Antycip Simulation was valued at an enterprise valuation of Euro 3.8m as at December 2007.  Antycip Convergie SA and key employees of Antycip Simulation will retain the remaining shares.  ST Electronics is the electronics arm of Singapore Technologies Engineering Limited.

This investment consideration was arrived at on a willing buyer, willing seller basis, taking into account Antycip Simulation's past performance, current profitability and future prospects. This transaction will be financed by internal cash resources and debt.

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

The acquisition will enable ST Electronics to leverage on Antycip Simulation’s sales channel and excellent customer relationships to market and distribute its simulation intellectual property in Europe.

Antycip Simulation is recognised as an expert in the delivery of market leading simulation software, hardware and integrated solutions.  With over ten years of presence in the training and simulation market, Antycip Simulation has regional offices with commercial and technical support in the United Kingdom, France, Germany, Sweden, Italy and Spain.  Antycip Simulation’s core competencies include Commercial-Off-The-Shelf (COTS) based real-time 3D development software toolkits, integrated and immersive projection and display solutions, consultancy services and customised solutions.

We're pleased to become a part of the ST Electronics Group. ST Electronics has significant intellectual property and know-how in the simulation space that we can leverage to develop innovative solutions for our customers. This partnership will also enable us to expand our technical capabilities and provide more value-added services to our customers.

Michel PRONIER
CEO, Antycip Simulation Ltd

ST Electronics’ acquisition of Antycip Simulation will enable us to offer a wider product portfolio in simulation solutions through our combined experience of over 30 years. This is in line with our strategy of selectively building our product and service portfolio to offer the greatest possible benefits to clients. Our experience and skill-sets are complementary and make for a powerful combination that will allow us to further strengthen our market standing.

SEAH Moon Ming,
President, ST Electronics & Deputy CEO, ST Engineering

Antycip Simulation is a European industry leader in the distribution and support of simulation COTS tools in Europe with associated services. It has regional offices with commercial and technical support in the United Kingdom, France, Germany, Sweden, Italy and Spain.  Please visit www.antycip.com/simulation.

ST Electronics (Training & Simulation Systems), a wholly-owned subsidiary of ST Electronics, develops, manufactures and markets advanced computer graphic software and solutions for simulation, visualisation, digital media and various industry applications.  It applies leading edge technologies and design methodologies to meet the stringent requirements of customised electronics systems and solutions.  For more information, visit www.stee.stengg.com.

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 and communications systems, such as broadband radio frequency and satellite communication, e-Government solutions, information communications technologies and IT, rail and traffic management, real-time command & control, training and simulation, intelligent building management, and information security and mobile commerce solutions. Please visit www.stee.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