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    Clarification On The Business Times Article Of 27 March 2002 - "Panpac's 9-Month Net Drops 18%"

    BackMar 27, 2002

    CLARIFICATION ON THE BUSINESS TIMES ARTICLE OF 27 MARCH 2002 - "PANPAC'S 9-MONTH NET DROPS 18%"

    27 March 2002

    The Singapore Exchange Securities Trading Limited
    2 Shenton Way
    #19-00 SGC Centre 1
    Singapore 068804

    Attention: The Issuer Regulation Department

    Dear Sirs

    We refer to the article in The Business Times today entitled "Panpac's 9-month net drops 18%".

    The Company would like to clarify that the references to the Company's net profit of $10.1 million for the nine months ended Dec 31, 2001 and net profit of $16.5 million for the full year ended Mar 31, 2001 as reported in the Business Times article today are erroneous. The said figures relate to the Company's turnover for each of the said financial year as described in its Unaudited Proforma Full Year Financial Statement Announcement which was released yesterday.

    Yours faithfully
    Panpac Media.com Limited


    Ricky Ang
    Managing Director