MEDIARING.COM LTD

(Incorporated in the Republic of Singapore with limited liability on 15 July 1993)

Invitation in respect of 150,000,000 new ordinary shares of S$0.10 each comprising:

(1) 34,600,000 Offer Shares, comprising:

(i) 30,000,000 Offer Shares at S$0.53 for each Offer Share by way of public offer; and

(ii) 4,600,000 Reserved Shares at S$0.53 for each Reserved Share reserved for employees of business associates of the Group and those who have contributed to the success of the Group; and

(2) 115,400,000 Placement Shares at S$0.53 each by way of placement,

payable in full on application

(subject to the Over-Allotment Option)

The Board of Directors of MediaRing.com Ltd ("MediaRing.com" or the "Company") is pleased to announce that, at the close of the Application List at 12:00 noon on 17 November 1999, there were 69,239 applications for the 30,000,000 Offer Shares available to the public for subscription.

In total, these applicants applied for 1,286,173,000 Offer Shares, with application moneys received amounting to approximately S$681.67 million.

Based on the 30,000,000 Offer Shares available to the public for subscription, the offer to the public is approximately 42.9 times subscribed.

To ensure a reasonable spread of shareholders of the Company, the Board of Directors of the Company has decided on the following basis of allotment:

Of the 115,400,000 Placement Shares, 115,399,000 Placement Shares have been successfully subscribed for. Accordingly, the balance of 1,000 Placement Shares resulting from invalid applications were included as Offer Shares for subscription by the public. The spread of placees is as follows:

The 4,600,000 Reserved Shares have also been fully taken up by employees of business associates of the Group and those who have contributed to the success of the Group. The spread of Reserved Shares applicants is as follows:

The Shares will commence trading on a "ready" basis on 19 November 1999. There will be NO trading on a "when issued" basis.

The return of unsuccessful applications using printed Application Forms by ordinary post at the risk of the unsuccessful applicants, together with the full amount of the application moneys (without interest or any share of revenue or other benefit arising therefrom), will commence today and is expected to be completed by 22 November 1999.

For unsuccessful Electronic Applications, it is expected that the full amount of the application moneys (without interest or any share of revenue or other benefit arising therefrom) will be credited to the applicants' accounts with their Participating Banks (as defined in the Prospectus dated 11 November 1999) within three market days after the close of the Application List on 17 November 1999.

In respect of partially successful applications, the balance of the application moneys is expected to be refunded (without any interest or any share of revenue or other benefit arising therefrom) to the applicants, by ordinary post at their own risk (in the case of applications made using printed Application Forms) or through the crediting of the relevant amount to the applicants' accounts with their Participating Banks (in the case of Electronic Applications), within 14 days after the close of the Application List on 17 November 1999.

The Board of Directors of MediaRing.com is pleased to advise that CPF members may, with effect from 19 November 1999, use their CPF savings (subject to the 20 per cent. sub-limit), to purchase the Company's Shares under and subject to the requirements of the CPF investment Scheme.

The Company wishes to thank the public, who have applied for the Offer Shares and the Placement Shares, the relevant authorities and all who have helped in one way or another in the Company's initial public offering, for their support and assistance.

Issued by
SG Securities (Singapore) Pte. Ltd. The Development Bank of Singapore Ltd

For and on behalf of
MediaRing.com Ltd