NORTH 22 TECHNOLOGY SERVICES GROUP LIMITED

(Incorporated in Bermuda on 24 January 2000)

Invitation in respect of 125,000,000 new ordinary shares of US$0.01 each comprising:-

(1) 30,000,000 Offer Shares at S$0.205 each comprising:

(a) 17,500,000 Offer Shares by way of public offer; and

(b) 12,500,000 Reserved Shares reserved for employees, business associates and those who have contributed to the success of the Group; and

(2) 95,000,000 Placement Shares at US$0.12 each by way of Placement, payable in full on application.

The Board of Directors of North 22 Technology Services Group Limited ("N22 TSG" or the "Company") is pleased to announce that, at the close of the Application List at 12.00 noon on 12 July 2000, there were 25,852 applications for the 17,500,000 Offer Shares available to the public for subscription. In total, these subscribers applied for 536,635,000 Offer Shares, with application moneys received amounting to approximately $110 million.

Based on the 17,500,000 Offer Shares, the offer to the public is approximately 30.7 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 95,000,000 Placement Shares, 94,978,000 Placement Shares have been successfully subscribed for. Accordingly, the balance of 22,000 Placement Shares resulting from invalid applications were included as Offer Shares for subscription by the public. The spread of placees is as follows:-

The 12,500,000 Reserved Shares have also been fully taken up by employees, business associates and those who have contributed to the success of the Group. The spread of the Reserved Shares is as follows:-

The Company's Shares will commence trading on a "ready" basis on 14 July 2000. 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 17 July 2000. 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 4 July 2000) within three market days after the close of the Application List.

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.

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 public offering, for their support and assistance.

DBS Bank and POSBank customers may call the DBS IPO Results Enquiry Service at +65 6327-4767 to check the provisional results of their IPO applications. Customers will be required to enter their CDP Securities Account Number when utilising the automated service.

Issued by
The Development Bank of Singapore Ltd

For and on behalf of
North 22 Technology Services Group Limited