ELDERS LIMITED — Capital/Financing Update 2007

Sep 9, 2007

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Exchange Release 10 September 2007

Optus 50 percent joint venture signs funding agreement with Government for rural and regional Australia broadband network

On 18 June 2007, SingTel announced that OPEL Networks Pty Limited (OPEL), a 50 percent owned joint venture of Optus Networks Pty Limited (Optus – a wholly owned subsidiary of SingTel) with Elders Telecommunications Infrastructure Pty Ltd (Elders – a wholly owned subsidiary of Futuris Corporation), had secured in-principle approval of A$958 million in funding for a rural and regional wholesale broadband network in Australia.

SingTel is pleased to announce that OPEL has finalised the funding agreement with the Australian Government. OPEL will be eligible to be paid the agreed funding once certain specified conditions are satisfied, including Australian Government approval of commercial arrangements between Optus and Elders and satisfactory completion of further network planning.

As previously announced, the equity accounted results of OPEL and other commercial arrangements that Optus will have with OPEL are not expected to have a material impact on the financial statements of the SingTel Group for the year ending 31 March 2008.