INCORPORATION OF A SUBSIDIARY COMPANY

The Board of Directors of Ban Joo & Company Limited ("the Company", and together with its
subsidiaries, the “Group”) is pleased to announce that it has incorporated a subsidiary company in Singapore, named Telemedia Pacific Communications Pte. Ltd. (“TPC”).
TPC has an initial issued and paid up capital of S$2 divided into 2 ordinary shares and will be principally engaged in telecommunications services.

The incorporation of TPC was funded internally and is not expected to have any material impact on the net tangible assets per share and earning per share of the Group for the current financial period ending 31 March 2010.

The Definitive Agreement dated 10 December 2009 was entered into between (i) a consortiumcurrently comprising Network i2i Limited (a subsidiary of Bharti Airtel Limited), Google Infrastructure Bermuda Ltd., Globe Telecom Inc., KDDI Corporation, Reliance Globalcom (through FLAG Pacific Limited), Bermuda and TPI (the “Consortium”), and (ii) NEC Corporation(the “Supplier”).

Pursuant to the Definitive Agreement, the Consortium has engaged the Supplier to develop and construct the SJC which is contemplated to be a state-of-the-art, high capacity fibre optic network spanning more than 8,300 km linking Singapore to Japan, with initial branching units to Indonesia,the Philippines and Hong Kong.

SJC is targeted to be completed by the first quarter of 2012.
TPI will construct or otherwise procure the extended link from SJC to Indonesia, thereby forming the Telemedia Pacific Cable Network (“TPCN”) which will connect Indonesia to Singapore, Hong Kong and Japan. Under the Definitive Agreement, TPI will engage the Supplier to construct the extended link, which will provide the Consortium with the exclusive link to Indonesia.

On 10 December 2009, members of the Consortium had also entered into a construction and
maintenance agreement between and among themselves, which sets out the terms and
conditions upon which the SJC shall be provided, constructed, operated and maintained. The participation in the SJC by TPI will entitle it to a capacity of up to 1.6 Tbps on the fibre optic network.
None of the Directors or substantial shareholders of the Company has any interest, direct or indirect, in TPC.

By Order of the Board
Ban Joo & Company Limited
Hady Hartanto
Executive Deputy Chairman
23 March 2010