Lehman Brothers - Lead Manages the First Asian Internet Offering in the US.

SINGAPORE--(BUSINESS WIRE)--February 5, 1999--

Pacific Internet of Singapore makes its Nasdaq debut

today with an offer of 3 million shares at US$17 each

Lehman Brothers, a global investment bank, is the lead manager of the first initial public offering of shares in the United States by an Asian Internet company. Pacific Internet Limited, a leading provider of Internet access and Internet services in Asia, and its shareholders, SembCorp Industries and SIM Ventures, offered 3 million shares at an initial public offering price of US$17 per share to raise approximately US$51 million. Approximately 2.1 million of the shares are being offered directly by the Company. Estimated net proceeds of approximately US$32.5 million (net of expenses) will be used by Pacific Internet to finance potential acquisitions in the region and to fund capital expenditures. Trading of Pacific Internet's shares on Nasdaq Stock Market's National Market commences today.

Mr. C. Daniel Tyree, Chairman of Lehman Brothers, said: "We are proud to be the lead manager of this first Asian Internet offering in the US and are very encouraged by the overwhelming market responses from all around the globe. We have placed a lot of emphasis on the Internet/Emerging Telco sector here in Asia Pacific region. This deal truly opens the door for other potential Asian issuers in the Internet sector to seek overseas listings to raise capital for expansion and enhance their international profile."

Pacific Internet, which presently operates in Singapore, Hong Kong and the Philippines, is seeking to become the premier Internet service provider ("ISP") in the Asia-Pacific region. It plans to establish market leadership in the Internet access business for its targeted markets and to introduce other value-added Internet services, including e-commerce, real-time Internet fax and Internet telephony.

As of December 31, 1998, Pacific Internet had 203,490 dial-up subscribers and 593 leased line subscribers. For the six months ended June 30, 1998, Pacific Internet had consolidated revenues of S$33.1 million (US$19.7 million) and net income of S$5.8 million (US$3.5 million).

Pacific Internet is indirectly controlled by Temasek Holdings (Private) Limited, the principal holding company of the government of the Republic of Singapore. It maintains websites at http://www.pacific.net.sg, http://www.hk.super.net and http://www.pacific.net.ph.

Lehman Brothers is a global investment bank with leadership positions in corporate finance, advisory services, municipal finance and securities sales, trading and research. The Firm serves the financial needs of corporate, government and institutional clients and high net-worth individuals through offices in major financial centers worldwide.

The offering of shares is made by prospectus only, a copy of which may be obtained from Lehman Brothers Inc., Three World Financial Center, New York, NY 10885.