OPTUS CHIEF EXECUTIVE TO STEP DOWN AFTER SEVEN YEARS

The SingTel Group announced today that Chris Anderson would step down as Optus Chief Executive at the end of August to be succeeded by Chief Operating Officer, Paul O'Sullivan.

Mr O'Sullivan was previously the Managing Director of Optus Mobile and has worked as Chief Operating Officer for the past two and a half years. He will succeed Mr Anderson on 1 September this year.

SingTel President and CEO, Mr Lee Hsien Yang, said Mr Anderson has made an outstanding contribution to the growth and development of Optus and to competition in Australia.

"Chris has led Optus for seven years through a remarkable period in its history, playing a major role in its financial transformation into one of the most successful companies in Australia.

"He has overseen Optus' evolution into a major force for competition and regulatory reform in the telecommunications sector," Mr Lee said.

Mr Anderson said he had enjoyed a great period at Optus with the company now trading strongly.

"I will be leaving Optus at a time where we are growing at three times the industry average, integrated into the most dynamic telecommunications group in the Asia/Pacific and have a marvellous successor in Paul O'Sullivan.

"The SingTel ownership has transformed Optus. It's given us the financial strength, market reach and regional power to seriously challenge and threaten the incumbent.

"The past seven years have been exhilarating - from the early days of sorting out the Bell South/Cable & Wireless shareholding; floating Optus; the sale process; the integration into SingTel, and the Optus-FOXTEL pay TV deal.

"Optus' strength comes from the high calibre of its people and strong leadership team - now to be led by an outstanding performer in Paul O'Sullivan," Mr Anderson said.

On the appointment of Mr Paul O'Sullivan as the new Chief Executive of Optus, Mr Lee said: "Paul is a seven-year veteran at Optus and, in the past two and a half years, has proven himself commendably in his role as Chief Operating Officer.

"He brings with him a wealth of experience and has the leadership qualities, knowledge and understanding of the business to continue the growth story that has become synonymous with Optus."

Mr O'Sullivan said he was delighted with his new appointment and looked forward to taking the company to even greater heights.

"It has been a privilege to work with Chris' experience, the company has benefited greatly from his leadership.

"I am very much looking forward to taking Optus on the next stage of its journey," Mr O'Sullivan said.

Media contacts
Singapore
Ivan Tan
Phone: +65 68382007
Mobile: +65 96359765
E-mail: ivantan@singtel.com

Australia
Stephen Woodhill
Phone: +61-2-9342 7850
Mobile: +61-413 318 455
E-mail: stephen.woodhill@optus.com.au

Mr O'Sullivan is the Chief Operating Officer (COO) for Optus.

In his current role Mr O'Sullivan manages the four trading divisions of Optus (Mobile, Consumer, Business and Wholesale/Satellite) as well as the Networks, IT and Brand functions. In addition Mr O'Sullivan sits on the Board of Bharti Tele-Ventures Limited, a member of the SingTel Group, and is a member of the SingTel Group Management Committee.

Since his appointment to the position of COO in September 2001, he has focused Optus on winning market share, re-engineering the company's cost base and strengthening Optus' unique "challenger" culture. During this period Optus has reversed its former losses with a $400M turnaround and delivered its first-ever positive cashflow. This turnaround has been achieved while continuing to grow revenues at three times the Australian Telecommunications industry average.

Mr O'Sullivan led the Optus team that negotiated the recent Optus-FOXTEL Pay TV deal which effectively restructured Australia's Pay TV industry. He also had responsibility for the integration of Australian and Singaporean support functions, which realised over $300M in cross-company synergies.

Prior to his current position Mr O'Sullivan was the Managing Director of Optus Mobile. Under his leadership Optus Mobile gained considerable market share and reached over $2 billion a year in revenue; increased subscriber numbers to over four million; and established a reputation as an innovator with products such as 'yes' Time (encouraging the use of the network in off peak periods) and introduced mobile Internet services.

Prior to Optus Mr O'Sullivan worked with the Colonial Group. In 1996 he worked with the project team that integrated the State Bank of NSW and launched Colonial's new 'Convenience Banking' concept.

He has previously held various international management roles with the Royal Dutch Shell Group in Canada, the Middle East, Australia and the United Kingdom.

Mr O'Sullivan has B.A. (Mod) Economics, (First Class) Trinity College, University of Dublin and is a graduate of the Harvard Business School's Advanced Management Program.