Ipco International Limited : Announcement Title * PROPOSED ISSUE OF 1% UNSECURED EQUITY LINKED REDEEMABLE STRUCTURED CONVERTIBLE NOTES DUE 2013 WITH AN AGGREGATE PRINCIPAL AMOUNT OF UP TO S$60 MILLION (“PROPOSED ISSUE”) - SUBSCRIPTION

The Board of Directors of Ipco International Limited ("Company") wishes to refer to the Circular of the Company dated 12 June 2008 in respect of the Proposed Issue. Unless otherwise defined herein, terms defined in the Circular shall have the same definitions herein.

The Company wishes to inform shareholders that the Company and the Subscriber have completed the issuance and subscription respectively of the fourth to ninth sub-tranche of the Tranche 4 Notes on 18 January 2013.

BY ORDER OF THE BOARD
Carlson Clark Smith
Executive Director and Chief Financial Officer
18 January 2013