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    HOMEX - Perth

    25/10/2002 ANNOUNCEMENT

    The Directors of New Tel Limited (New Tel or Company) advise that,
    further to a request for a trading halt on the Company's securities,
    they are currently completing the Company's 2002 Financial Statements
    and Report.

    The full financial statements have not been completed due to New
    Tel's acquisition of DigiPlus Investments Limited (DigiPlus) and its
    associated companies. This acquisition was initially announced to the
    market on 15 March 2002 with updates on the proposed transaction
    provided on 17 June 2002, 23 July 2002, 22 August 2002, 1 October
    2002, 4 October 2002 and 14 October 2002.

    The Directors consider that the acquisition is significant and has
    the potential to have a material impact on the Company's cashflows.
    The acquisition doubles the annual revenues of New Tel to $250
    million and DigiPlus alone has been generating a cash flow surplus of
    around $1.4 million per month. Completion of the DigiPlus acquisition
    will significantly progress the Company's strategy to become a major
    telecommunications carrier in Australia and the Asia Pacific region.

    With the completion of the DigiPlus acquisition due to occur on 31
    October 2002, the 2002 Financial Statements and Report will be
    provided to the Company's auditors earlynext week. The auditors will
    then be in a position to promptly complete the audit of New Tel's

    The Company advises that its securities will be suspended from
    quotation in accordance with the Listing Rules. New Tel will
    immediately apply for requotation of its securities once the auditors
    have finalised their audit report and the Company lodges its 2002
    Financial Statements and Report.

    C Piercy
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