F&N - Recent Valuation of Valley Point Tower

Notice of Recent Valuation of Properties

Date of valuation : 30/9/2001

Name of valuer : DTZ Debenham Tie Leung (SEA) Pte Ltd

Description of property :

Valley Point Tower
491B River Valley Road
(Lot 1801W Town Subdivision 24)

Valuation (S$) : 145,800,000

Date of valuation : 30/9/2001

Name of valuer : DTZ Debenham Tie Leung (SEA) Pte Ltd

Description of property :

Fraser Suites Serviced Apartments
491A River Valley Road
(Lot 1801W Town Subdivision 24)

Valuation (S$) : 195,700,000

Date of valuation : 30/9/2001

Name of valuer : DTZ Debenham Tie Leung (SEA) Pte Ltd

Description of property :
Valley Point Shopping Centre
491 River Valley Road
(Lot 1801W Town Subdivision 24)

Valuation (S$) : 24,000,000

The valuation reports for the above properties are available for inspection at #21-00 Alexandra Point, 438 Alexandra Road, Singapore 119958 during normal business hours up to 11/1/2002.

These valuations, totalling $365.5 mil, represent a reduction of $17.0 mil (-4.4%) compared with the carrying value in the books. They will be adopted in the accounts with a corresponding reduction in reserves.

Submitted by I A MacLean, Director/Company Secretary on 11/10/2001 to the SGX