Notice of Changes in Substantial Shareholder's Deemed Interests

Name of substantial shareholder : Oversea-Chinese Banking Corporation Limited

Date of notice to company : 21 Nov 2001

Date of change of deemed interest : 19 Nov 2001

Name of registered holder : OCBC Securities Private Limited

Circumstance giving rise to the change : Sales in open market at own discretion

Shares held in the name of registered holder

No of shares of the change : 11,000
% of issued share capital : 0.0037

Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee : S$7.50

No of shares held before change : 11,000
% of issued share capital : 0.0037

No of shares held after change : 0
% of issued share capital : 0

Holdings of Substantial Shareholder including direct and deemed interest

No of shares held before change :
- Deemed : 62,628,248
- Direct : 16,472,032

% of issued share capital :
- Deemed : 21.19
- Direct : 5.57

No of shares held after change :
- Deemed : 62,617,248
- Direct : 16,472,032

% of issued share capital :
- Deemed : 21.19
- Direct : 5.57

Note : The percentages represent the portion of Fraser and Neave Limitedaas share capital at the date hereof (namely $295,503,803).

Submitted by :

I A MacLean, Director & Company Secretary on 22/11/2001 to the SGX