Centrepoint Properties Ltd completes acquisition of Prime Sydney mixed development property

With reference to the Company's earlier announcement on 5 June 2002, the Company wishes to announce that the conditional agreement which its subsidiary, Centrepoint Properties Ltd, through its subsidiaries, CPL Assets Pte Ltd and CPL (Australia) Pte Ltd (collectively, "CPL"), entered into on 5 June 2002 for the acquisition of an interest in the mixed development in the prime district of Sydney, Australia known as the Regent Theatre site (the "Site"), has been completed today (the "Acquisition").

Pursuant to the Acquisition, CPL has acquired a 92% interest in CPL (Townhall) Pty Limited which will be developing the Site, for a cash consideration of A$58.5 million.

The above transaction is not expected to have any material effect on earnings or net tangible assets per share of the F&N Group in the current financial year.

No director or substantial shareholder of the Company has an interest, direct or indirect, in the transaction.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 4/12/2002 to the SGX