Securitisation of Compass Point Shopping Centre - Completion

20 November 2002

Pursuant to the announcement dated 12 November 2002, Fraser and Neave Limited is pleased to announce that the transaction for the disposal of all the strata title units in the retail mall known as "Compass Point" by its wholly-owned subsidiary, Nasidon Investments Pte. Ltd., to North I Pte. Ltd., North II Pte. Ltd., North III Pte. Ltd. North IV Pte. Ltd. and North V Pte. Ltd., for a cash consideration of S$335 million, has been completed today.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 20/11/2002 to the SGX