Notice of Changes in Substantial Shareholder's Deemed Interests

Name of substantial shareholder : BIL International Limited

Date of notice to company : 31/7/2002

Date of change of interest : 30/7/2002

Name of registered holder : Inscribe Investments Limited

Circumstance(s) giving rise to the interest : Sales in open market at own discretion

INFORMATION RELATING TO SHARES HELD IN THE NAME OF THE REGISTERED HOLDER :-

No of shares which are the subject of the transaction : 28,000
% of issued share capital : 0.01

Amount of consideration (excluding brokerage and stamp duties) per share paid or received : S$7.85

No of shares held before the transaction : 23,562,800
% of issued share capital : 8.828

No of shares held after the transaction : 23,534,800
% of issued share capital : 8.817

HOLDINGS OF SUBSTANTIAL SHAREHOLDER, INCLUDING DIRECT AND DEEMED INTEREST :-

No of shares held before the transaction :
- Deemed : 23,562,800
- Direct : -
% of issued share capital : 8.828

No of shares held after the transaction :
- Deemed : 23,534,800
- Direct : -
% of issued share capital : 8.817

The percentages represent the proportion of Fraser and Neave Limitedaas share capital at the date hereof (namely $266,915,991).

Submitted by I A MacLean, Director/Company Secretary on 31/7/2002 to the SGX