Notice of Cessation of Substantial Shareholding

NOTICE OF CESSATION OF SUBSTANTIAL SHAREHOLDING

Name of substantial shareholder : Inscribe Investments Limited**

Date of notice to company : 3/1/2003

Date of change of interest : 2/1/2003

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 : 391,000
% of issued share capital : 0.146

Amount of consideration (excluding brokerage and stamp duties) per share paid or received : S$7.80

No of shares held before the transaction : 13,443,800
% of issued share capital : 5.031

No of shares held after the transaction : 13,052,800
% of issued share capital : 4.885

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

No of shares held before the transaction :
- Deemed : -
- Direct : 13,443,800
% of issued share capital : 5.031

No of shares held after the transaction :
- Deemed : -
- Direct : 13,052,800
% of issued share capital : 4.885

Total shares :

The percentages represent the proportion of Fraser and Neave Limitedaas share capital at the date hereof (namely $267,225,609).

OTHER ONSEQUENTIAL NOTIFICATION

** (1) Other entities which are deemed to have an interest in Inscribe Investments Limitedaas shareholding are BIL International Limited, Camerlin Investments Ltd, Camerlin Holdings Sdn Bhd and Camerlin Group Bhd.

(2) Inscribe/BIL now holds 4.885% of the paid-up capital of Fraser and Neave Limited and has now ceased to be a substantial shareholder.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 3/1/2003 to the SGX