Acquisition of Additional 2.5% Interest in Wandsworth Riverside Quarter Limited ("WRQL")

Pursuant to Rule 704(15)(d) of the Listing Manual, Fraser and Neave Limited announces that its Singapore subsidiary CPL (UK) Pte Ltd ("CPL(UK)") has increased its shareholding interest in WRQL from 47.5% to 50%. WRQL is a joint venture company with Fairbriar PLC which at the same time has similarly increased its shareholding interest in WRQL to 50%.

CPL(UK) and Fairbriar PLC will each pay, at par, L263 for their additional 2.5% shareholding interest and L447,106 and L447,105 for their respective shares of the exiting shareholder's loan stock at par.

The above acquisition is not expected to have any material effect on the net tangible assets per share or earnings per share of the Company or the Group for the current financial year.

None of the directors or substantial shareholders of the Company has any interest, directly or indirectly, in the transactions.

A copy of the announcement to be made by Fairbriar PLC is attached for information.

(See attached file: MASNET No.68-3.9.03.doc)

Submitted by Anthony Cheong , Group Company Secretary on 3/9/2003 to the SGX