Acquisition of a 32.3% Shareholding Interest in Pressdale Limited by Centrepoint Properties Ltd

Pursuant to Clause 704(15)(c) of the Listing Manual, Fraser and Neave Limited announces that the Company wholly-owned subsidiary Centrepoint Properties Ltd has acquired, through CPL (Fraser) Pte Ltd, a 32.3% shareholding interest in the issued share capital of Pressdale Limited (Pressdale ), a company incorporated in England.

The principal activity of Pressdale is property ownership and investment. Pressdale is the owner of 63 flat units within Blocks C2 and C3, Boardwalk Place Poplar Dock Trafalgar Way, London.

The consideration was L517,125, arrived at through negotiation on a willing buyer willing seller basis, taking into account the net asset value of Pressdale and payable in cash on completion. The consideration will be met from internal resources.

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

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

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 5/6/2003 to the SGX