Incorporation of a wholly-owned subsidiary, CPL (NZ) Pte Ltd

Pursuant to Rule 704(15)(c) of the Listing Manual, Fraser and Neave Limited announces that its subsidiary, Centrepoint Properties Ltd has incorporated a wholly-owned subsidiary name CPL (NZ) Pte Ltd with an authorised capital of S$100,000 and a paid-up capital of S$2.

Submitted by Anthony Cheong, Company Secretary on 6/5/03 to the SGX