S$300, 000, 000 5-Year Transferable Term Loan Facility

The Board of Directors of Fraser and Neave Limited (the "Company") is pleased to announce that the Company has on 8 December 2003 entered into a Transferable Term Loan Facility Agreement ("Facility Agreement") jointly arranged by Credit Agricole Indosuez, Oversea-Chinese Banking Corporation Limited and Standard Chartered Bank (collectively, the "Lead Arrangers") in respect of a S$300,000,000 5-year transferable term loan facility (the "Facility").

The Lead Arrangers are also the original lenders under the Facility Agreement, with Oversea-Chinese Banking Corporation Limited acting as the agent for the other financial institutions.

The Facility is to replace existing borrowings of the Company, which will be falling due for repayment in late December 2003.

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 8/12/2003 to the SGX