Acquisition of the Remaining 30% Shareholding Interest in Times Offset (Malaysia) Sdn Bhd by Times Publishing Ltd

Pursuant to Clause 704(15)(c) of the Listing Manual, Fraser and Neave Limited announces that following approval from the Malaysian Ministry of International Trade and Industry ("MITI"), its wholly-owned subsidiary Times Publishing Ltd ("TPL") has acquired the remaining 30% shareholding interest in the issued share capital of its subsidiary Times Offset (Malaysia) Sdn Bhd ("TOM"), a company incorporated in Malaysia.

With the acquisition, TOM becomes a wholly-owned subsidiary of TPL.

The consideration was RM 15,827,794, arrived at through negotiation on a willing buyer willing seller basis, taking into account the net asset value of TOM and payable in cash on completion. The consideration will be met from internal resources.

The MITI approval requires that the shares so purchased be subsequently divested to a Malaysian shareholder within three years, by 25 March 2006.

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 12/6/2003 to the SGX