APBL - Establishment of a subsidiary in the USA

Pursuant to Rule 704(15) (c) of the Listing Manual, Asia Pacific Breweries Limited announces that its export subsidiary, Tiger Export PteLtd ("TEPL"), has on 12th December 2003 incorporated a wholly owned subsidiary, Tiger Beer USA Inc. in the United States. Registered in the state of Delaware, Tiger Beer USA Inc. will have an authorized and paid up capital of US$1,000.

Tiger Beer USA Inc. will be tasked with the promotion of the Group's brands throughout the United States of America. It will initially qualify to carry on business in the state of New York.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 18/12/2003 to the SGX