Securitisation of Cote d'Azur- Notice 2

I refer to the report in the Business Times today, "Centrepoint Prop in $285m securitisation of Cote d'Azur".

Riviera Investment Ltd ("Riviera"), a Singapore incorporated special purpose company, is the proposed vehicle issuing the bonds. The Fraser and Neave Limited ("F&NL") group will have no beneficial interest in the equity of Riviera for the duration of the loan.

F&NL believes that the interest rates quoted in the article are applicable to the bonds to be issued by Riviera. The S$285 million loan to Marine Parade View Pte Ltd is intended to bear a fixed rate of interest, which will be fixed on closing, up to its expected redemption date.

Submitted by Anthony Cheong, Group Company Secretary on 22/8/2003 to the SGX