Capital Reduction and Cash Distribution to Shareholders

The Board of Directors of Fraser and Neave, Limited (the "Company") wishes to remind shareholders that the trading of ordinary shares of $1.00 each ("Shares") in the capital of the Company in board lots of 100 Shares will cease at 5.00pm on 3 November 2003 (Monday).

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 27/10/2003 to the SGX