Proposed Issue of up to S$180, 000, 000 3-Year Fixed Rate Notes

Further to the announcement made by its wholly-owned subsidiary, Centrepoint Properties Ltd ("CPL"), on 15 September 2000, the Directors of Fraser and Neave,Limited are pleased to announce that CPL is proposing to issue a fourth series, comprising S$150,000,000 in principal amount, subject to an option given to the joint lead managers to increase the principal amount up to S$180,000,000, of Notes (the "Series 4 Notes") pursuant to its S$1,100,000,000 Medium Term Note Programme established on 15 September 2000.

The joint lead managers for the Series 4 Notes are DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited and Standard Chartered Bank. The Series 4 Notes will be issued in bearer form and in the denomination of S$250,000 each. Unless previously redeemed, purchased and/or cancelled, the Series 4 Notes shall mature on the date falling three years after their date of issue. The interest rate is expected to be fixed in January 2004. The Series 4 Notes are expected to be issued in January 2004.

The net proceeds from the issue of the Series 4 Notes (after deducting issue expenses) will be used for the purpose of refinancing the existing indebtedness of CPL which will fall due for repayment in January 2004.

Application will be made to the Singapore Exchange Securities Trading Limited for the listing and quotation of the Series 4 Notes.

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 30/12/2003 to the SGX