Subscription to 31% share in new E-Learning Joint Venture

Pursuant to Rule 704 (15)(c) of the Listing Manual, Fraser and Neave, Limited announces that the Company's wholly-owned subsidiary, Times Publishing Limited, has through Marshall Cavendish International (S) Pte Ltd ("MCI"), entered into a conditional agreement with Popular E-learning Holdings Pte Ltd ("Popular"), Ednovation Pte Ltd ("Edno") and Eric Berthier to establish a joint venture company ("JVC") in Singapore.

The JVC has an initial paid up capital of $1.5 Million, with MCI, Popular and Edno each holding respectively, 31% shareholding interest in the JVC, and Mr Eric Bertier, a 7% share shareholding interest.

The JVC will explore opportunities for the development and production of e-learning content and related services in Singapore.

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 1/7/2004 to the SGX