Proposed Issue of S$70, 000, 000 5-Year Fixed Rate Notes

Following the announcement on 30 December 2003, the Directors of Fraser and Neave, Limited are pleased to announce that its wholly-owned subsidiary, Centrepoint Properties Ltd ("CPL"), is proposing to issue a fifth series, comprising S$70,000,000 in principal amount of Fixed Rate Notes (the "Series 5 Notes") pursuant to its S$1,100,000,000 Medium Term Note Programme established on 15 September 2000.

The lead manager for the Series 5 Notes is The Hongkong and Shanghai Banking Corporation Limited. The Series 5 Notes will be issued in bearer form and in denominations of S$250,000 each. Unless previously redeemed, purchased and/or cancelled, the Series 5 Notes shall mature on the date falling five years after their date of issue. The interest rate is expected to be fixed at the end of February 2004. The Series 5 Notes are expected to be issued at the end of February 2004.

The net proceeds from the issue of the Series 5 Notes (after deducting issue expenses) will be used for the purpose of refinancing the existing indebtedness of CPL.

Application will be made to the Singapore Exchange Securities Trading Limited for the listing and quotation of the Series 5 Notes.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 5/2/2004 to the SGX