Acquisition of 60.1% in the share capital of Palo Cedro (Papamoa) Limited by CPL (NZ) Pte Ltd

On 2 June 2003, Fraser and Neave, Limited announced the establishment of a joint venture company known as CPL (NZ) Pte Ltd ("the JVC") for the purpose of property development and investment in New Zealand and the subscription by the JVC of 24.9% of the shares in Palo Cedro (Papamoa) Limited ("PCPL"), a company incorporated in New Zealand.

Pursuant to Rule 704(15)(d), the company announces that following approval from the New Zealand Overseas Investment Commission for the JVC to acquire more than 25% of the shares in PCPL, the JVC has acquired an additional 601 shares of NZ 10 cents each, representing 60.1% of the share capital in PCPL at a consideration of NZ$60.10 being the par value of the shares. The JVC now holds 85% of the shares in PCPL.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 9/2/2004 to the SGX