Establishment of Joint Venture in Thailand

Fraser and Neave, Limited announces that the Company's subsidiary, Centrepoint Properties Ltd ("Centrepoint"), has through CPL (Thailand) Pte Ltd ("CPL (Thailand)"), a wholly-owned subsidiary of Centrepoint, entered into a Joint Venture Agreement (the "Agreement") with Krungthep Land Co., Ltd ("KLand") to establish a joint venture company in Thailand to be known as "Riverside Homes Development Co., Ltd" ("Riverside Homes").

Under the terms of the Agreement, CPL Thailand and KLand will hold 49% and 51% shareholding interests in Riverside Homes respectively.

Riverside Homes will carry on the business of property acquisition and development in Thailand.

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 Sec