New Appointments in January 2006:
Group Chief Executive Officer and Group Chairman

The Board of Fraser and Neave, Limited is pleased to announce that Dr Han Cheng Fong, currently Group Managing Director and Deputy Chief Executive Officer, will assume the position of Group Chief Executive Officer upon the planned retirement of Dr Michael Fam as Executive Chairman at the Company's Annual General Meeting to be held in 2006.

Dr Michael Fam will continue as Chairman of the Board until the appointment of a new Group Chairman.

The separation of the respective roles of Chief Executive Officer and Chairman will comply with best practice in Corporate Governance.

By Order of the Board
Anthony Cheong Fook Seng
Group Company Secretary
1 August 2005