Acquisition of additional 5% in the share capital of Palo Cedro (Papamoa) Limited by CPL (NZ) Pte Ltd

On 9 February 2004, Fraser and Neave, Limited (the "Company") announced the acquisition of an additional 60.1% interest in the share capital of Palo Cedro (Papamoa) Limited ("PCPL"), by CPL (NZ) Pte Ltd ("CPL(NZ)"), a subsidiary of Centrepoint Properties Ltd, which is in turn a wholly-owned subsidiary of the Company, thereby increasing its shareholding in PCPL to 85%.

PCPL is a company incorporated in New Zealand for the purpose of acquiring and developing property in New Zealand.

Pursuant to Rule 704(15)(d), the Company announces that CPL(NZ) has acquired a further 5% interest in the share capital of PCPL from the other shareholder of PCPL, Mr Stephen John Short ("SJS"), pursuant to the terms of a shareholders' agreement entered into between CPL(NZ) and SJS in relation to PCPL.

CPL(NZ) now holds 90% of the shares in PCPL.

Submitted by Anthony Cheong Fook Seng, Director/Group Company Secretary on 1 March 2005 to the SGX.