Transfer of Interests in Causeway Point, Northpoint and Anchorpoint

1. The Board of Directors (the " Board ") of Fraser and Neave, Limited (the " Company ") refers to the announcement dated 6 June 2006 in relation to, inter alia , the proposed transfer of Causeway Point, Northpoint and Anchorpoint in connection with the establishment of a new real estate investment trust known as Frasers Centrepoint Trust (" FCT "), as well as the announcement dated 27 June 2006 in relation to, inter alia , registration of FCT's prospectus by the Monetary Authority of Singapore on the same date in connection with the initial public offering (the " Offering ") of the units in FCT (" Units ").

2. Unless otherwise defined, capitalised terms used in this announcement bear the same meaning as those used in the above-mentioned announcements and FCT's prospectus dated 27 June 2006.

3. Further to the above-mentioned announcements, the Board wishes to announce the following:

3.1 FCT has today been admitted to the Official List of Singapore Exchange Securities Trading Limited (the " Listing ").

3.2 Prior to the Listing:

(i) the transfer of Causeway Point from Woodlands Complex Pte Ltd (" WCPL "), a wholly-owned indirect subsidiary of the Company, to HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of FCT (the " Trustee "), was completed this morning pursuant to a sale and purchase agreement made on even date between WCPL and the Trustee. In this connection, 313,500,000 Units and 39,200,000 Units have today been issued respectively to FCL Trust Holdings Pte. Ltd. and FCL Investments Pte. Ltd. (both wholly-owned indirect subsidiaries of the Company) in part satisfaction of the purchase price payable for the transfer of Causeway Point. The 39,200,000 Units issued to FCL Investments Pte. Ltd. have today been lent to DBS Bank Ltd, as Stabilising Manager, to cover over-allotment of units in connection with the Offering;

(ii) the transfer of Northpoint from Yishun Development Pte Ltd (" YDPL "), a wholly-owned indirect subsidiary of the Company, to the Trustee was completed this morning pursuant to a sale and purchase agreement made on even date between YDPL and the Trustee; and

(iii) the transfer of Anchorpoint from Anchor Developments Pte Ltd (" ADPL "), a wholly-owned indirect subsidiary of the Company, to the Trustee was completed this morning pursuant to a sale and purchase agreement made on even date between ADPL and the Trustee.

The material terms of the above transfers have been set out in the above-mentioned announcements.

Anthony Cheong Fook Seng
Group Company Secretary

5 July 2006