Frasers Centrepoint Limited - Issue of S$200,000,000 5-Year Fixed Rate Notes Due 2011

The Directors of Fraser and Neave, Limited are pleased to announce that its wholly-owned subsidiary, Frasers Centrepoint Limited (" FCL "), has issued a ninth series, comprising S$200,000,000 in principal amount of Fixed Rate Notes (the " Series 9 Notes ") pursuant to its S$1,100,000,000 Medium Term Note Programme established on 15 September 2000.

The lead manager for the Series 9 Notes is DBS Bank Ltd. The Series 9 Notes are issued in bearer form and in the denomination of S$250,000 each. Unless previously redeemed, purchased and/or cancelled, the Series 9 Notes shall mature on 14 March 2011. The interest rate for the Series 9 Notes is fixed at 4.045% per annum payable semi-annually in arrears.

The net proceeds from the issue of the Series 9 Notes (after deducting issue expenses) will be used for the purpose of refinancing the existing indebtedness of FCL.

Approval in-principle has been obtained for the listing of the Series 9 Notes on the Official List of the Singapore Exchange Securities Trading Limited. Such approval in-principle is not to be taken as an indication of the merits of FCL or the Series 9 Notes.

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 14 March 2006 to the SGX