Notice of Books Closure for Sub-Division

Further to the announcement made on 31 May 2006, in which the Company announced that the resolutions set out in the Company’s circular dated 15 May 2006 were all approved at the Extraordinary General Meeting of the Company held on 31 May 2006:

1. NOTICE OF BOOKS CLOSURE

1.1 NOTICE IS HEREBY GIVEN that the Transfer Books and the Register of Members of the Company will be closed at 5.00 p.m. on 3 July 2006 (the " Books Closure Date ") up to and including 4 July 2006 (both dates inclusive) for the purpose of determining the entitlements of the Shareholders under the Sub-Division.

1.2 Entitlements as at Books Closure Date . Shareholders who hold physical share certificates not deposited with The Central Depository (Pte) Limited (" Scripholders ") and Shareholders holding Shares in their securities accounts with The Central Depository (Pte) Limited (" F&N Depositors ") as at 5.00 p.m. on the Books Closure Date will be entitled to the Sub-Division, on the basis of the number of Shares held as at the Books Closure Date.

Scripholders who hold share certificates for Shares not in their own names, should transfer such certificates into their own names in order to be entitled for the Sub-Division. They should submit their duly completed and stamped transfer forms together with the share certificates to the Company’s Share Registrar, Tricor Barbinder Share Registration Services (a division of Tricor Singapore Pte. Ltd.), at 8 Cross Street, #11-00 PWC Building, Singapore 048424 by 5.00 p.m. on the Books Closure Date failing which the new share certificates will be sent to the names appearing on the original share certificates.

2. ADMINISTRATIVE PROCEDURES FOR THE SUB-DIVISION

2.1 F&N Depositors . In respect of F&N Depositors with Shares standing to the credit of their securities accounts with The Central Depository (Pte) Limited (" CDP ") as at the Books Closure Date, no further action needs to be taken. Please refer to section 2.3(c) below.

2.2 Scripholders . Scripholders who wish to deposit their Shares with CDP prior to the Books Closure Date for the purpose of the Sub-Division must deposit their existing share certificates together with the duly executed instruments of transfer in favour of CDP, not later than 5.00 p.m. on 23 June 2006, being five market days prior to the Books Closure Date. CDP will not accept the old share certificates in respect of Shares for deposit after 23 June 2006 for the purpose of the Sub-Division and in such case new share certificates will be sent to Scripholders as set out in 2.3(d) below.

2.3 Issue of New Share Certificates relating to the Sub-Division . The following sets out the administrative procedures which the Company will adopt to facilitate the issue of new share certificates arising from the Sub-Division:

(a) Cancellation of Old Share Certificates . The Company will cancel all old share certificates relating to the Shares in issue as at the Books Closure Date. Upon the cancellation, the Company will issue to Scripholders new share certificates in respect of the number of the number of Shares to be held by such Scripholders pursuant to the Sub-Division.

(b) Deposit of Share Certificates with CDP . In respect of Scripholders who have deposited their old share certificates with CDP no later than 5.00 p.m. on 23 June 2006, being five market days prior to the Books Closure Date, arrangements will be made by the Company with CDP for the new share certificates in respect of the number of Shares attributable to such Shareholders pursuant to the Sub-Division, to be issued to CDP.

(c) F&N Depositors . In respect of F&N Depositors with Shares standing to the credit of their securities accounts with CDP as at the Books Closure Date, no further action needs to be taken as arrangements will be made by the Company with CDP for all the old share certificates issued in the name of CDP or its nominee as at the Books Closure Date to be cancelled, and for the new share certificates, in respect of the number Shares attributable to such Shareholders pursuant to the Sub-Division, to be issued to CDP or its nominee and deposited with CDP.

(d) Scripholders . To facilitate the cancellation of the old share certificates, Scripholders are encouraged to return to the Company’s Share Registrar their old share certificates in respect of such Shares at their earliest convenience.

However, whether or not the old share certificates in respect of such Shares are returned to the Company’s Share Registrar, the old share certificates shall be cancelled and new share certificates will be issued to such Shareholders in respect of the Shares attributable to such Shareholders pursuant to the Sub-Division. The new share certificates will be sent to them at their own risk by registered post within ten market days from the Books Closure Date.

Where the Shares are registered jointly in the names of several persons, the new share certificates in respect of the Shares attributable to such Shareholders pursuant to the Sub-Division shall be sent to the person whose name stands first in the Register of Members of the Company. Shareholders who wish to record any change in their registered address should notify the Company’s Share Registrar before the Books Closure Date.

(e) Validity of old share certificates. Upon cancellation, the old share certificates shall be void and cease to have any effect or be valid for any purpose.

3. TRADING OF THE SHARES

The last day for trading of the Shares "cum" entitlement to the Sub-Division will be 28 June 2006 and trading of the Shares "ex" entitlement to the Sub-Division will commence with effect from 9.00 a.m. on 29 June 2006.

4. IMPORTANT EVENTS AND DATES

Shareholders should note the following events and dates:

Issued by
FRASER AND NEAVE, LIMITED

Anthony Cheong Fook Seng
Group Company Secretary

Singapore
16 June 2006