FCL - INCORPORATION OF SUBSIDIARY

Pursuant to Rule 704(15)(c) of the Listing Manual, Fraser & Neave, Limited announces that Frasers (UK) Pte. Ltd., a subsidiary of its wholly-owned subsidiary Frasers Centrepoint Limited, has incorporated a wholly-owned subsidiary in Singapore named Frasers Property (UK) Holdings Pte. Ltd., with an issued share capital of S$2, for the purpose of investment holding.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 16 November 2007 to the SGX.