Incorporation of Subsidiary

Pursuant to Rule 704(15)(c), Fraser and Neave, Limited announces that its subsidiary, Frasers Centrepoint Limited, has incorporated a wholly-owned subsidiary in Singapore named FRASERS CENTREPOINT ASSET MANAGEMENT (OFFICE & INDUSTRIAL) LTD., with an initial issued share capital of S$1. It is contemplated that its principal activities will include asset management, fund and property management, and related advisory services.

Submitted by Anthony Cheong Fook Seng, Company Secretary on 27 August 2007 to the SGX.