TPL - Completion of Divestment of Times Printers (Australia) Pty Ltd and Acquisition of Interest in PMP Limited

Fraser and Neave, Limited ("F&NL") announced on 21 September 2007 that its wholly-owned subsidiary, Times Publishing Limited ("TPL"), entered into a conditional agreement (the "Agreement") to sell its entire shareholding interest (the "Sale") in Times Printers (Australia) Pty. Ltd. ("TPA") to PMP Limited ("PMP") and that the consideration therefore would be satisfied in part by the issue to TPL of approximately 39 million new shares in the share capital of PMP.

F&NL is pleased to announce the completion of the Sale upon satisfaction of conditions set out in the Agreement. Following the completion, F&NL, through TPL, holds 39,020,117 ordinary shares in the share capital of PMP ("PMP Shares") constituting approximately 11.5% of the enlarged issued share capital of PMP immediately after the issue of the PMP Shares.