Incorporation of Subsidiary

Pursuant to Rule 704(15)(c) of the Listing Manual, Fraser and Neave, Limited announces that its subsidiary, Frasers Centrepoint Limited, has incorporated a wholly-owned subsidiary in Singapore named FRASERS (INDIA) PTE. LTD. with an initial issued share capital of S$2, for the purpose of investment holding.

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 31 August 2007 to the SGX.