FCL - Incorporation of Subsidiaries  

Pursuant to Rule 704(15)(c) of the Listing Manual, Fraser and Neave, Limited announces that its subsidiary, Frasers Centrepoint Limited ("FCL"), has incorporated two wholly-owned subsidiaries in Singapore named FCL Emerald Pte. Ltd. and FCL Clover Pte. Ltd., each with an initial issued share capital of S$2, for the purpose of investment holding.

Anthony Cheong Fook Seng
Group Company Secretary

18 March 2008