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, has incorporated the following wholly-owned subsidiaries in Singapore, each with an initial issued share capital of S$2:

(i)   Opal Star Pte. Ltd. for the purpose of investment holding;
(ii)   FC Retail Trustee Pte. Ltd. for the purpose of provision of trustee services;
(iii)  FC Retail Trust Management Pte. Ltd. for the purpose of provision of management services;
(iv)  FCL Emerald (2) Pte. Ltd. (held indirectly through Opal Star Pte. Ltd.) for the purpose of investment holding;
(v)  FCL Emerald (3) Pte. Ltd. (held indirectly through FCL Clover Pte. Ltd.) for the purpose of investment holding; and
(vi)  Fraser Place Fusionopolis Pte. Ltd. (held indirectly through Frasers Hospitality Pte. Ltd.)  for the purpose of provision of management  
        services.


Anthony Cheong Fook Seng
Group Company Secretary

19 March 2008