FCL - Completion of Acquisition of 40% Stake in Hektar Asset Management

Fraser and Neave, Limited ("F&NL") announced on 16 May 2007 that its subsidiary, Frasers Centrepoint Limited ("FCL"), entered into a conditional agreement (the "Agreement") to acquire from Hektar Klasik Sdn Bhd ("HKSB") 40% of the issued share capital (the "Acquisition") of Hektar Asset Management Sdn Bhd ("Hektar"), a company incorporated in Malaysia. Hektar is the manager of Hektar Real Estate Investment Trust, a real estate investment trust constituted in Malaysia.

F&NL is pleased to announce the completion of the Acquisition upon satisfaction of conditions set out in the Agreement, which includes the finalisation and entry into by HKSB and Frasers Centrepoint Asset Management (Malaysia) Pte. Ltd. ("FCAMM"), a wholly-owned subsidiary of FCL, of a joint venture agreement on 5 March 2008. Following the completion, FCL, through FCAMM, holds 400,000 ordinary shares of RM1.00 each in the share capital of Hektar.

Anthony Cheong Fook Seng
Group Company Secretary

26 March 2008