FCL -  Incorporation of  Subsidiary

Pursuant to Rule 704(15)(c) of the Listing Manual, Fraser and Neave, Limited announces that its subsidiary, Frasers Centrepoint Limited (!°FCL!ą), has through Frasers Town Hall Pty Ltd (which is an indirect subsidiary of FCL) incorporated a subsidiary in Australia named FRASERS TOWN HALL ISSUER PTY LTD with an initial issued share capital of A$2.  The new subsidiary is a special purpose vehicle in a financing transaction.

Anthony Cheong Fook Seng
Group Company Secretary

28 February 2008