F&N - Announcement of Retirements from the Board

30 September 2002

Announcement of Retirements from the Board

The Board wishes to announce the retirements today of Messrs Tan Yam Pin and Ian MacLean from the service of, and consequently as Directors of the Company.

Mr Tan has served the Fraser and Neave Group for more than 21 years, joining the Group as General Manager of Asia Pacific Breweries Limited in 1981. Mr Tan was appointed a Director and Managing Director of Fraser and Neave Limited in 1993.

Mr MacLean joined the Group in 1978 as Group Company Secretary and has served the Fraser and Neave Group for more than 24 years. Mr MacLean was appointed a Director and Finance Director of Fraser and Neave Limited in 1993.

Both Mr Tan and Mr MacLean held directorships on the boards of companies throughout the Group, including Asia Pacific Breweries Limited, Centrepoint Properties Ltd, Fraser & Neave Holdings Bhd and DB Breweries Limited, and on the Board of Asia Pacific Investment Pte Ltd. They have relinquished their directorships in these companies, except for Mr MacLean who shall remain on the Board of DB Breweries Limited.

In addition Mr MacLean will continue as a consultant to assist in the completion of year end accounts and the preparation of annual reports and year end announcements leading up to group companiesaa Annual General Meetings scheduled for the end of January 2003.

The Board records its deep appreciation of the many contributions of Mr Tan and Mr MacLean who have played important roles in the diversification and regionalisation of the Group.

Submitted by Anthony Cheong, Company Secretary on 30/9/2002 to the SGX