Business Times Article "STI jumps 2% to hit 12-month high"

Reference is made to the Business Times article today, "STI jumps 2% to hit 12-month high" in which is stated Fraser & Neave plans to launch its real estate investment trust.

It is confirmed that the Fraser & Neave Group is examining how capital tied up in investment properties may be reduced and that one of the ways in which this might be done is by launching a property fund. Indeed, this has been referred to in various meetings with analysts and the press, over the past year.

The situation has not changed, with the creation of a property fund being one of a number of options currently being appraised with the objective of freeing up capital invested. However, to clarify the impression from the media report, no final decisions have yet been reached on the matter.

Submitted by Anthony Cheong, Group Company Secretary on 15/7/2003 to the SGX