Establishment of Joint Venture for the setting up of Packaging Printing Plant in Shanxi, China

Fraser and Neave, Limited announces that the Company's wholly-owned subsidiary, Times Publishing Limited has through Times Printers Pte Ltd ("Times Printers"), entered into a joint venture (the "Joint Venture") with Shanxi Xinhua Printing Co., Ltd ("Shanxi Xinhua") to form a joint venture company in China to be known as "Shanxi Xinhua Times Packaging Printing Co, Ltd" (the "JVC") which will have an initial registered capital of RMB50 Million.

Under the terms of the Joint Venture, Times Printers and Shanxi Xinhua will hold 51% and 49% of the registered capital of the JVC respectively.

The JVC will establish a packaging printing plant located at the Yuci Economic Development Zone of Taiyuan City, provincial capital of Shanxi province, China.

The transaction is not expected to have any material effect on the net tangible assets per share or earnings per share of the Company for the current financial year.

None of the directors or substantial shareholders of the Company has any interest, directly or indirectly, in the transaction.

A copy of the Company's press release on the Joint Venture is attached for information.

For Immediate Release

Times International Printing establish a new JV in Shanxi, China.

Singapore, 2 July, 2004 - Fraser and Neave, Limited (F&N) announces that the company's wholly-owned subsidiary, Times Publishing Limited has through Times Printers Pte Ltd (Times Printers), entered into a joint venture (JV) with Shanxi Xinhua Printing Co., Ltd (Shanxi Xinhua) to form a joint venture company to set up a packaging printing plant to capitalize on the rapidly expanding market for packaging and printing in the Shanxi Province, China.

The JV known as Shanxi Xinhua Times Packaging Printing Co, Ltd will have registered investment of RMB 60 million. The investment will be financed by registered capital of RMB 50 million and shareholders' loans of RMB10 million. Times Printers will hold 51% of the capital and Shanxi Xinhua will hold the balance 49%. The packaging printing plant will be located at the Yuci Economic Development Zone of Taiyuan City, provincial capital of Shanxi province, China.

Shanxi Province is riding on a rapidly developing industrial restructuring that is fuelled by the development of growing industries like pharmaceuticals, foods, dairy and brewing. Mr Leong Kwok San, Senior Vice President & Head of Times International Printing Group said: "China is experiencing rapid economic growth and development in recent years, especially in the manufacturing sector and this JV would allow us to compete in this large potential market in packaging and printing support."

About Times International Printing
Times International Printing is a leading provider of integrated printing services. It has a network of strategically located printing plants in Singapore, Malaysia, Australia and China and marketing offices around the world - in cities like New York, London, Canada and Hong Kong SAR. Our comprehensive services include digital prepress, computer-to-plate, printing, post press, distribution and fulfillment services.
Times International Printing is part of Times Publishing Limited.
Visit us at http://www.timesprinters.com

About Fraser and Neave, Limited
Fraser and Neave, Limited (F&N) is a leading Singapore-based Company with core expertise and dominant standing in the Food and Beverage, Property, and Printing & Publishing industries. Leveraging on its strength in marketing and distribution; brand management; product development and innovations; as well as financial management and strategic development, it provides key resources and sets strategic directions for its subsidiary companies across all three industries. Today, the F&N Group owns an impressive array of renowned brands that enjoy market leadership across a mix of beer, dairy products, soft drinks and beverages; residential properties, retail malls and serviced residences; as well as publishing and printing services. Listed on the Singapore Exchange, F&N's shareholders' funds are in excess of S$2.8 billion, and its total assets employed exceed S$7 billion. F&N is present in more than 20 countries spanning Asia Pacific, Europe and USA, and employs more than 13,000 employees worldwide.

About Shanxi Xinhua Printing (Group) Ltd
Shanxi Xinhua Printing (Group) Ltd is the largest printing hub for book, textbook, paper packaging, booklets and trademarks in Shanxi Province, China. The printing quality is endorsed with the numerous awards it had won for the printing of textbooks in six consecutive years. The company had also received a management efficiency award from the General Administration & Publication for its good management practices.

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For additional product information and pictures, please contact:

Mr Craig Tranter
Corporate General Manager
Planning & Business Development
Tel: (65) 6213 9124
Fax: (65) 6382 0971

Mr Wong Ee Choon
Deputy General Manager
Group Finance
Printing and Retail & Distribution
Tel: (65) 6213 9124
Fax: (65) 6382 0971

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 2/7/2004 to the SGX