Retirement of Director - Mr Fock Siew Wah

The Board of Fraser and Neave, Limited regrets to advise that Mr Fock Siew Wah, who retires as a Director by rotation at the Company's Annual General Meeting on 27 January 2005 and is eligible for re-election, has decided not to offer himself for re-appointment.

Mr Fock wishes to devote more time to his growing commitments in other areas.

Mr Fock was first appointed a Director in 1996 and later appointed the Board's Deputy Chairman in 2000. His years of sterling service to the Fraser & Neave Group of Companies are deeply appreciated. His departure will be a great loss to the Company. We thank him warmly and wish him every success in his future endeavours.

In the interest of continuity in current contacts with overseas business partners, Mr Fock has acceded to the Directors' request to accept a temporary appointment, on terms to be agreed, as Consultant for a period of 6 months after he has ceased to be a Director.

Submitted by Anthony Cheong Fook Seng, Group Company Secretary on 5 January 2005 to the SGX.