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Fraser and Neave appoints Lee Hsien Yang as Non-Executive Director and Chairman-Designate

SINGAPORE - 5 September 2007 - Fraser and Neave, Limited is pleased to announce the appointment of Mr Lee Hsien Yang as a non-executive director and Chairman-designate of the Company with effect from 6 September 2007. This appointment comes after an extensive search by the Company's Nominating Committee for a suitable successor to retiring Chairman, Dr Michael Fam.

Commenting on the appointment, Dr Fam said, "On behalf of the Board of Directors and Management, I would like to extend a warm welcome to Mr Lee to the Fraser and Neave Group of companies. I am delighted that a person of Mr Lee's stature and wealth of international business experience has agreed to take over the chairmanship of the Company. With his proven track record of growing Singapore's largest listed company into a regional powerhouse, I am confident that he is the right person to take this Company into its 125th year and continue to build on the Company's achievements."

Mr Lee is Chairman of the Board of Governors of Republic Polytechnic, a member of the Governing Board of the Lee Kuan Yew School of Public Policy and a director of Singapore Exchange Limited, The Islamic Bank of Asia Limited, and INSEAD, France.

Mr Lee stepped down as Group CEO and director of Singapore Telecommunications Limited on 1 April 2007, a position he held from May 1995. During his tenure, SingTel grew from a Singapore telecoms operator with $3 billion turnover into Asia's largest multi-market mobile telecommunications company generating revenues of $13.1 billion with profits of $3.8 billion in the year ended 31 March 2007. Prior to joining SingTel in April 1994 as Executive Vice President of Local Services, he was a Brigadier-General in the Singapore Armed Forces, serving as the director of Joint Operations and Planning Directorate.

Mr Lee has received wide acclaim for his achievements in business and the telecommunications industry. He was named Outstanding Chief Executive in the 2003 Singapore Business Awards and was Telecom Asia's Best Asian Telecom Executive for two consecutive years in 2002 and 2001.

A President's Scholar and an SAF Scholar, Mr Lee has a first class honours degree in engineering from Cambridge University, UK as well as an MSc in Management Science from Stanford University, USA.

Commenting on the appointment, Mr Lee said, "Fraser and Neave is a fascinating food and beverage and property company. It has an Asian and international footprint, strong and deep Singapore roots and a distinguished heritage. I am excited by this opportunity to work with the Company to build its businesses."

Mr Lee will assume the position of non-executive Chairman of the Company and Consultant upon the retirement of Dr Fam on 15 October 2007. At the request of the Board, Dr Fam will continue under contract for a limited period as an advisor to facilitate a smooth transition.