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Acquisition of Summertown Publishing

Pursuant to Rule 704(15)(c) of the Listing Manual, Fraser and Neave, Limited announces that its subsidiary Time Publishing Limited ("TPL") has accquired (the "Acquisition"), though its wholly-owned subsidiary, Marshall Cavendish Limited, the entire issued share capital of Summertown Publishing Limited ("Summertown"). Summertown is a company incorporated in the United Kingdom and has an estimated net asset value of £320,000 as at 31 December 2007. It publishes English Language teaching materials with a distribution network in the United Kingdom, and parts of Europe and Asia.

The consideration for the Acquisition, arrived at on a "willing-buyer willing-seller" basis, is £1 million (equivalent to approximately S$2.8 million), subject to adjustment to take into account the finalised net asset value of Summertown.

Ninety percent of the consideration was paid in cash on completion of the Acquisition and the remaining ten percent will be payable on determination of the adjustment post-completion. The consideration is being funded from internal resources.

The Acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the Group for the current financial year.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Acquisition.

Anthony Cheong Fook Seng
Group Company Secretary

16 January 2008