Fraser and Neave : Listing Rule 706A on the Incorporation of Sapphire Brewery Myanmar Limited

(Incorporated in Singapore)

(Company Registration Number 189800001R)

ANNOUNCEMENT PURSUANT TO RULE 706A OF THE LISTING MANUAL OF THE

SINGAPORE EXCHANGE SECURITIES TRADING LIMITED

Pursuant to Rule 706A of the Listing Manual of the Singapore Exchange Securities Trading Limited (the "Listing Manual"), Fraser and Neave, Limited (the "Company" and together with its subsidiaries, the "F&N Group") wishes to announce the following incorporation of subsidiary in respect of the period reported on under Rule 705 of the Listing Manual (that is, for the first half-year ended 31 March 2023):

Incorporation of Sapphire Brewery Myanmar Limited ("SBML ")

F&N Investments Pte Ltd ("F&NI"), a wholly-owned Singapore subsidiary of the Company, has incorporated SBML in the Republic of the Union of Myanmar on 21 March 2023. SBML has an issued and paid-up capital of US$100 (approx. S$134.20) comprising 100 ordinary shares of which F&NI holds 80 shares and the remaining 20 shares are held by U Zaw Win, a Myanmar citizen who is an experienced professional in Myanmar's food and beverage sector. SBML is evaluating production of alcoholic and non- alcoholic beverages in Myanmar.

The above transaction is not expected to have a material effect on the net tangible assets or earnings per share of the F&N Group for the financial year ending 30 September 2023.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transaction other than through their shareholdings in the Company.

BY ORDER OF THE BOARD

Samuel Lee

Company Secretary

5 May 2023