Fraser and Neave : Responses to Substantial and Relevant Questions From Shareholders (18Jan21)

(Registration No. 189800001R)

Incorporated in Singapore

122nd ANNUAL GENERAL MEETING TO BE HELD ON 21 JANUARY 2021 RESPONSES TO SUBSTANTIAL AND RELEVANT QUESTIONS FROM SHAREHOLDERS

Fraser and Neave, Limited (the "Company" or "F&N") refers to its announcements dated 14 and 16 January 2021 of its responses to substantial and relevant questions from shareholders. The questions received are relevant to the resolutions to be tabled for approval at the 122nd Annual General Meeting ("AGM") of the Company and to its business. The 122nd AGM of the Company will be convened and held by way of electronic means on Thursday, 21 January 2021 at 9.30 a.m. (Singapore time).

Further to the abovementioned announcements, the Company has received from a shareholder a question that is relevant to its business and is pleased to set out in the Appendix annexed herein, its response.

By Order of the Board

Hui Choon Kit

Company Secretary

18 January 2021

FRASER AND NEAVE, LIMITED

Company Registration No. 189800001R

Incorporated in the Republic of Singapore

Appendix

Responses to Substantial and Relevant Questions for

F&N's 122nd Annual General Meeting

Q1. Pg 127 - Despite revenue of Beverages had reduced by 6.7% and depreciation had increased by 60%. EBITDA had improved PBIT had improved. Could management explain for the improvement of EBITDA.

• Beverages EBITDA improved 32% to $47.4 million, from $35.9 million a year ago. The improvement was due largely to lower gestation losses from greenfield brewery in Myanmar compared with pre-operatingcosts in FY2019, savings from cost mitigating measures and lower marketing spend in New Markets.