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Food & Beverage

Soft Drinks
The formation of F&N Coca Cola Pte Ltd, a joint venture with The Coca-Cola Company in 1992 to be a regional anchor bottler for
Coke, further strengthened a partnership that goes back to 1936 when Fraser and Neave, Limited ("F&N" or the "Group") secured
the Coca-Cola franchise for Singapore and Malaysia. Through this partnership, F&N's soft drinks business was expanded over a
larger region, including Singapore, Malaysia, Brunei, Vietnam, Cambodia, Sri Lanka, Nepal and Pakistan.
1996 was a landmark year of strategic restructuring in Malaysia, the stronghold of F&N's soft drinks business. In compliance with
Malaysia's National Development Policy, the Group's glass, dairies and soft drinks operations in Malaysia were consolidated under
the umbrella of Fraser & Neave Holdings Bhd.
F&N's soft drinks business was adversely affected by the 1997 Asian financial crisis and the regional recession that ensued. The
uncertain outlook for the business prompted the Group to divest its majority share in F&N Coca Cola Pte Ltd to The Coca-Cola
Company. The soft drinks operations in Malaysia under Fraser & Neave Holdings Bhd were, however, retained within the Group. A
bold restructuring and rationalisation exercise by the Group has since returned Malaysian soft drinks business to profitability. Fraser
& Neave Holdings Bhd's key focus is to strengthen its infrastructure to secure market leadership, and ensure its long-term growth
and profitability.
The Group's Malaysia soft drinks division produces the world's most popular carbonated soft drinks brands - Coca-Cola, Coke Light
and Sprite, as well as regional favourites F&N Orange, F&N Fun Flavours and F&N Sarsi as well as non-carbonated drinks like F&N
SEASONS (Asian drinks), F&N Fruit Tree (juice drinks) and 100PLUS (isotonic drinks).

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Breweries
F&N's brewery business is primarily executed via Asia Pacific Breweries Limited ("APB"). APB was founded in 1931 as a joint
venture between F&N and Heineken NV of Holland. In 1932, the first brewery was opened in Singapore and soon after, Tiger
Beer was launched as the original Singapore-brewed beer.
Today, APB, listed on the Singapore Stock Exchange, is one of the key players in the beer industry. It operates 36 breweries in 13
countries, namely Singapore (1), Malaysia (1), Thailand (1), Vietnam (5), Cambodia (1), China (15), New Zealand (4), Papua New
Guinea (2), Indonesia (2), New Caledonia (1), Mongolia (1), Sri Lanka (1) and Laos (1).
APB has a portfolio of over 40 beer brands and brand variants, and exports to more than 60 countries around the world. Apart from
its world-class Tiger and Heineken beers, APB's portfolio of leading brands in Singapore and Malaysia includes Anchor,
Baron's and ABC.
With more than 78 years in the brewing industry, APB has been consistently ranked by the Far Eastern Economic Review as one of
the top companies in Asia. KPMG also rated APB as among the top ten value creators in Singapore, for having consistently added
value for its customers, consumers and shareholders.
APB benchmarks itself against international brewing standards and observes the most stringent brewing process that sees no less
than 250 quality control checks. This explains why APB breweries are among the forerunners in their respective markets with various
quality assurance certifications including the ISO 9002, ISO 9001:2000, and the Hazard Analysis and Critical Control Point.
APB's flagship brew, Tiger Beer commands a strong following in Asia and is also widely enjoyed in many European cities such as
London, Manchester, Dublin, Glasgow, Berlin, Copenhagen, Stockholm and many others. The internationally recognised Singapore
beer has accumulated a long list of accolades, awards and distinctions. The most notable include an international award at the
Brewers Exhibition in London, the Brewing Industry International Awards, UK, 1998 (the equivalent of the Oscar Awards for the
brewing industry) and the coveted Gold Monde International Quality Trophy. More recently, Tiger Beer won the Gold medal in the
European Style Pilsener category of the 2004 World Beer Cup, a competition which is considered "the Olympics of Beer
Competitions" by the industry. The same year also saw the brew being named one of the coolest brands in the UK by SuperBrands
UK Ltd, an independent arbiter on branding in the UK.
APB continues its growth momentum through its quest to explore and develop new markets in the region. The success of its earlier
regionalisation is validated with over 4 out of 5 Tiger Beer are now consumed outside of Singapore.

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Dairies
F&N began its entry into the dairy business in 1959 through a joint venture with Beatrice Foods International of the United States, in
Malaysia. Shortly, it launched a totally new line of products, the sweetened condensed milk, as its major step forward in the
establishment of a dairy industry in the ASEAN region. The Carnation Company, also from the US, joined the partnership in 1965
and renamed the operation, Premier Milk (M).
F&N's dairy business was further strengthened in 1968 when it acquired the dairy operations of Cold Storage Holdings, including the
flagship Magnolia brand, in Singapore. The expanded dairy business operated under the name of Asia Dairies, which has since
been renamed F&N Foods Pte Ltd.
With this move, the Group developed new capabilities in producing and marketing pasteurised milk, sweetened condensed milk, milk
powder, fruit juices, pasteurised soy, pasteurised tea, ice cream and yoghurt for the Singapore and Malaysia markets as well as for
export to Brunei, Papua New Guinea, Hong Kong, Taiwan, Maldives, Australia and Africa.
In 1989, the Group acquired the interests of Beatrice Foods International in the joint venture and restructured its dairy operations
under F&N Dairies (Malaysia) Sdn Bhd.
In 1999, F&N acquired a 60% stake in an ice cream business owned by United Foods Ltd in Thailand, an important first step in
gaining a foothold in the Thai ice cream market. Later, the Group went on and acquired another 35% from its partner and renamed
the business F&N United Limited. F&N United is today a major producer of novelty and take-home tub ice cream products for the
Group as well as contract packs for customers throughout the Asia Pacific, with the overall goal of achieving economies of scale.
Today, F&N is one of the leading dairy players in the Singapore and Malaysia dairy industry with a portfolio of over 10 dairy brands in
its portfolio. Some of the most trusted brand names include F&N Magnolia , F&N Daisy , F&N Fruit Tree Fresh , F&N Nutrisoy , F&N
Nutritea , Farmhouse, and Meadow Gold. The Group has dairy operations in Singapore, Malaysia, Thailand, and China and exports
to more than 30 countries around the world. To this day, it continues to offer top quality brands and innovative packaging to meet the
individual needs of the dairy consumer, whenever, wherever and however through its wide distribution and product mix.

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