FRASER AND NEAVE, LIMITED: NOTICE OF A CHANGE IN THE PERCENTAGE LEVEL OF A SUBSTANTIAL SHAREHOLDER'S INTEREST

Notice of Interest/Change in Interest
* Asterisks denote mandatory information
Name of Announcer *	FRASER AND NEAVE, LIMITED
Company Registration No.	189800001R
Announcement submitted on behalf of	FRASER AND NEAVE, LIMITED
Announcement is submitted with respect to *	FRASER AND NEAVE, LIMITED
Announcement is submitted by *	Anthony Cheong Fook Seng
Designation *	Group Company Secretary
Date & Time of Broacast	25-May-2012 19:24:54
Announcement No.	00157
Price Sensitivity	No

>> Announcement Details

The details of the announcement start here ...

>> Part I
1. Date of notice to issuer *	23/05/2012
2. Name of Substantial Shareholder *	M&G Investment Management Limited ("MAGIM"), M&G Limited and M&G Group Limited
3. Please tick one or more appropriate box(es): *
- Notice of a Change in the Percentage Level of a Substantial Shareholder's Interest or Cessation of Interest. [Please complete Part III and IV]

>> Part II
1. Date of change of [Select Option]
2. Name of Registered Holder
3. Circumstance(s) giving rise to the interest or change in interest
# Please specify details
4. Information relating to shares held in the name of the Registered Holder
No. of N.A. held before the change
As a percentage of issued share capital
No. of N.A. which are subject of this notice
As a percentage of issued share capital
Amount of consideration (excluding brokerage and stamp duties) per share paid or received
No. of N.A. held after the change
As a percentage of issued share capital

>> Part III
1. Date of change of Deemed Interest	29/03/2010
2. The change in the percentage level	From 6.9490 % to 7.0312 %
3. Circumstance(s) giving rise to the interest or change in interest	# Others
# Please specify details	Due to a series of open market transactions. (Please see Notes below.)
4. A statement of whether the change in the percentage level is the result of a transaction or a series of transactions	Due to a series of transactions.

>> Part IV
1. Holdings of Substantial Shareholder, including direct and deemed interest:
	Direct	Deemed
No. of shares held before the change	0	97,081,504
As a percentage of issued share capital	0 %	6.9490 %
No. of shares held after the change	0	98,224,504
As a percentage of issued share capital	0 %	7.0312 %

Footnotes

Notes: (1) MAGIM was a substantial shareholder of the Company prior to the date of this notice by virtue of its deemed interest in the shares as a fund manager. Further, M&G Limited is the parent company of MAGIM, and M&G Group Limited is in turn the parent company of M&G Limited. Each of M&G Limited and M&G Group Limited were substantial shareholders of the Company prior to the date of this notice by virtue of its deemed interest in the shares managed by their subsidiary, MAGIM. The change in percentage level of the deemed interests was by virtue of a series of open market transactions entered into by MAGIM for portfolio management purposes. Since the date of change of interest notified in this notice, there has been no further changes in the percentage level of deemed interests of any of the notifying companies giving rise to a disclosure obligations. The ultimate holding parent company of MAGIM, M&G Limited and M&G Group Limited is Prudential Plc, the deemed interest of which has been previously disclosed. (2) Percentages of shareholdings stated in Parts III and IV of this Notice are calculated based on the total number of issued ordinary shares (excluding treasury shares) being [1,396,965,929] as at 29 March 2010. (3) Please note, as of 23 May 2012, the current shareholding position for each of the notifying companies is 7.5751%, calculated based on the total number of issued ordinary shares (excluding treasury shares) being [1,420,858,507] as at 23 May 2012. (4) Comments from the Company: (a) The total number of issued ordinary shares (excluding treasury shares) as at 29 March 2010 should be 1,397,090,109. The percentages of shareholdings in Parts III and IV of this Notice should be 6.9488% and 7.031% respectively. (b) The total number of issued ordinary shares (including 4,100 treasury shares) as at 23 May 2012 is 1,421,610,536. The current shareholding position for each of the notifying companies should be 6.9091%.