The shareholders of Fraser and Neave Ltd. (SGX:F99) authorized a share repurchase program at its Extraordinary General Meeting on January 29, 2013. Under the program, Fraser and Neave will repurchase up to 7% of its issued capital. The shares will be repurchased either by way of market purchases on the SGX-ST and/or any other stock exchange on which the shares may for the time being be listed and quoted and/or off-market purchases (if effected otherwise than on the SGX-ST or, as the case may be, other exchange) in accordance with any equal access schemes as may be determined or formulated by the directors as they consider fit, which schemes will satisfy all the conditions prescribed by the Companies Act.

The shares will be repurchased at a maximum price of 105% of the average closing price of the shares. The program may be exercised by the directors at any time and from time to time. The share repurchase program will expire at the earliest of the date on which the next Annual General Meeting is held or required by law to be held or the date on which the program is varied or revoked in General Meeting or the date on which the repurchases are carried out to the full extent mandated.