Fraser and Neave : F&N Annual Report 2023

'PURE

ENJOYMENT. PURE GOODNESS'

Vision

To be a stable, sustainable and profitable Food & Beverage leader in the ASEAN region.

Mission

To be ASEAN's leading owner and provider of quality and innovative products that consumers choose and trust. To support our mission, we are guided firmly by our commitment to create value, the community, diversity and the environment.

Values

Collaboration • Creating Value • Caring for Stakeholders

GROWING TOGETHER

Fraser and Neave, Limited & Subsidiary Companies

Every great journey begins with a single step, as ours started more than a century ago.

As we celebrate this significant milestone in our illustrious history of 140 years, we extend gratitude to the visionaries, leaders, and partners who have played pivotal roles in shaping our humble beginnings into the formidable entity we are today. The enduring strength and innovative spirit of our people, along with their dedication to building a sustainable business, form the bedrock of our continued success. Nurtured by our rich heritage and propelled

by a forward-looking vision, our commitment remains steadfast - to strive for excellence and foster growth. This is our pledge as we foster unity and continue 'Growing Together'.

03

1883

John Fraser and David Chalmers Neave established The Singapore and Straits Aerated Water Company to produce carbonated soft drinks.

1898

The Singapore and Straits Aerated Water Company went public as Fraser and Neave, Limited.

1931

Formation of Malayan Breweries Limited (renamed Asia Pacific Breweries Ltd ("APB") in 1990) with Heineken N.V. of Holland to produce beer. Tiger Beer was launched the next year.

1959

Entered a joint venture with Beatrice Foods of Chicago to build the region's first sweetened condensed milk plant in Petaling Jaya, Malaysia.

1968

Dairy production commenced in Singapore.

1985

Relocated its Singapore brewery and soft drinks plant to free up the prime sites for development.

1990

Restructured Cold Storage Holdings

• Centrepoint Properties became a member of F&N, and the Group acquired Cold Storage Holdings' dairy operations in Singapore.

1992

F&N Coca-Cola Pte Ltd was formed as an anchor bottler for The Coca- Cola Company in Singapore, Malaysia, Brunei, Vietnam, Cambodia, Sri Lanka, Nepal and Pakistan.

1995

F&N entered Myanmar's beer market.

1996

Restructured Malaysia's soft drinks, dairies and glass businesses under Fraser & Neave Holdings Bhd,

in compliance with Malaysia's New Economic Policy.

1999

Acquired 20.1% stake in Times Publishing Group. A takeover offer was subsequently launched for the company.

2006

F&N acquired Nestle's liquid canned milk business in Singapore, Malaysia, Thailand and Brunei.

2012

Divested APB for a cash consideration of $5.6 billion.

2013

F&N became a part of Thailand's TCC Group, one of the largest companies in Thailand with businesses in food and beverage, real estate, industrial trading and consumer products, insurance and agriculture.

2015

F&N secured a 22-year licensing agreement with Nestle for the manufacture and distribution of Nestle's canned milk products in ASEAN.

2016

Acquired Warburg, a leading player in Singapore's vending market.

2017

Vietnam Dairy Products Joint Stock Company ("Vinamilk") became an associated company of F&N.

2019

Established Emerald Brewery Myanmar Limited to brew, distribute and market CHANG BEER.

2021/2022

F&N entered the packaged food business with the acquisitions of Sri Nona Group of Companies and Cocoaland Holdings Bhd.

2023

F&N commenced the construction of an integrated dairy farm in Malaysia.

F&B and P&P excellence drove a 5% topline increase (+10% on a constant currency basis)

Rose 6% (+12% on a constant currency basis) on effective cost management and increased sales