ASIA PACIFIC BREWERIES LIMITED

(Company Registration No. 193100007-K) (Incorporated in the Republic of Singapore)

RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2010 Financial Statements and Dividend Announcement
The Directors are pleased to make the following announcement of the unaudited results for the year ended 30 September 2010. PART I - INFORMATION REQUIRED FOR ANNOUNCEMENT OF QUARTERLY (Q1,Q2 & Q3), HALF AND FULL YEAR RESULTS 1(a) An income statement (for the Group) together with a comparative statement for the corresponding period of the immediately preceding financial year.

1(a)(i) GROUP PROFIT STATEMENT

30/9/2010 $000 Revenue Cost of sales Gross profit Other income/ (expenses) (net) Operating expenses - Distribution - Marketing - Administration (87,845) (322,391) (147,442) (557,678) Trading profit Share of joint venture and associated companies profits Gross income from investments Profit before interest, taxation and exceptional items Interest income Interest expense 470,493 28,675 918 500,086 13,697 (12,952) 745 Profit before taxation and exceptional items Exceptional items Profit before taxation Taxation Profit after taxation (continuing operations) Loss after taxation (discontinued operations) Profit after taxation Attributable profit/ (loss) to: Shareholders of the Company - Before exceptional items - Continuing operations - Discontinued operations Exceptional items - Continuing operations - Discontinued operations Non-controlling interests 500,831 (258) 500,573 (138,233) 362,340 (6,059) 356,281 (77,697) (267,230) (121,709) (466,636) 300,806 13,733 1,616 316,155 6,661 (9,237) (2,576) 313,579 14,404 327,983 (96,672) 231,311 (12,015) 219,296 13.1 20.6 21.1 19.5 56.4 108.8 -43.2 58.2 105.6 40.2 NM 59.7 NM 52.6 43.0 56.6 -49.6 62.5 2,511,146 (1,485,197) 1,025,949 2,222 30/9/2009 $000 (restated*) 1,999,050 (1,219,670) 779,380 (11,938) 25.6 21.8 31.6 NM Change %

269,421 (8,470) 260,951 (258) 2,411 263,104 93,177 356,281

168,180 (10,187) 157,993 14,404 172,397 46,899 219,296

60.2 -16.9 65.2 NM NM 52.6 98.7 62.5

NM - Not meaningful * Restated for the reclassification of the India subsidiaries disposed in February 2010 to discontinued operations.

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1(a)(ii) BREAKDOWN AND EXPLANATORY NOTES TO GROUP PROFIT STATEMENTS

30/9/2010 $000 Included in Other income/ (expenses) and Operating expenses are: Other income/ (expenses) Profit/ (Loss) on disposal of fixed assets (net) 217

30/9/2009 $000 (restated*)

Change %

(1,231)

NM

Operating expenses Depreciation and amortization Allowance for bad and doubtful debts (net) Allowance for inventory obsolescence (net) Foreign exchange loss (net) (Additional)/ Write-back of employee share-based expenses (66,621) (70) (4,466) (995) (9,160) (57,799) (542) (2,562) (12,825) 314 15.3 -87.1 74.3 NM NM

Taxation Over/ (under) provision of prior years taxation (net) 11,653 (842) NM

Exceptional items Gain on disposal of subsidiary companies Professional fees Compensation fee income (258) (258) Profit before interest, taxation and exceptional items as a percentage of revenue 3,703 (384) 11,085 14,404 NM -32.8 NM NM

19.9%

15.8%

NM - Not meaningful * Restated for the reclassification of the India subsidiaries disposed in February 2010 to discontinued operations.

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1(a)(iii) A comprehensive income statement (for the Group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
30/9/2010 $000 30/9/2009 $000 (restated*) Change %

Profit after taxation

356,281

219,296

62.5

Other comprehensive income/ (loss) (net of tax):

Exchange differences on translating foreign operations Share of joint venture and associated companies reserves Realisation of exchange reserve upon disposal of subsidiary companies

(96,629) (6,636) 3,064 (100,201)

(15,570) (4,475) (20,045) 199,251

NM 48.3 NM NM 28.5

Total comprehensive income for the year

256,080

Total comprehensive income attributable to:

Shareholders of the Company Non-controlling interests

181,893 74,187

157,743 41,508

15.3 78.7

256,080

199,251

28.5

NM - Not meaningful * Restated for the reclassification of the India subsidiaries disposed in February 2010 to discontinued operations.

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1(b)(i)

A balance sheet (for the issuer and Group), together with a comparative statement as at the end of the immediately preceding financial year.

BALANCE SHEETS GROUP

As at 30/9/2010 $000 As at 30/9/2009 $000

COMPANY
As at 30/9/2010 $000 As at 30/9/2009 $000

CAPITAL AND RESERVES Share capital Reserves NON-CONTROLLING INTERESTS Represented by: NON-CURRENT ASSETS Fixed Assets Subsidiary companies Joint venture companies Associated companies Intangible assets Other investments Other receivables Deferred tax assets CURRENT ASSETS Inventories Trade receivables Other receivables Amounts due from subsidiary companies Amounts due from joint venture companies Amounts due from related companies Short term investments Bank fixed deposits Cash and bank balances Deduct: CURRENT LIABILITIES Trade payables Other payables Amount due to subsidiary companies Amounts due to joint venture and associated companies Amounts due to related companies Borrowings Provision for taxation

277,538 854,054 1,131,592 138,259 1,269,851

277,538 754,779 1,032,317 100,363 1,132,680

277,538 885,383 1,162,921 1,162,921

277,538 846,263 1,123,801 1,123,801

647,683 274,666 6,250 666,996 13,074 13,886 9,681 1,632,236 196,847 174,457 51,977 21,659 4,073 6,207 126,832 109,873 691,925 258,768 189,433 11,052 15,683 77,559 67,815 620,310

606,727 279,195 383 230,744 10,871 20,523 4,733 1,153,176 158,123 160,365 41,838 28,424 5,524 6,188 102,572 90,260 593,294 227,441 134,939 5,801 18,396 104,780 56,648 548,005 45,289

1,183 1,146,605 302,830 36,575 14 744 1,487,951 1,087 73,568 17,350 457 2,619 7,670 102,751 35,358 3,059 269 796 28,101 6,698 74,281 28,470

1,444 730,105 300,878 48 14 1,071 1,033,560 979 55,297 24,199 88 29,064 11,495 121,122 20,159 120 1,021 9,581 30,881 90,241

NET CURRENT ASSETS Deduct: NON-CURRENT LIABILITIES Borrowings Deferred tax liabilities Provision for employee benefits

71,615

368,013 58,466 7,521 434,000 1,269,851

23,780 36,223 5,782 65,785 1,132,680

353,500 353,500 1,162,921

1,123,801

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1(b)(ii) Aggregate amount of Groups borrowings and debt securities. The Groups borrowings and debt securities as at the end of the financial period reported on, and comparative figures as at the end of the immediately preceding financial year:

Amount repayable in one year or less, or on demand

As at 30/9/2010 $000 Secured Unsecured 2,815 74,744 77,559

As at 30/9/2009 $000 5,889 98,891 104,780

Amount repayable after one year As at 30/9/2010 $000 Secured Unsecured 1,349 366,664 368,013 As at 30/9/2009 $000 9,705 14,075 23,780

Details of any collateral The secured borrowings as at 30 September 2010 are secured on the assets of the respective borrowing subsidiary companies.

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1(c)

A cash flow statement (for the Group), together with a comparative statement for the corresponding period of the immediately preceding financial year. GROUP CASH FLOW STATEMENT 30/9/2010 $000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation and exceptional items from continuing operations Loss before taxation and exceptional items from discontinued operations Adjustments for: Depreciation of fixed assets (Profit)/ loss on disposal of fixed assets (net) Changes in fair value of financial instruments Amortisation of intangible assets Investment income Interest income Interest expense Impairment of fixed assets (net) Impairment of intangible assets Additional/ (Write-back of) employee share-based expense Provision for employee benefits Share of joint venture and associated companies profits Loss recognised from discontinued operations Operating cash flows before working capital changes Change in inventories Change in trade and other receivables Change in trade and other payables Change in joint venture/associated and related companies balances Currency realignment Cash generated from operations Interest received Interest paid Employee benefits paid Payment of cash-settled options Income taxes paid Net cash from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Dividends from joint venture companies Purchase of investment Proceeds from disposal of investment Proceeds from disposal of fixed assets Purchase of intangible assets Investment income Compensation fee income Purchase of fixed assets (Addition)/ Repayment of trade advances Increase in investment in a joint venture company Net cash inflow from disposal of subsidiary companies Purchase of additional interest in a subsidiary company Net cash outlfow on acquisition of subsidiary companies Net cash used in investing activities 30/9/2009 $000 (restated*) 313,579 (12,015) 301,564 57,373 1,231 2,662 426 (1,616) (6,661) 9,237 1,612 4,773 (314) 679 (13,733) 7,821 365,054 (568) 11,868 39,546 (14,186) 3,280 404,994 7,800 (12,830) (3,227) (1,042) (80,912) 314,783

500,831 (8,470) 492,361 66,446 (217) 3,065 175 (918) (13,697) 12,952 5,415 9,160 1,821 (28,675) 554 548,442 14,336 8,769 (10,774) 319 (39,388) 521,704 14,261 (10,629) (912) (241) (120,906) 403,277

27,749 (303) 3,144 (36,645) 918 (87,840) (7,257) (143) 35,600 (501,386) (566,163)

23,198 102 1,713 1,616 11,085 (88,738) 6,242 (2,098) 3,220 (3,783) (47,443)

* Restated for the reclassification of the India subsidiaries disposed in February 2010 to discontinued operations.

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GROUP CASH FLOW STATEMENT (contd) 30/9/2010 $000 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares by the Company Proceeds from issue of shares by a subsidiary company Proceeds/ (Repayment) of bank borrowings (net) Repayment of loan from a non-controlling shareholder Payment of dividends: - by the Company to shareholders - by subsidiary companies to non-controlling shareholders Net cash from/ (used) in financing activities Net increase in cash and cash equivalents Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Cash and cash equivalents at end of year consist of: Bank fixed deposits Cash and bank balances Less: Bank overdrafts 30/9/2009 $000 (restated*) 12 2,117 (88,780) (2,617) (82,617) (41,589) (213,474) 53,866 (4,731) 132,987 182,122

357,097 (82,618) (52,965) 221,514 58,628 (9,318) 182,122 231,432

126,832 109,873 (5,273) 231,432

102,572 90,260 (10,710) 182,122

Analysis of disposal of subsidiary companies Non-current assets Current assets Current liabilities Non-current liabilities Cash and cash equivalents Gain on disposal Consideration received Add: Cash and cash equivalents of subsidiary companies Net cash inflow from disposal of subsidiary companies Analysis of the acquisition of subsidiary companies: Non-current assets Current assets Current liabilities Non-current liabilities Cash and cash equivalents Less: Non-controlling interests Subsidiary companies acquired Goodwill arising on acquisition Consideration Less: Cash injection by subsidiary company Funded by a non-controlling shareholder Cash and cash equivalents of subsidiary companies Net cash outflow on acquisition of subsidiary companies

(57,470) (15,207) 39,433 55 (102) (33,291) (2,411) (35,702) 102 (35,600)

(2,624) 3,107 (547) (64) (3,703) (3,767) 547 (3,220)

132,378 100,560 (119,553) (12,713) 14,497 115,169 (16,674) 98,495 417,388 515,883 (14,497) 501,386

8,272 528 (6,736) 2,064 (849) 1,215 4,704 5,919 (5,468) (451) -

* Restated for the reclassification of the India subsidiaries disposed in February 2010 to discontinued operations.

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1(d)(i)

A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.

STATEMENT OF CHANGES IN EQUITY

Group Share Capital Revenue Exchange Dividend Capital Reserve Reserve Reserve Reserve $000 $000 $000 $000 $000 Year ended 30 September 2010 Balance at 1 October 2009 Currency translation difference Share of joint venture and associated companies reserves Realisation of exchange reserve upon disposal of subsidiary companies Other comprehensive loss Profit after taxation Total comprehensive income/ (loss) Non-controlling interests arising from acquisition of subsidiary companies Dividends paid to non-controlling shareholders Dividends Final dividend paid for the previous year Interim dividend paid for the current year Final dividend proposed for the current year (46,473) (46,473) (46,473) 277,538 15,799 815,492 (123,034) (77,639) (6,636) 46,473 49 1,032,317 (77,639) (6,636) 100,363 (18,990) 1,132,680 (96,629) (6,636) Other Reserve $000 NonTotal controlling Interests $000 $000 Total Equity $000

263,104 263,104

3,064 (81,211) (81,211)

3,064 (81,211) 263,104 181,893

(18,990) 93,177 74,187

3,064 (100,201) 356,281 256,080

16,674

16,674

(52,965)

(52,965)

(36,145)

(36,145)

(36,145)

(134,254)

134,254

Balance at 30 September 2010 277,538

15,799

(170,399) 908,197

(204,245)

87,781 134,254

49

(82,618) 1,131,592

138,259

(82,618) 1,269,851

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1(d)(i)

STATEMENT OF CHANGES IN EQUITY (contd)

Group Share Capital Capital Reserve $000 $000 Year ended 30 September 2009 Balance at 1 October 2008 Currency translation difference Share of joint venture and associated companies reserves Other comprehensive loss Profit after taxation Total comprehensive income/ (loss) Share contribution by non-controlling shareholders Issue of shares in the Company upon exercise of Share Options Dividends paid to non-controlling shareholders Dividends Final dividend paid for the previous year Interim dividend paid for the current year Final dividend proposed for the current year (36,145) (46,472) (46,472) (36,145) (46,472) (36,145) 277,523 15,799 725,713 172,397 172,397 (108,380) (10,179) (4,475) (14,654) (14,654) 46,472 52 957,179 (10,179) (4,475) (14,654) 172,397 157,743 98,327 (5,391) (5,391) 46,899 41,508 1,055,506 (15,570) (4,475) (20,045) 219,296 199,251 Revenue Reserve $000 Exchange Reserve $000 Dividend Reserve $000 Other Reserve $000 Total Noncontrolling Interests $000 $000 Total Equity $000

2,117

2,117

15

(3)

12

12

(41,589)

(41,589)

(46,473)

46,473

Balance at 30 September 2009 277,538

15,799

(82,618) 815,492

(123,034)

1 46,473

(82,617)

100,363

(82,617) 1,132,680

49 1,032,317

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1(d)(i)

STATEMENT OF CHANGES IN EQUITY (contd)

Year ended 30 September 2010 Balance at 1 October 2009 Profit after taxation Total comprehensive income Dividends Final dividend paid for the previous year Interim dividend paid for the current year Final dividend proposed for the current year

Share Capital $000 277,538 -

Revenue Reserve $000 799,741 121,738 121,738

Company Dividend Reserve $000 46,473 -

Other Reserve $000 49 -

Total Equity $000 1,123,801 121,738 121,738

(36,145) (134,254)

(46,473) 134,254

(46,473) (36,145) -

Balance at 30 September 2010 277,538

(170,399) 751,080

87,781 134,254

49

(82,618) 1,162,921

Year ended 30 September 2009 Balance at 1 October 2008 Profit after taxation Total comprehensive income Issue of shares in the Company upon exercise of Share Options Dividends Final dividend paid for the previous year Interim dividend paid for the current year Final dividend proposed for the current year (36,145) (46,473) (46,472) 46,473 (46,472) (36,145) 277,523 15 693,678 188,681 188,681 46,472 52 (3) 1,017,725 188,681 188,681 12

Balance at 30 September 2009 277,538

(82,618) 799,741

1 46,473

49

(82,617) 1,123,801

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1(d)(ii) SHARE CAPITAL Details of any changes in the companys share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year. Number of Shares 4th Quarter to 30/9/2010 Issued and fully paid ordinary shares: As at beginning and end of period 258,180,774 As at 30/9/2010 The number of shares that may be issued upon exercise of share options outstanding at the end of the year 258,180,774 As at 30/9/2009 3rd Quarter to 30/6/2010

65,200

65,210

The Company did not hold any treasury shares as at 30 September 2010 and 30 September 2009.

1(d)(iii) The total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year. The Companys total number of shares excluding treasury shares is 258,180,774 as at 30 September 2010 and as at 30 September 2009.

1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares at the end of the current financial period reported on. Not applicable.

2.

Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice. The figures have not been audited or reviewed by our auditors.

3.

Where the figures have been audited or reviewed, the auditors report (including any qualifications or emphasis of a matter). Not applicable.

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4.

Whether the same accounting policies and methods of computation as in the issuers most recently audited annual financial statements have been applied. Except as disclosed in paragraph 5 below, the Group has applied the same accounting policies and methods of computation in the preparation of the current financial statements as the audited financial statements for the year ended 30 September 2009.

5.

If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change. The Group has adopted FRS 1 Presentation of Financial Statements (Revised) and FRS 103 Business Combinations (Revised) from 1 October 2009. The revised FRS 1 requires an entity to present all non-owner changes in equity in a Statement of Comprehensive Income. Non-owner changes include income and expenses recognised directly in equity which previously were included in the Statement of Changes in Equity. This is a change in presentation and does not affect the recognition or measurement of the entitys transactions. The revised FRS 103 requires an entity to expense transaction costs immediately instead of capitalising the transaction costs as part of the cost of the acquisition. As a result of the change, transaction costs relating to the acquisition of interests in PT Multi Bintang Indonesia Tbk (MBI) and Grande Brasserie de Nouvelle Caledonie SA (GBNC) of $5.9 million have been recorded in the profit statement under Administration expenses. In addition to the adoption of the above-mentioned FRS, the Group adopted other new and revised FRS which took effect on the Group from 1 October 2009, the commencement of the new financial year. These do not have a material financial impact on the Groups results.

6.

Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends: (a) (b) based on the weighted average number of ordinary shares on issue and on a fully diluted basis (detailing any adjustments made to the earnings. Group 30/9/2010 Earnings / (Loss) per ordinary share: (a) Based on the weighted average number of ordinary shares on issue (cents) - before exceptional items continuing operations discontinued operations - after exceptional items continuing operations discontinued operations (b) On a fully diluted basis (cents) - before exceptional items continuing operations discontinued operations - after exceptional items continuing operations discontinued operations 30/9/2009 (restated*)

104.4 (3.3) 104.3 (2.3)

65.1 (3.9) 70.7 (3.9)

104.3 (3.3) 104.2 (2.3)

65.1 (3.9) 70.7 (3.9)

* Restated for the reclassification of the India subsidiaries disposed in February 2010 to discontinued operations.

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7.

Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the: (a) (b) current financial period reported on; and immediately preceding financial year. Group As at 30/9/2010 Net asset value per ordinary share based on total number of shares outstanding Company As at 30/9/2009 As at 30/9/2010 As at 30/9/2009

$4.38

$4.00

$4.50

$4.35

8.

A review of the performance of the group, to the extent necessary for a reasonable understanding of the Groups business. It must include a discussion of the following: (a) any significant factors that affected the turnover, costs and earnings of the Group for the current financial period reported on, including (where applicable) seasonable or cyclical factors: and any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.

(b)

REVIEW OF PERFORMANCE - FULL YEAR 2009/2010 The principal activities of the Group are the brewing and sale of beer and stout. These activities are carried out through the Companys subsidiaries, joint ventures and associated companies to which the Company provides management and administrative services. The Directors are pleased to announce a strong set of financial results for the year ending 30 September 2010. Group profit before interest, taxation and exceptional items (PBIT) at $500.1 million, registered an increase of $183.9 million or 58% over last year. Excluding translation differences, gestation losses and the impact of 1 2 acquisitions and disposals (Transactions), organic PBIT grew by 47%. Attributable net profit before exceptional items (APBE), including results from discontinued operations, increased by $103.0 million or 65% to $261.0 million. Excluding translation differences, gestation losses and the impact of the Transactions, organic APBE increased by 49%. PBIT* $million 500.1 0.5 34.9 (53.9) 481.6 316.2 12.1 328.3 153.3 46.7% APBE $million 261.0 0.5 16.5 (13.1) 264.9 158.0 9.7 10.2 177.9 87.0 48.9%

Year to Date results (as announced) 3 Add / (Less): Gestation loss Translation losses Impact of Transactions Adjusted Year to Date results (a) Last years results (as announced) 4 Add: Gestation losses Impact of Transactions Adjusted last years results (b) Organic growth (c) = (a) - (b) Organic growth % (c) / (b)

* Before exceptional items. 1 On 10 February 2010, the acquisition of MBI (68.5%) and GBNC (87.3%) were completed. As of 16 April 2010, the Company increased its effective interest in MBI to approximately 80.6%. 2 On 10 February 2010, the disposal of wholly-owned subsidiaries, Asia Pacific Breweries (Aurangabad) Private Limited (APBAL) and Asia Pacific Breweries-Pearl Private Limited (APBP) were completed. 3 Gestation loss refers to the 1st 3 years results from greenfield brewery in Guangzhou (Guangdong, China). 4 Gestation losses refer to the 1st 3 years results from greenfield breweries in Vientiane (Laos) and Guangzhou (Guangdong, China).

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In the analysis above, the results of LAPB in Laos has been reclassed out of gestation losses for the first time and the results of both APBAL and APBP have been presented as discontinued operations. Prior year consolidated financial statements have been restated to conform to this presentation. Commentary on performance Singapore PBIT rose 16%. This improvement was attributable to better performances from domestic as well as the export operations. Overall volume fell 7% mainly due to the transfer of the distribution and management of Tiger beer in the United Kingdom to Heineken UK in August 2009. Malaysia PBIT improved 38% on the back of volume growth of 10% and lower marketing expenditure. Papua New Guinea PBIT grew 3%, owing to better margins from price increases. This was despite a 2% dip in sales volume arising from liquor restrictions imposed in several regions. New Zealand PBIT rose nearly threefold to $30.6 million due mainly to a 4% volume gain, favourable sales mix and the appreciation of the New Zealand dollar. Indochina The region, particularly Vietnam, continued its robust performance with PBIT and volume increments of 48% and 28% respectively. Excluding gestation loss for Laos APB and translation losses for the region, PBIT grew organically by 56%. This Year S$million PBIT (as announced) Add: Gestation loss Translation losses Adjusted PBIT China The Groups operations in China broke-even, turning around from a loss of $5.9 million reported last year. The improved performance was attributable to favorable sales mix and lower overheads. Thailand PBIT increased five-fold to $4.9 million while volume grew 2%. The higher PBIT was mainly attributable to the oneoff distribution and licensing fee charge recognised in the previous year. Sri Lanka Volume growth of 37%, the impact of higher raw materials prices and marketing expenditure resulted in a loss of $1.0 million. Mongolia Volume surged 53%. PBIT improved to $5.2 million compared to a loss of $7.3 million last year. This was attributable to an unrealised exchange gain of $2.6 million from the currency realignment of the US dollar loans compared to an unrealised exchange loss of $5.4 million last year. Excluding the impact from such exchange difference, PBIT would be $2.6 million compared to a loss of $1.9 million recorded last year. Indonesia and New Caledonia (New Acquisitions) The acquisitions of MBI and GBNC were completed on 10 February 2010. With the consolidation of their results, the new acquisitions contributed $55.9 million to the Groups PBIT. 241.7 33.4 275.1 Last Year S$million 163.9 12.0 175.9 56.4 % Growth 47.5

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Corporate Office Corporate office expenses were higher than last year. This was mainly attributable to higher marketing, personnel and business development expenditure partially offset by higher royalty income. Taxation The group effective tax rate of 27.6% (2009: 29.5%) is higher than the corporate tax rate of 17.0% in Singapore. This is because the profits of overseas subsidiaries are subjected to tax at higher tax rates. The lower effective tax rate in this financial year is mainly due to the write-back of over provision in prior years and a reduction in non-tax deductible expenses

REVIEW OF BALANCE SHEETS Group As a result of the acquisition of GBNC and MBI, offset by the disposal of the India operations, the Group recorded higher assets and liabilities on the balance sheet. The higher intangible assets are mainly due to the goodwill and brands (including the outright purchase of the Bintang brand) recorded upon consolidation of the net assets of the new subsidiary companies. Company Higher net investment in the subsidiary companies arises as a result of the completion of the acquisition of GBNC and MBI, offset by the disposal of APBAL and APBP and the impairment of investment in subsidiary companies. The higher intangible assets relates to the outright purchase of the Bintang brand in February 2010. The acquisitions are funded via internal resources, external bank borrowings and the issuance of bonds. Higher other payables are due to the accruals of transaction costs for the disposal of the India operations.

REVIEW OF CASHFLOW Group Higher cash generated from operations have been mainly utilised to fund working capital requirements, tax payment, capital expenditures and the distribution of dividends to controlling and non-controlling shareholders. The acquisition of equity interest of approximately 87.3% and 80.6% in GBNC and MBI, respectively were funded mainly by internal resources, external bank borrowings and the issuance of bonds.

9.

Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results. Not applicable.

10.

A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months. The Group continues to trade well amidst the highly competitive markets in which it operates. The completion of the acquisition of businesses in Indonesia and New Caledonia and disposal of the India businesses have resulted in a profound improvement in the geographical mix of the Groups operations. The new businesses are performing in line with expectations. With a stronger Singapore Dollar and with a high proportion of the Groups earnings from outside Singapore, the financial performance is sensitive to currency movements in the countries where the Group operates.

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11.

If a decision regarding dividend has been made: (a) (b) Whether a final ordinary dividend has been recommended: (i) (ii) (c) Amount per share Previous corresponding period : : 52 cents 18 cents Yes

Whether the dividend is before tax, net of tax or tax exempt. If before tax or net of tax, state the tax rate and the country where the dividend is derived. (If the dividend is not taxable in the hands of shareholders, this must be stated). 1-tier tax-exempt.

(d)

The date the dividend is payable. The Directors propose, subject to shareholders approval at the Annual General Meeting to be held on 25 January 2011, a final dividend of 52 cents (2009: 18 cents per share) to be paid on 18 February 2011.

(e)

The date on which Registrable Transfers received by the Company (up to 5.00 pm) will be registered before entitlements to the dividend are determined. Registrable transfers received by the Companys Registrar, Tricor Barbinder Share Registration Services, 8 Cross Street, #11-00 PWC Building, Singapore 048424 up to 5.00 pm on 31 January 2011 will be registered before entitlements to the dividend are determined. Notice is hereby given that the share registers will be closed on 1 and 2 February 2011 for the preparation of dividend warrants.

12.

If no dividend has been declared (recommended), a statement to that effect.

Not applicable.

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PART II ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT 13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuers most recently audited annual financial statements, with comparative information for the immediately preceding year.

GROUP SEGMENTAL RESULTS For year ended 30 September 2010

Papua New Singapore Malaysia Guinea $000 $000 $000 472,224 - 262,390 76,560 5,233 81,793 17,653 17,653 79,531 79,531 New New Sri Zealand Indochina Acquisitions Mongolia Lanka $000 $000 $000 $000 $000 456,008 935,431 329,106 23,248 17,745 30,585 30,585 241,694 241,694 55,238 699 55,937 5,211 5,211 (982) (982) Corporate China Thailand Office $000 $000 $000 - 14,994 148 148 (16,426) Group $000 2,511,146 471,411 28,675 500,086 13,697 (12,952) (258) (138,233) 362,340 (6,059) (93,177) 269,163 (6,059) 263,104 80,594 5,771 68,409 51,848 74,219 25,596 253,700 362 116,044 330,156 121,794 529,331 5,888 92,840 25,040 6,379 11,282 37,317 19,083 1,341,639 280,916 455,220 9,681 236,705 2,324,161 482,457 126,281 445,572 1,054,310 569,463 66,621 540 5,415 1,612 269,421 (258) 269,163 (6,059) 263,104 Group $000 2,511,146 500,086 2,324,161 569,463

Revenue Profit/ (Loss) before interest taxation and exceptional items Subsidiary companies Joint venture and associated companies Interest income Interest expense Exceptional items Taxation Profit after taxation (continuing operations) Loss after taxation (discontinued operations) Non-controlling interest, net of taxes Attributable profit/ (loss) - Continuing operations - Discontinued operations Total assets Non-current assets Investment in associated and joint venture companies Current assets Tax assets

4,942 4,942 (16,426)

- 172,868 44,179 5,075 -

Bank deposits and cash balances

Total liabilities Liabilities Tax liabilities Borrowings Other segment information: Capital expenditure Depreciation and amortisation continuing operations discontinued operations Impairment of fixed assets (net) Attributable profit/ (loss) before exceptional items - Exceptional items Attributable profit/ (loss) - Continuing operations - Discontinued operations Business Segment

85,794

44,616

70,293

142,951

90,267

8,021

4,473

36,042

3,948 10,283 391 67,224 (258) 66,966

17,653 17,653

24,886 4,613 16 30,629 30,629

12,260 18,861 15,684 15,684

31,804 24,302 4,202 120,336 120,336

454,466 5,474 806 31,731 31,731

4,214 2,271 1,999 1,999

803 290 (730) (730)

148 148

4,942 4,942

37,082 527 (20,195) (20,195)

Revenue Profit/ (Loss) before interest, taxation and exceptional items Total assets Capital expenditure Indochina: Cambodia, Laos and Vietnam New Acquisitions: Indonesia and New Caledonia

Brewery $000 2,496,152 515,594 2,238,173 532,381

Investment $000 918 19,281 -

Corporate Office $000 14,994 (16,426) 66,707 37,082

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GROUP SEGMENTAL RESULTS For year ended 30 September 2009

Papua New Malaysia Guinea $000 $000 - 263,959 New Zealand $000 371,601 South Asia* $000 13,142 Corporate Office $000 10,255

Singapore $000 Revenue Profit/ (Loss) before interest, taxation and exceptional items Subsidiary companies Joint venture and associated companies 493,253

Indochina Mongolia $000 $000 831,569 15,271

China $000 -

Thailand $000 -

Group $000 (restated*) 1,999,050

64,851 5,817 70,668

12,811 12,811

77,109 77,109

10,635 10,635

163,862 163,862

(7,326) (7,326)

(864) (864)

(5,869) (5,869)

974 974

(5,845) (5,845)

302,422 13,733 307,225 316,155 6,661 (9,237) 14,404 (96,672) 231,311 (12,015) (46,899) 182,584 (10,187) 172,397

Interest income Interest expense Exceptional items Taxation Profit after taxation (continuing operations) Loss after taxation (discontinued operations) Non-controlling interests, net of taxes Attributable profit/ (loss) - Continuing operations - Discontinued operations Total assets Non-current assets Investment in associated and joint venture companies Current assets Tax assets Bank deposits and cash balances Total liabilities Liabilities Tax liabilities Borrowings Other segment information: Capital expenditure Depreciation and amortisation continuing operations discontinued operations Impairment of fixed assets (net) Impairment of intangible assets Attributable profit/ (loss) Before exceptional items - Exceptional items Attributable profit - Continuing operations - Discontinued operations 87,530 5,500 66,408 48,727 55,540 41,212 267,218 383 111,016 365,711 128,435 22,971 3,348 67,317 24,849 180,857 44,111 2,577 25,195

868,864 279,578 400,463 4,733 192,832 1,746,470 392,359 92,871 128,560 613,790 88,738 57,799 1,925 1,612 1,612 4,773 168,180 14,404

89,019

47,502

65,096

154,262

2,292

13,298

20,890

3,456 10,086 61 59,749 (384) 59,365

12,811 12,811

28,663 4,746 382 37,593 37,593

22,703 15,671 434 6,598 3,703 10,301

29,586 23,765 735 2,260 72,882 72,882

1,900 2,296 (4,926) (4,926)

2,295 329 (1,601) (1,601)

(5,869) (5,869)

974 974

135 906 2,513 (10,031) 11,085 1,054

182,584 (10,187) 172,397 * For the 2009 comparatives, the operating results of the India subsidiaries have been reclassified to discontinued operations but the assets, liabilities and capital expenditures relating to the discontinued operations remained in the South Asia segment. Business Segment Brewery $000 1,988,795 320,384 1,659,645 88,603 Investment $000 1,616 17,059 -

Revenue Profit/ (Loss) before interest, taxation and exceptional items Total assets Capital expenditure Indochina: Cambodia, Laos and Vietnam South Asia: India and Sri Lanka

Corporate Office $000 10,255 (5,845) 69,766 135

Group $000 1,999,050 316,155 1,746,470 88,738

Page 19 of 19

14.

In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments. Please refer to paragraph 8.

15.

A breakdown of sales and profit after taxation (before deducting non-controlling interests) for the continuing operations are as follows: Group 30/9/20010 30/9/2009 % Increase/ $000 $000 (decrease) (restated*) (a) (b) Sales reported for first half year Profit after taxation before deducting non-controlling interests reported for first half year Sales reported for second half year Profit after taxation before deducting non-controlling interests reported for second half year 1,241,771 1,048,505 18.4

188,302 1,269,375

123,426 950,545

52.6 33.5

(c) (d)

174,038

107,885

61.3

* Restated for the reclassification of the India subsidiaries disposed in February 2010 to discontinued operations.

16.

A breakdown of the total annual dividend (in dollar value) for the issuers latest full year and its previous full year: 30/9/2010 30/9/2009 $000 $000 Ordinary 170,399 82,618

17.

INTERESTED PERSON TRANSACTIONS Particulars of interested person transactions for the period 1 October 2009 to 30 September 2010 as required under Rule 907 of the SGX Listing Manual. Aggregate value of all interested person Aggregate value of all interested person transactions (excluding transactions transactions conducted under less than $100,000 and transactions shareholders mandate pursuant to conducted under shareholders mandate Rule 920 (excluding transactions less pursuant to Rule 920) than $100,000) Name of interested person $ $ Heineken Group of Companies Fraser and Neave, Limited Fraser & Neave Holdings Bhd 7,388,107 2,891,592 48,494,384 15,063,592

18.

ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at Level 2, Alexandra Point, 438 Alexandra Point, Singapore 119958 on Tuesday, 25 January 2011.

BY ORDER OF THE BOARD Anthony Cheong Fook Seng Company Secretary 11 November 2010