NAIADE RESORTS LTD

DIVIDEND DECLARATION

Notice is hereby given that the Board of Directors of Naïade Resorts Ltd has, at a meeting held on 24^th November 2005, declared a Final Dividend of Rs 1.20 per share in respect of the financial year ended 31^st December 2005. This dividend will be paid to all shareholders of the Company registered at the close of business on 13^th December 2005.

This Dividend will be paid on or about 27^th December 2005.

The Shares of the Company will be traded cum-dividend up to the market day of 8^th December 2005 and ex-dividend as from 9^th December 2005.

By Order of the Board

Sylvia Maigrot

Poseidon Limitée

Secretary

Date : 24^th November 2005

This communiqué is issued pursuant to Listing Rule 11.3

The Board of Directors of Naïade Resorts Ltd accepts full responsibility for the accuracy of the information contained in this communiqué.