FORGES TARDIEU LIMITED

COMMUNIQUE

Notice of declaration of dividend

Notice is hereby given that the above company has declared a final dividend of Rs 15 per share for shareholders registered at the close of business on 10^th January 2006 in respect of its financial year ending 31^st December 2005.

The Dividend will be paid on or about the 24^th January 2006.

The shares of the Company will be traded cum-div up to the market day of 5th January 2006 and ex-div as from the 10th January 2006.

By order of the Board

EXECUTIVE SERVICES LIMITED

Per Manjoola BILTOO-CHADEE

Secretary

Date: 23 December 2005.