FORGES TARDIEU LIMITED

COMMUNIQUE

Notice is hereby given that at a Special Meeting of Shareholders of Forges Tardieu Limited held on 24 November 2005, the shareholders had considered and approved the Capitalisation of Rs72, 000,000/- (Rupees Seventy Two Million) as a Bonus Issue and the distribution and allotment to members in the proportion of Three (3) ordinary shares for every One (1) ordinary share held by them.

The calendar in respect of the Bonus Issue is as follows:-

First Cum-bonus trading session: 29 November 2005

Last Cum-bonus trading session: 8 December 2005

Close of Register : 13 December 2005

Ex Bonus trading session : 13 December 2005

First day of trading of new shares: 29 December 2005.

By order of the Board

EXECUTIVE SERVICES LIMITED

Per Christian ANGSEESING

Secretary

Date: 24 November 2005