COMMUNIQUE

Share Buy Back Programme

Notice is hereby given that the Board of Directors of The Mauritius Commercial Bank Limited (MCB) has decided not to renew the share buy back programme initiated in March 2003 and subsequently renewed for two successive one year periods until 17^th December, 2006.

The shares bought back under this programme amount to 13,711,510 (ie 4.86%) whilst the initial target of the programme had been 15%. These treasury shares will be re-issued as part of an employee share option scheme, subject to approval by the forthcoming Annual Meeting of Shareholders.

The Board of Directors estimates that, at the current market price of the MCB share, this programme, which provides for acquisition of shares at a maximum price of net asset value plus 5% ( i.e. about Rs 51), is virtually inoperative. Furthermore, MCB is currently restructuring its Capital base and, after the buy-back from Lloyds TSB Bank plc. of its 11.25% holding in MCB as well as the issue of Subordinated Bonds quoted on the Bond Exchange of South Africa, it will have achieved a more balanced Capital structure, whilst maintaining the overall risk-weighted Capital ratio at its current level and hence alleviating the need for on-going share buy-back operations in the short term.

By order of the Board

Jean François Desvaux de Marigny

Secretary

14^th December, 2006

This notice is issued pursuant to Listing Rule 11.3

The Board of Directors of The Mauritius Commercial Bank Limited accepts full responsibility for the accuracy of the information contained in this notice.