FORWARD INVESTMENT AND DEVELOPMENT ENTERPRISES LIMITED

DIVIDEND DECLARATION

Notice is hereby given that an interim Dividend of Rs 1.30 per share in respect of the financial year ending June 30, 2007 has been declared payable to shareholders of the Company registered at the close of business on March 19, 2007

The Dividend will be paid on or about April 04, 2007.

The Shares of the Company will be traded cum-dividend up to the market day of March 14, 2007 and ex-dividend on March 16, 2007.

By Order of the Board

GML Services Financiers et Juridiques Ltée

Secretary

Date : February 27, 2007

This communiqué is issued pursuant to the DEM Rule 23.

The Board of Directors of FIDES accepts full responsibility for the accuracy of the information contained in this communiqué