The shareholders of CIRNE GROWTH FUND LIMITED and the public are advised that the Board of Directors has resolved at a meeting on June 1, 2006, to declare a dividend of Re. 0.80 (eighty cents) per share.

This dividend will be posted on or before June 14, 2006, to all shareholders registered at close of business on June 1, 2006.

At a Special Meeting held on the same day, the shareholders approved to change of the company’s name to IPRO GROWTH FUND LTD.

By order of the Board.

(s) CIEL CORPORATE SERVICES LTD

Secretaries

June 1, 2006.

This communiqué is issued pursuant to Listing Rule 11.3. The Board of Directors of Cirne Growth Fund Ltd accepts full responsibility for the accuracy of the information in this communiqué.