ESPITALIER NOEL LIMITED

NOTICE OF DECLARATION OF DIVIDEND

Notice is hereby given that the above company has declared on 26^th June 2007 a final dividend of Rs 10.00 per share with regard to both Ordinary and Preference shares, for shareholders registered at the close of business on 13 July 2007, in respect of its financial year ending 30^th June 2007.

The dividend will be paid on or about 31 July 2007.

The shares of the company will be traded cum-dividend up to the market day of 10 July 2007 and ex-dividend on 11 July 2007.

By order of the Board

JULIEN HOAREAU

Secretary

Dated 26/06/07

« This communiqué is issued pursuant to DEM Rules 23

The Board of Directors of Espitalier Noël Limited accepts full responsibility for the accuracy of the information contained in this communiqué.»