FORWARD INVESTMENT AND DEVELOPMENT ENTERPRISES LIMITED

DIVIDEND DECLARATION

Notice is hereby given that a final Dividend of Rs 1.70 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 July 16, 2007.

The Dividend will be paid on or about July 23, 2007.

The Shares of the Company will be traded cum-dividend up to the market day of July 11, 2007 and ex-dividend on July 12, 2007.

By Order of the Board

GML Services Financiers et Juridiques Ltée

Secretary

Date: June 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