COMPAGNIE DES VILLAGES DE VACANCES

DE L’ILE DE FRANCE LTEE

COVIFRA

3 April 2006

The Head of listing

Stock Exchange of Mauritius Ltd

Edith Cavell Street,

Port Louis

Dear Sir,

You may wish to be informed that the Board of Directors of our Company has, at its meeting held today, resolved that, for the financial year ending 31 October 2006, an interim dividend of Rs14, 152,500, equivalent to Re0.25 per share, be paid to all shareholders registered at the close of business on 18 April 2006.

The dividend will be paid on or about 5 May 2006.

These shares will be traded cum dividend up to the market day of 13 April 2006 and ex-dividend as from 18 April 2006.

Yours faithfully

FINANCIAL CONSULTING ASSOCIATES