NOTICE OF DIVIDEND

Notice is hereby given that the Company has declared a final dividend of Rs. 0.80 per share for shareholders registered at the close of business on 29 December 2005 in respect of its financial year ending 31 December 2005. The dividend will be paid on or about 15 January 2006. The shares of the Company will be traded cum-dividend up to the market day of 26 December 2005 and ex-dividend as from the 27 December 2005.

By order of the Board

Corporate and Secretarial Services Centre Ltd. 12 December 2005

Secretary

This communiqué is issued pursuant to Listing Rule 11.3.

The Board of Directors of the Mauritius Union Assurance Company Ltd accepts full responsibility for the accuracy of the information contained in this communiqué.