PHOENIX INVESTMENT COMPANY LIMITED

DIVIDEND DECLARATION

Notice is hereby given that a final Dividend of Rs 4.36 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 13, 2007.

The Dividend will be paid on or about July 25, 2007.

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

By Order of the Board

GML Services Financiers et Juridiques Ltée

Secretary

Date : June 26, 2007

This announcement is issued pursuant DEM Rule 23.

The Board of Directors of Phoenix Investment Company Limited accepts full responsibility for the accuracy of the information contained in this announcement