NOTICE OF DIVIDEND

Notice is hereby given that the Board of Directors of Caudan Development Limited has declared for the financial year ending 30^th June 2007, a final dividend of Re 0.05 per share to all shareholders registered at the close of business on 16^th July 2007.

Payment thereof will be effected on or about 2^nd August 2007.

Consequently, the shares of the company will be quoted cum dividend from 28^th June 2007 to 11^th July 2007 and ex dividend on 12^th July 2007.

By order of the board

Jocelyne Martin

Secretary

27^th June 2007

This notice is issued pursuant to Listing Rules 11.3.

The Board of Directors of Caudan Development Ltd accepts full responsibility for the accuracy of the information contained in this notice.