Cautionary Announcement

Notice is hereby given that United Properties Ltd, a wholly owned subsidiary of United Docks Ltd, had applied for and obtained a Development Permit for a mixed-used Development Project at the Caudan, Port Louis. The project consists of offices, retail spaces and parking lots. The four phases are forecasted to be built over time until 2011. The Development Permit has been granted for Phase I which is divided into buildings totalising 30,897m² and 517 parking bays over 12,727m² of land. The cost of development of the Phase I is estimated at Rs 1.9 billion including the value of land. An application is being lodged for the Building Permit.

The Shareholders and public at large will be kept informed of further developments concerning this project. Shareholders are therefore advised to be cautious when dealing in the shares of United Docks Ltd.

By order of the Board

Michel Rivalland

Company Secretary

Dated this 26^th May 2006

This Cautionary Announcement is issued Pursuant to Listing Rule 11.3.

The Board of Directors of United Docks Ltd accepts full responsibility for the accuracy of the information contained in this cautionary announcement.