The Shareholders of CIEL Investment Ltd have at a Special Meeting held on the 3rd December2009, approved unanimously the Company buys back up to 301,218,264 of its own shares, representing a maximum of 25% of its issued stated capital. The price will be between a 40% and 10% discount to the Net Asset Value (“NAV”) per share, i.e. at a price between Rs 3.00 and Rs 4.50, based on the NAV per share as at 30th September 2009 being Rs 5.03 (“the Share buy back”);

Following the Share buy back, the Company holds up to 15% of its stated capital as Treasury shares, which may be reissued at a later date;

The remaining no par value ordinary shares bought back by the Company together with the 42,296 no par value ordinary shares presently held by the Company as Treasury shares, be cancelled.

In line with the above Special Resolutions, the Board has also approved that the Share buy back from Compagnie d’Investissement et de Développement Limitée (“CIDL”) be carried out on or about the 8th December 2009 at Rs 3.70 per share.

According to Mr Jean-Pierre Dalais, CEO of CIEL Investment, “The Share buy back will significantly increase CIL’s net asset value, with added value for its shareholders.”