Page 1

MAURITIUS FREEPORT DEVELOPMENT COMPANY LTD

UNAUDITED ABRIDGED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 MARCH 2009

ABRIDGED INCOME STATEMENT

31 March 2009
/
31 March 2008
MRs / MRs
Revenue / 90,898,919 / 73,548,941
Direct Operational Expenses / (55,299,895) / (50,463,076)
35,599,024 / 23,085,865
Administrative & Marketing Expenses / (10,833,787) / (11,662,933)
Operating Profit / 24,765,237 / 11,422,932
Interest Expense / (23,733,281) / (22,577,001)
Profit/(Loss) after Interest / 1,031,956 / (11,154,069)
Net exchange (loss)/gain / (18,929,374) / 14,620,995
(Loss)/Profit for the period / (17,897,418) / 3,466,926
(Loss)/Profit per share / (0.20) / 0.04

MAURITIUS FREEPORT DEVELOPMENT COMPANY LTD

UNAUDITED ABRIDGED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 MARCH 2009

ABRIDGED BALANCE SHEET

Unaudited / Audited
31 March 2009 / 31 December 2008
MRs / MRs

ASSETS

Non-current assets / 1,564,402,141 / 1,574,812,648
Current assets / 117,193,388 / 113,101,068

Total assets

/ 1,681,595,529 / 1,687,913,716

EQUITY AND LIABILITIES

Capital and reserves

Equity holders’ interests / 417,339,920 / 435,237,338

Non-current liabilities

/ 940,235,199 / 887,302,550

Current liabilities

/ 324,020,410 / 365,373,828

Total equity and liabilities

/ 1,681,595,529 / 1,687,913,716

Page 1

MAURITIUS FREEPORT DEVELOPMENT COMPANY LTD

UNAUDITED ABRIDGED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 MARCH 2009

STATEMENT OF CHANGES IN EQUITY

Stated

capital / Retained
earnings /

Revaluation

reserves / Total
equity
MRs / MRs / MRs / MRs
At 01 January 2008 / 900,000,000 / (415,307,535) / 31,435,071 / 516,127,536
Loss for the Year / (80,890,198) / - / (80,890,198)
------/ ------/ ------/ ------
At 31 December 2008 / 900,000,000 / (496,197,733) / 31,435,071 / 435,237,338
Loss for the period / - / (17,897,418) / - / (17,897,418)
------/ ------/ ------/ ------
At 31 March 2009 / 900,000,000 / ( 514,095,151) / 31,435,071 / 417,339,920
======/ ======/ ======/ ======

Page 1

MAURITIUS FREEPORT DEVELOPMENT COMPANY LTD

UNAUDITED ABRIDGED FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 MARCH 2009

ABRIDGED CASH FLOW STATEMENT

31 March 2009 / 31 March 2008
MRs / MRs
Net cash from / (used in) operating activities / 20,404,122 / (14,549,380)
Net cash used in investing activities / (30,620,810) / (44,084,751)
Net cash (used in) / from financing activities / (10,732,753) / 9,439,378
------/ ------
Net decrease in cash and cash equivalents / (20,949,441) / (49,194,753)
Cash and cash equivalents at 1 January / (187,435,102) / (122,359,619)
Effects of exchange rate changes on cash and cash
equivalents / (1,882,573) / (1,736,102)
------/ ------
Cash and cash equivalents at 31 March / (210,267,116) / (173,290,474)
======/ ======

Revenue for the quarter reached MRs 90.9 million (2008 :MRs 73.5 million) , representing an increase of 23.6% over last year. Operating profit was MRs 24.8 million (2008 : MRs 11.4 million) , thus rising by 116.8 %.

The marketing strategy and the restructuring process undertaken last year have thus started to yield positive results.

The net exchange loss of MRs 18.9 million (2008: exchange gain MRs 14.6 million) is due to the depreciation of the Mauritian Rupee against the US Dollar and is unrealised.

The above abridged unaudited financial statements for the quarter ended 31 March 2009 are in compliance with International Financial Reporting Standards (IFRS) and are issued pursuant to DEM Rule 17.

By order of the Board

Executive Services Ltd

2nd Floor , Les Jamalacs Building

Vieux Conseil Street

Port Louis

14 May 2009

The statement of direct and indirect interests of officers of the company required under rule 8 (2) (m) of the Securities(Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request from the Company Secretary, Executive Services Ltd, 2nd Floor, Les Jamalacs Building, Vieux Conseil Street, Port Louis.

The Board of Directors of Mauritius Freeport Development Company Limited accepts full responsibility for the accuracy of the above information prepared in accordance with International Financial Reporting Standards.Copies of the report are available upon request free of charge at the Company's registered office, Freeport Zone 5, Mer Rouge.