19 July 2004

The Board of Directors of Cayman National Corporation has hereby given notice that more than five percent (5%) of Cayman National Corporation's equity shares have been purchased by the following shareholders as a closely connected group:

Mr. S.N. Roditi 1,497,064

Rovida Asset Management* 1,283,423

Total 2,780,487

*Mr. S.N. Roditi has controlling interest in Rovida Asset Management.

The total issued and outstanding shares of Cayman National are 40,394,957, which would bring the above connection to 6.883%.