Admission is as a result of a reverse takeover under Rule 14, involving the acquisitions of Hirco Developments and the Investment Companies ('the Acquisitions'). Hirco was formed in November 2006 as an investment company established to invest in FDI compliant real estate development projects in large and medium-sized metropolitan areas in India. In association with Hiranandani, a leading Indian real estate developer with over thirty years of experience developing property in India, Hirco invests in developments of large-scale, mixed-use township communities. Hirco was admitted to AIM on 13th December 2006 and as at 30 September 2008 had invested approximately �350.8 million in four projects (the 'Current Development Projects') in Chennai and Panvel, a suburb of Mumbai. Hirco Developments is the development manager and marketing manager for each of the Current Development Projects in which Hirco has invested. Hirco Developments will continue to provide this function for Hirco's future development projects. Under the New Exclusivity Agreement, Hirco Developments will be the exclusive development manager for projects sourced from the Hiranandani land bank and in the future may also provide development and management services for other non-Hiranandani real estate projects. Each of the Investment Companies has ownership of subsidiary Project Companies in India that hold title to the land underlying each of the Current Development Projects in which Hirco has invested. To date Hirco has made its investment into the Current Development Projects by way of purchasing the Participating Preference Shares of the Investment Companies. Following the Acquisitions, Hirco will have ownership of the voting share capital in the Investment Companies (bar a nominal amount held by Hiranandani). For future projects, Hirco plans to continue to focus its investments and development on suburban locations near large and medium-sized cities in India that display attractive growth characteristics, including strong employment growth and sustainable economic activity.

Listing exchange: AIM

Expected first day of trading: Expected money raised: NIL