CONFIDENTIAL OFFER SUMMARY

1. CONFIDENTIAL OFFER SUMMARY

2. TABLE OF CONTENTS 1. Executive Summary Investment Highlights 5 Investment Considerations 6 2. Property Description Property Overview 7 Location 8 Property Description 9 Harmony Suit Rooms 10 Luxurious Rooms Amenities 11 Food & Beverage Options 12 Meeting Space 13 Gym & Spa 14 3. Market Overview Ahmedabad 15 Transportation 16 Tata Motors – Nano Manufacturing Plant 17 Education 18 New Market Development 19 4. Hospitality Sector Demand Segmentation 20 Cultural Landmarks 21 Beautifully in Ahmedabad 22 5. Lodging Market Overview National Lodging Market 23 6. Competitive Overview Local Area Hotels profi le 24 7. Investment Summary Investment Summary & 25 Terms of Sale

3. INTRODUCTION 3

4. INVESTMENT HIGHLIGHTS INCREDIBLE LOCATION The hotel is located along S.P. Ring Road, Nr. Eco Park, Vastral, a major landmark of the city of Ahmedabad. The location is within city center, in close proximity to major retail and commercial office areas. Additionally the hotel lies strategically at most busy industrial area of Ahmedabad. INFLUENTIAL GATEWAY MARKET Since the beginning of the decade, the state of Gujarat has become a far more important commercial and financial center than it had been historically, in addition to its traditional position of primary as a business hub. Over the last five years the state has become a major destination for foreign direct investment and become a growth engine of India. BRAND & MANAGEMENT The hotel can be acquired unencumbered of both brand and management affording a new owner maximum flexibility, in their positioning and management of the hotel going forward. Given the location of the property and the significant performance metrics of the market, the hotel will be attractive to both domestic and international hotel operators that recognize the rarity of this kind of rebranding opportunity. REPOSITIONING OPPORTUNITIES Given the unencumbered nature of offering, potential new owners can reposition the asset under other domestic/ international brands or re-position the hotel as a boutique or lifestyle product, and unlock significant hidden value. SUPERIOR PHYSICAL ATTRIBUTES The property is in excellent physical condition, and would not entail significant renovation or up gradation expenditure on the part of new owners. 4

5. INVESTMENT COSIDERATIONS • EXCELLENT LOCATION • The property is ideally located within the city center and commercial & industrial heart of the city of Ahmedabad. The property lies in close proximity to SP Ring Road, a major gateway and widely recognized landmark of the city. The property is conveniently located with respect to major business and demand generators of the city. • The property is surrounded by three major industrial areas of Gujarat; Odhav, Vatva and Kathvada. • The hotel can be easily accessed from Ahmedabad International Airport, the main Railway Station and Express High Way of the city. EFFICIENT, WELL CONSTRUCTED BUILDING The 3 Star, Four story, 64 room hotel, has an efficient design and layout. Brilliant space planning and innovative design features have ensured maximum space utilization, and operational efficiencies. • UPSIDE POTENTIAL • As per recent report, the city of Ahmedabad are expected to see the highest value increase during the next five years. Hotel value are expected to increase at a CAGR of a approximately 10.5% in Ahmedabad over the next five years. • Potential also exists for immediate value enhancement by rebranding the property under an international/ leading franchise. Strategic rebranding should be able to help the property increase occupancy and ARR, and improve overall customer value perception, and will better position the property against local competitors. • The hotel is ideally positioned to capture a share of the additional demand that will be generated by the various development initiatives being initiated by the state government. 5

6. STRONG GROWTH MARKET Ahmedabad is one of the fastest growing cities of India, and considered a model for good administration and focused infrastructure development. Additionally the State of Gujarat has been the largest recipient of Foreign Direct Investment, flowing into the country and is presently considered one of the best states for starting businesses in the country. Over the last decade major international and domestic firms like General Motors, Tata Motors, Reliance, Essar have expanded their facilities in Gujarat. STRONG FOOD & BEVERAGE DEMAND Ahmedabad is considered one of the strongest markets in the country for food and beverage outlets, and restaurants within upscale hotels are considered the preferred destination for eating out. Almost all hotels in the city, report food & beverage contribution in excess of 30% of total revenues. 6

7. LOCATION: TAKSHASHILA Galleria Hotel • S.P. Riing Road, Nr. Eco Park, • VASTRAL, AHMEDABAD • GUEST ROOMS: Harmony Suite Rooms No.3 • Suite Rooms No. 6 • LuxuriousTwinBedRooms No.28 • Luxurious Double BedRooms No.27 • FOOD & BEVERAGES: All-Day Dining Restaurant • Lobby Lounge • Banquet Hall I & II • Terrace Garden Restaurant • MEETING SPACE: Accommodate up to 150 persons • AMENETIES & FACILITIES: Air-Condition At Each Room • Air-Port Transfer • Audio-Video Equipped • 24 Hours Room Service • Direct Dialing Facility • Satellite TV & LCD • Wi-Fi Connectivity • Coffee Maker & Freeze Each Room • Laundry Facility • Power Back-Up • Safe Deposit Locker • Travel Desk • Doctor on Call • Foreign Currency Exchange Facility • Softener & RO Water Supply 7

9. PROPERTY DESCRIPTION ROOMS & SUITS The property features 64 rooms, in a combination of Luxurious Rooms, Suite Rooms, Harmony Suite Rooms. • Luxurious Rooms : With excellent atmosphere with complete facilities & amenities Harmony Suit Rooms: Luxurious Rooms are well appointed, spacious, with amenities and facilities geared towards the business traveler. These rooms are located on the 2nd floors with expanded living and sleeping spaces, with green eye view. Suit Rooms: These rooms are equipped with all the modern amenities and facilities. 9

10. Harmony Suit Rooms amenities and services include: • Mini-bar • Iron & Iron Board in the Room • Ambience Controller • Turndown Service • Fruit Basket In-Room Safe International Direct Dialing In Room Movies Satellite Channels Tea & Coffee Maker • 24-hrs Room Service • Hair Dryer • Doctor on Call • Laundry / Dry Cleaning • Wifi Access 10

11. FOOD & BEVERAGE OPTIONS 12

12. MEETING SPACE Two Banquet Halls - 1 & 2, which can be combined together into one large hall. The hotel can accommodate events ranging from 10 guests to up to 150 guests. 13

13. GYM & SPA 14

14. MARKET OVERVIEW MAJOR PRIVATE COMPANIES IN AHMEDABAD AHMEDABAD Located on the banks of the Sabarmati River, 32 kilometers from the state capital Gandhinagar, is the city of Ahmedabad. The city is the administrative capital of the district of Ahmedabad, and is also considered to be the commercial capital of the state of Gujarat. Ahmedabad used to be the capital city of the state of Gujarat till 1970, when the new capital city of Gandhinagar was built. Ahmedabad today is the seventh largest city and the seventh largest metropolitanarea of India with a city population of approximately 3.96 million and metropolitan population of over 5.5 million. Ahmedabad is ranked as the fast growing city of India and amongst the top 5 growing cities of the world, and was also ranked as 5th best amongst all cities of India for IT/ITES firms. Ahmedabad is also one of India’s premier industrial hubs, with a diversified industrial base. Starting out as a major centre for Textiles, the city is today a thriving centre of Pharmaceutical and Chemical industries. Two of India’s largest pharmaceutical companies — ZydusCadila and Torrent Pharmaceuticals—are based out of the city. The city is also home to the corporate headquarters of domestic majors like the Adani Group and Nirma Group. In recent years, a number of international companies have set base here including; Bosch, Stork, Rollepaal and Johnson Pumps. Tata Motors decision to set up the manufacturing plant for the Nano car at Sanand, near Ahmedabad, has helped establish Ahmedabad as a destination for Automobile manufacturing. Many automobile firms, including Ford Motors, General Motors and Toyota Motors are expected to set shop in Ahmedabad. These manufacturing units, together with those of their suppliers, distributors etc are projected to further boost the overall growth potential of the city. 15

15. TRANSPORTATION MARKET OVERVIEW Air The SardarVallabhai Patel International Airport, is the main commercial airport of the city. Ahmedabad is linked via direct fl ights to most major cities of the country. The city is also connected to international destinations like Abu Dhabi, Australia, Doha, Jeddah, Dubai, Bangkok, Kuwait, London, Muscat, Singapore, Sharjah, Dammam, Riyadh. Rail Ahmedabad is one of the six operating divisions of the Western Railway, and is connected to most major cities of India via regular train services. Road National Highway 8, the Mumbai Delhi Highway passes through Ahmedabad. National Highway 8C, links Ahmedabad to the state capital Gandhinagar, while National Expressway 1,links the city to Baroda. Ashram Road, CG Road, Relief Road and the SG (Sarkej—Gandhinagar) Highway are considered to be the main arterial roads of the city. City Transport: Bus Rapid Transit System The BRTS is modelled on the International standards and proved to be highly affordable and effective in operation. It has revolutionised the system of public transport in the city. The buses are comfortable and technically advanced. The system has dedicated corridors running along the middle of the city roads in which no other vehicles are allowed. Ahmedabad BRTS and MetroLink Express Gandhinagar and Ahmedabad, Gujarat International Finance Tec-City (GIFT) can be reached easily through multimodal mix of Rapid Transport Systems. 16

16. MARKET OVERVIEW TATA MOTORS - NANO MANUFACTURING PLANT Spread over 750 acres of land, and an adjacent 350 acre vendor park, Tata Motors plant in Sanand (40 kms from Ahmedabad), is the mother plant for Tata Motors’ ambitious small car “The Nano”, the worlds cheapest car. The plant has been designed to produce upto 250,000 cars per annum to start with, and further expandable to upto 350,000 cars. The vendor park, located next to the main manufacturing plant, is home to 41 tier 1 suppliers for automotive components. This project is expected to provide direct & indirect employment to over 10,000 people. The Government further aims to develop this area, into a manufacturing hub for automobiles, by off earning various incentives to this sector. Presently global majors like Ford Motor Company, General Motors, and Toyota Motors are in talks with the Government to set up faculties here. 17

17. NEW MARKET DEVELOPMENT Gujarat International Financial Tec City (GIFT) India’s biggest major planned skyscraper outside Mumbai, Gujarat’s and India’s tallest commercial skyscraper, Gujarat’s first major commercial skyscraper, and one of the biggest single megaprojects in India! Strategically located betweenthe state Capital Gandhinagar and Ahmedabad, GIFT is positioned as an International Finance Centre. The project is expected to comprise around 62 million square feet of space, of which the first phase comprising 4 million square feet is already underway. Ahmedabad Metro Rail expected to span a distance of 11 km in the first phase, the metro is expected to run along Relief Road, a major arterial road of the city. The project is still at the conceptualization stage and is expected to get underway in the immediate future. 19

18. Akshardam Temple, this ten storey high temple is considered an architectural marvel, and an important place of pilgrimage for Hindu devotees. Dedicated to propagating the teachings of the Swaminarayan faith, this temple is an amazing example of craftsmanship and sandstone carving. This temple is visited annually by over two million devotees. Situated on S P Ring Road, is a splendid collection of vintage cars at the Auto World Vintage Car Museum. It has over 125 cars such as Rolls Royce, Bentley, Model T Ford, Jaguar, Chrysler, Mercedes, Fiat, Maybach, Packard, Cadillac, Buick and more. The place also has a ethnic restaurant serving delicious Gujarati food making this an ideal place to spend a day with the family. • Sabarmati Ashram, situated on the banks of the river Sabarmati, the Ashram functions as a museum dedicated towards preserving and propagating the legacy of Mahatma Gandhi. The Ashram attracts more than 500,000 visitors from across the world every year. 21

19. The Gujarat Science City at Ahmedabad, is to highlight its eagerness to promote scientific thought and develop in the field of science and technology. It offers extensive educational and entertainment options to the tourists. It's in educational and entertainment zone with its amazing displays, laboratories, activity corners and live demonstration shows have become a major places to go for sightseeing in Ahmedabad. Kankaria Lake is one of the most favorite picnic spots of the people of Ahmedabad. Adjacent to the lake, lays a beautiful garden called NaginaWadi. The pleasing view of the lake, the humming and chirping of birds and the greenery bordering the lake will make you fall in love with this place. You can also avail the boating facility. Kankaria Lake provides a beautiful view of the sunset. There is also a zoo and children's park located nearby the lake. In recent days with the development around the lake people can enjoy a toy train ride around the lake. The place is enjoyed as a place for yoga, walking, and running, especially in the very early morning. The Sardar Patel Stadiumin Ahmedabad can hold a crowd of almost 50,000. It has also hosted one game in each of the two World Cups. 22

20. LODGING MARKET OVERVIEW NATIONAL LODGING MARKET Hotel market performance across the country were affected negatively in the first half of the year 2009-10, on account of the global financial crisis, coupled with the Mumbai terror attack, which took place in the previous year. With most organizations curbing expenses related to travel and entertainment, the hotel industry suffered from a decrease in commercial travel and decline in revenues from meetings and conferences as well as corporate events and gettogethers. However, towards the end of the year, strong domestic demand, coupled with increased global confidence in the business environment in India helped in improving occupancies and average rates. Overall, the average occupancy across India declined by approximately 3%, with some cities witnessing declines of up to 15%, reflecting decreased travel by corporations, re-negotiation of corporate contracts, and decreased leisure travel. However, the average rates witnessed an increase of approximately 8%. However the year 2010/11 proved to be a comeback year for the Indian Hospitality industry after the earlier two difficult years. Nationwide RevPAR is estimated to have increased by 10.7% in 2010/11 through increases in both occupancy and average rates, as hotels across the country saw strong increases in demand and were optimistic about the future outlook, enabling them to increase rates despite significant new supply additions. AHMEDABAD LODGING MARKET As opposed to the national average, the city of Ahmedabad witnessed an increase in occupancy of approximately 3% in 2009-10, over 2008-09, inspite of significant supply additions to the overall room inventory of the city. This increase in occupancy was primarily on account of strong demand growth, which was able to not only off set the depressed market sentiments, but also absorb the significant supply addition. The overall economy of the state of Gujarat grew at a rate of 12% in 2009-10, as compared to the national average of 8.5%. Going forward the state is expected to grow at a rate of 15% through 2015, making it one of the fastest growing economies of the country. This strong projected growth, supported on strong market fundamentals and increasing volume of corporate investments, should result in strong lodging performance going forward. 23

21. COMPETITIVE SUMMARY LOCAL AREA HOTELS PROFILE PRIDE HOTEL This 164 room property is located just off S.G. Highway, and is the second largest hotel of Ahmedabad, in terms of room inventory. The Pride Hotel, is a full service hotels and features 164 rooms & suites, multiple F&B outlets including the Casablanca a fi ne dine restaurant, Café Treat – a 24 hour coffee shop and Zing. The property off ers large function space, capable of accommodating over 400 people and also offers recreational facilties including a swimming pool, health club and a spa. COURTYARD BY MARRIOTT This 165 room hotel, is the current leader in terms of occupancy and ARR in the city and is considered the most premium hotel of the city. The property is located on Satellite road and features multiple F&B outlets including a speciality restaurant, 24 hour Coffee shop and the large meeting and banqueting facilities. Recreational facilities include a swimming pool and a health club. LEMON TREE The Lemon Tree Ahmedabad is a 99 room full service hotel. The hotel features facilties like a multi cuisine coffee shop, business centre and meeting rooms. Recreational facilities include a fitness centre. Room amenties at the Lemon Tree include fl at screen TV, Tea Coffee maker, minibar and high speed WiFi internet access. LE MERIDIEN The Le Meridien, Ahmedabad, former Holiday Inn, is located Near Nehru Bridge, considered to be the older part of the city. The hotel off ers 63 well appointed rooms overlooking the Sabarmati river, with full service facilties. The hotel also off ers multiple food and beverage options, meeting facilties and an indoor covered signature swimming pool. GATEWAY This hotel earlier call the TajUmmed, was rebranded as a Gateway Hotel in 2010. The hotel features 91 rooms, multiple F&B outlets, large lawns and meeting facilities. This hotel is located close to the Ahmedabad International Airport. SUPPLY ADDITIONS Based on our conversations with hotel operators, local authorities and other sources, there are currently four hotels currently under various stages of construction. These include a Holiday Inn Express, Radisson, Crowne Plaza and an Aloft. 24

22. INVESTMENT SUMMARY TAKSHASHILA GALLERIA AHMEDABAD INVESTMENT SUMMARY The Takshashila Galleria, Ahmedabad enjoys one of Ahmedabad City's premier hotel locations. The Hotel should be able to capitalize on its superior location, corporate business growth and sustained lodging demand growth on account of the tremendous growth fundamentals of the city, already projected as the future commercial capital of the country. The following factors will allow the Takshashila Galleria to improve on its current performance and reach new heights in rate growth and occupancy: • Continued hotel room demand increases to the Ahmedabad city market. • Further expansion, of the central business district around the hotel, and increased commercial activity around the hotel. • Immediate increase in performance parameters of the hotel and NOI, through repositioning of the hotel. • Improved distribution reach by re-branding the hotel under a globally renowned hotel franchise. • More business demand in the area as additional office buildings open. • Strong Food & Beverage demand. SUMMARY OF ASSUMABLE DEBT Tenure: to be discussed Rate: to be discussed Details: to be discussed TERMS OF Joint Venture/ LEASE/ Managment Price: Competitive Offers Requested Terms: Transfer of shares 25

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