Accor

• We have entered into an agreement with Accor, to develop, own and operate, through a joint venture company, budget hotels in India under the brand "Formule 1". As of 31st October, 2009, we had an interest in 50.01% of the issued share capital of the joint venture company. Accor has agreed to manage all of the hotels developed under this joint venture either on its own or through an affiliate or nominee. Currently, the joint venture entity hold a site for development in Trivandrum.

Hyatt

• Emaar MGF and HP India Holdings Limited, an indirect subsidiary of Hyatt International Corporation, have formed a joint venture company for the purpose of developing and managing a minimum of 20 "Hyatt Place" hotels across India within a time frame of 10 years from the date of formation of such joint venture.