Unique Hotel & Resorts Limited - Dhaka Stock Exchange

Tangible Assets per Share and Net Asset Value per Share(As per audited accounts)Particulars: 30.06.2011 31.12.2010A.1 Non Current Assets 14,746,085,659 11,150,682,820Construction Work in Progress (Le Meridien) 832,727,250 582,624,000Property, Plant and Equipment 13,913,358,409 10,568,058,820A.2 Current Assets 4,667,558,797 4,393,196,348Inventories 80,947,789 71,179,103Investment in Shares 3,712,207,154 2,032,719,643Accounts Receivable 81,930,631 68,158,502Advances, Deposits and Prepayments 317,190,391 1,336,041,861Other Receivables 6,168,603 5,757,402Fixed Deposit Receipts with Banks 95,056,199 79,777,343Cash and Cash Equivalents 374,058,030 799,562,494A.3 Total Assets (A.1+A.2) 19,413,644,456 15,543,879,168B.1 Less: Current Liabilities 1,049,750,727 1,114,851,412Current portion of long term loan 61,338,000 122,676,00012% Redeemable Preference Share Capital 15,000,000 15,000,000Short Term Loan 35,061,921 193,893,182Due to Operator and its affiliates 46,991,374 49,706,696Accounts Payable 24,260,346 51,144,088Other Payables 867,099,086 682,431,446B.2 Long Term Liabilities 510,245,887 479,950,444Non-current portion of secured term loan 420,245,887 374,950,44412% Redeemable Preference Share Capital 90,000,000 105,000,000B.3 Total Liabilities (B.1+B.2) 1,559,996,614 1,594,801,856C Net Tangible Assets (A.3-B.3) 17,853,647,842 13,949,077,312D. Number of Shares 230,000,000 200,000,000E. Net Tangible Asset Value per Shares (C/D) 77.62 60.65Determination of Offering Price• Since inception of the Westin Dhaka, the five star hotel of Unique Hotel & ResortsLimited became the market leader with 27% market share in June 2010. Atpresent occupancy rate of Westin is 81%. Considering the worldwide customerbase of Starwood, its international standard service and increased efficiency, theoccupancy rate is expected to grow at an average rate of 2% every year over thenext six years.Page 12 of 18