Yatra Capital Ltd Annual Results 2008-2009

YATRA CAPITALPerformanceHighlights“For the immediate future it is expected that the difficult market conditionsencountered in the last 12 months will continue for a few more quarters tocome. But I believe that Yatra has shown its resilience and the strength ofits team which is determined to deliver value to our shareholders throughthis downturn and into the next cycle of the market”Content- Sir Nigel BroomfieldChairman of Yatra Capital28.71%Yatra’s portfolio decreased in value by 28.71% ascompared to 31 March 2008€ 11.55Adjusted Net Asset Value* (“Adjusted NAV”) pershare decreased by 21.37% to EUR 11.55 fromEUR 14.69.€ 56.42 millionNet loss for the year ended 31 March 200927 million sq. ft.Under development as at 31 March 2009.€ 10.86Net Asset Value** (“NAV”) per share has fallen by19.13% from EUR 13.43 at 31 March 2008 toEUR 10.86 at 31 March 2009.€ 2.57Loss Per Share for the year ended 31 March2009 was EUR 2.57.€ 220 millionYatra raised EUR 220 million by October 2007and has committed 81.41% of net funds raisedas at 31 March 2009.16Total number of Investments.Performance HighlightsChairman’s StatementInvestment Manager’s ReportInvestment PortfolioBoard of DirectorsDirectors’ ReportCorporate GovernanceFinancial StatementsIndependent Auditors’ ReportConsolidated and Company Balance SheetsConsolidated Income StatementConsolidated Statement of Changes in EquityConsolidated Cash Flow StatementNotes to the Financial StatementsOther InformationKnight Frank RICS Valuation LetterCB Richard Ellis RICS Valuation LetterCorporate InformationContact Information1259384044485051525354757780819Number of Cities in which Yatra has Invested.• Yatra Capital Limited (“Yatra”) listed onEuronext, Amsterdam on 6 December,2006.• The global slowdown has affected theIndian economy and Indian real estateasset pricing. A conservative WeightedAverage Cost of Capital (“WACC”) is19.76% represents a small increase overthe last year WACC of 19.4%.7Number of Investments where construction hascommenced. The first project, City Centre Mall,Nashik became operational in Q1, 2009-10.• Yatra has entered into 16 investments(14 projects and 2 entity level) spreadacross nine cities resulting in over 27million square feet under developmentas of 31 March 2009.• Construction on seven of Yatra’sinvestments has commenced and thefirst project, City Centre Mall, Nashikbecame operational in Q1, 2009-10.*Adjusted Net Asset Value (“Adjusted NAV”) excludes provisioning for taxation of India based portfolio companies underthe Group**Net Asset Value (“NAV”) is based on Yatra’s (including all subsidiaries) net assets divided by number of shares outstandingas at 31 March 2009. This incorporates adjustments for taxation, exchange rate movements and carried interest.1

ValuationsChairman’sStatementThe valuation of the portfolio undertaken by both CB Richard Ellis South Asia Private Limitedand Knight Frank (India) Private Limited in accordance with The Royal Institution of CharteredSurveyors (RICS) guidelines and considered as part of the audit, gives some reassurance thatwhile values are marked down in a thin market our assets are based on strong fundamentalswhich should reassert themselves when the market cycle turns again. However, we do remainkeenly aware of the challenges facing valuers in the current market caused by the muchreduced level of occupational and investment trading and continue to evaluate valuationmethodologies to mitigate such concerns.• • • • • The portfolio was valued at EUR 207.80 million which is a decrease of 28.71% against thevalue of the portfolio as on 31 March 2008.• The Net Asset Value (NAV) per share is EUR 10.86, a decrease of 19.13% from31 March 2008.• The Adjusted Net Asset Value (Adjusted NAV) per share decreased by 21.37% during theyear to EUR 11.55.Stock price and stock value(Loss)/Earnings per share for the year have been EUR (2.57) (2008- EUR 5.13).Our share price during the year has varied between EUR 9.80 to EUR 1.70. While wewould wish the stock price to reflect as closely as possible the real underlyinglong-term value of the company we have to accept that short term factors will affectthe current price. The share price of our stock was EUR 3.94 on 27 July 2009.Corporate GovernanceAt times of stress in the market it is incumbent on the Board to be able to reassure investorsthat it maintains the highest standards of corporate governance. To this end the Boardreviews its own procedures and mix of skills and where there are improvements to be made,makes them. The Board is independent and experienced and is advised by an Audit and aRemuneration Committee and other committees as required. Advice on the investments isgiven by an Independent Investment Committee composed of experts in real estate.External advice is given by our Investment Manager who is well established and connectedin the market and by leading international audit firm PricewaterhouseCoopers, our legaladvisers are Carey Olsen in Jersey, Mukund Gujadhur in Mauritius and Mishcon de Reyain London.23

- Sir Nigel BroomfieldNon-Executive ChairmanInvestmentManager’s Report54

Portfolio HighlightsAsset Management• • • • • ••• • • PROJECT COMPLETION STATUS(OF TOTAL 14 PROJECTS)CONSOLIDATED DEBT SANCTION STATUS(EUR MILLION)Development PartnersValuation6543210Land / pre Construction Advancedconstruction started construction6 Projects 3 Projects 4 ProjectsCompleted1 Project32%13%5% 5%0.5%55%SANCTIONBALANCEIN PROCESSIN PRINCIPALAPPROVALGEOGRAPHIC DIVERSIFICATIONS OF INVESTMENTSSECTORAL DIVERSIFICATION OF INVESTMENTSDEBT MATURITY PROFILE (% OF TOTAL REPAYABLE DEBT)5%22%11%2%2%23%16%4%4%11%AGRABANGALOREBHAVNAGARHYDERABADINDOREKOLKATAMUMBAINASHIKPUNE30%2%38%18%2%10%RETAILCOMMERCIAL(Offices / IT SEZ)RESIDENTIALHOSPITALITYENTERPRISELEVELOTHERS35%30%25%20%15%10%5%0%7%5%7%30%11%11%12%6%5%5%0.5%0.4%OTHERS20092011 2013 2015 2017 201967

Valuation (Continued)Investment PortfolioDevelopment ProjectAsset classAmountCommittedMar’08PortfolioValuation as atMar’09Unrealized ValuationGain/(Loss) in Mar '09Over Mar'08Euro mn Euro mn Euro mn %Treasure Market City,Indore Mixed-use 10.99 20.73 16.72 (19.34)IT SEZ, Kolkata Office, Residential 20.28 34.00 24.22 (28.76)Nashik City Centre, Nashik Retail Mall 8.89 17.69 12.67 (28.37)Treasure City, Indore Residential 7.88 14.04 15.08 7.41Market City, Pune* Mixed-use 21.63 24.82 25.89 4.31Forum IT SEZ, Kolkata Office 16.68 35.40 20.62 (41.75)Market City, Bangalore* Mixed-use 28.07 77.11 36.17 (53.09)Residential Projects, Pune Residential 17.05 26.48 16.32 (38.39)Himalaya Mall, Bhavnagar Retail Mall 6.31 12.00 10.00 (16.67)Market City, Agra Retail Mall 4.04 7.99 5.44 (31.91)Taj Gateway, Kolkata** Hospitality 4.48 N.A 9.86 N.AOffice Block, Mumbai # Office 15.70 0.16 0.15 N.AUnlisted Equity HoldingsInvestmentPortfolioSaket Engineers PrivateLimitedListed Equity HoldingsThe Phoenix Mills Ltd. Enterprise Level 3.73 3.83 0.67 (82.51)Total 172.60 291.50 207.80 (28.71)*includes two projects – retail mall and hospitality** Not included in the Portfolio valuation on 31 March 2008# Valued on “Amount advanced basis” due to ongoing discussion on the transaction.Management teamEnterprise Level 6.84 17.21 13.96 (18.89)ConclusionYatra’s key strength lies in itshighly diversified portfolio whichhas been created in partnershipwith some of the most wellpositioned developmentcompanies in India.Over the next few pages, wepresent each of ourinvestments in detail.89

Yatra’s GeographicDiversificationBHAVNAGARMUMBAIHYDERABADBANGALOREKOLKATAAGRAINDORENASHIKPUNEAGRAMARKET CITYAsset class - Retail MallInvestment Date - November 2007Equity Stake - 28%Valuation Gain/(Loss) - (31.91)%KOLKATAIT SEZAsset Class - Office, ResidentialInvestment Date - December 2007Equity Stake - 50%Valuation Gain/(Loss) - (28.76)%TAJ GATEWAYAsset Class - HospitalityInvestment Date - July 2008Equity Stake - 40%Valuation Gain/(Loss) - 120%PUNEMARKET CITYAsset class - Retail, Hospitality & OfficeInvestment Date -July 2007 – Retail & Office SPV;November 2007 – Hospitality SPVEquity Stake - 24% - Retail & Office SPV;20% - Hospitality SPVValuation Gain/(Loss) - 4.31%RESIDENTIAL PROJECTSAsset Class - ResidentialInvestment Date - April 2007Equity Stake - 49%Valuation Gain/(Loss) - (38.39)%MUMBAINASHIKNASHIK CITY CENTREAsset Class - RetailInvestment Date - June 2007Equity Stake - 50%Valuation Gain/(Loss) - (28.37)%INDORETREASURE MARKET CITYAsset Class - Retail, Office & HospitalityInvestment Date - June 2007Equity Stake - 28.9%Valuation Gain/(Loss) - (19.34)%HYDERABADSAKET ENGINEERSPRIVATE LIMITEDAsset Class - Enterprise Level InvestmentInvestment Date - April 2008Equity Stake - 26.05%Valuation Gain/(Loss) - (18.89)%BHAVNAGARBANGALOREFORUM IT SEZAsset Class - OfficeInvestment Date - December 2007Equity Stake - 49%Valuation Gain/(Loss) - (41.75)%OFFICE BLOCKAsset Class - OfficeInvestment Date - April 2008Equity Stake - 15%Valuation Gain/(Loss) - N.A.TREASURE CITYAsset Class - ResidentialInvestment Date - June 2007Equity Stake - 40%Valuation Gain/(Loss) -7.41%HIMALAYA MALLAsset Class - RetailInvestment Date - September 2007Equity Stake - 50%Valuation Gain/(Loss) - (16.67)%MARKET CITYAsset class - Retail, Residential & HospitalityInvestment Date - March 2008Equity Stake - 30%Valuation Gain/(Loss) - (53.09)%1011

Treasure Market City, IndoreASSET CLASS - RETAIL, HOSPITALITY & OFFICEDEVELOPMENT SIZE - 1.95 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 10.99 MILLIONLOCATION - INDORE, MADHYA PRADESHDEVELOPMENT PARTNER - TREASURE WORLD DEVELOPERS PRIVATE LIMITEDINVESTMENT DATE - JUNE 2007EQUITY STAKE - 28.9 %VALUATION GAIN/(LOSS) - (19.34) % (OVER 31 MARCH 2008)INDOREUpcoming ResidentialResidentialOld CityRetailGandhiNagarDepalpur RoadPaliaIndoreAirportNH-59RauSadhnaNagarDhanvantriNagarNH-3PrincesPalaceDwarkapuriAnnapurnaNagarRamchandraNagarRajendraNagarBypass RoadMR 10MR 10MG RoadSaifeeNagarTransportNagarLokmanyaNagarIndura PuriColonyBijalpurLife CareNew RaniBaghNiranjanPurA.B. RoadHolkar CollegeGACCAnandNagarUTD CampusDewasNakaShar AloyVijay BombayNagarBhagirathNagar WelcomeSayajiLaxmi BaiNagarM.I.G.CHL-Apollo AnoopMari MataSquare NewNagarPalasia Taj MalwaSaket MayurManormaIndore DAVGanjRailway Station UniversityBombayMYBazaar PresidentChhavni DentalCollegeRing RoadRing Roadnad a R dKa iNH-3 NHoaBypass RoadBypass RoadNH-59ANYATRAINVESTMENTMap not to ScaleIndore City Current Status• Land Acquisition • Development Plans Partner• Planning Approvals • Debt • Construction Status • Sales/Leasing Status • Completion Date 1213

Batanagar Information TechnologySpecial Economic Zone, KolkataKOLKATANH-2DakshineshwarBelghariyaNASSET CLASS - IT SPECIAL ECONOMIC ZONEDEVELOPMENT SIZE - 2.62 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 20.28 MILLIONLOCATION - KOLKATA, WEST BENGALDEVELOPMENT PARTNER - RIVERBANK DEVELOPERS PRIVATE LIMITEDINVESTMENT DATE - DECEMBER 2007EQUITY STAKE - 50%VALUATION GAIN/(LOSS) - (28.76) % (OVER 31 MARCH 2008)Dum DumBanHugli Gorabazar AirportSubhashnagarBelurLiluaKashipurNagerbazarChitpurBamangachhiLakeTownBaguiatiBankraBagbazarBelgachhiyaSantragachhiBaruiparaMayo UltadangaBidhannagarAshoka Howrah ShobhabazarBridgeIntl. BusShri RamkrishnaRabindraTerminusCommercial College Howrah MarwariBharti UniversityRailway StationKankurgachhiBarabazar MarketSankrailHyatt RegencyShibpurBeliaghataSalt LakeBowbazarMirzapurSealdahOberoi Railway Station StadiumPark Entally Salt LakeVictoriaTangraYATRAMemorial ITC SonarINVESTMENTBanglaGarden ReachTaj SSKMTajScienceKhidirpur BengalCityTiljalaAlipur Bhawanipur RashbehariConnectorChetlaBataNewKalighatTaj GatewayDhakuriaNagarAlipurSantoshpurBehalaGolfCourseGariaSodpurThakurpukurG aT Ro dVarana RsioadHooghly RiverHooghly RiverEastern Metropolitan BypasssNH-34New TownBantala RoadProposedFlyoverBantalaLeatherComplexUpcoming Residential& Commercial CorridorResidentialIndustrial Corridor Existing IT Corridor Central Business DistrictMap not to ScaleKolkata City PartnerCurrent Status• Land Acquisition • Development Plans • Planning Approvals • Debt • Construction Status • Sales/Leasing Status • Completion Date 1415

Nashik City Centre, NashikNASHIKNIrrigationColonyMirajSocietyASSET CLASS - RETAIL DEVELOPMENTDEVELOPMENT SIZE - 0.88 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 8.89 MILLIONLOCATION - NASHIK, MAHARASHTRADEVELOPMENT PARTNER - SARDA GROUPINVESTMENT DATE - JUNE 2007EQUITY STAKE - 50%VALUATION GAIN/(LOSS) - (28.37) % (OVER 31 MARCH 2008)ShivajiNagarShramikNagarLambodharSocietyGangapur GaothanGangeshwarSocietyBajrangNagarGangapur RoadDhruvNagarGaneshnagarSomeshwarColonyAm Rb dLate RajivGandhi Nagara oadTrimbak RoadCommercialZoneDr. AmbedkarNagarAnand NagarGanga NagarCentral BusStandHotelCivilEmerald ParkVigharharAmbikaNagarPatilNagarINVESTMENTSundarbanPavan ColonyNagarVanvaibhavShivaji ParkSoc.MakhamalabedGaothanVitthal RukminiNagarYATRASoc.RatnamalaSocietyYograjSocietyPhuleNagarVade GaothanMharsulGaothanSardar PatelNagarShaktiNagarKamalNagarSanjayNagarNH-50Arts & ScienceCollegePune RoadKalikaNagara RoMumbai Agr adGopalNagarDr. JahangirRavindranath VidyalayaDwarka Dada SahibGaikwad NagarAmbedkarWadiBajrangSambhaji PatilWadiAdhav NagarK.K. WaghSocietyVaibhavSocietyVasandadNagarVasantViharNH-3AdgaonGaothanGangawadiSarswatiNagarBhawaniNagarEklehraGaothanHanumanNagarKirloskar TractorsNewSamangaon Kotam GaonTo MumbaiNH-3PathardiGaothanPathardi Camp RoadNasik RoadNashikRoad RSBuddhaNagarNH-50CantonmentAreaSwarajyaNagarTo PuneChandegaonGaothanResidential Old City Central Business DistrictMap not to ScaleNashik CityPartnerCurrent Status• Land Acquisition • Development Plans • Planning Approvals • Debt • Construction Status • Sales/Leasing Status • Completion Date 1617

Treasure City, BijalpurINDOREPaliaNH-3 NHNMR 10DewasNakaBypass RoadASSET CLASS - RESIDENTIALDEVELOPMENT SIZE - 5.2 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 7.88 MILLIONLOCATION - INDORE, MADHYA PRADESHDEVELOPMENT PARTNER - TREASURE WORLD DEVELOPERS PRIVATE LIMITEDINVESTMENT DATE - JUNE 2007EQUITY STAKE - 40 % (42.77 % OF PROFITS)VALUATION GAIN/(LOSS) - 7.41 % (OVER 31 MARCH 2008)Upcoming ResidentialResidentialOld CityGandhiNagarDepalpur RoadIndoreAirportNH-59SadhnaNagarDwarkapuriAnnapurnaNagarDhanvantriNagarNH-3PrincesPalaceRamchandraNagarRajendraNagarMR 10MG RoadSaifeeNagarTransportNagarLokmanyaNagarIndura PuriColonyYATRAINVESTMENTBijalpurLife CareNew RaniBaghNiranjanPurShar AloyVijay BombayNagarBhagirathNagar WelcomeSayajiLaxmi BaiNagarM.I.G.CHL-Apollo AnoopMari MataSquare NewNagarPalasia Taj MalwaSaket MayurManormaIndore DAVGanjRailway Station UniversityBombayMYBazaar PresidentChhavni DentalCollegeA.B. RoadHolkar CollegeGACCAnandNagarUTD CampusRing RoadRing Roadnad a R dKa ioaBypass RoadNH-59ARetailRauBypass RoadMap not to ScaleIndore City PartnerCurrent Status• Land Acquisition • Development Plans • Planning Approvals • Debt • Construction Status • Sales/Leasing Status • Completion Date 1819

PuneMypMarket City, PuneASSET CLASS - RETAIL, HOSPITALITY & OFFICEDEVELOPMENT SIZE - 1.8 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 21.63 MILLIONLOCATION - PUNE, MAHARASHTRADEVELOPMENT PARTNER - THE PHOENIX MILLS LIMITEDINVESTMENT DATE - JULY 2007 – RETAIL & OFFICE IPC; NOVEMBER 2007 – HOSPITALITY IPCEQUITY STAKE - 24 % - RETAIL & OFFICE IPC ; 20 % - HOSPITALITY IPCVALUATION GAIN/(LOSS) - 4.31 % (OVER 31 MARCH 2008)To PirngutHinjawadiMumbai Bangalore BypassMhalungeSusBavdhanBudrukPanshetMumbai Bangalore BypassNDA RoadVedBhavanShivneSinhagad RoadChinchwadWarjeBaner RoadKhadakwaslaNandedPashan RoadPimpaleNilakhNal Karve RoadSangaviMutha RiverOld P bai HSe iKarvenagarune MumC.H.AundhDapodinapat Bapat RoadKarve RoadBan iga eUniversitighwayy Roadlor H ghwayHarrisBridgeGM RoadSat oadara RSatarandhao vK eder ndBund Ga RDattavadiBridge Dattawadi SwargateParvatiWadagaonBudrukCentral Waterand Power ResearchStation Colny.Kirkatwadi DhayariShahuCollegeHingane Kh.PanchgaonKurneAmbegaonBudrukMG ROADRoadSaswadain RoNorth M adSolapur RoadMuthua RiverMilitary HospitalWanavadiSalisbury ParkTilakVidyapeethBibwevadiKondhave Kh.KondhaveBudrukMohamadwadiLohagaonPune AirportViman NagarYATRAAundhIUCA KhadkiINVESTMENTPuneKhadkiCantonmentKharadiUniversityWestW.N.C.NCLYerwadaWadgaonKhadkiColonySheriEastBoatSangamwadiISBTClubRegencyKoregaonSheetalPark MundhavaGokhalePune RSNagarHadapsar RSWoodlandsBavdhanChandaniChowkErandvaneHadapsarPuneTimber CantonmentMagarpattaKothrudSagarAmarSahavasMarketCitySocietyCant. Hospital A.S.P.T.Nagar Roadundhav BaassPUNEVagholiAuhalwadiWade BolhaiTaleranwadiManjari Kh.KolwadiManjiri RS.LoniFursungiNTo Sasvad HyderabadResidential Existing IT Corridor Central Business District Retail Map not to ScalePune City PartnerCurrent Status• Land Acquisition • Development Plans • Planning Approvals • Debt • Construction Status • Sales/Leasing Status • Completion Date 2021

Forum IT Parks- KolkataASSET CLASS - IT SPECIAL ECONOMIC ZONEDEVELOPMENT SIZE - 1.94 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 16.68 MILLIONLOCATION - KOLKATA, WEST BENGALDEVELOPMENT PARTNER - FORUM PROJECTS HOLDINGS PRIVATE LIMITEDINVESTMENT DATE - DECEMBER 2007EQUITY STAKE - 49%VALUATION GAIN/(LOSS) - (41.75) % (OVER 31 MARCH 2008)KOLKATASankrailNH-2DakshineshwarBelghariyaDum DumBanHugli Gorabazar AirportSubhashnagarBelurLiluaKashipurNagerbazarChitpurBamangachhiLakeTownBaguiatiBankraBagbazarBelgachhiyaSantragachhiBaruiparaMayo UltadangaBidhannagarAshoka Howrah ShobhabazarBridgeIntl. BusShri RamkrishnaRabindraTerminusCommercial College Howrah MarwariBharti UniversityRailway StationKankurgachhiBarabazar MarketHyatt RegencyShibpurBeliaghataSalt LakeBowbazarMirzapurSealdahOberoi Railway Station StadiumPark Entally Salt LakeVictoriaTangraMemorial ITC SonarBanglaGarden ReachTaj SSKMTajScienceKhidirpur BengalCityTiljalaAlipur Bhawanipur RashbehariConnectorBataChetlaNewKalighatTaj GatewayNagarDhakuriaAlipurSantoshpurBehalaGolfCourseGariaSodpurThakurpukurG aT Ro dVarana RsioadHooghly RiverHooghly RiverEastern Metropolitan BypasssNH-34New TownBantala RoadProposedFlyoverYATRAINVESTMENTNBantalaLeatherComplexMap not to ScaleUpcoming Residential& Commercial CorridorResidentialIndustrial Corridor Existing IT Corridor Central Business DistrictKolkata City Current Status• Land Acquisition • Development Plans • Planning Approvals • Debt Partner • Construction Status • Sales/Leasing Status • Completion Date 2223

Market City, BangaloreBANGALORENew DwarakaYelahankaNH-7DevanahalliBangaloreInternationalAirportNASSET CLASS - RETAIL, RESIDENTIAL & HOSPITALITYDEVELOPMENT SIZE - 2.4 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 28.07 MILLIONLOCATION - BANGALORE, KARNATAKADEVELOPMENT PARTNER - THE PHOENIX MILLS LIMITEDINVESTMENT DATE - MARCH 2008EQUITY STAKE - 30%VALUATION GAIN/(LOSS) - (53.09)% (OVER 31 MARCH 2008)Upcoming ResidentialResidentialExisting IT CorridorCentral Business DistrictNH-4Tu kurer Ring adut RO om RoadJalahalli CircleYeshwantpurAttikoppeYelahankaNew townYelahankaSatellite TownMahalakshmipura YATRAINVESTMENTMalleshwaram RSAnnapurneshwarNagarHMTVijaynagarBangalore City RSPadmanabhaNagarCollege ofAgricultureBELAzadNagarGKVKI.I.S.C.Taj WestEndLal BaghJayanagarVijayanagarGovernmentDegree CollegeBellary RoadTirumanahalliJakkuruAerodromeDasarahalliO Rutering RoadGanganagarR.T.NagarMekhri CircleMattadahalliShivaji Nagar RSLe MeridienOberoiBiotechnicalGardenMadivalaTankRachenahallNagavaraHosur RoadAshokNagarShinivagaluTank BedLayoutBTM LayoutNH-7VijayNagarBSF Instituteof TechnologyKalkereParappanaAgraharaHormavuITI ColonyIndira NagarTaj ResidencyLB ShastriNagarMarattahalliAirportKoramangalaVasavi PolytechnicCollegeBommanahalliElectronicCityBommasandraIndustrialAreaDevarabisanahalliSouthernRailwayNH-4WhitefieldKatriguppeMadivalaKachmaranhalliSinghaSandraMap not to ScaleBangalore CityCurrent Status• Land Acquisition • Development Plans • Planning Approvals Partner• Debt • Construction Status • Sales/Leasing Status • Completion Date 2425

PuneypResidential Projects, PuneHinjawadiMumbaiWakadChinchwadPimpaleNilakhDanoriPUNENNASSET CLASS - RESIDENTIAL LED MIXED USE DEVELOPMENTDEVELOPMENT SIZE - 1.7 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 17.05 MILLIONLOCATION - PUNE, MAHARASHTRADEVELOPMENT PARTNER - KOLTE PATIL DEVELOPERS LIMITEDINVESTMENT DATE - APRIL 2007EQUITY STAKE - 49%VALUATION GAIN/(LOSS) - (38.39)% (OVER 31 MARCH 2008)To PirngutMumbai Bangalore BypassMhalungeSusBavdhanBudrukPanshetMumbai Bangalore BypassNDA RoadBavdhanVedBhavanShivneSinhagad RoadWarjeBaner RoadKhadakwaslaNandedPashan RoadChandaniChowkNal Karve RoadSangaviMutha RiverOld P bai HSe iune MumC.H.AundhDapodiAundhIUCA KhadkiPune CantonmentUniversityNCLColonyGokhaleNagarnapat Bapat RoadKarve RoadBan iga eUniversitErandvaneighwayy RoadKothrudSagarAmarSahavasSocietyKarvenagarlor H ghwayHarrisBridgeYerwadaKhadkiEastBoatSangamwadiISBTClubRegencySheetalPune RSWoodlandsGM RoadSat oadara RSataraKhadkiWestndhao vK eder ndBund Ga RDattavadiBridge Dattawadi SwargateParvatiWadagaonBudrukCentral Waterand Power ResearchStation Colny.Kirkatwadi DhayariShahuCollegeHingane Kh.PanchgaonKurneAmbegaonBudrukTimberMarketMG ROADRoadSaswadain RoNorth M adKoregaonParkSolapur RoadMuthua RiverHadapsar RSMilitary HospitalWanavadiSalisbury ParkTilakVidyapeethBibwevadiPuneCantonmentKondhave Kh.KondhaveBudrukSnake FarmCant. HospitalViman NagarMNagar RoadKharadiW.N.C.WadgaonSheriMundhavaMohamadwadiLohagaonPune Airportundhav BHadapsarMagarpattaCityA.S.P.T.aassAuhalwadiYATRAINVESTMENTManjiri RS.FursungiVagholiWade BolhaiKolwadiLoniTo Sasvad HyderabadResidential Existing IT Corridor Central Business District RetailMap not to ScalePune City PartnerCurrent Status• Land Acquisition • Development Plans • Planning Approvals • Debt • Construction Status • Sales/Leasing Status • Completion Date 2627

Himalaya Mall, BhavnagarBHAVNAGARBhavnagar RSKumbharwadaLati BazarNASSET CLASS - RETAIL LED MIXED USE DEVELOPMENTDEVELOPMENT SIZE - 0.57 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 6.31 MILLIONLOCATION - BHAVNAGAR, GUJARATDEVELOPMENT PARTNER - MODI BUILD-WELL LIMITEDINVESTMENT DATE - SEPTEMBER 2007EQUITY STAKE - 50%VALUATION GAIN/(LOSS) - (16.67) % (OVER 31 MARCH 2008)SH-6KarmchariNagarFulsarChitraChandraDarshanParkWestern RailwayHospitalDesaiNagarChandraRodi ParkRajparaVitthalwadiShastriNagarSH-6Waghawdi RoadVijay RajNagarNirmalNagarWhite RoseHotelBhavnagarUniversityVictoriaParkBPTIStaff QrtsHotelApolloDarbargarh Vora BazarVC LodhawalaHospitalMedicalCollegeNilambaugPalace HotelSir T HospitalVidyanagarYATRAINVESTMENTKaliyabidHotel JubileeHotel Blue HillBhavnagarJawaharGroundHill DriveRupaniCircleSardarNagarShri Ram MantraHospitalNavaparaWaghawadi RoadBharatNagarKrishnaNagarAmbawadiSH-37NilkanthSocietyAnandNagarSaibabaSocietyTilak NagarShantilal ShahHospitalVarshaColonyLaxminarayanSocietyNilkanthNagarSatyanarayanSocietySuvidhaTownshipSubhashnagarSH-37BhavnagarAirportVallabhVidyanagarResidential Old City Central Business DistrictMap not to ScaleBhavnagar City Partner Current Status• Land Acquisition • Development Plans • Planning Approvals • Debt • Construction Status • Sales/Leasing Status • Completion Date 2829

Phoenix United Mall, AgraAGRANASSET CLASS - RETAILDEVELOPMENT SIZE - 0.61 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 4.04 MILLIONLOCATION - AGRA, UTTAR PRADESHDEVELOPMENT PARTNER - BIG APPLE REAL ESTATE PRIVATE LIMITED AND THE PHOENIX MILLS LIMITEDINVESTMENT DATE - NOVEMBER 2007EQUITY STAKE - 28%VALUATION GAIN/(LOSS) - (31.91)% (OVER 31 MARCH 2008)Raja ki Mandi RSAgraCity RSJamaMasjidDiwan-i-amAgraUniversityAgra FortDiwan-i-khasTaj MahalGolf CourseYamRu n av erTajProtectedForest AmarVilasMall RoadMughalSheratonJaypeePalaceAirportAgraCantt RSMansinghPalaceTajViewYATRA INVESTMENTN H - 3Residential Corridors Old City Tourism And High End RetailMap not to ScaleAgra CityPartner Current Status• Land Acquisition • Development Plans • Planning Approvals • Debt • Construction Status • Sales/Leasing Status • Completion Date 3031

Taj Gateway, KolkataASSET CLASS - HOSPITALITYDEVELOPMENT SIZE - 0.20 MILLION SQUARE FEETYATRA’S COMMITMENT - EUR 4.48 MILLIONLOCATION - KOLKATA, WEST BENGALDEVELOPMENT PARTNER - JALAN GROUPINVESTMENT DATE - JULY 2008EQUITY STAKE - 40%VALUATION GAIN/(LOSS) - 120 % (OVER AMOUNT COMMITED)KOLKATASankrailBataNagarBehalaNH-2Dum DumBanHugli Gorabazar AirportSubhashnagarBelurLiluaKashipurChitpurNagerbazarBamangachhiLakeTownBaguiatiBankraBagbazarBelgachhiyaSantragachhiBaruiparaMayo UltadangaBidhannagarAshoka Howrah ShobhabazarBridgeIntl. BusShri RamkrishnaRabindraTerminusCommercial College Howrah MarwariBharti UniversityRailway StationKankurgachhiBarabazar MarketHyatt RegencyShibpurBeliaghataSalt LakeBowbazarMirzapurSealdahOberoi Railway Station StadiumPark Entally Salt LakeVictoriaTangraMemorial ITC SonarBanglaGarden ReachTaj SSKMTajScienceKhidirpur BengalCityTiljalaAlipur Bhawanipur RashbehariConnectorChetlaTaj GatewayNewKalighatDhakuriaAlipurG aT Ro dVarana RsioadHooghly RiverSodpurThakurpukurDakshineshwarBelghariyaHooghly RiverGolfCourseSantoshpurGariaEastern Metropolitan BypasssNH-34YATRAINVESTMENTNew TownBantala RoadProposedFlyoverNBantalaLeatherComplexMap not to ScaleUpcoming Residential& Commercial CorridorResidentialIndustrial Corridor Existing IT Corridor Central Business DistrictKolkata City PartnerCurrent Status• Land Acquisition • Development Plans • Planning Approvals • Debt • Construction Status • Operating Agreement Status - • Completion Date 3233

KomalTankHillRaigadImpexNagarNagarHarkeshwariNagarVishalChulna NagarDindayalNagarKharbhatVasaiOffice Block, Mumbai MulgaonVasai CreekNaigaonJanataASSET CLASS - COMMERCIALNagar Bhayandar E.KharbooDEVELOPMENT SIZE - 0.41 MILLION SQUARE FEETDungeUtanYATRA’S COMMITMENT - EUR 15.70 MILLIONMiraAdivasipadaWagbil BhiwandiLOCATION - MUMBAI, MAHARASHTRASalt Pans KashimiraSai NagarDEVELOPMENT PARTNER - PARSVNATH DEVELOPERS LIMITEDDahisar E.PatlipEkta NagarINVESTMENT DATE - APRIL 2008Kali WadiShivajiGoraiS a n j a yNagarEQUITY STAKE - 15%Dahisar WestThane W.KajupadaG a n d h idaTarichapadaVALUATION GAIN/(LOSS) - N.ABorivaliN a t i o n a l ManpadaBorivaliWestP a r kE.ManoriThane W. KharegaonMUMBAINResidentialSecondary Business DistrictCentral Business DistrictKandiwaliWestMalad WestGoregaon W.HiradeviMadhVersovaAmboliMalad E.GirgaonMalabarMumba DeviHill KalbadeviMumbai CST FortUniversityNarimanChurch GatePointNH-8JuchandraDindoshiGoregaon EJogeshwari E.MarolGateway of IndiaHotel Taj MahalSt. John Ch.ColabaWestern Expres yaws HighNavgharKamanMaljipadaVillageKandivaliEastViharLakePowaiLakeMulund W. Thane E.SainathWadiMulund E.E nButcherIslandaster Express HighwayPaygaonUlhas RiverKannamwarNagarAndheri WestAndheri E. HiranandaniHospital VikhroliJuhuHyattRegency PowaiE.AirportPirojshaNanavatiAirportNagarHospitalYATRA Ghatkopar WestSantacruzWest INVESTMENT Ghatkopar E.Pali HillKurla E.Holy FamilyHospital BANDRA-KURLABandra W. COMPLEXSion Chembur TrombayA r a b i a n MahimAntop HillS e a Dadar W VishnuWorli Dadar E NagarPrabhadeviMatungaMandala HillTrombayKing EdwardLower ParelMemorial HospitalMahalaxmiParelWadalaHaji AliSewriBeach MumbaiCandy CentralH a r b o u rNhaveHospitalJJ Groupof HospitalTheResidenceThane CreekGh no a ddbar RoadMap not to ScaleMumbai CityPartner AiroliKalwaMumbraKausaRabaleNH-3MahapeUsataneDhansarNitalasPavnePisarveGhote HIGH STREET PHOENIX,KutariMUMBAIVashiTurbheImampuriKoynavoli 3.15 million sq ftPandharVashiValapeRanjanpadaMARKET CITY, MUMBAISanpada4.05 million sq ftKhargharKoliwadiR.A.NagarNerulKalamboliValavali MARKET CITY, PUNETernaKhargharNavali 1.8 million sq ftHospitalBelapurNewNerulPanvel E.KhandagaonMoravShivajiNagarNandurkhiVillageAgra RoadUlhas RiverDivaSrilankaVelapadaRamNagarGaothanMumbai RTal BhiwandiPuneoadNH-4BangarpadaNandgaonRatnoliSurungpadaRahanaPimpalgaonGoveKonThakurliDombivali UlhasNagarPanvelDombalaKakadwalPosariNarhenGaneshNagar Map not to ScaleThe Phoenix Mills Limited(Listed Entity Level Investment)INVESTMENT DATE - JUNE 2007EQUITY STAKE - 0.44%YATRA’S COMMITMENT - EUR 3.73 MILLIONVALUATION GAIN/(LOSS) - (82.51)% (OVER 31 MARCH 2008)MARKET CITY, AGRA0.6 million sq ftMUMBAIPUNEAGRACHENNAIBANGALOREMARKET CITY, CHENNAI2.40 million sq ftMARKET CITY, BANGALORE2.81 million sq ftMARKET CITY, BANGALORE3.5 million sq ft Current Status3435

Saket Engineers Private Limited(Unlisted Entity Level Investment)ASSET CLASS - ENTERPRISE LEVEL INVESTMENTYATRA’S COMMITMENT - EUR 6.84 MILLIONLOCATION - HYDERABAD, ANDHRA PRADESHINVESTMENT DATE - APRIL 2008EQUITY STAKE - 26.05%VALUATION GAIN/(LOSS) - (18.89)% (OVER 31 MARCH 2008)HYDERABADNH-9SultanpurBolarumPatancheruvu Industrial AreaQutubullapurBHELSAKETDEVELOPMENTOsmanSagarKukatpallyMunicipalitySadana JuniorCollegeUniversityof HyderabadCBITAdministrativeStaff CollegeHi Tech CityYashodaHospitalOuter Ring RoadSAKETDEVELOPMENTHMTMedchalAlwalChandanaHospitalCharminarJawaharNagarUppalMunicipalityUpparpalliKapraMunicipalityRajiv Gandhi AirportHussainViceoryTaj SagarResidencyTaj BanjaraGolcondaGovt. HomeopathyMusi RiverYadagiripalliSAKETDEVELOPMENTGhatkesarNHimayatSagarRajendraNagarRajdhanig RoInner Rin adL.B. NagarNH-7ShamshabadRaviryalRajiv GandhiInternationalAirportOuter Ring RoadNadergulResidential Upcoming IT/Commercial Corridor Existing IT Corridor Central Business DistrictMap not to ScaleHyderabad City Partner Current Status• Development Plans • Planning Approvals • Current Status • Sriyam Sales Construction • Pranaam Sales Construction • • 3637

FROM LEFT TO RIGHT: (Front Row) Christopher Lovell, Sir Nigel Broomfield, David Hunter.(Back Row) Ajoy Veer Kapoor, William Kay, Malcolm King, Rohin Shah.Board of DirectorsSir Nigel BroomfieldDavid HunterAjoy Veer KapoorWilliam KayChristopher LovellRohin R ShahMalcolm King3839

Directors’ ReportThe Company Business ReviewResults and DividendDirectors Directors’ Interests ••• •• Directors’ Remuneration Substantial Shareholding Management 4041

Directors’ Responsibility Statement• •• • Corporate Governance•• Annual General MeetingAuditors Key Risks• ••4243

Corporate Governance Role of the Board• Board Meetings ••••Committees of the BoardAudit Committee• Board Decisions •••••4445

Remuneration Committee Investment CommitteeAnuj Puri Shareholder Relations Harkirat Singh 4647

Independent Auditors’ ReportTo the members of Yatra Capital LimitedReport on the Financial Statements Directors’ Responsibility for the Financial Statements Auditors’ Responsibility OpinionIndependent Auditors’ Report (continued) Report on Other Legal and Regulatory Requirements4849

Consolidated & Company Balance SheetsConsolidated Income Statement Current assets Total equity 5051

Consolidated Statement of Changes in EquityConsolidated Cash Flow Statement 5253

Notes to the Financial Statements1. General Information Notes to the Financial Statements (Continued)Summary of Significant Accounting Policies (Continued)2. Summary of Significant Accounting Policies2.1 Basis of Preparation ••••••••• • • 5455

Notes to the Financial Statements (Continued)Summary of Significant Accounting Policies (Continued)• • • • • • • • • • • • • 2.2 Consolidation Notes to the Financial Statements (Continued)Summary of Significant Accounting Policies (Continued)2.3 Financial Assets at Fair Value through Profit or Loss 5657

Notes to the Financial Statements (Continued)Summary of Significant Accounting Policies (Continued)Notes to the Financial Statements (Continued)Summary of Significant Accounting Policies (Continued) 2.4 Foreign Currency Translation 2.5 Trade receivables and payables2.6 Interest and Dividend• • 2.7 Cash and cash equivalents2.8 Stated capital5859

Notes to the Financial Statements (Continued)Summary of Significant Accounting Policies (Continued)2.9 Provisions2.10 Current and deferred income tax 2.11 Financial instruments 2.12 Related parties2.13 Segment reportingNotes to the Financial Statements (Continued)3. Financial Risk Management3.1 Strategy in using financial instruments 3.2 Market Risk6061

Notes to the Financial Statements (Continued)Financial Risk Management (Continued)Notes to the Financial Statements (Continued)Financial Risk Management (Continued) 3.3 Credit Risk 3.4 Liquidity Risk 6263

Notes to the Financial Statements (Continued)Financial Risk Management (Continued) 3.5 Fair ValuesNotes to the Financial Statements (Continued)Financial Risk Management (Continued)3.6 Capital risk management4.Critical accounting estimates and judgements4.1 Critical accounting estimates and assumptions 6465

Notes to the Financial Statements (Continued)Critical accounting estimates and judgements (Continued)4.2 Critical judgements5.Taxation5.1 Current Tax - Jersey5.2 Current Tax - Mauritius Notes to the Financial Statements (Continued)Taxation (Continued)5.3 Current Tax - Cyprus5.4 Current Tax - India 5.5 Deferred income tax6. Net changes in fair value on financial assets and financial liabilitiesat fair value through profit or loss 6667

Notes to the Financial Statements (Continued)Notes to the Financial Statements (Continued)7. Financial assets at fair value through profit or loss 8. Investment in Subsidiary Undertakings 68 8.1 Direct Subsidiary8.2 Indirect Subsidiary 69

Notes to the Financial Statements (Continued)Investment in subsidiary undertakings (Continued)Notes to the Financial Statements (Continued)Stated capital and share premium (Continued)9. Advance on equity contribution10. Prepayments and other receivables11. Cash and cash equivalents12. Stated capital and share premium 13. Minority interests 14. Other financial liabilities 7071

Notes to the Financial Statements (Continued)Other financial liabilities (Continued)Notes to the Financial Statements (Continued) 15. Amount due to subsidiary16. Accruals and other payables17. Distribution payable18. Related party transactions 7273

Notes to the Financial Statements (Continued)Related party transactions (Continued) 19. Events after the balance sheet date20. Capital commitments21. (Loss)/Earnings per share 22. Segment Information 7475

7677

YATRA CAPITAL“We will continue to manageour assets in a proactive waywith a concentration on themarket we are serving andtight cost control. Wherenecessary we will restructureand repositon ourinvestments in cooperationwith our developmentpartners in the interest of ourshareholders.”- Sir Nigel BroomfieldChairman of Yatra Capital“Whilst the current marketcondition remains challenging,our investments are wellpositioned in terms of theirlocation, experienced and wellresourced developmentpartners and appropriatepricing. Yatra is well diversifiedin style, geography, productstructure and this togetherwith proactive assetmanagement, should providerisk mitigation to the currentshort term challenges.”- Saffron Capital AdvisorsInvestment Manager7879

Corporate InformationContact InformationRegistered Office:PO Box 21843/45 La Motte StreetSt HelierJE4 8SDJerseyIndependent Auditor:Directors:Sir Nigel Hugh Robert AllenBroomfieldAjoy Veer KapoorChristopher Henry LovellDavid Ian HunterMalcolm James Geoffrey KingRohin Raja ShahWilliam KayInvestment Managerto K2(Investment Manager)Saffron Capital AdvisorsLimitedSuite 2004, Level 2Alexander House35 Cyber City, EbeneMauritiusYatra Capital Limited, JerseyGavin Wilkins +44 1534 702 815 gavin.wilkins@minerva-trust.comWeber Shandwick, LondonStewart Harris + 44 2070 670 745 SJHarris@webershandwick.comFairfax I.S. Plc, LondonJames King +44 2075 985 368 jking@fairfaxis.comRachel Rees +44 2075 985 368 rrees@fairfaxis.comPricewaterhouseCoopers CI LLPTwenty Two ColomberieSt HelierJE1 4XAJerseyABN AMRO, AmsterdamDerek Van Dam +31 20 383 6771 derek.van.dam@nl.abnamro.comSaffron Capital Advisors, MauritiusAdministrator:Ajoy Veer Kapoor +91 22 66221501 ajoyveerkapoor@saffroncapitaladvisors.muVijay Ganesh +230 467 7228 vganesh@saffroncapitaladvisors.muJerseyMauritiusMinerva Fund AdministrationLimitedPO Box 21843/45 La Motte StreetSt HelierJE4 8SDJerseyMinerva Fiduciary Services (Mauritius)LimitedSuite 2004, Level 2, Alexander House35, Cyber CityEbeneMauritiusFor more information on Yatra, please log on to www.yatracapital.com.For more information on Saffron Advisors, please log on to www.saffronadvisors.com.Legal Advisors:JerseyUnited KingdomMauritiusCarey Olsen47 EsplanadeSt. HelierSt. HelierJersey JE 10BDMishcon de ReyaSummit House12 Red Lion SquareLondon WC 1R 4QDUnited KingdomMukund GujadhurRiver CourtSt Denis StreetPort LouisMauritiusIndiaIndiaIndiaNishith Desai Associates93 – B Mittal CourtNariman PointMumbai 400 021IndiaAZB & PartnersExpress Towers, 23rd FloorNariman PointMumbai 400 021IndiaKhaitan & Co.4th Floor, Meher ChambersR K Marg, Ballard EstateMumbai 400 001India8081