Company Profile

West Pioneer Properties is a leading developer and operator of high-quality consumer/retail centric shopping malls in India. The Group acquires land in strategic locations in west and southern India, primarily in Tier II cities. The land will be used to build, own and manage shopping malls, hotels or mixed mall/hotel complexes.

West Pioneer is separated into two branches, West Pioneer Properties limited, incorporated in the British Virgin Islands, the publicly listed holding company and West Pioneer India, which focuses solely on Indian operations.

The retail market opportunity in west and southern India is derived from a combination of a virtually unpenetrated organised retail environment, a rapid increase in middle class, greater transparency in the property market, and improved infrastructure development which provides access to the market. India is anticipated to achieve at least GDP growth of 5.2% in 2009 making it the second fastest growing economy after China. Organised retail penetration in India, is expected to continue to grow 9.52% by 2010 according to independent research by Crisil.

Nashik Kalyan Aurangabad

Nashik

Recently the Group has acquired a 17 acre site in a prime location in Nashik, Maharashtra, for the development of a shopping mall or a mixed-use shopping mall and hotel complex on the site. The Group will shortly commence the process to obtaining the necessary permissions.

Kalyan

West Pioneer's first shopping mall, in Kalyan, 30 miles north-east of Mumbai, continues in line with expectations. Approximately 85 per cent of the construction of Phase I has been completed. Phase II is expect to commence by the end of the first half of 2008.

Aurangabad

The Group is progressing with the project as planned in Aurangabad, which is intended to be a mixed-use shopping mall/ hotel development. Good advancement has been made in obtaining necessary permissions and the Concept & Design Plan has been finalised. There is continued interest from retailers to lease space within the site and negotiations with potential anchor tenants are in progress.

The first site based in Kalyan is 30 miles north-east of Mumbai was open to the public in March 2008.

The mall - known as Metro Junction mall includes some of Indias biggest retailers within the complax. Since opening, retailer occupancy has grown progressively and the mall has developed into a major hub for the local community. The mall continues to attract thousands of visitors on a daily basis.