Preliminary Results

West Pioneer, a developer and operator of shopping centres and hotels in west and southern India, announces its preliminary results for the year ended 31 March 2009.

Highlights

• Continuing strong footfall numbers and positive purchasing trends at Metro Junction Mall in Kalyan
• Leasing fell from 54% in January 2009 to 52% in May 2009 but recent developments put the mall on track to be substantiallyleased by March 2010
• High quality tenant base, including Big Bazaar, McDonalds, Fame, Loot, Fashion Yatra, Globus, Bata, Woodland, Archies and Club Mahindra
• Planning application submitted for residential development at Kalyan with strong profit potential over 3-4 years
• Planning and design for Nashik and Aurangabad hotel developments with Intercontinental Hotel Group progressing
• Balance sheet remains robust as a result of prudent cash management and low gearing year end cash and cash equivalents of $6.6 m
• Board appointment and strengthening of operational team
• Continued growth in the Indian economy and organized retail provides opportunity to substantially increase gross leasable area owned or operated by West Pioneer

Commenting on the results, Amit Jatia, Chairman of West Pioneer, said: Trading conditions in the last financial year proved challenging. Notwithstanding this, West Pioneer has a high quality, focused portfolio of assets and, management has focused on developing the potential value of the assets during the period. As is well documented, India has been affected by the global economic downturn and confidence within the retail industry has recently been low, with investment decisions and new store openings being put on hold. However, there are signs of confidence returning, and recent indications from potential tenants suggest that leasing at Kalyan should improve substantially through the current financial year.

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