GRADING OF REAL ESTATE DEVELOPERS AND PROJECTS ICRAs service of Grading of Real Estate Developers and Projects, by providing

an independent opinion on the relative performance capability of real estate development entities, seeks to serve as a tool for identifying and managing the risks associated with the entities concerned. For the investor (buyer of property), the Gradings communicate the risks associated with the developers ability to deliver in accordance with the terms, quality parameters, and time stipulated. For developers, the Gradings, by providing a scientific assessment of their abilities and risk profiles, serve to assist them in presenting their case to lenders. Grading Scale for Real Estate Developers: DR1 DR2 DR3 DR4 DR5 Very strong project execution capacity Strong project execution capacity Moderate project execution capacity Inadequate project execution capacity Weak project execution capacity

Note:The suffix of + or - may be used with the grading symbol (from DR2 to DR4) to indicate the comparative position within the group covered by the symbol. ICRA Grading Symbols for the Real Estate Projects and their implications are as follows: RT1 RT2 RT3 RT4 RT5 Very strong project Strong project Moderate project Inadequate project Weak project

Note: The suffix of + or - may be used with the grading symbol (from RT2 to RT4) to indicate the comparative position within the group covered by the symbol. ICRA Grading Symbols for the Consultants and their implications are as follows: CT1 CT2 CT3 CT4 CT5 Very strong project engineering/project management services capacity Strong project engineering/project management services capacity Moderate project engineering/project management services capacity Inadequate project engineering/project management services capacity Weak project engineering/project management services capacity

Note: The suffix of + or - may be used with the grading symbols (from CT2 to CT4) to indicate the comparative position within the Grading category concerned