First Indian real estate company to list on Euronext following a €100 million placing

Yatra Capital Limited, a company incorporated in Jersey and established to invest in and profit from the rapidly growing Indian real estate market, announces that it has raised €100 million through a placing of 10 million Ordinary Shares at €10 each; providing an initial market capitalisation of €100 million. Once bank borrowings are taken in to account this will provide the Company with around €200 million of funds to invest.

Yatra Capital will be both the first India focussed investment company and the first Jersey incorporated company to list on Eurolist by Euronext Amsterdam N.V., where the Company has applied to have all its Ordinary Shares listed. Dealings in the Company's shares are due to commence on 6 December 2006, under the symbol "YATRA". Fairfax I.S. PLC is the sole Placing Agent, while ABN Amro NV is Listing and Paying Agent for the Company.

Yatra Capital has been established to provide international investors with an opportunity to capitalise on the real estate market in India, where the directors believe there are significant opportunities arising from the Indian Government's recent liberalisation of the foreign direct investment guidelines, coupled with the rapid growth of the Indian economy. Yatra Capital will target capital growth for its investors in excess of 25% per annum through the ownership, development and sale of high quality residential, commercial and retail properties in India. Investments will be diversified across different asset classes and locations in India with a primary focus on tier II and tier III cities. The Company will also consider select strategic opportunities in tier I cities where the directors believe there is value to be gained.

The Company will be advised by Saffron Capital Advisors ("Saffron" or "the Advisor"), an asset management advisory firm dedicated to Indian real estate. Through its extensive network in India, Saffron has already established a pipeline of potential investments for the Company with a value of around €390 million and expects the Company to be fully invested in around 12-18 months.

Saffron was established by Ajoy Veer Kapoor and Rohin Shah in May 2006. Both Ajoy and Rohin are also on the board of Yatra Capital. Between them, they have a combined experience of over 45 years in international real estate and finance and a thorough knowledge of and extensive network of contacts amongst the key players in the Indian real estate market.

Ajoy is an entrepreneur and banker with a career spanning over 25 years, with global exposure to real estate investment, development and management. Ajoy's last two assignments were Global Head, Strategy & Implementation, Corporate Real Estate at HSBC in the UK, prior to which he was Regional Head, India, in charge of Corporate Real Estate & Strategic Sourcing as member of the India Management Committee of Standard Chartered Bank.

Rohin is a chartered surveyor and managing director of Meghraj Properties Limited in London, where he is currently responsible for a portfolio of UK commercial property with a value in the region of £750 million. He has been involved with the Indian property markets since 1992. In 1995, he established Trammell Crow Meghraj, (formerly Chesterton Meghraj), where he remains a shareholder and director. Trammell Crow Meghraj was one of India's first overseas property consultants, which now has over 850 staff spread across ten offices located in Delhi, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Chandigarh, Kochi and Coimbatore.

Whilst Yatra Capital is the first investment company to be established by the Advisor, Saffron is also the investment advisor and manager to another India focussed real estate company, Eredene Capital PLC, which is listed on the AIM market of the London Stock Exchange.

The Board
The Company has a strong board of non-executive directors, which is represented, by Sir Nigel Broomfield and well respected figures in the European property market including David Hunter and Malcolm King.

Sir Nigel Broomfield is a current

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