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Mr R.K. Krishna Kumar

Our Bureau

Chennai, Dec. 11 The following is the IHCL (Indian Hotels Company Ltd) proposal as summarised in Mr Krishna Kumar’s letter of November 14 to Mr Paul M. White, President & CEO, Orient-Express Hotels (OEH):

- OEH can bring under its fold IHCL non-Indian or non-Indian Ocean hotels on terms to be agreed

- OEH and IHCL will jointly redevelop the St. James Court site in London to convert it into a super premium luxury hotel and serviced apartments

- A joint committee (two members each) will review and implement potential synergies – materials purchasing; consumables purchasing; cross-marketing; air charter, including our subsidiary Taj Air; ultra-luxury vacation, honeymoon and other packages; IT, where our IT affiliate is home to the world’s fourth largest supercomputer; and shared best practices

- A director of OEH will join the board of IHCL, Director of IHCL will join the board of OEH

- IHCL will purchase further shares in OEH and would welcome OEH as a shareholder in IHCL, both at minority levels to be agreed

- OEH will continue as a stand alone public company, with its board and benefits unchanged.

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