VIRTUOUS RETAIL DEBUTS WORLD-CLASS STORES ZARA, MARKS & SPENCER, MAC & OMEGA IN GUJARAT AT VR SURAT ON DUMAS ROAD

- RECORDS 2 MILLION FOOTFALLS & 85% OCCUPANCY

- TO INTRODUCE MORE PREMIUM & LUXURY BRANDS IN PHASE 3

Mumbai, November 21, 2013 – Virtuous Retail, India's largest institutionally owned developer-operator of lifestyle shopping centers,is pleased to announce the Gujarat debut of Inditex-owned global high-street fashion brand Zara, at its 600,000 SF Flagship Center VR Surat, positioning it as the leading fashion destination in the entire region. Other key shop openings include UK's leading department store brand Marks & Spencer, global cosmetics giant MAC and luxury watch brand Omega. VR Surat is South Gujarat’s largest and only lifestyle destination.

On this milestone occasion for VR Surat, Anupam Yog, Marketing Director, Virtuous Retail said, “We are excited to have successfully delivered the first international standard lifestyle and tourist destination in Gujarat, and we are particularly pleased to have initiated our India journey via Surat, the historic port city with a glorious past and a tremendous future. We are now gearing for the opening of Virtuous Retail Centers in Pune, Bengaluru, Chennai and Mumbai which are nearing completion and will launch over 2014-16.”

In a staged opening, VR Surat has operationalized ~85% of the total leasable area with leading department store brands Shoppers Stop and Westside, cinema chain Inox, entertainment chain SVM Bowling & Gaming, and a host of international premium brands such as Tommy Hilfiger, Swarovski, Calvin Klein, FCUK, Sisley, Gant, Nautica, Izod, all of whom make their debut in South Gujarat.

Virtuous Retail has transformed the retail and cultural landscape of Surat by providing a unique shopping experience within VR Surat through art, culture and community engagement initiatives. Breaking the stereotype of a Tier 2 city, the emergent Surat metropolitan region with a population of ~ 6 million, has acknowledged the arrival of VR Surat with enthusiasm – since its opening in May 2013, VR Surat has hosted ~ 2 million visitors from across the South Gujarat region.

VR Surat’s Phase 3 opening, positioned as a Tourism Launch, is scheduled for January 2014, and will witness the arrival of several new premium and luxury brands across jewelry, home décor & furnishings, food & grocery, fashion, footwear & accessories as well as sports goods.

For more information, please visit www.vrsurat.com or www.facebook.com/vrsurat

About VR Surat

VR Surat is the first retail lifestyle destination developed by Virtuous Retail, India’s largest institutionally-owned developer-operator of lifestyle shopping centres. Established in 2007, Virtuous Retail's mission is to develop experiential shopping centres that become a social hub, a tourist and a cultural destination while curating an exciting mix of retail, art, entertainment and community initiatives. Packed with unique outdoor and indoor experiences, VR Surat is home to over 100 brands, introducing world-class stores such as Shoppers Stop, Zara, Westside, Marks & Spencer, MAC thus enhancing the city's retail offering. Combining state-of-the art experiences with local cultural tastes, VR Surat is a flagship amongst a series of retail developments by Virtuous Retail, launching in India’s top 9 urban markets including Bengaluru, Mumbai, Pune, and Kolkata.

List of brands that have debuted in Gujarat courtesy Virtuous Retail: Zara, Marks &Spencer, Gourmet West, Freecultr, Faces, Omega, Louis Philippe, Laven, SVM Blowing & Gaming, Voi Jeans, Kraus Jeans, Kailash Parbat, The Fruit Tree, Noodle Town and Panchavati Gaurav.

Brands Debuting in Surat: Inox, MAC, Shoppers Stop, Tommy Hilfiger, CAT, Swarovski, Ethos, Parcos, Hidesign, Nautica, Zodiac, Being Human, Forest Essentials, Izod,Colorbar, Deal Jeans, Sunglass Hut, Sisley, Foresight Optical, Bagzone, Clinique, Clarks, U.S. Polo, Helios, Arrow, Gant, Midday Munchies, Flying Machine, O2 Spa, Kedyo, 22nd Parallel, Cex, Calvin Klein Jeans, Monte Carlo, Mothercare, Dosa Plaza and Ayesha.

Brand Extensions: Westside, United Colors of Benetton, Levi’s, Only, Vero Moda, Bata, Adidas, Jack n Jones, Van Heusen, Woodland, Spykar, Wrangler, Mufti, Pepe Jeans, Lee, Allen Solly, Puma, 109 F, AND, Fab India, NOSH, Global Desi, Jade Blue, Sub Station, Jashn, GininJony, Biba, Café Dezire, McDonald’s, The Chocolate Room, Coffee Culture, Crossword, Subway,Keeda,Delsey and Mexican Rodeo.

About Virtuous Retail

Established in 2007, Virtuous Retail (VR) is an institutionally owned developer-operator of community oriented premium lifestyle shopping centres in India's top cities. Virtuous Retail's pan-India portfolio includes prime city centre locations in Bengaluru, Chennai, Mumbai, Pune, Surat and Kolkata, making it the leading platform of quality real estate retail in one of the world's most attractive consumer markets for organized retail.

Virtuous Retail combines global expertise and local knowledge to create high performance retail environments with strong urban connections. The company's long term vision is to create new social hubs for the urban Indian consumer. It does this through "Connecting Communities™" - a platform for cultural festivals, public-private partnerships and cross-border collaborations that encourage civic pride, strengthen the local economy and enhance the city's brand image. Virtuous Retail is sponsored by The Xander Group Inc., a leading emerging markets investment firm, which has committed US$ 600 MM in equity to the platform.