• Data and Forecasts. Market data and certain industry forecasts used in forecasts for an opportunity are obtained from market research, publicly available information and industry publications. Industry publications generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of that information is not guaranteed. Similarly, industry forecasts and market research, while believed to be reliable, have not been independently verified.

• Forward-looking statements. In continuance of the above, investment outcome forecasts made are based on numerous assumptions, present and future business strategies, and the environment in which the opportunity will operate in the future. Among the important factors that could cause the actual outcomes, including, without limitation, results, performance or achievements, to differ materially from those in the forward-looking statements include the condition of and changes to the Indian economy, ability to divest/dispose investments of the opportunity, and other factors beyond the control of the company or the asset manager. These forward-looking statements speak only as of the date of their publication. The company or the asset manager expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in the opportunity related collaterals.

• Real Estate Ownership in General. The investments we recommend will be subject to the risks generally incident to the ownership, operation and development of real property. Because real estate, like many other types of long-term investments, historically has experienced significant fluctuation and cycles in value, specific market conditions may result in occasional or permanent reductions in the value of the Investments.

• Leverage. The investments in the opportunities currently do not have any avenues for leverage.

• Long-term Investment. Each investment opportunity will set out a minimum lock-in period therefor anywhere between 3 months to 6 months, although it is anticipated that, in addition to the minimum lock-in period, there will be a significant period of time from the date of initial investment to reach a state of maturity when realization of the investment, if any, can be achieved.

• Illiquidity of Investments- No Public Market Available. Purchases of the securities we recommend should be considered a long-term investment and liquidity may not be achieved at the projected price all the time. Investments made in the company that invests in a real property is directly reliant on the value of the real property and market conditions. While asset manager will support investors for sale of securities in the secondary market, liquidity cannot be guaranteed and is only available to the extent there is interest from a suitable buyer. As a result, an investment in the opportunities herein is not suitable for an investor who needs liquidity, and no investor should purchase securities if such investor cannot afford to hold the securities indefinitely.

• Minority Investment and Inability to Exercise Control. Investment in a particular opportunity will represent a minority stake that can not accord the control characteristics of majority or controlling stakes in the SPV or otherwise exert significant influence on its management. Furthermore, as a minority investor, the SPV’s rights will be typically conditional on a majority of other investors. An investor’s ability to realize appreciation from the investment may therefore be reliant on the existing management and board of directors of the SPV.

• General Macroeconomic Conditions. General macroeconomic conditions, such as interest rates, inflation rates, availability of credit and alternate sources of financing, trade barriers and participation by other categories of investors may impact the opportunity’s level of success, and the liquidity of investments therein may be affected by uncertainties such as changes in governmental policies, taxation, restrictions on foreign investment, other laws and regulations and currency fluctuations. Volatility could impair the opportunity’s profitability or result in losses.

• Changes in Indian Laws and / or Regulations. Legal and regulatory changes could occur, adversely affecting the value of the real property or the expenditure of the company. Changes in regulations may adversely affect the value of investments and projections.

• Impact of Performance Fee Structure. The Asset Manager would be entitled to a certain percentage of the net profits generated by the opportunity on liquidation as specified in the documents that will be signed for each opportunity. This feature may cause the asset manager to suggest liquidation options that have a greater risk-reward profile than would be the case in the absence of such a feature.

• Reliance on Asset Manager. The asset manager arranges for support in accounting, tax and other administrative services to the company holding the investment opportunity. The asset management Agreement lays down the rights and duties of the asset manager and the full extent of their obligations regarding the reporting in respect of the opportunity to investors as well as certain other services provided by the asset manager. The asset management agreement contains limitations on the liability of the asset manager and its affiliates.

• Operational Risks. The asset manager’s systems and operations are dynamic and complex. Certain of its operations interface with third parties and / or depend on systems operated by third parties and the asset manager may not be able to quantify the risks or verify the reliability of such third-party systems. Certain operational risks may be intrinsic to the asset manager’s operations and may impact its financial, accounting or data processing or other systems, especially given the volume, diversity and complexity of the asset manager’s daily transactions. Except as it may be contractually agreed, asset manager will not be responsible for any losses resulting from technological errors and similar human errors.

• Professional Advice. While the asset manager will consult counsels, accountants and other experts regarding the structure, terms, and operation of the company holding the opportunity, such counsels and other professionals will not represent potential or prospective investors. The company or the asset manager urge each prospective investor to consult its own legal, tax and financial advisers regarding the desirability and appropriateness of investing and the suitability of an investment in the opportunity. In making an investment decision into opportunity, prospective investors must rely on their own examination of the opportunity and the terms of the offering, including the merits and risks involved.

• Natural or Man-Made Disasters. The occurrence of natural disasters, including hurricanes, floods, earthquakes, tornadoes, fires, explosions, pandemic diseases and manmade disasters, including acts of terrorism and military actions, could have a negative impact on Indian economy and could affect the performance of the real estate market in general, which in turn may adversely impact the performance of the opportunity.

THE FOREGOING RISK FACTORS DO NOT PURPORT TO BE A COMPLETE EXPLANATION OF ALL OF THE RISKS INVOLVED IN THE OPPORTUNITY OR THIS OFFERING. POTENTIAL INVESTORS SHOULD READ THIS DOCUMENT AND THE OPPORTUNITY DOCUMENTS IN THEIR ENTIRETY BEFORE DETERMINING THE RISK FACTORS IN RESPECT TO SUBSCRIBING TO THE OPPORTUNITY.