Dear Shareholders,
 
 Look Ahead and Plan for the Future
 
 The highlight of the financial year is comple- tion of most projects in
 progress for the last few years, and taking initiative to launch, in
 phases, projects exceeding 30 million sft (with an economic interest
 exceeding 22 million sft.).  While at present your company has
 operations only in 2 cities—Bangalore and Mysore, the year 2011-12 will
 see us entering 5 new markets —Chennai, Kochi, Hyderabad, Chikmagalur
 and Mangalore. We can derive great satisfaction with the completion of
 our major integrated enclaves—Brigade Gateway and Brigade Metropolis.
 Sheraton Bangalore Hotel has become operational; so also Summit office
 building @ Brigade Metropolis and WTC Bangalore @ Brigade Gateway. With
 the completion of Orion Mall in this financial year, the Brigade Gateway
 project would be totally complete.
 
 Your company has received a number of accolades this year –
 
 - Economic Times in association with Great Places to Work Institute,
 has ranked Brigade Group as the 2nd best place to work among all real
 estate companies in India, and 88th among all companies across sectors.
 
 - CNBC Awaaz-CRISIL-CREDAI awarded Brigade Metropolis as the Best
 Residential Project in South India for the year 2010;
 
 - Our WTC building was awarded as the Best Commercial Project of the
 year 2010 in the country by Property World;
 
 - Construction World Jury has recognized us for the 5th consecutive
 year as one amongst the Top 10 Builders in the country based on a
 perception survey.
 
 Although your company is in its 16th year of operation, we approach
 completion of 25 years from the time the Group was founded in October
 1986 as a partnership concern. This necessitated us to look within to
 identify the core values of the group. After an elaborate exercise, the
 Vision, Mission and Core Values of the Group were fnalised to help the
 company plan for the future.
 
 While Indias long-term growth story is intact, in the immediate term,
 lack of gover- nance leading to high infation and high interest rates
 is certainly a cause for concern.  Economy is moving 2 steps forward
 and 1 step backward, resulting in uncertainties. Apart from this, the
 continuous shortage of labour in the construction sector will have a
 debilitating efect on project schedules.
 
 South Indian States construction activity is sustained only due to the
 availability of migrant labour from Bihar, Utar Pradesh and West
 Bengal. If economic development in these states pick up, which is
 likely with leaders like Nitesh Kumar, the construction activity in
 Southern India can get severely afected. So, the time has come for more
 mechanization and adopting precast tech- nology to execute large
 projects. Your company has already made progress on this front by
 employing world-renowned consultants for projects being launched.
 
 Your company understands the market dynamics and is geared up to meet
 the challenges of launching over 30 million sft across 7 cities in the
 immediate future.
 
                                           — M. R. Jaishankar, CMD