DEAR SHAREHOLDERS,
 
 THE BEST WAY TO PREDICT THE FUTURE IS TO CREATE IT.
 
 WE CANNOT PREDICT THE FUTURE,
 
 BUT CAN CO-CREATE IT. THAT''S THE DEFINING MESSAGE FROM PETER DRUCKER,
 ONE OF THE WORLD''S GREATEST MANAGEMENT THINKERS.
 
 I BELIEVE THE CORNERSTONE OF FUTURISTIC ENTREPRENEURSHIP IS TO TRY TO
 DECIPHER EMERGING MEGATRENDS AND CREATE CAPABILITIES TO DERIVE ENDURING
 VALUE. IN SHORT, FUTURE READINESS.
 
 I HAVE ALWAYS TRIED TO IMPLANT THIS SPIRIT OF FUTURE READINESS IN THE
 WAY WE WORK TODAY AND HELP SHAPE ASPIRATIONS FOR TOMORROW.
 
 The global economic crisis that sent shockwaves across the world in
 2008 is not yet a distant memory. Global markets have not yet
 stabilised since then and volatilities are palpable.  However, there is
 an upside to thesevolatilities: it offers interesting business
 opportunities.
 
 In fiscal 2011-12, we had to counter the challenges of a moderating
 market demand, balance rising costs of an inflationaryeconomywith
 higher realisations and manage changes in the regulatory landscape. Yet
 deliver on evolving customer expectations unfailingly. Despite
 transitory adversities, our business model continues to ensure steady
 cash flows for future growth and creates a platform for sustainable
 business operations.
 
 Despite the general perception of a slowdown in the real-estate
 segment,
 
 I believe there is still a considerable pent-up demand in the market,
 which can be catered to. Even today, around 80% of an average Indian''s
 savings are meant for purchasing a space he/she can call his/her own.
 Besides, rising levels of income and aspirations have created a demand
 for architectural innovation in line with global standards.
 
 Global trends are constantly transforming the ''mindscape'' of
 discerning customers. Therefore, a clear insight of emerging trends is
 a business imperative at Oberoi Realty.  We are attracting and
 acquiring the best global talent for key positions to leverage
 international best practices and knowledge. We combine local expertise
 with global insight to create innovative realty solutions.
 
 Our products representa significant emotional value for a customer,
 sometimes even passed down across generations and cherished with pride.
 At Oberoi Realty, we respect this human emotion and focus on creating
 Every single unitwith meticulous planning and execution. We don''tjust
 sell realty solutions we offer a vision of an evolved quality of life.
 We strive to make evolving customer aspirations immediate business
 priorities.
 
 At Oberoi Realty, our business model delivers scalability and stability
 on the foundation of robust financials and prudent monetisation of
 assets. In consonance with our financial acumen, we took a cautious
 approach towards new project launches, owing to non- clarity on some
 regulations. We have been proactive, and will continue to be proactive,
 in calibrating the pace of construction, launches and on-going sales of
 our projects in line with market realities.
 
 We believe stakeholder trust breeds long-term success. The way we
 operate is determined by a sense of respect, appreciation and
 responsibility towards this trust. This element of trust is the ultimate
 value creator in our business. As we leverage new business
 opportunities and widen our scope of operations, we will continue to
 focus on stakeholder trust.
 
 What is considered ''path-breaking'' today can become hopelessly
 ''pedestrian'' tomorrow. This is true for every aspect of life and
 business.  The answer to such a dilemma is continuous innovation to
 better the best. This is our corporate credo at Oberoi Realty.
 
 I look forward to the support and guidance of all our stakeholders in
 strengthening our endeavour.
 
 Best Wishes,
 
 VIKAS OBEROI
 
 CHAIRMAN & MANAGING DIRECTOR