Red Fort Capital

Red Fort Capital Management Team and Advisors

Red Fort Capital’s management team and advisors have prior institutional leadership experience with firms including Larsen & Toubro, DLF, Unitech, General Electric, IL&FS, South Asian Real Estate Fund, Morgan Stanley, Millennium Partners and ICICI Bank. Together, Red Fort Capital’s management team and advisors have over 215+ years of experience in India and globally within the real estate, infrastructure, private equity, venture capital, asset management, investment banking and Fortune 100 sectors.

Red Fort Capital’s management team and advisors’ development track record exceeds 300 million square feet of completed and in-progress real estate and infrastructure projects. Contributing diverse and complementary skill sets, Red Fort Capital’s management team and advisors have extensive experience in all aspects of real estate investing in India, including proprietary transaction sourcing, construction and development management, transaction underwriting, legal and tax structuring, capital markets, financial analysis, asset management, investment advisory, accounting, market research, sales and marketing.

RED FORT CAPITAL MANAGEMENT COMPANY, LLC
Parry Singh - Managing Director Mr. Singh is principally involved in overseeing deal sourcing, acquisitions, portfolio management and investor relations. Mr. Singh is also a founding principal of Red Fort. During his time at Red Fort, Mr. Singh has led investments in and exits from Indian real estate transactions across multiple asset classes utilizing a range of structuring methods. From 2002 to 2005, Mr. Singh served as Managing Partner of American Capital Realty, a real estate brokerage firm overseeing more than $400 million in real estate transactions in the commercial and residential markets of Illinois and Connecticut. From 1998 to 2002, Mr. Singh served as Chief Executive Officer of TransEthnic, Inc., leading the company through several rounds of institutional and strategic fundraising and managing a 250-member team. His prior professional experience includes investment banking at Chase Securities (now JPMorgan Chase), where he briefly worked in the High Yield and Fixed Income groups. From 1993 to 1997, Mr. Singh held a variety of program management and engineering positions at Symbol Technologies, the world leader in barcode and portable computing technologies. In addition, he has served as a strategic consultant to the 3COM Corporation and Gartner. In 2000, Mr. Singh received the Ernst and Young’s Emerging Entrepreneur (Lake Michigan Area Region) and Chicago Crain’s “Forty under Forty” awards. He has served on the TechVenture Committee that advises the governor of Illinois on the $1.4 billion technology budget for the State of Illinois and has been a visiting speaker at the Kellogg School of Management at Northwestern University. Education: Master of Business Administration, Kellogg School of Management – Northwestern University (awarded “Top Student” and “Highest Order of Excellence”); Master of Science (major in Electrical Engineering), State University of New York; Bachelor of Technology (Major in Computer Engineering), Guru Nanak Dev University in Amritsar, Punjab, India (graduated first in class).	Recent Presentations: IMN, London 2009: Managing the use of cash, Debt Maturities and Subscription Facilities Delivering on Returns: Indian Real Estate Update IQPC Singapore 2008: Investing in the Hospitality Industry in India IMN, New York, Examining Real Estate Markets in Asia, May 2008 HICSA/HVS , Mumbai- Hospitality Conference 2008 - Land Valuations IMN's New York, May 2007: Investing in Global Markets IMN's November 2006, London, UK - Asian Markets Overview

Subhash Bedi - Managing Director Mr. Bedi is involved in overseeing all aspects of the investment process, as well as the management of daily operations of the Fund. Mr. Bedi is also is a founding principal of Red Fort. During his time at Red Fort, Mr. Bedi has led investments in and exits from Indian real estate transactions across multiple asset classes utilizing a range of structuring methods. From 2003 to 2005, Mr. Bedi was a Partner at American Capital Realty, alongside Mr. Parry Singh. From 2001 to 2005, he was a Partner at Krista International, an investment advisory group for private equity funds and Fortune 1000 firms, specializing in the development of investment theses to capitalize on globalization and changes in local economic markets. From 1998 to 2002, Mr. Bedi was the Chief Operating Officer of TransEthnic, Inc., a global importer and distributor of international consumer products. From 1993 to 1997, Mr. Bedi held multiple sales and marketing management positions in Chicago, Detroit and Los Angeles with Intellution, Inc., an enterprise software company that was sold to GE. In 2000, Mr. Singh received the Ernst and Young's Emerging Entrepreneur (Lake Michigan Area Region) and Chicago Crain's "Forty under Forty" awards. In addition, he has been a speaker at the Kellogg School of Management at Northwestern University. Education: Master of Business Administration (concentration in Finance and Marketing), Kellogg School of Management – Northwestern University; Bachelor of Science (major in Computer & Electrical Engineering), University of Tennessee.	Recent Presentations: IMN London 2009: Emerging Market Opportunities Impact of PE Funds on Indian Real Estate IQPC Conference, Mumbai CREDAI NATCON, Jan 2008: Global Impact of Real Estate Indices Confederation of Indian Industries CII, Dec 2007, Chennai: Institutional Investments in Real Estate Real Estate World
RED FORT CAPITAL ADVISORS PVT. LTD.
G.B. Singh - Managing Director Mr. Singh leads the Indian advisory team with respect to full-spectrum advisory services related to deal sourcing, development and construction management and developer relations. Mr. Singh is also a founding principal of Red Fort. He has developed and constructed over 50 million square feet in his career. From 1998 to 2005, he developed a patent for cellular lightweight concrete (CLC) based on recyclable materials and trained leading development and construction firms on the use of such CLC and related innovative construction methodologies. From 1993 to 1997, Mr. Singh served as the Chief Executive Officer and President of the Construction Division of DLF. At DLF, the leading development company in India, he oversaw the development and marketing for all DLF residential and commercial developments, including high-rise residential townships and commercial properties. Key projects include DLF Corporate Park; Beverly, Hamilton, Richmond, Windsor and Regency (multi-tower residential developments); and DLF City, India's largest integrated township, occupying 3,000 acres in Gurgaon. Due in large part to Mr. Singh's development skills, DLF became current on all projects during his tenure (ending a three-year backlog) and experienced significant improvements in returns. Mr. Singh continued to serve as an advisor to DLF until 1998. Prior to DLF, Mr. Singh served as Deputy General Manager of the ECC group of Larsen and Toubro Limited, the largest construction company in India, where he led large-scale construction projects in India and the Middle East, constructing commercial properties, integrated townships, stadiums, infrastructure projects and the award-winning Baha'i Temple in Delhi. Mr. Singh worked with ECC from 1961 to 1967 and 1979 to 1988. From 1967 to 1979, Mr. Singh served Hindustan Prefab Limited where he constructed airports, bridges, commercial properties, industrial facilities and low-to-middle-income housing. Mr. Singh has served as visiting faculty member at the Indian Institute of Technology (Delhi) and the School of Planning and Architecture in Delhi. He has spoken at numerous international conferences on subjects including low-income housing and innovative construction technologies. He sits on the Bureau of Indian Standards Committee on the National Building Code, as well as on other standards committees pertaining to project management and pre-fabricated components. He is the Convener of the Green Buildings Committee constituted by the Construction Industry Development Council, a body of the Planning Commission of India. Education: Master of Business Administration, Faculty of Management Studies – University of Delhi; Master of Technology (major in Structural Engineering), Indian Institute of Technology Kharagpur; Bachelor of Technology (major in Civil Engineering), Indian Institute of Technology Kharagpur.	Recent Publications / Presentations "Relevance of Fly ash based Cellular Lightweight Concrete for Greener Buildings & Environment" Paper Presented at "The 1st. International Intelligent and Green Building Technology and Products Conference & Expo" - March 28-30, 2005, Beijing (China) "Challenges in Structuring Deals" Developers Perspective. IVCJ Conference on Real Estate Funds: Challenges and Models for Deal Structuring, May 2006 , Mumbai, India "Site Produced Cellular Lightweight Concrete – A boon for Housing." Paper Presented at the CIDC Conference, New Delhi, India Sept 2004 "Environment Friendly, Fire-proof and Durable alternative to Conventional Timber Housing" PDF Coming Soon Paper Presented at Architectural Engineering Institute of American Society of Civil Engineers, Austin, Texas Sept 2003

Arjun Dev Huria - Principal Mr. Huria joined Red Fort in 2008 and primarily advises on development and construction activities in North India. Mr. Huria brings over 35 years of executive level development and construction management experience in India, Sri Lanka and the former USSR. Previously he was the Executive Director of Consolidated Construction Consortium Ltd., where he launched North India operations in 2003 and developed a revenue base of INR 1,750 million in five years. Prior to 2003, Mr. Huria worked with the ECC group of Larsen and Toubro Limited, India’s largest construction firm, in various executive capacities within India and internationally. At Larsen and Toubro Limited, Mr. Huria rose to become General Manager and Head of the North India profit center, where he was responsible for execution oversight, contract management, financial control, tendering agreements and overall profitability (amongst other responsibilities). Select development and construction projects include: the Maurya Hotel, Baha’i Temple and Parliament Annex Building (Delhi, India), the Bukhara Hotel, Samarkand Hotel and Zernogrand Township (in the former USSR), and the Hirmi Township (Chattisgarh, India), IIT and Tata Townships, and a broad range of retail malls and infrastructure projects (including cement, power, steel, chemical and water-supply plants). Education: Diploma in Technology (Civil), Haryana University.

D.A. Muthana - Principal Mr. Muthana joined Red Fort in 2007 and primarily advises on development and construction activities in South India. Prior to joining Red Fort, Mr. Muthana worked at the ECC group of Larsen and Toubro Limited from 1975 through 2007. From 1999 to 2007, Mr. Muthana was Joint General Manager at ECC, managing such projects as MG3 Lube Oil Project (Malaysia), Jakarta Monorail Project (Indonesia), a business process outsourcing center for HSBC (Sri Lanka), 40-story Avare Towers luxury apartment complex (Malaysia) and two football stadiums (Qatar). From 1997 to 1999, Mr. Muthana was Senior Deputy General Manager at ECC, primarily focusing on the expansion of the Britannia Tobacco Factory in Urgut, Kazakhstan. From 1993 to 1996, Mr. Muthana was Deputy General Manager at ECC in Zernograd, Russia, executing the turnkey construction of a housing township complex for the Defense Ministry of the Russian Federation. From 1975 to 1993, Mr. Muthana held various positions at ECC, including Site Engineer (1975-1976, Bangalore, India), Construction Superintendent (1976-1978, Colombo, Sri Lanka), Resident Engineer (1978-1986, Bagalur and Bangalore, India), Construction Manager (1986-1991, Neyveli, India) and Resident Manager (1991-1993, Mauritius). Education: Bachelor of Technology (Civil), India Institute of Technology in Chennai.

Kuldip Chawlla - Principal Mr. Chawlla joined Red Fort in 2007 and has expertise in risk mitigation and portfolio management strategies. From 2004 to 2006, Mr. Chawlla was the Chief Operating Officer at Unitech Realty Investors, where he played a key role in raising and managing a $250 million domestic real estate fund with investments in real estate projects worth over $1 billion. From 2003 to 2004, he was the Chief Operating Officer at VLCC Healthcare Ltd., India's leading weight loss and beauty services group, where he raised private equity from CLSA and led the firm's retail expansion across 25 cities on a pan-India basis. From 1996 to 2002, Mr. Chawlla was a Principal at IL&FS Investment Managers Limited, the private equity investment management business of the IL&FS Group. At IL&FS, as part of the founding team, he played a key role in managing over $150 million of institutional capital devoted to investing in infrastructure and high-growth sectors, including $100 million in an infrastructure-focused fund with American International Group. From 1994 to 1996, Mr. Chawlla set up and ran the operations for one of India's first foreign institutional investors, Chescor Capital, and invested in the public markets. From 1991 to 1994, he was an Investment Manager at a joint venture of Australia and New Zealand Banking Group Limited and 3i Group PLC, investing in early stage businesses across high-growth sectors. He started his career at ICICI Bank in 1988 in project and corporate finance. Mr. Chawlla is a frequent speaker and commentator at conferences in India and overseas on infrastructure, real estate and private equity. Education: Master of Business Administration (concentration in Finance and Marketing), Faculty of Management Studies – University of Delhi; Bachelor of Economics, University of Delhi (with honors).

Raj S. Inamdar - Principal Mr. Inamdar joined Red Fort in 2009 and has expertise in new product initiatives, capital markets activities, legal structuring, investor relations and asset management. Prior to Red Fort, Mr. Inamdar executed over $2 billion in real estate transactions, developments, financings and restructurings in India and the United States. From 2007 to 2009 he was Chief Investment Officer of the $400 million SARE fund. He is a Non-Executive Partner of Indra Capital Partners, which has structured a $300 million mixed-use urban project in Bangalore, India. From 2004 to 2007 Mr. Inamdar was a real estate development executive for Millennium Partners, a U.S.-based developer of mixed-use luxury properties, under the Four Seasons and Ritz Carlton brands. At Millennium Partners, Mr. Inamdar managed a $500 million portfolio of mixed-use urban properties including commercial, retail, hotel and parking assets. He also conducted private equity and development activities for a closed-end vehicle with over $1 billion in assets. Prior to Millennium Partners, Mr. Inamdar worked for Clark Enterprises in Washington, D.C., focusing on public-private real estate development, from 2003 to 2004. Mr. Inamdar was a Vice President of Business Development for a retail holding company that owned health-related assets including eNutrition, Sports Nutrition Depot and Nutripeak, as well as a former investment banker with Morgan Stanley's M&A department in New York. Mr. Inamdar also has experience working with the investment banking group of DSP Merrill Lynch in Mumbai, India. Education: Master of Business Administration, Harvard Business School; Bachelor of Arts, (concentration in Social Studies – Economics, Political Science and Philosophy), Harvard University (graduated Phi Beta Kappa and magna cum laude).

Rajnish Changrani - Principal Mr. Changrani is a founding team member of Red Fort Capital and has a deep understanding the Indian Real Estate Market . At Red Fort he looks after investment underwriting and portfolio management for western and southern India markets. He has over 12 years of experience in global investment management and real estate, including proprietary research, transaction underwriting and portfolio management. Prior to joining Red Fort Capital, Mr. Changrani was the Head of Research at Trigran Investments, a Chicago-based long-only fund focused on U.S. public equities (small and mid-cap stocks). Before joining Trigran Investments, Mr. Changrani had 2 years of experience in market research and investment analysis with Ronald L. Chez, Inc., a corporation that deals with distress opportunities, PIPE investments, and venture capital. Education: Master of Business Administration, Kellogg School of Management – Northwestern University; Ph.D., Arizona State University; Bachelor of Science, University of Bombay.

Manish Jindal - Director Mr. Jindal joined the Red Fort team in 2010 and has expertise in finance, operations and audit. He has over 18 years of finance and operational experience, predominantly with General Electric (GE). He is the former Chief Financial Officer of The Anil Nanda Group. Previously, Mr. Jindal was Group Controller for GE Money India and Finance Controller for GE Auto Finance in the United Kingdom. He has also led GE India's merger and amalgamation initiative. Mr. Jindal is the recipient of GE Capital's Leadership Excellence Award and GE Consumer Finance's Service Excellence Award, and has participated in GE's STAR global program for high potential employees. Education: Chartered Accountant (Institute of Chartered Accountants of India); Bachelor of Commerce, University of Delhi.