Press release For Immediate Publication International Recreation Parks raise Rs. 750 million from IDFC Private Equity Mumbai, July 5, 2006: International Recreation Parks Private Ltd., (“IRPPL”) announced today that it has raised Rs. 750 million of equity from IDFC Private Equity’s India Development Fund. IRPPL, promoted by the Unitech Group and International Amusement Ltd. (the promoters of Appu Ghar), is currently setting up one of the most exciting urban development projects in the country. NOIDA’s Sector 18 will soon see the country’s largest entertainment hub with a world-class amusement park in partnership with Cartoon Network. Spread over 147 acres of land in Noida and 65 acres in Rohini, this project will consist of two amusement parks, 4 hotels and India’s largest shopping mall with over 2 million square feet of retail space. The total investment of Rs. 15000 million will be funded through a mix of debt, equity and internal accruals. Consultants from around the globe have provided their services to make it the world-class destination that it is envisaged to be. Some of the consultants are as follows: Forrec Ltd., based in Canada, are the Architectural planning and Design consultants for this project. They have over 30 years experience in themed entertainment projects and have completed projects in 20 countries around the world. Some of their projects include Universal Studios, Orlando and Legoland, Germany. ECA2, a company based in France, is a Conception and Production Company for Multimedia Shows. They have designed many water screen shows around the world including the popular “Magical Sentosa” show at Singapore. Yves Pepin, Founder and President of ECA2, along with famous film directors, Steven Spielberg and Zhang Yimou, and Ric Birch, the talented producer of the Sydney 2000 Ceremonies, have recently been appointed Artistic Advisers in the creative team for the Ceremonies of 2008 Beijing Olympic Games. Earlier, in March 2006, Yves was also conferred the THEA Lifetime Achievement Award 2006 at the Themed Entertainment Awards considered the Oscars of the Entertainment industry, in recognition of his life works. In Noida, they are designing a multimedia show combining water, light, pyrotechnics and music. Management Resources, based in California, are the consultants for Pre-opening Operations and Management for this project. It is a California-based consulting company offering a complete range of services to the leisure time / recreation industry. They have worked with a large number of amusement parks in and out of the United States such as, Sea World, Florida and Disneyland International Paris, France. IDFC Private Equity Company Limited 17, Vaswani Mansion, 3rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai 400 020. Phone: 22-2202 0748 ● Fax: 22-220 20798 …2 2 Euro Pools, from Scotland, are recognized experts in the field of Water and Leisure. They not only provide a comprehensive technical design service to the water leisure industry but also provide solutions for the installation of pool water treatment plants, wave machines, water features, water slides and any other aspects of swimming pools that larger developments require. They are the Water Management consultants for the project. Some of the projects they have worked on are Genting Island, Messila Village in Kuwait, Rome Waterpark, Texas Waterpark and Playa Maya, China. Dan Euser Waterworks, based in Toronto, are the design consultants for water features in the Park. They have executed over one thousand constructed water feature projects ranging in size from $10,000 to $4,000,000, which include clients such as Universal Studios, Orlando and Warner Theatre, Washington DC. DEW is currently associated with the project for the World Trade Centre Memorial, New York. City Design Group, based in USA and established in 1968, is a multi-disciplinary lighting and controls design firm, which is responsible for designing the theme lighting in the project. CDG has participated in a number of projects over the years and has projects, which have featured on The Oprah Winfrey Show, Discovery Channel and CNN. It has also received many awards in specialty design lighting including an IESNA Guth Award of Excellence and has been named Lighting Designers of the Year in 1998 by Lighting Dimensions International, a leading industry trade publication. Electrosonic are one of the world’s most experienced audio-visual systems engineering companies founded in UK in 1962. They are responsible for the site audio of the park. This company develops and manufactures specialist products based on Electrosonic image processing, media networks and show control. The Unitech Group is one of India’s leading real estate development companies and is based in Gurgaon. International Amusement Ltd. pioneered the concept of amusement parks in India, by launching ‘Appu Ghar’ in 1984. IDFC Private Equity is the largest private equity investor in India focussed on the infrastructure sector. It recently raised its second fund from global institutional investors. SSKI Corporate Finance assisted with the transaction. …3 IDFC Private Equity Company Limited 17, Vaswani Mansion, 3rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai 400 020. Phone: 22-2202 0748 ● Fax: 22-220 20798 3 About Unitech: The Unitech Group is one of India’s leading real estate development companies and is based in Gurgaon. It was established in 1971 and is among the largest publicly listed real estate companies in the country. The Unitech Group has an excellent track record in developing quality projects. Unitech is a dominant player in the NCR region with a significant market share of the organised residential and office development market. The group is transforming from a pure real estate development company to an integrated real estate player and, as part of the process, it is developing a long tem interest in the retail, hotel and the amusement park businesses. About International Amusement: International Amusement Ltd. pioneered the concept of amusement parks in India, by launching ‘Appu Ghar’ in 1984. The Company has a team with over 20 years of experience (both domestic and international) in operating amusement parks. About IDFC Private Equity (IDFC PE): IDFC PE is the leading private equity investor in infrastructure in India. It manages funds of Rs. 28,500 million (US$ 630 million). Other investments of IDFC PE include GMR Infrastructure, Gujarat State Petronet, Chalet Hotels, Hotel Leelaventures (exited), Delhi International Airport, L&T Infrastructure Developers, Gujarat Pipavav Port and Manipal Health Systems. For more details please contact: IRPPL: Mr. Rajan Narula, Financial Controller, +91 98103 00566 Mr. Ravi Madan, Director, +91 98713 80957 IDFC Private Equity: Mr. Luis Miranda, President & CEO, +91 98211 32100 Adfactors Public Relations: Mr. Hemant Batra +91 22 2281 3565, +91 98203 25109 IDFC Private Equity Company Limited 17, Vaswani Mansion, 3rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai 400 020. Phone: 22-2202 0748 ● Fax: 22-220 20798 .