Hilton JAIC Tower - SOLD

Singapore, August 7, 2003 - Jones Lang LaSalle Hotels acting on behalf of Japan Asia Investment Company (“JAIC”) is delighted to announce the sale of the Hilton JAIC Tower, one of the tallest buildings in Colombo Sri Lanka to the Hirdaramani Group.

The property features 175 well-appointed serviced apartments, four food and beverage outlets, conference and banquet facilities, shopping arcade, health club, swimming pool, floodlit tennis court and squash court.

Mr Kishore Hirdaramani commented that “we are very pleased the group has purchased one of Sri Lanka`s landmark buildings. We believe the property has great potential and already enjoys an excellent reputation and branding. Hilton is a first class international operator and we feel the property will go from strength to strength.”

According to Craig Collins of Jones Lang LaSalle Hotels the exclusive agent who negotiated the transaction, “The Hilton JAIC Tower is one of Sri Lanka finest tourism establishments with a track record of consistent profit. He also mentioned, in offering the property for sale, strong interest was generated from both domestic and international buyers.”

“International visitor arrivals to Sri Lanka increased by 16.7% to record 436,400 visitors during 2002. The Hilton JAIC Tower is well positioning to benefit from these increased arrivals,” added Mr Collins.