Hines and DLF Announce Joint Venture to Develop Major Office Tower within Master-Planned, Mixed-Use Complex in Gurgaon

The New Delhi office of Hines, the international real estate firm,
and DLF Ltd., India's largest real estate company, announced today the
signing of a Memorandum of Understanding (MoU) to form a venture to
master plan and develop a site of 15 acres located on Golf Course Road
in Gurgaon, India. The site is located directly across from the DLF
Golf Course and its residential community known as DLF Golf Links.

Hines and DLF also announced the selection of the internationally
renowned firm Robert A.M. Stern Architects, to develop a master plan
for the entire site as well as design the first phase of the complex,
a major 30-story office tower of 80,000 square meters (860,800 square
feet) together with ground-floor retail space and a garage. This is
the first project in India for Hines and Stern. Previously, the firms
have collaborated on several projects in the United States, Mexico and
Brazil.

In addition to the office tower, the master plan is likely to
include high-end retail shops, restaurant and entertainment venues, a
hotel, and landscaped exterior and interior public spaces. It may also
include serviced apartments and a second office tower. The total
mixed-use complex is envisioned to include approximately 235,000
square meters (2.5 million square feet) of construction.

"We are proud that our first development project in India will be
in partnership with DLF," said Daniel MacEachron, managing director of
Hines India Real Estate Pvt. Ltd. "Golf Course Road is the premier
address in Gurgaon. DLF, Hines and Robert Stern share a vision that
this project should be the best-conceived and best-executed project in
Northern India."

"Our goal is to create a truly unique complex," said Rajiv Singh,
DLF's vice chairman. "Through a combination of exceptional design
provided by Bob Stern and his talented team, and the experience Hines
brings in the conceptualization and development of major urban
mixed-use projects in cities around the world, we feel we are
partnering with a world-class combination of talent. When completed,
this complex will be the heart of Gurgaon, commercially and as a
social-gathering destination."

"We are extremely enthusiastic to have the opportunity to enter
the Indian market with the commission for such a major urban complex,"
said Robert Stern.

DLF is the largest and leading real estate development company in
India. DLF was established in New Delhi in 1946. In its initial years
the company undertook the development of various prestigious South
Delhi colonies such as South Extension and Greater Kailash. Today DLF
is a major player across India, with presence in 31 cities. DLF's
projects span the entire gamut of real estate development -
residential, commercial, retail, hotels, infrastructure and Special
Economic Zone (SEZ) developments. The firm's real estate experience
includes over 220 million square feet of existing development and over
600 million square feet of planned projects.

DLF's office building division is one of the group's most admired
business lines. With nearly 32 million square feet of developed
buildings, as well as ongoing projects, the office sector is a
significant contributor to DLF's rapid rate of growth as an
organization. The company has undertaken the development of 22 urban
colonies, as well as an entire integrated 3,000-acre township, known
as DLF City in Gurgaon. DLF is committed to quality, trust and
customer sensitivity, as well as delivering on its promises with
agility and financial prudence. In September 2006 DLF was the only
real estate firm amongst the 60 businesses named Superbrands of India
in the real estate category.

Robert A.M. Stern Architects is a 300-person firm of architects,
landscape architects, interior designers and supporting staff. Over
its 38-year history, the firm has established an international
reputation as a leading design firm with wide experience in
residential, commercial and institutional work. Stern is Dean of the
Yale School of Architecture. As founder and Senior Partner he
personally directs the design of each of the firm's projects. Other
senior members of the design team who will be working on the Golf
Course Road project include Graham Wyatt, partner, who has been with
the firm since 1983 and Meghan McDermott, associate partner, who has
been with the firm since 1997.

Hines is a privately owned real estate firm actively engaged in
real estate development, investment and property management worldwide,
with presence in 15 countries and offices in 96 cities across the
globe. The Hines portfolio of projects underway, completed, acquired
and managed, includes more than 950 properties representing
approximately 380 million square feet. Total assets currently under
management are valued at approximately USD 16 billion.