16 January, 2012 News Release Announcement regarding Cushman Wakefield Valuation LONDON - Hirco PLC (AIM: HRCO), announces that it has received from its joint venture partner, Hiranandani Developments Private Limited ("HDPL"), a Cushman

& Wakefield International (CWI) valuation report regarding the Panvel and Chennai development projects. The CWI report values the Panvel and Chennai projects at a total amount of £556m based on what they term best use assumptions.
Hirco previously released a report from its own valuers, CBRE, which valued the projects at £343m based on "current development assumptions." The CBRE report also valued the projects at £501m based on best use assumptions. The primary reasons for the difference between CBRE's £501m valuation figure and CWI's £556m
valuation figure are that CBRE uses a higher cost of capital than CWI while CWI makes more aggressive assumptions regarding the absorption of product into the Panvel and Chennai markets.

Contacts: Hirco Plc

Nigel McGowan Company Secretary ir@hircoplc.co.im

Singer Capital Markets Limited (Nominated Adviser)

James Maxwell (Corporate Finance)
+44 (0)20 3205 7500

ENDS
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Hirco: Announcement regarding Cushman Wakefield Valuation