AIM
13 July 2006


          ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION 
                         IN ACCORDANCE WITH AIM RULE 2

ALL APPLICANTS MUST COMPLETE THE FOLLOWING:

COMPANY NAME:
INDIA HOSPITALITY CORP.

COMPANY ADDRESS:
c/o OGIER FIDUCIARY SERVICES (CAYMAN) LIMITED
QUEENSGATE HOUSE
113 SOUTH CHURCH STREET
P.O. BOX 1234 G.T.
GRAND CAYMAN
CAYMAN ISLANDS

COMPANY POSTCODE:
NONE

COUNTRY OF INCORPORATION:
CAYMAN ISLANDS

COMPANY BUSINESS OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS 
INVESTMENT STRATEGY TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (J) 
OF THE AIM RULES:
The Company will initially pursue acquisition(s) only of an Indian business,
businesses or assets focused on the hospitality, leisure, tourism, travel and
related industries, including but not limited to hotels, resorts, timeshares,
serviced apartments and restaurants. While Company's potential acquisitions
could come from any of these sectors, the primary focus will be on the
hospitality industry. The Company expects to pursue acquisitions initially only
in India. The Company expects to be an active investor and will seek, to the
extent permitted by all applicable laws, to control and operate any Target
Business that it acquires an interest in. Other than where the acquisition of a
company is not legally possible, the Company intends to acquire either the
entirety or a majority of such company, however, the Company may also consider
the possibilities of acquiring minority shares in such company. The Company's
management team has a successful track record of completing large-scale
acquisitions and minority investments in businesses competing in the
hospitality, leisure, tourism, travel and related industries. The Company's
management team's experience and familiarity with the hospitality, leisure,
tourism, travel and related industries is an important asset that will assist
the Company in implementing its business strategies and pursuing the Company's
growth opportunities. Subject to certain exceptions, the Company must complete a
Qualified Business Combination (as described in more detail in the Admission
Document) within 12 months of Admission.

DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, 
nominal value and issue price to which it seeks admission and the number and 
type to be held as treasury shares):
Ordinary shares with par value of $0.001 per share
Warrants over ordinary shares, each exercisable for one ordinary share at $5.00

The ordinary shares and warrants are being issued in Units, at $6.00 per Unit,
each Unit consisting of one ordinary share and 2 warrants.  The ordinary shares
and warrants will begin trading separately on the Admission Date.

CAPITAL TO BE RAISED ON ADMISSION:
(TBC)

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:
Jason Ader (Chief Executive Officer and Chairman of the Board of Directors)
Andrew Sasson (Chief Operating Officer and Director)
Raj Nandiwada (Vice President, New Business Development)
Christa Short (Director)
Pawan Munjal (Director)
Anthony Juliano (Director)
Manvinder Puri (Director)
Rajeev Talwar (Prospective Director)

PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A 
PERCENTAGE OF THE ISSUED SHARE CAPITAL BEFORE AND AFTER ADMISSION:
Before the Admission (Name / No of shares / % of issued capital):

Hayground Cove Asset Management LLC / 5,599,560 / 89.6% (Note 1.)

After the Admission (Name / No of shares / % of issued capital):

Hayground Cove Asset Management LLC / 7,766,227 / 24.5% (Note 1.)

Note 1.  Jason N. Ader, the Company's Chairman of the Board of Directors and
Chief Executive Officer, does not directly own any of Hayground Cove's Existing
Shares, Units being purchased by it in the Private Placing and Units being
purchased by it in the Offering; however, Mr. Ader is the sole member of
Hayground Cove, the managing member of the general partner for each of the funds
and accounts it manages and, in this capacity, he may be deemed the beneficial
owner of the ordinary shares held by Hayground Cove and the funds and accounts
it manages for purposes of applicable securities laws. Mr. Ader is also an
investor in certain of the funds managed by Hayground Cove Associates LP. 
Ordinary shares are and will be held by Hayground Cove Asset Management LLC for
itself and for the funds and accounts it manages.

NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 
2, PARAGRAPH (H) OF THE AIM RULES:
NOT APPLICABLE

ANTICIPATED ACCOUNTING REFERENCE DATE:
31 December

EXPECTED ADMISSION DATE:
28 July 2006

NAME AND ADDRESS OF NOMINATED ADVISER:
Deutsche Bank AG, London Branch
1 Great Winchester Street
London
EC2N 2DB

NAME AND ADDRESS OF BROKER:
Deutsche Bank AG, London Branch
1 Great Winchester Street
London
EC2N 2DB

DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE 
AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE 
APPLICANT AND THE ADMISSION OF ITS SECURITIES:
Deutsche Bank AG, London Branch
1 Great Winchester Street
London
EC2N 2DB

DATE OF NOTIFICATION:
13 JULY 2006

NEW/ UPDATE (see note):
NEW


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