TR-1:   notification of major interests in shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Naya Bharat Property Company plc

2. Reason for the notification   (please tick the appropriate box or boxes) 

An acquisition or disposal of voting rights 

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights

X

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

QVT Financial LP

QVT Fund LP,

Quintessence Fund L.P.

Deutsche Bank AG London

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

13th November 2008

6. Date on which issuer notified:

   4th February 2009

7. Threshold(s) that is/are crossed or reached:

9%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares 

(if possible using the ISIN CODE)

Situation previous to the Triggering transaction 

Resulting situation after the triggering transaction

Number of Shares

Number of Voting Rights viii

Number of shares

Number of voting rights ix

% of voting rights

Direct

Direct  x

Indirect xi

Direct

Indirect

Ord USD 0.01

4,975,000

4,975,000

N/A

N/A

N/A

N/A

9.2%

B: Financial Instruments

Resulting situation after the triggering transaction xii

Type of financial instrument

Expiration date xiii

Exercise/ Conversion Period/ Date xiv

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

N/A

N/A

N/A

N/A

N/A

Total (A+B)

Number of voting rights

% of voting rights

4,975,000

9.2%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable xv:

QVT Financial LP, an investment manager for QVT Fund LP, Quintessence Fund L.P. and an account managed for Deutsche Bank AG London.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

None

14. Contact name:

Lars Bader

QVT Financial LP

15. Contact telephone number:

+1 (212) 705 -8800