d 35-38 St James Place London SW1AINY PKF (UK) LLP Chartered accountants Farringdon Place 20 FarrIngdon Road London EC1M 3AP EFTA00723384 DUKES HOTEL LIMITED CONTENTS Page Directors' report 4 - 5 Statement of directors' responsibilities 6 Independent auditors' report 7 - 8 Profit and loss account

ulayem <[email protected]> Date: April 16, 2010 10:25:39 PM GMT+01:00 To: Jcs Staley JP Morgan 15th April 2010 Mr. Jes Staly JP Morgan Dear Jes, DUKES HOTEL LIMITED — REFINANCING REQUIREMENTS We have a requirement of refinancing the loan facilities availed for the acquisition of Dukes Hotel in London. Dukes is