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INDIA EXPENSE POLICY

TABLE OF CONTENTS
Table of Contents ....................................................................................................................... 1 Introduction ............................................................................................................................... 2 Travel ..................................................................................................................... .................. 3 Lodging .................................................................................................................... ................ 4 Ground Transportation .............................................................................................................. 5 Travel Miscellaneous ............................................................................................................. 6 Meals & Entertainment ............................................................................................................. 7 Late Night Expenses and Work on Non-Scheduled Work Days .................................................. 8 Trade & Professional Associations ............................................................................................. 8 Subscriptions .............................................................................................................................. 8 Office and Computer Equipment and Supplies .......................................................................... 9 Communication Costs ................................................................................................................ 9 Non-Reimbursable Expense Items - Other ............................................................................... 10 Reimbursement of Expenses Process........................................................................................ 10

India Expense Policy April 2013

INTRODUCTION
The India Expense Policy establishes procedures for Tishman Speyer India Private Limited (TSIPL) employees incurring expenses domestically, on the Companys behalf, to ensure that all employees have a clear and consistent understanding of policies and procedures for business expenses. All employees are responsible for adhering to these policies. For expenses incurred while travelling internationally, the Global Expense Policy must be adhered to. Please note that these policies supersede all previous India expense policies and may change from time to time. RESPONSIBILITY The Company will reimburse employees for all reasonable and necessary business expenses. The Company will not reimburse employees for expenses that are not in compliance with this policy. Both employees and their managers are responsible for ensuring compliance with this policy. EXPENSE REPORT FILING Expenses will be reimbursed in a timely fashion if they are appropriately documented, properly authorised and in conformance with this policy. Employees are required to file expense reports monthly (every 30 days). Expenses older than 90 days will not be reimbursed. EXPENSE REPORT REVIEW & APPROVAL Managers are required to thoroughly review and approve expense reports to ensure the validity and appropriateness of expenses, budgetary control and policy compliance. Accounts is responsible for auditing expense reports to ensure that proper original documentation and approvals are attached and that expenses submitted are in compliance with this policy. POLICY EXCEPTIONS Any exceptions to this policy would require joint approval of the Country Head and Human Resources Head and will only be approved in cases where there are legitimate business reasons for doing so.

India Expense Policy April 2013

TRAVEL
TRAVEL ARRANGEMENTS All employees must make their travel arrangements through the designated Office Coordinator in their location. Please note that in order for the Coordinator to proceed with any travel arrangements that are requested, they will need a written approval from the Country Head or concerned Functional Head, authorizing the travel. TSIPL has negotiated preferred rates and benefits with specific travel agents, hotels and ground transportation companies and travelers are required to utilize these preferred vendors where available. While the designated Coordinators will assist in keeping travel arrangements within policy, employees are expected to consider all options provided and select the most cost effective option.

AIR TRAVEL Ultimately, it is the responsibility of the employee to book the most cost-effective itinerary. This may mean considering one or more of the following: Departure times Airlines Airports Connections Advance bookings Air travel should be booked at the lowest available airfare including discounted and restricted fares, without causing unreasonable inconvenience (lengthy lay-overs, connections, etc.) to the traveler. Minor changes to travel times or carrier may mean substantial savings.

AUTHORIZED CLASS OF TRAVEL All tickets for domestic travel must be booked in Economy Class only. Tickets for International travel may be booked in Business Class. Please note that any international travel requires prior Country Head approval. ADVANCE BOOKING AND GUARANTEE OF AIRFARES Airline reservations and trips should be booked as early as practical to ensure availability and to take advantage of cost savings opportunities. Travelers should be aware that quoted airfares and itineraries cannot be guaranteed until actual ticketing occurs. Please confirm ticketing restrictions at the time of booking, especially if your itinerary is likely to change. UPGRADES Employees may use their personal frequent flyer miles or airline frequent flyer loyalty program status for upgrades provided there is no incremental cost to Tishman Speyer.

India Expense Policy April 2013

OVERNIGHT DELAYS If an airline delay creates an unexpected overnight stay, the employee should attempt to secure complimentary lodging from the airline. If unsuccessful, the employee should contact the designated coordinator in their location. FREQUENT FLYER MILES Employees may retain all frequent flyer program benefits for personal use. However, participation in these programs must not influence flight selection if this results in incremental cost to the Company. The Company will not reimburse travelers for upgrades purchased with frequent flyer miles. AIRPORT LOUNGES Dues for airport/business lounges will not be reimbursed. INTERNATIONAL TRAVEL DOCUMENTS, VISAS AND IMMUNIZATIONS REQUIREMENTS The cost of maintaining a passport is not reimbursable. Employees are reminded to check the expiration date of their passport periodically. Visas and immunizations are required in many countries. Coordinators will advise employees of any documentation requirements based upon their itinerary and refer them to the appropriate service provider. These costs are reimbursable and must be detailed in your expense report, unless billed directly to the company. Additionally, do contact your primary care physician for advice on immunization requirements. EMPLOYEES TRAVELING TOGETHER Company employees traveling on the same aircraft will be restricted to the following: No more than three (3) employees with the title of Managing Director or above or from the same department No more than five (5) employees on the same aircraft

LODGING

Please refer to the Global Expense Policy for preferred hotels and applicable limits, while travelling internationally. HOTEL GUIDELINES

Employees are required to stay at hotels with Company-negotiated rates. All designated coordinators maintain an updated listing of these hotels so please make sure that all hotel reservations are made only through them. Currently, we have a Bill to Company (BTC) arrangement with partner hotels, however due to administrative reasons and on account of changing Hotel policies, this is under review and effective 2014, we may move to a system whereby employees settle bills at check-out and claim reimbursements via ERS. MEALS INCLUDED IN HOTEL RATES Some hotel rates may include breakfast or other meals. Employees may not expense meals where the Company has negotiated meals, normally breakfast, or where meals are included within the room rate. However, in situations where the employee is conducting a meeting
India Expense Policy April 2013

outside the given hotel property, expensing a meal is acceptable in accordance with this Policy; see Meals & Entertainment Section below. HOTEL TELEPHONE USAGE Employees should avoid using hotel phones as charges are significantly higher than using their mobile phones. See Communications Costs Section below for more information. ROOM GUARANTEE Unless otherwise instructed at the time of reservation, all rooms will be guaranteed for late arrival. HOTEL CANCELLATION PROCEDURES Employees are responsible for cancelling hotel rooms and must contact the designated Coordinator or the hotel directly to cancel the reservation. Employees will be held responsible for no-show charges unless there is sufficient proof that the billing is in error, or the trip was cancelled after the cancellation deadline or if a connecting flight was missed (or cancelled) thus preventing the employee to arrive at his/her final destination or any other such extenuating circumstance. Be aware that hotel cancellation deadlines vary from hotel to hotel. Employees should request and record the cancellation number in case they contact the hotel directly, to help resolve any billing dispute that may arise.

GROUND TRANSPORTATION
PERSONAL CAR USAGE The use of your personal car for business travel will be reimbursed at the rates below: Cars: Rs 12 per Km. 2 Wheelers: Rs 6 per Km. This mileage allowance is intended to cover all auto costs (e.g. fuel, insurance, depreciation, maintenance and repairs). Parking fees and tolls are reimbursable with the proper receipts, however expenses incurred on account of traffic violations are not reimbursable. Travel costs between an employees home and office on standard working days (including parking, personal car mileage, taxis, tolls, etc.) are not reimbursable. Personal cars used between home and office on non-working days will be reimbursed at the allowable rate. TAXI AND PUBLIC TRANSPORTATION The cost of taxis to and from places of business, hotels, airports, rail stations, etc., other than normal home - office- home commute, is reimbursable. A car service should be used only when local taxi service is unavailable or local taxi service is more expensive. Employees required to work beyond 10:00 pm or to arrive before 8:00 am will be reimbursed for taxi fares to/from their home. Female employees required to work beyond 8:00 pm or arrive before 8:00 am will be reimbursed for taxi fares to/from their home.

India Expense Policy April 2013

CAR SERVICE Car service arrangements should be made through the designated Office Coordinators using Tishman Speyer preferred suppliers with whom agreements are in place. Employees are expected to always use the most cost-effective means of ground transportation. When travelling, the use of a car service is authorized only when more cost-effective services (hotel vans, shuttles, etc.) are not available, when there is a safety or language concern, or when specific activities require such use. If using a car service, a sedan or standard midsize car should be specified, unless the route and/or number of passengers necessitates the use of a different vehicle. Please note that excessive wait time charges or no show charges are the employees responsibility. If a scheduled appointment cannot be kept, the car must be canceled. Employees traveling internationally should contact local regional teams to determine appropriate local transportation arrangements.

TRAVEL - MISCELLANEOUS
FOREIGN CURRENCY EXCHANGE All expenses must be converted from foreign currency to the currency of the submitter at the actual exchange rate experienced. Foreign exchange advance can be obtained from the Accounts department prior to travel and all unutilized currency must be returned to Accounts within 7 days of completing the trip, along with a ERS report covering all expenses incurred while travelling abroad. INCIDENTAL AND MISCELLANEOUS EXPENSES Reimbursable incidental expenses include: Tips as per local custom, and should not exceed 20% at restaurants; reasonable cost for valet services. Hotel internet. Laundry reasonable laundry/dry cleaning costs for trips in excess of three nights, where it would be impractical to transport enough clothing for the duration of the trip. Please note that ironing charges are acceptable even during shorter trips. Laundry costs incurred after a trip are not reimbursable. Fitness center daily charges. Reasonable mini bar charges (bottled water, soft drinks, and snacks if working late). Pay-per-view movies, reading materials, toiletries and spa services are not reimbursable. When traveling, please check for tips and service fees that may already be included in the bill. SPOUSAL OR PARTNER TRAVEL Travel expenses for a spouse or partner are not reimbursable unless his or her presence is both essential and directly related to the effective accomplishment of the Company business. In these limited instances, the employee must obtain written approval in advance from the Country Head. This approval must be attached to the expense report on which the reimbursement is being claimed, and the spousal/partner expenses must be clearly identified and documented properly on the expense report.

India Expense Policy April 2013

MEALS & ENTERTAINMENT

MEALS WHILE TRAVELING Employees will be reimbursed up to the specified meal limits for personal meals while traveling domestically (see the Meal Limits section below). The meal allowance is intended to provide for the cost of meals while traveling and original receipts are required for reimbursement. MEALS AND ENTERTAINMENT Meals and entertainment must be directly related to the conduct of Tishman Speyer business. Expense limits are established below. Proper documentation in ERS must include: complete guest list with guests' full names, titles and company names nature of the business discussion original receipts, regardless of the amount The most senior employee present at the meal must pay for the business meal. Under no circumstances may a more junior employee pay with the approver included as a guest and then have the approver sign the expense report listing the charge. Any exceptions to the meal limits must be approved by the employees Country Head or Functional Head. If an employee is planning an external meal that will likely be above the External Meal limit, they should request pre-approval from their Manager, who will determine their approval based on the appropriateness of the business expense (including who will be at the meal and where it will be held). Employees who frequently host such external meals with tenants, brokers, investors or other potential clients should obtain pre-approval of a quarterly plan from their Manager to include multiple meals, attendance and proposed frequency. For such meals that are over the limit, the employee must note the pre-approval obtained from the Manager in the Memo field when submitting the item for reimbursement in ERS. MEALS WITH INTERNAL TISHMAN SPEYER EMPLOYEES Meals with internal Tishman Speyer employees are only reimbursable with prior approval by a Managing Director or Senior Managing Director and should stay within the internal meal limit stated in the Meal Limits below. The meal limits apply to each person participating in the meal and are determined by reference to the seniority of the expense submitter. This applies to meals at restaurants as well as meals brought into the office. MEAL LIMITS (PER PERSON)

India

1500

1000

1500

1200

2000

1500

2500

2500

2500

2000

3500

3000

Please refer to the Global Expense Policy for meal limits applicable, while travelling internationally.

India Expense Policy April 2013

WORKING MEALS Group working lunches, defined as meals catered in the office and served during a meeting lasting at least two hours, are reimbursable, require documentation as outlined above and should not exceed the limit for internal meals.

STAFF FUNCTIONS At the discretion of the Country Head or Functional Head, reasonable costs of staff gatherings for specific business occasions are reimbursable.
Region

LATE NIGHT EXPENSES AND WORK ON NON-SCHEDULED WORK DAYS

TRANSPORTATION If employees are required to work beyond 10:00 pm or arrive at work before 8:00 am, they will be reimbursed for taxi expense to/from their home. Female employees required to work beyond 8:00 pm or arrive before 8:00 am will be reimbursed for taxi fares to/from their home. As stated under Ground Transportation, personal cars used for non-standard working days (typically Saturday, Sunday or holiday) will be reimbursed at the current allowable rate plus parking and tolls. MEALS When employees are required to work past 9:00 pm they can be reimbursed for dinner up to the internal meal limits noted earlier. Receipts are required for reimbursement. Meals delivered to the office for a large group working late are reimbursable and require documentation according to policy. WEEKEND AND HOLIDAY MEALS Employees working in the office on a weekend or a holiday for which weekend or holiday work is not part of their regular scheduled work week will be reimbursed for meals. Reimbursement will be for actual expenses incurred and shall follow the appropriate meal limits.

TRADE & PROFESSIONAL ASSOCIATIONS

Dues for trade and professional associations will be reimbursed if the membership has a distinct and direct benefit to Tishman Speyer, as determined by the Country or Functional Head.

SUBSCRIPTIONS
Non-trade subscriptions and periodicals are not reimbursable and will not be paid by Tishman Speyer. Subscriptions to trade magazines, periodicals, and journals pertaining to an employees position are only reimbursable with prior approval from the employees Functional Head. Employees are encouraged to utilize online sources whenever possible and share trade publications to reduce costs.

India Expense Policy April 2013

OFFICE AND COMPUTER EQUIPMENT AND SUPPLIES

All office supplies must be ordered through the authorized Office Supplies vendor or Office Services. All computer equipment and supplies must be ordered through Information Technology In very rare circumstances, emergency purchases for small cost items can be processed on your expense report. If an employee must make an emergency technology purchase (hardware, software) it must be reported to the Information Technology Department.

COMMUNICATION COSTS
BLACKBERRIES When deemed necessary for your role, Tishman Speyer will provide a Blackberry to you and pay the monthly service charges. If phone service is included, it should be used for business purposes only. If personal call/ data charges are incurred, these should be highlighted upon receipt of the monthly bill, so that costs towards such personal usage can be deducted from payroll. As such, employees are encouraged to retain separate connections for personal usage, to avoid any confusion/ administrative burden. The following additional polices should be followed: New device approval: Blackberry device requests must be approved by the concerned functional head or Head of HR. Upgrades: New Blackberry devices must be used for 24 months before being replaced with upgraded equipment. Employees are permitted to upgrade their device to an approved model at their own cost. Lost/Stolen/Broken Devices: Employees are responsible for replacing any lost/stolen or broken device unless it is over 2 years old. Total Bill charges for Company provided Blackberries should not exceed the following limits:
Grade Limit per Month (In INR)

Senior Directors and above

6,000

Directors, Senior General Manager, General Managers 4,000 and Deputy General Managers Senior Managers and below 2,500

Any usage above these limits, requires Line Manager approval. Please note that International voice service will be restricted on all Blackberry devices unless it is necessary for the users role.

India Expense Policy April 2013

10 USE OF PERSONAL MOBILE CONNECTIONS

If a Blackberry is not provided to you by the company and you do need to use your personal cellular phone for making/ receiving official calls, you may claim reimbursement towards such expenses incurred (including rentals), via the ERS system, duly supported by bills, as follows: Grade Employees not provided with a Blackberry Limit per month (In INR) 1,000

REMOTE INTERNET ACCESS Internet access in hotels, airports and other remote locations is a reimbursable expense only when there is a business need. Employees should select the most economical service option considering their intended duration or need. Internet access from the employees home is not a reimbursable expense.

NON-REIMBURSABLE EXPENSE ITEMS - OTHER

Annual fees, late fees or finance charges for any credit card Personal calendars/organizers, calculators, and electronic organizers or devices Hotels, meals, entertainment, and other costs for personal time away Any premium for travel insurance or personal injury insurance outside the corporate coverage provided Personal clothing or accessories, including purchase or rental of formal wear Travel Club Memberships and Airline/Travel Lounges

REIMBURSEMENT OF EXPENSES PROCESS

EXPENSE REPORT ELIGIBILITY Every employee who incurs expenses on Tishman Speyers behalf must submit an expense report in order to be reimbursed for such expenses. When an employee is hired, his or her supervisor is responsible for making sure he or she is set up in the ERS system. Please contact the ERS administrator with any departmental changes that affect the approval process such as title changes, location or departmental moves, etc. EXPENSE REIMBURSEMENT PROCESS All expenses reports must provide all the appropriate documentation and fill in all fields in the online Expense Report System (ERS). A detailed help manual is available via ERS that explains how to create and submit an expense report. Please note the following highlights: Submit all expenses in your home currency, noting the actual currency and exchange rate used for expenses incurred abroad. The exchange rate used should reflect the rate from the day(s) on which the expenses were incurred. Enter any post-submission foreign exchange variances under the original expense type. Allocate expenses fairly to the relevant projects or functions based on the reason for the business expense. Itemize hotel expenses, entering each component into the appropriate expense type (e.g., Hotel, Meals, Telephone, etc).
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If an expense is out of policy (e.g., above meal or hotel limit), an explanation regarding the business reason for the policy exception is required in the Memo field. If the manager approves an expense item that is out of policy, an explanation from the manager is required in the Comment field when approving the expense report. Explain expenses adequately using the Purpose and/or Memo fields to prevent potential rejection or questions. For business related meals and entertainment, state in the Memo fields an essential business reason. List all names in the Attendees field for Meals and Entertainment (including internal and external attendees with their business affiliation). Submit expenses for Meals that occur during Entertainment events under Meals, not Entertainment. Submit a hard copy printout of the online report to the ERS Administrator (see ERS Administrator below) with supporting, original documentation for each expense. The printout of the expense report must be reviewed and signed by the expense submitter. No exceptions will be made. Attach small-sized receipts to A4 sized paper to ensure they are not lost. A copy of a credit card bill does not satisfy the requirement for original documentation. Highlight reimbursable charges on bills or receipts that include reimbursable and nonreimbursable costs, i.e., credit card bills, phone bills, etc. All expenses will be reviewed by your Expense Review Supervisor through ERS. Once approved, you will be reimbursed according to the schedule listed on the ERS system. Contact your local expense administrator if you have any questions regarding the expense process and/or what is reimbursable. ERS ADMINISTRATOR: Mehul Thakkar mthakkar@tishmanspeyer.com +91-22-6159 1011 DOCUMENTATION REQUIREMENTS Employees will be notified if receipts and/or the documentation provided to support expenses do not adequately meet policy requirements. The ERS Administrator will notify employees of missing/inadequate documentation by email with an explanation and instructions on how to resolve the issue. Missing/inadequate documentation must be resolved by the employee in a timely manner or there may be a delay in reimbursement. If there is any missing/inadequate documentation that is not adequately resolved, those expenses may not be reimbursed by the Company. ADJUSTMENT PROCESS On a monthly basis, the ERS Administrator generates and reviews exception reports for compliance with this Expense Policy. The ERS Administrator will contact employees regarding any non-reimbursable expenses discovered during the audit process. When an audit adjustment is required, the employee will be required to reimburse the company for the amount that was incorrectly paid to them.
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India Expense Policy April 2013