This Code of Conduct (hereinafter referred to as the Code ) shall be called The Code of Conduct for Board Members and Senior Management Personnel of Bihar Hotels Limited (hereinaftere referred to as the “Company” ).

This Code envisages that the Board of Directors of the Company ( Board ) and Senior Management Personnel (as hereinafter defined) (collectively referred to as Officers ) must act within the bounds of the authority conferred upon them and with a duty to comply with the requirements of applicable law.

The purpose of this Code is to enhance ethical and transparent process in managing the affairs of the Company, and thus to sustain the trust and confidence reposed in the Officers by the shareholders of the Company. Officers are expected to understand, adhere to, comply with and uphold the provisions of this Code and the standards laid down hereunder in their day-to-day functioning.

The principles prescribed in this Code are general in nature and lay down broad standards of compliance and ethics, as required by Clause 49 of the Listing Agreement with The Magadh Stock Exchange of Patna ( referred to as “Stock Exchange”). The Officers should also review other applicable policies and procedures of the Company for specific instructions and guidelines, which are to be read in conjunction with this Code.

This Code shall come into force with effect from the 27 th day of July, 2008.