Report on the performance for the Quarter ended June 30th, 2008

PVR LIMITED
(Incorporated on April 26,1995 as Priya Village Roadshow Limited and obtained certificate of commencement of business on December 4,1995. On June 28,2002 the name of our company was changed to PVR Limited) Block A, 4th Floor, Building No 9, DLF Cybercity Phase II, Gurgaon 122002, Haryana, India Phone : (91-0124) 4708100 Fax : (91-0124) 4708101

July 31st, 2008

The financial statements included in this quarterly report fairly presents in all material respects the financial condition and results of operations of the company as of, and for the periods presented in this report.

Disclaimer
Safe Harbor : - Some information in this report may contain forward-looking statements. We have based these forward looking statements on our current beliefs, expectations and intentions as to facts, actions and events that will or may occur in the future. anticipate, Such statements generally are identified by forward-looking words such as believe, plan, continue, estimate, expect, may, will or other similar words. A forward-looking statement may

include a statement of the assumptions or bases underlying the forward-looking statement. We have chosen these assumptions or bases in good faith, and we believe that they are reasonable in all material respects. However, we caution you that forward-looking statements and assumed facts or basis almost always vary from actual results, and the differences between the results implied by the forward-looking statements and assumed facts or bases and actual results can be material, depending on the circumstances. You should also keep in mind that any forward-looking statement made by us in this report or elsewhere speaks only as of the date on which we made it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward-looking statements in this report after the date hereof. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in multiplex business due to the entry of new players, including those factors which may affect our cost advantage, lack of good quality content, onset of new technologies such as DTH, IPTV and increasing penetration of Home-video, which may impact overall industry growth, wage increases in India, real estate costs increases, delay or failure In handover of properties from real estate developers, the success of our subsidiary companies, withdrawal of entertainment tax exemption granted by government and general economic conditions affecting our industry. In light of these risks and uncertainties, any forward-looking statement made in this report or elsewhere may or may not occur and has to be understood and read along with this disclaimer. Others: In this report, the terms we, us, our, PVR, PVRL or the Company, unless otherwise implies, refer to PVR Limited (PVR Limited) and its subsidiaries, PVR Pictures Limited, PVR Blue-O Entertainment Ltd, CR Retail Malls Private Limited and Sunrise Infotainment Private Limited.

2 of 22

TABLE OF CONTENTS

Section 1

Financial Results

Section 2

Overview

Section 3

Management Discussion & Analysis 3.1 Financial Highlights 3.2 Operational Highlights 3.3 Footfall Drivers 3.4 Film Performance 3.5 Key Developments 3.6 Present Status Current Properties 3.7 Likely Opening Schedule FY 2008-09 7 11 14 16 17 18 19

Section 4

Shareholding Pattern as on 30th June, 2008

20

3 of 22

Section 1 - Financial Results

PVR Limited Regd. Office : 61, Basant Lok, Vasant Vihar, New Delhi 110 057, India UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2008 (Rs. in lacs) Three months ended Year ended Particulars 30.06.2008 30.06.2007 31.03.2008 (Audited) Net Income from operations 6,022 5,480 23,608 Other Income 237 179 862 Total Revenues 6,259 5,659 24,470 Total Expenditure a) Film Distributors' Share 1,510 1,421 6,095 b) Consumption of food and 377 380 1,579 beverages c) Employee Cost 724 562 2,471 d) Rent 651 588 2,929 e) Depreciation/Amortization 430 344 1,510 f) Other Expenditure 1,792 1,323 6,017 Total Expenditure 5,484 4,618 20,601 Interest 233 142 682 Profit Before Taxes 542 899 3,187 Income Tax ( including deferred tax and other Tax Adjustments) Fringe Benefit Tax Net Profit (PAT) Paid-up Equity Share Capital Reserves and Surplus Basic Earning Per Share - not annualized Diluted Earning Per Share - not annualized (fully paid up share of Rs.10/- each) Aggregate of public shareholding No. of shares Percentage of shareholding (139) (15) 388 2,301 (286) (13) 600 2,301 (1,023) (58) 2,106 2,301 17,487 1.62 1.54 2.48 2.48 8.78 8.53

Sl. No. 1 2 3 4

5 6 7 8 9 10 11 12

13

13,651,126 59.32%

13,690,101 59.49%

13,690,101 59.49%

Notes: Out of balance proceeds of public issue, the Company has during the quarter ended June 30, 2008 spent a sum of Rs. 272 lacs towards projects under implementation, general corporate purpose and share issue expenses. The unspent money is temporarily invested in the units of Mutual Funds. Status of investor complaints / queries during the quarter ended June 30, 2007 :

4 of 22

Pending at the beginning Nil; Received 5; Disposed off 5; Pending at the end Nil . 3 Income from Operations as disclosed above are net of Entertainment Tax, Value Added Tax and Service Tax collected on generating such Incomes.

The Company has during the quarter ended June 30, 2008 commenced operations at Ambience Mall, Gurgaon. The Company is engaged in the business of Film Exhibition and there are no other reportable segments as per Accounting Standard 17 on Segment Reporting issued by ICAI. The Company has till date funded PVR Pictures Limited, CR Retail Malls (India) Private Limited, Sunrise Infotainment Private Limited and PVR bluO Entertainment Limited, its subsidiaries for Rs. 5,380 lacs by way of equity/preference share capital including Rs.230 lacs funded during the quarter ended June 30, 2008) and Rs. 3,478 lacs by way of loan/advances etc. (including Rs. 991 lacs funded during the quarter ended June 30, 2008). Rent expense for the current quarter is after reversal of excess provision of Rs 156 lacs made in last year.

The Company collects Entertainment Tax on sale of tickets of cinema operations. The Uttar Pradesh (UP) State Government has, with a view to encourage setting up of multiplexes in the state, granted an exemption to the Company from payment of entertainment tax. As advised by a tax expert, the Company has considered the amount of entertainment tax collected on sale of tickets of the cinema operations at two multiplexes at Uttar Pradesh and retained by it as capital receipt for income tax purposes and hence, not taxable. Accordingly, the tax provision for the current quarter is calculated based on the profits of the business as reduced by the amount of entertainment tax collected at aforesaid two multiplexes by the Company during the current quarter.

The Company has redeemed the 10,000,000 , 5% redeemable and non-cumulative preference shares of Rs. 10/- each on July 1, 2008. EPS has been calculated after reducing dividend @ 5% p.a. plus tax thereon on the 10,000,000 , 5% redeemable and noncumulative preference shares of Rs. 10/- each, from the net profit after tax. The results for the quarter ended June 30, 2008 have been subjected to a limited review by the statutory auditors. The above results as reviewed by the Audit Committee have been approved by the Board of Directors at their meeting held on July 31, 2008. Previous period/year figures have been regrouped/rearranged, wherever considered necessary. For PVR LIMITED

10

11

12

New Delhi 31-Jul-08

Ajay Bijli Chairman cum Managing Director

5 of 22

Section 2 Overview
We are a leading and premium Multiplex Cinema Exhibition company with growing presence across various verticals of lifestyle entertainment domain. PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 and the largest 11-screen multiplex cinema in the country in 2004. At present, our geographically diverse cinema circuit in India consists of 25 cinemas with a total of 101 screens spread over Delhi, Faridabad, Gurgaon, ludhiana, Chandigarh, Ghaziabad, Mumbai, Bangalore, Hyderabad, Lucknow, Indore, Aurangabad , Baroda and Latur. With approx. 18 million patrons visiting PVR multiplexes annually during FY 07-08, we are one of Indias most recognized film exhibition brands. Backed by a robust site selection model, PVR is regarded as one of the key Anchor tenant by leading real estate developers across the country and contributes significantly to the revenue potential of the retail development. This coupled with emphasis on marketing and promotions, implementation of uniform operational systems, processes and customer oriented staff training procedures has helped us build strong brand equity with our customers We successfully completed an Initial Pubic Offering (IPO) in December 2005 in which 77,00,000 equity shares were offered to the public consisting of a fresh issue of 57,00,000 equity shares and an Offer for Sale of 20,00,000 equity shares by ICICI Venture Funds Management Company Limited. We operate a film distribution and production business through PVR Pictures, a subsidiary of the company. PVR Ltd holds 60% shareholding in the subsidiary with the balance 40% stake held by JP Morgan Mauritius Holding Ltd and ICICI Venture in equal proportion (20% each). Some of the recent movies co-produced by PVR Pictures include Taare Zameen Par, Jaane Tu Ya Jaane Na and Contract. Apart from the movies co-produced, some of the other movies recently distributed by us include Sarkar Raj, Mere Baap Pehle Aap, Ghatothakach, Mithya, Shaurya, Bal Ganesh, Lions of Punjab, Breach, Hannibal Rising, Don, Omkara, Honeymoon Travels and Bheja Fry. To ramp up our presence across the lifestyle retail entertainment landscape, we have entered into a Joint Venture with Major Cineplex Group a leading film exhibition and retail entertainment company based out of Thailand, called PVR BluO Entertainment Ltd. PVR holds 51% shareholding in the Joint Venture with the balance 49% owned by Major Cineplex Group. The JV would set-up bowling alleys, karaoke centers and ice skating rinks across the country. Our first project a 24 lane bowling center at Ambience Mall, Gurgaon is expected to commence operation in Q4 FY 2008-09. The 100% subsidiaries of the Company are M/s CR Retail Malls (India) Pvt Ltd., which will implement the seven screen Multiplex Project at The Phoenix Mills compound at Lower Parel, a prime retail and entertainment destination in Mumbai. M/s Sunrise Infotainment Pvt Ltd., which operates the six screen Multiplex Project at The Oberois Mall at Goregaon, Mumbai.

6 of 22

Section 3.1 - Financial Highlights

(Rs. In lacs) Particulars Three Months ended 30.06.2008 30.06.2007 % Growth (Rs. in lacs) Year ended 31.03.2008 (Audited) Net Income from operations Other Income Total Revenues Total Expenditure Film Distributors' Share Consumption of food and beverages Employee Cost Employees Share Purchase Scheme Rent Other Expenditure Total Expenditure EBITDA Operating Margin (excl other income) EBITDA margin Depreciation/Amortization Interest Profit Before Taxes Income Tax Fringe Benefit Tax Net Profit (PAT) 1,510 377 724 651 1,792 5,054 1,205 16.1% 19.3% 430 233 542 -139 -15 388 1,421 380 562 588 1,323 4,275 1,385 22.0% 24.5% 344 142 899 -286 -13 600 25% 64% 18% -51% 15% -35% 11% 35% 18% -13% 2,929 6,017 19,091 5,379 19.1% 22.0% 1,510 682 3,187 (1,023) (58) 2,106 6% -1% 29% 6,095 1,579 2,471 4,427 1,146 1,927 29 1,771 4,570 13,870 3,317 15.8% 19.3% 1,242 550 1,525 (419) (50) 1,056 22% 24% 109% 144% 16% 99% 38% 38% 28% -100% 65% 32% 38% 62% 6,022 237 6,259 5,480 179 5,659 10% 32% 11% 23,608 862 24,470 31.03.2007 (Audited) 16,472 715 17,187 43% 21% 42% % Growth

As on July-08 Properties under Operation* Screens under operation Seats under operation * Excluding franchise properties 25 101 25980

As on June-07 19 71 18804

Growth 32% 42% 38%

As on Mar08 22 84 21,853

As on Mar-07 18 68 17,710

Growth 22% 24% 23%

7 of 22

Overall, Q1 was a very lackluster quarter for the movie industry and cinema exhibition industry. The quarter was impacted on account of the launch of Indian Premiere League (IPL), a cricket extravaganza, which lasted for a period of 45 days, coinciding with the school / college holidays. Unlike similar quarter last year, which had releases such as Spider Man 3, Namaste London and Life In a Metro, the first quarter of FY 08-09 was characterized by lower occupancies due to lack of quality movies, affecting the performance of the exhibition sector as a whole. Revenues Total Revenues for the quarter ended June 2008, were Rs. 6259 lacs as compared to Rs.5659 lacs during the corresponding quarter ended June 2007, higher by 11%. Revenues are reflected net of Entertainment tax, Sales Tax and Service Tax. During the period under review, the average entertainment tax for the company witnessed a favorable decline as shown below:

Q1 2008-09
E-tax as a % of Gross Operating Income E-tax as a % of Gross Ticket Sales and Income from Revenue Share 12.0% 17.6%

Q1 2007-08
13.9% 19.2%

The reduction in the average entertainment tax liability of the company has primarily been on account of addition of new screens in markets which are eligible for tax exemption / holiday. Out of the 101 screens operated by the company, 39 screens are enjoying entertainment tax exemption/ eligible for entertainment tax exemption. Revenue growth under various heads

Quarter ended Figures in Rs Lakhs Ticket Sales Convenience fee Income from Revenue Sharing Sale of Food and Beverages Advertisement & Royalty Income Management fees Sale of Film Rights & Film Distribution Net Operating Income Other Income Total Income 30.06.2008 3,245 40 601 1,235 901 6,022 237 6,259 30.06.2007 3,130 23 596 1,123 556 48 5 5,480 179 5,659 growth 4% 74% 1% 10% 62% 10% 32% 11%

Despite a sharp decline in overall occupancies from 42% to 32% across cinemas during the quarter under review, net operating income grew by 10%, led by higher ticket / F & B realization from comparable properties, revenue contribution from new properties and robust growth in advertisement revenues. Revenues from Ticket sales for the quarter ended June 2008 were Rs.3245 lacs (up 4% Y.O.Y.) and Income from revenue sharing for the quarter ended June 2008 was Rs.601 lacs (up 1% Y.O.Y.). Overall revenues from ticket sales and income from revenue sharing for the quarter ended June 2008 were higher by 3% over the corresponding quarter of previous year. Revenues from Food & Beverage sales for the quarter ended June 2008 were Rs.1235 lacs (up 10% Y-O-Y) in comparison with Rs 1123 Lacs earned during corresponding quarter of previous year.

8 of 22

Revenues from Advertising & Royalty Income for the quarter ended June 2008 witnessed a robust growth on account of growth in corporate alliances and increase in sponsorship revenues from existing as well as new cinema properties. The revenues for the quarter were Rs.901 lacs (up 62% Y-OY). Revenues from Convenience fee for the quarter ended June 2008 were Rs 40 Lacs, exhibiting a growth of 74% (Y-O-Y) on account of increase in tickets sales from website and allied channels like IVR, Mobile Ticketing etc. Overall, the company sold around 4.15 lacs tickets through website and allied channels during Q1 2008-09, representing around 11% of overall tickets sold. Other Income Other Income for the quarter ended June 2008 was Rs.237 lacs (up 32% Y-O-Y) and it includes the following:

Quarter ended Figures in Rs Lakhs Interest / Dividend income Rent Received Royalty Income Miscellaneous income Total Income

30.06.2008
131 17 89 237

30.06.2007
135 15 8 21 179

growth
-3% 16% 317% 32%

Expenses Film Distributors share: Film hire cost as a % of Net Operating Income was 25.1% during Q1 2008-09 as compared to 25.9% during Q1 2007-08. As a % of Net ticket sales and Income from revenue share, film hire cost was at 39.3% during Q1 2008-09 as compared to 38.1% during Q1 2007-08, essentially driven by increase in flow of content and shorter run of films. Food & Beverage Cost: F&B cost as a % of net F&B sales declined from 33.8% during Q1 2007-08 as compared to 30.5% during the quarter under review. A reduction in COGS % has been achieved through cost-effective F & B product-mix and higher realisation on account of F & B revenues. Personnel costs: Personnel cost as a % of Net Operating Income was 12% during Q1 2008-09 and 10.3% during similar quarter last year. The increase in on account of addition of new cinema properties and lower revenue realisation during the quarter under review . Rent: Rent cost as a % of Net Operating Income was 10.8% during Q1 2008-09 as compared to 10.7% during Q1 2007-08. Rent expense for the current quarter is after reversal of excess provision of Rs 156 lacs made in last year. Operating and Other expenses : These include repair & maintenance expenses, security charges paid to security agencies to provide security at our cinemas; electricity charges and water charges; insurance charges; expenditure on advertisement and publicity and sales and business promotion; expenditure incurred on various administrative and other overheads, such as traveling, printing & stationery, professional fees, communication expenses, bank charges etc.

9 of 22

The total Operating and other expenses grew from Rs.1323 lacs in Q1 2007-08 to Rs. 1792 lacs in Q1 2008-09, due to increase in number of cinema properties. As a percentage of Net Operating Income, Operating and other expenses were at 29.8% in Q1 200809 and 24.1% in FY 07-08. The increase in operating expenses has been on account of increase in R & M / Common Area Maintenance costs in mall-based properties and increase in Advertisement and publicity expenses due to launch of new properties. Earnings before Interest Depreciation and Tax (EBIDTA) EBIDTA declined from Rs.1385 lacs in Q1 2007-08 to Rs 1205 Lacs during the quarter under review. EBITDA margin declined from 24.5% to 19.3%, on account of lower revenue realization during the quarter under review. Profit After Tax (PAT) PAT for the quarter ended June 2008 was Rs.388 lacs, as compared to Rs.600 lacs during the corresponding quarter of previous year. EPS EPS (basic) for the quarter under review year was Rs.1.62 as compared to Rs.2.48 during the corresponding quarter of previous year.

10 of 22

Section 3.2 Operational Highlights

The operating performance has been analyzed by making a like to like comparison between properties which were operational during the corresponding period of the previous year (classified as Comparable Properties), properties which were not operational or operational only during a part period during the corresponding period of previous year (classified as Non Comparable Properties) and new properties which commenced operations during the year ( classified as New Properties). For the quarter under review, Prashant Vihar, Select City Walk, Ambi Mall and Ludhiana operated by PVR Ltd and Goregaon property operated by Sunrise Infotainment Pvt Ltd, a wholly owned subsidiary of PVR Ltd, have been categorized under New properties. Aligarh, where PVR has discontinued its operations, and Baroda have been categorized under Non-Comparable properties. During FY 08, PVR discontinued its franchise agreements with SRS and SPICE Cinemas and these two properties have been categorized as Franchise Cinemas. Footfalls We entertained 3.72 mn. patrons at our own cinemas during the quarter ended June 2008 as compared to 3.95 mn. patrons during the corresponding quarter in previous year. A weak movie line-up and below-average performance of key movies affected the footfalls for the quarter under review.

Footfalls (Mn) Comparable properties Non-Comparable / New properties Own Cinemas Franchise cinemas Footfalls for the Qtr.

Quarter Ended June-08 June-07

Growth

3.01 0.71 3.72 0.00 3.72

Yr 2008

3.85 0.10 3.95 0.60 4.55

Yr 2007

-22% _ -6% -100% -18%

Growth

Annual Footfalls (Mn)

17.97

14.73

22%

Occupancy With no block-buster movies and low patron turnout during the quarter under review, comparable properties witnessed a dip in occupancy in comparison with similar quarter last year. The overall occupancy level was further affected by lower occupancies at new properties, which have not yet stabilized.

11 of 22

The average occupancy across our cinema circuit during the quarter and year ended June 2008 was as under: Quarter Ended June-08 June-07 Growth

Occupancy (%) Comparable properties Non-Comparable / New properties Own Cinemas Franchise cinemas ATP for the Qtr.

33.9 25.4 31.8 0.0 31.8

Yr 2008

42.9 24.4 42.1 45.9 42.5

Yr 2007

-21% _ -24% -100% -25%

Growth

Annual Avg. Occupancy

39.9

42.7

-7%

Average Ticket Price Despite lower occupancies, the average ticket prices across our cinema circuit continued to witness a considerable growth over corresponding quarter of previous year. Quarter Ended June-08 June-07

ATP (Rs) Comparable properties Non-Comparable / New properties Own Cinemas Franchise cinemas ATP for the Qtr.

Growth

136 147 138 _ 138

Yr 2008

124 73 123 117 122

Yr 2007

10% _ 12% _ 13%

Growth

Annual Avg. ATP

127

117

8%

While the Comparable properties achieved an ATP increase of 10% over the corresponding quarter of previous year, overall ATP growth was 13% led by higher ATPs across newly opened PVR Premiere properties, including Select City Walk, Saket and Ambience Mall, Gurgaon, which operated at an ATP of more than Rs 225. Spend per Head Overall at a Company level, the average spend per head during the quarter ended June 2008 grew by 22% from Rs 31.4 in Q1 2007 to Rs.38.1 in Q1 2008. Spend per Head across the circuit grew at a robust rate of 11% over previous year, driven by strong growth in comparable properties and a high average Spend per Head from new properties, including PVR Premiere.

12 of 22

The Spend per Head across our cinema circuit during the quarter ended June 2008 was as under: Quarter Ended June-08 June-07

Spend Per Head (Rs) Comparable properties Non-Comparable / New properties Own Cinemas Franchise cinemas ATP for the Qtr.

Growth

35.4 49.7 38.1 _ 38.1

Yr 2008

31.9 17.4 31.6 29.9 31.4

Yr 2007

11% _ 21% _ 22%

Growth

Annual Avg. SPH

32.1

29.6

8%

Advertisement Royalty Income Total advertising & royalty income for the quarter under review were Rs 90.1 Mn in comparison with Rs 55.6 Mn earned during similar quarter last year. The growth in revenues was driven by an increase in corporate alliances / sponsorships, additions of new clients and increasing contribution from new / non-comparable properties that were part / not operational during similar quarter last year.

Advertisement & Royalty Income (Rs Mn) Comparable properties Non-Comparable / New properties Revnue for the Qtr.

Quarter Ended June-08 June-07

Growth

80.1 10.0 90.1

Yr 2008

55.5 0.1 55.6

Yr 2007

44% _ 62%
Growth

Annual Revenues

294

185

59%

Despite a 22% drop in footfalls, revenues from overall Comparable properties during the quarter under review witnessed a decline of only 8% as against similar quarter last year.

13 of 22

Section 3.3 Footfall Drivers

Premieres & Other Promotion Activities at PVR
Hindi Premiers / Star-Visits Ghatothkatch Jimmy Shaurya U Me Aur Hum Jimmy Sarkar Raj Yatra Jaane Tu Ya Jaane Na Contract Kismat Konnection Mission Istanbul Via Darjeling Hollywood Movie Premiers Indiana Jones 4 Speed Racer Incredible Hulk Persepolis The Dark Knight Batman Good Bye Bafana Sex and The City Be Kind Rewind Iron Man Spiderwick Chronicles Forbidden Kingdom and more..

n 3.5 Marketing & Promotion Initiatives

14 of 22

Section 3.3 Footfall Drivers

15 of 22

Section 3.4 Film Performance

Performance of Top Movies Released in Q1 200809
The top 5 movies released during the quarter grossed net collections worth Rs 136 Cr. Based on the All India net box office estimates for the top 5 movies released during this quarter (Data obtained from Ibosnetwork.com), PVR has consistently contributed approximately 11% of net box office collection of key movies.

Net Box Office Figures in Rs Mn PVR* All India** % Contribution

Sarkar Raaj Bhootnath Jannat U Me Aur Hum Mere Baap Pehle Aap Top 5 Films

45 24 25 29 23 145

366 314 248 236 198 1362

12% 8% 10% 12% 11% 11%

* Net box office earned by PVR till 22nd July 2008 ** Total Net box office revenue earned by Industry as on 22nd July 2008; Source: Ibosnetwork.com

Key Releases (August October 2008)

Ugly Aur Pagli Singh Is Kinng Good Luck Bachna Ae Haseeno God Tussi Great Ho Mukhbiir C Kkompany Maan Gaye Mughall-E-Azam Phoonk Rock On!!
Source: IndiaFm.com

16 of 22

Section 3.5 Key Developments

PVR crosses 100-screen benchmark Post commencement of operations at Oberoi Mall, Goregaon (6-Screen) and Ambience Mall, Gurgaon (7-Screen), PVR recently commenced the operations of its first multiplex in Chandigarh comprising of 4 Screens with 1141 seats. The new Multiplex has unparalleled leg rooms, liberal seat width, swanky interiors, state of the art sound and projection system which shall offer to movie goers a complete luxurious movie watching experience. With the opening of Chandigarh property, PVR now operates a network of 101 screens located at 25 locations across 14 cities in 9 States and 1 Union Territory.

Reduction in Entertainment Tax in Delhi The Government of Delhi vide notification No. F12 (3) / Fin. (T & E) / 2008-2009/ dated 17th July, 2008 has reduced the rate of entertainment tax on payment of admission applicable to all cinemas in Delhi from 30 percent to 20 percent .The company currently operates 8 properties with 23 screens in Delhi which will be eligible to pay a reduced rate of entertainment tax. Under the notification, the Government has also requested the cinema operators to pass on the benefit of such reduction to cinegoers by reducing the admission price of tickets. Punjab Government abolished Entertainment tax The Government of Punjab vide notification No 7/4/2008 ET.2 (9) /7/5 dated 7h April, 2008 has taken a decision in principle not to charge entertainment tax under the Punjab Entertainment tax (Cinematograph Shows) Act 1954 from the cinema houses with immediate effect. The company currently operates a 4-screen property located at Ludhiana in Punjab. PVR Pictures raises Rs 120 Crs from ICICI Ventures and JP Morgan During the quarter under review, PVR Pictures, a subsidiary of PVR Ltd, secured Private Equity Investment worth Rs 120 Cr from ICICI Venture (Rs. 60 crs.) & JP Morgan Mauritius Holding Ltd (Rs.60crs.) for a 20% stake to each of the investors. The deal values the production & distribution business at Rs 300 Cr. The funds will be used to add muscle and diversity to the companys production and distribution portfolios in the coming year. PVR Pictures is now owned 60% by PVR Limited.

17 of 22

Section 3.6 Present Status Current Properties

City 1 Delhi 2 Delhi 3 Delhi 4 Delhi 5 Gurgaon 6 Faridabad 7 Delhi 8 Bangalore 9 Ghaziabad 10 Hyderabad 11 Delhi 12 Indore 13 Lucknow 14 Mumbai 15 Mumbai 16 Gurgaon Name of property Anupam, Saket Priya, Vasant Vihar Naraina Vikaspuri Metropolitan Mall Crown Plaza Plaza Forum Mall, Bangalore EDM Central Mall, Hyderabad Rivoli Treasure Island, Indore Sahara Mall, Lucknow Juhu Nirmal Lifestyle, Mulund Sahara Mall Screens Seats E Tax% on net E tax exemption Opening date Exemption date 4 1 4 3 7 2 1 11 3 3 1 5 4 5 6 2 3 3 3 4 3 6 6 7 4 1,000 944 830 921 1,310 504 300 2,011 726 926 329 1,140 874 1260 1,815 528 1,156 1,136 1,094 1,025 786 1,238 1,783 1,194 1,150 30% 30% 30% 30% 30% 30% 30% 40% 60% 20% 30% 50% 60% 45% 45% 30% 40% 34% 20% 50% 30% 30% 45% 30% 30% No No No No No No No No Yes No No Yes Yes Yes Yes No Yes Yes No Yes No No Yes No No Jun-97 Jan-00 Aug-01 Nov-01 May-03 May-04 May-04 Nov-04 Mar-05 Feb-06 Feb-06 Apr-06 Apr-06 Apr-06 Jun-06 Jul-06 Sep-06 Oct-06 May-07 Aug-07 Aug-07 Nov-07 May-08 May-08 July-08 Aug-07 Jan-07 Jan-07 Apr-06 Apr-06 Jun-07 Sep-06 Apr-05

17 Aurangabad Aurangabad 18 Latur 19 Baroda 20 Ludhiana 21 Delhi 22 Delhi 23 Mumbai 24 Gurgaon Latur Baroda Flamez Mall, Ludhiana Prashant Vihar Select City Walk Saket Goregaon* Ambience Mall

25 Chandigarh Centra Mall Total

101

25,980

* Application for E-tax exemption has been filed with the relevant authorities and the approval is awaited; Property operated by Sunrise Infotainment Pvt Ltd, a wholly owned subsidiary of PVR Ltd

Geographical Distribution South West Total North

Seats % Distribution Screens % Distribution 13,659 53% 56 55% 2937 11% 14 14% 9,384 36% 31 31% 25,980 101

Total Seats Seats enjoying tax exemption* As a % of total Seats

25,980 10,915 42%

18 of 22

Section 3.7 Likely Opening Schedule FY 2008-09

Cinema 1 2 3 PVR Goregaon Ambience Mall Centra Mall, Chandigarh Phoenix Mills, Lower Parale Ghatkopar

Location Mumbai Gurgaon Punjab

Screens 6 7 4

Seats 1,783 1,194 1,150

Status Commenced Operations in May 2008 Commenced Operations in May 2008 Commenced Operations in July 2008 Construction complete; Licensing in Progress Mall under construction; handover of property expected in Q3 Construction presently stalled; mall awaiting requisite regulatory Govt. approvals Mall under construction; handover of property expected in Q2

Likely opening schedule N /A N /A N /A

E Tax Exemption Yes

Mumbai

1,860

Q2 2008-09

Yes

Mumbai

1,341

Q4 2008-09

Yes

Ampa Mall

Chennai

1,600

Q4 2008-09

The Acropolis

Ahmedabad

1,540

Q4 2008-09

Total

41

10,468

19 of 22

Section 4 Shareholding Pattern as on 30th June, 2008

Category of shareholder (A) (1) (a) (b) (c) (d) (2) (a) (b) (c) (d) Shareholding of Promoter and Promoter Group[2] Indian Individuals/ Hindu Undivided Family Central Government/ State Government(s) Bodies Corporate Financial Institutions/ Banks Sub-Total (A)(1) Foreign Individuals (Non-Resident Individuals/ Foreign Individuals) Bodies Corporate Institutions Any Other (specify) Sub-Total (A)(2) Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) (B) (1) (a) (b) (c) (d) (e) (f) (g) (h) (2) (a) (b) Public shareholding[3] Institutions Mutual Funds/ UTI Financial Institutions/ Banks Central Government/ State Government(s) Venture Capital Funds Insurance Companies Foreign Institutional Investors Foreign Venture Capital Investors Any Other (specify) Sub-Total (B)(1) Non-institutions Bodies Corporate Individuals i. Individual shareholders holding nominal share capital up to Rs. 1 lakh. ii. Individual shareholders holding nominal share capital in excess of Rs. 1 lakh. Any Other (specify) Non Resident Indians Trust Clearing Members Sub-Total (B)(2) Total Public Shareholding (B)= (B)(1)+(B)(2) TOTAL (A)+(B) (C) Shares held by Custodians and against which Depository Receipts have been issued GRAND TOTAL (A)+(B)+(C)

Number of shares

Shareholding %

18172 9344572 9362744

0.08 40.60 40.68

9362744

40.68

2189908

9.52

59295 6681725

0.26 29.03

8930928 1710117 1936463 955567 69460 262 48329 4720198

38.81 7.43 8.41 4.15 0.30 0.00 0.21 20.51

(c)

13651126
23013870 0 23013870

59.32
100.00 0.00 100.00

20 of 22

List of Non-Promoter Shareholders holding more than 1% of the total number of shares
Number of shares Shareholding %

Sr. No.

Name of the shareholder

1 2 3 4 5 6 7 8 9 10 11 12 13 14

FID FUNDS (MAURITIUS) LIMITED OPPENHEIMER FUNDS T ROWE PRICE NEW ASIA FUND MATTHEWS INDIA FUND BENGAL FINANCE & INVESTMENT PVT. LTD HSBC ADVANTAGE INDIA FUND VARIABLE INSURANCE PRODUCTS FUND III LAXMI SHIVANAND MANKEKAR ANMOL FINPRO PVT UTI - EQUITY FUND CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED SHIVANAND SHANKAR MANKEKAR SUNIDHI SECURITIES & FINANCE LIMITED BIRLA SUN LIFE TRUSTEE COMPANY PVT LIMITED

2287737 1102517 1340211 879751 500000 449190 442073 407000 333452 260421 249616 243000 240000 233317

9.94 4.79 5.83 3.82 2.17 1.95 1.92 1.77 1.45 1.13 1.08 1.06 1.04 1.01

TOTAL

8968285

38.97

21 of 22

Contact

For any further information and queries please feel free to contact: Nitin Sood Chief Financial Officer PVR Limited Block A, 4th Floor, Building No 9, DLF Cybercity Phase II Gurgaon, Haryana 122002 Ph : 0124-4708100, Fax : 0124-4708101
investorrelations@pvrcinemas.com

Piyush Sehgal Manager - Finance

22 of 22