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.

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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. Such statements generally are identified by forward-looking words such as “believe”, “plan”,

“anticipate”, “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.

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TABLE OF CONTENTS

Section 1 Financial Results 4 Section 2 Overview 6 Section 3 Management Discussion & Analysis

3.1 Financial Highlights 7

3.2 Operational Highlights 11

3.3 Footfall Drivers 14

3.4 Film Performance 16 3.5 Key Developments 17 3.6 Present Status – Current Properties 18 3.7 Likely Opening Schedule FY 2008-09 19 Section 4 Shareholding Pattern as on 30th June, 2008 20

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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 Sl. No. Particulars 30.06.2008 30.06.2007 31.03.2008 (Audited) 1 Net Income from operations 6,022 5,480 23,608 2 Other Income 237 179 862 3 Total Revenues 6,259 5,659 24,470 4 Total Expenditure a) Film Distributors' Share 1,510 1,421 6,095

b) Consumption of food and beverages 377 380 1,579

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 5 Total Expenditure 5,484 4,618 20,601 6 Interest 233 142 682 7 Profit Before Taxes 542 899 3,187

8 Income Tax ( including deferred tax and other Tax Adjustments) (139) (286) (1,023)

Fringe Benefit Tax (15) (13) (58) 9 Net Profit (PAT) 388 600 2,106 10 Paid-up Equity Share Capital 2,301 2,301 2,301 11 Reserves and Surplus 17,487

12 Basic Earning Per Share - not annualized 1.62 2.48 8.78

Diluted Earning Per Share - not annualized 1.54 2.48 8.53

(fully paid up share of Rs.10/- each) 13 Aggregate of public shareholding No. of shares 13,651,126 13,690,101 13,690,101 Percentage of shareholding 59.32% 59.49% 59.49% Notes:

1 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.

2 Status of investor complaints / queries during the quarter ended June 30, 2007 :

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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.

4 The Company has during the quarter ended June 30, 2008 commenced operations at Ambience Mall, Gurgaon.

5 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.

6

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).

7 Rent expense for the current quarter is after reversal of excess provision of Rs 156 lacs made in last year.

8

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.

9 The Company has redeemed the 10,000,000 , 5% redeemable and non-cumulative preference shares of Rs. 10/- each on July 1, 2008.

10 EPS has been calculated after reducing dividend @ 5% p.a. plus tax thereon on the 10,000,000 , 5% redeemable and non-cumulative preference shares of Rs. 10/- each, from the net profit after tax.

11 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.

12 Previous period/year figures have been regrouped/rearranged, wherever considered necessary. For PVR LIMITED New Delhi Ajay Bijli 31-Jul-08 Chairman cum Managing Director

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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 India’s 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 Blu–O 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 Oberoi’s Mall at Goregaon,

Mumbai.

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Section 3.1 - Financial Highlights

(Rs. In lacs) (Rs. in lacs)

Particulars Three Months ended % Growth Year ended %

Growth

30.06.2008 30.06.2007 31.03.2008 31.03.2007

(Audited) (Audited)

Net Income from operations 6,022 5,480 10% 23,608 16,472 43%

Other Income 237 179 32% 862 715 21%

Total Revenues 6,259 5,659 11% 24,470 17,187 42%

Total Expenditure

Film Distributors' Share 1,510 1,421 6% 6,095 4,427 38%

Consumption of food and beverages 377 380 -1% 1,579 1,146 38%

Employee Cost 724 562 29% 2,471 1,927 28%

Employees Share Purchase Scheme - - 29 -100%

Rent 651 588 11% 2,929 1,771 65%

Other Expenditure 1,792 1,323 35% 6,017 4,570 32%

Total Expenditure 5,054 4,275 18% 19,091 13,870 38%

EBITDA 1,205 1,385 -13% 5,379 3,317 62%

Operating Margin (excl other income) 16.1% 22.0% 19.1% 15.8% EBITDA margin 19.3% 24.5% 22.0% 19.3%

Depreciation/Amortization 430 344 25% 1,510 1,242 22%

Interest 233 142 64% 682 550 24%

Profit Before Taxes 542 899 18% 3,187 1,525 109%

Income Tax -139 -286 -51% (1,023) (419) 144%

Fringe Benefit Tax -15 -13 15% (58) (50) 16%

Net Profit (PAT) 388 600 -35% 2,106 1,056 99%

As on

July-08 As on

June-07 Growth As on Mar-

08 As on

Mar-07 Growth Properties under Operation* 25 19 32% 22 18 22% Screens under operation 101 71 42% 84 68 24% Seats under operation 25980 18804 38% 21,853 17,710 23% * Excluding franchise properties

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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 Q1 2007-08 E-tax as a % of Gross Operating Income 12.0% 13.9% E-tax as a % of Gross Ticket Sales and Income from Revenue Share 17.6% 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

Figures in Rs Lakhs Quarter ended

30.06.2008 30.06.2007 growth Ticket Sales 3,245 3,130 4% Convenience fee 40 23 74% Income from Revenue Sharing 601 596 1% Sale of Food and Beverages 1,235 1,123 10% Advertisement & Royalty Income 901 556 62% Management fees - 48 -

Sale of Film Rights & Film Distribution - 5 -

Net Operating Income 6,022 5,480 10% Other Income 237 179 32% Total Income 6,259 5,659 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.

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.

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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:

Figures in Rs Lakhs Quarter ended

30.06.2008 30.06.2007 growth Interest / Dividend income 131 135 -3%

Rent Received 17 15 16%

Royalty Income - 8

Miscellaneous income 89 21 317%

Total Income 237 179 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.

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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 2008-

09 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.

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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.

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.

Footfalls (Mn) Quarter Ended Growth June-08 June-07

Comparable properties 3.01 3.85 -22% Non-Comparable / New properties 0.71 0.10 _ Own Cinemas 3.72 3.95 -6% Franchise cinemas 0.00 0.60 -100% Footfalls for the Qtr. 3.72 4.55 -18%

Yr 2008 Yr 2007 Growth

Annual Footfalls (Mn) 17.97 14.73 22%

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The average occupancy across our cinema circuit during the quarter and year ended June 2008 was as under:

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.

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.

Occupancy (%) Quarter Ended Growth

June-08 June-07Comparable properties 33.9 42.9 -21% Non-Comparable / New properties 25.4 24.4 _ Own Cinemas 31.8 42.1 -24% Franchise cinemas 0.0 45.9 -100% ATP for the Qtr. 31.8 42.5 -25%

Yr 2008 Yr 2007 Growth

Annual Avg. Occupancy 39.9 42.7 -7%

ATP (Rs) Quarter Ended Growth

June-08 June-07Comparable properties 136 124 10% Non-Comparable / New properties 147 73 _ Own Cinemas 138 123 12% Franchise cinemas _ 117 _ ATP for the Qtr. 138 122 13%

Yr 2008 Yr 2007 Growth

Annual Avg. ATP 127 117 8%

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The Spend per Head across our cinema circuit during the quarter ended June 2008 was as under:

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.

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.

Spend Per Head (Rs) Quarter Ended Growth

June-08 June-07Comparable properties 35.4 31.9 11% Non-Comparable / New properties 49.7 17.4 _ Own Cinemas 38.1 31.6 21% Franchise cinemas _ 29.9 _ ATP for the Qtr. 38.1 31.4 22%

Yr 2008 Yr 2007 Growth

Annual Avg. SPH 32.1 29.6 8%

Advertisement & Royalty Income (Rs Mn)

Quarter Ended Growth June-08 June-07

Comparable properties 80.1 55.5 44% Non-Comparable / New properties 10.0 0.1 _ Revnue for the Qtr. 90.1 55.6 62%

Yr 2008 Yr 2007 Growth

Annual Revenues 294 185 59%

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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

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Section 3.3 – Footfall Drivers

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Section 3.4 – Film Performance

Performance of Top Movies Released in Q1 2008-09

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.

Figures in Rs Mn

Net Box Office

PVR* All India**

% Contribution

Sarkar Raaj 45 366 12%

Bhootnath 24 314 8%

Jannat 25 248 10%

U Me Aur Hum 29 236 12%

Mere Baap Pehle Aap 23 198 11%

Top 5 Films 145 1362 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

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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

company’s production and distribution portfolios in the coming year. PVR Pictures is now owned 60% by PVR Limited.

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Section 3.6 – Present Status – Current Properties

City Name of property Screens Seats E Tax% on net E tax exemption Opening date Exemption date

1 Delhi Anupam, Saket 4 1,000 30% No Jun-97

2 Delhi Priya, Vasant Vihar 1 944 30% No Jan-00

3 Delhi Naraina 4 830 30% No Aug-01

4 Delhi Vikaspuri 3 921 30% No Nov-01

5 Gurgaon Metropolitan Mall 7 1,310 30% No May-03

6 Faridabad Crown Plaza 2 504 30% No May-04

7 Delhi Plaza 1 300 30% No May-04

8 Bangalore Forum Mall, Bangalore 11 2,011 40% No Nov-04

9 Ghaziabad EDM 3 726 60% Yes Mar-05 Apr-05

10 Hyderabad Central Mall, Hyderabad 3 926 20% No Feb-06

11 Delhi Rivoli 1 329 30% No Feb-06

12 Indore Treasure Island, Indore 5 1,140 50% Yes Apr-06 Apr-06

13 Lucknow Sahara Mall, Lucknow 4 874 60% Yes Apr-06 Apr-06

14 Mumbai Juhu 5 1260 45% Yes Apr-06 Jun-07

15 Mumbai Nirmal Lifestyle, Mulund 6 1,815 45% Yes Jun-06 Sep-06

16 Gurgaon Sahara Mall 2 528 30% No Jul-06

17 Aurangabad Aurangabad 3 1,156 40% Yes Sep-06 Jan-07

18 Latur Latur 3 1,136 34% Yes Oct-06 Jan-07

19 Baroda Baroda 3 1,094 20% No May-07

20 Ludhiana Flamez Mall, Ludhiana 4 1,025 50% Yes Aug-07 Aug-07

21 Delhi Prashant Vihar 3 786 30% No Aug-07

22 Delhi Select City Walk Saket 6 1,238 30% No Nov-07

23 Mumbai Goregaon* 6 1,783 45% Yes May-08

24 Gurgaon Ambience Mall 7 1,194 30% No May-08

25 Chandigarh Centra Mall 4 1,150 30% No July-08

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

Total Seats 25,980 Seats enjoying tax exemption* 10,915 As a % of total Seats 42%

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Section 3.7 – Likely Opening Schedule FY 2008-09

Cinema Location Screens Seats Status

Likely opening schedule

E Tax Exemption

1 PVR Goregaon Mumbai 6 1,783

Commenced Operations in May

2008 N /A Yes

2 Ambience Mall Gurgaon 7 1,194

Commenced Operations in May

2008 N /A

3 Centra Mall, Chandigarh

Punjab 4 1,150 Commenced Operations in July 2008 N /A

4 Phoenix Mills, Lower Parale Mumbai 7 1,860 Construction complete; Licensing

in Progress Q2 2008-09 Yes

5 Ghatkopar Mumbai 4 1,341 Mall under construction; hand-

over of property expected in Q3 Q4 2008-09 Yes

6 Ampa Mall Chennai 7 1,600 Construction presently stalled;

mall awaiting requisite regulatory Govt. approvals

Q4 2008-09

7 The Acropolis Ahmedabad 6 1,540 Mall under construction; hand-over of property expected in Q2 Q4 2008-09

Total 41 10,468

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Section 4 – Shareholding Pattern as on 30th June, 2008

Category of shareholder Number of

shares Shareholding %

(A) Shareholding of Promoter and Promoter Group[2] (1) Indian (a) Individuals/ Hindu Undivided Family 18172 0.08 (b) Central Government/ State Government(s) (c) Bodies Corporate 9344572 40.60 (d) Financial Institutions/ Banks Sub-Total (A)(1) 9362744 40.68

(2) Foreign (a) Individuals (Non-Resident Individuals/ Foreign Individuals) (b) Bodies Corporate (c) Institutions (d) Any Other (specify) Sub-Total (A)(2) Total Shareholding of Promoter and Promoter Group (A)= (A)(1)+(A)(2) 9362744 40.68

(B) Public shareholding[3] (1) Institutions (a) Mutual Funds/ UTI 2189908 9.52 (b) Financial Institutions/ Banks (c) Central Government/ State Government(s) (d) Venture Capital Funds (e) Insurance Companies 59295 0.26 (f) Foreign Institutional Investors 6681725 29.03 (g) Foreign Venture Capital Investors (h) Any Other (specify) Sub-Total (B)(1) 8930928 38.81

(2) Non-institutions (a) Bodies Corporate 1710117 7.43 (b) Individuals -

i. Individual shareholders holding nominal share capital up to Rs. 1 lakh. 1936463 8.41 ii. Individual shareholders holding nominal share capital in excess of Rs. 1 lakh. 955567 4.15

(c) Any Other (specify) Non Resident Indians 69460 0.30 Trust 262 0.00 Clearing Members 48329 0.21 Sub-Total (B)(2) 4720198 20.51 Total Public Shareholding (B)= (B)(1)+(B)(2) 13651126 59.32 TOTAL (A)+(B) 23013870 100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0 0.00

GRAND TOTAL (A)+(B)+(C) 23013870 100.00

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

Sr. No. Name of the shareholder Number of

shares Shareholding

%

1 FID FUNDS (MAURITIUS) LIMITED 2287737 9.94

2 OPPENHEIMER FUNDS 1102517 4.79

3 T ROWE PRICE NEW ASIA FUND 1340211 5.83

4 MATTHEWS INDIA FUND 879751 3.82

5 BENGAL FINANCE & INVESTMENT PVT. LTD 500000 2.17

6 HSBC ADVANTAGE INDIA FUND 449190 1.95

7 VARIABLE INSURANCE PRODUCTS FUND III 442073 1.92

8 LAXMI SHIVANAND MANKEKAR 407000 1.77

9 ANMOL FINPRO PVT 333452 1.45

10 UTI - EQUITY FUND 260421 1.13

11 CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED 249616 1.08

12 SHIVANAND SHANKAR MANKEKAR 243000 1.06

13 SUNIDHI SECURITIES & FINANCE LIMITED 240000 1.04

14 BIRLA SUN LIFE TRUSTEE COMPANY PVT LIMITED 233317 1.01

TOTAL 8968285 38.97

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Contact

For any further information and queries please feel free to contact:

Nitin Sood Piyush Sehgal Chief Financial Officer Manager - Finance

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