INVESTOR PRESENTATION

February 2016

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 bluO Entertainment Ltd, PVR Leisure Limited, Zea Maize Pvt Ltd.

2

COMPANY OVERVIEW

109 Theatres

44 Cities

491 Screens

66 Million Guests

India’s largest cinema chain

Leadership position in India with approx. 30% share of

Hollywood Box Office and approx. 20% share of Bollywood Box

Office

4.5 mn sq.ft of operational retail space, another 3 mn sq.ft under

development

INR 17,729 million in revenue1

INR 3,174 million in EBITDA1

[1] Based on trailing 12 months from Dec 31, 2015

1

4

17 STATES 44 CITIES 109 CINEMAS 491 SCREENS 1,14,624 SEATS

INDIA – A HIGH GROWTH BOX OFFICE MARKET

Movie going is the number 1 entertainment option for people in India

Largest number of movies released in the world (1,000 movie releases and over

1.9 billion movie goers annually) 1

Domestic box office collections contribute almost 3/4th of the film industry

revenue2

[1]CRISIL Research Report May, 2015 [2]KPMG FICCI Report 2015 5

Source: MPAA Theatrical Market Statistics Report 2014

Source: KPMG FICCI Report 2015

Industry is projected to grow @ 10% CAGR in next 5 years

6th Largest movie market in the world

INDIA – A HIGH GROWTH BOX OFFICE MARKET

6

Under screened market with huge potential for growth

Modern day Multiplexes are growing & single

screens are shutting down

Source: KPMG FICCI Report 2015

Source: KPMG FICCI Report 2015

INDIA – A HIGH GROWTH BOX OFFICE MARKET

7

7

PVR

Diversified Product

Offerings Strong Location

& Product Strategy

Cutting Edge Technology

Best in class concessions

Leader in Ad revenues

Comfort & Convenience

Premium guest

experience

8

OUR KEY STRENGTHS

DIVERSIFIED PRODUCT OFFERINGS

Caters to Tier 2 & Tier 3 markets

Hygienic environment with basic facilities

Premium seating

7.1 Dolby Surround System

4k digital projection with 3D screens

Comfortable seating, with wider legroom

Mainstream cinema with latest amenities

7 Star movie experience along with fine dining

One of a Kind movie experience

Luxurious comfortable Reclining seats

Gourmet menu with live kitchen

Intended for an audience who desire a great, exclusive experience

Total 491 Screens

4 Screens

22 Screens

79 Screens

366 Screens

20 Screens

9

STRONG LOCATION AND PRODUCT STRATEGY

“A+ Site” real estate locations providing

competitive advantage

Anchor tenant in more than 50% of top 20

Malls in India

4.5 mn sq.ft. of existing real estate with another

3 mn signed for future rollout

Opened 27 screens, 26 more expected to open

in Q4, FY15-16

10

CUTTING EDGE TECHNOLOGY

100% Digital Screens using 2K DCI compliant projectors

Largest partnership with IMAX in India

Currently 3 screens operational

2 more IMAX installations in next 24-36 months

7.1 Dolby surround sound,4k digital system with 3D

Provide patrons with an enhanced audio-visual experience

DIGITAL SCREENS

IMAX

Enhanced Cinema Experience - ECX

DOLBY ATMOS

Largest partnership of Dolby Atmos in India

Highest 3D installations in India.

All properties are 3D enabled

3D Technology

11

40 46 53

64 72

FY11-12 FY12-13 FY13-14 FY14-15 9M FY15-16

F&B Spend per patron (INR)

BEST IN CLASS CONCESSIONS

Enhanced F&B offerings

Highest F&B spend per patron

12

25%

28% 29%

32%

36%

38%

FY11 FY12 FY13 FY14 FY15 9M FY16

BEST IN CLASS CONCESSIONS

Huge potential for growth

PVR

F&B Spend Per Head as a % of Average Ticket Price

27% 31% 34% 51% 47%

59%

CJ CGV MajorCineplex

Cineworld Regal AMC Cineplex

F&B Spend Per Head as a % of Average Ticket Price

Data: Company Financials (9 months CY15)

International Chains

USA Canada UK Korea Thailand

13

1,540 1,310

1,677

1,369

9M FY16 9M FY15 9M FY16 9M FY15

Comparable Total

9M, FY15-16 (INR mn)

531 654 859

1,517 1,771

FY10-11 FY11-12 FY12-13 FY13-14 FY14-15

Advertisement Revenue (INR mn)

LEADER IN ADVERTISEMENT REVENUES

Premium brand recognition leading to pricing premium

Partnership with multiple brands across sectors

Advertisement revenues 2X of the nearest competitor

14

23% 18%

COMFORT AND CONVENIENCE

Recliner Seats

Mobile App

Movie calendar

QR Code - paper less ticketing

Select and reserve your seat

Pre-book F&B

15

+100% price premium over normal seats

33% of total seats sold online representing 40% of Box office

PREMIUM GUEST EXPERIENCE

Past was about Quantity…

Future is about Quality…

Guest focused innovations

Improving productivity of existing assets (Refurbishment)

Maximizing Revenue/EBIDTA per guest

Focus on free cash flow and shareholder value

16

9M, FY15-16 PERFORMANCE SNAPSHOT - CONSOLIDATED

17

[1] Exceptional item include loss on write off of cinema & Bowling Centre under construction.

Particulars (INR mn) 9M Consolidated

FY 2015-16 FY 2014-15 Growth

Income 14,611 11,818 24%

Expenses 11,728 9,875 19%

Operating Profit 2,883 1,943 48%

Operating Profit Margin 19.7% 16.4% 3.3%

Other Income 170 27 531%

EBITDA 3,053 1,970 55%

EBITDA Margin 20.7% 16.6% 4.1%

Depreciation 893 915 -2%

EBIT 2,159 1,055 105%

Finance Cost 616 579 6%

PBT before Exceptional item 1,544 476 225%

Exceptional Item1 (37) 0 0%

PBT after Exceptional item 1,506 476 217%

Tax 210 4 5900%

PAT 1,296 472 175%

Box Office 54%

F&B 25%

Sponsorship Revenues

11%

Other Businesses

7%

Other Operating

Income 2% Other

Income 1%

Revenue Mix

Film Hire Charges

22%

Cost of Food & Beverages

7%

Personnel Expenses

9%

Rent 16%

Repairs and Maintenance

3%

Electricity & CAM 11%

Other Expenses

11%

EBITDA 21%

Expenditure Mix (% of Total Revenues)

193

181

190

181

9M, FY15-16 9M, FY14-15 9M, FY15-16 9M, FY14-15

Comparable Total

Average Ticket Price1 (Rs)

48 44

54 47

9M, FY15-16 9M, FY14-15 9M, FY15-16 9M, FY14-15

Comparable Total

Admits (mn) and Occupancy(%)

36% 33% 33%

36% 7,999

6,666

9M, FY15-16 9M, FY14-15

Net Box Office (Rs mn)

20% 9% 16% 6% 5%

F&B PERFORMANCE – 9M, FY 2015-16 - EXHIBITION

25.0%

28.8%

9M, FY15-16 9M, FY14-15

COGS

3,630

2,804

9M, FY15-16 9M, FY14-15

Net F&B (Rs mn)

29%

-3.8%

73

64

72

64

9M, FY15-16 9M, FY14-15 9M, FY15-16 9M, FY14-15

Comparable Total

Spend Per Head (Rs)

13% 12%

BOX OFFICE PERFORMANCE – 9M, FY 2015-16 - EXHIBITION

[1] ATP includes 3D Glasses upcharge

REVENUE & EXPENDITURE ANALYSIS – 9M, FY15-16 - EXHIBITION

% Share 9M, FY15-16 9M, FY14-15

Net Box Office 58.0% 59.9%

Food & Beverages 26.3% 25.2%

Advertising 11.7% 11.7%

Other Revenues 4.0% 3.2%

7,999 6,666

3,630

2,804

1,611

1,303

549

355

9M, FY15-16 9M, FY14-15

9M (Rs mn)

Net Box Office Food & Beverages

Advertising Other Revenues

8% 9%

11% 13%

3% 2%

17% 18%

9% 9%

9M, FY15-16 9M, FY14-15

Fixed Overheads (% of Total Income)

Other Expenses CAM & Electricity

Repair & Maintenance Rent

Personnel Expenses

34% 35% 42% 43%

9M, FY15-16 9M, FY14-15

Film Hire %

Film Hire as a % of Gross Box Office

Film Hire as a % of Net Box Office

20

ROCE ANALYSIS – EXHIBITION - AS ON 30 TH SEPT, 2015

1. Screens Operational > 2 years - Stabilized Screens

2. Screens Operational < 2 years – Yet to Stabilize

3. Screens under construction

[1] EBIT based on trailing 12 months from Sept 30, 2015 has been considered.

[2] Net Capital Employed is as on 30th Sept, 2015 . Net Capital Employed = Shareholders’ funds + Debt + Non current liabilities

Particulars (INR Mn) No of

Screens Net Capital Employed

Property Level After Allocation of

Corporate Overheads

EBIT ROCE EBIT ROCE

Screen Operational > 2 years (A) 393 8,989 2,326 25.9% 1,791 19.9%

Screen Operational < 2 years (B) 81 1,756 219 12.5% 115 6.5%

Operational Screens Total (A+B) 474 10,746 2,545 23.7% 1,906 17.7%

Screens under construction (C) 844

Grand Total (A+B+C) 11,589 2,545 22.0% 1,906 16.4%

Cash and Cash Equivalents (D) 3,712

Company Total (A+B+C+D) 15,301 2,545 16.6% 1,906 12.5%

21

BALANCE SHEET POSITION – AS ON 31 ST DEC, 2015

3.6

2.0

As on 31st Mar'15 As on 31st Dec'15

Debt1 / EBITDA2

Particulars March 31, 2015 December 31, 2015

Debt (INR mn) 1 7,470 6,646

EBITDA (INR mn)2 2,097 3,174

Gross Debt / EBITDA 3.6 2.0

[1] Excludes INR 3500 mn raised for funding DT acquisition

[2] Based on trailing 12 Months from Dec 31, 2015

4,475

9,307

7,470

6,646 1.7

0.7

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

As on 31st Mar'15 As on 31st Dec'15

Debt1 / Equity

Equity (INR mn) Debt (INR mn) D/E Ratio

4.5

6.2

3.5 4.3

FY14-15 9M FY15-16

EBIDTA per screen (Rs mn)

PVR INOX

32.1 30.1

24.2 22.0

FY14-15 9M FY15-16

Revenue per screen (Rs mn)

PVR INOX

2,099

3,053

1,310

1,776

FY14-15 9M FY15-16

EBIDTA (Rs mn)

PVR INOX

14,875 14,780

9,036 9,103

FY14-15 9M FY15-16

Revenues (Rs mn)

PVR INOX

SUPERIOR FINANCIAL PERFORMANCE VS COMPETITION

PVR outperforms the industry 22

65% 62%

60% 72%

45% 29%

37% 33%

1,771 1,677

815 716

FY14-15 9M FY15-16

Sponsorship Revenues (Rs mn)

PVR INOX

64 72

55 58

FY14-15 9M FY15-16

SPH (Rs)

PVR INOX

177

190

164 171

FY14-15 9M FY15-16

ATP (Rs)1

PVR INOX

59 54 41 42

FY14-15 9M FY15-16

Admits (mn) & Occupancy(%)

PVR INOX

SUPERIOR OPERATING PERFORMANCE VS COMPETITION

31% 25% 36%

31%

PVR outperforms the industry 23

44% 29% 8%

11%

134% 117% 24% 16%

[1] PVR ATP includes 3D Glasses upcharge

THANK YOU !