To, INDEPENDENT AUDITORS® REVIEW REPORT The Beard of Directors ‘The Phoenix Mills Limited LIMITED REVIEW REPORT OF THE UNAUDITED CONSOLIDATED RESULTS OF THE PHOENIX MILLS LIMITED FOR QUARTER AND NINE MONTHS ENDED 31" DECEMBER, 2015, We have reviewed the accompanying statement of Unaudited Consolidated Financial Results for the quarter/Nine months ended 31° December, 2015 (the Statement”) of The Phoenix Mills Limited (the Company”), its" subsidiaries and associates (the Company, its subsidiaries and associates constitute “the Group"). This statement is the responsiblity of the Company's Management and has been approved by the Board of Directors! Committee of Board of Directors. Our responsibilty isto issue a report on these financial statements based on our review. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial information Performed by the Independent Auditor ofthe Entity”. issued by the Instirute of Chartered Accountants of India, to the extent applicable. This Sundard requites that we plan and perform the review to obtain moderate assurance as to whether Statement is ffee of material misstatements. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly we do wot express an opinion. We draw attention to: 8) Note no. 4 of the accompanying Unaudited Consolidated financial results relating to the company’s investment in equity shares of Entertainment World Developers Limited (EWDL) and the pending realization from EWDL against the put option exercised on Fully Convertible Debentures (F CDs) of Treasure World Developers Private Limited (TWDPL). For the reason stated in aforesaid note, the provision of RS. 9,125 Lacs made for diminution of the above investments is considered adequate at this stage ) Note no. 6 of the accompanying Uneudited Consolidated finsncial results towards the cumulative provision rade for doubifil debis of RS. 3,960.55 Lacs, including Rs. 1721.19 Lacs for the period of nine Months, by the "management in one of the subsidiary based on the ongoing negotiations with the licensees ‘Our opinion is not qualified in respect ofthese matters, The accompanying Unaudited Consolidated Financial Results includes: 8) Unauaited financial results of fifteen subsidiaries which reflect total revenue of Rs. 32,884.03 Lacs and Rs, 87,927.31 Lacs for the quarter and nine months ended 21st December, 2015, respectively and the total profit fier tax of Rs. 3,334.15 Lacs and Rs. 8,509.85 Lacs for the quarter and nise months ended 31st Decomber, 2015 respectively and financial results of three associates in which the share of profit ofthe Group is RS. 61.98 Lacs and RS. 165.90 Lacs for the quarter and nine months ended 31st December, 2015 respectively that have been reviewed by one of ws. Page 1 of 2b) We did not review the unaudited financial results of nine subsidiaries which reflects total revenue of Rs 9066.14 Lacs and Rs, 21,646.98 Lacs forthe quarter and nine months ended 31st December, 2015 respectively and the total loss after tax of Rs. 4387.55 Lacs and Rs. 11,979.03 Lacs for the quarter and aine months ended Bist December, 2015 respectively and Unaudited financial results of to associates in which the share of loss of the Group is Rs. 27.39 Lacs and Rs. 44.37 Lacs for the quarter and nine months ended 31st December. 2015 respectively. These unaudited financial results these have been reviewed by another auditor whose reports are farnished to us and our report in so far as it relates tothe amounts included in respect ofthese subsidiaries and assoviates is based solely on the report of other auditors ©) In respect of one associat, the financial result as at 31% December, 2015 is not available and the Group's shares in the profit /loss of these associates have not been included in the Unaudited Consolidated Financial Results Group's share of loss in these associate forthe year ended 31° March, 2015 was RS. 2,754 ‘Our opinion isnot qualified in respect ofthese matters Based on our review conducted as above, nothing hus come to our attention that causes us 10 believe that the accompanying statement prepared in accordance with the applicable accounting standards and other recognized accounting practices and policies and has not disclosed the information required to be disclosed in terms of Clause 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 including the manner in wich it 1s tobe disclosed, or that it contains any material misstatement. For A. M. Ghelani & Company For Chaturvedi & Shah Chartered Aceountants Chartered Accountants (Firm Regisiyagion No. 103173) (Firm Registration No. 101720W) Chinen fice i Sesnate cnn ee Nea wo. 005 Wseaaip no. 102¥9 Newefey were Date: 10° February, 2016 Date: 10" February, 2016 Page 2 0f2INDEPENDENT AUDITORS" REVIEW REPORT To, The Board of Directors The Phoenix Mills Limited LIMITED REVIEW REPORT OF THE UNAUDITED STANDALONE RESULTS OF THE PHOENIX MILLS LIMITED FOR THE QUARTER! NINE MONTHS ENDED 31* DECEMBER, 2015 |. We have reviewed the accompanying saemeat of unaudited standalone financial results of The Phoenix Mills Limited for the quarter/ nine months ended 31* December, 2015. This statement ic the responsibilty of the Company's Management and has been approved by the Board of Directors) Commitee of Board of Directors. Our responsibility is ‘0 ‘soue a report on hese financial statements based on our review. 2. we conducted our review in accondance with the Standard on Review Engagements (SRE) 2410, “Review wf Interim Financial Information Performed by the Independem Auditor of the Entity” issued by the Institute of Chartered ‘Accountants of India. This standard requires that we plan and perform the review to ebiain moderate assurance as to ‘whether the financial statements ae free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an aut. We have not performed an audit and accordingly, we do not express an audit opinion. 4. Raced on our review conducted at above, nothing his come to our attention that causes us to believe that the accompanying statement prepared in accordance with the applicable accounting standards and otber recognized accounting practices and polices and bas not disclosed the information required tobe disclosed in terms of Clause 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 including the manner in which itis tobe ‘disclosed, or that it contains any material misstatement. Matter of Emphasis 4. We refer to Note No.4 of the accompanying Unaudited standalone financial results relating to the company’s investment in equity share: of Entertainment World Developers Limited (EWDL) and the pending revizaica fre #NIT against ‘the put option exercised on Fully Convertible Debentures (FCDs) of Treasure Worid Developers Private Limited (TWDPL). For the reason stated in the aforesaid not, the Company has made a provision of Rs. 8425.00 Lacs in the previous financial year, towards the diminution in the value ofthe above investments. The Management would review the adequacy of the said provision atthe year end, based on the future developmenss. ‘Our opinion is not qualified in respect of this mater, For A. M. Ghelani & Company For Chaturvedi & Shah Chartered Accountants < ‘Chartered Accountanis (Firm Registration No, 103173) 4 (Fim Registation No, 101720W) o Partner 2 Fignesh Mehta Partner Membership No. 104391 Membership No. 102749 Place: Mambsi Place: Mumbai Date: 10-07-2016 Date: 10-02-2016 Enclosed: Uneuuited financial rents fr the quarte/ nine months ended 31* December, 2015 of The Phocnix Mills Limited,