Sobha : Outcome of the Board Meeting

BATL/801 & ASSOCIATES LLP

Chartered Accountants

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Limited Review Report

Review Report to

The Board of Directors Sobha Limited

We have reviewed the accompanying statement of unaudited standalone financial resu lts of Sobha Limited (the 'Company') for the quarter ended June 30, 2017 (the "Statement") attached herewith, being submitted by the Company pursuant to the requ irements of Regu lation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.

The preparation of the Statement in accordance with the recognition and measurement princi ples laid down in Indian Accounti ng Standard 34, Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015 read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to express a conclusion on the Statement based on our review .

We conducted our review in accordance with the Standard on Review Engagements 2410 , Review oflnterim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accou ntants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion .

In respect of unaud ited standalone financial resu lts, we did not review the financial information as regards Company's share in profits of partnership firm (post tax) amounting to 68 million for the quarter ended June 30, 2017. The financial information has been audited by other auditors whose reports have been furnished to us, and the Company's share in profits of partnership firm investments has been included in the unaudited standalone financial results solely based on the report of other auditors.

S.R. Batliboi & Associates LLP, a Limited Llab1l1ty Partnership with LLP Identity No.AAB-4295 Regd. Office : 22. Camac Street. Block ·c.3rd Floor Kolkata-700 016

S.R. BATL/80/ & ASSOCIATES LLP

Chartered Accountants

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the applicable Ind ian Accounting Standards specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015, read with SEBI Circular No. CIRJCFD/FAC/62/2016 dated July 5, 2016, including the manner in which it is to be disclosed , or that it contains any material misstatement.