THE DISCOVERY OF INDIA

Annual General Meeting2007-2008

INDIAhas always been discovered by others!

CHINESE MUGHALS PORTUGUESE FRENCH BRITISH…

INDIA TOMORROW…Is all about INDIANSdiscovering INDIA!

INDIANSRe-discovering theSONE KI CHIDIYA

INDIANSDiscovering OPPORTUNITIES…

And that is precisely what we DISCOVERED

Right here in INDIA

DISCOVERY #1LIFE IN INDIA LIES BEYOND THEMETRO (IT’S ABOUT THE MANYINDIAS THAT LIVE IN INDIA)

Our RETAIL FOOTPRINT 6 MILLION SQ.FTACROSS 48 CITIES

OUR TWO PRONGED STRATEGY

Dominate where you are present

Add modern RETAIL in cities like Mangalore, Palakkad, Surat, Udipi, Anand, Kanpur, Haldia, Agra, Coimbatore, Jaipur & Panipat.

DISCOVERY #2MULTIPLY & RULE(MULTIPLY EXISTING FORMATS/MULTIPLY NEW FORMATS)

a. PANTALOONS

India discovers Fresh Fashion

In 8 cities 11 Pantaloons stores opened & 7 of them opened in March 2007.

That makes it 35 stores, over1 million sq.ft .

And we propose to add 15 more stores and an additional 0.5 million sq.ftduring FY 2008.

b. CENTRAL

Happiness in the heart of the city.

Now 5 Centrals in Bangalore, Hyderabad,Pune & Vadodara

Covering about 0.80 million sq.ft

Plus 3 more Centrals in FY 2008!

c. BRAND FACTORY

BEST BRANDS @ Smart Prices.

6 Brand Factory stores operational in Hyderabad, Bangalore, Pune & Ahmedabad, spread over 335,000 square feet

Plus 4 more in FY 2008.

With footfalls in excess of 2 million & nearly 30% of customers at each store were repeat customers.

d. BIG BAZAAR

(Becomes BIGGER & BETTER)Is se Bada aur Behtar koi nahin!

75 Big Bazaars in 45 cities

Including 5 Big Bazaar Super centersmeasuring over 100,000 square feet.

Going through the fastest ever expansion of a hypermarket format.

Big Bazaar Is About to Hit A Century This Financial Year

120 Big Bazaar by June 2008.

e. FOOD BAZAAR

New partnerships. New Initiatives.

Has acquired a new look, touch and feel, keeping in pace with the Indian consumer.

107 stores across the country, including 25 Independent outlets

PLUS

Private Labels performing better thannational/ International brands.

Private Labels in nearly 50 merchandise categories.

A new format Big Bazaar wholesaleclub.

And tie-ups with companies like ITC, Adanis,DCM Group, US Aid and other farm groups in Maharashtra/ M.P .

And by FY 07/08 the total number of Food Bazaars would be around 200

f. FUTURE IDEAS

Unique initiative in corporate India.

To ‘protect & preserve’ the soul of a small business/ enterprise in a large organization.

Through scenario planning, alternateapproaches, varied outcomes & solutionsand INCUBATION until success parametersare satisfied.

(Our Force Multiplier)

Successfully INCUBATED formats like TOP 10, Depot, Star & Sitara and Talwalkars Fit & Active.

g. FUTURE BAZAAR.COM

Click to enter the world of retail

Successfully reaching customers whereour formats don’t exist.

Customers clicking in from Asansol, Rajamundry, Bhatinda & Ludhiana.

In a market which is likely to grow 150%from Rs 2300 crores in 2006-2007 toRs 5500 crores in 2007-2008.

Plus click & mortar shopping combining on-line portal with catalogue/ kiosks located in malls and high streets.

DISCOVERY #3PARTNERSHIPS POWER PROGRESS

a. LEISURE & ENTERTAINMENT

Through its affiliate company, Galaxy Entertainment and its equal JV company with Blue Foods & Pan India Food Solutions Ltd.

i. GALAXY

Besides capturing a larger share of the consumption pie, it also helped create a loyalty factor amongst regular patrons.

F123, kids gaming & entertainmentopened in 9 centers

Sports Bar Express operational inMumbai, Indore & Bangalore

ii. BLUE FOOD & PAN FOODS

Together they cover over 100 locations,spread over 15 brands serving one million customers daily.

Through strong brands like Copper Chimney, Cream Centre, Bombay Blue, Noodle Bar, Spaghetti Kitchen & The Spoon.

To add 150,000 sq.ft in the next 12-18 months.

b. SPECIALITY RETAILING

Through its Joint venture companies PLANET RETAIL (India) Limited & FOOTMART RETAIL (India) Limited.

i. PLANET RETAIL

46 Planet Sports stores occupyingapproximately 100,00 sq.ft.

Other formats in this segment include Sports Warehouse, mono brand formatof ADIDAS and The Athlete's Foot.

ii. FOOTMART RETAIL

This JV has launched 21 ShoeFactoryoutlets covering 120,00 sq,ft of retail space

A new Format, Pairs launched in the lifestyle segment

To have 46 Shoe Factory & 6 Pairs outlets by FY 2008.

DISCOVERY #4AN EMERGING INDIA IS WAITINGTO DISCOVER GLOBAL RETAILSOLUTIONS IN INDIA

INTERNATIONAL JV’S

Staples Inc., a $ 20 billion company with presence in 23 countries - is one of the largest retailers in USA.

Staples Future Office Products Private Limited aims to replicate Staples global success in India.

Staples Inc will provides critical backend support for the business.

a) Specialty Retailing with STAPLES

b) JV with Axiom Telecom

Dubai based AXIOM TELECOM is thelargest/ leading distributor for internationalmobile brands.

Operates 200 outlets across UAE, Saudi Arabia, Bahrain, Oman & Kuwait.

Joins hands with CONVERGE M Retail, for backend expertise in sourcing and distribution.

CONVERGE M which operates 92 outletsacross India as on June 2007.

DISCOVERY #5

HOME IS WHERE THE OPPORTUNITYFOR GROWTH IS…PROVIDED YOU UNDERSTANDINDIAN HOMES

a. HOME TOWN

(Ab Ghar banana kitna aasaan)

In India, you don’t do it yourself

The store provides everything, includingservices to build, furnish, equip, decoratethe great Indian dream…

First Home Town of 125,000 sq.ft openedin Great India Mall, Noida in April 2007.

Now also present in Ahmedabad, Bangalore and Hyderabad.

Appreciated both by customers and trade.

The B2B segment and the country’s leading real estate companies have already placed orders.

PLUS

The company’s private labels KORYO & SENSEI in consumer durables alreadyhave a revenue share of 20%.

And a JV with Asian Electronics, a market leader in the retail lighting industry for providing lighting solutions for the retail consumers home needs.

b. CONSUMER DURABLES

19 new E-ZONE’S in the year under review,taking the total count in experience/ lifestyle electronics to 21.

And 68 Electronics Bazaars in the value segment.

The coming year to witness the launch of20 more E-Zone outlets.

Making your company the largest player in consumer durables/ electronics retail.

c. FURNITURE

10 Collection I stores opened during 2006-2007.

Plus 10 independent Furniture Bazaar outlets and 61 located within existing formats.

DISCOVERY #6BESIDES RETAILING OF PRODUCTS &SERVICES… WE ALSO NEED TO FACILITATE CONSUMPTION/RETAIL MONEY

Because the consumer credit toGDP ratio in India is just 8%.

Compared to 13% in Thailand,26% in Malaysia, 36% in Taiwan &58% in Korea.

(The Financial Supermarket)

a. FUTURE MONEY

Retail finance made ‘Simple, Easy & Convenient’.

65 Future Money outlets alreadyoperational + 400 more in the next 4 years.

And plans for creating some uniquefinancial products & brands.

b. FUTURE CAPITAL HOLDINGS

Capital as Catalyst

FCH one of the fastest growing financial services companies in India with asset advisory, retail financial services and proprietary research.

Dedicated business intelligence, transactions, operations teams have been created in the Private Equity, Real Estate & Hotel Space.

Real Estate space. The final frontier

c. FUTURE CAPITAL HOLDINGS / KSHITIJ

Kshitij Investment Advisory (KIACL) is the investment manager of the Rs 350 crore KshitijVenture Capital Fund.

Focusing on setting up malls of up to 500,000 sq.ft in Tier 2 cities across India.

And the development of 3 & 4 star design led-business hotels across India.

DISCOVERY #7RETAILERS MAKE PRIVATE LABELS. PEOPLE BUY BRANDS.(THAT IS WHY ALL OUR PRIVATE LABELS ARE DESIGNEDLIKE BRANDS)

FUTURE BRANDS

Future Brands will be the licensor of select brands under apparel, home products, consumer durables and food & beverages.

Its aim is to build sharp positioning differentiation for its brands through360 degree communication.

To begin with Future Brands will manage Dreamline, DJ&C, Bare, John Miller, Buffalo, Lombard, RIG, Tasty Treat and Fresh & Pure.

DISCOVERY #8INDIANS ARE DREAMING BIG, ALL THEY NEED NOW IS WINGS TO REALIZE THEIR DREAMS.

FUTURE GENERALI

Future Generali has commenced operations.

India still has one of the lowest insurance penetration in the world.

Plans include a pan India footprint of 100+ locations leveraging our retail strength in the next 5 years.

Ranked 30th on the Fortune 500 list, Generalihas more than 3,50,00 shareholders, 70,000 employees and is present in 40 countries.

DISCOVERY #9TO GROW THE CONSUMPTION MARKET, WE HAVE TO CREATE OUR OWN SUPPORT SERVICES

FUTURE MEDIA

Future TV Network now reaches 600 screens across group formats.

Future Activations has created a large client portfolio with blue-chip companies in financial services, FMCG and auto.

My World has emerged as one of the most popular women’s magazine.

Converting high footfalls in our stores into eyeballs through new media platforms.

FUTURE LOGISTICS

A consumer products led logistics company to cater to all group company’s logistics requirements.

FUTURE KNOWLEDGE SERVICESA KPO & BPO to harness information, covert into knowledge and act swiftly & efficiently.

DISCOVERY #10WHILE WE DISCOVER INDIA, THE WORLD IS DISCOVERING US.

Your company won the following international awards last year…

Emerging Market Retailer of the year 2007- World Retail Congress, Barcelona

EUROPE

Best of the BEST RETAILER 2006 & 2007, by Asia Pacific Top 500, Singapore

ASIA

International Retailer of the year 2007, by National Retail Federation, New York

THE AMERICAS

Business Leadership Award in Retail by NDTV.

Readers Digest Trusted Brands Platinum Award.

CNBC Awaaz most preferred Large Food & grocery Supermarket.

IMAGES Best Retail Destination & Best Value Retail Store.

PLUS A HOST OF NATIONAL ACCOLADES

PC World – Future Bazaar.comawarded Best Indian website in shopping category.

Hewitt International – Among the 15 best employers in India.

ASIA MONEY – Best managed Midcap Company In India.

… ACCOLADES

… And now for one of our biggest discoveries last year

DISCOVERY #11WE ARE NOT JUST ABOUT RETAIL ANYMORE

Retail is merely a point where all our businesses converge.

Where all the consumption opportunitiesthat will create India Tomorrowwill be discovered.

And theSONE KI CHIDIYAwill soar,yet again…

Do continue to be with is in our journey of discovering new customers, new markets, new geographies, and new business possibilities…

THANK YOU