Indian Apparel Retail Sector An Overview Prepared By the world's leading M&A alliance June 2007 Strictly Confidential

Indian Apparel Retail Industry Indian Apparel Industry - Overview The Indian Apparel Industry is segmented into two sectors: Domestic & Export segm ents RMG* Market Size : 2005-06 Industry size (Rs. Million) - Domestic Market size (A) - Export Market size (B) Total Market size (A +B) Value ( EUR Billion) Per cent 68.8 31.2 100 13.64 6.10 19.75 Note: Per cent indicates the domestic and export market with respect to the tota l market size. * RMG Ready-Made Garment Industry India is very strong in niche segment and short-run fashion garments the world's leading M&A alliance Source: CRISIL Research, Readymade Garment (Annual Review) February 2007

Ready-Made Garment Industry The Domestic RMG industry is highly fragmented with a few players in organized s ector This degree of fragmentation can be attributed to the erstwhile government policies Small and unorganized local players largely dominate the domestic RMG Market The domestic market worth Euro 13.64 billion can further be segmented int o: Men's wear segment Women's wear segment Kid's wear segment Value (EUR Billion) - Men's Wear segment - Women's Wear segment - Kid's Wear segment Per cent 41.4 34.4 24.2 5.65 4.69 3.30 Note: The values and percentage in the table corresponds to the domestic market only. the world's leading M&A alliance Source: CRISIL Research, Readymade Garment (Annual Review) February 2007

Ready-Made Garment Industry Of these three segments, Men's Wear segment is estimated at 5.65 Euro billion in 2 005-06 accounting for about 41.4% of the total domestic RMG market Segment has g rown at a CAGR of around 8% from 2001-02 to 2005-06 Men's Wear segment has further been categorized as depicted by the diagram COATS CASUAL T-SHIRTS MENS SEGMENT COATS FORMAL JEANS WEAR SHIRTS TROUSER DRESSES T-SHIRTS WOMENS SEGMENT SAREES The Women's Wear segment is estimated at 4.69 Euro billion in 2005-06 accounting f or about 34.4% of the total domestic RMG market Segment has grown at a CAGR of 8 % from 2001-02 to 2005-06 Women's Wear segment has further been categorized as de picted by the diagram JEANS WEAR SHIRTS /TROUSERS TOPS the world's leading M&A alliance Source: CRISIL Research, Readymade Garment (Annual Review) February 2007

Ready-Made Garment Industry The Kid's Wear segment is worth 3.30 Euro billion and accounts for about 24.2% of the total domestic RMG market segment has grown at a CAGR of 14% from 200102 to 2005-06 Kid's Wear segment has further been categorized as depicted by the diagram UNIFORM T-SHIRTS KIDS SEGMENT REGULAR DRESSES JEANS WEARS SHIRTS TROUSER the world's leading M&A alliance Source: CRISIL Research, Readymade Garment (Annual Review) February 2007

Ready-Made Garment Industry The export market for readymade garment is estimated at 6.19 Euro billion of the total market size. The United States (US) and the European Union (EU) being the key destinations. Value (EUR Billion) - US - EU (25 countries) - Others countries TOTAL 2.42 3.12 0.66 6.10 Per cent 39.0 50.4 10.6 100 Note: These values and percentage is corresponding to the export market only. The RMG industry is the second largest employment generator & employs nearly 4.5 million people. the world's leading M&A alliance Source: CRISIL Research, Readymade Garment (Annual Review) February 2007

SWOT Analysis of Indian Apparel Industry STRENGTHS Increasing disposable incomes of the people Brand conscious customers Availability of cheap finance Growing domestic market, increase in number of mal ls OPPORTUNITIES Increasing demand for luxury brands from the middle class Research and new product development can help the companies to move across the value cha in WEAKNESSES Predominance of unorganized sector Technological obsolescence in the supply chain THREATS Increased competition in the domestic markets Cheaper imports Changing G overnment's policy on FDI the world's leading M&A alliance

Foreign Direct Investment (FDI) The Department of Industrial Policy & Promotion issues the guidelines for Foreig n Direct Investment in India FDI upto 51% has been allowed in retail trade of `sin gle brand' products with prior government approval and under certain condition: Pr oducts to be sold should be of a `single brand' only Products should be sold under t he same brand internationally `Single Brand' product retailing would cover only prod ucts that are branded during manufacturing For example: an umbrella brand like ` Christian Dior' would not be allowed to stock different brands like j'adore, Pure Passion and Dior Addict in one store the world's leading M&A alliance Source: www.dipp.gov.in

Foreign Direct Investment CURRENTLY PERMITTED ROUTES FRANCHISING CASH & CARRY ( wholesale trade) JOINT VENTURE DISTRIBUTION MANUFACTURING Franchising Rights are granted by one party to another for some stipulated amount of money F ranchisee is allowed to conduct business using Franchiser's know how and brand nam e Joint Venture International brands provides equity and support to a local Indian entity Share of the foreign player is restricted to 49% Distribution International Player sets up a distribution office in India and supplies product s for sale to local retailers Can also set up franchised outlets for brands Cash & Carry (Wholesale Trade) Allowed 100% FDI under the automatic route by FIPB, model is designed in a way t hat the wholesaler deals with small retailers Manufacturing International Player sets up an Indian company to manufacture its product and al so gets the right to retail in India Source: www.dipp.gov.in the world's leading M&A alliance

Key Business Models for Manufacturing of Apparel Business models can be categorized as following: Manufacturing the apparel on their own Purchasing the apparel from the contract suppliers / outsourcing Giving the designs to the contract supplier and get the apparel manufactured Manufacturing Stage Distribution Stage Branding Stage Brand owner may provide designs and/or raw materials Outsource Manufacturing Brand Name Own Manufacturing Sell to a brand owner or Pu rchase brand Distribute through own stores Distribute through MultiBrand Outlets the world's leading M&A alliance

Key Business Model Companies may follow a Single Strategy from among the list of business models me ntioned before. Very often a company can combine one or more of the mentioned bu siness models to form a Multiple Strategy For eg. partly manufacturing and partly outsourcing, owning a few brand names an d purchasing some from others, selling partly through the own stores and through Traders and Commission Agents. There is also a dominant role played by the play ers in the unorganized sector Some of the participants from this sector are: Traders purchasing branded or un-branded garments and selling them through own r etail shops or to other retailers Commission Agents - acting as a middle agencie s between manufacturer, purchaser and distributor. the world's leading M&A alliance

Distribution Channels in Indian RMG Industry DISTRIBUTION CHANNELS OWNED STORES / EXCLUSIVE BRAND OUTLET DISCOUNT STORES RETAILERS DISTRIBUTORS EXPORTS MULTI-BRAND OUTLETS or SHOPPING MALLS the world's leading M&A alliance

Various Distribution Channels Owned Stores / Exclusive Brand Outlets Advantages direct medium of selling apparel high realization for the garment sold end-user feedback and knowledge of their preferences Disadvantages requires greater adver tising expenditure greater fixed costs Some of the Players following this channe l Provogue Raymonds Manufacturer-cum-Distributor Madura Garments Arvind Brands Z odiac Clothing Century Textiles the world's leading M&A alliance

Various Distribution Channels `Multi-Brands Outlets' or Shopping Malls Organization sells apparels to multi-brand outlets, which in turn sell them thro ugh large retail space MBO's are located in prime locations of the various cities and towns ensuring maximum reach MBO's are chain of shopping malls having a presen ce in more than one location Realization from this channel is lower than those e arned by selling to the retailers; as MBO's keep higher margins because their costs are higher Some of the major players in this channel of distribution: Shopper's Stop Pantaloon Retail Westside (Trent) Manufactu rer-cum-Distributor Globus Pyramid Retail Reliance Retail the world's leading M&A alliance

Various Distribution Channels Distributors This channel involves two middle agencies between the seller and the end-user Or ganization sells it to the distributor, who in turn sells to the Retailers or MB O's Realization from this channel are low Discount Stores For selling apparels at lower prices to attract larger volumes Used for selling apparels with minor defects or for selling slow moving stocks Low realization fr om this channel as garments are old-fashioned or sold at low prices for gaining big volumes Retailers Company sells garment to Traders or Commission Agents Greater reach of the distr ibution channel Creation of a middle agency between the organization and the end -user Lower realizations from this channel the world's leading M&A alliance

Comparison Between Different Distribution Channels Higher realizations than selling through distributors Low realizations, but lowe r advertising and fixed costs HIGH RETURNS MEDIUM LOW Advertising and fixed costs are lower RETAILERS & MBO's High realizations, but advertising and fixed costs are high OWN STORES DISTRIBUTORS DISTRIBUTION CHANNELS the world's leading M&A alliance

Industry Snapshot AT Kearney report suggests that the Indian retail market has the largest growth potential in comparison to the international retail market and is expected to gr ow to 4 to 5 per cent a year in volume and 13 per cent in value. Some important upcoming potential players of this market are: The $600 million Dubai-based The Landmark Group which entered the Indian market in 1999, with its chain of premiu m Lifestyle Store' the group aims to provide a stiff competition to the retail ma jors like Pantaloon, Westside, Shopper's Stop The Group has its presence in 5 citi es - Chennai, Hyderabad, Bangalore, Mumbai and Gurgaon through 10 lifestyle stor es Also planning to bring concept stores to India including Max Retail, Home cen tres, Max hypermarket Landmark group currently in discussions with French hyperm arket operator Carrefour to roll out the brand in India The leading UK fashion r etailer - New Look, has signed a new Middle East regional franchise agreement wi th the Landmark Group Also the Group intends to invest heavily in the fast growi ng Retail Market by opening outlets in Delhi, Pune, Kolkata and Ahmedabad. the world's leading M&A alliance

Industry Snapshot ITC's Lifestyle retailing business division established a chain of exclusive speci alty stores, in July 2000 Offering to the premium consumer with Wills Classic ra nge of Formal Wear Launched in 2002, provides the consumers a distinct product o ffering Wills Clublife range of Evening Wear & designer accessories Launched in 2003, Wills Sport range of Relaxed Wear ITC launched its brand `John Player' in Dece mber 2002 With this brand the company offers a complete wardrobe of Casuals, Par ty, Work wear and Denims The brand is available across the country through a nat ion-wide network of exclusive stores and multi-brand outlets Website: www.willsl ifestyle.com the world's leading M&A alliance

Industry Snapshot Some of the premium international brands like the Gucci Group, Fendi, are in tal ks with major retailers like the Pantaloon, Lifestyle, Shopper's Stop etc to set u p their brands in India The Murjani Group with its Joint Venture with Marvin Tra ub focuses on bringing international brands to the Indian retail market The Murj ani Group launched Tommy Hilfiger in India in 2004 Future strategy of the group for the Indian markets would be to create multibrand retail platform The Group h as already formed exclusive distribution agreements with the brands like Gucci, Jimmy Choo, Calvin Klein, FCUK, TUMI and Build-A-Bear Website: www.murjanigroup. com the world's leading M&A alliance

Profile of Major Players The Major players in the Indian RMG Industry are profiled as following in the ne xt few slides: 1. Pantaloon Retail (India) Limited 2. Shopper's Stop 3. TATA Trent 4. Globus Stor es Pvt Ltd 5. Piramyd Retail Ltd 6. Arvind Brands Ltd 7. Provogue ( India) Ltd 8 . The Raymond Group 9. Madura Garment 10. Reliance retail Ltd 11. Wills Lifestyl e (Lifestyle Retailing Business Division, ITC) 12. Murjani Group 13. Landmark Gr oup the world's leading M&A alliance

1. Pantaloon Retail (India) Limited The Future Group the world's leading M&A alliance

Pantaloon Retail (India) Limited The Future Group Background Incorporated in October 1987 under the leadership of Mr. Kishore Biyani Became ublic limited in 1991 `The Pantaloon Shoppe' - exclusive menswear store was set up i n 1994 `Big Bazaar' under the concept of Hypermarket started in 2001 `Pantaloon Retail India Limited' a flagship enterprise of `The Future Group' Retail sector activities Departmental Stores, Hypermarkets, Supermarkets, Malls and Specialty Stores web site: www.pantaloon.com The Future Group operates through six verticals : Future Retail covering reta business Future Capital catering to financial products & services Future Brands managing all the brands owned or managed by group companies Future Space managin g real estate business Future Logistics managing supply chain and distribution F uture Media developing and managing retail media space Business Area the world's leading M&A alliance

Pantaloon Retail (India) Limited The Future Group Business Strategy Targeting greater market share by entering into formats such as departmental sto res, supermarket, hypermarkets, malls etc. Developed a Dual Strategy Of opening small er versions in its flagship stores like `BIG BAZAAR' Opening larger Independent Stor es. Currently adopted retail format by the group: Lifestyle Segment Pantaloon Ce ntral Value Segment Big Bazaar Food Bazaar the world's leading M&A alliance

Pantaloon Retail (India) Limited The Future Group Private Labels such as: Pantaloon's apparel retail business derives its 75 per cent of sales from its priv ate label Major Strategic Alliances John Miller shirts Lombard Bare Leisure Annabelle Akkriti JM Sports Pantaloon Bare Denim Mix Match PRIL has entered into 50:50 JV with Ginni & Jonny known brand for kids Sole Fran chisee of Mark& Spencer, Guess and Women's Secret in India PRIL holds a 51 per cen t stake in JV with Liberty Shoes called `FootMart' runs stores under the name of `Shoe Factory' located in shopping malls and also open ed as independent stores the world's leading M&A alliance

Financial Snapshot Financial and Operating Performance Total Sales PAT Equity Net Worth Market Capi talization (as on 5th April '07) 2006 (EUR Million) 340.94 11.15 4.67 91.62 956.60 the world's leading M&A alliance

2. Shopper's Stop the world's leading M&A alliance

Shopper's Stop Background Established in 1991 by the K. Raheja Group The group is a well known player in t he construction sector It is a Public Limited Company Principal Fascia Shopper's S top, Crossword, HomeStop, Mother Care, MAC Retail sector activity Departmental S tores, Specialty Stores (books, home products, cosmetics, F&B, Baby Care) Websit e: www.shopperstop.com Business Area The store offers a wide variety of international and Indian brands Stocks privat e labels like Stop, Kashish, Vettorio Fratini, Elliza Donatein The store also of fer concessionaire space to brands, whereby the counters are arranged by the emp loyees of the concessionaire the world's leading M&A alliance

Shopper's Stop Business strategy Primarily catering to the Lifestyle Retailing segment through Departmental Store s Offers a gamut of products apparels, accessories, footwear, cosmetics, music, bo oks, leather products, furnishing etc. Ventured to the Value Retailing segment with i nception of `HYPERCITY' Apart from these stores, the company also has presence in Ni che Retailing format With the brands such as:

Crossword a lifestyle bookstore; these are run in 3 formats ` Corner Store', `Brand St ores' and `Flagship Stores'. MAC it's a tie-up with a cosmetic major, Estee Lauder Home top it's a specialty store, caters exclusively to home furnishings and furniture M other Care - it's a franchise agreement with a UK-based Mothercare marketing baby clothes, toys, baby care products and maternity clothes the world's leading M&A alliance

Shopper's Stop Future Expansion Plans The company plans to form a JV with AGROS of UK to start Catalogue Retailing Business in India Plans to diversify into airport retailing, for which also signed an MOU with the Nuance Group of Switzerland the world's leading M&A alliance

Financial Snapshot Financial and Operating Performance Total Sales PAT Equity Net Worth Market Capi talization (as on 5th April '07) 2006 (EUR Millions) 117.73 4.714 5.97 46.93 367.86 the world's leading M&A alliance

3. Tata Trent Ltd the world's leading M&A alliance

Tata Trent Ltd Background established in 1998 as a part of Tata Group started operations by acquiring the UK-based Littlewoods departmental stores in Bangalore the company owns a chain o f department stores across the country & is also increasing its foothold in the high volume hypermarket sector The company has initiated a new retail venture ca lled `Infinity Retail Limited' dealing primarily in electronic consumer durables Web site: www.mywestside.com Tata Ltd Trent Ltd Infiniti Retail Ltd Westside Star India Bazaar Landmark Croma the world's leading M&A alliance

Tata Trent Ltd Business Strategy The company has three store formats on which it is current operating Westside stores Primarily apparel stores comprising a mix of clothes, footwear, and accessories for men, women and children Established its outlets in Mumbai, Pune, Bangalore, Hyderabad, Chennai, New Delhi and Kolkata Landmark Company acquired a 79 per cen t stake in this Chennai based books and music retail chain The chain has its pre sence in Bangalore, Mumbai, Vadodara and Chennai Star India Bazaar First store o pened in Ahmedabad (Gujarat) with which company entered the Value retailing segm ent Store offers wide range of products like staples, perishables, health and be auty products The company is planning to open such stores in Mumbai and Bangalor e as well Infinity Retail Limited The company has set up a new store `Croma' which s ells electronic consumer durables For this a sourcing agreement has been signed with the Australian retailer `Woolworths` the Company plans to alliancearound 100 mo re such stores in coming years world's leading M&A set up

Financial snapshot Financial and Operating Performance Total Sales PAT Equity Net Worth Market Capi talization (as on 5th April '07) 2005-06 (EUR Millions) 60.24 4.23 2.50 50.35 191.83 the world's leading M&A alliance

4. Globus Stores Pvt ltd Background Set up in 1998 as a part of Rajan Raheja Group Currently runs 14 stores across I ndia The group is completely into apparel stores with prime focus on the private labels `GLOBUS' and `F21' are the two private labels Globus caters to apparel and accessories markets for men, women and children F21 primarily targets the youth Company is ISO 9001 certified with ERP-enabled supply chain Website: www.globus. in the world's leading M&A alliance

Globus Stores Pvt ltd Business Strategy The company started as a departmental store, but gradually shifted its focus to the apparels and private labels has an in-house team of designers and merchandisers responsible f or quality Actual production activity is outsourced The company is mainly target ing smaller cities like Vadodara, Muradabad, Jamshedpur Ranchi, Udaipur Bhopal, Ludhiana The group is planning to set up 100 stores by 2008 across the country U p-coming stores are to set up in Varanasi, Hyderabad and Noida Financial informa tion of Globus Stores Pvt Ltd is not available as the company is a privately hel d company. the world's leading M&A alliance

5. Piramyd Retail Ltd the world's leading M&A alliance

Piramyd Retail Ltd Background Promoted by the Mumbai-based Ajay Pirmal Group in 1998 centres called `Jammin' Recently sold one of its mall Limited To increase the presence Retail chain operates iramyd Megastore' Supermarket `TruMart' Website:

Runs family entertainment `Crossroads' to Pantaloon Retail in both Lifestyle Retail `P www.piramyd.com

Business Strategy Apart from the metro cities like Bangalore, Hyderabad and Chennai the company is also planning to expand to Tier II and Tier III cities The company will continue with mall develo pment project in Pune, Bangalore, Chennai, Ludhiana, Jalandhar, Chandigarh and H yderabad The company is also planning to revamp its product mix to focus primari ly on the women's segment Also trying to increase its share of private labels by n ewer categories like women's ethnic wear and children wear the world's leading M&A alliance

Financial Snapshot Financial and Operating Performance Total Sales PAT Equity Net Worth Market Capi talization (as on 5th April '07) 2006 (EUR Millions) 17.24 - 1.30 3.48 20.72 22.36 the world's leading M&A alliance

6. Arvind Brands Ltd the world's leading M&A alliance

Arvind Brands Ltd Background Subsidiary of Arvind Mills, a major garment manufacturing player Caters to the d omestic market and is also involved in exports It has 3 large manufacturing unit s, 2 warehouses and 400 sales outlets across the country The company has its own ed brands and licenses from reputed international brands like Lee, Wrangler, Gantt, Arrow and Tommy Hilfiger for selling in the Indian market It di stributes its products through Multi-Brand Outlets (MBO's), organised retailers an d Exclusive Brand Outlets (EBO's) The company manages various brands like Flying M achine, Newport and Ruf & Tuf in denim trousers and Excalibur in shirts Website: www.arvindmills.com the world's leading M&A alliance

Arvind Brands Ltd Business Strategy `Excalibur' the company's own brand is revamped as a lifestyle brand Expanding the product portfolio to include knits, jackets, t-shirts, blazers and suits Planning to set up 100 Excalibur outlets Recently entered into a 40-60 Jo int Venture with VF Corporation, a US-based lifestyle apparel maker and owner of 50 brands, to market its products in India VF Corporation owns brands such as L ee, Vanity fair, Wrangler, Nautica, JanSport and Kipling This tie-up has also ma de the company an exclusive franchisee of `Gantt' It's a distributor for the brand acr oss India, Sri Lanka and Bangladesh VF Arvind brands Pvt. Ltd. Plans to open 13 Nautica Stores Arvind Mills plans to open around 100 megamart stores across 100 cities thereby enhancing their existing network 54 outlets in 16 cities This wou ld increase its presence in Tier II cities as well the world's leading M&A alliance

Financial Snapshot Financial and Operating Performance (of Arvind Mills ) Total Sales PAT Equity Ne t Worth Market Capitalization (as on 5th April '07) 2006 (EUR Millions) 275.93 22.11 36.40 256.62 156.91 the world's leading M&A alliance

7. Provogue (India) Pvt Ltd the world's leading M&A alliance

Provogue (India) Pvt ltd Background Incorporated in 1997 as `Acme Clothing Private Limited' Manufacturer-cum-distribu of ready to wear garments mainly deal in men's casuals It launched its fashion br and `Provogue' in 1998 Company was rechristened as `Provogue India Private Limited' in 2 005 It also started its hospitality business under the brand name `Provogue Lounge' The company has entered into mall development through a wholly owned subsidiary ` Prozone' Website: www.provogue.net Business Strategy Retail Formats followed by the company: `Provogue Mega Studios' stores a wide range of merchandise The company operates thro ugh its stores `Provogue Studio' These are stores that are managed directly by the c ompany or through contracts Located mainly in malls Have allocated space in othe r departmental stores on a shop-in-shop basis the world's leading M&A alliance

Financial Snapshot Financial and Operating Performance Total Sales PAT Equity Net Worth Market Capi talization (as on 5th April '07) 2006 (EUR Millions) 26.36 2.077 2.816 18.93 149.23 the world's leading M&A alliance

8. The Raymond Group the world's leading M&A alliance

The Raymond Group Background Incorporated in 1925, transformed from textile a major to a conglomerate Along with manufacturing and brand building, the company has also come retail sector in a big way Raymond forayed into garment manufacturing through ventures like Silver Spark Apparel Ltd for tailored suits, trousers and jackets EverBlue Appar el Ltd Jeanswear Celebrations Apparel Ltd Shirts The group has its presences in the retail sector through a chain Of the followin g: Exclusive stores - `The Raymond Shop' - Premium retail store offering complete range of men's wear Stand alone stores for Manzoni, Park Avenue, ColorPlus, Parx, Be: a nd Zapp Website: www.raymondindia.com the world's leading M&A alliance

The Raymond Group The Raymond Retail Shops are premium retail stores offering complete range of me n's wardrobe. the largest one stop retail network in the country. There are over 3 50 stores exclusive The Raymond Shop (TRS) in prime locations, in 150 cities i n India 27 overseas outlets in 15 cities across the Middle East, Sri Lanka, Bang ladesh and Nepal Includes top-of-the-line brands - Raymond, Manzoni, Park Avenue, ColourPlus and Parx. Reach of the brand is spread all over the country across big cities and smaller towns thereby targeting a wide spectrum of consumers Also extended its presence in some of the leading Malls with new retail format the world's leading M&A alliance

The Raymond Group Brand Stores exclusive stand-alone stores for brands - Manzoni, Park Avenue, Par x, ColorPlus, Be: and Zapp! Each store makes available to customers the entire p roduct range of garments and accessories The highlight of these stores is that t hey provide customers a unique and leisurely shopping experience Encompassing a look to suit every new occasion formal, casual, outdoor and travel etc. the world's leading M&A alliance

The Raymond Group Zapp - a fun place for kids to hang out and shop for colourful clothes and acces sories Be: - a chain of 15 stores, presenting customers the best of internationa l fashion from well-known Indian designer, right under one roof Parx - for a coo l trendy and `chilled out' out of office look ColorPlus - exclusive stores where one can shop for smart casual shirts, trousers and elegant accessories. The Park Av enue store - offers the perfect premium lifestyle experience and address the cus tomers need for Business, Evening, Leisure, Travel and Heritage Wear The Manzoni Luxury Boutique in New Delhi and Mumbai the world's leading M&A alliance

Financial snapshot Financial and Operating Performance Total Sales PAT Equity Net Worth Market Capi talization (as on 5th April '07) 2006 (EUR Million) 229.55 21.26 10.67 206.91 360.00 the world's leading M&A alliance

9. Madura Garment the world's leading M&A alliance

Madura Garments Background Established in 1988 as the garment division of the Indian subsidiary of Coats Viyella (UK) In 1999, Aditya Birla Group acquired Madura Garments and i s now a part of Aditya Birla Nuvo Limited focuses on men's shirt and trousers and has also diversified into jeans and western wear for women The company owns seve ral brands like Louis Philippe, Van Heusen, Allen Solly, SF Jeans and Peter Engl and Website: www.adityabirlanuvo.co.in the world's leading M&A alliance

Madura Garments Business Strategy Plans to strengthens its portfolio in women's wear, premium clothing and accessories Has tie-up with ESPIRIT, an international lifestyle brand Expanding its retailing network by marketing women's wear under the Van Heusen brand Recentl y the company acquired Trinetra, chain of 174 convenience stores in South India the world's leading M&A alliance

Financial Snapshot Financial and Operating Performance Total Sales PAT Equity Net Worth Market Capi talization (as on 5th April '07) 2006 (EUR Millions) 457.51 32.50 10.41 379.76 1,701.92 the world's leading M&A alliance

10. Reliance Retail the world's leading M&A alliance

Reliance Retail Limited Background It's a wholly owned subsidiary of Reliance Industries Limited It's a potential playe r which is entering the domestic retail market with an estimated investment of around Rs. 250 billion The company intend to set up chains of hypermarkets, supermarkets, discount stores, department stores, co nvenience stores and specialty stores These various retail formats and distribut ion and stocking hubs will be spread across the 784 cities and 1600 rural towns in the country The company intends to open MBO for the apparels and consumer dur ables The company already started its operations with `Reliance Fresh' supermarket R eliance is following a Twin Model for its expansion, which includes both owning and leasing retail space Website: www.ril.com the world's leading M&A alliance

Reliance Retail Limited Initially targeting the five states of Maharashtra, Gujarat, Punjab, West Bengal and Andhra Pradesh To establish pan India presence in all formats, targeting not only major metros and cities, but also the second-tier, semi-urban and rural ce ntres, thereby reaching its target of 784 cities and 1600 rural towns the world's leading M&A alliance

Wills Lifestyle - ITCs Lifestyle Retailing Business Division the world's leading M&A alliance

Wills Lifestyle Background: Over the last five years, ITCs Lifestyle Retailing Business Divisio n has established a nationwide retailing presence through its Wills Lifestyle ch ain of exclusive specialty stores. Beginning with its initial offering of Wills Sport relaxed wear, it has expanded its basket of offerings with Wills Classic f ormal wear, Wills Clublife evening wear and a tempting range of Designer accesso ries. With a distinctive presence across segments at the premium end, ITC has al so established John Players as a brand that offers a complete fashion wardrobe t o the youth segment. Strategy: With its brands, ITC aspires to build a dominant presence in the apparel market through a robust portfolio of offerings. Wills Li festyle has been established as a chain of exclusive specialty stores providing the consumer a truly International Shopping Experience through world-class amb ience, customer facilitation and clearly differentiated product presentation. To enhance product availability through expansion of Wills Lifestyle chain of exclus ive stores in high potential catchment malls. The brand is now available in over 150 locations through `exclusive brand outlets' (EBOs) and `shop-in-shops'. the world's leading M&A alliance

Murjani Group the world's leading M&A alliance

Murjani Group Background: Founded in 1930, by Mr. B. K. Murjani, the group based its initial s uccess on full vertical integration in the apparel industry. In 1966, the group commenced its transition from manufacturing to designer lifestyle brand developm ent and marketing. In 2001, Vijay Murjani, Managing Director of the Murjani Grou p, moved to India to head the Indian initiative. Strategy: The India strategy fo r Murjani, revolves around the creation of a unique Multi-Brand Retail Platform, with world renowned, premier international brands. In the first phase, Murjani opened eight free standing Tommy Hilfiger stores, across six cities. In addition , the group also launched several licensed categories including eyewear, watches , shoes and fragrance through relationships with some of India's largest and most respected organizations. In the second phase of its India strategy, in 2005, Mur jani identified several major international brands, to add to its brand portfoli o and secured exclusive, long term rights to India, for 6 world renowned, premie r brands: Gucci, Jimmy Choo, Calvin Klein, French Connection, Tumi & Build A Bea r. the world's leading M&A alliance

Landmark Group Lifestyle Stores Background: The $600 million Dubai-based The Landmark Group entered the Indian ma rket in 1999, with its chain of premium Lifestyle Store'. The Group has its presen ce in 5 cities - Chennai, Hyderabad, Bangalore, Mumbai and Gurgaon through 10 li festyle stores The group plans to increase the number of Lifestyle stores, Home C entre chain and Max stores to 25, 9 and 35, respectively. It now has 9 Lifestyle stores, some 2 Home Centre chains and 4 Max outlets. While the Lifestyle stores will be spread over 60,000 sq ft each, Home Centre will occupy anywhere between 20,000 sq ft and 40,000 sq ft and Max retail stores will cover about 20,000 sq f t. (source: The Economic Times Report) the world's leading M&A alliance

Landmark Group Lifestyle Stores Strategy: Entered into franchising of international brands in the apparel and footwear cat egories in India through a separate corporate entity, LMG Brands India. It has a lready introduced two international brands Kappa (an Italian sportswear brand) a nd Bossini (a Hong Kong-based casual wear brand). Negotiations are on to launch more international brands to be sold through its Lifestyle and stand-alone store s. Landmark Group's Indian operations president (finance), Sundar Raman, said the group's expansion plans in India entails increasing the footprint of its existing retail formats Lifestyle, Home Centre and Max, and forging international apparel and footwear brands franchising agreements. Landmark group is currently in disc ussions with French hypermarket operator Carrefour to roll out the brand in Indi a Also contemplating launching hypermarkets and concept stores in high-fashion a pparel, children and footwear segments. Total investment to expand the group's exi sting retail formats is estimated at about Rs 775 crore by March '09. Of which Rs 450 crore will flow into expansion of Lifestyle and Home Centre outlets, and ano ther Rs 150 crore into its recently launched value-retail format, Max Retail. Th e remaining Rs 175 crore has been set aside for international brands franchising agreements. (source: The Economic Times Report) the world's leading M&A alliance

Abbreviations & Definitions RMG Readymade Garments MBO Multi-Brand Outlet EBO Exclusive Brand Outlet Superm rket - is a departmentalized self-service store offering a wide variety of food and household merchandise Specialty stores - are small stores which specialize i n a specific range of merchandise and related items Department store is a retail establishment which specializes in selling a wide range of products without a s ingle predominant merchandise line usually sell products including apparel, furniture, appliances and electronics Hypermarket - is a superstore which combines a supermarket and a department stor e Includes products ranging from groceries to general merchandise They are planned , constructed, and executed keeping in mind satisfaction of consumers Eg: Carref our the world's leading M&A alliance

SBI Capital Markets Limited A Brief Introduction the world's leading M&A alliance June 2007 Strictly Confidential

About SBI Capital Markets Limited State Bank of India Asian Development Bank SBI Capital Markets Ltd. (SBI Caps) was founded in 1986 as a wholly owned subsid iary of the State Bank of India, the country's largest bank. In January 1997, the Asian Development Bank took over 13.84% stake in the equity of SBI Caps As part of State Bank Group with the full backing of SBI, its Indian associates and its overseas subsidiaries, SBI Caps has direct links with a number of Multilateral A gencies and International Financial Institutions No.1 Fund Mobiliser in the Coun try, raising over Rs.1219.11 billion through public, rights issue and private pl acement of equity & debt during the past 5 years Pioneer in Securitisation and P rivatization: Accomplished the first true Securitisation in the power sector in the country and the only investment bank to be co-opted on the RBI's Working Group on Asset Securitisation as a Special Invitee Advisor to Government of India on crucial issues like studying India's Power requirements and Role of Central PSUs, Securitisation of SEB overdues and the only non-lending institution to be a part icipant in a nodal committee set up by the Ministry of Power Strong relationship with the Government, having worked for several fund-raising, strategic sale and other advisory transactions for Government of India and several State Governmen ts. 86.16% stake 13.84% stake Vision - To be the best India-based Investment Bank Mission- To provide credible , professional and customer focussed world- class Investment Banking services the world's leading M&A alliance

Network of Offices & Human Resources at SBI Caps SBI Caps Corporate Office is located in Mumbai and there are eight Regional Offi ces in Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad, Chandigarh Chandigarh and Guwahati and an alliance in Bangladesh. The Company has Guwahati New Delhi Ahmedabad Kolkata Hyderabad Mumbai Bangalore a strong force of professionals with rich and diverse experience in various sphe res of Investment Banking. SBI Caps pool of professionals constitutes the best talent drawn from every rele vant field - finance, banking, management, accounting and taxation. The employee s in the management and executive cadre consist of experienced Chennai bankers deputed from State Bank of India and direct recruits comprising Broking Research Investment Banking Sales & Distribution various professionals from reputed Management Institutes and qualified Chartered Accountants. SBI Caps is amongst the earliest players in the Indian Capital Markets with full y integrated operations offering the entire range of Investment Banking services under one umbrella the world's leading M&A alliance

Strategic Associations / Tie-ups SBICAP (UK) SBICAP (UK) Limited, floated in 2006 is a wholly owned subsidiary of SBI Capital Markets Limited to provide services in the areas of Cross Border M & A, FCCBs / GDRs, Private Equity, etc. Tie-up with CLSA for overseas acquisition, strategic investors & international offerings such as ADRs and GDRs. SBI Capital Markets L imited is the Indian representative of M&A International Inc, which has Internat ional network in 38 Countries. SBICAP has entered into tie-ups with investment b anks in Sri Lanka, Bangladesh, Oman and Qatar CLSA M&A International Other International Tie-ups the world's leading M&A alliance

Domain Expertise Mergers & Acquisitions & Advisory Privatisation Joint Venture M&A and Takeovers Private Equity/FCCB Placement Financial / Business Restructuring Business Valuat ion Rights Issues Project Advisory & Structured Finance Project Appraisal Structured Finance Credi t Syndication Infrastructure Advisory Securitization Capital Markets Equity and Debt Origination Private Placements International Off erings SBICAP Securities (subsidiary of SBICAPS) Stock Broking Sales & Distribution Sec urities Research the world's leading M&A alliance

Leveraging M & A International Tie-up Offices of member firms: Amsterdam Atlanta Baltimore Beijing Boston Budapest Cle veland Dallas Hamburg Hong Kong Jacksonville Ljubljana Los Angeles Miami Moscow New York Philadelphia Riga Santiago Seattle Seville Singapore St. Petersburg Tal linn Toronto Vilnius Antwerp Barcelona Belgrade Bern Buenos Aires Chicago Copenh agen Dublin Helsinki Istanbul Kiev London Madrid Mexico City Mumbai Oslo Richmon d Sao Paulo Seoul Shanghai Stockholm Sydney Tokyo Turin Warsaw San Francisco SBI Capital Markets Limited is the exclusive Indian representative of M&A Intern ational Inc. the world's leading M&A alliance

Leveraging M & A International Tie-up For the fifth year running M&A International Inc. leads the midmarket M&A league tables * Completed transactions by volume in 2006 (value US$ 5m 250m) Source: www.mergermarket. com, M&A International Inc. Global mid-market league table the world's leading M&A alliance

Thank You world's leading M&A alliance SBI Capital Markets Limited Mergers & Acquisition and Corporate Advisory Group 202, Maker Tower `E', Cuffe Parad e, Colaba, Mumbai 400 005, India. T# +91-22-22189166-69 F# +91-22-22186367/8332 Website: www.sbicaps.com A Subsidiary of State Bank of India, India's largest bank Contact Persons: Meenakshi Iyer Vice President & Group Head Meenakshi.Iyer@sbicaps.com Sameer Kar ulkar Assistant Vice President Sameer.Karulkar@sbicaps.com the