SYNOPSIS This project report is on one of the largest Indian Business Houses-Future Group.

This project contents all revlent information regarding this business house.

This group was introduced by a dynamic personality called Kishore Biyani. Kishore Biyani is an entrepreneur who has been credited with changing the face of modern retailing in India, with the introduction of innovation designed discount hyper markets and forming the concept of destination malls. He praised for his role in shaping Indian retail market by attracting towards new market called Retail Market.

His company, Future Group operates 3 million square feet of retail space spread across 25 cities in India. He has been called India's own Sam Walton. He led the companys foray into organized retail with the opening of the Pantaloons family store in 1997. He also is a visionary who minted the opportunity to introduce Big Bazaar in India in 2001 a unique market which is appreciated by everyone.

This report is about journey of future group achievement & problem faced in growth of such a huge group.

CORPORATE PROFILE

Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of Indias leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics.

Led by its flagship enterprise, Pantaloon Retail, the group operates over 16 million square feet of retail space in 73 cities and towns and 65 rural locations across India. Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is listed on the Indian stock exchanges. The company follows a multi-format retail strategy that captures almost the entire consumption basket of Indian customers. In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls. In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines the look, touch and feel of Indian bazaars with the choice and convenience of modern retail.

In 2008, Big Bazaar opened its 100th store, marking the fastest ever organic expansion of a hypermarket. The first set of Big Bazaar stores opened in 2001 in Kolkata, Hyderabad & Bangalore.

The groups speciality retail formats include supermarket chain Food Bazaar,

sportswear retailer - Planet Sports, electronics retailer - eZone, home improvement chain - Home Town and rural retail chain, Aadhaar, among others. It also operates popular shopping portal - www.futurebazaar.com.

Future Capital Holdings, the groups financial arm provides investment advisory to assets worth over $1 Billion that are being invested in consumer brands and companies, real estate, hotels and logistics. It also operates a consumer finance arm with branches in 150 locations.

Other group companies include, Future Generali, the groups insurance venture in partnership with Italys Generali Group, Future Brands, a brand development and IPR company, Future Logistics, providing logistics and distribution solutions to group companies and business partners and Future Media, a retail media initiative.

The groups presence in Leisure & Entertainment segment is led through, Mumbaibased listed company Galaxy Entertainment Limited. Galaxy leading leisure chains, Sports Bar and Bowling Co. and family entertainment centres, F123. Through its partner company, Blue Foods the group operates around 100 restaurants and food courts through brands like Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato. Future Groups joint venture partners include, US-based stationery products retailer, Staples and Middle East-based Axiom Communications. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the groups core value of Indianness. The groups corporate credo is, Rewrite rules, Retain values.

ABOUT THE OWNER

Kishore Biyani is the Managing Director of Pantaloon Retail (India) Limited and the Group Chief Executive Officer of Future Group. He has led Pantaloon Retails emergence as the Indias leading retailer operating multiple retail formats that now cater to almost the consumption basket of a large section of Indian consumers.

Kishore Biyani led the company`s foray into organized retail with the opening up of the Pantaloons family store in 1997. This was followed in 2001 with the launch of Big Bazaar, a uniquely Indian hypermarket format that democratized shopping in India. It blends the look, touch and feel of Indian bazaars with aspects of modern retail like choice, convenience and quality. This was followed by a number of other formats including Food Bazaar, Central and Home Town.

The year, 2006 marked the evolution of Future Group, that brought together the multiple initiatives taken by group companies in the areas of Retail, Brands, Space, Capital, Logistics and Media.

Kishore Biyani was awarded the Ernst & Young Entrepreneur of the Year 2006 in the Services Sector and the Lakshmipat Singhania - IIM Lucknow Young Business Leader Award by Prime Minister, Dr. Manmohan Singh in 2006. He was also awarded the CNBC First Generation Entrepreneur of the Year 2006.

Kishore Biyani was born in August, 1961 and is married to Sangita and they have two daughters. He recently authored a book, It Happened in India that captures his entrepreneurial journey and the growth of modern retailing in India. As expected, the book even before being widely available has become a success story in its own right. According to media reports, while 10,000 copies of the book have already been sold on the day of its launch, the publishers are also confident of selling the initial lot of 30,000 books in few days. In another first in the history of publishing in India, this is the first indigenous book which has had a print run of 2000000 copies.

The book in a true Kishore Biyani styles has been priced at 99/- only for soft cover, while the hard cover price has been fixed at 495/-. The book, which has been coauthored with Dipayan Baishya, is currently available for sale in few Big Bazaar and Depot stores in Mumbai & Pune and can also be ordered online at futurebazar.com.

HISTORY OF FUTURE GROUP

Future Group India was established in 1994 with a vision to provide diverse services in Indian and Global markets. The business areas of Future Group cover BPO (Business Process Outsourcing), New Media, Security Management, and Construction. Through their strategic investment and services, the future of Future Group shows a rising star in the business sky of India.

Future Group India was established in 1994 with a vision to provide diverse services in Indian and Global markets. The business areas of Future Group cover BPO (Business Process Outsourcing), New Media, Security Management, and Construction. Through their strategic investment and services, the future of Future Group shows a rising star in the business sky of India. FUTURE RETAIL: The retails businesses of Future Group in India are divided into three main categories: Pantaloon Retail India Limited The leading retail formats under this include:
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Pantaloons Stores Big Bazaar Central Food Bazaar

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Home Town E Zone Depot Health & Beauty Malls Online retail through futurebazaar.com

Joint Ventures with International Brands

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Indus League Clothing that owns leading apparel brands like Indigo Nation, Scullers and Urban Yoga

Galaxy Entertainment Limited that operates Bowling Co, Sports Bar, F123 and Brew Bar

French retailer ETAM group, US-based stationary products retailer, Staples and UK-based Lee Cooper.

Franchisee of international brands like Marks & Spencer, Next, Debenhams and Guess in India

Indian Joint Venture Partners

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Manipal Healthcare Talwalkar's Blue Foods Liberty Shoes.

FUTURE CAPITAL HOLDINGS The financial services of Future Group are taken care by Future Capital Holdings. These include:

Asset Management and consumer credit are the prime focus financial services. Around 1 billion USD have been invested in retail real estate and consumer brands outlets and hotels.

Future Money - It is a financial supermarket format providing consumer credit

Joint venture with Italian insurance major General Insurance for providing general insurance services.

Venture Capital Funds and Private Equity Funds through kshitijfund.com

BPO (BUSINESS PROCESS OUTSOURCING) Future Group has made major investments in BPO industry as a venture into the Information Technology Enabled services (ITES) industry. Future Group has subsidiaries offering IT based solutions. These include:
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Language Services Software Development Content Engineering

NEW MEDIA Future Group has invested in digital media and computer technology for creating innovative and interactive multimedia presentations. These include:
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Multimedia Production Broadcasting Publishing Designing

SECURITY MANAGEMENT Future Group is considered as a reliable tailor-made business and security services provider. They develop their own software and machines for security services. These include:
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Access Control Systems Time Attendance Systems CCTV Alarm Management Systems

CONSTRUCTIONS Future Group brings to you're their past experience in quality construction for building and renovating buildings for leasing to business. Future Group is also involved in the designing, financing and legal considerations of the project undertaken. The construction activities of Future Group in India include:
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Leasing Landscaping

The latest business activity of Future Group is an investment of Rs. 140 crores in the next three years in cricket-related marketing. The CEO of Future Group Mr. Kishore Biyani has planned out association with cricket and to encash the popularity of cricket in India and globally. Future Group has also organized oneday international cricket series between India and Australia called "The Future Cup".

MISSION To create an encyclopedic framework for any individual to be able to use as resource for improving clarity and quality of thought & objective perception of reality

VISION We share the vision & belief that our customers & stakeholder shall be served only by creating & executing future scenarios in the consumption space leading to economic development.

We will be trendsetters in evolving delivery formats, creating retail reality, making consumption affordable for all customer segments-for classes and masses. We shall infuse Indian brands with confidence & renewed ambition. We shall be efficient, cost-conscious & committed to quality in whatever we do. We shall ensure that our positive attitude, sincerity, humility & united determination shall be the driving force to make us successful. Future Groups vision is to deliver Everything, Everywhere, Every time to Every Indian Consumer in the most profitable manner.

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CORE VALUES Indianness: confidence in ourselves. Leadership: to be a leader, both in thought and business. Respect & Humility: to respect every individual and be humble in our conduct. Introspection: leading to purposeful thinking. Openness: to be open and receptive to new ideas, knowledge and information. Valuing and Nurturing Relationships: to build long term relationships. Simplicity & Positivity: Simplicity and positivity in our thought, business and action. Adaptability: to be flexible and adaptable, to meet challenges. Flow: to respect and understand the universal laws of nature.

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LEADERSHIP The Future Group employs over 30,000 people and was counted among 15 best employers in India in a survey conducted by Hewitt Associates in 2007 in association with The Economic Times. The Group has developed a strong senior management team with cross-functional expertise in multiple businesses and is led by its Founder and Group CEO, Kishore Biyani.

Kishore Biyani founded Pantaloons in 1997, followed by a number of popular retail formats including Big Bazaar, Central, Food Bazaar, Brand Factory and Home Town that now cater to almost the entire consumption basket of a wide cross-section of Indian consumers.

In the recent years, Kishore Biyani has led the groups transformation into one of Indias leading business houses with presence in capital, consumer finance, insurance, brand development, retail real estate development and logistics.

A staunch believer in the groups corporate credo, Rewrite Rules, Retain Values, Kishore Biyani considers Indianness as the core value driving the group. He was recently awarded the Ernst & Young Entrepreneur of the Year 2006 in the Services Sector and the Lakshmipat Singhania - IIM Lucknow Young Business Leader Award by Prime Minister, Dr. Manmohan Singh in 2006. He was also awarded the CNBC First Generation Entrepreneur of the Year 2006.

Kishore Biyani was born in August 1961 and is married to Sangita and they have two daughters. He recently authored a book, It Happened In India that captures his entrepreneurial journey and the growth of modern retailing in India.

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SONE KI CHIDIYA-THE GOLDEN BIRD

When the Mughals first came to India they were drawn by the lure of her fabulous wealth - India was known as the "Sone Ki Chidiya," literally - "The Golden Bird".

According to economic historian Angus Maddison in his book The World Economy: A Millennial Perspective, India had the world's largest economy in the 1st century and 11th century, with a 33% share of world GDP in the 1st century and 29% in 1000 CE. During 1700 AD, Mughal era, Indias share was 24%, more than the whole of Western Europe. It came down to 3.8% in 1950s. Paul Kennedy, in his highly regarded book, The Rise and Fall of the Great Powers: Economic Change and Military Conflict from 1500 to 2000 estimates that in 1750 India's share of the world trade was nearly 25 percent. It came down to 0.5% in the 1960s and now stands at around 1.5%.

The Indian economy is once again at the centre of the global attention. As domestic consumption drives economic growth in India, Future Group hopes to play a pivotal role in bringing back the Sone Ki Chidiya.

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FUTURE GROUP MANIFESTO Future the word which signifies optimism, growth, achievement, strength, beauty, rewards and perfection. Future encourages us to explore areas yet unexplored, write rules yet unwritten; create new opportunities and new successes. To strive for a glorious future brings to us our strength, our ability to learn, unlearn and re-learn our ability to evolve. We, in Future Group, will not wait for the Future to unfold itself but create future scenarios in the consumer space and facilitate consumption because consumption is development. Thereby, we will effect socio-economic development for our customers, employees, shareholders, associates and partners. Our customers will not just get what they need, but also get them where, how and when they need. We will not just post satisfactory results, we will write success stories. We will not just operate efficiently in the Indian economy, we will evolve it. We will not just spot trends; we will set trends by marrying our understanding of the Indian consumer to their needs of tomorrow.

It is this understanding that has helped us succeed. And it is this that will help us succeed in the Future. We shall keep relearning. And in this process, do just one thing.

Rewrite Rules. Retain Values.

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1. Manufacturers warranties on all products Future Bazaar sells only original products from authorized dealers; so all applicable products carry the carry the original manufacturers warranty. To services any product purchased at Future Bazaar, please visit the authorized services centre of the manufacturer. The invoice accompanying the product is your warranty document, so please preserve it.

2. Guaranteed Delivery

We guaranteed to deliver the exact product you selected, without defects. In case you have received a different product, or if the product was damaged in transit, please contact us within the stipulated time period and we will ensure that we replace it or refund it.

3. Secure Payments

We are committed to ensuring that no payment misuse happens, so we work with bank & payment gateways to ensure that your information is protected. Payment is protected both by us & by the policies of your bank, & the chance of fraud in these channels is actually very low. Future Bazaar openly publishes its offices addresses & is part of Indias largest retail company with a presence all over India- so you know how to contact us in person, if required.

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4. Our Simple 15-day Return policy

If you have purchased something at Future Bazaar and the product did not meet your expectation or does not fit your needs, then you can return the product to us; no question asked, as long as original packing & accompanied by its invoice.

5. Promote Customer Support

Our customer support is manned by dedicated call centre personnel, who can take decision & resolve your problems. They are eager to solve your problem & are aware of the processes & means to handle them. In case they cannot solve the problem at their end, they will trigger the required action on your behalf or advise you the best possible method to a successful fulfillment of all your queries/issue. Be assured that when you call us, you call is being taken seriously.

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AWARDS & ACHIVEMENTS

2003 Indian Express Award PRIL Marketing Excellence and Excellence in Brand Building Indusland Bank (India Brand Summit) PRIL - Excellence in Brand Building

2004 Images Retail Awards 2004 PRIL- Most Admired Retailer of the Year Food Bazaar- Retailer of the Year(Food and Grocery) Big Bazaar-Retailer of the Year(Value Retailing) Central-Retail Launch of the Year Reid & Taylor and DLF Awards PRIL - Retailer of the year

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2005 Images Retail Awards 2005 PRIL- Most Admired Retailer of the Year Food Bazaar- Retailer of the Year(Food and Grocery) Big Bazaar-Retailer of the Year(Value Retailing) Central-Retail Launch of the Year Voted by Business Today magazine as one of the Top 20 Companies in India to watch in 2005 Indias most investor-friendly companies in the top 75 Indias Biggest wealth creators in the top 100 DAKS London PRIL- Brand Builder of the Year

2006 Retail Asia Pacific Top 500 Awards Asia Pacific Best of the Best Retailers Pantaloon Retail (India) Ltd Best Retailer in India Pantaloon Retail (India) Ltd The Retail Asia publication in association with Euro Monitor and KPMG honors the best retailers in 14 countries across the Asia Pacific region. The awards were presented in Singapore in October, 2006. Asia money Awards Best Managed Company in India (Mid-cap) Pantaloon retail (India) Ltd.

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The Asia money publication conducts a poll among fund managers and investors and does a quantitative analysis of financial performance to select best managed companies in Asian countries. Ernst & Young Entrepreneur of the Year Award

Ernst & Young Entrepreneur of the Year (Services) Kishore Biyani Considered to be one of the most prestigious business awards in India, a jury comprising leading names in Indian business selected the winners based on courage, creativity, passion, endurance and vision. CNBC Indian Business Leaders Awards

The First Generation Entrepreneur of the Year Kishore Biyani Organized by CNBC-TV18, the twelve awardees in various categories are decided by a high profile jury, along with research partners - The University of Chicago Graduate School of Business, Development Dimensions International (DDI) and AC Neilson ORG MARG. Lakshmipat Singhania IIM Lucknow National Leadership Awards Young Business Leader Kishore Biyani The award recognizes and honors individuals who have contributed consistently to the betterment of our country through their pursuit of excellence. The awards were presented in New Delhi by the Prime Minister Dr. Manmohan Singh in December, 2006.

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Images Retail Awards Best Value Retail Store Big Bazaar Best Retail Destination Big Bazaar Best Food & Grocery Store Food Bazaar Retail Face of the Year Kishore Biyani The Images Retail Awards are decided through a nationwide consumer & industry poll and nominations followed by performance assessment by team of analysts and jury. Readers Digest Awards Platinum Trusted Brand Award - Big Bazaar The Readers Digest awards are based on surveys done among consumers by independent research agency, Nielsen Media Research. CNBC Awaaz Consumer Awards

Most Preferred Large Food & Grocery Supermarket Big Bazaar Conducted in association with AC Nielsen-ORG Marg across 21 major cities, nearly 10,000 consumers were asked to choose their most preferred brands. Reid & Taylor Awards for Retail Excellence Retail Entrepreneur of the Year Kishore Biyani

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2007

Images Retail Awards 2007 Most Admired Retail Face of the Year: Kishore Biyani Most admired retailer of the year: Large format, multi product store: Big Bazaar Most admired retailer of the year: Food and Grocery: Food Bazaar Most admired retailer of the year: Home & office improvement: Hometown Most admired Retail Company of the year: Pantaloon Retail (India) Ltd. Images Retail Forum followed strict international benchmarks in deciding the top honours for Images Retail Awards 07, with IRIS as knowledge partner and global consulting firm AT Kearney as the Process Approver. National Retail Federation Awards 2007 International Retailer for the Year 2007 Pantaloon Retail (India) Ltd The National Retail Federation is the worlds largest retail trade association with over 1.4 million members in the US and across the world. Some of the past winners of the award include Metro AG (Germany), Carrefour (France), Zara (Spain), Boticario (Brazil) and Ito Yokado (Japan). The award was presented at the Retails Big Show held in January 2007 in New York.

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World Retail Congress Awards Emerging Market Retailer of the Year 2007 Pantaloon Retail (India) Ltd The inaugural World Retail Congress held in Barcelona, Spain in March 2007 attracted over one thousand retail professionals from over sixty countries. The awards were decided by a multinational Grand Jury. Winners in other categories included Inditex, Mall of Emirates, Marks & Spencer and IKEA. Hewitt Best Employers 2007 Best Employers in India (Rank 14th) Pantaloon Retail (India) Ltd Leading human resources consultancy, Hewitt Associates conducts an annual survey of the best employers in India, as part of its global initiative. It is based on CEO interview, People Practices Inventory and Employee Opinion Surveys. Pantaloon Retail became the only retailer to feature among the twenty-five best employers in India. PC World Indian Website Awards 2007 Best Indian Website in The Shopping Category - Futurebazaar.com PC World, a leading consumer technology magazine selected the best Indian websites in various categories based on use of technology for delivering solutions, information being presented in an intuitive and concise manner and overall experience aided by design.

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Readers Digest Trusted Brands Platinum Awards 2007 Trusted Brands Platinum Award (Supermarket Category) Big Bazaar The Readers Digest awards are based on surveys done among consumers by independent research agency, Nielsen Media Research. This is the second consecutive time Big Bazaar has won this award.

2008 Indian Retail Forum Awards 2008 Most Admired Retail Company of the year - Future Group Retail Face of the Year - Kishore Biyani Best Retailer Of The Year ( Hypermarket) - Big Bazaar Future Group was awarded the Most Admired Retail Company of the year by the Indian Retail Forum at a glittering ceremony organized in Mumbai. Mr. Kishore Biyani also won Retail Face of the Year. India Retail Forum (IRF) is a platform for intellectual insights and information exchange for the retail business in the Indian subcontinent. The forum presents the business of retail in the region to a global audience, with the express aim of facilitating understanding about and encouraging investment in this massive marketplace. Big Bazaar, the value format of Future Group bagged the Best Retailer Of The Year (Hypermarket).

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The INDIASTAR Award 2008 Food Bazaar: Best Packaging Innovation Food Bazaar bagged the INDIASTAR Award for Best Packaging Innovation in India, for its private label brand Fresh And Pure Chakki Atta. INDIASTAR Award is a biennial event which aims to promote and encourage excellence in packaging design, innovation and technology. The contest was established in 1972 and is considered as the most popular and premier event for Indias packaging fraternity. This year there were around 357 entries and the participants had to submit a sample of their designs for selection. With this award, Pantaloon Retail (India) Limited becomes the first Indian Retailer to win the prestigious INDIASTAR Award. Retail Asia Pacific 500 Top Awards 2008 Gold Winner - Top Retailer 2008 Asia Pacific Retail Asia Publishing Pte, the institutor of these awards, aims to set a platform that appraise raises and recognizes the development and growth of retailing throughout the Asia Pacific region.

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Coca-Cola Golden Spoon Awards 2008 Most Admired Food & Grocery Retail Visionary of the Year: Kishore Biyani Most Admired Food & Grocery Retailer of the Year Supermarkets: Food Bazaar Most Admired Food & Grocery Retailer of the Year - Hypermarkets: Big Bazaar Most Admired Retailer of the Year - Dynamic Growth in Network Expansion across Food, Beverages & Grocery: Future Group Most Admired Food & Grocery Retailer of the Year - Consumer's Choice: Big Bazaar The Coca-Cola Golden Spoon Awards 2008, were given away for the first time as a culmination of the Food Forum India 2008 a two day convention, which saw the participation of leading brands, retailers & retail support organizations from across the globe. The awards were presented to honors enterprise, innovation and achievement in the food retailing business as a benchmark of excellence.

The Reid & Taylor Awards For Retail Excellence 2008 Retail Leadership Award: Kishore Biyani Retail Best Employer of the Year: Future Group Retailer of The Year: Home Products and Office Improvements: Hometown

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The Reid & Taylor Awards for Retail Excellence are an important feature of the Asia Retail Congress, Asias single most important global platform to promote world-class retail practices. These awards are aimed at honouring the best, in the Asian Retail scenario. India played host to Asia Retail Congress 2008.

2009 CNBC Awaaz Consumer Awards 2009 Most Preferred Multi Product Chain - Big Bazaar Most Preferred Multi Brand Food & Beverage Chain - Big Bazaar Images Fashion Forum 2009 Most Admired Fashion Group Of The Year - Future Group Most Admired Private Label - Pantaloons, the lifestyle format Critics Choice for Pioneering Effort in Retail Concept Creation Central. Coca-Cola Golden Spoon Awards 2009 Most Admired Food & Grocery Retailer Of The Year Most Admired Food Court Most Admired Food Professional

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PROGESS OVER YEARS

1987: Company incorporated as Manz Wear Private Limited. Launch of Pantaloon Trousers, Indias first formal trouser brand. 1991: Launch of BARE, the Indian jeans brand. 1992: Initial Public Offer (IPO) was made in the month of May. 1994: The Pantaloon Shoppe- exclusive menswear store in franchisee format launched across the nation. The company started distribution of garments through multi chain out-let. 1995: John Miller- formal shirt brand launch 1997: Pantaloons Indias family store launched in Kolkata. Company enters

modern retail with the launch of the first 8000 square feet store
2001: Big Bazaar, Is se sasta aur accha kahi nahin - Indias first hypermarket chain launched. Three Big Bazaar stores launched within a span of 22 days in Kolkata, Bangalore and Hyderabad. 2002: Food Bazaar, the supermarket chain is launched. 2004: Central Shop, Eat, Celebrate In The Heart Of Our City - Indias first seamless mall is launched in Bangalore 2005: Fashion Station - the popular fashion chain is launched all a little larger exclusive stores for plus-size individuals is launched 2006: Future Capital Holdings, the companys financial arm launches real estate funds Kshitij and Horizon and private equity fund in division. Plans forays into insurance and consumer credit. Multiple retail formats including Collection, Furniture Bazaar, Shoe Factory, EZone, Depot and futurebazaar.com are launched across the nation.

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Group enters into joint venture agreements with ETAM Group and Generali. Forms joint ventures with US office stationery retailer, Staples.

2007: Future Group crosses $1 billion turnover mark. Specialized companies in retail media, logistics, IPR and brand development and retail-led technology services become operational.

Pantaloon Retail wins the International Retailer of the Year at US-based National Retail Federation convention in New York and Emerging Retailer of the Year award at the World Retail Congress held in Barcelona. Futurebazaar.com becomes Indias most popular shopping portal. 2008: Future Capital Holdings becomes the second group company to make a successful Initial Public Offering in the Indian capital markets.

Big Bazaar crosses the 100-store mark, marking one of the fastest ever expansion of a hypermarket format anywhere in the world.

Total operational retail space crosses 10 million square feet mark.

Future Group acquires rural retail chain, Aadhar present in 65 rural locations. 2009: Company suffered a loss of 18.39 Cr and increased their liability to 734.62 Cr 2010: Company made a merger will world biggest mall Hallmark to make a huge mall in Kolkata.

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ORGANISATIONAL STRUCTURE

BOARD OF DIRECTORS Mr. Kishore Biyani, Managing Director Kishore Biyani is the Managing Director of Pantaloon Retail (India) Limited and the Group Chief Executive Officer of Future Group.

Mr. Gopikishan Biyani, Director Gopikishan Biyani is a commerce graduate and has more than twenty years of experience in the textile business.

Mr. Rakesh Biyani, Whole time Director Rakesh Biyani is a commerce graduate and has been actively involved in category management; retail stores operations, IT and exports. He has been instrumental in the implementation of the various new retail formats.

Mr. Vijay Biyani, Whole time Director Vijay Biyani has more than twenty years of experience in manufacturing, textiles and retail industry and has been actively involved in the financial, audit and corporate governance related issues within the company.

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Mr. Kailash Bhatia, Whole time Director He has over 28 years of valuable experience in the fashion business and has worked with some of the well known companies like Arvind Mills and Weekender.

Mr. Vijay Kumar Chopra, Independent Director V.K.Chopra is a fellow member of The Institute of Chartered Accountants of India (ICAI) by profession and is a Certified Associate of Indian Institute of Bankers (CAIIB). His banking career spans over 31 years and he has served senior management positions in Central Bank of India, Oriental Bank of Commerce, SIDBI, Corporation Bank and SEBI.

Mr. Shailesh Haribhakti, Independent Director Shri Shailesh Haribhakti is a Chartered Accountant, Cost Accountant, and a Certified Internal Auditor. He is the Deputy Managing Partner of Haribhakti & Co., Chartered Accountants and past president of Indian merchant Chambers. He is on the Board of several Public Limited Companies, including Indian Petrochemicals Corporation Ltd., Ambuja Cement Eastern Ltd. etc. He is on the Board of Company since June 1, 1999.

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Mr. S Doreswamy, Independent Director S. Doreswamy is a former Chairman and Managing Director of Central Bank of India and serves on the board of DSP Merrill Lynch Trustee Co and Ceat Limited among others.

Dr. D O Koshy, Independent Director Dr. Darlie Koshy, a PhD from IIT Delhi and rank holder in MBA headed NID (Ministry of Commerce, GOI) as Director for 2 terms of office prior to which he was the founding Chairperson of Fashion Management at the National Institute of Fashion Technology (Ministry of Textiles, GOI). He is currently the Director General & CEO of ATDC Network of 58 Institutes / Centers and two premier campuses of Institute of Apparel Management under the aegis of AEPC (Sponsored by Ministry of Textiles, GOI). Dr. Koshy received the Delhi IIT Alumni Award for contribution of National Development in 2008. Dr. Darlie Koshy was also conferred with the Star of Italian Solidarity one of the highest civilian awards of the Government of Italy. Dr. Koshy is the author of three pioneering books including the much acclaimed Indian Design Edge. Ms. Bala Deshpande, Independent Director Bala Deshpande is Independent Director, Pantaloon Retail (India) Ltd. and also serves on the boards of Deccan Aviation, Nagarjuna Construction, Welspun India and Indus League Clothing Ltd, among others.

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DISCOVERING TALENT DIVERSITY

The company strongly believes that its sustainable competitive advantage lies in the values that it cherishes the culture that it imbibes and spirit of enterprise that resides within the organization. Talent management therefore continues to be the core focus for the company. Considering the multiple businesses and rapid expansion expected across the business, the company saw merit in taking a fresh guard to the way in which business would run in order to meet the next leg of expansions. During the year 2006-07, the company conducted an extensive review of in-house talent management, which involved mapping every managerial position in the organization for their skill sets, competence and attitudinal aspects as well as taking an inventory check of the existing talent base and addressing their development needs. Development Centers were created with in- house assessors, which further aided in identifying potential resources and helped chalk out post assessment development plans. Continuing with its policy of strategic alliances, the company is collaborating on joint degree programs with 15 management schools, design institutes and institutes of higher learning in areas like food business, supply chain management, design experience management etc. This Seekho programme for external and internal candidates has ensured a steady stream of mid level, well trained retail professionals every year. The companys Gurukool programme provides the front-end employees an opportunity to imbibe the companys values and a sense of ownership to the company. The company has also created an Employee Growth Trust Fund that was launched during the last financial year for the senior management.

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EQUAL OPPORTUNITY

The company believes that in order to build a sustainable business environment, the composition of its talent base needs to reflect the diversity that exists in our country and among its customers. Therefore the company ensures that the proportional representation of different communities in the Indian population is mirrored in its employee profile. The majority of employees in the company come from socially and economically marginalized sections of the society. Close to 46% of the employees in the organization are women and the average age within the organization is 27 years. The effectiveness of its talent management initiatives is reflected in the fact that the annual rate of attrition is 8.12%, much below industry levels. The company plans to strengthen its employee platform to about 30,000 people by FY 08, from nearly 18,000 people as on FY 07.

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HUMAN RESOURCE INITIATIVES Pantaloon Retail believes that one of its sustainable competitive advantages will continue to be the people who are part of the organization. Being in service industry, the Company places a lot of focus is placed on attracting, and training, incentivizing and retaining talent. The vision is "To provide an environment that creates happy people who have a meaningful life and add value to business and society." With over 18000 employees at an average age of 27 years, the Company prides itself on being a young and energetic organization, driven through the 'The Pantaloon People Management System'. This is built on 5 pillars of people based growth, namely - Culture Building, Performance Management through Balanced Scorecard, People Processes, Management Processes and Leadership Brilliance. Training a competent Learning & Development Team is responsible for training employees at all the levels across the country, focusing on primary and secondary research into various aspects of retail and assessment of training needs across Knowledge, Skills & Attitude areas. The emphasis is on creating product and process knowledge through well defined programs like Praarambh and Parikrama. For the critical front line staff, the Company's unique outbound residential training program Gurukool focuses on integrating the mind, body and soul and brings about measurable attitudinal and behavioral changes. The program has covered nearly 4,500 employees. The SMI LE initiative for training of new Store Manager's has been created and disseminated to over 100 store managers by this team

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CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT (BAND 5 EMPLOYEES) APPLICABILITY OF THE CODE: This code is applicable to the Board of Directors and senior management employees of the Company i.e. Band 5 employees (hereinafter referred to as Specified Persons). This code is applicable to the executive and non- executive directors to the extent of their role and responsibilities in the organization. This code has to be complied both in letter and spirit by specified persons. Any violation / suspected violation of the code have to be promptly communicated to the compliance officer of the Company which would be taken up in the meetings of the Audit Committee /Board of Directors. 1. HONEST, INTEGRITY, DUE CARE AND DILIGENCE: Directors and senior management staff (hereinafter referred to as specified persons) of Pantaloon Retail (India) Limited (hereinafter referred to as Company) shall conduct their activities, on behalf of the Company in the best interests of the Company with honest, integrity and fairness. Due care and diligence shall be exercised by them in performing their duties of office and powers attached to their office. 2. COMPLIANCE WITH LAWS, RULES AND REGULATIONS Specified Persons of the Company are required to conduct their business and affairs in full compliance with applicable laws, rules and regulations in letter as well as spirit and shall encourage and promote such behavior for themselves, officers and employees across the organization.

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3. CONFLICT OF INTEREST: Specified Persons of the Company shall ensure that their personal interests doesnt conflict with the interests of the Company/ the group 4. PROTECTION AND PROPER USE OF COMPANYS ASSETS Specified Persons must protect the Companys assets, labour & information and may not use these for personal use, unless approved by the appropriate authority. 5. COMPETITION AND FAIR DEALING Specified Persons should not take unfair advantage of anyone through manipulation, concealment, and misrepresentation of material facts or any other unfair trade practices. Specified Persons should ensure dealings with stakeholders are done in a fair manner. 6. INSIDER TRADING: Specified Persons shall not derive benefit or assist others to derive benefit by giving investment advice from the access to and possession of any price sensitive information, not in public domain. Specified Persons will comply with SEBI (Prohibition of Insider Trading) Regulations, 1992 & the code of conduct of prevention of insider trading of the Company. 7. INTELLECTUAL PROPERTY RIGHTS Intellectual property rights are an important area for the success of the Company. Specified person should ensure that intellectual property rights of the Company via trademarks, copyrights, patents etc are duly protected through registration of the same with concerned statutory authorities to prevent any misuse of the same by others.

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8. CONFIDENTIALITY OF INFORMATION Specified Persons should ensure confidentiality of information they receive and is disclosed if authorized by the Company or the person from whom the information is provided or required by law. 9. HEALTH & SAFETY The business of the Company shall be carried on in a congenial environment whereby adequate health and adequate safety measures are taken in the workplace of the employees. Specified persons shall ensure that due compliance of all laws and regulations pertaining to health and safety measures are done on a continuous basis. 10. PERIODIC REVIEW This code is subject to periodic review by the audit committee and the Board of Directors. The specified persons shall make a confirmation to the compliance officer of the company within 15 days from the date of closure of the financial year in the format specified in the annexure to this code.

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CORPORATE GOVERNANCE

1. Altered in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Modern retail has entered India as seen in sprawling shopping centers, multi-storied malls and huge complexes offer shopping, entertainment and food all under one roof. The Indian retailing sector is at an inflexion point where the growth of organized retailing and growth in the consumption by the Indian population is going to take a higher growth trajectory. The Indian population is witnessing a significant change in its demographics. A large young working population with average age of 24 years, nuclear families in urban areas, along with increasing working-women population and emerging opportunities in the services sector are going to be the key growth drivers of the organized retail sector in India. Some Key Facts: Retail is Indias largest industry accounting for over 10 percent of the countrys GDP and around 8 percent of the employment. The market size of Indian retail industry is about US $312 billion. Indias Consumption Cosmos During the past decade, Private Final Consumption Expenditure has been the key driver of economic growth in India. 2. The $350 Billion Consumption spending provides the single biggest business opportunity in India and is divided into some key categories led by food, fashion and home products.

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3. Company Profile Mr. Kishore Biyani CEO, Future Group Pantaloon Retail (India) Limited is Indias leading retailer that operates multiple retail formats in both the value and lifestyle. 4. Segment of the Indian consumer market. Headquartered in Mumbai, the company operates over 12 million square feet of retail space, has over 1000 stores across 71 cities in India and employs over 35,000 people. The companys leading formats include Pantaloons, a chain of fashion outlets, Big Bazaar, a uniquely Indian hypermarket chain, Food Bazaar, a supermarket chain, blends the look, touch and feel of Indian bazaars with aspects of modern retail like choice, convenience and quality and Central, a chain of seamless destination malls. Some of its other formats include Depot, Shoe Factory, Brand Factory, Blue Sky, Fashion Station, Mobile Bazaar and Star Sitara (Beauty clinic). The company also operates an online portal, Futurebazaar.com. A subsidiary company, Home Solutions Retail (India) Limited, operates Home Town, a large-format home solutions store, selling home furniture products and E-Zone focused on catering to the consumer electronics segment. Pantaloon Retail was awarded the International Retailer of the Year 2007, by the US-based National Retail Federation, the largest retail trade association and the Emerging Market Retailer of the Year 2007 at the World Retail Congress in Barcelona. 5. Pantaloon Retail is the flagship company of Future Group, a business group catering to the entire Indian consumption space. The groups subsidiary companies include, Home Solutions Retail India Ltd, Pantaloon Industries Ltd, Galaxy Entertainment and Indus League Clothing. CORPORATE GOVERNANCE REPORT Corporate Governance indicates transparency, accountability and reliability on any organization. One of the core missions of the organization is to achieve excellence in all spheres, be it profitability, growth in market share, superior quality of products and services to the satisfaction of the stakeholders

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through an efficient and effective code of governance. We aim at providing fairness, clarity and transparency in all our dealings and increasing the value of all stakeholders of the Company. 6. Future Group Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of Indias leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. Led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million square feet of retail space in 71 cities and towns and 65 rural locations across India. Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 35,000 people and is listed on the Indian stock exchanges. The company follows a multi-format retail strategy that captures almost the entire consumption basket of Indian customers. In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls. In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines the look, touch and feel of Indian bazaars with the choice and convenience of modern retail. 7. In 2008, Big Bazaar opened its 100th store, marking the fastest ever organic expansion of a hypermarket. The first set of Big Bazaar stores opened in 2001 in Kolkata, Hyderabad and Bangalore. The groups specialty retail formats include, books and music chain, Depot, sportswear retailer, Planet Sports, electronics retailer, Ezone, home improvement chain, Home Town and rural retail chain, Aadhar, among others. It also operates popular shopping portal, futurebazaar.com. Future Capital Holdings, the groups financial arm provides investment advisory to assets worth over $1 billion that are being invested in consumer brands and companies, real estate, hotels and logistics. It also operates a consumer finance arm

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with branches in 150 locations. Other group companies include, Future Generali, the groups insurance venture in partnership with Italys Generali Group, Future Brands, a brand development and IPR company, Future Logistics, providing logistics and distribution solutions to group companies and business partners and Future Media, a retail media initiative. The groups presence in Leisure & Entertainment segment is led through, Mumbai-based listed company Galaxy Entertainment Limited. Galaxy leading leisure chains, Sports Bar and Bowling Co. and family entertainment centers, F123. Through its partner company, Blue Foods the group operates around 100 restaurants and food courts through brands like Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato. Future Groups joint venture partners include, US-based stationery products retailer, Staples and Middle East-based Axiom Communications. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas, as espoused in the groups core value of Indianness. The groups corporate credo is, Rewrite rules, Retain values. 8. CONSUMPTION COSMOS the retail formats are geared to capture Consumption Spending in key categories in both value and lifestyle segment. And specialized businesses backed by capital and investments in developing the necessary consumption infrastructure is helping build a consumption ecosystem. This empowers Pantaloon Retail to build a comprehensive business model that can capture a dominant share of the single biggest business opportunity in India - the consumption space. 9. Organization Profile Nobody Sells Cheaper and Better Big Bazaar is a chain of department stores in India currently with 100 outlets. It is owned by Pantaloon Retail India Ltd, Future Group. It works on the same economy model as Wal-Mart and has been successful in many Indian cities and small towns. The idea was pioneered by entrepreneur Mr. Kishore Biyani, the CEO of Future Group.

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Currently Big Bazaar stores are located only in India. It is the fastest growing chain of department stores and aims at having 350 stores by 2010. Big Bazaar has democratized shopping in India and is so much more than a hypermarket. Here you will find over 170,000 products under one roof that cater to every need of a family, making Big Bazaar Indias favorites shopping destination. At Big Bazaar, you will get the best products at the best pricesthis is our guarantee. From apparel to general merchandise like plastics, home furnishings, utensils, crockery, cutlery, sports goods, car accessories, books and music, computer accessories and many more. Big Bazaar is the destination where you get products available at prices lower than the MRP, setting a new level of standard in price, convenience and quality. 10. If you are a fashion conscious buyer who wants great clothes at great prices, Big Bazaar is the place to be. Leveraging on the companys inherent strength of fashion, Big Bazaar has created a strong value-for-money proposition for its customers. This highlights the uniqueness of Big Bazaar as compared to traditional supermarkets, which principally revolve around food, groceries and general merchandise. Big Bazaar has clearly emerged as the favorites shopping destination for millions of its customers, across the country, its success is a true testament to the emotional bonding it has established with the Indian customer , on account of its value offerings, inspirational appeal and service levels. We believe Big Bazaar is a true pan-Indian model that can enter into most towns in India and democratize shopping everywhere. 25, 26 and 27 January, 2009. Indias Sabse Sasta Din The acceptance and loyalty that Big Bazaar has garnered over the years was well evident on 26 January 2009. On the day India celebrates its Republic Day; the company honoured the consumer by calling it the Maha Savings Day. Shoppers at all Big Bazaar and Food Bazaar outlets across the country were offered products at prices never heard before in the history of shopping.

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11. The offers were spread across categories from electronics to utensils, from apparel to furniture and food. This event received tremendous response from the regular and an entirely new set of shoppers, which resulted in nearly 2 million people visiting the stores on that day. And most stores were able to post record sales for a single day. Company History 1987 Company incorporated as Manz Wear Private Limited. Launch of Pantaloons trouser, Indias first formal trouser brand. 1991 Launch of BARE, the Indian jeans brand. 1992 Initial public offer (IPO) was made in the month of May. 1994 The Pantaloon Shoppe exclusive menswear store in franchisee format launched across the nation. The company starts the distribution of branded garments through multi-brand retail outlets across the nation. 1995 John Miller Formal shirt brand launched. 1997 Company enters modern retail with the launch of the first 8000 square feet store, Pantaloons in Kolkata. 2001 Three Big Bazaar stores launched within a span of 22 days in Kolkata, Bangalore and Hyderabad. 2002 Food Bazaar, the supermarket chain is launched. 2004 Central Indias first seamless mall is launched in Bangalore. 2005 Group moves beyond retail, acquires stakes in Galaxy Entertainment, Indus League Clothing and Planet Retail. Sets up Indias first real estate investment fund Kshitij to build a chain of shopping malls. 2006 Future Capital Holdings, the companys financial is formed to manage over $1.5 billion in real estate, private equity and retail infrastructure funds. Plans forays into retailing of consumer finance products. Home Town, a home building and improvement products retail chain is launched along with consumer durables format, Ezone and furniture chain, Furniture Bazaar. Future Group enters into joint venture agreements to launch insurance products with Italian insurance major, Generali. Forms joint ventures with US office stationery retailer, Staples. 2007 Future Group crosses $1 billion turnover mark. Specialized companies in retail media, logistics, IPR and brand development and retail-led technology services become operational. Pantaloon Retail wins the International

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Retailer of the Year at US- based National Retail Federation convention in New York and Emerging Retailer of the Year award at the World Retail Congress held in Barcelona. Futurebazaar.com becomes Indias most popular shopping portal. 2008 Future Capital Holdings becomes the second group company to make a successful Initial Public Offering in the Indian capital markets. Big Bazaar crosses the 100-store mark, marking one of the fastest ever expansion of a hypermarket format anywhere in the world. Total operational retail space crosses 10 million square feet mark. Future Group acquires rural retail chain, Aadhar present in 65 rural locations. 12. Future Plans the Company would continue to pursue its aggressive growth to strengthen its position as a leading player in the consumption space in India, with an aim to capture increasing share of the consumers wallet. The Company would continue with its expansion plans and would continue to increase its presence on a pan-India basis by opening more retail outlets in tier 2 and tier 3 cities and by further strengthening its position in key metro cities. The Company has planned to increase its operating retail space from around 8 million square feet currently to around 12 million square feet by FY08-09. The various subsidiary companies of the Company, which have been created to cater to various consumption categories, are currently in initial set-up phase. Most of them will come into their own, pursuing aggressive growth plans to achieve scale and garner increasing market share.

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CSR Activities CSR Areas 1. Community Welfare 2. Poverty Eradication 3. Rural Development 4. Sports 5. Vocational 6. Water Three main CSR activities 1. Vocational Training 2. Women Empowerment 3. Rural development

CSR activities in brief

1. For long, we have resisted the temptation of setting up a corporate social responsibility department that has a select few employees working with a defined budget and regularly speaks out on the good work that it does. The primary reason for this is as an organization, we could never find a difference in the work we do every day and the good work that a responsible organization is supposed to do.

2. It has always been our belief that being an ethically, socially and environmentally responsible organization is the best and the most efficient

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way to earn the trust and goodwill of millions of customers and stakeholders. As a sustainable business that nurtures its supply partners, which cares for its community, empowers its employees and strives to be a positive change agent in society, we are confident that your company will be the one which retains the trust of society and builds a strong foundation for long-term, sustainable growth. 3. Beginning this year, we implemented a 52-week calendar of events, to celebrate within Central. This reflects every Indian festival, sporting, lifestyle and leisure events from around the world as well as social causes like Environment Day. 4. There is little to distinguish 14-year old Mohammad Arafat Shaikh and 13year old Bidal Shaikh from the rest of the kids in Mumbais Nagpada area. Except that they have a passion for basketball and are part of the US-based National Basketball Associations (NBA) Basketball without Borders initiative. Supported by Spalding, the sports brand retailed and marketed by Planet Sports, the initiative uses basketball to influence positive social change and features current and former NBA players and team personnel working as camp coaches.

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WE ARE BEACON OF HOPE FOR THOSE IN ADVERSITY 1. In his native village, Sethu Raghunatha Pattinam situated 433 kilometers from Chennai; 23-year old M Veerappan could have chosen to do what the rest of the 300 villagers do farming and wood cutting. His father barely earned Rs 150 a day and with a mother and two sisters to care for, Veerappan chose to stand out. On completing his schooling, Veerappan earned himself a diploma in electronics from a nearby institute in Karamathur. It also happens to be one of the centers Pantaloon Retail recruits from. Today, Veerappan is an assistant maintenance officer at Pantaloons store in Chennai. Veerappan is among the thousands of employees recruited by the company through rural recruitment drives in association with rural educational institutes, NGOs and government bodies. Initiatives like the Rural Employment Generation Mission; Government of Andhra Pradesh alone has helped us recruit more than 500 people. The company has also been an active recruiter in the North East. It has also tiedup with Chennai-based Avatar Career Creators which brings together young mothers and housewives willing to take up flexi-time and part-time jobs at our stores. These form part of our initiatives to act as positive change agents of society, and spread the benefits of modern retail in areas where we do not have business operations. Those recruited through these channels form a loyal and committed work force, willing to grow with the organization. 2. As an organization, we firmly believe that talent is our biggest asset and to continuously identify, nurture and train talented professionals, we have set up a specialized unit, Future Learning & Development. This has set up 3 campuses, equipped with the latest training tools and curriculum in Ahmadabad, Bangalore and Kolkata to train existing

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manpower, attract new talent and also provide training solutions to other companies. 3. We have also tied up with Indira Gandhi National Open University (IGNOU) to offer retail industry focused certified courses through these campuses. The vision is to make more Indians employable with a specific focus on socially and economically disadvantaged sections of the society. The company leverages its business experience and approach to learning to bridge the skill gap and provide trained manpower to group companies as well as the industry. We continue to make a conscious effort as an employer to be as widely representative of the country as a whole and this includes geography, religion, community, caste and socioeconomic class. Our goal is to provide quality training and employment for all those who might choose to work with us.

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WE ARE EMPOWERING WOMEN ENTREPRENEURS AND PRODUCERS

1. We believe that it is our responsibility to engage more meaningfully with communities residing in and around many of our stores, as well as provide those without the means to improve their economic and social well being. 2. Initiatives are today focused on building a platform and providing distribution and market outreach to women led organizations engaged in producing food products, textiles and handicrafts. These not only help us act as positive change agents for society, but also provide ethnic and traditional products that urban India so often craves for. 3. An immensely successful initiative of this nature was Yatra, a joint effort between Big Bazaar and Yashaswini, a self help group platform. The purpose was to encourage the efforts of underprivileged women traders through establishing a channel for them to sell their produce in a profitable manner. 4. Our interactions with several womens networks in Maharashtra resulted in us establishing a connect with about 200 such groups from remote villages. More than 300 women from these groups were offered a chance to sell their produce during special promotions in front of Big Bazaar stores. The idea was to serve our customers, in an authentic manner, the rich, diverse traditional cuisine of Maharashtra. These items were specialty items from each geographical region within the state. 5. Spread over 4 days and with the assistance of volunteers from Yashaswini as well as our own staff, Yatra turned out to an extremely popular event at all the Big Bazaar stores. Sales increased throughout the event and saw the

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women sellers take home at least as much as Rs.500 each on all 4 days. A sum total of 19 Big Bazaar stores, across the state participated and shared the platform with at least 40 groups each time. 6. An interesting outcome of this activity has also been that 30 products out of these Yatras were selected as winner products which are now being regularly stocked at Big Bazaar outlets. Similar initiatives with self help groups and local indigenous communities have been initiated in the states of Assam, Karnataka, Kerala and Delhi and have met with very encouraging response from customers and the communities we serve. 7. In addition, almost every Big Bazaar and Food Bazaar store now has a customer advisory board. These advisory boards are composed of well known personalities or respected individuals who live in and around the stores. These customer advisory boards regularly meet to review and advise the store managers and the staff on improving customer experience, product assortment and social initiatives.

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RELATED COMPANIES
Pantaloon Retail (India) Limited Pantaloon Retail (India) Limited (PRIL), is Indias leading retailer that operates multiple retail formats in both the value and lifestyle segment of the Indian consumer marker. Headquartered in Mumbai, the company operates 16 million square feet of retail space, has over 1,000 outlets (including shop-in-shops) across 73 cities in India and employs over 30,000 people.

The companys leading formats include Pantaloons, a chain of fashion outlets, Big Bazaar, a uniquely Indian hypermarket chain, Food Bazaar, a supermarket chain, and Central, a chain of seamless destination malls. Some of its other formats include Depot, Brand Factory, Blue Sky, Star and Sitara. Pantaloon Retail is part of the Future Group which has presence in multiple businesses in the consumption space including consumer finance, capital, insurance, retail media, mall development, logistics and brand development.

Home Solutions Retail (India) Limited Future Groups business offers complete retailing solutions for all products and services related to home building and home improvement. The key product categories are CDE (Consumer Durable & Electronics), Furniture, Home Furnishing & Decor, Home Improvement and Home Services. HSRIL operates retail format Collection i, Furniture Bazaar, Electronics Bazaar, Home Town and eZone.

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Future Brands Limited Future Brands Limited (FBL) has been incorporated on November, 2006 and is involved in the business of creating, developing, managing, acquiring and dealing in consumer-related brands and IPRs (Intellectual Property Rights).

Future Media (India) Limited Future Media (India) Limited (FMIL) was incorporated as the Groups media venture, aimed at creation of media properties in the ambience of consumption and thus offers active engagement to brands and consumers. FMIL offers relevant engagement through its media properties like Visual Spaces, Print, Radio, Television and Activation.

Future Supply Chain Solutions Limited Future Supply Chain Solutions Limited (FSCS) has been incorporated as a separate entity and is involved in the business of providing logistics, transportation and warehousing services for all group companies and third-parties. "Future Logistic Solutions Ltd. is now Future Supply Chain Solutions Ltd." Future Supply Chain Solutions Ltd, the logistics and supply chain vertical of Future Group, is India's first end - to - end Consumer Logistics Company. Future Supply Chains was established in April 2007, born from the need to have a specialized end - to - end supply chain for consumer products. Over the years, the company has developed competencies in managing the various operations involved in supply chains across different product categories. Future Supply Chains is distinct because it is an end - to - end supply Chain Company delivering millions of pieces to millions of consumers on a daily basis. It takes over the entire task of

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managing the supply chain; enabling its clients to concentrate on their core business Convergem Communication (India) Limited Convergem Communication (India) Limited (CCIL) (formerly known as Convergem Retail (India) Limited) was incorporated to set up a chain of retail outlets for dealing in areas of communication, data & voice storage and other related products. The company operates mBazaar, mPort and GenM, among other retail formats. Pantaloon Food Product (India) Limited Pantaloon Food Product (India) Limited (PFPIL) was incorporated with the object of sourcing and backward integration of food business of the company. PFPIL has sourcing and distribution bases at all key cities across the country. Future Knowledge Services Limited Future Knowledge Services Limited (FKSL) was incorporated on January, 2007 and is engaged in the business of business process outsourcing and knowledge process outsourcing. Future Capital Holdings Limited Future Capital Holdings Limited (FCH) was formed to manage the financial services business of Pantaloon Retail (India) Limited and other group entities. FCH is one of the fastest growing financial services company in India, with presence in Asset Advisory, Retail Financial Services and Proprietary Research. The company operates a consumer finance retail format, Future Money and manages assets worth over US$ 1 Billion through its various funds including in division, Kshitij, Horizon and Future Hospitality. FCH subsidiary companies include Kshitij Investment Advisory Company Ltd., Ambit Investment Advisory Company Ltd., and In division Investment Advisors Ltd.

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Future Generali India Insurance Company Limited Future Generali India Insurance Company Limited (FGIICL) was incorporated on October 30, 2006 to undertake and carry on the business of general insurance. The approval for carrying on General Insurance Business has been received from the Insurance Regulatory and Development Authority of India (IRDA) on September 4, 2007. Future bazaar India Limited Future bazaar India Limited (FBIL) is set up as the e-Retailing arm of the Future Group for providing on-line shopping experience. Futurebazaar.com was launched on January 2, 2007, and has emerged as one of the most popular online shopping portals in India. It was awarded with the Best Indian Website award, in the shopping category, by the PC World Indian Website Awards.

Weavette Texstyles Limited Weavette Texstyles Limited was incorporated on December 8, 1994 and is involved in the business of designing, manufacturing, buying and selling, importing, exporting, spinning etc of various types of textile fabrics.

Winner Sports Private Limited Winner Sports Pvt. Limited caters to the Sports and Lifestyle consumer space. Winner Sports is the exclusive India Licensee for retailing and marketing leading international brands including Converse, Speedo, Wilson, Prince, Spalding and Callaway. It has over 57 stores across 23 locations. The company operates:
y

Multi-brand sports specialty stores - Planet Sports

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y y

Value-based sports lifestyle format - Sports Warehouse Mono brand stores - Adidas, Converse, Puma

The company's flagship format, Planet Sports, is a leading name in multi-brand sports and lifestyle specialty retail space. It has one of the largest collection of international sports and lifestyle brands and has an extensive offering for sportswear and equipment across all categories including running, training, fitness, swimming, tennis, golf, basketball, soccer as well as other lifestyle products across categories like footwear, apparel, accessories and sports equipments.

The company aims to be among the most admired sports player in a multi-sports, multi-product format and to augment Indias sports culture. Winner Sports strives to provide integrated, reliable and cost efficient sports offerings to Indian consumers.

Staples Future Office Products Private Limited Staples Future Office Products Private Limited (SFOPPL) was incorporated on January, 2007 and is involved in the business of dealing in all kinds of office supplies, office equipments and products. SFOPPL is a joint venture between the Company and Staples Asia Investment Limited (a subsidiary of Staples Inc USA). The companys first retail outlet opened in Bengaluru in December, 2007.

Talwalkars Pantaloon Fitness Private Limited Talwalkars Pantaloon Fitness Private Limited (TPFPL) was incorporated on December 19, 2006 and is involved in the business of setting up gymnasiums and dealing in fitness equipments and other health products. TPFPL is a 50:50 joint

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venture between the Company and Talwalkars Better Value Fitness Private Limited. ConvergeM The Company has entered into a 50:50 joint venture with Axiom Telecom LLC, UAE on July 20, 2007 to do sourcing and wholesale distribution of mobile handsets, accessories and setting up service centers and authorized after sales service centers for mobile handsets in India. Indus League Clothing a subsidiary company, Indus League Clothing owns and manages the brands Indigo Nation, Scullers, Urban Yoga, Urbana and their retail formats. Galaxy Entertainment Corporation Ltd It is a group company that operates leisure and entertainment chains, The Bowling Company, The Brew Bar, The Sports Bar, Sports bar Express and Chamosa. Future Consumer Products Limited FCPL is a subsidiary company of Pantaloon Retail India Limited, incorporated in September 2007. The company has two brands under its umbrella - SACH & S Drive, inspired by Sachin Tendulkar. These brands operate in categories such as foods, apparels, personal care and general merchandize among others, and are available through Future Group formats.

SACH launched with an apparels range for boys between the ages of 9-16 across Big Bazaars in June 2008.

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Future Ventures India Limited Future Ventures seeks to promote and participate in innovative and emerging business ventures in India. The group intends to play a role in powering entrepreneurship, by promoting or participating in diverse business activities, primarily in consumption-led sectors in the country, which will be determined primarily by the growing purchasing power of Indian consumers and their changing tastes, lifestyle and spending habits.

Foot Mart Retail India Ltd Foot Mart Retail is a joint venture between Liberty Shoes and the group and operates the Shoe Factory format.

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OUR VERTICALS Future Retail Retail forms the core business activity at Future Group and most of its businesses in the consumption space are built around retail. Future Groups retail network touches the lives of more than 200 million Indians in 73 cities and 65 rural locations across the country. The group currently operates around 1,000 stores spread over 16 million square feet of retail space. Present in the value and lifestyle segments, the groups retail formats cater to almost the entire consumption expenditure of a wide cross-section of Indian consumers.

Led by Pantaloon Retail, the groups flagship company, the group manages some of Indias most popular retail chains like Pantaloons - a chain of fashion destinations, Big Bazaar - a uniquely Indian hypermarket chain, Food Bazaar - a supermarket chain that blends the look, touch and feel of Indian bazaars with aspects of modern retail like choice, convenience and quality and Central - a chain of seamless destination malls. Some of its other formats include Ethnicity - India's first concept store, which recreates the experience of a traditional ethnic market in a modern retail format, Brand Factory, Planet Sports, all, Top 10 and Star and Sitara. The group also operates Indias most popular online shopping portal www.futurebazaar.com.

Retailing of products and services related to home building and home improvement is led through the groups formats, Home Town, a large-format home solutions store, along with specialized formats for home furniture and home furnishing through, Collection I and Furniture Bazaar and consumer electronics through eZone and Electronics Bazaar.

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The group also operates Indias leading rural retailing chain, Aadhaar that is present in over 65 locations in rural India. Aadhaar, an agri-service cum rural retail initiative, provides a complete solution provider for the Indian farmer.

Future Capital Holdings

Future Capital Holdings Limited (FCH) is the financial services arm of the Future Group and has three primary lines of business; investment advisory services, retail financial services and research.

FCH provides Private Equity and Real Estate investment advisory services to onshore and offshore clients. These investment advisory services include investment analysis, research and recommendations.

FCH acts as the investment advisor to the Rs. 350 Crore (approximately US$ 89 Million) Kshitij Venture Capital Fund, an onshore SEBI-registered venture capital fund, whose main focus is developing retail malls in India. It also acts as the investment advisor to three offshore investment managers namely.

Indivision Capital Management, the offshore investment manager of the US$ 425 Million offshore private equity fund, Indivision India Partners.

Horizon Development Management, the offshore investment manager of the

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US$ 350 Million offshore real estate fund, Horizon Realty Fund, LLC.

FHL Developments Company LLC, the offshore investment manager of the US$ 200 Million offshore hotel fund, Indus Hotel Ventures, LLC. Future Capital Research, our research business, conducts and publishes economic research on India with the objective of enhancing value creation across our other businesses. Consumer Finance A business division of Future Capital Holdings (FCH), Future Money aims to set a new standard in the organized retailing for financial services and products by creating a differentiated retail brand that will make retail finance Simple, Easy and Convenient. These financial supermarkets provide a range of innovative financial products and services Future Money proposes to leverage its reach and captive customer base to offer a one-stop solution for financial products and services. Key product and service lines include consumer durable loans, personal loans, home equity loans, credit cards, life and non-life insurance, mutual funds, foreign exchange and money transfer. The group has also launched Future Card, a unique credit card cum loyalty card that offers loyalty benefits to card holders in over 24 Future Group retail chains as well as other retail outlets.

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Future Generali Future Groups foray into life and non life insurance services and products is led through Future Generali India Life Insurance Company and Future Generali India Insurance Company, respectively. Future Groups partner, Generali Group was established in 1831 in Italy and is now amongst the three largest insurance companies in Europe and is ranked 30th on the Fortune 500 list. It has more than 3, 50,000 shareholders, and 70,000 employees and is present in 40 countries across the globe. The joint venture company - between Pantaloon Retail and Generali Group Future Generali brings in a new wave of innovation in the insurance space. Apart from retailing insurance products in the exciting environment of shopping malls and consumption centers the companies are also setting up a robust pan-India footprint in over 100 cities and towns across the country. Leisure & Entertainment The companys presence in the fast growing leisure and entertainment space is established through its affiliate company, Galaxy Entertainment Corporation Ltd and its partnership with Mumbai-based Blue Foods.

Galaxy Entertainment Corporation Ltd GECL operates Leisure Brands including The Bowling Company, The Sports Bar and The Brew Bar. F123 is the companys kids gaming and entertainment zone while it operates Sports bar Express under its The Sports Bar concept.

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Future Consumer Products Limited FCPL is a subsidiary company of Pantaloon Retail India Limited, incorporated in September 2007. The company has two brands under its umbrella - SACH & S Drive, inspired by Sachin Tendulkar. These brands operate in categories such as foods, apparels, personal care and general merchandize among others, and are available through Future Group formats.

Agre Developers Limited Agre Developers Limited is a Future Group company that will provide a comprehensive mall/property management and services in India including positioning, finance management and mall advisory services.

Agre Developers currently operates six shopping malls: Orchid City Centre and Milan Mall in Mumbai; Cosmos and Lido Malls in Bangalore; Ahmadabad City Centre in Ahmadabad and Cosmos Mall in Siliguri.

In addition Agre Developers is engaged in setting up of over two dozen shopping malls and consumption centers, all of which will be operational by 2011.

Future Human Development Ltd. (FHDL) Future Human Development Ltd. (FHDL), a Future Group company, was incorporated in 2008 with the unique charter to undertake all the Talent

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acquisition, Talent management, Talent retention and Career Progression training. The learning & development at FHDL is unique, in the manner that it is rooted in Indian ideology, and aims at providing a relevant and contextual learning experience. Fuelled by its deep belief in the infinite potential of a person, the company has already introduced more than 25,000 Future Group employees to its basic tenets, and is geared towards helping more than 40,000 people realize their potential by the year 2010. Since its inception, FHDL has also branched off into domain specific (retail & allied services) training, certification, advisory and consultancy. FHDL also recognizes that they can contribute in the development and grooming of current and future talent across various businesses in areas such as:
y y y y y y y

Product and service training Soft skills training SOP creation and train the trainer Training efficiency audits and reports Extending use of FHDL training facility Customized training and content generation Other people development related services

Through these associations, FHDL will not only be involved with the design, development and delivery of the programs, but also offer a value proposition that takes into account the businesss needs both in terms of costs and benefits.

With FHDL, Future Group has created a centre of higher learning, which provides the learner an opportunity to build self and thereby a career through completely Indian references and methodology, at their three Learning Centers based in

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Ahmadabad, Bangalore and Kolkata. FHDL employs a large number of Learning Specialists across locations. Future Brands The Future Group has built a strong portfolio of some of the fastest growing consumer brands in India. This activity is led through Future Brands India Limited, a specialized subsidiary company that was set up to create and build powerful brands that address the aspirations of the new Indian consumer.

Some of the key brands in this portfolio include, John Miller, Lombard, Bare, DJ&C, Buffalo and RIG in the fashion and apparel space. Dream line, present in the home segment, offers a wide range of products in kitchenware, bed & bath linen, and Home Dcor categories. In the food and home care segment brands include Tasty Treat, Premium Harvest, Fresh & Pure, Care Mate and Clean Mate. In consumer durables and electronics space, the groups brands include Koryo and Sensei. Future Media Future Media India Limited, aims to create media properties in the ambience of consumption, and aid consumer-brand engagement, converting footfalls into eyeballs, creating trends and thereby, the desire to change. The company was incorporated on March 8, 2006 and its operations commenced from January 1, 2007. The company offers relevant engagement through its media properties like Future Visual Spaces, Future Activation, Future Print, Future

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Radio, Future TV, Future Fuel and Future Theatre.

Visual spaces in the shopping environment include shopping trolleys, carry-bags, elevator doors, standees, danglers, trial rooms, counters, in-store signage, product displays and facades.

Amongst print properties, Future Media offers My World, a monthly magazine for Future Group customers. Future Media has also launched Future TV, the first retailer-owned channel in India that aims to provide a completely unique audiovisual experience within an in-store environment. Future FUEL is the TV network at BPCL petrol stations, while Future Theatre has acquired on-screen media rights for all Inox properties. Future Supply Chain Solutions Limited Logistics forms a critical business activity across Future Groups businesses. Future Supply Chain Solutions Limited (FSCS), a specialized subsidiary, offers strategic, focused and consolidated approach to meet the groups large supply chain requirements as well as those of select supply and business partners.

The Future Supply Chain Solutions team currently oversees the operations of an existing fleet of over 600 dedicated trucks, contracted from established regional and national transport carriers, most of which are now equipped with GPS sets. In addition it provides integrated end-to-end SCM, warehousing and distribution, multi-modal transportation and container freight station. The total consolidated warehouse space that the company intends to have operational by 2010-11 is nearly 7.50 million square feet.

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Future Knowledge Services Future Knowledge Services is a retail technology service provider for high quality, low cost services model catering to the entire retail value chain. Future Knowledge Services will provide consolidated Technology Support, Business Process Management and Contact Centre for all group companies and partners. Its key partners include Wipro, SAP and Cisco.

The pillars on which the deliverables of Future Knowledge Services are based include IT-based applications and implementation modules; Design, Built and Run to enable businesses to function smoothly and accurately.

SAP as the backbone provider, ensures connectivity throughout the groups retail formats, warehouses, vendor partners and allied businesses. In addition VPN and Business Intelligence and Data Warehousing tools have also been incorporated as a robust decision making enabler. Further, cutting edge technology advancements at the store level for better operational efficiencies and transaction enhancements are underway. Future Ventures Future Ventures, seeks to promote and participate in innovative and emerging business ventures in India. The company intends to play a role in powering entrepreneurship, by promoting or participating in diverse business activities, primarily in consumption-led sectors in the country, which it defines as sectors whose growth and development will be determined primarily by the growing purchasing power of Indian consumers and their changing tastes, lifestyle and spending habits.

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The company will also participate in businesses where it exercises control or influence, and can add value as active shareholders, by utilizing the experience and knowledge of the Future Group, and specifically its parent, Pantaloon Retail.

Future E-tailing Futurebazaar.com is the groups foray into the consumer e-commerce business in India. The website is owned and operated by Future Bazaar India Limited, a subsidiary of Pantaloon Retail (India) Limited. The company through its website, www.futurebazaar.com, provides customers with a streamlined, efficient and world class personalized shopping experience, which is supported with the best technology platform.

Popular Indian computer magazine PC World named Future Bazaar as the Best Indian Website 2007 in the Shopping category.

Big bazaar Big Bazaar is a chain of hypermarkets in India, with more than 100 stores in operation. It is a subsidiary of Future Group Venture Ltd's, and follows the business model of United States-based Wal-Marts his

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retail store is a subsidiary of Future group, Pantaloons Retail India Ltd. and is an answer to the United States Wal-Mart. Big Bazaar has released the doors for the fashion world, general merchandise like sports goods, cutlery, crockery, utensils, and home furnishings etc. at best economical prices. Big Bazaar group offers more than 100 stores all over the country with an amalgamation of Indian bazaars feel and touch with a convenience and choice of the modern retail facilities. The retail format of the Big Bazaar group includes Aadhar, Rural & Home-Town retail chain, Ezone home-improvement chain, sportswear retailer, depot and music chain is few among others.

Brand Factory Brand Factory is a chain of stores operated by Pantaloon Retail India. Launched in September 2006, it currently has eight outlets in India. The outlets are between 60,000 to 100,000 square feet (9,300 m2) in size and offer around 120 brands such as Esprit, Van Heusen and Levis. The chain offers a minimum discount of 20% for its merchandise and targets customers in the 20-35 age group. The chain had more than a million customers within its first year of operation and witnesses a footfall between 2000-5000 customers per day. It has stores in Ahmadabad, Bangalore, Kolkata, Ghaziabad, Hyderabad, Pune, Chennai, Mumbai and Tiruchirapalli.Ten more outlets are proposed to be built soon in the country.

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Central- Stop, Eat and Celebrate Central Mall is the largest shopping mall by surface area in the state of Arkansas, located near Interstate 540 in Fort Smith. It opened in 1971 and is anchored by Dillard's, Dillard's Men's Store, J.C. Penney and Sears. The mall is managed by Jones Lang LaSalle. The mall underwent a major renovation in 1999, which included new flooring, skylights, interior finishes and site lighting. Other improvements include a domed food court with an outside dining area, a seating capacity of 350, and a children's soft play area constructed in 2002. Central Mall was established in Bangalore in May 2004 Central houses over 300 brands across categories, such as apparel footwear & accessories for women, men, children & infant, apart from a whole range of Music, books, coffee shop, Food Court, Super Market, Fine Dining Restaurant, Pubs & Discotheques. The mall also has a separate section for services such as Travels Finance, Investment, Insurance, and Concert/cinema ticket booking, bill payment & other miscellaneous services.

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Pantaloons Pantaloon Retail (India) Limited, is Indias leading retailer that operates multiple retail formats in both the value and lifestyle segment of the Indian consumer market. Headquartered in Mumbai (Bombay), the company operates over 16 million square feet of retail space, has over 1000 stores across 73 cities in India and employs over 30,000 people.

The companys leading formats include Pantaloons, a chain of fashion outlets, Big Bazaar, a uniquely Indian hypermarket chain, Food Bazaar, a supermarket chain, blends the look, touch and feel of Indian bazaars with aspects of modern retail like choice, convenience and quality and Central, a chain of seamless destination malls. Some of its other formats include Brand Factory, Blue Sky, all, Top 10 and Star and Sitara. The company also operates an online portal, futurebazaar.com.

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SUB DIVISION IN FOOD AND BEVERAGE Brew Bar

The Brew Bar is a classy and refined; yet reasonable and egalitarian a bar with loads of bonhomie! The concept is presented in a rugged style that gives the feel of a local tavern, where you can pamper yourself with over 15 brands of domestic and imported beer. A neat glass-top bar allows you to select your preferred brands from a display of bottles comfortably stashed into crushed ice! Beers-on-tap, great beer-smothered snacks and set meals also form part of the menu.

Brew Bar is located at: Address: 17 C&D High street Phoenix 462 Senapati Bapat Marg, Lower Parel Mumbai 400 013

Phone No. : 022-2491 4000

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Cafe Bollywood Cafe Bollywood brings to you the flavour of Bollywood served on a platter. Cafe Bollywood is a national chain of eateries that serve fast food at delicious prices. Located in and around our various formats these joints carry a distinct Bollywood flavour that reflects in the ambience and the offerings. Mouth-watering Indian street food, burgers, pizzas, juices and lots more, served in a traditional chaat-bhandaar like atmosphere make this place absolutely irresistible. The smell and the sounds of the food being prepared add to the ambience of the place. The hygiene levels are maintained high while the prices lie low. So next time when youre out shopping, dont forget to grab a bite at PRIL's very own Cafe Bollywood.

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Sports Bar A bistro focused on the world of sport, the Sports Bar is complimented with an unrivalled ambience. With features like giant screen, regular television sets, a basketball court, pool tables, punching bags and dart boards, you will feel the adrenaline rush that only a true sports enthusiast can describe. Prominent sports celebrities like Kapil Dev, Sunil Gavaskar, Anil Kumble, Rahul Dravid, Leander Paes, Mahesh Bhupati, Bhaichung Bhutia to name a few have honoured the Sports Bar with their presence. With a seating capacity of over 85 covers, the bar is open 7 days a week and is well stocked with a range of domestic and imported spirits, beers and wines. Happy Hours and regular promotions and events, keep the bar abuzz with activity. Regular screenings of great sporting action and events makes this bar an interesting and exciting place to spend time at. Sports Bar is located at: Address: 17 C&D High Street Phoenix, 462 Senapati Bapat Marg, Lower Parel Mumbai 400 013 Phone No. : 022-2491 4000

Address: Sports Bar Express (Ceeze food) Regal Cinema Bldg. S. B. S. Road Colaba, Mumbai 400 005

Phone No. : 022-5639 6681 / 82 / 83 / 84

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Food Bazaar Ab Ghar Chalaana Kitna Aasaan Food Bazaar invites you for a shopping experience, unique by its ambience. At Food Bazaar you will find a hitherto unseen blend of a typical Indian Bazaar and International supermarket atmosphere. Flagged off in April02, Food Bazaar is a chain of large supermarkets with a difference, where the best of Western and Indian values have been put together to ensure your satisfaction and comfort while shopping. The western values of convenience, cleanliness and hygiene are offered through pre packed commodities and the Indian values of "See-Touch-Feel" are offered through the bazaar-like atmosphere created by displaying staples out in the open, all at very economical and affordable prices without any compromise on quality. The best of everything offered with a seal of freshness and purity will definitely make your final buying decision a lot easier.

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FUTURE GROUPS PARTNERS Celio Founded in 1978, by Marc and Laurent Grossman, today Celio is a market leader in men's ready to wear clothing in France. Its flag ship store, located in Pariss Champs Elysee, is spread over three levels.

In addition it also has a presence in Europe, Russia, UAE, and Singapore and now in India through a joint venture with the Future Group.

Staples Inc. USA Staples, a Fortune 500 company is the worlds largest office products company and is committed to making it easy for customers to buy a wide range of office products, including supplies, technology, furniture, and business services. With over 2000 stores across the globe and $27 billion in sales, Staples serves businesses of all sizes and consumers in 27 countries. Staples invented the office superstore concept in 1986 and are headquartered outside Boston.

Staples Future Office Products Pvt. Ltd. was formed in May 07 with an aim to make it easy for Indian customers to run their offices by providing over 7000 products covering the entire gamut of technology, stationery and office furniture.

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Future Generali India Insurance Company Limited Future Generali India Insurance Company Limited (FGIICL) was incorporated on October 30, 2006 to undertake and carry on the business of general insurance. The approval for carrying on General Insurance Business has been received from the Insurance Regulatory and Development Authority of India (IRDA) on September 4, 2007.

Axiom Telecom LLC, UAE Axiom Telecom is the largest and leading, authorized distributor and retailer for international brands such as Nokia, Sony Ericsson, Samsung, Motorola, Thuraya and i-mate in Middle East and Europe.

Lee Cooper

Founded in 1908, Lee Cooper is the oldest jeans company in Europe having a large and enviable collection for men and women, which combines classics with quality.

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CULTURE At Pantaloon, Empowerment is what you acquire and Freedom at Work is what you get. We believe our most valuable assets are our People. Young in spirit, adventurous in action, with an average age of 27 years, our skilled & qualified professionals work in an environment where change is the only constant. Powered by the desire to create path-breaking practices and held together by values, work in this people intensive industry is driven by softer issues. In our world, making a difference to Customers lives is a Passion and performance is the key that makes it possible. Out of the Box thinking has become a way of life at Pantaloon and living with the change, a habit. Leadership is a value that is followed by one and all at Pantaloon. Leadership is the quality that motivates us to never stop learning, stretching to reach the next challenge, knowing that we will be rewarded along the way. In the quest of creating an Indian model of retailing, Pantaloon has taken initiatives to launch many retail formats that have come headed for serve as a benchmark in the industry. Believing in leadership has given us the optimism to change and be successful at it. We do not predict the future, but create it. At Pantaloon you will get an opportunity to handle multiple responsibilities, and therein, the grooming to play a larger role in the future. Work is a unique mix of preserving our core Indian values and yet providing customers with a service, on par with international standards. At Pantaloon you will work with some of the brightest people from different spheres of industry. We believe its a place where you can live your dreams and pursue a career that reflects your skills and passions

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NEW DISCOVERIES IN RETAIL In the financial year 2006-07, the companys retail businesses discovered new categories across formats, new sets of consumers and fresher and contemporary merchandise. We have been able to offer more in the established businesses and gain favorable acceptance with new concepts. In addition, concerted expansion plans saw retail space increase to over 5.2 million square feet at the end of 200607. This expansion mode was characterized by a two pronged approach. By dominating the cities the company was already present in and by bringing the benefits of modern retail to towns and cities like Mangalore, Palakkad, Surat, Indore, Kanpur, Haldia, Agra, Coimbatore, Jaipur and Panipat. The company has also undertaken significant private label initiatives in food, in general merchandise and in the consumer durables and electronic catergious Strategic alliances have also been forged with established domestic and international brands. However, the most significant development was the internal realignment the company undertook within each of its retail businesses. To embark on a more detailed approach towards value creation and increasing efficiency, the company reviewed its business operations and adopted a more focused approach by creating an integrated support unit or Line of Business Augmenting the retail front-end team, Line of Business (LoB) units have been created in the three most critical businesses food, fashion and general merchandise. Formed during the second half of 2006-07 these business units focus on introducing optimum operational efficiencies. Thus, these units ensure that back - end measures are appropriately taken care of and the right kind of merchandise reaches the stores in the best possible time, at the right price. These teams focus on product consolidation and suitability, margin improvement, and vendor

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rationalization, thereby ensuring that the sourcing benefits are made available to the front - end team. The companys efforts over the next couple of years would entail a combination of expansion and process up gradation and implementation The emphasis will be on the next discoveries to be made in the retail space that will lead to expansion. At the same time, there will be an increased focus on micro detailing aspects including process, product and operational efficiencies thereby contributing positively to the companys bottom-line.

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It was the first Pantaloons store in Kolkata that set off a chain of discoveries that have led us to where we are today. Ten years later, we have launched our largest Pantaloons store in Kankurgachi in Kolkata. Spread across 85,000 square feet, the store is the first among a series of large format stores that will be launched across the nation. After consolidating its Fresh Fashion positioning, Pantaloons embarked on a major expansion during the year 2006-07. In 8 cities, 11 Pantaloons stores were opened with 7 of them opening in the single month of March 2007. The total count of Pantaloons stores as on 30th June 2007 stood at 31 with the total area under retail. Close to 1 million square feet. In order to maintain the top of the mind association with fashion in India, Pantaloons continued to be the title sponsor for the Femina Miss India 2007 pageant. In addition, Bipasha Basu and Zayed Khan were roped in as brand ambassadors in the month of August 2006. The success of this initiative was evident in the increased sales for the Haldi Gulal range as well as the Svayam Utsav summer collection that were endorsed by Bipasha and Zayed. The private label apparel share during the year was in excess of 70 percent. The year also witnessed categories like Winter-wear and Ethnic Ladies-wear strengthening their presence in the stores. The increasing success of the store brand is evident from the fact that the stores loyalty programme, Green Card, added 200,000 new members. Pantaloons will see a significant expansion during the coming year with an increase of nearly 0.50 million square feet of retail space and an addition of about 15 stores. Pantaloons will look at dominating cities where it has a first entrant advantage and will scale up size ably with larger stores, additional categories and retail formats. The year 2007-08 will witness considerable focus in the North and East regions. Delhi and the NCR area along with Punjab,

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Chandigarh and Ludhiana will see the next stage of expansion. Cities like Ranchi, Guwahati and Siliguri in the East will also discover Fresh Fashion

In 2006-2007, more Indians discovered the value of shopping in Big Bazaar. And with the launch of each store, we discovered more value in terms of operational efficiency. Big Bazaar launched 27 new stores in 22 cities, covering over 1.40 million square feet. As of June 2007, there were 56 Big Bazaar stores across 43 cities. While Big Bazaar continued to expand in the large cities, it also tapped consumption potential in smaller cities like Agra, Allahabad, Coimbatore, Surat, Panipat, Palakkad, Kanpur and Kolhapur. The year under review also witnessed realigning of business teams with shared experience in category management, sourcing, front-end operations and business planning. In addition, separate teams have been formed to look into all aspects of new store launches and to manage mature stores. This provides more flexibility and focus in expansion plans. The increase in SKUs in existing categories and the introduction of new categories encouraged the opening of larger stores or Super Centers, measuring 100,000 square feet or more. There are now 5 Big Bazaar Super Centers. Considering this scale of expansion, technology plays a significant facilitating role. The introduction of SAP in 2005-06 and its roll out during the year positively impacted the business. Big Bazaar has initiated the process of Auto Replenishments Systems, thus improving operational efficiencies and productivity. The company has also rationalized nearly 250 vendors through better vendor management in terms of potential to expand, and for inclusion and up gradation to the online B2B platform. The company plans to open over 60 stores across India in FY 2008, and the

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opening of the 100th Big Bazaar store will mark the fastest ever expansion by a hypermarket format

Based on the companys in-house consumer data and research, and in cognizance with observations on customer movements and the shopping convenience factor, Food Bazaar has initiated certain refurbishments and layout design across all stores. The intention is to continuously change with the times and demands of the evolving Indian consumer. Food Bazaar also witnessed healthy expansion during the year 2006-07, making its presence felt in nearly 26 cities and adding 40 stores during the year under review. The total count of Food Bazaars as on 30th June 2007 stood at 86 stores. The year under review witnessed the companys private label programme gaining significant traction.

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DISCOVERY OF NEW SEGMENTS Depot, in many cities, is the first modern retailer in books and music and the response has been overwhelming. The core differentiators of Depot are its young, colorful and vibrant stores, strong regional range, affordability and a private label publishing program - Depot Exclusives. In its first year of operation, Depot has launched 6 stand-alone stores and 50 cut-ins. Along with its expansion in major cities, Depot debuted in smaller towns like Rajkot, Vadodara, Haldia, Thrissur, Palakkad and Tiruvanantharam. The Depot Exclusives (released solely in Depot) catalogue expanded rapidly with over 100 titles across genres like childrens books, cookery, regional literature etc. Reputed authors/ imprints like Nita Mehta and Sanjeev Kapoor in cookery, Disney in childrens books etc., have been associated with the company. Depot has also tied-up with the UK based publisher of childrens books, Small World, to copublish a series of toddlers interactive books. In FY 2007- 08, the total Depot footprint should cross over 100 stores. The Health, Beauty & Wellness business opened 35 new outlets in the beauty products, services and holistic health care formats Multiple formats operate in this segment, including Tulsi, the pharmacy chain and Star & Sitara, the beauty products cut-ins and Star & Sitara Salons. The largest format, Beauty Free offers unique combination of products, services and holistic health offering. A unique initiative in corporate India, Future Ideas rests on a tripod that can be classified as Innovation driven, Design Management approach and an Incubation chamber, each with its own uniqueness, yet with common objectives. The Design Management team looks at each observation made by the Innovation team, and

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brainstorms by using a collaborative and holistic approach. The resultant ideas are then nurtured within the Incubation cell. The Incubation team comprises of business teams, mentored by the Innovation and Design teams. They are people who are released from their original businesses or concepts and made part of the entire ideation process at Future Ideas. They remain at Future Ideas till project completion stage when the success parameters for running the business are met. Future Ideas draws inspiration for most of its activities and projects, keeping in mind the new genre of aspiration Indians. At any point of time Future Ideas would work on about 20 varied projects within the Future Group. Some of the formats that are now being incubated by this team include Top10, Depot, Star & Sitara and Talwalkars Fit & Active. The team is also working on ideas around small format no- frills stores, rural retailing, and fashion for the masses and on projects involving women and self-help groups.

To capture the increasing consumption spend on wellness and preventive health care, the joint venture between Pantaloon Retail (I) Limited and Talwalkar Better Value Fitness opened its first Talwalkars Fit & Active health centre at Orchid City Centre, Mumbai in April 2007. Spread over 5,200 square feet, it is the countrys first health centre to offer health, fitness and gym services within a modern retail and consumption environment. The venture is also looking at innovative value added offerings in the fitness space as well as developing a Spa model for the Fit & Active brand across the country, by increasing its presence to nearly 50 such centers in the near future.

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Pantaloon Retail (India) Limited is India's leading retailer that operates multiple retail formats in both the value and lifestyle segment. Pantaloon has ushered a retail revolution in India and its founder Kishore Biyani is known as India's "King of Retail". Pantaloon's headquarter is in Mumbai. The company currently operates over 5 million square feet of retail space and has plans to increase it to 30 million sq. ft by 2011. Pantaloon has plans to open over 3000 new stores by 2010.

Pantaloon's origin can be traced to 1987 when the company was incorporated as Manz Wear Private Limited. The company launched Pantaloons trouser, India's first formal trouser brand. In 1992, Pantaloon launched its IPO. In 1994, The Pantaloon Shoppe - exclusive menswear store in franchisee format was launched across the country. Pantaloon started distribution of distribution of branded garments through multi-brand retail outlets across the nation. In 2001, Big Bazaar, India's first hypermarket chain was launched. In 2002, Food Bazaar, the supermarket chain was launched. In 2006, Future Capital Holdings, the company's financial arm launched real estate funds, "Kshitij" and "Horizon" and private equity fund "Indivision". The company is also planning forays into insurance and consumer credit.

Pantaloon Retail is the flagship company of Future Group. The lines of business of Future Group are:

E-commerce: Pantaloon's website Futurebazaar.com has revolutionized the ecommerce business in India. It offers a wide range of products at affordable prices. It has been named as Best Indian Website 2007 in the Shopping category by PC World.

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Food: In food business, the group offers a host of options. Food Bazaar - a chain of large supermarkets; Brew Bar - a beer bar; caf Bollywood - a national chain of eateries; Chamosa - a pan-Indian chain of snack counters, and Sports Bar - a bistro focused on the world of sports.

Fashion: The group offers a variety of options in fashion. Its brands include all, Blue Sky, Central, Etam, Fashion Station, Gini & Jony, Navaras, Pantaloons, and Top 10.

Home & Electronics: Options include: Collection i - a lifestyle furniture store; Electronics Bazaar - offers branded electronic goods and appliances; e-zone trendiest electronics items; Furniture Bazaar - entire range of Home Furniture; Home Town - one stop destination for all the home needs.

Leisure & Entertainment: Options are: Bowling Co. - state-of-the-art premium family entertainment centre, offering multiple, novel and unique leisure and entertainment options; F 123 - offers a wide range of gaming options ranging from bowling and pool to redemption and interactive video games to bumper cars.

Wellness & Beauty: Options are: Health Village - a state-of-the art spa and yoga centre; Star & Sitara: Beauty salon for men and women; Tulsi - provides access to the best allopathic, ayurvedic and homeopathic medicinal products; Turmeric offers beauty products like color cosmetics, fragrances, herbal and specialty skin items, hair products and bath accessories.

Books & Music: Future Group's brand - "Depot" offers Books, CDs, and stationery items.

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Major Achievements of Pantaloon Retail

y y y

Chosen as International Retailer for the Year 2007 Chosen as Emerging Market Retailer of the Year 2007 Best Employers in India (Rank 14th) in the Hewitt Best Employers 2007 survey.

y y

Best Managed Company in India (Mid-cap) for the year 2006. Won Images Retail Awards 2006 for Best Value Retail Store, Best Retail Destination, and Best Food & Grocery Store

FUTURE TV Future TV is the television network that caters to various consumer segments and is the Indias first in-store television brand aimed at converting footfalls in to eyeball through consumer interaction. Launched in July 2007, future TV currently has a network of over 850 screens in Future Group stores across top 12 cities of the country. It reaches nearly 100 lakhs consumers every month, far exceeding reach of consumer brand with a focus to build engagement through its content and interactivity. The premise being, when in the consumption frame mind, audience seek information could be about new style new style, new range of product, new information. While consuming, consumers think of the opportunity wherein they can feel good by showcasing their purchase or by using the product. At the same time, every one wants a good deal at every range be it value for money shopping or at life style shopping. Consumption is also a way of entertainment. Keeping these factors in mind, the content on Future TV is a blend advertising/promotion, programming on live via a news ticker by Times Now. The programming on future

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TV consists of four separate feeds that carter to the four different retail formats of Pantaloon, Big Bazaar lays emphasis on gags and humour based content. Future TV also hosts interactive contest for its viewer, where in one can win gift vouchers, Box office tickets and many more exiting gifts. In recent times, Future TV has hosted various contests such as Shop-For-Free, Future Cup & Future TV Box Office, which have gained tremendous response and have started building strength & loyalty.

Future TV Packages based on consumer-mapping

1. FUTURE TV ENORMOUS Consumption Format: Big Bazaar, Food Bazaar Mindset: For whom consumption is a craze, a routine that is fun 2. FUTURE TV ELEGENCE Consumption Format: Pantaloons Mindset: style conscious consumers.

3. FUTURE TV CHIC Consumption Format: Central Mindset: Brand conscious, Status conscious, fun loving, young at heart

4. FUTURE TV MALL Consumption format: Malls Mindset: Consumption is entertainment, leisure time in malls soaking infotainment.

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5. FUTURE TV VALUE Consumption format: My Dollar Store, Brand Factory, Fashion station Mindset: Price conscious yet brand seekers

6. FUTURE TV LIVING Consumption Format: Home town Mindset: Live life, Style wise

Future TV Packages based on regions 1. All India 2. Prime location: Mumbai, Delhi, Bangalore 3. Metro Plus: Mumbai, Delhi, Bangalore, Chennai, Kolkata, Hyderabad, Ahmadabad, Pune.

FUTURE VISUAL SPACES Monetizing free space within retail stores in phenomenon probably as old as itself. Although it started out as simply as pro pasting posters on vacant store walls, in recent time, it has evolved to be informative engagement points. Future Visual Space offer branding solution across static visual spaces in the ambience of consumption TM If used in a relevant manner; the visual spaces grab more than just attention of the receptive minds!

Some examples of Future Visual Spaces: o Facades o Drop-downs

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o Standees o Kiosks o Banners o Floor stickers o Elevator branding o Trail room branding o Show windows FUTURE ACTIVATION Media in the ambience of consumption TM is the only media which gives brand an Opportunity to kiss the target unlike all other media, where it is largely oneway Communication, future activation is a touch point with consumers (at your own risk) Advertising communication that makes the consumers feel involved with brand by giving them the opportunity to touch and feel the product, whether it is a dove hairWash kiosk providing consumers. A unique sampling opportunity or Marico handling out balloons to kids to promote their latest range of hair-care products Starz for kids or then Sahara filmy posting filmy posting promoters dressed in bath-robes to promote their bathroom singer reality show makes brands come alive. And this is best achieved through ground activations. Sampling, contests, leads generation-you think, will deliver.

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There is no limit to ideas, and there is no strain in the execution. Future Activations gets your brand closer to the consumer!

CRICKET UNLIMITED

MARICO STARZ

DOVE HAIR WASH

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SAHARA BATHROOM SINGER

FUTURE FUEL

FUTURE FUEL: a first of its kind television network at petrol stations. Future Media, in association with Bharat petroleum Corp. Ltd, a global fortune 500 oil company, has recently launched an innovative form of digital communication a network of television screens, titled Future FUEL, positioned at BPCL petrol stations across the capital, would be used to cater to consumers in the ambience of fuel consumption TM. This is the first time that petrol stations are being used as media opportunity, offering a unique and engaging media vehicle in out of home Communications. FUTURE FUEL is the new answer to outdoor communications. That engages audience with rich wallet power, captive for a few minutes at petrol stations.

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Future FUEL a Future media vertical driving consumer brand engagement, will air specially- created crisp content as well as advertisements, giving advertisers engaged audience. The attractive large-sized (65 inches) screens placed at prominent position will further enhance the ambience at the retail outlets and give them a modern and hi-tech look. Screens would also be positioned inside the IN & OUT, BPCLs branded convenience stores, for the benefit of customers who visit them. Advertise could find this medium very attractive since the dynamics images will offer a distinct advantages over static outdoor hoardings. While the network is currently present only in New Delhi, this will be spread over prominent locations among the 7500 strong BPCL outlets across the country in a phased manner. The company plans to extend the brand Future Fuel to other fuel Companies too FUTURE THEATRE Multiplexes, in their effort to create one-stop entertainment destination, have succeeded in creating ideal spaces for high-impact advertising by extending the amount of time a customer spends in the property. This has the dual benefit of increasing the engagement of the consumer with the advertised brands. The advertising space in an around multiplexes is ideal for ground activation of marketing campaign thanks to the captive audience that a multiplex provide.

To the nearly 25 million cinemagoers walking into multiplexes even year, it is a lifestyle statement rather than just any cinema hall. In todays context, the cinema exhibition business has proved to be complex inter-play where an outstanding location, state-of-the-an-technology, luxurious & plush ambience and warm customer friendly services integrates to provide a world class cinema viewing experience to the patron. Today, theatre is not only about watching film, it is about

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being entertained. It is not only about an experience, is about part of the trend. Today, theatre is the culture forming a part of the Future Theatre bouquet, are INOX & E-Square chain of multiplexes as Eros Cinema, Mumbai.

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FUTURE RADIO In store radio plays a big role in setting the ambience within a store & enhancing the purchasing experience of consumer. The radios stations get the opportunity to reach out to their listeners at very effective consumer touch point- retail, which makes a listener interaction with the brand as interesting as possible.

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IMPACT OF LPG

Outlet restrictions distorted industry structure & kept Prices high(e.g. Japan) Increase in competition due to entry of foreign industry in Indian Market. Indian consumer now has more option than earlier, now market in consumer market. Empirical research hints that liberalization of entry & opening hours may increase industry employment & lower prices. Liberalization of entry, shop opening hours & zoning determined price decrease of y 2.0 percent in the Netherland y 0.6 percent in Sweden Liberalization measure determine increase in employment: y 15000 jobs in the Netherland and y 11.3 percent( full time equivalent)

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FINANCIAL ANALYSIS Profit and Loss Statement :( in cr)

Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

Income
Operating income 55.38 130.68 81.31 9.27 0.03

Expenses
Material consumed Manufacturing expenses Personnel expenses Selling expenses Administrative expenses Expenses capitalized Cost of sales Operating profit Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT Tax charges Adjusted PAT Nonrecurring items Other non cash adjustments Reported net profit Earnings before appropriation Equity dividend Preference dividend Dividend tax Retained earnings 13.69 0.4 11.12 25.21 30.17 0.41 30.58 8.76 0.49 21.33 3.48 17.85 -0.53 17.32 31.99 6.35 1.08 24.56 5.28 0.54 4.74 1.41 3.16 9.31 16.53 16.53 9 94.28 36.4 0.23 36.63 26.56 4.79 29.72 5.84 58.72 69.32 11.99 0.06 12.05 0.72 1.65 9.67 0.3 9.38 -0.49 8.89 9 28.85 15.98 24.49 5.1 0.09 3.77 8.97 0.31 0.07 0.03 0.24 0.08 0.16 0.16 0.16 0.16 -

0.03

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Balance sheet as per Schedule VI: (in cr) Mar ' 10 Mar ' 09 Mar ' 08 Mar ' Mar ' 07 06

Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus 689.97 63.53 63.53 680.09 660.87 63.23 44.44 11.05 47.64 2.15

Loan funds Secured loans Unsecured loans Total 105.29 337.39 330.55 142.6 50 50 824.1 103.13 0.04 2.19

1,196.18 1,216.76

Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation Net block Capital work-in-progress 1.39 2.99 6.41 18.75 0.28 1.71 14.78 1.46 0.07 3.01 0.29 4.37 25.15 16.48 3.08 -

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Investments

558.83

617.17 563.35

54.34 -

Net current assets Current assets, loans & advances Less : current liabilities & provisions Total net current assets Miscellaneous expenses not written Total 824.1 103.13 2.19 30.66 634.37 69.49 107.19 580.56 244.51 4.59 45.48 0.01 2.19 665.03 650.05 351.7 50.08 2.2

1,196.18 1,216.76

Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity shares outstanding (Lacs) 635.28 635.28 632.28 444.45 21.5 673.47 382.4 0.41 36.36 1 558.83 617.17 177.32 25.2 -

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Cash Flow Statement :( in cr) Cash flow Mar ' Mar ' Mar ' Mar ' 10 09 08 07 20.8 9.85 9.18 0.24 403.35 384.12 168.37 -38.27 -27.33 -21.65 -222 -28.25

Profit before tax Net cash flow-operating activity Net cash used in investing activity Net cash used in fin. Activity Net inc/dec in cash and equivalent Cash and equivalent begin of year Cash and equivalent end of year

332.15 383.92 716.36 101.04 -98.53 -21.85 304.05 326.57 326 0.57 34.52 2.18 36.7

205.52 304.72 326.57

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Annual results in brief Mar ' 10 Sales Operating profit Interest Gross profit EPS (Rs) Annual results in details Mar ' 10 Other income Stock adjustment Raw material Power and fuel Employee expenses Excise Admin and selling expenses Research and development expenses Expenses capitalized Other expenses 12.05 64.89 8.98 13.69 0.51 29.72 Mar ' 09 3.36 Mar ' 08 29.04 28.85 40.96 Mar ' 07 Mar ' 09 Mar ' 08 52.33 Mar ' 07 9.27 0.29

55.29 132.44 29.55 8.77 21.29 2.73

37.84 -17.48 26.56 14.64 1.47 0.72 10.84 1.41

0.29 0.04

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Provisions made Depreciation Taxation Net profit / loss Extra ordinary item Prior year adjustments Equity capital Equity dividend rate Agg.of non-prom. shares (Lacs) Agg.of non promotoHolding (%) OPM (%) GPM (%) NPM (%)

0.49 3.48 17.32 63.53 -

4.79 0.54 9.31 63.53 -

1.65 0.3 8.89 63.23 -

0.07 0.06 0.16 44.44 -

168.28 158.28 155.28 -

26.49 53.44 38.16 31.04

24.92

24.56 3.13

28.57 -33.41 10.78 6.85 13.32 10.92 -

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Capital structure From Year 2009 2008 2007 2006 2006 To Year Class Of Share Authorized Capital 75 75 75 50 75 Issued Capital 63.53 63.53 63.23 44.44 56.81 Paid Up Shares (Nos) 63527984 63527984 63227984 44444999 56805184 Paid Up Face Value 10 10 10 10 10 Paid Up Capital 63.53 63.53 63.23 44.44 56.81

2010 Equity Share 2009 Equity Share 2008 Equity Share 2007 Equity Share 2007 Equity Share

Dividend Year Month Dividend (%) 10

2010 May

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Ratio: Mar ' 10 Per share ratios Adjusted EPS (Rs) Adjusted cash EPS (Rs) Reported EPS (Rs) Reported cash EPS (Rs) Dividend per share Operating profit per share (Rs) Book value (excl rev res) per share (Rs) Book value (incl rev res) per share (Rs.) Net operating income per share (Rs) Free reserves per share (Rs) Profitability ratios Operating margin (%) Gross profit margin (%) Net profit margin (%) Adjusted cash margin (%) 54.48 53.6 31.04 32.86 27.85 24.18 7.11 7.28 14.74 12.71 10.92 13.55 3.29 2.54 1.67 2.42 90.22 90.22 1.96 87.95 8.72 20.57 12.86 2.09 10.71 0.14 118.61 117.05 114.52 20.72 10 118.61 117.05 114.52 20.72 10 4.75 5.73 1.9 0.06 0.13 2.81 2.89 2.73 2.8 1 0.74 1.5 1.47 2.22 1.48 1.74 1.41 1.67 0.03 0.05 0.03 0.05 0.12 0.12 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06

107.49 106.48 104.24

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Adjusted return on net worth (%) Reported return on net worth (%) Return on long term funds (%) Leverage ratios Long term debt / Equity Total debt/equity Owners fund as % of total source Fixed assets turnover ratio Liquidity ratios Current ratio Current ratio (inc. st loans) Quick ratio Payout ratios Dividend payout ratio (net profit) Dividend payout ratio (cash profit) Earning retention ratio Cash earnings retention ratio 41.74 58.36 59.47 100 100 100 100 100 100 100 100 42.91 21.69 1.28 21.69 9.35 1.9 9.3 3.28 2.24 3.28 10.91 202.24 10.91 202.24 10.91 201.57 62.99 12.76 61.11 5.59 87.86 5.24 100 3.05 98.3 0.03 0.58 0.35 0.63 0.06 0.13 0.01 0.01 3.84 3.15 1.34 0.25 0.06 2.29 1.25 1.22 0.16 0.02 2.36 0.63 1.29 0.16 0.02

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Coverage ratios Adjusted cash flow time total debt Financial charges coverage ratio Fin. charges cov.ratio (post tax) Component ratios Selling cost Component Exports as percent of total sales Long term assets / total Assets 23.52 0.45 7.26 0.49 21.22 0.62 49.16 0.53 0.72 4.47 19.65 0.97 3.03 1.53 15.57 3.49 1.38 16.65 24.14 49.63 9.07 1.34

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Share holding

Share holding pattern as on : Face value

31/12/2010

30/09/2010

30/06/2010

10 No. Of Shares % Holding No. Of Shares

10 % Holding No. Of Shares

10 % Holding

Promoter's holding Indian Promoters Sub total 44467713 44467713 68.64 68.64 44479418 44479418 69.23 44553794 69.23 44553794 70.05 70.05

Banks Fin. Inst. and Insurance FII's Sub total 370775 1278104 1648879 0.57 1.97 2.55 373585 409926 784745 0.58 0.64 1.22 392635 504524 898393 0.62 0.79 1.41

Other investors Private Corporate Bodies NRI's/OCB's/Foreign Others Others Sub total General public Grand total 1021588 171813 7915275 10751617 64783484 1.58 0.27 12.22 16.6 100 1014248 636585 9074761 9909560 64248484 1.58 0.99 14.12 15.42 1032567 457497 9263716 8887081 1.62 0.72 14.56 13.97 100 6721874 10.38 7423928 11.56 7773652 12.22

100 63602984

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FUTURE PLANS y Future Media also plans to enter the television medium with the launch of a home Shopping channel. y FM radio is on the cards as well and the group will either look at acquiring existing Stations or bid for licenses in the next round of bidding for radio. y Future group plans to have 300 stores add has projected revenues of Rs.13, 000 Crore by 2011. y Future Capital Holdings ltd, the financial services arm of future group, is planning to open 500 future Money Branches across the country in next two years. y Home solutions Retail(INDIA)ltd, part of future Groups, plans to set up about 11 home town stores with an area size of one lakh sq ft each and 15 home towns Bazaars with an area of 50,000 to 70,000 sq ft each within a year. The total investments towards home solution storesincluding Home Town, Bazaar, and E-zone, Electronic Bazaar--- will be Rs 250 crore for the next two years, Kishore Biyani, CEO Future Group Told FE. y Targeting a turnover of Rs 5,000 crore in this fiscal, Future Groups retail chain Big Bazaar, y It will open additional 61 stores by the year end. The new store comes up on area of 30000125000 sq .ft. y The group has decided to expand the current network of six stores among others at Bangalore, Ahmadabad, Pune, Hyderabad, and Ghaziabad to 50 stores in the next three years by 2010-11. These stores to be set up in the metros and grade A cities, will entail a capital outlay of Rs 750 crore. Each store occupying an average space of 6,500 sq.ft. Will require investment of Rs 15 crore.

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y Future Group will offer this service in 40 malls across the country. The company plans to set up 500 new outlets in the next six months including Tier-II And Tier-III cities, the company hopes to convert at least 3-4% of the 200 million Footfalls at malls this year. y Future Ventures India Ltd (FVIL), the venture capital arm of Kishore Biyanis Future Group, has finally filed its draft red herring prospects (DRHP) with the Securities and Exchange Board of India (SEBI) for an Rs 3736 crore initial public Offerings (IPO).

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SUCCESSIVE YEAR PLANNING

Future Group plans wholesale stores in rural markets

As per a report in Mint, the Future Group is planning to set up wholesale stores in rural markets. The group also plans to enlist 20,000 franchised outlets in villages that would be serviced by the wholesale stores. The outlets will be based primarily in district headquarters and supply to around 300 franchisees each. The company has already started enrolling village franchisees through its rural retailing subsidiary Aadhar Retail Ltd, in which the group bought a 70% stake in 2008 from the Godrej Group. Aadhar Retail currently operates 51 stores in Maharashtra, Gujarat, Punjab and Haryana. It now intends to convert the larger shops in the four states into wholesale stores, with the rest selling directly to village consumers. The aim of appointing franchisees as against setting up own stores is that the company experts local rural market entrepreneurs to understand their market better. Secondly, the rural market is too widespread for the company to operate and manage stores on its own. And thirdly the franchisee will be able to build better relationships with the customer. The franchisee model would also help to keep the companys cost under control.

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Future Group to launch 50 more Pantaloon outlets

Future Group recently revealed that, aiming to add more youngsters to its consumer base, it has decided to bestow a new look to its apparel and accessories chain, and has also planned to raise the number of its flagship multi-brand Pantaloon outlets to almost double over the next three to four years duration.

Pantaloon Retail India, the Group Company which recently launched its 50th outlet, spread on an area of 31,109 sq ft, intends to launch another 50 outlets in various metros and small towns across India over a period of next three to four years, Future Group Director and CEO (Retail) Rakesh Biyani told media.

He informed that, the launch of 18 such outlets is already underway and the company has inked deals with several real estate developers with regard to another 12 outlets.

Indias seven major cities together with several state capitals would remain to be the companys main focus for its expansion plans.

Usually, a Pantaloon outlet is laid over an area of around 25,000 30,000 sq ft, Biyani said.

The Future Group, at the very start of November, announced to invest Rs 21 billion for the expansion planned over the next three years time, and expenses for setting up new Pantaloon outlets would be funded from the same.

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Over and above this, as the Group is planning to target more youngsters, and is embarking on an image makeover for its Pantaloon outlets by making them more vivacious and colorful, has already started this for its latest outlet.

By bestowing the outlets with a new look and feel, the company is eyeing to target rich youngsters with high purchasing power. Also the Group intends to revamp all its present outlets, particularly those in metros within the next two to three years, Biyani stated.

Pantaloon Retail Indias turnover for the initial three months that ended on September 30 this year stood at Rs 25.8142 billion, up from Rs 19.5421 billion during the corresponding period last year. Meanwhile, its net profits for the period under consideration too increased to Rs 427.6 million from previous years Rs 263.3 million.

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COLLABORATION WITH TTSL FOR TELECOMMUNICATION

Leading telecom operator Tata Teleservices Limited (TTSL) and retail giant Future Group Saturday launched a mobile telephony service under the brand name T24.Under the first its kind retailer-telecom partnership in India, T24 GSM mobile service rolled out its operations in the Andhra Pradesh circle and announced plans to launch operations in the rest of the country in the next two months. The service offer innovative & first of its kind valve proposition to telecom customer in the country shop more, talk more & more & shop more. Said TTSL MD Anil Sardana while launching the service along with Future Group CEO Kishore Biyani. Customer will get shopping benefits for talking & talk time benefits each time they shop, said Biyani.The T24 tariff plans will plans will reflects the competitive per-second rates being offered for pre-paid customer on TTSLs GSM network. In addition customers will be rewarded with free talk time for every purchase above Rs.500 made at Future Group shopping outlets.The services will be rolled out across the country in the next couple of months through Future Group retail networks in over 75 cities & 65 rural destinations. Customer visiting Future Group retail chains like Pantaloons, Big Bazaar, Central Brand Factory, EZone, and HomeTown & Aadhar will be offered this exclusive mobile connection & tariff plan. Future Group attracts 250 million footfalls & 90 to 100 million transactions per annum. Tata Teleservices had million subscribe in the country as of May 31 2010. Its subscriber base in Andhra Pradesh crossed six million this month.

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CONCLUSION

From the entire report it can be concluded that future group is one the most ambitious organization. They believe in continuous growth & expansion which is evident from their punch line-rewrites rules, retain values.

They bring revolution in Indian Market. They have diversified tremendously & entered into every major business arena. They are a group if determined and gard working people who towards their companys vision & mission.

Future Group is perfect example of great innovator who brings a new era in Indian retail market with customer satisfaction.

The rate at which they are growing shows that they will definitely emerge as the world leader in coming time which will also help in building up nation & strengthen it in the global market.

Finally in the end every upcoming entrepreneur should follow Kishore Biyani as he is perfect example of visionary.

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BIBLOGRAPHY & REFERENCE

www.google.com www.future.com www.wikipedia.com www.futuregroup.com

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