when you earn lots of money… you want to spend it

When you earn lots of money…

you WANT TO SPEND IT.

And when you have more money than you can spend… You INVEST IT.

THE PRESENTATION TODAY

Creative ways of making consumers WANT TO SPEND their hard earned money.

That creates newer, bigger, better INVESTMENT opportunities.

OUR BUSINESS PHILOSOPHY

Effectively align the changing CONSUMPTION needs and impulses of the INDIAN CONSUMER to the growth & profit motivation requirements of our BUSINESS PARTNERS & INVESTORS.

… SO THAT TOGETHER WE BUILD THE CREATIVE ECONOMY

THE CREATIVE ECONOMY

CREATIVE/ INNOVATIVE avenues for CONSUMERS to want to spend their money

BETTER INVESTMENT/ BUSINESS opportunities for our PARTNERS & INVESTORS

CONSUMPTION DEVELOPMENT=

AND CHANGE WILL DRIVE THIS NEW CREATIVE ECONOMY

CHANGE in the way consumers spend their money.

CHANGE in the way, investors have traditionally invested money.

AND MOST IMPORTANTLY CHANGE THE WAY WE DESIGN & MANAGE OUR BUSINESS

CHANGE

Humne tho apna NAAM hi BADAL diya HAI!

not just a new name

but a new way of thinking

because the India of today, will not be the India of tomorrow.

new thinkingnew ideas

NEW IDEAS FOR INDIA TOMORROW

CONSUMPTION IDEAS INVESTMENT IDEAS

WHO?FUTURE RETAIL

Everyone that constitutes consuming India

WHAT?FUTURE BRANDS

Identify, mentor, invest and grow

INDIA centric brands

WHEN?FUTURE LOGISTICS

Plan and implement all our ideas so that they reach every consumer/ every corner of INDIA

WHERE?FUTURE SPACES

Creating property & public retail infrastructure everywhere in India

HOW?FUTURE CAPITAL

Property, Brands, Insurance & most importantly easy access to money for consumers

WHY?FUTURE MEDIA

Out of Home & Point of sale media that will create trends & consumer spending

CONSUMPTION DEVELOPMENT=

Consumption Ideas- IN RETAIL

The Future Group will have a dominant presence in:

EVERY retail format

(Hypermarket, Supermarket, Market City, Department store, Seamless Mall & e-Tailing)

a)

EVERY consuming category.

(Food, Fashion, Home, General Merchandise, Communication, Leisure & Entertainment, Health, Beauty & Wellness)

b)

For EVERY kind of customer

(Men, Women, Youth, Kids, Value, Value Lifestyle, Lifestyle, Bottom of Pyramid)

c)

EVERY where in INDIA

(Urban, Suburban, Semi-Urban, Metro, class I Towns, class II Towns)

d)

EVERY retail formata)

Consumption & Investment ideas for India

CONSUMPTION IDEAS INVESTMENT IDEAS

WHO?FUTURE RETAIL

Everyone that constitutes consuming India

WHAT?FUTURE BRANDS

Identify, mentor, invest and grow

INDIA centric brands

WHEN?FUTURE LOGISTICS

Plan and implement all our ideas so that they reach every consumer/ every corner of INDIA

WHERE?FUTURE SPACES

Creating property & public retail infrastructure everywhere in India

HOW?FUTURE CAPITAL

Property, Brands, Insurance & most importantly any access to money for consumers

WHY?FUTURE MEDIA

Out of Home & Print of sale media that will create trends & consumer spending

CONSUMPTION DEVELOPMENT=

WHO?FUTURE RETAIL

Everyone that constitutes consuming India

Consumption Ideas- IN RETAIL

LINE OF BUSINESS

FASHION

FOOD

HEALTH, BEAUTY & WELLNESS

HOME

COMMUNICATIONS

FINANCIALPRODUCTS

GENERALMERCHANDISE

LEISURE &ENTERTAINMENT

LIFESTYLE

&

VALUE

New position, New Identity, New look, Fresh Merchandise… YOUNG BRAND

20 stores currently, to increase to 42 by 2007 and 80 by 2010

0.5 million sft currently, to increase to 1.1 m sft by 2007 and 2.0 m sft by 2010

Average sales per sft at Rs 7500

Can generate a sales of Rs 1,500 cr by 2010

Expected Gross margin – 45%

Expected EBIDTA – 14 - 16%

Expected Stock turns – 5.5 to 6x

Has become the ‘HEART’ of the city, wherever its launched

OPENING SHORTLY!!!

3 stores currently, to increase to 9 by 2007 and 22 by 2010

0.5 million sft currently, to increase to 1.35 m sft by 2007 and 3.5 m sft by 2010

Average sales per sft at Rs 7500

Can generate a sales of Rs 2,300 cr by 2010

Expected Gross margin – 28%

Expected EBIDTA – 12 - 15%

Expected Stock turns – 8-10 x

On the 26th of January India celebrates Republic Day… and the ‘SABSE SASTA DIN’

A Hypermarket, Destination store a supermarket, a neighborhood mall a high street and the BAZAAR all rolled into one.

Change Image

27 stores currently, to increase to 75 by 2007 and 225 by 2010

1.25 million sft currently, to increase to 3.30 m sft by 2007 and 9.0 m sft by 2010

Average sales per sft at Rs 8,500

Can generate a sales of Rs 7,650 cr by 2010

Expected Gross margin – 24%

Expected EBIDTA – 7 - 9%

Expected Stock turns – 7 x

Fast moving fashion, for the masses

4 stores currently, to increase to 15 by 2007 and 80 by 2010

0.08 million sft currently, to increase to 0.15 m sft by 2007 and 1.0 m sft by 2010

Average sales per sft at Rs 8,000

Can generate a sales of Rs 770 cr by 2010

Expected Gross margin – 41%

Expected EBIDTA – 12%

Expected Stock turns – 6 x

- BEST BRANDS + BEST BARGAINS

- Discounted shopping. Discounted brands ENHANCED SHOPPING EXPERIENCE

- Discounted shopping. Discounted brands ENHANCED SHOPPING EXPERIENCE

3 by 2007 and 20 by 2010

0.25 m sft by 2007 and 1.o m sft by 2010

Average sales per sft at Rs 13,000

Can generate a sales of Rs 1300 cr by 2010

Expected Gross margin – 28%

Expected EBIDTA – 8%

Expected Stock turns – 10 x

India’s destination for fresh food & fresh ideas.

43 stores currently, to increase to 110 by 2007 and 250 by 2010

0.38 million sft currently, to increase to 1.2 m sft by 2007 and 2.50 m sft by 2010

Average sales per sft at Rs 14,000

Can generate a sales of Rs 3,250 cr by 2010

Expected Gross margin – 15%

Expected EBIDTA – 6%

Expected Stock turns – 25 x

JOINT VENTURES

A shopping basket of the world’s best Retail Formats/ Brands

PLANET RETAIL – 49%

58 stores currently, to increase to 128 by 2007 and 400 by 2010

0.13 million sft currently, to increase to 0.39 m sft by 2007 and 1.2 m sft by 2010

Average sales per sft at Rs 10,500

Can generate a sales of Rs 1,250 cr by 2010

Expected Gross margin – 40%

Expected EBIDTA – 7%

Expected Stock turns – 2 x

– – 50%50%

The brand to progress from what children wear to where children shop

10 stores currently, to increase to 83 by 2007 and 180 by 2010

Average sales per sft at Rs 6,700

Can generate a sales of Rs 120 cr by 2010

Expected Gross margin – 53%

Expected EBIDTA – 9%

Expected Stock turns – 3 x

– – 51%51%

Creating trends, fashion and the desire to posess multiple footwear – for multiple occasions

1 store currently, to increase to 15 by 2007 and 60 by 2010

Average sales per sft at Rs 7,500

Can generate a sales of Rs 480 cr by 2010

Expected Gross margin – 35%

Expected EBIDTA – 6 - 8%

Expected Stock turns – 5 x

Plus size store…

Plus size returns

10 stores currently, to increase to 50 by 2007 and 125 by 2010

0.01 million sft currently, to increase to 0.04 m sft by 2007 and 0.10 m sft by 2010

Average sales per sft at Rs 10,000

Can generate a sales of Rs 100 cr by 2010

Expected Gross margin – 60%

Expected EBIDTA – 17%

Expected Stock turns – 5 x

The romance of flying… the exhilaration of flying… AND FASHION ACCESSORIES FOR A GENERATION THAT HAS JUST DISCOVERED AIR TRAVEL

10 stores currently, to increase to 50 by 2007 and 125 by 2010

0.01 million sft currently, to increase to 0.04 m sft by 2007 and 0.10 m sft by 2010

Average sales per sft at Rs 10,000

Can generate a sales of Rs 100 cr by 2010

Expected Gross margin – 32%

Expected EBIDTA – 12%

Expected Stock turns – 5 x

Democracy in books, music, stationery and gifts

3 stores currently, to increase to 29 by 2007 and 169 by 2010

0.01 million sft currently, to increase to 0.07 m sft by 2007 and 0.40 m sft by 2010

Average sales per sft at Rs 23,000

Can generate a sales of Rs 880 cr by 2010

Expected Gross margin – 32%

Expected EBIDTA – 12%

Expected Stock turns – 6 x

Consumption Ideas-In homes

Home Solutions Retail (I) ltd. – 100% subsidiary)

Build, Furnish, Equip & Decorate your dream home

Making shopping for the latest in consumer Electronics & Home Appliances an unforgettable EXPEREINCE

3 stores currently, to increase to 20 by 2007 and 86 by 2010

0.06 m sft now to 0.20 m sft by 2007 and 0.86 m sft by 2010

Average sales per sft at Rs 18,000

Can generate a sales of Rs 1,550 cr by 2010

Expected Gross margin – 12%

Expected EBIDTA – 4%

Expected Stock turns – 15 x

Making hi-end Electronics affordable and within easy reach of every consumer

25 stores currently, to increase to 66 by 2007 and 130 by 2010

0.06 million sft currently, to increase to 0.20 by 2007 and .75 m sft by 2010

Average sales per sft at Rs 24,000

Can generate a sales of Rs 470 cr by 2010

Expected Gross margin – 10%

Expected EBIDTA – 4%

Expected Stock turns – 20 x

Ideas for transforming affluent houses into modern homes.

2 stores currently, to increase to 12 by 2007 and 50 by 2010

0.02 million sft currently, to increase to 0.15 by 2007 and 0.65 by 2010

Average sales per sft at Rs 6,000

Can generate a sales of Rs 390 cr by 2010

Expected Gross margin – 45%

Expected EBIDTA – 15%

Expected Stock turns – 5 x

Making modern furniture enter traditional INDIAN HOMES

25 stores currently, to increase to 62 by 2007 and [] by 2010

0.10 million sft currently, to increase to 0.28 by 2007 and [] by 2010

Average sales per sft at Rs 6,000

Can generate a sales of Rs 150 cr by 2010

Expected Gross margin – 35%

Expected EBIDTA – 12%

Expected Stock turns – 8 x

sajao, sanvaro, sapnon ka gar banoa

Very large format one-stop stores – 100-150k thousand sft.

Furniture – Like Collection I

Consumer Durables & Electronics – E-zone

Home Improvement Plumbing (Sanitaryware, Tiles, Faucets, Sinks, PVC Pipes)Electrical (Switches, Wires, Lights, Lamps, MCBs)PaintsHardware (Glass, Plywood, Door Hardware, Hand & Power Tools)Masonry (Cement, Steel, Utilities)

5 stores by 2007 and 35 by 2010

0.6 million sft by 2007 and 2.7 by 2010

Average sales per sft at Rs 12,000

Can generate a sales of Rs 3,200 cr by 2010

Expected Gross margin – 26%

Expected EBIDTA – 6 - 8%

Expected Stock turns – 6 x

HOMEKorean quality products at Chinese prices

Japanese quality products at Korean prices

HOME

PRIVATE LABELS

LOCALDry Irons Water HeatersMixersJMGImmersion heatersStabilisersInvertersGas stovesAir coolersRefrigeratorsWashing MachinesColour TV(CRT)

IMPORTSHome theatres

DVD players

AC’s

Microwave and OTG

Steam irons, Toasters and Heaters

Citrus juicers

Portable DVD players

LCD/PLASMA TV/ Flat TV’s

Laptops

Digital Cameras

High end Home theatre

Consumption Ideas-in health, beauty & wellness

Look Beautiful, Stay Fit. Feel Healthy

The Holistic Pharmacy

The Beauty Spot of India

Because men are from Bollywood and Women are from Prime time Television

66 stores by 2007 and 480 by 2010

0.22 million sft by 2007 and 2.13 m sft by 2010

Can generate a sales of Rs 1,725 cr by 2010

Expected Gross margin – 30%

Expected EBIDTA – 11%

Consumption Ideas-in communications

(Converge m Retail (I) Ltd. – 100% subsidiary)

Mobile phones and communication products as a:

a) Lifestyle

b) Commodity/ Necessity

c) Fashion Accessory

A commodity and necessity for every Indian

Fashion accessories for the young & experimental

Lifestyle

The downloads device for a generationdiscovering the wonders of mobilecommunication

200 stores by 2007 and 1125 by 2010

0.04 million sft by 2007 and 0.28 by 2010

Can generate a sales of Rs 5,535 cr by 2010

Expected Gross margin – 10%

Expected EBIDTA – 4%

Consumption Ideas-in leisure & entertainment

(16% galaxy entertainment

100% pan india restaurants)

Families & Friends who play together stay together

India’s answer to Mc Donald’s

… Because India loves eating on the streets

The young are just discovering Formula I and the magical feet Brazilians have

SPORTS BAR

155 stores by 2007 and 450 by 2010

0.13 million sft by 2007 and 0.45 m sft by 2010

Can generate a sales of Rs 400 cr by 2010

Expected Gross margin – 60%

Expected EBIDTA – 20%

e - tailing

Like it’s never been done

before

e-tailing like its never done before, e-tail designed for India

Sabse sasta

Sabse simple

Sabse convenient

Sabse different

What is

Identity & Proposition

Sabse sastaSabse Sasta din, Har din!. (Unheard of deals everyday! Reference 26th Jan, everyday)

Identity & Proposition

Sabse convenientSimple & intuitive web store design keeping in mind the entire shopping population.

Replicating Indian offline shopping habits into our Shopping cart flow to make it as intuitive for the user.

3 step simple buying process.

Multiple modes of payment.

Emotionally connect with our customers (Human element)

Can generate a sales of Rs 1600 cr by 2010

Expected Gross margin – 20%

Expected EBIDTA – 12%

CONSUMPTION IDEAS INVESTMENT IDEAS

WHO?FUTURE RETAIL

Everyone that constitutes consuming India

WHAT?FUTURE BRANDS

Identify, mentor, invest and grow

INDIA centric brands

WHEN?FUTURE LOGISTICS

Plan and implement all our ideas so that they reach every consumer/ every corner of INDIA

WHERE?FUTURE SPACES

Creating property & public retail infrastructure everywhere in India

HOW?FUTURE CAPITAL

Property, Brands, Insurance & most importantly easy access to money for consumers

WHY?FUTURE MEDIA

Out of Home & Point of sale media that will create trends & consumer spending

CONSUMPTION DEVELOPMENT=

Consumption Ideas-in brands

FOODFresh & Pure

Fresh, Pure & surprising prices – competes with market leaders in every category

TASTY TREAT

More Taste, More Treat, Same Price. Extra Product at the same price point

URBAN YOGA

Yoga Gear for Indians who have discovered their culture

Traditional jewelry for every emotion

SOME MORE FASHION BRANDS

If movies get ratings, music gets rated, why not fashion?

She is Beautiful, she is confident, she is sexy, she is casual, she is wonderful…JEALOUS? She is 21

Gold is OLD. Style expressions in silver

GENERAL MERCHANDISE

Work is underway for creating brands that will take on market leaders in categories ranging from mattresses to cook wear & plastics

CONSUMPTION IDEAS INVESTMENT IDEAS

WHO?FUTURE RETAIL

Everyone that constitutes consuming India

WHAT?FUTURE BRANDS

Identify, mentor, invest and grow

INDIA centric brands

WHERE?FUTURE SPACES

Creating property & public retail infrastructure everywhere in India

HOW?FUTURE CAPITAL

Property, Brands, Insurance & most importantly easy access to money for consumers

WHY?FUTURE MEDIA

Out of Home & Point of sale media that will create trends & consumer spending

CONSUMPTION DEVELOPMENT=

WHEN?FUTURE LOGISTICS

Plan and implement all our ideas so that they reach every consumer/ every corner of INDIA

WHEN?FUTURE LOGISTICS

Plan and implement all our ideas so that they reach every consumer/ every corner of INDIA

Future LogisticsManaging the changed consumption and investment environment 100% subsidiary

FLSL is positioning itself to offer cost effective solutions to different Line of Office (LOB), JVs, Acquired Companies & Selective Vendors covering in the following areas:• Integrated, end-to-end Supply Chain solutions• Warehousing and Distribution• Multi Modal Transportation• International Freight Forwarding (Air & Sea)• Container Freight Station • Value Added Services (VAS)• 4PL / Consulting

To achieve a revenue of Rs. 50 crs.by 2007 and reach to Rs. 500 crs.by 2010.

To establish infrastructure facility consisting of 2.0 million sq.ft.by 2007.

LOGISTICS

Investment Ideas

Future Spaceproperty

CONSUMPTION IDEAS INVESTMENT IDEAS

WHO?FUTURE RETAIL

Everyone that constitutes consuming India

WHAT?FUTURE BRANDS

Identify, mentor, invest and grow

INDIA centric brands

WHEN?FUTURE LOGISTICS

Plan and implement all our ideas so that they reach every consumer/ every corner of INDIA

HOW?FUTURE CAPITAL

Property, Brands, Insurance & most importantly easy access to money for consumers

WHY?FUTURE MEDIA

Out of Home &Point of sale media that will create trends & consumer spending

CONSUMPTION DEVELOPMENT=

WHERE?FUTURE SPACES

Creating property & public retail infrastructure everywhere in India

WHERE?FUTURE SPACES

Creating property & public retail infrastructure everywhere in India

PROPERTY

Signed more than 10 million sft at rents on average of Rs 45 per sft per month

3.6 mn sft 100% leased properties signed40% to be used by Pantaloon formats; 60% to be leased outRental income to PantaloonExpected rent arbitrage on 2.2 million sftExpected rental income at Rs 20 differential rent – Rs 50 cr

Khsitij and Horizon, the funds managed by the company developing 40 million sft

CONSUMPTION IDEAS INVESTMENT IDEAS

WHO?FUTURE RETAIL

Everyone that constitutes consuming India

WHAT?FUTURE BRANDS

Identify, mentor, invest and grow

INDIA centric brands

WHEN?FUTURE LOGISTICS

Plan and implement all our ideas so that they reach every consumer/ every corner of INDIA

WHERE?FUTURE SPACES

Creating property & public retail infrastructure everywhere in India

WHY?FUTURE MEDIA

Out of Home & Point of sale media that will create trends & consumer spending

CONSUMPTION DEVELOPMENT=

HOW?FUTURE CAPITAL

Property, Brands, Insurance & most importantly easy access to money for consumers

HOW?FUTURE CAPITAL

Property, Brands, Insurance & most importantly easy access to money for consumers

Future Capital

The new Money Market

(74% subsidiary)

FUTURE SPACE THROUGH KSHITIJ AND HORIZON

RETAIL REAL ESTATE FUND

Kshitij Venture Capital Fund ($ 80 Million)

Horizon International Fund($ 350 Mln)

Committed 100%Developing 4.5 mn sft2.5/20 structure

Committed 50%Developing 85 acres and 2.0 mn sft2/20 structure

98% 100%

MALL MANAGEMENT

CapitalLand and Pantaloon to set up India’s first professional Mall Management Company with over 30 million square feet of Malls under Management.

Centre Management

Leasing

Security

Facilities Management

Housekeeping

Centre Operations

Liaison

Account ReceivablesIncluding Rent CollectionTenant Relations

Marketing & Sponsorships

Public Relations

INDIVISION – 70% AMC

FundIndivision India Partners is a Private Equity Fund managed by Indivision Capital Management, set up as a JV with the Pantaloon Group (India’s largest retailer) and leading professionals from finance & corporate world

The Concept

Targeted size of $400 million

Team comprising of Atul Kapur ex Goldman Sacs, Sanjiv Gupta, ex CEO Coke India and others in place

2% AMC, 20% carry

(C)

DISTRIBUTION

(D)

SUPERIOR RETURNS

(A)

CAPITAL

(B)

MENTORING+ + =

INCOME from AMC

Total Assets Under Management - $1.5 - $2 billion

Sustainable annuity income over approx $1 bn with 7-10 year lock up

Expected income to Pantaloon Retail - $7 million p.a.

Incentive fee income (20% carry) could be substantial – target IRR 30%

Already a 50% JV with CapitalLand in the pipeline for REIT

Second Kshitij to be launched soon

Making money available, affordable and accessible

CONSUMER CREDIT

Future GeneraliInsuring the future(58% subsidiary)

INSURANCE

Pantaloon Retail, for the first time enters ‘services’

Insuring the youth of India, who currently prefer shopping at Malls to kirana

New model – Mallassurance - looks to leverage the high footfalls in its delivery formats and malls – insurance for the masses

Strong Partner – Assicurazioni Generali – a Fortune 22 company; 3rd largest European Insurance Co; has successfully partnered retailer in Phillipines; also the largest international insurer in ChinaPlan to go to 98 cities in 5 years

CONSUMPTION IDEAS INVESTMENT IDEAS

WHO?FUTURE RETAIL

Everyone that constitutes consuming India

WHAT?FUTURE BRANDS

Identify, mentor, invest and grow

INDIA centric brands

WHEN?FUTURE LOGISTICS

Plan and implement all our ideas so that they reach every consumer/ every corner of INDIA

WHERE?FUTURE SPACES

Creating property & public retail infrastructure everywhere in India

HOW?FUTURE CAPITAL

Property, Brands, Insurance & most importantly easy

access to money for consumers

CONSUMPTION DEVELOPMENT=

WHY?FUTURE MEDIA

Out of Home & Point of sale media that will create trends & consumer spending

WHY?FUTURE MEDIAOut of Home & Point of sale media that will create trends & consumer spending

Future MediaCreating New Media and new investment opportunities

MALL MEDIA OPPORTUNITY

Mall Media (Malls, Megastores, Modern Trade) as a destination where brands can activate/ advertise.brands finding retail visibility solutions out of scope for this partnership

Pantaloon targetting access to 40% of supply.Ambient media/ Static branding“Content” integration (eg Pantaloon shirts best washed with Surf Excel label)TV/ Radio/ Digital

Opportunity in monetizing the Mall Media Marketing environment via

CONSUMPTION IDEAS INVESTMENT IDEAS

WHO?FUTURE RETAIL

Everyone that constitutes consuming India

WHAT?FUTURE BRANDS

Identify, mentor, invest and grow

INDIA centric brands

WHEN?FUTURE LOGISTICS

Plan and implement all our ideas so that they reach every consumer/ every corner of INDIA

WHERE?FUTURE SPACES

Creating property & public retail infrastructure everywhere in India

HOW?FUTURE CAPITAL

Property, Brands, Insurance & most importantly easy access to money for consumers

WHY?FUTURE MEDIA

Out of Home & Point of sale media that will create trends & consumer spending

CONSUMPTION DEVELOPMENT=

THE BIG PICTURE

Total retail space under the Group to be in excess of 30 million square feet

If executed well and within time there is a possibility of reaching a runrate of Rs 2500 cr in June 2010

… BECAUSE TOGETHER WE WILL BUILD THE CREATIVE ECONOMY

CREATIVE/ INNOVATIVE avenues for CONSUMERS to want to spend their money

BETTER INVESTMENT/ BUSINESS opportunities for our PARTNERS & INVESTORS

CONSUMPTION DEVELOPMENT=

Through ideas that induce consumption

And ideas that ‘ATTRACT’ investment

a young, progressive team, willing to learn, unlearn, re-learn. Able to re orient, rewrite rules, retain values and help define

THE FUTURE FORCE

INDIA TOMORROW.

IS ON YOUR SIDE

Thank You

Disclaimer

Certain statements in this presentation concerning our future growth prospects are forward looking statements, which involve uncertainties that could cause actual results to differ materially from those mentioned in such statements.

Future Group, may from time to time, make additional written and oral forward looking statements. The company does not undertake to update any such statements that may be made from time to time on behalf of the company.