Investor Presentation May 2018

Full Year Like to Like Margins EBITDA (FY18) Note: (42) 4.6% 844 ( cr.) 4.9%* EBITDA (Q4 FY18) FUTURE RETAILI 4.5% (38) 886 205 FRL Hypercity PAT (FY18) Rest of FRL (cr.) 3.3% 0.1% 11 PAT 604 615 (After exceptional item) Non-cash Exceptional item PAT (Adjusted) FRL Hypercity (cr.) 5.5%* 243 Rest of FRL Hypercity stores were under upgradation and renovation in FY18 о EBITDA at 5.5% on a like-to-like basis о Hypercity business included for 4 months in FY18 We believe Hypercity stores to be EBITDA accretive in first 12 - 18 months of operations PAT (adjusted) for FY18 at 3.3% as compared to 2.2% in FY17 *Adjusting for Hypercity revenue of 188cr & 283 cr for 3 months and 4 months in the quarterly and annual revenues respectively FRL | Investor Presentation | May 2018 (27

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