Investor Presentation May 2018

Returns and Working Capital ROCE 21.2% 20.3% 17.5% 14.5% 13.4% 9.1% FUTURE RETAILI ROE 20.9% 21.2% O 15.5% 13.7% • Mar '16 Sep '16 Mar '17 Sep '17 Mar '18 Mar '16 Sep '16 Mar '17 Sep '17 Mar '18 Debt/EBIT Inventory Days (Revenue) 2.3 3.3 1.6 1.3 1.2 O 85 81 80 80 * 79 Sep '16 Mar '16 Mar '17 *Based on annualized revenue from Hypercity stores Mar '16 Sep '16 Mar '17 Sep '17 Mar '18 Note: The ratios pertaining to FY16 have been derived on a comparable basis • Net Debt / EBIT = (Borrowings - Cash & Bank Balances) / EBIT • • ROCE = EBIT / Average (Equity + Optionally convertible debentures + Borrowings - Cash & Bank Balances) ROE = PAT before exceptional items / Average (Equity + Optionally convertible debentures) • Inventory days = (Inventory / Income from Operations) * 365 FRL | Investor Presentation | May 2018 Sep '17 Mar '18 (26

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