Future Capital Holdings

These are exciting times for the new India and the Future Group.
 Beginning its journey as a retail company with a single brand, the
 Future Group has rapidly transformed itself and is today operating
 multiple businesses across Indias booming consumption space.
 
 At Future Group, we believe that we can play a vital role in the
 development of the consumption-led economy in India. An increase in
 domestic consumption is boosting manufacturing, which in turn is
 generating employment and increasing income levels. The rise in income
 levels and new opportunities for wealth creation is setting in a
 virtuous cycle of consumption and development.  Future Capital Holdings
 is a new age Capital Management and Investing business that can act as
 a catalyst in this process.
 
 Future Capital Holdings combines the entrepreneurial skills of
 world-class professionals with the national scale of the Future
 Group-spanning over 1 000 stores in 61 cities and 65 rural locations
 across the country-to create a unique organisation with a business
 model that is largely unparalleled in the Indian economy. We are
 pleased to share with you that your company has already built a
 formidable reputation for its unique domain expertise in private equity
 and real estate and its ability to attract and retain strong domestic
 and international talent.
 
 Future Capital Holdings accomplished an important milestone this year
 by going public and listing on the domestic stock exchanges. This event
 has created a greater sense of responsibility in us to strive for
 superior returns while maintaining high standards of corporate
 governance. In line with this, fifty percent of your companys Board of
 Directors is composed of independent directors who have been industry
 stalwarts in their fields. As independent members of the Board, Mr.
 Ghyanendra Nath Baipai, former Chairman of SEBI and LIC; Mr. Shailesh
 Haribhakti, chartered accountant and partner in Haribhakti & Co and
 Alok Oberoi, managing partner of ACB London and former partner at
 Goldman Sachs provide valuable advice and guidance to the executive
 team of the company.
 
 With the unmatched opportunities that India provides along with the
 exceptional organisational capabilities that have been developed in
 your company, our objective is to build a world-class organisation here
 in India.  I take this opportunity to thank all our stakeholders for
 your continued support and encouragement for helping us turn our
 objective into a reality.
 
                                                           Warm regards
                                               Kishore Biyani, Chairman