Dear Stakeholders,
 
 I am pleased to share with you the Annual Report of your company for
 the year 2010-2011. It has been a year of transformative change within
 and outside Future Capital Holdings. The Indian economy showed its
 resilience towards external financial shocks and maintained a healthy
 rate of growth. At Future Capital, we realised the need for change and
 transformed ourselves to make the best of the new opportunities that
 are coming up in the financial and consumption space in India.
 
 The heart of a successful financial services company is always its
 people, its leadership and the talent that they bring on the table. And
 when we decided to bring in change at Future Capital, we knew we had to
 start with the leadership team and the talent within the company.
 
 I am happy to share with you that this year we welcomed three new
 independent directors on our board. Mr. Anil Singhvi is well known for
 his long association and stewardship at Ambuja Cements. What is lesser
 known is his association and mentoring of a number of educational and
 social initiatives across the country. Joining him is Mr. N. C.
 Singhal, a highly respected member of India''s financial community,
 former board member of ICICI Ltd. and a professional with diverse
 experience in the banking and financial sectors in countries across
 Asia and Europe. Last but not the least, we are happy
 to welcome Mr. Pradeep Mukerjee, formerly Human Resources Director at
 Citigroup, to aid and advise us on the talent-led transformation in the
 company.
 
 However, the most significant development that is now poised to take
 Future Capital to new heights is the coming on board of Mr. V.
 Vaidyanathan. Mr. Vaidyanathan has long been considered among the young
 leaders who have changed the financial services business in India
 through reach, technology, scale and innovation. Mr. Vaidyanathan
 joined Future Capital as the Vice Chairman and Managing Director in
 August 2010. His association with ICICI Bank and his achievements are
 rather well documented. He was on the board of ICICI Bank and set up
 and managed the bank''s retail banking business, since its inception in
 2000, till 2009. The business built included 1400 branches, retail
 deposits, mortgages, other consumer loans, SME and Rural Banking and he
 and his organisation won many awards, domestically and internationally
 for these achievements. More recently, he had moved to ICICI Prudential
 Life Insurance as the MD and CEO, a position he held before his current
 move. An alumnus of Harvard Business School, Mr. Vaidyanathan was also
 with Citibank for a decade.
 
 Mr. Vaidyanathan has also been successful in attracting and nurturing a
 team that is now growing the consumer business, as well as
 strengthening the balance sheet and asset quality of the company. Some
 of the best names have joined him as senior management, who we believe
 will take the company to great heights.
 
 In the last couple of years, we had tried leveraging Future Group''s
 extensive retail and distribution network to distribute financial
 products to customers. These attempts have now given us knowledge and
 insights on how a conventional consumer retail network can be leveraged
 by a financial services business and create a symbiotic relationship
 for both entities. In the forthcoming year, the Future Capital is well
 set to leverage the Future Group''s network to set up financial services
 superstores in over 100 stores in Future Group Stores. We are now
 confident that we will be successful in rolling this out and create a
 unique business proposition.
 
 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 financial
 services organisation here in India. And to enable this we humbly
 solicit your continued trust and wishes in turning our objective into a
 reality.
 
 Kishore Biyani
 
 Chairman
 
 Future Capital Holdings