Future Enterprises Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2020

1. The above financial results and segment wise results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors of the Company at its meeting held on September 15, 2020. A Limited review of the above results has been carried out by the Statutory Auditors.

2. COVID 19 pandemic and consequent lockdown imposed throughout the country, has had a significant adverse impact on the business operations and the financial results of the Company for the quarter ended June 30, 2020. The Company has assessed the impact of the lockdown, on its business operations and financial status
and has considered all relevant information available up to the date of approval of these financial results, in determination of the recoverability and carrying value of its financial assets and non-financial assets. The impact of COVID·19 pandemic and consequent global slowdown of business and uncertain overall economic
environment may affect the underlying assumptions and estimates used to prepare the Company's financial results, whereby actual outcome may differ from those assumptions and estimates considered as at the date of approval of these financial results. The Company will continue to closely monitor any material changes to
future economic conditions and to take various precautionary measures to ensure health and safety of its customers, employees and other stakeholders from COVID 19 pandemic.

3. The Board of Directors of the Company at its meeting held on August 29, 2020 has inter-alia, considered and approved the Composite Scheme of Arrangement which involves 19 Transferor Companies with Future Enterprises Limited ( "the company'' "FEL" or "Transferee Company") and their respective Shareholders and
Creditors; Transfer and vesting of the Logistics & Warehousing Undertaking from FEL as a going concern on a slump sale basis to Reliance Retail Ventures Limited ("RRVL"); (ii i) Transfer and vesting of the Retail & Wholesale Undertaking from FEL as a going concern on a slump sale basis to Reliance Retail and Fashion
Lifestyle Limited, a wholly owned subsidiary of RRVL ("RRVL WOS"); and (iv) Preferential allotment of equity shares and warrants of FEL to RRVL WOS ("The Composite Scheme of Arrangement'/ Scheme"), pursuant to Sections 230 to 232 and other relevant provisions of the Companies Act, 2013.
The said Scheme would be subject to requisite approvals of the National· Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited, Securities and Exchange Board of India, Competition Commission of India and other statutory / regulatory authorities, including those from the shareholders and creditors of the Transferor Companies and Transferee Company and applicable contractual approvals.

4. Figures for the previous financial period(s) have been re-arranged and re-grouped wherever necessary.

5. Standalone Segment-wise Revenue, Results, Assets and Liabilities for the quarter Ended June 30, 2020 is annexed to the financial results.

Dinesh Maheshwari
Executive Director and Chief Financial Officer