Future Retail Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018

Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018

1 The above results were reviewed and recommended by the Audit Committee and thereafter approved by the Board of Directors of the Company at its meeting held on February 04 2019. Statutory Auditors have issued Limited Review Report on the same

2 Consequent to the Demerger of Home Retail Business Undertaking and vesting with Praxis Home Retail Limited and vesting of demerged Retail Business Undertaking of Hypercity Retail (India) Limited with the Company, the financial results for the quarter and nine months ended December 31 2018 are not comparable with corresponding periods of previous year

3 During the quarter ended December 31 2018 the Company has made allotment of total 30000 Equity Shares of Rs 2 each to the concerned employees of the Company upon exercise of the vested options granted to them under FRL ESOP Plan 2016. None of the employees is in receipt of equity shares exceeding 1% of the equity share capital of the Company against the vested options exercised by them under FRL ESOP Plan 2016.

4 The Company has adopted Ind AS 115 Revenue from Contracts with Customers w.e.f. April 01, 2018. The application of Ind AS 115 does not have any material impact on the financial results of the Company.

5 Figures for the previous financial period have been re-arranged and re-grouped wherever necessary.

6. According to the requirements of Schedule III of the Companies Act, 2013, sales for the period up to June 30, 2017, presented in these financial results are Inclusive of excise duty. Consequent to the applicability of Goods and Service Tax (GST) w.e.f July 1. 2017, sales are shown net of GST.

7. The Company has only one business segment i.e. Retai".