INFRLIP-SE/007

04th August, 2022

To,

Corporate Relationship

Listing Department

Singapore Exchange

Department (CRD)

National Stock Exchange

Securities Trading

BSE Limited

of India Limited

Limited

Phiroze Jeejeebhoy Towers,

Exchange Plaza,

Bandra -

2, Shenton Way, #02-

Dalal Street,

Kurla Complex,

Bandra

02, SGX Centre 1.

Mumbai - 400 001

(East), Mumbai - 400 051

Singapore - 068 804

Scrip Code: 540064

Symbol: FRETAIL

Scrip Code of Debt :

958809,

958810

&

959518

Dear Sir / Madam,

Sub.: Intimation of Credit Rating

Pursuant to Regulation 30 and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we write to inform you that Future Retail Limited ("the Company" / "FRL") has received intimation of credit rating thru' e-mail on 03rd August, 2022 from Fitch Ratings, rating agency, the details of which are as below:

Type of

Action

Remarks

Reason

Instruments

taken

Long-Term

Rating

Rating

was

initially

•

Due

to

initiation

of

Issuer rating

Withdrawn

downgraded to 'D' from 'RD'

bankruptcy

and subsequently withdrawn.

proceedings against

FRL following

NCLT

Order on 20th July,

USD

Rating

Rating

was

initially

2022

admitting

a

denominated

Withdrawn

downgraded rating to C with

lender's

petition

Notes

Recovery Rating of 'RR6' from

under

Insolvency

(listed on

'RR5'

and

subsequently

and

Bankruptcy

SGX)

withdrawn.

Code, 2016.

•

The revision

in

the

recovery

rating

reflects

lower

assumption

for

FRL's going-concern

EBITDA,

underscoring

a

Future Retail Limited (Formerly known as Bharti Retail Limited)

Registered Office: 2nd Floor, Future Group Office, SOBO Brand Factory, Pandit Madan Mohan Malviya Marg, Cross Road Haji Ali, Tardeo, Mumbai 400 034

P +91 22 4055 2200, F +91 22 4055 2201, www.futureretail.co.in CIN: L51909MH2007PLC268269

weaker market position following a significant number of store closures.

The intimation given herein is for your information and record, please.

Thanking you,

Yours faithfully,

For Future Retail Limited

Vijaykumar V. Iyer

Interim Resolution Professional for Future Retail Limited

Insolvency Professional - Regn. No.: IBBI/IPA-001/IP-P00261/2017-2018/10490

Authorisation for assignment No: AA1/10490/02/150323/103976 (valid till 15 March 2023)

Registered Address and Communication Address:

Deloitte India Insolvency Professionals LLP,

One International Centre, Tower 3, 32nd Floor,

Senapati Bapat Marg, Elphinstone Road (West),

Mumbai- 400 013

E-mail:viyer@deloitte.com

Please email your responses to infrlip@deloitte.com

Future Retail Limited (Formerly known as Bharti Retail Limited)

Registered Office: 2nd Floor, Future Group Office, SOBO Brand Factory, Pandit Madan Mohan Malviya Marg, Cross Road Haji Ali, Tardeo, Mumbai 400 034

P +91 22 4055 2200, F +91 22 4055 2201, www.futureretail.co.in CIN: L51909MH2007PLC268269

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Future Retail Ltd. published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 18:37:06 UTC.