Cash-and-Carry

It is basically a form of trade that It is basically a form of trade that allows sale to offices/hotels and allows sale to offices/hotels and retailers who became its members retailers who became its members at wholesale prices. at wholesale prices.

BHARTI ENTERPRISESBHARTI ENTERPRISES India's leading business groups with interests in India's leading business groups with interests in

telecom, agribusiness, insurance and retail. telecom, agribusiness, insurance and retail. Bharti Airtel Limited- one of India's leading private Bharti Airtel Limited- one of India's leading private

sector providers of telecommunications services sector providers of telecommunications services and was recently ranked amongst the best and was recently ranked amongst the best performing companies in the world in the Business performing companies in the world in the Business Week IT 100 list 2007. Week IT 100 list 2007.

Bharti Teletech- the country's largest Bharti Teletech- the country's largest manufacturer and exporter of telephone manufacturer and exporter of telephone terminals. terminals.

A joint venture with ELRo Holdings India Ltd. A joint venture with ELRo Holdings India Ltd. Another joint venture - 'Bharti AXA Life Insurance Another joint venture - 'Bharti AXA Life Insurance

Company Ltd.' Company Ltd.'

WAL-MART STORESWAL-MART STORES

Operates Wal-Mart discount stores, Operates Wal-Mart discount stores, Supercenters, Neighborhood Markets and Supercenters, Neighborhood Markets and Sam's Club locations in the United Sam's Club locations in the United States. States.

Operates in Argentina, Brazil, Canada, Operates in Argentina, Brazil, Canada, China, Japan, Mexico, Nicaragua, the China, Japan, Mexico, Nicaragua, the United Kingdom etc. United Kingdom etc.

The Company's securities are listed on The Company's securities are listed on the New York Stock Exchange under the the New York Stock Exchange under the symbol WMT. symbol WMT.

WHAT IS THE AGREEMENT?

Bharti Wal-Mart Private Limited, a joint venture for wholesale cash- and-carry and back-end supply chain management operations in India.

Both will hold a 50:50 stake in Bharti Wal-Mart Private Limited.

B2B wholesale cash-and-carry joint venture will serve kirana stores, fruit and vegetable resellers, restaurants and other business owners.

It also will serve Bharti Retail, which is setting up a chain of stores in India that are 100 percent owned and operated by Bharti.

BENEFITS TO SMALL BENEFITS TO SMALL RETAILERS & FARMERSRETAILERS & FARMERS

Wholesale cash-and-carry operations provide Wholesale cash-and-carry operations provide small retailers and business owners, quality small retailers and business owners, quality products at competitive wholesale prices that products at competitive wholesale prices that help them enhance their profitability. help them enhance their profitability.

Link farmers and small manufacturers directly Link farmers and small manufacturers directly to retailers.to retailers.

Support them who have limited infrastructure Support them who have limited infrastructure and distribution strength.and distribution strength.

Enable minimum wastage, particularly of fresh Enable minimum wastage, particularly of fresh fruits and vegetables. fruits and vegetables.

"We are delighted to partner with Wal-Mart for "We are delighted to partner with Wal-Mart for wholesale cash-and-carry and back-end supply wholesale cash-and-carry and back-end supply chain management operations in India. This chain management operations in India. This venture promises to bring great value to venture promises to bring great value to millions of farmers, artisans, small millions of farmers, artisans, small manufacturers and retailers across India. We manufacturers and retailers across India. We are pleased to be a partner in developing this are pleased to be a partner in developing this sector which is set to become a significant sector which is set to become a significant engine of India's economic growth.“engine of India's economic growth.“

By: SUNIL BHARTI MITTAL Chairman & Group CEO Bharti Enterprises

By: MIKE DUKEBy: MIKE DUKE Vice Chairman Vice Chairman Wal-Mart Wal-Mart Stores Stores

"We are delighted that, in Bharti, we have a "We are delighted that, in Bharti, we have a well-respected partner who has a deep well-respected partner who has a deep understanding of the local market. Through our understanding of the local market. Through our wholesale cash-and-carry joint venture, we will wholesale cash-and-carry joint venture, we will help drive efficiencies across the supply chain help drive efficiencies across the supply chain and work towards the betterment of India's and work towards the betterment of India's farmers, small manufacturers and retailers, in farmers, small manufacturers and retailers, in line with our global vision of saving people line with our global vision of saving people money so they can live better. We would also money so they can live better. We would also like to leverage our global scale to transform like to leverage our global scale to transform some of these suppliers into exporters with some of these suppliers into exporters with access to our global markets over time."access to our global markets over time."

WHAT ARE THE TARGETS?WHAT ARE THE TARGETS? First wholesale cash-and-carry facility to open by First wholesale cash-and-carry facility to open by

the end of next year. the end of next year. Venture is expected to open 10 to 15 wholesale Venture is expected to open 10 to 15 wholesale

cash-and-carry facilities and employ cash-and-carry facilities and employ approximately 5,000. approximately 5,000.

Typical facility will stand between 50,000 and Typical facility will stand between 50,000 and 100,000 square feet 100,000 square feet

Sell a wide range of fruits & vegetables, Sell a wide range of fruits & vegetables, groceries, stationery, footwear, clothing, groceries, stationery, footwear, clothing, consumer durables and other general consumer durables and other general merchandise items.merchandise items.

Creating a strong back-end infrastructure.Creating a strong back-end infrastructure. Bringing in world-class processes and Bringing in world-class processes and

technologies in the area of supply chain, technologies in the area of supply chain, logistics and cold chain. logistics and cold chain.

Ultimately benefit the entire retail Ultimately benefit the entire retail ecosystem through better quality, and more ecosystem through better quality, and more choice at better prices.choice at better prices.

DEVELOPMENT OF MODERN DEVELOPMENT OF MODERN RETAILING IN INDIARETAILING IN INDIA

SECRETS BEHIND SECRETS BEHIND WAL-MART’S SUCCESSWAL-MART’S SUCCESS

In every location where they operate, they In every location where they operate, they are local. are local. They source local products from local They source local products from local suppliers that appeal to local tastes, needs suppliers that appeal to local tastes, needs and fashions.and fashions.Their endeavor is to work with and develop Their endeavor is to work with and develop local suppliers and create local beneficiaries local suppliers and create local beneficiaries along the supply chain. along the supply chain. They hope that big and small retailers and They hope that big and small retailers and businesses will be their customers, take businesses will be their customers, take advantage of their efficiencies and derive advantage of their efficiencies and derive significant benefits for their businesses.significant benefits for their businesses.