NATIONAL STOCK EXCHANGE OF INDIA LIMITED

FUTURES & OPTIONS SEGMENT

CIRCULAR

Circular No: NSE/F&O/116/2008 October 21, 2008

Download No: NSE/FAOP/11527

Dear Members,

Sub: Adjustment of Futures and Options contracts in the security Pantaloon Retail (I) Limited (PANTALOONR)

Pantaloon Retail (I) Limited has informed the Exchange that in the Meeting of the Board of Directors held, the Board inter-alia took the following decisions:

Board has approved the issue of one equity share with differential rights for dividend and voting called as "Class B Share", having nominal value of Rs.2/- each credited as fully paid up by way of bonus issue for every 10 Equity Shares (hereinafter called as "Class A Shares") held by the members of the Company, subject to passing of the requisite resolutions by members and subject to all statutory and regulatory approval. (a) The Class B Shares would be entitled to additional 5% dividend in addition to the dividend entitlement of the existing Class A Shares. (b) Class B Shares would carry one vote per ten such Class B Shares.

Ex-date : November 5, 2008

The following adjustments shall be carried out on the Futures and Options contracts of PANTALOONR:

• All existing contracts i.e. contracts with expiry dates November 27, 2008, December 25, 2008 and January 29, 2008 will expire on November 4, 2008.

The methodology of settlement shall be separately intimated by NSCCL.

Derivatives contracts on PANTALOONR shall be reintroduced from November 5, 2008 being the ex-date of the underlying. The list of option strikes from which specific strike prices would be made available for trading on November 5, 2008, along with the new lot size, shall be intimated to the trading members through a separate circular to be issued on November 4, 2008 after market hours. Based on the price determined after opening of the cash market on November 5, 2008, three in-the-money strikes, one at-the-money strike and three out-of-the-money strikes will be made available to the markets. The same will be intimated to the trading members through a message broadcast on the trading terminals and subsequently, trading will commence in F&O segment. Depending upon the price movement of the security in the cash segment, further strike prices may be made available during the day in the security from within the list of strikes given in the circular to be issued on November 4, 2008.

For any clarifications, members are advised to contact the following officials:

Mr. Sachin Dhar and Mr. Janardhan Gujaran at 022-26598151 and 022-26598152.

For and on behalf of

National Stock Exchange of India Limited

Suprabhat Lala

Asst. Vice President