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Board of Directors

Mr. Chandru L. Raheja

Chairman and Non-Executive Director

Mr. Chandru L. Raheja, 69, is the Chairman and Non-Executive Director of our
Company. He is a law graduate from Mumbai. Mr. Raheja has extensive experience with
the real estate, hospitality and retail industries across India. He has been involved in real
estate development for more than four decades. Under his leadership, K. Raheja Corp
Group has built residential and commercial buildings, hotels and malls throughout India.
His vision and foresight enabled K, Raheja Corp to develop Mindspace, an integrated
township, with commercial, retail and residential developments at Malad, Mumbai.
Similar developments are now being carried out in Hyderabad, Pune, Bangalore and other
cities across India.
Mr. Ravi C. Raheja

Non-Executive Director

Mr. Ravi C. Raheja, 38, is the Non-Executive Director of our Company. He is a

management graduate from London Business School. Designated as the Group President
at the K. Raheja Corp, Mr. Raheja has over 18 years industry experience with special
focus on the group’s Real Estate & Retail arm. He overlooks the retail, real estate and
hospitality business of the group guiding the team on Finance, Corporate Strategy and
Planning, and is actively involved in charting future growth strategies. He is currently
involved in planning large townships, SEZ, IT Parks and luxury hotels in the country. He
is also handling the strategic entry of the group into infrastructure and other new
initiatives. Mr. Raheja is also the Chairman of Green Building Council (Mumbai
Chapter) and member of the World Economic Forum.

Mr. Neel Raheja

Non-Executive Director

Mr. Neel Raheja, 36, is the Non-Executive Director of our Company. He is an alumnus of
Harvard Business School, Masters in Commerce and Law Graduate from Mumbai
University and has over 15 years of experience in real estate development, hospitality and
retail. Mr. Raheja plays a leadership role in the K. Raheja Corp real estate development
business. He has visualized and developed the “Inorbit” shopping mall at Malad. He also
takes active interest in the customer satisfaction and human development part of
Shopper's Stop business.
Mr. B. S. Nagesh

Customer Care Associate, Vice Chairman and Non-Executive Director

Mr. B. S. Nagesh, 51, is the Vice Chairman and Non-Executive Director of our
Company. He holds a degree of Masters in Management Studies from the Benares Hindu
University. He has been with our Company since its inception in 1991. As Vice
Chairman, Mr. B. S. Nagesh continues to play the role of strategic advisor to the
management of our Company. Mr. B. S. Nagesh has contributed significantly in ushering
international brands and modern retailing in the country. His leadership and vision for our
Company has enabled us to introduce various international brands like M.A.C and
Mothercare in our retail business and to set up joint venture with The Nuance Group AG
of Switzerland for airport retailing and with Leisure and Alliance Industries of Australia
for family entertainment centers. Mr. Nagesh was also instrumental in our Company’s
acquisition of 49% stake in Crossword Bookstore Limited in the year 2005. Mr. Nagesh
has been recognised as an iconic retailer and was inducted into the World Retail Hall of
Fame 2008 at the World Retail Congress 2008 conducted in Barcelona. With his
induction in the World Retail Hall of Fame 2008, Mr. Nagesh is the only Indian retailer
to take a significant place alongside more than 100 stalwarts of the global retail industry.
Recognised as the pioneer of the retail boom in India, Mr. Nagesh was voted by Business
India as one of the top 50 managers in India who will influence the Indian business
scenario in the 21st century. He has also been recognised as ‘The Retail Professional of
The Year’ by CMAI for the years 2001, 2003, 2005 and 2006 and at the India Retail
Summit in November 2005. CMAI Apex Awards in July 2008 felicitated Mr. Nagesh for
being the First Indian Retailer to be inducted into the World Retail Hall of Fame. He was
also felicitated with ‘The Best Professional of the Year’ award at ICICI Bank, Retail
Awards in 2005. In November 2006, Mr. Nagesh was awarded the ‘Entrepreneurship
Award’ in the Enterprise Scions Awards instituted by DNA Money and the ‘Visionary
Award’ by ICFAI. Ernst & Young nominated him for the Entrepreneur of the Year
Award 2005 as one of the top 30 finalists.
Mr. Gulu L. Mirchandani

Independent and Non-Executive Director

Mr. Gulu L. Mirchandani, 67, is the Independent and Non-Executive Director of our
Company. He is an alumnus of BITS, Pilani and holds a degree in BE (Mechanical). Mr.
Mirchandani presently serves as the chairman and managing director of Mirc Electronics
Limited. He is closely involved with the development of corporate strategy and
formulating, incubating and delivering emerging technologies and services in the area of
televisions and other products of the Company. Under his able leadership, Mirc
Electronics Limited won an award for excellence in Electronics in 1999, from the
Ministry of Information Technology, the Government of India. Mr. Mirchandani has held
several key positions in the industry such as President of Consumer Electronics and TV
Manufacturers Association (CETMA) for two consecutive years in 1992 and 1994. He
also served as the Chairman of the Bombay Chapter of the World Presidents'
Organisation (WPO), an International Organization of more than 3,000 CEOs with
operations in more than 60 Countries. Presently he is the Regional Chairman, South Asia
of WPO.

Mr. Shahzaad Dalal

Independent and Non-Executive Director

Mr. Shahzaad Dalal, 51, is the Independent and Non-Executive Director of our Company.
He is a Management Graduate from Northeast Louisiana University (USA). He is the
Vice Chairman of IL&FS Investment Managers Limited (IIML) one of India’s leading
Private Equity Fund Managers. Mr. Dalal brings to our board 30 years of financial
markets and investment experience. While at IIML, Mr. Dalal has headed private equity
investments with an aggregate capitalization value in excess of $9.5 billion. Prior to
IIML, Mr. Dalal served as the Chief Executive Officer of IL&FS's Asset Management
Strategic Business Unit. Prior to that, Mr. Dalal was at the Industrial Credit and
Investment Corporation of India ("ICICI"). Mr. Dalal is a member of the India CEO
Forum, which is affiliated with the IMA (International Market Assessment Group).
Prof. Nitin J. Sanghavi

Independent and Non-Executive Director

Prof. Nitin J. Sanghavi, 61, is the Independent and Non-Executive Director of our
Company. He holds Bachelor’s in Science from Saurashtra University, Master’s in
Science and PhD in Retail Franchising from The University of Manchester. He is a
professor of Retail Marketing and Strategy, Manchester Business School, The University
of Manchester. He brings to our Board immense wisdom as an educator and experience
in retailing of over 31 years. He has directed and taught on many executive programmes
for major retail and related organizations as well as FMCG organization and financial
institutions in United Kingdom and United States of America. He has also held a number
of visiting appointments at universities around the world, including Japan, Australia,
France, Switzerland; as well as Visiting Scholar/Professor at Harvard Business School on
retail strategy, franchising, internationalisation, and consumer marketing, and is a
frequent speaker at several national and international conferences. He also acts as a
strategic advisor to the boards of many blue-chip retail organizations in UK, USA,
Europe, Middle East and India.

Mr. Deepak Ghaisas

Independent and Non-Executive Director

Mr. Deepak Ghaisas, 52, is the Independent and Non-Executive Director of our
Company. He is a qualified Chartered Accountant, Cost Accountant and Company
Secretary. He leads strategy development, visioning and conceptualisation of
breakthrough business models for Gencoval Group, his new venture in Healthcare and
Bio Tech. Prior to Gencoval, he has served as the Vice Chairman of Oracle Financial
Services Software Limited (formerly known as i-Flex Solutions Limited, India). It was
his strategic, financial and operational acumen that drove the company into a true Indian
multinational. Mr. Ghaisas is the first Indian CFO to be felicitated with the prestigious
CFO Asia award.

Mr. Nirvik Singh

Independent and Non-Executive Director

Mr. Nirvik Singh, 46, is the Independent and Non-Executive Director of our Company.
He is a post graduate from St. Xavier’s College, Kolkata. Mr. Singh brings to our board
his keen sense of marketing communications. He is a 21-year veteran of Grey Group and
is serving as the Chairman and CEO of Grey Group Asia Pacific, a leading marketing
communications network with over 2,000 employees across 30 cities in 17 countries. He
was appointed to lead Grey Kolkata at the age of 26, and by 33, became the head of Grey
India, transforming it into a high-profile, profitable company across India. Grey India has
since been awarded “Agency of the Year” five times, while Mr. Nirvik has been
honoured as one of 25 young rising stars in India by Business Today, as well as Agency
Head of the Year by Media magazine in Asia. Mr. Singh has also received the “Bharat
Nirman Award” for outstanding individual achievements and distinguished services in
India.

Mr. Govind Shrikhande

Customer Care Associate & Managing Director

Mr. Govind Shrikhande, 49, is the Managing Director of our Company. He is a graduate
of Technology from Veermata Jijabai Technological Institute (VJTI), Mumbai, and is a
management graduate from Symbiosis Institute of Business Management, Pune. Mr.
Shrikhande has been with our Company for more than ten years and has played a key role
in our Company’s growth from 7 stores in 2000 to 37 stores (including HomeStop) in the
year 2010. He was also instrumental in re-branding initiative of the Department Store
format – Shopper’s Stop in the year 2008, which reinvigorated the brand market
positioning, product and service offerings. Mr. Shrikhande’s strong performance as head
of Shopper’s Stop, his passion for developing innovative products and services, and his
emphasis on creating an enjoyable workplace for employees was recognised in 2009 with
the prestigious Clothing Manufacturers of India “Retail Professional of The Year” Award
and the “Most Admired Fashion Retail Professional of the Year Award” at the IFA 2010.
Before joining Shopper’s Stop, Mr. Shrikhande spent more than 15 years working in
leading textile and apparel companies, such as Mafatlal, Arvind, Arrow and Bombay
Dyeing. His most exciting projects include being a member of the marketing team that
created the Denim Revolution in India in the 90s and helping to make Arrow the No.1
shirt brand in India’s premium category.

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PROMOTERS

K Raheja Corp
K Raheja Corp is a success story spanned across decades and continues to achieve higher
targets relentlessly for quality performance and service in diverse fields of real realty
business, hospitality sector and retailing outfits.

The group has made an impact on the supply side of the modern day living. A style that
has been the dream of new class of consumers, a style encompassing the whole range of
consumption pattern of the young and the upcoming consumers that has become
synonym with the brand K Raheja Corp.

The group has pioneered the trend of setting world class hotels and convention centers
across the country with enhanced facilities to meet the business and leisure needs of the
international and domestic traveler.

The higher standards set by the group in its pursuit to position India on par with the
developed economies of the world and with a vision to be and remain at the commanding
height of Real Estate Business.

ASSCOCIATE COMPANIES
NUANCE GROUP
The Nuance Group - one of the leading airport retailers in the world and Shoppers
Stop Ltd. - one of India's leading retailers have formed a Joint Venture called Nuance
Group India Pvt. Ltd. (NGIPL)

In a short period since its inception we already have a few laurels. These are:

• We are pleased to confirm an award of the DUTY FREE Concession along with
the DUTY PAID contract of the Hyderabad & Bangalore airport.
• NGIPL as of today has the maximum space (75K square feet) allotted for airport
retailing in the country.
• NGIPL would be servicing both the green field projects (Bangalore & Hyderabad)
in the country - which reflects the acceptance of our holistic approach by the
airport owners.
• NGIPL has contracts for 5 & 7 years for Bangalore & Hyderabad respectively
which is a testimony to our capacity to deliver a world class airport retailing
experience over a long period of time.
• By starting operations (Crossword / Stop & Go - airport version of Shoppers Stop
& Desi Caf'e) at Terminal 1B at the Mumbai Domestic airport; we have started a
domestic retail trend which everyone in the industry can only envy.
• It is a matter of prestige that we have joined hands with both the private airport
owners i.e. GMR (Hyderabad) & GVK (Mumbai Domestic) and also with a
foreign based airport owner i.e. Zurich airport for their venture at Bangalore.

HYPERCITY
Hypercity provides a truly international shopping experience, where customers can shop
in comfort in a large, modern, and exciting environment. It offers a wide and
contemporary range of innovative products, sourced from both local and international
markets.

The product range varies from Foods, Homeware, Home Entertainment, Hi-Tech,
Appliances, Furniture, Sports, Toys & Clothing. The first Hypercity store opened in
Mumbai in May, 2006, spread over 120,000 sq.ft. of retail space.

Besides introducing several firsts to Indian retailing, Hypercity has an exclusive supply
agreement with Waitrose, a top supermarket supermarket chain in U.K. and an exclusive
arrangement with Raleigh Cycles for India.
TIME ZONE
• Timezone is a leading fun family interactive entertainment centre that offers up to
date and latest range of attractive and popular interactive games.
• LAI, Australia have more than 200 such centres in Australia, New Zealand,
Indonesia, Singapore, China, Philippines and India.
• Shopper’s Stop Limited and LAI are a 50:50 Joint venture in Timezone.
• Currently operates 6 gaming centres with a retail space of 37,043 sq. ft.

For immediate release

Shoppers Stop makes a cut at World Retail Congress 2009
- In-store marketing campaign selected for final five-
- Only Indian retailer to be nominated at the prestigious awards -
Mumbai, April 07, 2009: Symbolizing the era of global recognition for
Indian retailers, Shoppers Stop Ltd continued to win accolades at the
World Retail Congress for the second year in a row. The trend-setting
retailer is the only Indian retailer to be shortlisted in the Retail
Advertising Award category for its in-store marketing at the retail
industry’s globally recognized event – World Retail Congress. It is also
the only Indian retailer to be nominated across all the categories this
year.
Apart from Shoppers Stop, the other nominated campaigns are
Carrefour’s 'With Love to the Environment' in Poland; Nokia’s 'Nseries
2008' at its UK flagship store in London’s West End; Flexa’s 'Invest in Your
Children' in Denmark; Max’s 'Max in the City' in Dubai and Saks Fifth
Avenue’s 'Holiday 2008' in the US.
This year the World Retail Congress will be held between May 6-8, 2009
at Barcelona.
Last year at the World Retail Congress 2008, Shoppers Stop was
awarded with ‘the Emerging Market Retailer of the Year Award’ with
stiff competition from contenders like Giordano International (Hong
Kong), Hindustan Petroleum Corporation (India), Koton Retail and
Textile Inc (Turkey), O Boticário (Brazil) and
X5 Retail Group (Russian Federation)
The same year, Mr. BS Nagesh, Customer Care Associate and
Managing Director, was inducted in the retail ‘Hall of Fame’. With his
induction in the World Retail Hall of Fame 2008, Mr. Nagesh is the only
Indian retailer to take a significant place alongside more than 100
stalwarts of the global retail industry, which includes veterans like Sam
Walton of Wal-Mart, Giorgio Armani, Jack Cohen of Tesco, Ingvar
Kamprad of Ikea, amongst others.
The World Retail Awards:
The World Retail Awards, in partnership with Oracle, are the only
awards that recognise the outstanding innovation and creativity
delivered by retailers across the globe. These awards set benchmarks
of excellence in modern retailing and the shortlisted finalists together
with the winners provide inspiration and direction to all retailers.
In addition to the In-Store Retail Advertising Award, winners will be
announced across nine more categories at the Awards Gala
Ceremony which will take place on May 7, 2009. The nine award
winners will be selected by a grand jury that comprises a broad
spectrum of CEO level, respected retailers and industry advisors from
around the world.
About Shopper’s Stop Ltd
Shopper’s Stop Ltd., a pioneer in retailing, has been promoted by K
Raheja Corp. Group (Chandru L. Raheja Group), one of the leading
groups in the business of real estate development and hotels in the
country. Shopper’s Stop Ltd along with its associate companies
Hypercity Retail (India) Ltd and Timezone Entertainment Pvt. Ltd
operates more than 2.1 mln sq ft in the country.
Shoppers’ Stop and its associate companies are involved in retailing
through department stores, specialty stores, entertainment zones, F&B
concepts and large hypermarkets.
For more information on Shoppers Stop Limited, please contact:
Malini Sharma
Shopper’s Stop Ltd.
Tel: +91-22-66887688
malini.sharma@shoppersstop.com
Sonal Zode
Adfactors PR
Tel: +91-22-22813565
sonal.zode@adfactorspr.com

Media Release
MUSTANG apparel launched exclusively at Shoppers Stop!
German brand MUSTANG enters India through a exclusive (in the department store segment)
retail arrangement with Shopper‟s Stop Limited

Top models Nina Manuel, Pia Trivedi, Candice Pinto, Diandra Saores, Anchal Kumar, Sahil
Shroff, Niketan Madhok, & Aryan Baruah amongst others showcased the authentic as well as
trendy MUSTANG apparel at Shoppers Stop, Juhu

Mumbai, December 15, 2009: Shoppers Stop‟s customers can now experience fashion
the MUSTANG way! In a sparkling event at the Shoppers Stop store in Juhu, Top
models Nina Manuel, Pia Trivedi, Candice Pinto, Diandra Saores, Anchal Kumar,
Sahil Shroff, Niketan Madhok, & Aryan Baruah amongst others showcased the
trendy collection from Europe's renowned jeanswear and lifestyle brand.
The MUSTANG apparel exhibits significant international influence in style and finesse.
MUSTANG‟s style statement exudes urban chic with its authentic style and unmatched
comfort. As the first denim brand of Europe, MUSTANG is world renowned for its precise
fits and washes. The global appeal of the collection is underscored by its international
silhouettes that perfectly tally with timeless yet trend-inspired colours and details.
MUSTANG allows the discerning fashion devotee the option of buying complete
ensembles, over and above individual garments. In keeping with its international fashion
philosophy, new range of trendy styles will be introduced every 4 – 6 weeks at Shoppers
Stop.
The authentic, true and honest collection of MUSTANG apparel is tagged at an attractive
Indian price with Men’s Shirts/tees starting at Rs. 599 and Men’s bottom wear
starting at Rs. 1599, Similarly, Women tops/ tees are priced at Rs. 599 onwards
Women bottom wear starting from RS. 1399.
Speaking on the launch, Mr. Theo Manfred Birkemeyer, CEO, MUSTANG Group said,
“We are pleased to make MUSTANG apparel available to the style conscious Indian
consumer through our retail alliance with Shoppers Stop. MUSTANG has been in the
business of fashion since 1932. We truly understand the importance of authentic style,
trend-orientation and comfortable fashion. We are certain that the Indian fashion mindset
will find an immediate affinity to MUSTANG apparel.”
Also speaking on the occasion, Mr. Govind Shrikhande, Customer Care Associate &
President & CEO, Shopper’s Stop Ltd., Said, “We are delighted to introduce Europe‟s
First Denim brand MUSTANG to our international brand portfolio. Our customers can
pamper their style statement with MUSTANG‟s rich fashion heritage. Original
MUSTANG garments are being imported directly from the parent company and are
pegged at an attractive Indian price. MUSTANG‟s brand philosophy is symmetrical to
our values and we believe that together we can create an unparalleled shopping
experience for our customers. Our style conscious customers can renew their wardrobe
every 4 – 6 weeks with cyclically updated styles from MUSTANG‟s portfolio.”
MUSTANG was founded 1932 in Germany as an apparel manufacturer. Its rich
jeanswear heritage dates back to 1948 when Albert Sefranek, the head of the company
at the time, got his hands on the company's first pattern by trading six bottles of
schnapps for six pairs of American jeans. Since those early days, MUSTANG has made
millions of items of clothing, and made fashion history. The company's many milestones
include the first women's jeans and the first corduroys in Europe, and the first stretch
jeans in the world.
About Shoppers Stop
Shoppers Stop is a leader in the Indian Retail Sector and one of the pioneers in setting up large format
department stores chain in India. Shopper‟s Stop Ltd has a national presence, with over 1.6 million square
feet area across 28 stores in 12 cities viz. Mumbai (8 stores), Delhi (3 stores), Kolkata (3 stores), Bangalore
(2 stores), Hyderabad (3 stores), Jaipur (2 stores), Pune (2 stores), Gurgaon, Chennai, Ghaziabad, Lucknow
and Noida.
Shoppers Stop is the only Indian member of IGDS (Intercontinental Group of Departmental stores) along
with 29 other experienced retailers from all over the world. Mr. B.S. Nagesh, Customer Care Associate &
Vice Chairman, Shopper‟s Stop Ltd, has been recognised as an iconic retailer and was inducted into the
World Retail Hall of Fame 2008. Mr. Nagesh is the only Indian retailer to take a significant place alongside
more than 100 stalwarts of the global retail industry, which includes veterans like Sam Walton of Wal-Mart,
Giorgio Armani, Jack Cohen of Tesco, Simon Marks and Israel Sieff of Marks & Spencer; Ingvar Kamprad of
Ikea, amongst others. CMAI felicitated the „Golden Scale Trophy‟ to Mr. Nagesh in honour of this
achievement.
Shoppers Stop has been awarded the “Emerging market retailer of the Year” at the World Retail congress in
April 2008. It has also been awarded The „Golden Scale Trophy‟ for the „Brand of the Year‟ for its STOP
Ladies ethnic wear by CMAI in 2008. It has been a recipient of the 2008 CIO 100 Award as well as „The
Storage Award‟ at the CIO Awards held in 2008. It has been awarded „Most Admired Retailer of the Year –
CRM‟ at the IRF in 2008, „Department Store of the Year‟ at the Star Retailer Awards in 2008, „The Most
Admired Fashion Retail Destination of the Year‟ at Images Fashion Forum held in 2009, „Retailer of the
Year –Fashion & Lifestyle‟ at the Asia Retail Congress in 2009, amongst others.
Shoppers Stop has also introduced new formats in the market viz HomeStop – the exclusive home
furnishings, décor as well as furniture store and Arcelia – a premium shopping destination for accessories,
cosmetics fragrances and jewellery.
For further information please contact Perfect Relations:
Juhi Khanna @ 9820601226 / Sarika Chavan @ 9821906655

PROFILE
Shopper’s Stop Limited

Shopper’s Stop Ltd is a professionally managed and systems driven organisation

promoted by the K Raheja Corp Group (Chandru L Raheja Group), one of the leading
players in the country in the business of real estate development and hotels.

Pioneer of modern retail in India, Shopper’s Stop Limited has been instrumental in
bringing about retail revolution in India. Since it opened its doors, the chain has become
the highest benchmark for the Indian retail industry. Since it’s inception in 1991,
Shopper’s Stop Ltd has introduced various retail formats in India. Apart from the flagship
business of department stores, there are also specialty stores for books, home decor,
cosmetics and maternity care & infant care.
Symbolizing the era of global recognition for Indian retailers, Shoppers Stop Ltd is the
only Indian retailer to be shortlisted in the Retail Advertising Award category for its in-
store marketing at the retail industry’s globally recognized event – World Retail
Congress. It is also the only Indian retailer to be nominated across all the categories this
year. Shoppers Stop had been named the ‘Emerging Market Retailer of the year’ at the
prestigious World Retail Awards, which took place on 10th April '08, in Barcelona. The
World Retail Congress is the most influential and highest profile gathering of the retail
industry across all retail segments across the globe.

Shoppers Stop
Shoppers Stop is India’s largest retail chain of large format department stores with 30
stores in 13 cities across the country occupying an aggregate area of over 1.97 million
sq.ft with an offering of more than 400 finest international and national brands.

India’s premier fashion and lifestyle destination, Shoppers Stop currently has 30 stores
in 12 cities viz. Bengaluru (3 stores), Chennai, Delhi (3 stores), Ghaziabad, Gurgaon,
Hyderabad (3 stores), Jaipur (2 stores), Kolkata (3 stores), Lucknow, Mumbai (8 stores),
Noida, Pune (2 stores) and Amritsar.

Shoppers Stop is also the only Indian member of the Inter Continental Group of
Department Stores (IGDS) along with 29 other experienced retailers from all over the
world. This has helped the company gain insight into the new and emerging practices
followed internationally.

Shoppers Stop First Citizen - a loyalty programme and a virtue

Shoppers Stop’s virtue of always ‘putting the customer first’ has enabled it to pioneer a
reward-based loyalty programme called Shoppers Stop First Citizen. With a growing
base of over 1.5 million members contributing over 72% to sales annually, Shoppers
Stop First Citizen loyalty programme is the biggest and most successful programme in
this category.

HomeStop
HomeStop is the first-of-its-kind premium home concept store at Bengaluru, Mumbai –
Malad and Vashi and New Delhi offering a wide range of products and some of the most
reputed national and international brands.

It is a one-stop-shop for all home needs ranging from home décor to furniture, bath
accessories to bedroom furnishings, mattresses to draperies, carpets to modular
kitchens & health equipment all under one roof.

Crossword Book Store

Spacious, well laid out bookstores that feature methodical classifications, clear signages,
dedicated enquiry /orders desks and attractive displays along with cafés, reading tables
and chairs within the store make Crossword the leader in the lifestyle bookstore
category.

Its unique product mix of books, magazines, CD-ROMs, music, stationery and toys is
further enhanced with services like Dial-a-book and Email-a-book and facilities like gift
vouchers and ‘Return, Exchange & Refunds’ policy.

Mothercare & Early Learning Centre (ELC)

Shoppers Stop Ltd. has an exclusive retail arrangement (for the department store
segment) with Mothercare PLC of UK to open & operate shop-in-shops of Mothercare
and ELC stores in India within Shoppers Stop stores. Mothercare, UK's premium
international brand for maternity, infant and childcare products, currently has 23 stores at
Shoppers Stop stores in leading metros.

Early Learning Centre (ELC), UK's number one educational toy brand for children aged
0-6 years, is now available at Shoppers Stop stores in Mumbai - Malad & Juhu, and
Hyderabad – Cyberabad, Amritsar and now in Bengaluru - Malleswaram.

Estee Lauder group

Shopper’s Stop limited has entered into non exclusive retail agreement with world-
renowned cosmetics major Estee Lauder to open M.A.C, Clinique and Estee Lauder
stores in India. M.A.C (Makeup-Art Cosmetics) the professional brand of choice, is the
first brand under the Estee Lauder Group of Companies' portfolio to enter the Indian
retail market. Currently, with Shoppers Stop Ltd. there are 12 stores operating in
Mumbai, Bengaluru, Delhi, Chennai and now in Amritsar. Clinique currently has three
"Clinique" stores i.e. two standalone (Delhi and Mumbai) and one shop in shop
(Shoppers stop Malad –Mumbai).And, Estee Lauder has 3 stand alone stores, one each
in Mumbai, Bengaluru and Delhi.

HyperCity
Shopper’s Stop Ltd. has a 19% stake in HyperCity with the option to acquire 51% in the
company by June 30, 2010. HyperCity operates 6 stores of which two are in Mumbai –
Malad and Vashi, one each in Jaipur, Hyderabad, Amritsar. And now also in Bengaluru.

HyperCity has redefined the experience of the Indian consumer in the big store format.
Its offering includes food and grocery, general merchandise and apparel. The business
operates a “More to Discover” by-line and delivers quality product at great value in a
bright, spacious, modern environment.

Airport Retailing
Shopper’s Stop Ltd.’s foray into airport retailing is marked by a joint venture with The
Nuance Group AG of Switzerland, the world’s leading airport retailer. Shopper’s Stop Ltd
will handle the retail operations in the domestic terminals while the joint venture
company will handle the operations at the duty free zones in international terminals.

Shopper’s Stop Limited currently operates 1 store in Hyderabad domestic airport and 2
stores in Bengaluru domestic airport. And 4 duty free stores are run by the JV Company
in the international airports at Bengaluru and Hyderabad.

TimeZone Entertainment
Shopper’s Stop Ltd. believes that the Indian consumers are looking for multiple options
to entertain themselves and their families. It has forayed into the Entertainment sector by
acquiring a 45% stake in Time Zone Entertainment Private Limited which is in the
business of operating Family Entertainment Centres (FECs). It has 7 doors in Mumbai,
Ahmedabad, Kolkata and Hyderabad.

END

Shoppers Stop

With an unparalleled assortment of the leading international and national brands in

clothing for men, women, and kids; accessories, fragrances, cosmetics, footwear; home
furnishing and decor products, our stores aim to provide shoppers a truly international
shopping destination.
Experienced, professional management; supported by world-class systems and practices;
and a talented pool of associates with a shared passion for making every shopper visit a
memorable one, has helped Shoppers Stop to grow from a single store in 1991 to the
largest chain of Department Stores in India today.

Our unending pursuit to benchmark ourselves with the best in the world is testified by the
fact that Shoppers Stop is the only Indian member of the "Intercontinental Group of
Departmental Stores", which has the likes of Selfridges (United Kingdom), Karstadt
(Germany), Marks & Spencer (UK), Matahari (Indonesia), Myers Grace Bros. (Australia)
and Rustan's (Philippines) among its members.

At Shoppers Stop we believe in a world of limitless possibilities. We always

set benchmarks, cross limits, achieve the impossible and celebrate our successes.
Innovation being our key driver, we have adopted a new philosophy of "Start Something
New" to give retail a new dimension. We endeavor to Start Something New in
performance. Start Something New in products. Start Something New in customer
service. Start Something New in Life.

First Citizen
The name "First Citizen" reflects our commitment to offering
you the ultimate shopping experience. As a First Citizen,
your shopping experience becomes even more enjoyable with:

• Reward Points for every time you shop at Shoppers Stop.

• Exclusive benefits & privileges.
• Exclusive offers ever so often.
• Updates on what you can look forward to shop for at Shoppers Stop.
• Exclusive cash counters at Shoppers Stop so you can spend more time shopping
than waiting in a line.
 Benefits At A Glance

Benefits Classic Moments Silver Edge Golden Glow

First Citizenship Rs. 200 - -

First Citizen Reward 1 Reward Point for 1 Reward Point for

1 Reward Point for every
Points (on net every purchase of Rs. every purchase of
purchase of Rs. 34
purchase) 100 Rs. 50

Extra Reward Points on

- 1% 2%
Preferred Brands

Yes (Up to 2: Rs.

Associate Card Yes (Rs. 100) Yes (2 free, 3rd: Rs.100)
100)

Regular Updates Yes Yes Yes

Exclusive Cash Exclusive Golden Glow

Yes Yes
Counters* Cash Counter

Yes* - Reserved Parking

Free Parking* Yes# Yes# on a first-come-first-
serve basis

Valet Parking* Yes^ Yes^ Yes^

Free First Update - - Yes

Home Delivery of
- - Yes
Alterations*

Outstore Offers Yes Yes Yes

Exclusive Previews -
Yes Yes Yes
Merchandise & Sale

*Conditions apply. #Parking charges reimbursable against purchases at Shoppers Stop only.
^Available at select stores.
Shoppers Stop Gift Voucher

Shoppers Stop is not about shopping, it's an experience you feel. Likewise, Shoppers
Stop Gift Vouchers are not about gifting, they symbolise the joy of living!

Personal Gifting

Wish your loved ones on their special days with our Gift Vouchers.

• Happy Anniversary
• Happy Diwali
• Happy Birthday
• or just congratulate them for their success

Corporate Gifting

As a Corporate house you could use our Gift Vouchers for

• Rewarding and gifting Employees, Distributors / Dealers

• Gifting Clients
• Redemption from Loyalty Programs
• Sales / Marketing Promotions
• Festival Offers
• Uniform Allowances
• Personal Occassions like Birthdays / Marriages / Anniversaries
• Or just about any other way you can think of
Crossword

"There is more treasure in books than in all the pirates' loot on Treasure Island..and best
of all, you can enjoy these riches every day of your life." -Walt Disney

In India, shopping for books has always been thought of as a book-lover's hobby. The
traditional bookstores, with their dreary, dusty and browser-unfriendly atmosphere, have
discouraged all but the serious book-buyers.

Crossword, positioned as a lifestyle bookstore, has been able to change this by

designing large, spacious, well laid out stores, with bright cheerful interiors that
encourage people to stay and browse.

Crossword offers the widest range of books for the young and old alike, along with
magazines, CD-ROMs, music, stationery and toys. With its large children's section and
its focus on making the store a friendly, safe, fun-filled place, Crossword attracts many
families who normally don't think of visiting bookstores.

Services like Dial-a-book, Fax-a-book and Email-a-book enable customers to shop from
their homes; and when they come to the store, the unobtrusively helpful staffs assist them
in finding the right book, the right CD or the right gift for the right occasion. Facilities
like the Crossword Gift Vouchers, the friendly 'Return, Exchange & Refunds' policy, the
Cafes within the stores and the unique store experience make it easy and enjoyable for
customers to shop at Crossword.

Over 1,00,000 loyal customers are rewarded through the Crossword Book Rewards
Program with points, discounts, promotional offers and more. 'eWords', a monthly e-
newsletter with reviews of new books, news about in store events and bestseller lists, is
currently mailed to these Members.

Crossword, with forty-four stores, across Mumbai, Bangalore, Ahmedabad, Jaipur,

Ghaziabad, Pune, Vadodara, Kolkata, Chennai, Hyderabad and Vishakapatnam as
on today is India's fastest growing chain of bookstores. Crossword launched the
Crossword Book Award in 1998 to recognise and reward the best of Indian writing. The
Award, which has been described as the 'Indian Booker', is given out annually in the
categories of English Fiction, Indian Language Fiction Translation and English Non-
Fiction.

In 2006, the prize for the best work in English Fiction went to Vikram Chandra for
Sacred Games. The prize for the best work in the Indian Language Fiction Translation
category was jointly won by the author C. S. Lakshmi (Ambai) and the translator
Lakshmi Holmstrom for In a Forest, A Deer and the author M. Mukundan and the
translator A. J. Thomas for 'Kesavan's Lamentations'. The prize for the best work in the
English Non-Fiction category was won by the author Vikram Seth for Two Lives.

Since its inception in 15th October 1992, Crossword has received wide recognition
for its achievements; articles on retailing in India invariably feature Crossword.
Crossword was ranked the 6th most admired retailer in India by Businessworld for
the year 2006; it was the only book retailer in the top 10.

The Bookseller, UK, has also described it as 'being on the cutting edge of retailing' in
India.
Code of Conduct
CODE OF CONDUCT FOR MEMBERS OF THE BOARD & THE EMPLOYEES
IN THE GRADE OF MANAGER & ABOVE

I. PREAMBLE:

Integrity, transparency and trust form part of the core beliefs of all activities of the
Company. Our corporate values include,

“We will not take what is not ours.”

“The obligation to dissent”
“We will have an environment conducive to openness.”
“We will have an environment for innovation.”
“We will have an environment for development.”
“We have a willingness to apologise and forgive.”
“We will respect our customers’ rights.”
“Value of Trust”
“We will be fair.”
“We will contribute to society.”

The said beliefs have been the basis of our growth and development. While the company
has adopted a separate code of conduct for all its employees, it is important that there be a
separate code of conduct for members of the Board and the Management, as they shape
the growth of the organisation. Hence this code.

II. APPLICABILITY:

This Code of Conduct (“Code”) is formally adopted and is effective from 1st December,
2005. The Code is modified w.e.f. 28th October 2006 to include Employees in the grade
of Manager & above and is applicable to the following persons collectively referred to as
“Management”.

1. Members of the Board of Directors.

2. Manager and above.
3. Functional Heads / Department Heads / Business Heads.
Each Member of the Management undertakes to abide by this Code and shall submit a
declaration within ten days from the enforcement of this Code and thereafter annually
to be provided at the beginning of every financial year, confirming that he has not
violated this Code and other policies framed by the Company.

III. THE CODE:

1) To Lead by Example

Managers are the guidance force in the Company. It shall be the responsibility of the
Management to lead by example. Heading by example would mean and include:-

a) an appropriate and decent dress code.

b) humility in discussing matters with junior employees.
c) respectful restraint in use of abusive language during conversations with junior
employees.
d) the obligation to guide and motivate the complete organisation.
e) to lead by self commitment and self motivation and thereby showing a fitting
example to the junior employees.
f) to exercise powers conferred with reasonable discretion and after weighing
consequences of such use prior to such use.
g) to induce a feeling of loyalty towards the organisation.
h) to work selflessly and with due nobility to achieve the principles of the
organisation.
i) to be humane.

2) Honest and Ethical Conduct

To act in accordance with the highest standards of personal and professional

integrity,
honesty and ethical conduct, whilst discharging the obligations cast upon him.

3) Principles of Compliance

a) Adhere to all laws, rules and regulations applicable to the business of the Company in
all geographies where our business is situated.
b) If any, violations of laws, rules and regulations would subject the Company and its
officers to prosecution and as such entitles it to pursue remedies to defend itself and to
recover or make good any loss/damage suffered by it.

4) Harassment and Discrimination

Conduct yourself in a professional manner and treat others with respect, fairness, and
dignity. The Company does not tolerate harassment or discrimination. In addition,
applicable laws and ordinances prohibit discrimination in employment based on race,
colour, religion, age, sex, national origin, ancestry, physical or mental disability, medical
condition, veteran status, marital status, or sexual orientation. The Company is committed
to providing a work environment that is fair and nondiscriminatory.
As a good corporate citizen the Company is committed to a gender friendly workplace.
This is in order to enhance equal opportunities for men and women; to
prevent/stop/redress sexual harassment at the workplace and to guarantee good
employment practices. Sexual harassment includes unwelcome sexually determined
behaviour such as unwelcome physical contact; a demand or request for sexual favours;
sexually coloured remarks; showing pornography and any other unwelcome physical,
verbal or nonverbal conduct of a sexual nature. The Company maintains an open door for
reportees; encourages employees to report any harassment concerns and is responsive to
employee complaints about harassment or other unwelcome and offensive conduct. A
committee has been constituted to inquire into complaints and to recommend appropriate
action, wherever required. The Company demands, demonstrates and promotes
professional behaviour and respectful treatment of all employees.

5) Conflict of Interest

Management shall avoid conflict of interest. In case there is likely to be a conflict of

interest, he/she should make full disclosure of all facts and circumstances thereof to
the Board of Directors or any Committee / officer nominated for this purpose by the
Board including the Audit Committee and a prior written approval should be
obtained. Some of the situations wherein a conflict of interest may arise are
elucidated below:-
a) Employment
Devote full time, attention and energy to achieve the stated business objectives of the
Company and also towards enhancing shareholder value.
b) Outside Directorship
Not to accept any appointment as Director/Partner in any company, firm or body
corporate engaged in similar line of business or that of its subsidiary companies,
without prior consent of the Company.
c) Proprietary of Information/ Confidentiality
a. Respect the confidentiality of information acquired during the course of ones
work, except when authorised or is legally obliged to disclose.
b. No Member of the Management and his or her immediate family shall, directly
or indirectly, derive any benefit or assist others to derive any benefit from the
access to and possession of price sensitive information about the Company or
its group companies, which is not in the public domain and thus constitutes
insider information.
c. No Member of the Management shall use or proliferate information which is
not available to the public and which may constitute price sensitive or insider
information for making or giving advice on investment decisions on the
securities of the Company or any of its subsidiary/ affiliate companies or for
any other purpose on which such unpublished price sensitive insider
information has been obtained.
d) Related Party Transactions
Not to enter into any material transactions/arrangements, directly or indirectly,
through ones relatives with firms, companies’ etc. associated with the Company or
any of its associate/subsidiary companies without prior written consent of the
Company or whom the Board has resolved in favour of such transaction. .
e) Payments, receipt of gifts/favours from others
Not to, accept any payment, or promise to pay or authorise payment of any money,
gift or anything of value that may be construed to be intended, directly or indirectly,
to influence a business decision or to commit any fraud or for any personal gain or
reference.
f) Corporate Opportunities
Not to exploit any information, property or position, for personal gain. Resources
and amenities provided by or belonging to the Company shall be used with proper
care, responsibility and diligence.

6) Protection and Proper Use of Company’s Assets.

No employee shall misuse Company’s facilities for personal gain or benefit. Even in
their use for the Company’s purposes, every member of the Management shall exercise
care to ensure that costs are reasonable and there is no wastage. Every member shall
avoid ostentation in the Company’s expenditure.

7) Transparency
All members of the Management shall ensure that their actions in the conduct of
business are totally transparent except where the needs of business security dictate
otherwise. Such transparency shall be brought about through appropriate policies,
systems and processes, including as appropriate, involvement of more than one officer
of the Company in recording decision logic and maintaining supporting records. All
managers shall ensure that all the areas of operation are open to audit and their conduct is
submitted to audit.

8) Use of Alcohol, Illegal Drugs, or Medication

The Company is committed to a drug-free and alcohol-free workplace. Any Member of
the Management who consumes or is under the influence of alcohol in the workplace
shall be deemed to be in violation of this Code and shall entitle the Company to initiate
such action as deemed fit.

IV. VIOLATION OF THE CODE:

Any violation of this code can result in sanctions up to and including termination of
service and/or thereafter withholding of options and/or terminating/ withholding any
other benefits that the designated member may be entitled to.

V. AMENDMENT TO THE CODE:

The Company may amend this Code to meet the requirements of the statute and the
business interest of the Company, subject to the approval of the Board.
Committee of Board of Directors
Know about our Committees in the organisation

Audit Committee:

Audit Committee was constituted in the year 2001 and reconstituted in the year 2004.
The terms of the Audit Committee comply with requirements of section 292A of the
Companies Act, 1956 and Clause 49 of the Listing Agreement entered into with Stock
Exchanges. The Committee comprises of Mr. Ravi Raheja, Mr. Deepak Ghaisas, Mr.
Nitin Sanghavi and Mr. Shahzaad Dalal. Mr. Deepak Ghaisas is the Chairman of the
Committee.

The members of the Committee possess the sound knowledge of finance and accounts.
The Audit Committee invites such of the executives, as it considers appropriate to be
present at the meetings of the Committee. The Managing Director, Executive Director
and CEO, Group Chief Financial Officer, Company Secretary, representatives of internal
Auditors and statutory Auditors are also present at the Audit Committee meetings as
invitees.

The Committee deals with various aspects of financial statements, adequacy of internal
controls, various audit reports, compliance with accounting standards and our Company's
financial and risk management policies. Mr. Prashant Mehta, Customer Care Associate,
Vice President Legal and Company Secretary of our Company acts as the Secretary of the
Committee. It reports to the Board of Directors about its findings and recommendations
pertaining to above matters.

Role of the Audit Committee :

1) Overseeing our Company's financial reporting process and the disclosure of its
financial information to ensure that the financial statement is correct, sufficient and
credible.

2) Recommending to the Board, the appointment, re-appointment and, if required, the

replacement or removal of the statutory auditor and the fixation of audit fees.

3) Reviewing, with the management, the annual financial statements before submission to
the Board for approval, with particular reference to :

• Matters required to be included in the Director's Responsibility Statement to be

included in the Board's report in terms of clause (2AA) of Section 217 of the
Companies Act 1956
• Changes, if any, in accounting policies and practices and reasons for the same
 • Major accounting entries involving estimates based on the exercise of judgment
by management
• Significant adjustments made in the financial statements arising out of audit
findings
• Compliance with listing and other legal requirements relating to the financial
statements
• Disclosure of any related party transactions; Qualifications in the draft audit
report.

4) Reviewing, with the Management, the quarterly financial statements before submission
to the Board for approval.

5) Reviewing, with the management, performance of statutory and internal auditors, and
adequacy of the internal control systems.

6) Monitoring the status of utilization of IPO proceeds of Company.

7) Reviewing the adequacy of internal audit function, if any, including the structure of the
internal audit department, staffing and seniority of the official heading the department,
reporting structure, coverage and frequency of internal audit.

8) Discussions with internal auditors on any significant findings and follow up thereon.

9) Reviewing the findings of any internal investigations by the internal auditors into
matters where there is suspected fraud or irregularity or a failure of internal control
systems of a material nature and reporting the matter to the Board.

10) Discussion with statutory auditors before the audit commences, about the nature and
scope of audit as well as post-audit discussion to ascertain any area of concern.

11) To review the functioning of the whistle blower mechanism.

Remuneration Committee:

The Remuneration Committee (also known as the Compensation Committee) was

constituted in 2001 and includes non-executive directors. The Committee currently
comprises of Mr. Ravi Raheja, Mr. G.L. Mirchandani, Mr. Nitin Sanghavi and Mr.
Shahzaad Dalal. Mr. G. L. Mirchandani is the Chairman of the Committee.
The scope of the activities of the Compensation / Remuneration Committee is to
recommend the remuneration payable to Managing Director and Executive Director of
our Company, payment of commission and sitting fees to Non-Executive Directors and
formulation and implementation of various Employees Stock Option (ESOP) Schemes in
the Company.
Investors Grievances & Share Transfer Committee:

The Investors Grievances & Share Transfer Committee was constituted on March 29,
2004. The Committee currently comprises of Mr. Ravi Raheja, Mr. Neel Raheja and Mr.
B. S. Nagesh. Mr. Ravi Raheja is the Chairman of the Committee.
This Committee looks in to redressal of shareholder and investor complaints, issue of
duplicate/split/consolidated share certificates, allotment and listing of shares and review
of cases for refusal of transfer/transmission of shares and reference to statutory and
regulatory authorities and such other authorities as may be granted by the Board of
Directors from time to time.