Shopper's Stop Limited - Securities and Exchange Board of India

Net Asset Value per Equity Share represents shareholders equity less miscellaneous
expenses as divided by weighted average number of Equity Shares.
� Net Asset Value per Equity Share after Issue
The net asset value per Equity Share after the Issue is. [ ]
Issue price per Equity Share: Rs. [ ]
Issue Price per Equity Share will be determined on conclusion of the Book Building
Process.
� Comparison of Accounting Ratios with Peers;
As there is no separate classification of Retail sector as an Industry, benchmark
comparable Industry P/E is not available. However, comparable ratios for
the companies which are to some extent similar in business, are as given below:
Parameter Shopper’s Stop Pantaloon Retail* Trent
EPS (Rs) 4.48 10.1 12.9
Book Value (Rs) 28.74 102.4* 157.8
Return on Net Worth 15.59%
P/E Multiple [�] 33.6 22.5
* For the year ended June 30, 2003
(Data based on trailing twelve months)
(Source: Capital Market, Issue-Vol XIX / 11 August 02-15, 2004)
Issue Price of Rs. [�] has been determined by the Company in consultation with BRLMs,
Co-BRM and on the basis of assessment of market demand for the Equity Shares by way
of Book Building and is justified on the basis of the above factors.
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