Mahindra Lifespace Developers - ESOS

Mahindra Lifespace Developers Ltd has informed that pursuant to the recommendation of the Remuneration Committee of the Board of Directors of the Company, the Company has approved grant of first tranche of Options under the Company’s Stock Option Scheme (ESOS — 2006) to certain eligible employees/Directors of the Company.

The brief details of the Options granted are as under:

1. Date of recommendation of the Remuneration Committee for grant of Options or the relevant date - December 27, 2007

2. Number of Options granted - 7,05,376 Options, each Option represents one equity share of face value of Rs. 10 each

3. Number of equity shares covered under the Options granted - 7,05,376 equity shares of Rs. 10 each

4. Exercise price - Rs. 670 per Option calculated in accordance with the approval of the shareholders at the 7th AGM, at a discount not higher than 15% of the average of the daily high and low of the prices of the Company’s equity shares quoted on the Bombay Stock Exchange Ltd during 15 days preceding grant of the Options.

5. Vesting period - The vesting of Options commences after a period of 12 months from the
date of Grant in four tranches as given below:

Year - 1
Entitlement - 25%
Vesting Schedule - 12 months from the date of grant

Year - 2
Entitlement - 25%
Vesting Schedule - 24 months from the date of grant

Year - 3
Entitlement - 25%
Vesting Schedule - 36 months from the date of grant

Year - 4
Entitlement - 25%.
Vesting Schedule - 48 months from the date of grant

6. Exercise Period - The exercise period shall commence from the date of vesting and will expire upon completion of five years from the date of vesting

7. The grants have been made as per the terms and conditions mentioned in the scheme (ESOS —2006)