N O T I C E

Re: Appointment of two Shareholders’ Representatives in the Empowered Committee

In accordance with The Calcutta Stock Exchange Association Ltd., (Demutualisation) Scheme, 2005, the Exchange is required to divest a minimum of 51% of its shares to the public other than shareholders having trading rights in the manner and within the period as prescribed under sub-section 8 of Section-4B of the Securities Contracts (Regulation) Act, 1956 (SCRA) and the Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) Regulations, 2006. The Exchange had appointed M/s.PricewaterhouseCoopers Pvt. Ltd., as its Consultants for the above purpose. Further, for the smooth and successful completion of the Demutualisation Programme, a high level Empowered Committee consisting of eminent persons was constituted. As the issues relating to the divestment process are of significant importance to the existing shareholders of the Exchange and since no elected representatives of shareholders are available at present, it was envisaged that the said Empowered Committee would meet the shareholders from time to time and keep them informed about the progress of the divestment process and solicit their comments/suggestions in the matter. The Exchange had accordingly arranged a meeting of the Empowered Committee with the shareholders on the 28th March, 2007 for this purpose. However, it has become evident that frequent and speedy interactions with the shareholders at various stages of the divestment process are essential for successful completion of the Demutualisation Programme. It has therefore been felt that arrangements need be made for participation of the shareholders’ representatives in the deliberations of the Empowered Committee on a regular basis to make the decision making process quicker as also more transparent. It has also been noted that to enable the said shareholders’ representatives to have proper status and authority, they need be elected by the general body in a General Meeting of the shareholders and be given appropriate authorization to act on their behalf. Keeping in view the 25% cap on the representation of Trading Members in the Exchange Management as envisaged in the Demutualisation Scheme as also in SCRA, shareholders’ approval is sought for appointment of two representatives of the shareholders in the Empowered Committee for Demutualisation Programme through a process of election. Accordingly, for the purpose of election of the shareholders’ representatives in the Empowered Committee, nomination is sought from the shareholders of the Exchange.

Any shareholder desirous of becoming a member of the Empowered Committee shall file a notice in writing under his hand signifying his intention to do so at the office of the Exchange at least 7 days before the said Extra Ordinary General Meeting fixed on Wednesday, May 23, 2007 at 4.30 P.M. Such notices shall have to be deposited at the Registered office of the Exchange not later than Tuesday, May 15, 2007 upto 4.30 P.M.

By Order of the Administrator

The Calcutta Stock Exchange Association Ltd.,

K.Mukhopadhyay

Authorised Signatory

Dated : 26^th April,2007.

Place : Kolkata