With reference to the earlier announcement dated January 24, 2008 & February 11, 2008 regarding Grant of stock options, Polaris Software Lab Ltd has informed BSE that 37,500 numbers of options granted was under ASOP 2003 & Nil under ASOP 2004; pursuant to the approval accorded by the Remuneration & Compensation Committee meeting held on January 23, 2008 - at price of Rs 66.05/- (Rupees sixty six and paise five only).

The vesting of the said Stock Options is as follows:

- 20% of the Options - One year from the date of offer / grant date
- 20% of the Options - Two years from the date of offer / grant date
- 20% of the Options - Three years from the date of offer / grant date
- 20% of the Options - Four years from the date of offer / grant date
- 20% of the Options - Five years from the date of offer / grant date

On the expiry of the vesting period, the employees have the right to convert these options into shares either in full or in tranches at any time during the exercise period as provided under the schemes.

The terms and conditions of the option schemes are remains same and unaltered.