Exhibit 99.2

SIGNET GROUP PLC

US SHARE OPTION PLAN 2003

(Approved and adopted by the Company in general meeting on 8 July 2003

and amended by the Board on 4 ^th  March 2004)

CONTENTS

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The words and expressions used in this Plan which begin with capital letters have the following meanings:

“ADSs” means the American Depository Shares representing Shares in the Company;

“Appropriate Period” has the meaning given by paragraph 26 of Schedule 4 to the ITEPA;

“Associated Company” means in relation to the Company:

“Board” means the board of directors for the time being of the Company or a duly authorised committee of it which for the avoidance of doubt may include the Remuneration Committee;

“Company” means Signet Group plc (registered no. 477692);

“Control” means the power of a person to secure:

that the affairs of the first mentioned body corporate are conducted in accordance with the wishes of that person;

“Date of Grant” means the date on which the Grantor grants an Option under Rule 2.5;

“Dealing Day” means any day on which the London Stock Exchange is open for the transaction of business;

“Discretionary Share Option Plan” means a share option plan, other than a savings-related share option plan, in which participation is at the discretion of the grantor of options under that plan;

“Eligible Employee” means any person whom at the Date of Grant:

“Employees’ Share Plan” means a scheme for encouraging or facilitating the holding of shares or debentures in a company by or for the benefit of:

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“Exercise Price” means the total amount payable on the exercise of an Option, whether in whole or in part, being an amount equal to the relevant Option Price multiplied by the number of Shares in respect of which the Option is exercised;

“Grantor” means in relation to an Option, the Person who granted it, which may be the Company or any other Person;

“Incentive Stock Options” shall have the meaning ascribed to such term in section 422 of the Internal Revenue Code 1986 (as amended);

“ITEPA” means the UK Income Tax (Earnings and Pensions) Act 2003;

“London Stock Exchange” means the London Stock Exchange plc or any successor body carrying on the business of the London Stock Exchange;

“Market Value” means in relation to a Share on any day:

“Option” means a right to subscribe for Shares under the Plan which has been granted or is proposed to be granted and which may or may not constitute an Incentive Stock Option;

“Option Exercise Date” means the date when the exercise of an Option is effective because it complies with Rules 7.2 and 7.3;

“Option Price” means the price per share at which a Participant may subscribe for Shares on the exercise of an Option determined under Rule 3;

“Participant” means any Eligible Employee to whom an Option has been granted, or (where the context requires) his personal representatives;

“Participating Company” means:

“Person” means any individual, corporation, partnership, limited liability company, trust or other entity of whatever nature;

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“Plan” means the Signet Group plc US Share Option Plan 2003 in its present form or as for the time being amended in accordance with the Rules;

“Plan Period” means the period starting on the date the Plan is adopted by the Company in general meeting and ending on the tenth anniversary of that date;

“Remuneration Committee” means a duly authorised remuneration committee of the Board all the members of which are non-executive directors;

“Rules” means these rules as amended from time to time;

“Share” means a fully paid ordinary share in the capital of the Company or, where relevant, ADSs;

“Subsidiary” means a company (A) which is a subsidiary of another company (B) if:

“Variation” means in relation to the equity share capital of the Company a capitalisation issue, a rights issue or open offer, a subdivision, a consolidation or reduction or any other variation.

The headings in the Rules are for convenience and should be ignored when construing them. Unless the context otherwise requires, words in the singular include the plural and vice versa and words importing either gender include both genders.

Reference in the Rules to any statutory provisions are to those provisions as amended, extended or re-enacted from time to time, and include any regulations or other subordinate legislation made under them.

The Board may at its discretion, grant to any Eligible Employee an Option or Options at the Option Price over such whole number of Shares and on such terms as it decides.

Options can only be granted within the period of 42 days starting on:

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No Option can be granted after the expiry of the Plan Period.

An Option may be granted subject to such conditions as the Remuneration Committee may determine being met before it can be exercised. Such conditions:

The grant of an Option will be subject to obtaining any approval or consent required under any applicable regulations or enactments.

An Option will be granted so that it constitutes a binding contract between the Grantor and the Participant. Options will be evidenced by one or more documents (which need not be identical) in such form as the Grantor may from time to time approve. In the event of any conflict between the provisions of the Plan and any such documents, the provisions of the Plan shall prevail. There will be no payment for the grant of an Option.

An Option is personal to the Participant to whom it is granted. It may not, nor may any rights in respect of it, be transferred, assigned, charged or otherwise disposed of to any Person other than on the death of a Participant, when it may be transmitted to his personal representatives.

A Participant may disclaim his Option, in whole or in part, in writing to the Secretary of the Company within 30 days after receipt of any document or documents evidencing the grant. No consideration will be paid for the disclaimer of the Option. To the extent that an Option is disclaimed it will be deemed never to have been granted.

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The Remuneration Committee will determine the Option Price of an Option which will be stated at the Date of Grant.

The Option Price shall be the higher of:

The Option Price may not be determined on the basis of the Market Value of a Share on a day which is earlier than the first Dealing Day of the period referred to in Rule 2.2(b).

The maximum number of ordinary shares (including, where appropriate, the relevant proportion of ADSs) that may be placed under option under the Plan is 171,376,839 ordinary shares, being equivalent to 10% of the Company’s current issued ordinary share capital.

The number of Shares (including, where relevant ADSs) which may be allocated, as defined in Rule 4.6, under the Plan on any day cannot, when added to the aggregate of the number of

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Shares (and ADSs) which have been allocated in the previous 10 years under the Plan and any other Employees’ Share Plan adopted by the Company, exceed that number of Shares that represents 10% of the ordinary share capital of the Company in issue immediately prior to that day.

The number of Shares (including, where relevant ADSs) which may be allocated, as defined in Rule 4.6, under the Plan on any day shall not, when added to the aggregate of the number of Shares (and ADSs) which have been allocated in the previous 10 years under the Plan and any other Discretionary Share Option Plan adopted by the Company, exceed that number of Shares that represents 5% of the ordinary share capital of the Company in issue immediately prior to that day.

The maximum aggregate amount payable on exercise of options granted to any Participant under this Plan, when added to the amount payable under a Discretionary Share Option Plan, during a financial year of the Company shall not exceed such amount as is equal to 500% of his salary (or 600% where the Remuneration Committee determines that circumstances exist that are exceptional); and for the purpose of this Rule:

In calculating the limits in Rules 4.1 to 4.3, any Shares (or ADSs) where the right to acquire them was released or lapsed without being exercised will be disregarded.

References to “allocated” Shares mean, in the case of any share option plan, the placing of unissued shares under option and, in relation to other types of Employees’ Share Plans, means the issue and allotment of shares.

Where Shares which have been issued under the Plan or any other Employees’ Share Plan of the Company are to be taken into account for the purposes of the limits in Rule 4 and a Variation has taken place between the date of issue of those Shares and the date on which the limit is to be calculated, then the number of Shares taken into account for the purposes of the limit will be adjusted in the manner the Remuneration Committee considers appropriate to take account of the Variation.

Except as provided in Rule 5.2, an Option:

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An Option not exercised in accordance with Rule 5.1 may be exercised:

Options will lapse to the extent they have not been exercised on the earliest of:

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provided that a Participant on leave of absence will not cease to be in employment until the earlier of the date on which the Participant notifies his employer of his intention not to return to work or the date set by the employer for termination of the employment relationship pursuant to applicable leave of absence policies.

If any Person obtains Control of the Company as a result of making a general offer to acquire shares in the Company, or having obtained such Control makes such an offer, the Board shall within 7 days of becoming so aware notify every Participant and an Option granted under the Plan may be exercised within one month (or such longer period as the Board may permit) of such notification. For the purposes of this Rule 6.1, a Person shall be deemed to have obtained Control of the Company if he and others acting in concert with him have together obtained Control of it.

If:

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the Board shall forthwith notify every Participant and any Option granted under the Plan may be exercised within one month of such notification, but to the extent that it is not exercised within that period (notwithstanding any other provision of the Plan) lapse on the expiration thereof, except where the Option is released in consideration of the grant of a New Option under Rule 6.4.

If any company (“the Acquiring Company”):

in either case ignoring any Shares which are already owned by it or a member of the same group of companies; or

any Participant may, at any time within the Appropriate Period, by agreement with the Acquiring Company, release any Option which has not lapsed (“the Old Option”) in consideration of the grant to him of an Option (“the New Option”) which (for the purposes of Part 6 of Schedule 4 to the ITEPA) is equivalent to the Old Option but relates to shares in a different company (whether the Acquiring Company itself or some other company falling within paragraph 16(b) or (c) of Schedule 4 to the ITEPA).

The New Option will not be regarded as equivalent to the Old Option unless the conditions set out in paragraph 27 of Schedule 4 to the ITEPA are satisfied, but so that the provisions of the Plan will for this purpose be construed as if the New Option were an option granted under the Plan at the same time as the Old Option except for the purpose of the definition of “Participating Company”, and as if:

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An Option may be exercised in whole or in part.

To exercise an Option, the Participant must deliver at the address specified in the notice of exercise:

If any conditions must be fulfilled before an Option may be exercised, the Option will not be validly exercised unless and until the Remuneration Committee is satisfied that those conditions have been fulfilled. Otherwise, the Option Exercise Date will be the date of receipt of the items referred to in Rule 7.2.

It shall be a condition to the obligation of the Company to deliver Shares or ADSs pursuant to any Option under the Plan that the recipient of such Option pay to the Company (or the Subsidiary or the entity that employs the recipient) such amount as may be required by the Company or such Subsidiary for the purpose of satisfying any liability for any US Federal, state or local taxes of any kind required to be withheld with respect thereto.

Any Option granted under the Plan may require the Company (or the entity that employs the recipient), or permit the recipient of such Option to elect, in accordance with any applicable rules established by the Company, to withhold or to pay all or a part of the amount of such withholding taxes in Shares or ADSs. Such election may be denied by the Company in its sole discretion, or may be made subject to certain conditions specified by the Board.

The Grantor or the Participant’s employing company may, without the need for any further authority or consent, withhold any amount and make the arrangements it considers necessary to meet any liability of the Participant to taxation or social security contributions in connection with the grant, exercise or cancellation of Options (or otherwise from benefits delivered under the Plan). These arrangements may include the sale of any Shares acquired by a Participant under the Plan on behalf of a Participant.

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Options may be satisfied by the Company only by the issue of Shares. Subject to Rule 7.6, Shares will be allotted to a Participant (or his nominee) pursuant to the exercise of an Option within 30 days following the Option Exercise Date.

The issue of any Shares under the Plan will be subject to obtaining any necessary approval or consent.

Shares issued to a Participant under the Plan will rank equally in all respects with the Shares then in issue, except that they shall not rank for any right attaching to them by reference to a record date preceding the Option Exercise Date.

If the Shares are listed on the London Stock Exchange, the Company will apply for listing of any Shares issued under the Plan as soon as practicable after their allotment.

If there is a Variation in the equity share capital of the Company:

will be adjusted in the manner the Remuneration Committee determines so that (as nearly as may be without involving fractions of a Share or an Option Price calculated to more than two decimal places) the Exercise Price will remain unchanged.

Apart from under this Rule 8.2, no adjustment under Rule 8.1 can reduce the Option Price to less than the nominal value of a Share. Any adjustment made to the Option Price of Options over unissued Shares will only be made if and to the extent that the Board is authorised to:

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The Grantor will take the steps it considers necessary to notify Participants of any adjustment made under Rule 8 and may call in, cancel, endorse, issue or re-issue any certificate as a result of that adjustment.

Any notice or other communication in connection with the Plan will be in writing and may be given:

Any notice under Rule 9.1 will be given:

In proving service of notice it will be sufficient to prove that delivery was made or that the envelope containing it was properly addressed, prepaid and posted or that the facsimile message, email or other form of electronic transfer was properly addressed and despatched as appropriate.

If an Option is exercised in part, the Grantor may call in, endorse or cancel and re-issue, as it considers appropriate, any certificate (or other document or documents evidencing grant as appropriate) for the balance of the Shares over which the Option was granted.

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If any option certificate (or other document or documents evidencing grant as appropriate) is worn out, defaced or lost, it may be replaced on the evidence that the Grantor requires being provided.

The Grantor will ensure that the Company has sufficient authorised but unissued share capital available to satisfy all outstanding Options.

The Plan will be administered by the Board. The Board has full authority, consistent with the Plan, to administer the Plan, including authority to interpret and construe any provision of the Plan and to adopt any regulations for administering the Plan and any documents it thinks necessary or appropriate. The Board’s decision on any matter concerning the Plan will be final and binding on all Participants.

The costs of introducing and administering the Plan will be borne by the Company. However, the Company may require any Subsidiary of the Company to enter into an agreement which obliges that Subsidiary to reimburse the Company for any costs borne by the Company, directly or indirectly, in respect of the Subsidiary’s officers or employees. The Company may also enter into a similar agreement with any Participating Company or Associated Company which is not a Subsidiary of the Company.

Subject to the provisions of Rule 10, the Board can at any time amend any of the provisions of the Plan in any respect.

No amendment to the advantage of Participants will be made under Rule 10.1 without the prior approval by ordinary resolution of the members of the Company in general meeting unless the amendment is:

No amendment will be made under Rule 10.1 which would abrogate or adversely affect the subsisting rights of a Participant unless it is made:

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and for the purpose of this Rule 10.3 the provisions of the articles of association of the Company relating to shareholder meetings will apply with the necessary changes.

Participants will be given written notice of any amendments to the Plan made under Rule 10.1 as soon as reasonably practicable after they have been made.

No amendment will be made to the Plan if, as a result of the amendment, it would cease to be an Employees’ Share Plan.

The Plan will terminate at the end of the Plan Period or at any earlier time by the passing of an appropriate resolution by the Board. Termination of the Plan will not affect the subsisting rights of Participants.

Nothing in the Plan will give any officer or employee of any Participating Company or Associated Company any right to participate in the Plan. The rights and obligations of any individual under the terms of his office or employment with a Participating Company or Associated Company will not be affected by his participation in the Plan nor any right which he may have to participate under it. A Participant holding an Option will not have any rights of a shareholder of the Company with respect to that Option or the Shares subject to it.

A Participant waives all and any rights to compensation or damages for the termination of his office or employment with a Participating Company or Associated Company for any reason whatsoever insofar as those rights arise or may arise from his ceasing to have rights under or to be entitled to exercise any Option under the Plan as a result of that termination or from the loss or diminution in value of such rights or entitlements. Nothing in the Plan or in any document executed under it will give any Person any right to continue in employment or will affect the right of the Company, any Subsidiary of the Company or any Associated Company to terminate the employment of any Participant without liability at any time, with or without cause, or will impose on the Company, any Participating Company, the Grantor, the Board, the Remuneration Committee or their respective agents and employees any liability in connection with the loss of a Participant’s benefits or rights on the exercise of a discretion under the Plan for any reason as a result of the termination of his employment.

The benefit of Rules 11.3 and 11.4 is given for the Company, for itself and as trustee and agent of all its Subsidiaries, Participating Companies and Associated Companies. The Company will hold the benefit of these Rules on trust and an agent for each of them and may assign the benefit of this Rule 11.5 to any of them.

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If any securities of the Company should become subject to Section 16 of the US Securities Exchange Act 1934, the Company shall take all appropriate action to ensure the US Plan complies with Rule 16b-3 under that Act.

Any Shares subscribed on the exercise of Options shall be subject to the articles of association of the Company.

The invalidity or non-enforceability of one or more provisions of the Plan will not affect the validity or enforceability of the other provisions of the Plan.

No Shares or ADSs may be issued in connection with the exercise of an Option granted under this Plan unless the Company shall have determined that such issuance is in compliance with, or pursuant to an exemption from, all applicable US Federal and state securities laws.

These Rules will be governed by and construed in accordance with the laws of England. All Participants, the Company and any other Participating Company or Associated Company will submit to the jurisdiction of the English courts in relation to anything arising under the Plan.

Incentive Stock Options may be granted only to those Eligible Employees who are employees of the Company or one of its subsidiaries (within the meaning of Section 424(f) of the Internal Revenue Code of 1986, as amended (the “Code”)) at the date of grant.

The aggregate fair market value (determined as of the time the Option is granted) of the Shares or ADSs with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under all option plans of the Company and of any parent corporation or subsidiary corporation (as defined in Sections 424(e) and (f) of the Code, respectively)) shall not exceed $100,000. For purposes of the preceding sentence, Incentive Stock Options will be taken into account in the order in which they are granted.

The per-share exercise price of an Incentive Stock Option shall not be less than 100% of the fair market value of the Shares or ADSs, as the case may be, on the date of grant, and no Incentive Stock Option may be exercised later than ten years after the date it is granted; provided , however , Incentive Stock Options may not be granted to any Eligible Employee who, at the time of grant, owns stock possessing (after the application of the attribution rules of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary corporation of the Company, unless the exercise price is fixed at not less than 110% of the fair market value of the Shares or ADSs, as the case may be, on the date of grant and the exercise of such Option is prohibited by its terms after the expiration of five years from the date of grant of such Option.

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