This is a reading exercise in groups. Divide the class into 4 groups, cut out the handout and give a different story to each group. They read it together and decide on one of the endings given, then they must write their own ending to the story. Once they finish they must tell their story to the rest of the group; to make sure they all participate you can split the story in parts or make them act out the dialogues representing the different characters. Then they read the different options given for the endings and explain which one they think is the correct one. All the students in the class can make their guess. Finally they tell their own ending.
Once all the groups have finished telling their stories, it's time to tell or give them the real endings. Look in My Resources, there's a powerpoint presentation to help you tell the stories.
Of course you can also give the whole handout with all the stories to all the students and make them work individually.
Hope you like it!