1st November, 2006

Ref: NCEL/MEM/002/2006

Dear Member,

Registration as a NCEL Broker with the Securities and Exchange Commission of Pakistan (SECP)

This is with reference to our letter No. NCEL/MEM/001/2006 dated October 19th, 2006.

In preparation for ‘go live,’ in late December 2006 or early January 2007, NCEL is pleased to invite you to Register as a NCEL Broker with SECP under the Commodity Exchange and Futures Contracts Rules, 2005.

All the forms required for SECP Registration and further details are available for download from the Broker Registration link on the NCEL website, www.ncel.com.pk for both Individual Members and Corporate Members separately.

For your ready reference, Financial Requirements of NCEL Membership are as follows:

a. NCEL Members are required to have a minimum Net Capital Balance of Rs2.5 million completely segregated from the Net Capital Balance required for any Stock Exchange of which the Member holds Membership.

b. Minimum Net Worth of at least Rs20 million will be maintained at all times by the NCEL Members.

NCEL encourages its Members to submit their forms early so that pre-launch training, participation in mock-trading and invitation to NCEL Broker informational sessions can be arranged as soon as the completed application for SECP Registration is received by NCEL.

Further, NCEL will be granting exclusive market trading privileges to those Brokers who complete all the SECP Registration formalities early (being the full and final completion and submission of all required documentation to NCEL for forwarding to SECP) by waiving the NCEL trading & clearing fees only, as per the following schedule:

If you have any questions in this regard, you may contact our Membership Department at (021) 111-623-623.

Finally, NCEL looks forward to your order flow on the opening day and support in developing a tight and deep, and a liquid market in Gold futures at the outset.

Sincerely,

Arsheen Saulat
Head of Compliance