19th October, 2006

Ref: NCEL/MEM/001/2006

Dear Member,

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

NCEL is pleased to inform you that we are nearing the final stages of our pre-Launch preparations. Accordingly, we are writing to let you know that very shortly we will be inviting you to register as a NCEL Broker with SECP under the Commodity Exchange and Futures Contracts Rules, 2005.

Simultaneously, we would also require all Members to furnish updated financial and non-financial details to ensure that the Exchanges records are the most recent and up to date, prior to our Launch.

We will be intimating the full details of both the above processes shortly.

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

Sincerely,

Arsheen Saulat
Head of Compliance