The modified contract specifications of Gold and Silver contracts are attached as Annexure 1 and Annexure 2 respectively with this Circular.

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1 NATIONAL COMMODITY & DERIVATIVES EXCHANGE LIMITED Circular to all Trading and Clearing Members of the Exchange Circular No: NCDEX/TRADING-043/2005/099 Date: April 26, 2005 Subject: Modification in Gold and Silver futures contract Trading and Clearing Members are requested to note that the Exchange has made modifications in the Gold and Silver futures contract specifications which will be applicable for all contracts to be opened on the Exchange on and after April 27, 2005 (that is, for contracts expiring on July 20, 2005 onwards). The currently traded May 2005 and June 2005 contracts which are due to expire on May 20, 2005 and June 20, 2005 respectively will be valid and continue to be traded on the basis of the existing contract specifications. The salient feature of the modification is i. the unit of trading in the Gold futures contract would be 1kg instead of 100g and, ii. Silver futures contract would be 30 kg instead of 5kg. The modified contract specifications of Gold and Silver contracts are attached as Annexure 1 and Annexure 2 respectively with this Circular. The contracts and the transactions therein will be subject to Rules, Bye Laws, Regulations of the Exchange and circulars issued by it as well as directives, if any, issued from time to time by the Forward Markets Commission. For and on behalf of National Commodity & Derivatives Exchange Limited Narendra Gupta Chief Business Officer For further information / clarifications, please contact 1. Mr. Shrikant Subbarayan - Phone No. (022) / Mr. Anshuman Sharma - Phone No. (022) / Mr. Vinay Tiwary - Phone No. (022) Helpdesk by to: helpdesk@ncdex.com

2 ANNEXURE 1 GOLD FUTURES CONTRACTS SPECIFICATION MODIFIED CONTRACTS SPECIFICATION (for contracts expiring on and after July 20, 2005) Type of contract Name of commodity Ticker symbol Futures Contract Specifications Gold GLDPURMUM Trading system NCDEX Trading System Basis Ex-Mumbai inclusive of Customs Duty and Octroi, excluding Sales Tax Unit of trading 1 Kg Delivery unit 1 Kg Quotation/base value Rs. per 10 grams Tick size Re. 1 Quality specification Not less than 995 fineness bearing serial number and identifying stamp of a refiner approved by the Exchange Quantity variation Additional Delivery centers Hours of Trading List of approved refiners as listed out on the Exchange s website None Ahmedabad, Chennai, Hyderabad, Jaipur, Kolkata and New Delhi As per directions of the Forward Markets Commission from time to time, currently (with effect from April 25, 2005) - Mondays through Fridays Morning Session - 10:00 AM to 05:00 PM Pre-open Session - 05:25 PM to 05:30 PM Evening Session - 05:30 PM to 11:30 PM Saturdays - 10:00 AM to 02:00 PM On the expiry date, contracts expiring on that day will not be available for trading after 5 PM The Exchange may vary the above timing with due notice Due Date / Expiry Date 20th day of the delivery month

3 If 20th happens to be a holiday, a Saturday or a Sunday then the due date shall be immediately preceding trading day of the Exchange Delivery specification Closing of Contracts Opening of Contracts No. of Active Contracts Price limit Position limits Upon expiry of the contracts, the delivery position would be arrived at by the Exchange based on the information to give/ take delivery furnished by the sellers and buyers as per the process put in place by the Exchange for affecting physical delivery All open positions will be settled as per the general rules and product specific regulations Trading in any contract month may open on the 21st day of the month. If the 21st happens to be a non-trading day, contracts would open on the next trading day Minimum 2 contracts with a maximum of 12 contracts running concurrently Limit of 4 per cent Member-wise - 5 tonnes Client-wise - 1 tonne Quality allowance (for Delivery) Special Margin Gold bars of 9999 / 995 fineness Special margin of 4 per cent, by way of addition to the normal margins, would be levied on a unidirectional price movement of 20 per cent or more on any Gold futures contract on either the buy or sell side, whichever way the movement has happened based on the first day settlement price of that contract This special margin shall remain in force for a minimum of 3 days after which it shall be withdrawn if the unidirectional movement in price falls below 20 per cent of the first day settlement price of that contract

4 ANNEXURE 2 SILVER FUTURES CONTRACT SPECIFICATION MODIFIED CONTRACTS SPECIFICATION (for contracts expiring on and after July 20, 2005) Type of contract Name of commodity Ticker symbol Trading system Futures Contract Specifications Silver SLVPURDEL NCDEX Trading System Basis Ex-New Delhi inclusive of Customs Duty, exclusive of local sales tax Unit of trading 30 kg Delivery unit 30 kg Quotation/base value Rs. per kg of silver with 999 fineness Tick size Re. 1 Quality specification Not less than 999 fineness bearing a serial number and identifying stamp of a refiner approved by the Exchange Quantity variation Delivery center Additional delivery centers Hours of Trading List of approved refiners as listed out on the Exchange s website +/- 6 per cent New Delhi Ahmedabad, Chennai, Hyderabad, Jaipur, Kolkata and Mumbai As per directions of the Forward Markets Commission from time to time, currently (with effect from April 25, 2005) - Mondays through Fridays Morning Session - 10:00 AM to 05:00 PM Pre-open Session - 05:25 PM to 05:30 PM Evening Session - 05:30 PM to 11:30 PM Saturdays - 10:00 AM to 02:00 PM On the expiry date, contracts expiring on that day will not be available for trading after 5 PM The Exchange may vary the above timing with due notice

5 Due date/expiry date 20th day of the delivery month If 20th happens to be a holiday, a Saturday or a Sunday then the due date shall be the immediately preceding trading day of the Exchange Delivery specification Closing of contract Opening of contracts No. of active contracts Upon expiry of the contracts, the delivery position would be arrived at by the Exchange based on the information to give/ take delivery furnished by the sellers and buyers as per the process put in place by the Exchange for affecting physical delivery All open positions will be settled as per general rules and product specific regulations Trading in any contract month may open on the 21st day of the month. If the 21st day happens to be a non-trading day, contracts would open on the next trading day Minimum 2 contracts with a maximum of 12 contracts running concurrently Price band Limit of 6 % Position limits Member-wise tonnes Client-wise - 36 tonnes Quality Allowance (for Delivery) Special Margin Silver bars of 999 fineness Special margin of 4 per cent, by way of addition to the normal margins, would be levied on a unidirectional price movement of 20 per cent or more on any Silver futures contract on either on the buy or sell side, whichever way the movement has happened based on the first day settlement price of that contract This special margin shall remain in force for a minimum of 3 days after which it shall be withdrawn if the unidirectional movement in price falls below 20 per cent of the first day settlement price of that contract

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