1. DMCC Delivers Golden Initiatives Colin Griffith Executive Director Gold, DMCC Chairman, DGCX April 24 th, 2006

2. Dubai Multi Commodities Centre (DMCC) 800 600 400 200 0 Number of Registered Companies December 2003 25 February 2005 263

3. “Dubai has an impressive history in the international gold market but the future is ever more exciting” Colin Griffith 3 rd City of Gold Conference, February 2005

4. Dubai Gold Receipt (DGR)  February 2005

5. Dubai Gold Receipt (DGR)  April 2006: Adopted by DGCX as delivery mechanism. Delivery successfully completed for first two gold futures contracts on DGCX. Silver introduced. 64 members

6. DGR Members Security Beneficiaries: ABN AMRO Bank Abu Dhabi Commercial bank Dubai Bank HSBC Bank Middle East Mashreqbank National Bank of Dubai National Bank of Fujairah Standard Bank Standard Chartered Bank Union National Bank Issuers: Al Ghaith Al Ghurair Giga Gold Brinks Global Services Emirates Gold Securicor International Valuables Transport Ltd. Transguard Collateral Managers / Inspectors (CMI) Alex Stewart BSI GeoChem SGS Originators (Most active members) Alankit Global Resources DMCC Alukkas Jewellers ARY Traders Barjeel Geojit Securities LLC Bin Sabt Jewellery Century Financial Brokers LLC Continental Metals & Commodities DMCC Damas Deepu Jewellers Deutsche Bank European Commodities DMCC Global Commodities DMCC Gold & Commodities Investments DMCC Kaloti Lakhoo Peekay Intermark Limited Peninsular Middle East DMCC Trust Securities DMCC Vinayaka Overseas DMCC Yusuf Nonoo Jewellers Another 24 companies

7. Gold Sukuk dmcc  February 2005

8. Gold Sukuk dmcc  April 2006 Sharia compliant financing arrangements concluded “Road Shows” in London, Switzerland, Kuala Lumpur, Singapore, and major GCC destinations Closed in May 2005 well over-subscribed Listed on the DFM & Luxembourg Stock Exchanges DMCC & issue were rated “A” stable by Standard & Poors Pricing of 6-month LIBOR + 0.60%

9. Gold Sukuk  Geographic Distribution

10. Dubai Good Delivery  February 2005

11. Dubai Good Delivery  April 2006: Gold, 14 approved global refiners Silver introduced in January 2006; so far 10 approved refiners Used as delivery standard for DGCX gold & silver contracts; 2 deliveries already completed

13. DGD Approved Gold Refiners  AGR Matthey, Australia  Argor Heraeus, Switzerland  Emirates Gold, Dubai- UAE  Heraeus Limited, Hong Kong  Johnson Matthey, Hong Kong  Johnson Matthey Inc., USA  Matsuda Sangyo, Japan  Metalor Technologies, Switzerland  Musuku, South Africa  PAMP, Switzerland  PT Antam Tbk, Indonesia  Rand Refinery, South Africa  Tanaka Kikinzoku, Japan  Valcambi, Switzerland

14. DGD Approved Silver Refiners  KCM SA, Bulgaria  Johnson Matthey Inc., USA  Johnson Matthey Ltd, Canada  Matsuda Sangyo, Japan  Metalor Technologies, Switzerland  Mat-Mex Penoles, Mexico  PAMP, Switzerland  Rand Refinery, South Africa  Sumitomo Metal Mining, Japan  Tanaka Kikinzoku, Japan

15. Dubai Gold & Commodities Exchange DGCX  February 2005

16. DGCX - Milestones May 2005Regulatory arrangements with Emirates Securities & Commodities Authority (ESCA) finalized June 2005Exchange by-laws finalized Clearing banks appointed (HSBC and NBD) DGCX invited applications for membership July 2005Membership road-shows in Middle East, Europe & Indian Subcontinent Vaults & Refiners approved August 2005Applications received and initial memberships granted Trading systems and networks commissioned September 2005Members Training started October 2005Online certification course introduced Mock trading commenced for members Dubai Commodities Clearing Corporation formed November 2005Signed MOU with CBOT November 21, 2005H.H. Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai inaugurated DGCX November 22, 2005DGCX commenced live trading – gold futures March 2006Trading in silver futures commenced

17. Dubai Gold & Commodities Exchange  The launch, November 2005

18. DGCX – Prominent Overseas Members  Deutsche Bank *  Bank of Nova Scotia (Mocatta) *  Standard Bank Plc  Mitsui Precious Metals  Man Group  Goldas  Just approved: HSBC *

19. DGCX - Volumes

20. DGCX - Future Plans  Global Expansion of membership base  Further industry training  Joining hands with other major exchanges  Extension of DGCX products Currencies futures Due May/June Steel futures Due September Marine Fuel Oil Due September Gold options Due October/November Cotton Work in progress Freight Rates Work in progress Pulses Work in progress Others as per market demand

21. Dubai Multi Commodities Centre (DMCC) 800 600 400 200 0 Number of Registered Companies December 2003 25 February 2005 263 April 2006 735

22. “ Dubai has an impressive history in the international gold market but the future is ever more exciting” 3 rd City of Gold Conference, February 2005 “In the Dubai gold market the future is today. Make the most of this golden opportunity” 4th City of Gold Conference, April 2006 Colin Griffith