C/o Treasury Department JS Bank Limited FINANCIATre Shaheen Commercial Complex Dr. Ziauddin Ahmed Road P.O. Box 4847, Karachi-Pakistan ASSOCIATION Phone : +92-21 263 0343-9 Ext.269 UAN : +92-21 111-777-999 Telefax : +92-21 263 6483 OFPA(STANI Web : www.fma.com.pk An Association lncorporated Under Section 42 Of fne Affiliated with ACI

September LL,2007

President Zafar lqbal DipFS, FCIB-London To, Assistant Executive lncharge Treasurers Chief Dealers, Treasury Divison / Bank Alfalah Limited Head of Money Market Desks, [email protected] All KIBOR Contributing Banks Karachi. General Secretarv - _ Syed Furrukh Zaeem EVP & Head of Treasury JS Bank Limited Subject: Ramadan Timings for KIBOR [email protected] Dear All, Assistant Secretarv Muhammad Ismail Usuf The timings for all KIBOR Contributor Banks to update KIBOR is Vice President & Head of FX Treasury Management Group being changed to 10.15AM for the month of Ramadan effective National Bank of Pakistan from l't working day of the month of Ramadan. [email protected] Reuters will update the KIBOR Page at 10.30AM. The prices Treasurer quoted by KIBOR Contributor Banks will remain valid between Masood A.S. Wahedna 10.30AM AM. Head of Treasury & - 10.45 lnvestment Division The Bank of Khyber The timing will revert back to normal time after the end of [email protected] Ramadan.

-ii!BERS EXECL'TIVE COMMITTEE

Adil Mehmood Dealer Forex Desk The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Ali Zaman Khan Associate, Fixed income Trading Capital Markets Standard Chartered Bank (Pakistan) Ltd. General Secretary - FMAP Kanwar Shahzad Shameem Vice President Treasury Cc : Zafar lqbal, - President FMAP Head of Forex & Financial lnstitutions Faysal Abdullah - Country Representative First Dawood lslamic Bank Ltd. Reuters - Pakistan M. Usman Siddiqui Manager-Local Market Trading ABN Amro Bank N.V

Rameez H. Loan AVP-Head of Money & Bond Habib Bank Global