1. “Golden Opportunities in Dubai” Colin Griffith Executive Director – Gold & Precious Metals, Dubai Metals & Commodities Centre Dubai “City of Gold” Conference, February 2005

2. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 “ Dubai has an impressive history in the international gold market but the future is ever more exciting” Colin Griffith 2 nd City of Gold Conference, 6 th December 2003

3. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 Dubai - Government industry strategy Critical Success Factors Dubai “Good Delivery” Dubai Gold & Commodities Exchange DMCC Gold Financing The Future –DGR –Gold Vault –Growing the gold trade Presentation Overview

4. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 Dubai Government Industry Strategy  Industry clustering (Dubai Style) –DMCC provides a market & physical infrastructure that support all market participants in the value chain  Trade advice & input –Dubai Gold Advisory Group –Gold & Jewellery Group –World Gold Council  Cooperation between Government departments –Ports & Customs –Dubai Municipality –DIFC / DFSA –S&CA

5. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 Dubai - Government industry strategy Critical Success Factors Dubai “Good Delivery” Dubai Gold & Commodities Exchange DMCC Gold Financing The Future –DGR –Gold Vault –Growing the gold trade Presentation Overview

6. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 Critical Success Factors  International standards  Transparency  Readily available statistics  Fair and simple rules  Low cost base, low taxation rates  Competitive freight rates

7. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 Dubai Gold Import & Export Figures

8. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 Dubai - Government industry strategy Critical Success Factors “Dubai Good Delivery” Dubai Gold & Commodities Exchange DMCC Gold Financing The Future –DGR –Gold Vault –Growing the gold trade Presentation Overview

9. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 “Dubai Good Delivery”  The Concept –Setting a high standard for small gold bars –Fully complements London Good Delivery  Objectives –Increasing confidence in quality of gold bars sold in Dubai –Delivery on the DGCX  Membership Categories –Category 1: Refineries listed on the LBMA Good Delivery List –Category 2: Other international and local-based gold refineries  Listing requirements –Minimum annual refined production of 10 tons in small gold bars –Minimum total net worth of US$ 10 million Category 1 applications – February 05 Category 2 applications - June 05

10. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 Dubai - Government industry strategy Critical Success Factors Dubai “Good Delivery” Dubai Gold & Commodities Exchange DMCC Gold Financing The Future –DGR –Gold Vault –Growing the gold trade Presentation Overview

11. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005  Joint venture between DMCC, MCX and FTIL.  State-of-the-art electronic trading platform for trading of futures & options  Products: gold, silver, steel, cotton, energy and freight futures  Expected launch date: second half of 2005  Mission: –Create a dynamic & efficient electronic market for commodities derivatives –Employ ethical business practices & leading edge technology –Anticipate and respond to changing market requirements

12. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 SPECIFICATIONSDGCX - GOLD SymbolDG Contract Size32 oz (1 Kilo) Price QuoteUS$ per oz. Minimum Tick SizeUS$ 0.10 Price Movement LimitUS$ 20 = 5% Maximum Allowed Open Position Ounces Equivalent 5,000 contracts 25% for the spot month 160,000 oz Delivery Unit1 Kilo Deliverable Quality0.995 Gold Delivery PointPhysical delivery in Dubai at DMCC Approved Vaults Contract MonthsEven Months Last Trading DayThird to last business day of the maturing delivery month. Delivery Day The first day of the delivery month through the last business day of the delivery month. Last Delivery Day The last business day of the delivery month. Initial Margin RequirementsUS$ 500 per contract =3.70%. DGCX Gold Contract Specifications

13. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005  Membership Categories –General Membership Can trade on any of DGCX’s markets as principal or on behalf of clients Is transferable to a party approved by the exchange General Members are eligible to apply for Clearing Membership to clear either their own business or client business –Market Membership Can trade on those DGCX markets to which the category of market membership refers, only on their own behalf Is transferable to a party approved by the exchange Market Members are eligible to apply for Clearing Membership to clear their own business

14. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 Dubai - Government industry strategy Critical Success Factors Dubai “Good Delivery” Dubai Gold & Commodities Exchange DMCC Gold Financing The Future –DGR –Gold Vault –Growing the gold trade Presentation Overview

15. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 DMCC Gold Financing  DMCC announces US$ 200 million Gold related structure  Dubai Islamic Bank and Standard Bank appointed to create the financing arrangements  The structure will: –be at least US$ 200 million, with a 3-5 year tenor –ensure that the strong credit profile of DMCC is transparent and available to a wide cross section of investors –close, subject to market conditions, by end of April –be listed on the appropriate exchanges both internationally and locally –provide investors the exciting opportunity to be repaid in gold - kilo bars loco Dubai

16. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 Dubai - Government industry strategy Critical Success Factors Dubai “Good Delivery” Dubai Gold & Commodities Exchange DMCC Gold Financing The Future –DGR –Gold Vault –Growing the gold trade Presentation Overview

17. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 The Future  DGR launch –“Sister product” to Dubai Commodity Receipts –Electronic receipt system –Expected launch date: April/May 2005  DMCC Gold Vault –For local bullion banks, central banks and jewellers –Providing ease of transaction and a secure environment –Located within the Almas Tower –Expected opening date: Late 2006  Growing the gold & precious metals business

18. Colin Griffith - DMCC, Dubai City of Gold Conference, February 2005 “Dubai has an impressive history in the international gold market but the future is ever more exciting” Colin Griffith 2nd City of Gold Conference, December 2003 3rd City of Gold Conference, February 2005