Date

Page

MimUm prite chonge fo reccive morq co

M MM
chonge 300000 /5 O0o /5
onlro t S:2e o000

'henprice decrceeA to Ra 100 / /5 P5 o

6eloLo, thc invcstor wfll maryin cal
veceue To
1o
withdrcw loo o00 from morin Ocuound Ihcre nust be
g a i n of af leeuf oodo in marqin_accounf

Moimum pOUndto oth dra w

/00doo hor morqio call
Amauot o b uwrthdrawn
ControLt size
/0o00O
20000
5

1he future pt mus intzcoue to R/00 5

Rs 10 5 07 above

no
Fo Ro 250 ontra/ size 7 Sokg»,
Lnihal marqin (IM) So000,
Main/enance Moargin (MM)* 3o o0o
 Date
Page

Minimum putb Change M MM S0o00 30000

to YeCe/uc
morqtn cal lon tractsi?e 750

A6.657
n the (ontT0 L{ hort fu turea, there wil 6e 00
whenprice in crecscd. priccJ n ctecuye d to Sot
667 26.67or above there will
Ca be a morqin
morgrn
invcafor docA nof cpait
pas hon will be morgin Cal money, he
lrminafed
Omoun/ ICmaininq in
or
c7ose y erthange he
marq!n OcLoun:_can bc wrth drawn
bby nucfoy afley tlosin thcpesIhony chonge
no 3.

Minmum_ price (hange M -MM JO00-2000 S0

to rccerUe morqin Ca (on tra tt Jine 5O00

abeue fhe InUcsfor o/ receive margin al/: /o w thorao

1500 vom margin actouothore mu/ 6e d gain of a
least /500 murgn occdunt

nimumgain pre buahc/_ mount o hc wrthdraun

lo wilhdrauo /5 00 or morqin ConratJize
1500
S000

j0.3
Ihe frfires price munt beincreased fo 50- J0 2 0en/
 Date
Page

no
nimum price change IN-MM-1
3 75-f2s0o
Con rot ne /000
YcCCUc morgin ca/
0d75

tnteminimum t2e oF_ovice change(hek si2 f0.0/

Cull iL !04:
he
TheAr ice thange Yeuire d to re ceive moryi
hen
When pnice decrease to 87.42- o f f$26.54 per bare
r 6e/ous, here ul be C marqun co/

laluahon of dailygain / los3

Aaf tlemenf 0aily garn umy lahive Margn Mar yin

Pice 0Y/03 gon or lon Alc ba/anLe lall
Opcning 452.25
Jul Y53.95 3So 1850
July 95y.5 75 125 /0/2 5
Juy3 -1250 -/5 8875
Jaly y3.55 -y2a5 -4350 46 50 3 50
Jy y97. 65 150 5300
yy2.85 600 -y 700
650
f650
yuy,I5 -YO50 I300
4.5 50 S000 8350
- 11?S
Y8.3 637S
- /625
6.37S
Y35.0S 8600 4750 950
july /6 435-5 5 -&375
 Date
Page

kty6plonafion of ofhar_entre4
/ lnihal marqin do,pcait o
R 1O00
a lonte bn 7 uwcn A 96 So whith 6e/ouw 6000
mointenance marin euired fo depoori R 93So fo
bring halance up to iniha morgin of Y000.
163alonce
Balonce n on /1s
flis oa
Y750 tohih i 6elo R 6000
mointenonce morgin Teguire d to de posdt R 9JS6
to
bring halance up h inho mo rqin of J000.
no 6

ote SH lemen Joily gan umulatiue Morgin Morqin

Price or 02 ain OTl6n attounf holonce Ca
Upeninq
Oec 30000
ee15550 l0000 2O000
690 20000 lo000
-/0 000 O 30000
Oee /9 6o5 /000 000
530 -3000 - 2 000
2&o00
2000 - yO00
26o0
600
620 Y000 3y000
Oec25 630 2000 6 ooo
2 000 foo0 Po00
Dcr 3 660 4000 (2000
on 0 6SO 6000 8000
 Date
Page

lolal_Areht = (6/.26 SP30)X 90000

16 oo0 Ccnt or l160

Prohl on Wedncsday (f1.703 -/72) asoo

-/1S,
lofa_aroht : Zo2 -1.7o) 62S00
125
no

jotaprok{ (R1710- R 1660) IS oa

R7
Sooo

OnO./0

luppaic h_ond Fa_are the /orwor d exchanpe ra feg for

he contrach Cnteresd into Jul 1, 2006 on rSepfr
I, 2006 n Ac Spof Yofe on Jonuory / 007. 4e
poyoff 1 thcrcrre /o ( a - million GGp.
 Date
Page

Afer 30 co
I31 3
1I3/3 e .06/5
e061s
wi/ be
meunf toith nteres
x 3o/365
I30.19
7 /0096O0 64
Liguidate 7nueafmcnt Gnd reccive

Jeliuer y /0o26060.69 and_reccive/00S0/2. 52 X O'00I3S

9902:90 under the term of ton rot:
fay lean of II60 1

Ftvbitge pohi: 1YO2 Jo 9360-19

0,d2
fuir future price b So ert

Since merke/pice of hutures greakY fhon , htum

fOUrpviced on here arbirea.cye o0po?tunity. he
The
arbitrageuy Jkauld Caryyout followinq frana athomi
26douy lorrow K l00000 af 87 p:a lov onc
yeor
Luy &fock an hnld or one year
enfer nto dhort utuzes to sel/ J¥ock o 000
/2000

atter One ear.

A mafrît Sell Stotk 0f R 2000 under fhe ferm et

cOnfratt
 Poy loon ith in turcut, c, Aa 100 oo R, 110 5/.1
Arbiage prohf /00 0 R //05/. 7 J If.19
no3.

duo rhr/y Cca m 6m m

R 0:06 0.06 A 0.04K

U 0-06 0.06 e- oX 3l1d 4 O06 o./6/a 0 / 7 6

Jo A 3:50 per 6uwhe/

Mondbly Jforoqe ces 0.0/
/7
Mon'Wy Intercst rafe (Y)
Uh of controt/ (t) 6 month
Morhel pices o futurts R365
Jince a/Jtooye tosf muoi be poid af he ouhse (6sginning
f the Confralti pYeJEn Ua aue of Jforage ta (O 30-072
6 A 0./0
oiv kfre prites /o( Jo f0))6" .0/,

/o R (3.S0 0./0

han s, Aru á
Jince
e marhel prites of huture i
" e pyice anv hre arbitvog pportunit
 Date
Page

The Or bitray e ur uhvuld (orry out tranwalhong

fol/o wing 1a nDoLÝOng

fodayay Jell 5000 6ushe ls of coT rom Sfore c A 35-

3:50
Y buohe /. Sove storo ge Caf Jnvtd1 fha proca
pYcad
fvom fellin CoTn 3.53.5 X 5000 I7500 004 ),,
7500
PeY montha for 6 month

A maht
mahrity 5o00
nter into the long Khtes fo buy 3000
bwhe/ corn 0f A 365 ofer 6 montho: Ku,
000 6ushel of corns o4 Rs 3:65 under Ae
term oE Conttout: Amountrefuired A 50c
X Ra 65 / 1 S O . Aeplatt the t n n Jhre

Hr5itrage prsht P58:./y-12I50

R 332/4

he
Ihc vaue of he horuar d ContrauE on 6
foun b
Subfraching the preenf voue o the forusarc pie
rom thc urrent spot price u , the value of the
ontraut 1s lod -o 100.(ora S/3 6s). 26?,

dne 6
focay So /
do0/t
Ipof pnce
nibol serwarprice, K R 2b3
Aemaining hme to matyrity2Jmon
 laLue oof_ ong
yalue forwar d, : So *xe -
00-20x è*ooP J

nue o Jhort krward AIJ

na.
d2

o pve day Js #o/ky

Iorage Lost Ra 6 Lpaya6le Jemion nual
Imto motunf yeaY

lorwar prict / s (Jo f u)x e"

UPeEnfvaue of tovoe Ct
6/ 5731%
0 R T
e06 S

0.0 6X R ).o4
?o 4 5.7366)Xc =

nhal vaue of
horward s auways 2ero

po1 pice Jo /kg

cusf 6 paya bleJem/annua/ly
Nproge E6 months
hme to maturi
mainin
Mcmaining

cast62 R YPP23
UPrescnf va ue of sforaye 0:0P 0S
 Date
Page

e
(70 4 7PPA3J
R 36 62,

RS).07-
pnices k
nital forward
f» (h -k)X0?x6
Vaue oE long hrwnd
3 1 o 4 )x e
I67 -

Vaue of shard hruwaro 5:9

Jpo pvitc odoy o 50 /

torage casfa 5
5
Iimtmuturityt montho
Rok hee InferesfY:4

oSo A ertu)E
dprice
aOrwor
50 X 0:0 *0-015)K S/
A53.6Í

ue of orword fo day
Va ue 2evo be cauye then
Ony cxwa pporiuni to Ony poty
6Spofpice So S/
ovage lat S
 Date
Page

Aemoinine me a1 mahwty 6 6 mon7ho

Ank kle In te ves r 2

Jorwor price s : So xe (rtu) {

52 X e 0-02X 0-be S ) A6/73
A Sy. $3

Uaur of lony forword, f :

(/i -k) xc
- 00X 6/2
(Sy -S3.s3 ) xe

yauue o/ short orword 0f1

Spo ovi Ce to dy d o / /00/

m meuriyt 1f0o ays
A vceInfereJ7 b Aome &ur reny v*/ 0 .
Au cs tnteres on foreiqn turkcA F ?7

o r wor d pvicc So x e r-rt)E

/00 X (o-/-003) Fo/26 5
= / 0 3 S/

pof pricc So //0.5/k

moining hme mahurih _ffo dys
ak-e ntercsf on kome Curreny
9 vee In feref on bregn urvenk, VF
 Date

/wrw or d riceSo X erE)E

X 9o/365
/02.5 Xe 0 0f -0-03)
A 103.22
Vaue of long Fordordf (Fo -k) xe *Yt
(03-77- 103.5/)xe-6.0PX Io)36s
026
Uatue of Short
forward R 0-2 6
 Date
Poge
.ne:

T
Th Auture
Ar om be
huhrepTice_I1 the Cxpcckd spo/_pricc
lecom T
ber. hereherc radcrj
Crpect
Crpect
of
Ia uheaf
ecembcr o be 3:6 9. 7he
in the
fhe tpof
sjo of_pr/ ce of hcat
price
diHe
ep c rasents the cwf of bekoccn S/pof
On n utures YICC
O rcnce 5ehoccrn
s/p0f
3. S3 A 0-//y8 Ccrrry, R J69

Aguming the E of hhure I one

year,
uture price fo 60 f R44 R SSo
/0 of A 6o
1S50
nU/3

Jo e Cry)E
S o xe (O0f- o0u)xuh

Cn/4
h i atres prie fo Joctt,h A/P0
R/I134
ince m ar kef prices of htures greatr Hon Fo Atres
i overpTice d n tAere u ar[itvage Opporfuniy
The tonsachiong
Cr iqeu r should Carry euf tollotong
o Yrow %/2ePo
Sfox Shock Ond ho/d or 2x¢ days
days
 Date
Page

tnter Into thort Autures to se// Sfoc k 0f M o0 atov

ay
doydey
A maturiy fe / pfor h a R 1300 un der 7hc tro
of tonratt POOPP4 2
oon with interejt ie
Poy
v6itroge roh / 2 Doo /J1 39
A 11.34

no/S

So cr-y ) gsc. yCoosj< - O.o425) 73/365

- 6.6S

Sin ce the
the merket price o Autyre s s /e an he
foiv horwor o price 1E 7 Un
derprice d

no/6
e htur ContYatt lasf lor S months7he uiden d
for months an 5 /or l oF A
men thy The averaqe druiden d icld s therfore i

S
-Soe y) E
utus pricJ = 3 S o c ( oo9 » 0:02 2 ) x SKIR

307 34,
 Date
Page

ne:/7

n(a lnlauhon _oí for ward TICc

m
Jm

Prescnt va lue oincome L

009 6/ia 0 e_X 74.43

orword price / = (Jo - T ) * t

o ( /000 -A i943 C

ince marke price of forwar d Agreatr than Fo

fo,
korward OUEYp riCed Cn fhere arhilre qe Aporhun
he arhlhogeur shoule Caryouf fol/owing ronaathona
l adoy orroew /000 af R /o po far one yeo
Juy 5on and kol/or one yeco
/Nective (oyoonM as hey Se come cuc
Snter into h o r hraard o el 6ond a A foo

affer one yeaY

HH moturity:Sel/ 5on af / /00 under fhc ferm o

con vaet
Foy loon with nfercsf ic /o00 c° 1/o5:92
k6/1 4u
Vealue b/ coupon 01k re invcatmenl 4 0 c

Aybifva9
age_ prohf
/
Io0
6:Yy.
- 1/o S: 4o P1Py
 Date
Page

.n/8
Sm 6

Ra10 Ro /d
- 0.o Aa/12
/0C
tscnf valuue of fincome (L)
/0c

orward pvite h » (Jo -i)e"*_

1 g . 5 y ) 0o-08
d 8 * 6/1
S/2
(A Soo - Ro
= A SO0 02

he inba/ vauie of /orwar d s

0woy Zero

b rcaCo value of income (L) =/0e -0 0Px/ - R J.87

Vawe of forword ( ) -(f% - k ) t

f ( AY71-63 A Soo 02)e00P * 3/1a 0 0y

Cor onq p
20 09or thort poi hion
. no /

Valute of onuord
contrat af 0peningo the day
(I20 811-30) Soo R oo
Vaue af ortwor d Conract a okoine of the day
C39/0 8I 3o So0 =
 Cate
Page

ofhorwordenrat olfer close is aluay 2ero

Value o

One0

urcntCxchongc Pac, So o 65/s

Domahc intert afe
3
fo
iprwerd txChanqe rate,
mon tAo
me t o p i r a o n , t

We fohovc Sa e ( r - r f )
O.65eO0f-0.0.3) 2/2
A O6 S54/SF

he fui orword price O.65 54/SE.

/morkt orce of fhruwor d $0.66, c hTwcd _

OUCTOrice d a n his coDCLAP O4not ho/y on fhe re
A 0biroga
udLa /ronc
opporhuni
S'nce Julos
ke
yonc
undecr/ying
oucrricd
ome4 Aere s
fhe or6/u
u hou/d se // : Ze orhtaqe /rafcqy h0u /y _be

lodoys_franpachon

orroud
uorro 65 000oo (anumcd) af d per annum ov
hov
dmontko
 Date
Page

Curren exChon9e Srafe

ofE
y JF with 3 /ooo000 af

65/Sf the SE preceed 00o/O655

6 So /00000o
1000000
nvest57 ro.c.ceds af 3 bor 2 mon1koAc orortcw
allex months i 1 / 6c 3f/00 0 0 0 o
oe 0 3 71 a13
S / /00 50/:S2

ashort 6rword contraut fo

se// 1h_/STo(et
TOLeL
ntey
hfey Into
52 af f 066
from SF Inutstrment, thaf i SF 100 50/2.

AHer months

Thc ocn omount wih interea f wi 5e 3 6500 Oo

O.0Pr / f6574. 2o

lTguidae SF In vetment and receive SEJ00 5 O/.52

ehiuer SF /00 So/2.S and receive SF/00 S0/. 5 064
66 3 30P.6_un.der the trm of confrat
ay lan of s6 5 P2)4. 70

r67trge prohf 330P 26 -65 P

66 y. Zo
f 5 PJ 56

SAOf afe hr lapcncae en 3 0.009 313

30-day /oruwar d afe n r tapancseyea f0.001$ S6
30- o
- r a : 6 /5
US rk free
a pancac Yah
rrc r a k 36 :

0cfermine ohefhex the infereut afe o y k o/o

 a
Stre t
f net Suges
ue havc
(v-r/)E
S oSo c
0 . 003/3 c o O61S - 0o? 64) ?o/z 6s

0 o913 2 /

far fo7 ward /rce o.oo ?32/

market pmce of horward u o. ooI3 56, he

foruwar d Over/pricc d .n i 1 case, ZRP dos no
Aold an here á crbihrage 9porhunit : Ze underlying
p e here fa yen Jince Ycn14 over c ed he arkrego
hould sel!tke arki/rage stvafcgy shou/ de

J6rlay tannathon
or
Sonow #JI3 aume af 6./5 pereent o
30 Cay
By with 1.313 af urrenf xthange a f t of so-003/3/
Aeprocee d S313/0.001 313 / o o Oooo

3./6 pcrcenf br o obyd ke orotec

dnvasf procec do ol
03/6xJo/16S /0o2600. 6
6c /000000 c
oller o30 eyswill
fo 1e/ Kc_oece d
entey
TY 1nfo
Info a skor/ forward Confraut
af o.00J3SC/
omY 1nucstmenti thaf i /00 S00 6