Ref No.

Current Rule

New Amended Rule

D- Participation in Competitive Auction

D-1

PDs will submit competitive bids, for both MTBs and PIBs, in terms of price (up to four decimal points). However, the bid price for long-term paper would be confined to a range of +/- 50 basis points from the respective tenor prices appearing on Reuters PKRV page on the last working day prior to bidding.

PDs will submit competitive bids, for both MTBs and PIBs, in terms of price (up to four decimal points).

E-Participation in Auction through Non-Competitive Bidding (NCBs)

E-4

Investors will be allowed to submit one bid in a single tenor, in case of submission of multiple bids in one tenor by single investor, all such bids would be treated as void. Further, the ceiling for one investor in a single tenor will be linked with pre-auction target i.e. 0.25% of the auction target subject to minimum of Rs. 25 million and maximum of Rs. 500 million.

Investors will be allowed to submit one bid in a single tenor, in case of submission of multiple bids in one tenor by single investor, all such bids would be treated as void. Further, the ceiling for one investor in a single tenor will be linked with pre-auction target i.e. 0.50%of the auction target subject to minimum of Rs. 25 million and maximum of Rs. 500 million.