The Head / Principal Offices of all

Authorized Dealers in Foreign Exchange,

Dear Sirs/Madam,

Mr. Fazal Mahmood has assumed charge as Director, Exchange Policy Department, State Bank of Pakistan

We have to advise that Mr. Fazal Mahmood has assumed charge as Director, Exchange Policy Department, State Bank of Pakistan, Karachi with effect from June 16, 2014. His specimen signature is appended below.

All correspondence in respect of issues relating Exchange Policy Department may, therefore, be addressed accordingly.