REPLY TO ABOVE

Dear Sir,

We are pleased to state that we have been able to obtain five shares on your behalf in the National Rubber Co. as instructed by you. On account o an unprecedented slump in the market, we were fortunately able to purchase these shares at Rs.440 allowing for a brokerage at Rs.1 per share, you will observe that the balance due to us in Rs.2240/4.We are enclosing herewith he necessary transfer form which please fill in and return to us so that the new certificates may be got prepared. The exchange quotation is likely to grow firmer from next week onward, and there is every possibility that your holding will appreciate in value.

Yours faithfully,