The European Markets in Financial Instruments Directive comes into force on 1st November 2007.

The Directive, the main objective of which is to liberalise the investment services and marketing of financial instruments in European countries, will open up markets to competition and increase players' competitiveness within a harmonised regulatory framework. The new system will lead to changes and will modify practices in our professions, particularly with regard to executing orders and client relations, in terms of protection and information, greater transparency, traceability of operations and their regulatory reporting.

The 'MiFID' Directive requires that investment service providers (ISP) classify their clients as a retail client, a professional client or an eligible counterparty by informing them of this classification. Every client can request a change in classification and, in this case, they will be informed of the consequences for the resulting degree of protection.

Aurel has decided to grant its clients the benefit of the provisions applicable to the status of 'professional client' to offer you a higher level of protection, particularly with regard to the application of the 'better execution' rules provided for in articles 21 and 22 of the MiFID Directive.

We would like to assure you that the procedures and systems required for compliance with the new regulations will be implemented, giving priority to the quality of the services we offer you and to defending your interests.

Please find enclosed our Execution Policy.