FROM: Shanghai Futures Exchange

SUBJECT: Announcement on the Changes to the Monthly Ref. Prices on the Website of SHFE

FILING SERIAL: [2017] No. 42

Aug 10, 2017

In order to better serve the real economy, accommodate the trading and pricing practice in the physical industries and facilitate the price risk hedging of industrial clients, the Exchange herby changes the compute mode of the Monthly Reference Prices currently published under the column of Market Data on the website of SHFE based on market survey and repeated researches. As of the date of this announcement, the Settlement Reference Price will be added to the table of the Monthly Reference Prices, which can be manifested as follows:

          ∑ Daily Settlement Prices

Settlement Ref. Price = -----------------------------------

                (Number of Trading Days)

In the meantime, with the “Weighted Average Price” deleted, only the “Settlement Reference Price” will be published in the table of the Monthly Reference Prices as of January 1^st, 2018.