TO: THE SIPG LOGITICS METAL WAREHOUSING(SHANGHAI) CO., LTD

FILING SERIAL: SQPF[2013] NO. 20

This is an official response to your application for Adjustment to Storage Capacity, and with respect to the Certified Delivery Warehouse Regulations of Shanghai Futures Exchange, we approve of the cancellation of your company's warehousing facility for delivery of non-ferrous metal futures located at No. 4049, Jungong Road, which is no longer able to be used for warehousing purpose due to municipal construction.

Your company has also been granted the permission to adjust the approved total storage capacity as follows: 300,000 tons of copper（or 100,000 tons of aluminum）and 75,000 tons of zinc, including 210,000 tons of copper (or 70,000 tons of aluminum) and 60,000 tons of zinc at No. 240, Anda Road and 90,000 tons of copper (or 30,000 tons of aluminum) and 15,000 tons of zinc at No. 4501, Jungong Road.

Since the issuance date of this document, your company shall operate physical delivery business at the certified warehouse under the new storage structure as abovementioned. Your company shall also tightly implement relevant regulations through strengthening the management, so as to ensure that each physical delivery at the certified warehouse is properly done in an orderly manner.