To CMST Development Co., Ltd.:

You Application for Approval as the Certified Silver Futures Delivery Warehouse has been received. In accordance with relevant regulations, specifically the Rules for the Shanghai Futures Exchange Certified Delivery Warehouse, you are hereby notified of the following upon our consideration:

1. Your Warehouse No. 2069 at Baoyang Road, Baoshan District, Shanghai of Wusong Branch of your company is approved as the Exchange’s Certified delivery storage point for silver. The authorized storage capacity of the point: 500 tons of silver.

2. As of the date of issue of this notification, your company will become the Certified delivery storage point for silver of the Exchange, and may conduct generation business of standard warehouse receipt for silver as of July 1, 2012. You shall operate designated business of delivery storage point according to authorized storage capacity, and strictly execute the relevant regulations, reinforce the management, so as to ensure the normal and orderly operation of business in the Certified delivery warehouse.