May 4th, 2012

Tongling Non-ferrous Group Co., Ltd.,

We have received your Report on Application for Registration of “Tongguan”Brand Silver Bullions. In accordance with relevant regulations，specifically Rules of Shanghai Futures Exchange for Registration of Precious Metals for Futures Delivery (Revised), the "Tongguan" brand silver bullions comply with all specifications as prescribed in the standard silver contract of the Exchange after our on-site inspection and sampling inspection. Upon our consideration, you are hereby notified of the following:

1. Your application for the registration of "Tongguan" Brand silver bullions has been approved.

2. The above “Tongguan" brand products can be used for performance of futures delivery of the Exchange standard silver contract as of the date of issuance of this reply. The product specifications are showed as below:

Company: Tongling Non-ferrous Metals Group Co., Ltd.

Place of origin: Tongling, Anhui

Product: Silver Bullion (Ag99.99)

Trademark: Tongguan

Brand Logo：(See the picture)

External Size：

（365±5）*（135±2）*（30±2）mm

Weight per piece： Approximately 15kg

Each delivery unit (30 kg): made up of two 15kg silver bullions

Implemented standard: GB/T4135-2002

Shanghai Futures Exchange