Laws of the People's Republic of China

Letter of China Banking Regulatory Commission concerning Approving GFI Brokers Limited to Establish Shanghai Representative Office

GFI Brokers Limited,

The letter which was signed by Mr. Steve McMillan, the chief executive officer of your company, and was addressed to this Commission about the application for the establishing Shanghai Representative Office has been received.

You are hereby approved to establish a representative office in Shanghai, whose Chinese name is "高祺金融国际经纪有限公司上海代表处" and whose English name is " GFI Brokers Limited Shanghai Representative Office " and whose address is HSBC Tower, No. 101 Yincheng Road (E), Pudong New Area, Shanghai according to the Measures on the Administration of Foreign-funded Financial Institutions' Representative Offices in China (Order No. 8, 2002 of the People's Bank of China) (hereinafter referred to as these Measures), This Representative Office is limited to deal with consultation, liaison, market investigation and other non-business activities concerning the monetary brokerage business within China standing for GFI Brokers Limited.

According to Article 10 of these Measures, upon approval, Mr. Ding Junyi is granted to have the qualifications as the chief representative of this Representative Office.

China Banking Regulatory Commission

February 28, 2006