Laws of the People's Republic of China

Letter of China Banking Regulatory Commission concerning Approving KVB KunLun New Zealand Limited to Establish Beijing Representative Office

KVB KunLun New Zealand Limited,

The letter which was signed by Mr. Stefan Liu and Mr. Comelis J Keyser, your executing directors, and was addressed to this Commission about an application for establishing Beijing Representative Office has been received.

You are hereby approved to establish a representative office in Beijing, whose Chinese name is "昆仑国际(新西兰)有限公司北京代表处" and whose English name is "KVB KunLun New Zealand Limited Beijing Representative Office" and whose address is No. 1 Zuojiazhuang, Chaoyang District, Beijing 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 the consultation, liaison, market investigation as well as other non-business activities concerning the foreign exchange brokerage business within China standing for KVB KunLun New Zealand Limited.

According to Article 10 of the Measures on the Administration of Foreign-funded Financial Institutions' Representative Offices in China, upon approval, Mr. Stefan Liu is granted to have the qualifications as the chief executive officer of this Representative Office.

China Banking Regulatory Commission

February 28, 2006