Laws of the People's Republic of China

Letter of China Banking Regulatory Commission concerning the Approval of the ANOD Bank Co., Ltd. Mongolia to Establish Beijing Representative Office

ANOD Bank Co., Ltd., Mongolia

The letter which was signed by your president, Nyamaa Davaa, and was addressed to this Commission has been received.

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), you are hereby approved to establish a representative office in Beijing whose name in Chinese is "蒙古阿诺德银行有限责任公司北京代表处" and whose name in a foreign language is "Beijing Representative Office of ANOD Bank Co., Ltd.".

According to the related provisions of these Measures, and upon approval, Saranbaatar Bayarmagnai is granted to have the qualifications as the chief representative of this Representative Office.

China Banking Regulatory Commission

March 2, 2006