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 “￿￿￿ڹ￿￿￿￿޹￿˾￿￿￿￿￿”
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