Officially starting operation on October 30, 2002, the Shanghai Gold Exchange (the “SGE”) is a membership-based and self-regulatory legal entity established by the People’s Bank of China (the “PBC”) upon the approval of the State Council and registered with the State Administration for Industry and Commerce. Regarding facilitating market development as its top priority, the SGE organizes the trading of gold, silver, platinum and other precious metals and provides relevant services for members and investors in a cost-efficient manner by adhering to the principles of integrity, equitableness, justice and transparency. The SGE is subject to supervision and regulation by the PBC pursuant to law.