HONG KONG GOOD DELIVERY TAEL BARS

1 hong kong good DELIVERYTAEL BARSTHE CHINESE GOLD & SILVER EXCHANGE SOCIETYThe Chinese Gold & Silver Exchange Society (CGSE)in hong Konghas traded gold bars denominated in taels, a traditional Chinese unit ofweight, since its foundation in 1910. The CGSE, the world s oldest gold dealing exchange, celebrates its 100th anniversary in tael = oz ( g) 5 tael = oz ( g) hong kong good DELIVERY 5 TAEL bars The CGSE lists 8 Accredited Refineries that are authorized to manufacture hong kong good DELIVERY 5 tael bars for the settlement oftael-denominated transactions at the CGSE. good DELIVERY 5 tael bars have a gold purity of 990 parts gold in 1,000 CGSE specifies standard dimensions:Length78 mmWidth20 mm Thickness5 mmThe bars are renowned for bearing the official stamps of both the manufacturer and the CGSE (the only gold dealing exchange worldwideto do this).

2 The CGSE official stamp, in use since 1947, depicts a golden key , asymbol of wealth and good RefineryWeight Type Shape FinenessYear of HQOriginal LocationAccreditation*King Fook Gold & Jewellery Co Limited5 taelCastBiscuit9901949 CentralPo Sang Financial Investment Services Co Limited**5 taelCastBiscuit9901952 CentralLee Cheong Gold Dealers Co Limited5 taelCastBiscuit9901959 CentralWing Fung Precious Metals Limited5 taelCastBiscuit9901998 KowloonHeraeus Limited5 taelCastBiscuit9901999 Fanling, NTWong Sha Co Limited5 taelCastBiscuit9902002 KowloonSun Yip hong Gold Dealers Limited5 taelCastBiscuit9902004 KowloonMarigold International Bullion Dealers Ltd5 taelCastBiscuit9902009 KowloonSource: CGSE and accredited refiners.

3 * Dates before 2002 relate to the company s original accreditation as a CGSE Bullion GroupMember. ** Owned by the Bank of China hong kong can be noted that hong kong good DELIVERY 1000 g bars (since 2002)are also traded at the CGSE celebrates its 100th anniversary in kong good DELIVERY Tael 5 tael bars Some refiners (in hong kong and elsewhere) also produce many 5 taelbars that are notused for the settlement of transactions at the are manufactured for dealers and issuers in hong kong and othercountries in the region, such as Taiwan. These bars , traded outside theCGSE, bear only the official stamps of the manufacturer or issuer, andoften have a gold purity of APPLICATION OF OFFICIAL STAMPSThe CGSE applies the official stamps of both the CGSE and the accredited refinery to 5 tael bars after the blank bars , provided by theaccredited refinery, have been assayed and weighed by the CGSE.

4 Todo this, the CGSE operates an assaying and stamping workshop at to CGSE records, the application of CGSE official stamps to 5 tael bars has been standard practice since at least 1958. Over the past 40 years, accredited 5 tael bars have been marked in different ways over the following periods: 1967 2002, 2002 2006 andsince significant change occurred in 2006. A reference on the CGSE officialstamp to the month and year when the bar was marked was replaced bya serial number. According to CGSE records, more than 5 million good DELIVERY 5 tael barshave been manufactured since 1967. This excludes the millions of non- good DELIVERY 5 tael bars that have also been manufactured in HongKong since that OF hong kong good DELIVERY 5 TAEL BARSI llustrating past and current CGSE official DURING PERIOD1967 2002 ObverseLee CheongReverseLee CheongKing FookPo SangHong kong good DELIVERY 5 tael barsare stamped by the kong good DELIVERY Tael DURING PERIOD2002 2006 ObverseWing FungReverseWing FungSun Yip HongWong ShaHeraeusObverseLee CheongReverseLee CheongMANUFACTURED SINCE JULY 20064 hong kong good DELIVERY Tael CGSE BACKGROUNDThe Chinese Gold & Silver Exchange Society.

5 Known by this namesince 1918, was originally established as The Gold & Silver TradingCompany in to that date, the CGSE traces its origins to an informal group ofmoney changers and precious metal dealers who rented premises at 197 Des Voeux Road Central in original members of the CGSE operated from this address until 1920,when they relocated to 248 Des Voeux Central. Since 1927, the CGSEhas been based in Mercer Street, the original building constructed in1935, rebuilt in 1976 and then remodeled in 1986 to an appropriate standard of grandeur and magnificence .In 1931, the CGSE s constitution was revised, incorporating much of theconstitution of the Shanghai Gold Standard Exchange (closed in 1949).

6 Trading procedures were again reviewed in 1949 when an AssayingDepartment was CGSE traded consistently from 1918 until the Japanese occupationof hong kong in 1941. Reopened in 1945, it closed temporarily in 1947when the import and export of gold was banned under the Importationand Exportation of Gold (Prohibition) Regulation .Trading limited for 27 years: 1947 1974 Although subsequent negotiations with the government in late 1947enabled the CGSE to continue, not least as gold could still be importedand stored in the nearby Portuguese enclave of Macau, trading was until January 1974, 27 years later, when all restrictions on the export,import and private ownership of gold were removed, was the CGSE revitalized as the dominant gold dealing centre in South East CGSE s standard trading lot in taels has remained 100 taels since1946.

7 Before the Second World War (1939-1945), the standard lot hadbeen 10 taels. For a brief period after 1974, 50 tael lots were also photographs associated withthe trading hall of the CGSE in CGSE has been based in Mercer Street, hong kong since bars have been traded by members of the CGSE since its foundation in kong good DELIVERY Tael #5 Tael bars Stamped By CGSEYear YearPeriodFirst Stamped Last StampedIn YearsLee Cheong*1967200236 King Fook*1967200236Po Sang*1967200236 Lai Kee1967199630 Lee Shing1967199529 Sze Zee1967199529 Chow Sang Sang1967199327 Wing Shing Loong1967199226 Shing Shun1967198923On Lung1981200222 King Shing1974198815On Hing1967198014 Sun Hung Kai1982199514 Hing Fung1990200213 Chow Tai Fook1972198312 Heng Shing196719748 Heng Fat196719748 Cheung Shun197419807 Wing Fung*200020023 Wing Lung197019723 Wing Hang198819881 Source.

8 CGSE. # Company names are abbreviated. * Still listed as accreditedmanufacturers of hong kong good DELIVERY 5 tael purityBetween 1947 1970 (23 years), the purity was reduced to partsgold in 100 parts in accordance with government regulations to providegold only for industrial traditional gold purity of 99 parts gold in 100 parts by weight wasreintroduced on 15 January to disclaimer on website: Grendon International Research Pty Ltd 2010. All rights the information and many copyright photographs,this supplement is indebted toThe Chinese Gold & Silver Exchange SocietyHong KongHISTORICAL hong kong good DELIVERY 5 TAEL BARSK nown brands issued between 1967 and 2002 According to available CGSE records, the CGSE stamped, as hong KongGood DELIVERY , 5 tael bars of the companies as listed below during theperiod, 1967 Sang Sang1967 1993 Lai Kee1967 1996 Sun Hung Kai1982 1995 Wing Hang1988 Hing Fung1990 2002