Attachment 1

Measures for Delivery Management of Dalian Commodity Exchange

Chapter I General Provisions

The Measures for Delivery Management of Dalian Commodity Exchange (the "Measures") are formulated subject to the Trading Rules of Dalian Commodity Exchange for the purposes of ensuring the normal operation of the futures delivery of Dalian Commodity Exchange (the "Exchange") and standardizing the physical delivery.

The commodity futures contracts listed in the Exchange shall take the form of physical delivery (the "Physical Delivery"). The Physical Delivery refers to the course in which pursuant to the contracts and rules of the Exchange, parties to the trading close the open contracts(s) through the transfer of the title to the commodities described in the futures contract(s).

The Physical Delivery shall be handled by the Members and carried out in the name of the Members at the Exchange.

A client of a Member, an Overseas Special Participant (the "OSP") who engages a Member to conduct clearing or an Overseas Intermediary who engages a Member to conduct trading and clearing shall handle the Physical Delivery through the Member at the Exchange.

A client of an Overseas Special Brokerage Participant (the "OSBP") or an Overseas Intermediary shall handle the Physical Delivery through the OSBP or the Overseas Intermediary respectively.

The futures Physical Delivery may be carried out through the standard warehouse receipt delivery or otherwise.

Standard warehouse receipt delivery shall refer to the delivery method in which the seller delivers the standard warehouse receipt of the relevant commodity to the buyer to complete the physical delivery. Standard warehouse receipt delivery shall be divided into standard warehouse receipt delivery of the storage warehouse and standard warehouse receipt delivery of the factory warehouse.

Delivery methods other than the standard warehouse receipt delivery shall refer to the physical delivery methods conducted with documents other than standard warehouse receipt or by other means. Delivery methods other than the standard warehouse receipt delivery include FOT Delivery, etc. FOT Delivery shall refer to the physical delivery method where the seller loads the goods to the buyer's truck board in the FOT Delivery site designated by the Exchange to complete the physical delivery. The designated FOT Delivery site shall refer to the designated delivery site which is recognized by the Exchange to provide delivery services for the FOT Delivery.

The futures Physical Delivery may take the form of the Exchange of Futures for Physicals Delivery, the Rolling Delivery, the One-off Delivery and other processes prescribed by the Exchange.

The Exchange of Futures for Physicals Delivery shall be carried out in accordance with the Measures for Trading Management of Dalian Commodity Exchange, the Measures for Clearing Management of Dalian Commodity Exchange and other detailed rules for specific futures products.

Delivery of the following positions shall be prohibited:

any individual client's positions;

any non-integral multiple of delivery units of the positions of iron ore or No.2 soybean;

corresponding products positions of any entity clients that are not qualified for manufacturing, operating or using the ethenylbenzene or the liquefied petroleum gas; and

RBD palm olein, No. 1 soybean, No. 2 soybean, soybean meal, or soybean oil positions of any entity clients that cannot receive or issue VAT invoices.

Before the delivery month, the clients holding the positions prohibited from delivery shall close out the positions corresponding to the delivery month. As of the first trading day of the delivery month, the Exchange shall carry out the forced position liquidation against the positions of the individual client's delivery month contracts.

In case the positions of the individual client's delivery month contracts or the non-integral multiple of the delivery units fail to close out or be closed out after the market close on the last trading day, the Exchange shall choose the counterparty's positions and carry out the hedging liquidation at the liquidation price of the delivery settlement price of such contracts under the principle of "the prohibited delivery positions come first, and the integral multiple of delivery units of the positions which include the positions of the shortest time come first", and a fine of twenty percent (20%) of the contract value calculated at delivery settlement price shall be imposed, and paid to the counterparty, against the portions of the positions which are prohibited to be delivered.

If the positions held by the entity clients not qualified for manufacturing, operating or using the ethenylbenzene and liquefied petroleum gas or the entity clients of the RBD palm olein, No. 1 soybean, No. 2 soybean, soybean meal, or soybean oil futures contracts that cannot receive or issue VAT invoices are matched during Rolling Delivery and One-off Delivery, the Exchange shall impose a fine of twenty percent (20%) of the contract value calculated at the delivery settlement price against such entity client before the market close on the handover day and such fine shall be paid to the counterparty.

If both of the matched parties hold the prohibited delivery positions, the Exchange shall impose a fine of twenty percent (20%) of the contract value calculated at the delivery settlement price against both parties pursuant to paragraphs 3 and 4 of this Article and such fine will not be paid to each other.

The delivery of the commodity futures contracts listed in the Exchange shall be carried out subject to the Measures. The Exchange, Members, OSPs, Overseas Intermediaries, clients, designated delivery warehouses, designated vehicle board delivery sites, designated quality inspection agencies and other delivery participants shall comply with the Measures.

Chapter II Rolling Delivery

The products applying the Rolling Delivery are stipulated by the Exchange in the detailed rules of relevant futures products.

The Rolling Delivery shall refer to, with respect to a contract from the first trading day of the delivery month to the trading day immediately preceding the last trading day, the method of delivery that the delivery is completed within the prescribed period by the seller party and the buyer party as organized by the Exchange on the basis of the initiative proposal of application for standard warehouse receipt delivery or application for FOT Delivery by the seller client which holds the net positions of selling positions in the delivery month.

The delivery settlement price of the Rolling Delivery shall be the then-current day settlement price of the matching day of the Rolling Delivery of such futures contract.

The Rolling Delivery shall be handled by the Member on behalf of the client which files the application for delivery. The clients holding the prohibited delivery positions may not file the Rolling Delivery applications.

The first day of the Rolling Delivery process shall be the matching day.

the seller declares the delivery. During the delivery month, the seller client may file, through the Member, an application for delivery whose quantity shall not exceed its net selling position quantity, and the Member may declare the delivery to the Exchange prior to 11: 30 on each trading day as of the first trading day of the delivery month but prior to the trading day immediately preceding the last trading day thereof. Among others, if standard warehouse receipt delivery is adopted, the corresponding standard warehouse receipts after the proposed delivery application shall be frozen. If FOT Delivery is adopted, the delivery application shall contain the corresponding designated FOT Delivery site and delivery quantity (unit: lot). The Exchange shall review the above applications and publish the approved delivery applications of the sellers after 13:30 on each trading day. The published delivery applications shall not be revoked and are only valid on the then-current day. For No. 2 soybean, delivery declaration shall only be carried out with standard factory warehouse receipts.

In the event that the net selling positions held by the seller client are less than the declared and approved positions of the seller client in the delivery matching, the Exchange will prohibit the client from seller declaration of Rolling Delivery on such product for one year from the date of this declaration; and

the buyer declares the intent. The buyer which holds the net positions of buying positions in the delivery month, based on the seller delivery applications published by the Exchange, may declare two delivery intents to the Exchange as of the first trading day of the delivery month but prior to the market close of the trading day immediately preceding the last trading day thereof, including the first intent and the second intent, and the intent priority orders are as below: (i) with respect to any buyer, its first intent shall be firstly considered, and in case the first intent is not satisfied or not fully satisfied, the second intent shall then be considered; and (ii) with respect to any designated delivery warehouse or designated FOT Delivery site, its first-intent buyers shall be firstly considered, and in case there are remaining standard warehouse receipt delivery or FOT Delivery intents, its second-intent buyers shall then be considered. The delivery intents are only valid on the then-current day.

After the market close on the matching day, the Exchange shall carry out the delivery matching through the system as per the following principles and steps:

The first step: collecting standard warehouse receipt delivery and FOT Delivery intents. The Exchange shall collect sellers' standard warehouse receipt delivery and FOT Delivery intents by taking the designated delivery warehouse and designated FOT Delivery site as the units.

The second step: matching the buyer and the designated delivery warehouse or designated FOT Delivery site. With respect to each designated delivery warehouse or designated FOT Delivery site, in case the aggregate position quantity of the buyers which propose the delivery intents is less than or equal to the relevant standard warehouse receipt delivery or FOT Delivery intents, all intents of the buyers shall be satisfied; or in case the aggregate position quantity of the buyers which propose the delivery intents is more than the relevant standard warehouse receipt delivery or FOT Delivery intents, the buyers which will participate in the delivery matching shall be determined under the principle of "priority in the matching for overseas buyers in case of Bonded Delivery; priority in the matching for domestic buyers in case of duty-paid delivery" and "priority in the most length of the average position period".

To which, the average position period shall take "day" as the unit, which shall be the weighted average number of the period of each Lot of the positions. In case of the same lengths of average position periods, the priority shall be given to the buyer which has the earliest position. The detailed formula is:

The buyer's average position period	=	∑ period of the buyer's each Lot of position
the buyer's aggregate position quantity
For the remaining standard warehouse receipt delivery and FOT Delivery intents after satisfaction of the buyers' intents, the Exchange shall, from the position-holding buyers which have not submitted any delivery intents and those of which the delivery intents have not been satisfied, determine the domestic buyer matched with duty-paid delivery as well as the overseas buyer matched with the Bonded Delivery, respectively under the principle of "priority in positions with the earliest building time"; the Exchange shall then determine the designated delivery warehouses or designated FOT Delivery sites corresponding to the buyers' delivery and the quantities to be delivered in such designated delivery warehouses or designated FOT Delivery sites under the principle of "minimum matching quantity". The positions in the corresponding part of the buying and selling positions of the same client number do not participate in such matching.

For the remaining standard warehouse receipt delivery and FOT Delivery intents after execution of steps from the previous paragraphs, the Exchange shall determine the buyers to participate in the matching under the principle of "priority in positions with the earliest building time" from the remaining position-holding buyers; the Exchange shall then determine the designated delivery warehouses or designated FOT Delivery sites corresponding to the buyers' delivery and the quantities to be delivered in such designated delivery warehouses or designated FOT Delivery sites under the principle of "minimum matching quantity". The positions in the corresponding part of the buying and selling positions of the same client number do not participate in such matching.

The third step: matching the buyers and the sellers. The Exchange shall carry out matching between the buyers matched with the designated delivery warehouses or designated FOT Delivery sites and the sellers holding the corresponding standard warehouse receipt delivery intents or FOT Delivery intents under the principle of "minimum matching quantity" to determine the buyers and the sellers corresponding to the delivery.

The term "overseas buyer" referred to in this Article excludes qualified foreign institutional investors and RMB qualified foreign institutional investors.

For standard warehouse receipts of group delivery warehouses, delivery intents shall be declared in the unit of sub-warehouse for delivery matching.

After the market close on the matching day, the buyer Member's trading margins for the matched buying positions shall be transformed to be the delivery advances. If standard warehouse receipt delivery is adopted, except otherwise stipulated in the detailed rules of eggs or other relevant futures products in respect of the standard warehouse receipt delivery of the storage warehouse, the trading margins of the seller Member of the matched selling positions shall be refunded; if the FOT Delivery is adopted, the trading margins of the seller Member of the matched selling positions shall be transformed to be delivery margins, and the refund of the delivery margins shall be handled in accordance with the provisions of the detailed rules of the relevant futures products.

When settling on the matching day, the Exchange shall settle the Member's positions in such delivery month at the delivery settlement price, the profits or losses arising out of which shall be calculated into the liquidation profits or losses of the then-current day; the Exchange shall deduct the delivery commissions from the settlement reserves of the Member.

After the market close on the matching day, the matched positions shall be deducted from the position quantities of the delivery month contracts without any limitation with respect to the position limit. The Delivery Notice, the matching result and other Rolling Delivery information shall be sent together with the settlement statement of the matching day to the buyer Member and the seller Member through the system, the relevant information shall be notified to the corresponding designated delivery warehouses or designated FOT Delivery sites; and sending thereof shall be deemed to be completed upon sending by the system. The matching result and other information shall be published to the public through the relevant public media and/or information providers.

After the determination of the matching result, the buyer shall, within one (1) trading day after the matching day, pursuant to the provisions of the tax authority, notify to the seller the specific information for issuing the invoice, including the name, address, amount, taxpayer registration number and other information of the purchasing entity.

If standard warehouse receipt delivery is adopted, the seller Member shall deliver to the buyer Member the invoice within seven (7) trading days after the matching day. Where the detailed rules of eggs or other futures products stipulate otherwise in respect of the invoice delivery for standard warehouse receipt delivery of the storage warehouse, such stipulation shall prevail.

If the FOT delivery is adopted, the specific provisions on the delivery of invoice by the seller Member to the buyer Member are provided in the detailed rules of the relevant futures products.

The invoice shall be issued by the seller client of delivery to the corresponding buyer client, and shall be forwarded and obtained by, and confirmed with assistance from, the Members of the parties.

Any Member's delay or failure in delivery of the invoice as specified by the Exchange shall be handled according to the applicable provisions of the Measures for Clearing Management of Dalian Commodity Exchange.

The handover day shall be the second trading day following the matching day (exclusive). Prior to the market close on the handover day, the buyer Member must additionally pay the remaining payments corresponding to its matched delivery month contract positions and handle the delivery formalities.

If standard warehouse receipt delivery is adopted, after the market close on the handover day, the Exchange shall transfer the standard warehouse receipts delivered by the seller to the corresponding matched buyer and pay eighty percent (80%) of the payments to the seller Member. The remaining payments shall be fully settled after the seller Member delivers the invoice. Where the detailed rules of eggs or other futures products stipulate otherwise in respect of the payments for standard warehouse receipt delivery of the storage warehouse, such stipulation shall prevail.

If FOT delivery is adopted, after the market close on the handover day, the Exchange shall notify the matching result of the FOT Delivery to the corresponding designated quality inspection agency. The provisions in respect of the delivery payments made by the Exchange to the seller Member and the handover of the goods between the buyer and the seller are provided in the detailed rules of the relevant futures products.

Under the process of the Rolling Delivery, any default of the standard warehouse receipt delivery shall be handled according to the applicable provisions of Chapter VI hereof, and any default of the FOT Delivery shall be handled according to the applicable provisions of the detailed rules for the relevant futures products.

With respect to the Rolling Delivery of Bonded Standard Warehouse Receipt, the applicable provisions of the detailed rules of the futures products adopting Bonded Delivery shall be applied.

Chapter III One-off Delivery

The futures contracts of any and all commodities listed on the Exchange shall take the form of the One-off Delivery.

The One-off Delivery shall refer to the delivery method that, after the last trading day of the contract, the Exchange organizes all open contracts holders to carry out delivery.

The One-off Delivery shall be completed respectively on three (3) trading days of the standard warehouse receipt delivery and the FOT Delivery application submission day, the matching day and the handover day (the last delivery day). After the last trading day of the contract, all open contracts holders must perform the contracts through delivery; and the portions of positions corresponding to the buying and selling positions under the same client number shall be deemed to be automatically closed, no delivery shall be handled therefor and the closing price shall be calculated as per the delivery settlement price of the One-off Delivery.

The delivery settlement price of One-off Delivery shall be the weighted average price of all trade prices of the futures contract during the period as of the first trading day of the delivery month through the last trading day thereof. Where the detailed rules of eggs, ethylene glycol, ethenylbenzene, liquefied petroleum gas, live hog, log or other futures products stipulate otherwise, such stipulation shall prevail.

After the market close of the last trading day, the Exchange shall transform the trading margins of the buyer Member of the buying positions of the delivery month to be the delivery advances, and the trading margins of the seller Member of the selling positions of the delivery month shall be transformed to be the delivery margins.

When settling on the last trading day, the Exchange shall settle Member's positions in such delivery month at the delivery settlement price, the profits or losses arising out of which shall be calculated into the liquidation profits or losses of the then-current day; the Exchange shall deduct the delivery commissions from the settlement reserves of the Member.

The first day of the One-off Delivery process shall be the standard warehouse receipt delivery and the FOT Delivery application submission day.

Prior to the market close on the first trading day following the last trading day, if standard warehouse receipt delivery is adopted, the seller Member must submit to the Exchange the standard warehouse receipt ; if FOT Delivery is adopted, the seller Member must submit to the Exchange the delivery application which shall contain the information with respect to corresponding designated FOT Delivery site and delivery quantity (unit: lot).

After the market close on the first trading day following the last trading day, the Exchange shall publish the information with respect to the delivery products of any and all designated delivery warehouses and the quantities of the standard warehouse receipt, and the information with respect to the delivery products for each designated FOT Delivery site and proposed delivery quantity of the goods.

With respect to No. 2 soybean or other products, the seller Member shall also submit other materials in accordance with the detailed rules for the relevant products.

If standard warehouse receipt delivery is adopted, after the timely submission of the standard warehouse receipt by the seller Member to the Exchange, the Exchange shall refund the delivery margins to the seller Member; where the detailed rules of No. 2 soybean, eggs or other futures products stipulate otherwise in respect of the refund of delivery margins for standard warehouse receipt delivery of the storage warehouse, such stipulation shall prevail. If FOT Delivery is adopted, the refund of the delivery margins of the matched selling positions of the seller Member shall be handled in accordance with the provisions of the detailed rules of the relevant futures products.

The second day of the One-off Delivery process shall be the matching day.

Before the market close on the second trading day following the last trading day, the buyer may, on the basis of the information published by the Exchange, propose the delivery intent declaration. The buyer may declare two delivery intents of the first intent and the second intent. After the market close, when allocating the standard warehouse receipt delivery and the FOT delivery intents, the Exchange shall allocate the Bonded Delivery under the principle of "priority in overseas buyer" and "priority in intent". The intent priority orders are as below: (i) with respect to any buyer, its first intent shall be firstly considered, and in case the first intent is not satisfied or not fully satisfied, the second intent shall then be considered; and (ii) with respect to any designated delivery warehouse or designated FOT Delivery site, its first-intent buyers shall be firstly considered, and in case there are remaining standard warehouse receipt delivery or FOT Delivery intents, its second-intent buyers shall then be considered.

After the market close on the matching day, the Exchange shall carry out the delivery matching through the system as per the following principles and steps:

The first step: collecting the standard warehouse receipt delivery and the FOT Delivery intents. The Exchange shall collect seller's standard warehouse receipt delivery and the FOT Delivery intents by taking designated delivery warehouse and designated FOT Delivery site as the unit.

The second step: matching the overseas buyers and the Bonded Standard Warehouse Receipt delivery or the FOT Delivery intents. With respect to each Bonded Delivery warehouse or FOT Delivery site, in case the aggregate position quantity of the overseas buyers which propose the delivery intents is less than or equal to the quantity of its Bonded Standard Warehouse Receipt delivery or FOT Delivery intents, all intents of the overseas buyers shall be satisfied; or in case the aggregate position quantity of the overseas buyers which propose the delivery intents is more than the quantity of its Bonded Standard Warehouse Receipt delivery or FOT Delivery intents, the overseas buyers which will participate in the delivery matching shall be determined under the principle of "priority in the most length of the average position period". After that, the Exchange shall carry out the matching under the principle of "the minimum matching quantity" between the Bonded Standard Warehouse Receipt delivery or the FOT Delivery intents which have not been allocated and the positions of the overseas buyers the delivery intents proposed by which have not been satisfied, and determine the Bonded Delivery warehouses delivery or FOT Delivery intents corresponding to the overseas buyers' delivery and the quantities to be delivered in such Bonded Delivery warehouses and FOT Delivery sites.

The third step: matching the remaining buyers and the remaining designated delivery warehouses or designated FOT Delivery sites. With respect to each remaining designated delivery warehouse or designated FOT Delivery site, in case the aggregate position quantity of the buyers which propose the delivery intents is less than or equal to the quantity of its relevant standard warehouse receipt delivery or FOT Delivery intents, all intents of the buyers shall be satisfied; or in case the aggregate position quantity of the buyers which propose the delivery intents is more than the quantity of its standard warehouse receipt delivery or FOT Delivery intents, the buyers which will participate in the delivery matching shall be determined under the principle of "priority in the most length of the average position period".

The average position period shall take "day" as the unit, which shall be the weighted average number of the period of each Lot of the positions. In case of the same lengths of average position periods, the priority shall be given to the buyer which has the earliest position.

The buyer's average position period	=	∑ period of the buyer's each Lot of position
the buyer's aggregate position quantity
The Exchange shall carry out the matching under the principle of "the minimum matching quantity" between the standard warehouse receipt delivery and FOT Delivery intents left after the satisfaction of the buyer's intents and the positions of the buyers which fail to propose any delivery intent or the delivery intents proposed by which have not been satisfied, and determine the designated delivery warehouses and FOT Delivery sites corresponding to the buyer's delivery and the quantities to be delivered in such designated delivery warehouses or FOT Delivery sites.

The fourth step: matching the buyers and the sellers. The Exchange shall carry out matching under the principle of "the minimum matching quantity" between the buyers with the matched designated delivery warehouses or FOT Delivery sites and the sellers holding the corresponding standard warehouse receipt delivery or FOT Delivery intents, and determine the buyers and the sellers corresponding to the delivery.

The "overseas buyer" referred to in this Article excludes the qualified foreign institutional investors and RMB qualified foreign institutional investors.

For standard warehouse receipt of group delivery warehouses, delivery intents should be applied and matching process should be conducted on the basis of sub-warehouse.

The matching results and other information shall be sent to both the buyer Member and the seller Member through the system, the relevant information shall be notified to the corresponding designated delivery warehouses or designated FOT Delivery sites, and sending thereof shall be deemed to be completed upon sending by the system.

The third day of the One-off Delivery process shall be the handover day, i.e., the last delivery day (the third trading day following the last trading day).

Before the market close on the last delivery day, the buyer Member shall additionally make the difference of the payments corresponding to its positions of the delivery month.

If standard warehouse receipt delivery is adopted, after the market close on the last delivery day, the Exchange shall deliver the standard warehouse receipt submitted by the seller Member to the buyer Member and make eighty percent (80%) of the payments to the seller Member, and the remaining payments shall be made after the seller Member delivers the invoice. Where the detailed rules of No. 2 soybeans, eggs or other futures products stipulate otherwise in respect of the payments for standard warehouse receipt delivery of the storage warehouse, such stipulation shall prevail.

If FOT delivery is adopted, after the market close on the last delivery day, the Exchange shall notify the matching result of the FOT Delivery to the corresponding designated quality inspection agency. The provisions in respect of the delivery payments made by the Exchange to the seller Member and the handover of the goods between the buyer and the seller are provided in the detailed rules of the relevant futures products.

After determination of the matching results, the buyer shall, within one (1) trading day following the matching day and subject to the provisions of the tax authorities, notify the seller of the specific matters with respect to the issuance of the invoice, including the name and address of the buyer entity, the amount and the taxpayer's registration number and other information.

If standard warehouse receipt delivery is adopted, the seller Member shall deliver the invoice to the buyer Member within seven (7) trading days following the matching day. Where the detailed rules of No. 2 soybeans, eggs or other futures products stipulate otherwise in respect of the invoice delivery for standard warehouse receipt delivery of the storage warehouse, such stipulation shall prevail.

If the FOT delivery is adopted, the specific provisions on the delivery of invoice by the seller Member to the buyer Member are provided in the detailed rules of the relevant futures products.

The invoices shall be issued by the seller client of delivery to the corresponding buyer client, and shall be forwarded and obtained by, and confirmed with assistance from, the Members of the parties.

Any Member's delay or failure in delivery of any invoice shall be handled subject to the applicable provisions of the Measures for Clearing Management of Dalian Commodity Exchange.

Under the process of the One-off Delivery, any default of the delivery shall be handled according to the following provisions:

For the futures products that only adopt standard warehouse receipt delivery, the default of delivery shall be handled according to the applicable provisions of Chapter VI hereof.

For the futures products that only adopt FOT Delivery, any default of delivery shall be handled according to the applicable provisions of the detailed rules for the relevant futures products; if the seller Member fails to submit to the Exchange the delivery application containing the information with respect to corresponding designated FOT Delivery site and delivery quantity (unit: lot) prior to the market close on the first trading day following the last trading day, it shall be handled according to the relevant provisions of FOT Delivery default.

For the futures products that adopt both standard warehouse receipt delivery and FOT Delivery, if the seller Member fails to submit to the Exchange all the standard warehouse receipts corresponding to its delivery month contract positions or the delivery application containing the information with respect to corresponding designated FOT Delivery site and delivery quantity (unit: lot) prior to the market close on the first trading day following the last trading day, the default of delivery shall be handled according to the applicable provisions with respect to the default of standard warehouse receipt delivery under Chapter VI hereof. For applications of standard warehouse receipt delivery and FOT Delivery that have been submitted by the seller Member, they shall be handled in accordance with the default of standard warehouse receipt delivery and default of FOT Delivery respectively.

With respect to the One-off Delivery of Bonded Standard Warehouse Receipt, the applicable provisions of the detailed rules of the futures products adopting Bonded Delivery shall be applied.

Chapter IV Bonded Delivery

Bonded Delivery means the process of futures delivery using the commodity as the delivery subject which is set forth in futures contract and is also under the bonded supervision in the customs' special supervision area or bonded supervision place.

Bonded Delivery Warehouse means the designated delivery site which is approved by and registered at the Exchange and has the bonded function for the Bonded Delivery of futures contracts.

The Bonded Standard Warehouse Receipt shall refer to the physical take-delivery certificate uniformly formulated by the Exchange, which conforms to the quality standard stipulated in the futures contract and is also registered at the Exchange by designated Bonded Delivery Warehouses for the bonded commodities according to the procedures prescribed by the Exchange.

The Exchange will separately announce the products which adopt the Bonded Delivery, and the physical delivery of such products may use the Bonded Standard Warehouse Receipt or the duty-paid standard warehouse receipt, as the case may be.

The Bonded Standard Warehouse Receipts which participant in delivery shall be handled according to the detailed rules of the futures products adopting Bonded Delivery.

Chapter V Delivery Fees

The parties to the physical delivery shall respectively pay the delivery commissions to the Exchange.

The delivery commissions, the sampling and inspection fees, the storage and dissipation fees and other fees are separately published by the Exchange.

The fees for the loading in or loading out of the designated delivery warehouse shall be subject to a maximum price.

The Exchange will irregularly check and publish the standards for the maximum fees of the loading in or loading out of the designated delivery warehouse.

The standards for the maximum fees of the loading in or loading out of any new designated delivery warehouse shall enter into force as of the date of being promulgated by the Exchange.

The fees for the miscellaneous operation services of the designated delivery warehouse shall be subject to a maximum price. The maximum charging standards for the miscellaneous operation services of any and all designated delivery warehouses shall be formulated and published by the Exchange.

As of the day immediately following the full payment of the storage and dissipation fees of the standard warehouse receipt through the day of deregistration thereof, the monthly storage and dissipation fees shall be payable by the Member with which such standard warehouse receipt is affiliated to the Exchange within the first three (3) trading days of the immediately following month, and the Exchange will pay such storage and dissipation fees to the designated delivery warehouse after receipt of invoices thereof. Prior to the full payment of the storage and dissipation fees of the standard warehouse receipt and from the day immediately following the day of deregistration thereof, any incurred storage and dissipation fees shall be fully settled between the designated delivery warehouse and the owner.

With respect to the delivery matters regarding group delivery warehouse, storage and loss fees shall pay to sub-warehouse; loading-in and loading-out, miscellaneous operation fees and other exchange related provisions of fees are undertaken by owner and sub-warehouse. The receipt for storage and loss fees, fees of loading-in and loading-out, miscellaneous operation fees, and other fees' is to be issued by sub-warehouse. The quality premium/discount price difference and receipt are to be received and handled by sub-warehouse.

The Exchange may adjust the charging standards of the foregoing fees according to the national policies and the market situations, which will be timely notified to the Members and the designated delivery warehouses by the Exchange.

Any items not covered in the provisions by the Exchange may be charged by the designated delivery warehouse by reference to the charging standards applicable to the relevant industry.

Chapter VI Delivery Default

Either of the following circumstances will constitute a delivery default:

the seller fails to fully deliver the standard warehouse receipt within the prescribed period; or

the buyer fails to fully make the payments within the prescribed period.

With respect to the default of the FOT Delivery or others, where the Exchange stipulates otherwise, such stipulation shall prevail.

The formula for quantity of the contracts of delivery default by the seller shall be:

The quantity of the contracts of delivery default by the seller (Lot) = the quantity of the standard warehouse receipt which should have been delivered (Lot) - the quantity of the standard warehouse receipt which have been delivered (Lot).

The quantity of the contracts of delivery default by the buyer shall be calculated as per the following formula:

For the duty-paid standard warehouse receipt received by the buyer: the quantity of the contracts of delivery default by the buyer (Lot) = [the payments which should have been paid (CNY) - the payments which have been paid (CNY)] ÷ [the delivery settlement price (CNY/Ton) × (1-20%) + premiums and/or discounts of non-benchmark delivery warehouse compared with benchmark delivery warehouse (CNY/Ton)] ÷ the trading unit (Ton/Lot).

For the egg standard warehouse receipt received by the buyer: the quantity of the contracts of delivery default by the buyer (Lot) = [the payments which should have been paid (CNY) - the payments which have been paid (CNY)] ÷ [the delivery settlement price (CNY/500KG) × (1-20%) + premiums and/or discounts of non-benchmark delivery warehouse compared with benchmark delivery warehouse (CNY/500KG) + the packages price stipulated by the Exchange (CNY/500KG)] ÷ 2 ÷ the trading unit (Ton/Lot).

For the bonded benchmark delivery warehouse received by the buyer: the quantity of the contracts of delivery default by the buyer (Lot)=[ the bonded payments which should have been paid (CNY) - the payments which have been paid (CNY)] ÷ [the Bonded Delivery settlement price (CNY/Ton) × (1-20%)+ the bonded premiums and/or discounts of non-benchmark delivery warehouse compared with benchmark delivery warehouse (CNY/Ton)/(1 + the import VAT rate)/(1 + the import duty rate)] ÷ the trading unit (Ton/Lot).

For the bonded benchmark delivery warehouse of iron ore received by the buyer: the quantity of the contracts of delivery default by the buyer (Lot) = [the bonded payments which should have been paid (CNY) - the payments which have been paid (CNY)] ÷ [the Bonded Delivery settlement price (CNY/Ton) × (1-20%) + the bonded premiums/discounts (CNY/Ton)] ÷ the trading unit (Ton/Lot).

Any occurrence of a delivery default event shall be notified by the Exchange to the defaulting party and the non-defaulting party after settlement on the contract's last delivery day (the handover day of the Rolling Delivery). The default notice shall be sent by the Member service system together with the settlement data of the then-current day; and sending thereof shall be deemed to be completed upon sending by the Member service system.

In case a delivery default is committed, twenty percent (20%) of the contract value of the default portions shall be paid as the liquidated damages by the defaulting party to the non-defaulting party, and the delivery shall terminate between the buyer and the seller.

In case of any termination of the delivery as provided herein, the Exchange's guarantee liability shall terminate.

In case both the buyer and the seller are in default, the Exchange shall terminate the delivery and impose a fine of five percent (5%) of the contract value of the portions in default respectively against the buyer and the seller.

In case partial delivery default occurs to a Member, the standard warehouse receipt, or payments, received by the default Member may be used to handle the default.

In case a Member intentionally commits a default during the physical delivery, measures shall be taken according to Article 30 of the Measures against Rule Violations of Dalian Commodity Exchange.

Chapter VII Handover by Agreement

The buyer and seller of matched delivery, the delivery warehouse and the holder of standard warehouse receipt may conduct handover by agreement of the underlying asset of the contract, and separately negotiate and determine on the quality, quantity, brand, place, time, payment, price spread and other terms regarding the commodities to be handed over.

The Exchange may provide the relevant facilities and services for the handover by agreement, which will be separately stipulated and announced by the Exchange.

If the buyer and the seller of matched delivery conduct handover by agreement through FOT Delivery, they shall submit the relevant agreement and the statement of conditions to the Exchange through the Member before the market close on the handover day, and shall be handled in accordance with the following provisions:

If the buyer and the seller negotiate to handle the receipt and payment of the payments by themselves, the Exchange shall refund the delivery margins to the seller Member and the delivery advances to the buyer Member after the market close on the handover day. The Exchange shall not be responsible for handling such matters as receipt and payment of the payments, handover of the goods and circulation of the invoice, and shall not undertake any guarantee liability for receipt and payment of the payments, handover of the goods and circulation of the invoice of the buyer and the seller.

If the buyer and the seller negotiate to handle the handover of the goods by themselves, but the receipt and payment of the payments are handled through the Exchange, the buyer Member shall supplement all delivery payments before the market close on the handover day, and the Exchange shall transfer all the delivery payments to the seller Member within the time period specified in the detailed rules for the relevant futures products. The Exchange shall not undertake any guarantee liability for receipt and payment of the payments, handover of the goods and circulation of the invoice of the buyer and the seller.

If the buyer and the seller of matched delivery conduct handover by agreement through standard warehouse receipt delivery, the specific provisions will be separately stipulated by the Exchange.

If the delivery warehouse and the holder of standard warehouse receipt conduct the handover by agreement, it shall be handled according to the following provisions:

if the parties agree to handover the commodities that meet requirements of future contracts at such delivery warehouse within the period prescribed by rules of the Exchange, the delivery warehouse shall submit an application to the Exchange within the prescribed time and in the prescribed manner, and the holder of standard warehouse receipt shall confirm the application through the Members. The handover of commodities, dispute settlement, return of the collaterals of the delivery warehouse and other related matters shall be subject to the relevant rules and requirements on delivery of the Exchange, and the price spread and the related invoices arising from which shall be settled by the parties themselves; and

if the agreement between the parties is beyond the scope stipulated in item (1) of this Article, the delivery warehouse shall submit a Notification on Handover by Agreement to the Exchange, and the holder of standard warehouse receipt shall confirm the Notification through the Members The parties shall conduct handover of commodities according to the agreement on their own, the disputes arising from which shall be handled by the parties themselves and the Exchange shall not be liable. After the handover by agreement is completed, the parties may report the performance of such handover by agreement to the Exchange. If the delivery warehouse submits collaterals when registering the standard warehouse receipt, the Exchange shall return the collaterals after receiving the Notification on Handover by Agreement confirmed by the parties.

Chapter VIII Supplementary Provisions

No business with respect to delivery and standard warehouse receipts or non-standard warehouse receipts will be handled by the Exchange during the after-hours trading sessions.

Any violation of the Measures shall be punished by the Exchange pursuant to the applicable provisions of the Measures against Rule Violations of Dalian Commodity Exchange.

Where there are special provisions in the detailed rules for the specific futures products, such provision shall prevail.

The Exchange reserves the right to interpret the Measures.

The Measures shall enter into force as of the date of its promulgation.

Disclaimer: This English translation may be used for reference only. In cases there is any discrepancy between the English version and the original Chinese version, the original Chinese version shall prevail. Dalian Commodity Exchange may change or update this English translation without any prior notice and shall accept no responsibility or liability for damage or loss caused by any error, inaccuracy, misunderstanding, or change with regard to this English translation.