In consideration of the excellent public welfare prospects of charitable trusts, derived from the insulation of assets, tight regulatory oversight, as well as advantages associated with the trust system, such as flexibility, safety, and perpetuity, the Charity will pilot the business of charitable trusts and open charitable trust accounts in accordance with the Charity Law, the Trust Law, Measures on the Administration of the Charitable Trust, and other relevant laws and regulations of China at a time when conditions are favorable. Please refer to the Contribution Prospectus of the China DAF Charity for details about the establishment and the structure of the charitable trust, the management of the charitable trust property, the determination of the charitable trust supervisor, the settlor of the charitable trust opening a charitable account and the record-filing with the civil affairs department.