On March 30, 2016,Minsheng Trust completed the changes of industrial and commercial registration.Oceanwide Holdings and its subordinate subsidiaries totally held 93.42% stockrights of Minsheng Trust, which indicated that Oceanwide Holdings became thecontrolling shareholder of Minsheng Trust, and Minsheng Trust would be includedinto the consolidation scope of the financial statements of Oceanwide Holdings.

In 2013, upon theacquisition of Minsheng Trust by the big shareholder of Oceanwide Holdings- ChinaOceanwide, with the strategic transformation of Oceanwide Holdings towards thereal estate + finance + strategic investment, Oceanwide Holdings increased itsregistered capital in Minsheng Trust jointly with China Oceanwide, whichincreased the registered capital of Minsheng Trust from 1 billion Yuan to 3billion Yuan, and realized the mainstream level of net assets of Minsheng Trustin the industry.

At the beginning of2016, Oceanwide Holdings accepted 59.65% stock rights of Minsheng Trusttransferred by the big shareholder China Oceanwide, and increased the capitalto 7 billion Yuan, thus holding 93.42% stock rights of Minsheng Trust. Accordingto the annual report of Oceanwide Holdings, the operating income from financialbusiness of Oceanwide Holdings amounted to 3.252 billion Yuan in 2015,accounting for 25.67% of the total operating income, among which the operatingincome from the securities transaction based on Minsheng Securities reached3.029 billion Yuan with a net profit of 1.215 billion Yuan (caliber ofconsolidation), accounting for the largest proportion of the financial businessof Oceanwide Holdings. During the same period in 2015, Minsheng Trust achievedan operating income of 1.082 billion Yuan and a net profit of 391 million Yuanwith a respective year-on-year growth of 131.02% and 108.73%. The data alsomeans that Minsheng Trust would directly increase the operating income andprofit from the financial business of Oceanwide Holdings by 30% uponconsolidation of financial statements.

Meanwhile, MinshengTrust will enjoy great prospects upon large increase in capital. One of theadvantages of Minsheng Trust in innovation and transformation is a shorthistory without historical constraints. Its performance has increased by 100%for two consecutive years and the total managed assets exceeded 100 billionYuan. At the end of 2015, Minsheng Trust obtained the qualification to engagein private equity with fixed assets.

With the completion ofthe change of industrial and commercial registration, Minsheng Trust formallybecame the wholly-owned subsidiary of Oceanwide Holdings, and was included intothe consolidation scope of financial statements of Oceanwide Holdings, whichwould further consolidate the trust service platform of the company, and getcloser to the objective of “full financial licenses”.