To encourage the development of the equity investment fund industry in Tianjin, on October 16, 2009, the People's Government of Tianjin approved and promulgated the Measures on Promoting the Development of Equity Investment Fund Industry in Tianjin (the “Measures”) jointly stipulated by Tianjin Municipal Commission of Development and Reform Tianjin Municipal People's Government Financial Affairs Office, Tianjin Commission of Commerce, Tianjin Finance Bureau, Tianjin Local Tax Bureau and Tianjin City Administration for Industry and Commerce. The Measures became effective as of the date of its promulgation, and apply to both domestic and foreign-invested equity investment funds (the “Funds”) and equity investment fund management enterprises (including industry investment fund management enterprises, the “Fund Management Enterprises”) registered in Tianjin.