Regulations Governing Management and Utilization of Collective Investment Trust Funds Article 16

Where a trust enterprise merges with another trust enterprise or a collective trust account fails to achieve economies of scale, the trust enterprise may, after review by the Trust Association and submission by the Trust Association its reviewopinion to the competent authority for approval, merge the trust monies in the collective trust account from non-professional investors into another collective trust account in accordance with the terms and conditions.Upon occurrence of an event described in the preceding paragraph, a trust enterprise shall make public announcement in a manner prescribed in Article 39 of the Act, announcing therein a deadline by which the trustors and the beneficiaries shall decide whether to accept the merger of their beneficiary rights or withdraw from the collective trust account; where the beneficiary is not specified or does not exist, the trustor will make the decision therefor.For the merger of collective trust accounts that accept funds from professional investors only, a trust enterprise shall, within 5 business days after the merger, report to the competent authority for recordation. The trust enterprise shall also notify the trustors and the beneficiaries, asking them to decide during a certain period of time whether to accept the merger of their beneficiary rights or withdraw from the collective trust account; where the beneficiary is not specified or does not exist, the trustor will make the decision therefor.