ICBCCS CHINA CORE VALUE MIXED FUND HONG KONG COVERING DOCUMENT

Transcription

1 ICBCCS CHINA CORE VALUE MIXED FUND a fund established pursuant to a Fund Contract taking effect from 31 August 2005 (and as amended from time to time) between the Fund Manager and the Fund Custodian and regulated under the Securities Investment Funds Law of the People s Republic of China HONG KONG COVERING DOCUMENT This document (herein the Hong Kong Covering Document ) is supplemental to, forms part of and should be read in conjunction with the prospectus for ICBCCS China Core Value Mixed Fund (the Fund ) (as amended from time to time) (the Prospectus ) and the Product Key Facts Statement of the Fund. Unless otherwise provided in this Hong Kong Covering Document, terms defined in the Prospectus shall have the same meaning in this Hong Kong Covering Document. March 2016

2 IMPORTANT INFORMATION FOR INVESTORS If you are in doubt about the contents of the Prospectus, this Hong Kong Covering Document or the Product Key Facts Statement, you should consult your bank manager, legal adviser, accountant or other independent financial adviser. ICBC Credit Suisse Asset Management Company Limited, the Fund Manager of the Fund, accepts full responsibility for the accuracy of the information contained in the Prospectus, this Hong Kong Covering Document and the Product Key Facts Statement of the Fund, and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief there are no other facts the omission of which would make any statement in these documents misleading. However, neither the delivery of the Prospectus, this Hong Kong Covering Document or the Product Key Facts Statement of the Fund nor the offer or issue of Units shall under any circumstances constitute a representation that the information contained in therein is correct as of any time subsequent to the date of publication. These documents may from time to time be updated. The Fund is an open-ended contract-type investment fund established under a Fund Contract taking effect from 31 August 2005 (and as amended from time to time) between the Fund Manager and the Fund Custodian. The Fund has been registered with and is subject to the on-going supervision of the China Securities Regulatory Commission ( CSRC ). The Fund has been authorised by the Securities and Futures Commission ( SFC ) in Hong Kong under Section 104 of the Securities and Futures Ordinance of Hong Kong ( SFO ) and is available for sale to the public in Hong Kong. Such authorisation is not a recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance. It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. This Hong Kong Covering Document is prepared for distribution in Hong Kong only. This Hong Kong Covering Document contains additional details of the Fund in connection with its authorisation for distribution in Hong Kong. It must be read in conjunction with the Fund s latest available Prospectus and the Product Key Facts Statement. Units are offered only on the basis of the information contained in the Prospectus, this Hong Kong Covering Document and the Product Key Facts Statement, which are valid only if accompanied by a copy of the latest annual report and, if published thereafter, the latest half-yearly and quarterly report. THE CHINA-HONG KONG MUTUAL RECOGNITION OF FUNDS ( MRF ) On 22 May 2015, the SFC and the CSRC signed a Memorandum of Regulatory Cooperation concerning Mutual Recognition of Funds between the Mainland and Hong Kong (the Memorandum ). The Memorandum provides a framework for mutual recognition of publicly offered funds between the CSRC and the SFC so that these recognised funds may be offered to the public in both markets. Under the MRF framework, securities investment funds regulated by the CSRC and offered for sale to the public in Mainland China (i.e. the People s Republic of China, which for the purpose of this Hong Kong Covering Document excludes Hong Kong, Macau and Taiwan) may be authorised by the SFC and offered to the public in Hong Kong, subject to any additional requirements imposed by the SFC. 2

3 The Fund is registered with and regulated by the CSRC and has been authorised by the SFC under the SFO pursuant to the terms of the MRF. MRF operates under the following principles: a) the Fund meets the prevailing eligibility requirements released by the SFC; b) the Fund remains registered with the CSRC and is allowed to be marketed to the public within Mainland China; c) the Fund generally operates and is managed in accordance with the relevant laws and regulations in Mainland China and its constitutive documents (i.e. the Fund Contract); d) the sale and distribution of the Fund in Hong Kong shall comply with the applicable laws and regulations in Hong Kong; e) the Fund will comply with the additional rules released by the SFC governing the authorisation, post-authorisation and ongoing compliance, and the sale and distribution of the Fund in Hong Kong; and f) during the period the Fund remains authorised by the SFC, the Fund Manager shall ensure Unitholders of both Mainland China and Hong Kong receive fair and the same treatment, including in respect of investor protection, exercise of rights, compensation and disclosure of information. The Fund Manager confirms that Unitholders of both Mainland China and Hong Kong will receive fair and the same treatment pursuant to (f) above. The Fund is an MRF fund which is subject to the following eligibility requirements: a) the Fund is of an eligible fund type under MRF; b) the Fund is established and managed and operates in accordance with Mainland China laws and regulations and its constitutive documents; c) the Fund is a publicly offered securities investment fund registered with the CSRC under the Securities Investment Funds Law of the People s Republic of China; d) the Fund has been established for more than 1 year; e) the Fund has a minimum fund size of not less than RMB 200 million or its equivalent in a different currency; f) the Fund does not primarily invest in the Hong Kong market; and g) the value of Units in the Fund sold to investors in Hong Kong shall not be more than 50% of the value of the Fund s total assets. The Fund Manager is registered and operates in Mainland China in accordance with Mainland China laws and regulations and is licensed by the CSRC to manage publicly offered securities investment funds. The Fund Custodian is qualified to act as custodian for publicly offered securities investment funds pursuant to Mainland China laws and regulations. Following SFC authorisation, if the Fund ceases to meet the requirements prescribed by the SFC from time to time, the Fund Manager shall notify the SFC immediately. The Fund may not continue to be marketed to the public in Hong Kong and may not accept new subscriptions. 3

4 Investors should note that, when the value of Units in the Fund sold to investors in Hong Kong is approaching the 50% limit mentioned in sub-paragraph (g) above, the Fund should notify the SFC in writing immediately, and suspend subscription or apply a fair arrangement to apportion subscription orders until the 50% limit is reached. In these circumstances, there is a risk that Hong Kong investors may not be able to subscribe for the number of Units they desire (or not able to subscribe for any Units at all). For the avoidance of doubt, even if the limit is reached, Hong Kong investors can continue to hold their existing Units in the Fund and such Units will not be compulsorily redeemed. HONG KONG REPRESENTATIVE The Hong Kong Representative is ICBC Credit Suisse Asset Management (International) Company Limited. The Hong Kong Representative has been appointed by the Fund Manager in accordance with the Code on Unit Trusts and Mutual Funds (the Code ). The fees (if any) of the Hong Kong Representative are borne by the Fund Manager. Contact details of the Hong Kong Representative: Address: Suite 801, 8F, ICBC Tower, 3 Garden Road, Central, Hong Kong Telephone: ENQUIRIES AND COMPLAINTS Investors may contact the Hong Kong Representative for any queries or complaints in relation to the Fund at the Hong Kong Representative s address as set out in the section headed Hong Kong Representative above or by phone at In respect of a general enquiry or complaint, the Hong Kong Representative will revert to the Unitholder as soon as possible by phone or by . Without prejudice to the principle of equal treatment for Mainland China and Hong Kong investors, some of the services mentioned in the Prospectus may not be available to Hong Kong investors (for example, the services set out in the section headed XXI. Services to Unitholders of the Prospectus). Hong Kong investors should check with authorised distributors for further details. Different authorised distributors may provide different types of services associated with investment in the Fund. Please check with the authorised distributors for details. FURTHER INFORMATION Investors may access the website of the Hong Kong Representative at for further information on the Fund, including the offering documents, notices relating to the Fund, the financial reports and latest Net Asset Value per Unit. This website has not been reviewed by the SFC. SCHEMES NOT AUTHORISED BY SFC In relation to fund(s) as set out in the Hong Kong offering documents, only the Fund is authorised by the SFC for offering to the public in Hong Kong pursuant to section 104 of the SFO. Warning: Please note that the other fund(s) mentioned in the Hong Kong offering documents may not be authorised by the SFC for offering to the public in Hong Kong. It is an offence to 4

5 offer any of these funds which have not been authorised by the SFC to the public in Hong Kong unless an exemption under section 103 of the SFO applies. Intermediaries should take note of this. CLASSES OF UNITS FOR HONG KONG INVESTORS Only Class H Units are available to Hong Kong investors. Hong Kong investors should pay attention to the details and specific features of such Class H Units as disclosed in this Hong Kong Covering Document. If there are inconsistencies with the Prospectus concerning any information about Class H Units, the disclosure in this Hong Kong Covering Document shall prevail. Class H Units are denominated in Renminbi (RMB). The initial value of Class H Units will be set at RMB1. The Net Asset Value per Unit for Class H Units is calculated after the market closes by dividing the Net Asset Value for Class H Units by the total number of Class H Units on the relevant Hong Kong Dealing Day. Dealing in Class H Units will be in accordance with the procedures set out below under Dealing and Settlement Procedures in Hong Kong. CHANGES AND NOTIFICATION Changes to the Fund will be made in accordance with the applicable Mainland China laws and regulations and the provisions of the Fund s constitutive documents. Such changes shall be effective upon approval by the CSRC or compliance with the appropriate procedures in Mainland China, and thereafter, the changes shall be submitted to the SFC for filing. Changes that concern the eligibility of the Fund under the MRF arrangement (e.g. changes in investment objective, investment strategy or key operators) will generally require the SFC s prior approval. Also, in respect of certain issues that affect Hong Kong investors only (e.g. change of Hong Kong Representative), the SFC s prior approval may be required. Unitholders will be notified of the changes pursuant to applicable regulatory requirements. In general, notices (in both English and traditional Chinese) in relation to changes that affect Hong Kong investors will be posted on the Hong Kong Representative s website at The Fund Manager shall take reasonable steps and measures to ensure that notices affecting both Mainland China and Hong Kong investors are dispatched to investors in the Mainland China and Hong Kong at the same time. INVESTMENT OBJECTIVES AND STRATEGIES Investors attention is drawn to the investment objectives, strategies and other details on the Fund s investments in the section headed IX. Fund Investment in the Prospectus and the Product Key Facts Statement. As disclosed in the Prospectus, the Fund s investment shall be limited to financial instruments with good liquidity, including stocks, bonds (including government bonds, financial bonds, corporate bonds and convertible bonds), central bank bills, repurchase products, which are publicly issued and listed in China under the relevant laws and other financial instruments permitted by the CSRC. For this purpose, repurchase products shall refer to repurchase transactions or reverse repurchase transactions on the exchange market in Mainland China. Also, other financial instruments as referred to in the foregoing may include repurchase transactions or reverse repurchase transactions in the interbank market 5

6 in Mainland China. Please refer to the section headed Additional Disclosure on Securities Lending and/or Repurchase Transactions below for further details. The Fund s investments will be made in the Mainland China market only. The Fund may also potentially invest in urban investment bonds, asset-backed securities and debt securities which are rated BB+ or below by a Mainland China credit rating agency or unrated. The Fund will not invest in financial derivative instruments. The total extent of leverage of the Fund will not exceed 40% of the Fund s Net Asset Value and will be in the form of repurchase / reverse repurchase transactions only. ADDITIONAL DISCLOSURE ON SECURITIES LENDING AND/OR REPURCHASE TRANSACTIONS The Fund does not engage in securities lending. Prior regulatory approval will be sought and at least one month s prior notice will be given to Unitholders in Hong Kong if there is a change in this policy. However, provided that the minimum investment requirements for meeting the Fund s investment objectives and strategy and the other applicable regulatory requirements are complied with, the Fund may engage in repurchase transactions or reverse repurchase transactions on the exchange market in Mainland China and/or in the interbank market in Mainland China, for up to 40% of the Fund s Net Asset Value as part of its maximum allocation of 40% of its Net Asset Value to bonds and cash assets. The Fund will only enter into pledged repurchase / reverse repurchase transactions (i.e. ownership of the underlying bonds as collaterals will not be transferred to the other party but rather the bonds will be in the custody of the securities clearing company until a repayment of the cash lent is made) on both the exchange market and the interbank market in Mainland China. The repurchase / reverse repurchase transactions may be carried out through the Fund Manager, the Fund Custodian or their connected person, and in such case each of the parties (as the case may be) shall be entitled to retain a fee on a commercial basis, provided that all transactions shall be effected at arm s length and on best available terms (i.e. the fee shall be no greater than the prevailing market rates for a transaction of the same scale and nature) and periodic disclosure (including the fee retained by the Fund Manager, the Fund Custodian or their connected persons) is made in the Fund s annual reports. In respect of repurchase / reverse repurchase transactions carried out on the exchange market in Mainland China, all such transactions are centrally cleared and settled with China Securities Depository and Clearing Corporation Limited ( CSDCCL ) which in effect, acts as the sole counterparty to such transactions. Where the Fund enters into repurchase transactions, the Fund will receive cash (i.e. borrow cash) and pledge bonds as collateral. With respect to a reverse repurchase transaction, the Fund will pay cash (i.e. lend out cash) to CSDCCL and is subject to the counterparty risk of CSDCCL, and collateral will be pledged in favour of CSDCCL by the counterparties borrowing cash from CSDCCL via separate reverse repurchase transactions. The collaterals are placed under the custody of CSDCCL and the stock exchanges determine the types of bonds which may be used as collateral. In general, collateral may include government bonds and/or corporate bonds with a credit rating of AA or above as rated by a Mainland Chinese credit rating agency. The stock exchanges also provide prescribed haircut rates for different types of bonds. The collateral is held in specific pledged accounts of CSDCCL and is marked to market daily. Where the value of collateral falls below the secured amount, the relevant participant participating in the relevant 6

7 transaction is required to deliver additional cash or collateral, failing which CSDCCL has the right to dispose of the existing collateral securities and collect any outstanding amount from the defaulting participant. Where the Fund carries out repurchase / reverse repurchase transactions in the interbank market in Mainland China, the Fund Manager will take into account the following factors in selecting the counterparties: (a) whether the counterparties satisfy the Fund Manager s prescribed credit rating criteria; (b) the types of licence held by the counterparties such as whether they are dealers of government securities or first class market participants; (c) the transaction volume of the individual counterparty; and/or (d) the financial status or strength of the individual counterparty. In a repurchase transaction, the Fund will receive cash (i.e. borrow cash) and pledge bonds as collateral which will be received by and kept under custody of Shanghai Clearing House Co., Ltd. ( SCH ) or China Central Depository & Clearing Co., Ltd. ( CCDC ). With respect to a reverse repurchase transaction, the Fund will pay cash (i.e. lend out cash) and collateral will be pledged in favour of the Fund by the counterparties borrowing cash via the reverse repurchase transaction. The collaterals will be received by and kept under custody of SCH or CCDC. In respect of reverse repurchase transactions conducted on the interbank market in Mainland China, collateral acceptable to the Fund may include government bonds, local government bonds, central bank bills, commercial bank bonds, non-bank financial institution bonds, corporate bonds, commercial papers and/or mid-term notes. Unlike the reverse repurchase transactions on exchange market, the collateral will not be marked to market daily. The transactions entered into on interbank market are generally on a short-term basis to mitigate the market risk on collateral taken. Cash received by the Fund from repurchase transactions will be used for liquidity management and re-investment. Given the bonds received as collaterals from reverse repurchase transactions will be placed under the custody of CSDCCL, SCH or CCDC, there will be no reinvestment of collaterals and the Fund will not use them as collaterals of other repurchase transactions to acquire cash. After deduction of costs relating to the management of, and additional administrative work involved in, entering into and monitoring the repurchase / reverse repurchase transactions for the Fund by (i) the security clearing body or financial institution arranging the repurchase / reverse repurchase transactions and (ii) the Fund Manager, the Fund Custodian or their respective agents or delegates, any incremental income generated from repurchase / reverse repurchase transactions will be credited to the account of the Fund. RISK FACTORS Investors should refer to the section headed XVII. Risk Disclosure of the Fund in the Prospectus as are relevant to investment in the Fund and the following additional information in respect of the risks associated with investing in the Fund: 1. Risks associated with the MRF arrangement Quota restrictions: The Mainland-Hong Kong Mutual Recognition of Funds (MRF) scheme is subject to an overall quota restriction. Subscription of Units in the Fund may be suspended at any time if such quota is used up. Failure to meet eligibility requirements: If the Fund ceases to meet any of the eligibility requirements under the MRF, it may not be allowed to accept new subscriptions. In the worst scenario, the SFC may even withdraw its authorisation for the Fund to be publicly offered in Hong Kong for breach of eligibility requirements. There is no assurance that the Fund can satisfy these requirements on a continuous basis. Mainland China tax risk: Currently, certain tax concessions and exemptions are 7

8 available to the Fund and/or its investors under the MRF regime. There is no assurance that such concessions and exemptions or Mainland China tax laws and regulations will not change. Any change to the existing concessions and exemptions as well as the relevant laws and regulations may adversely affect the Fund and/or its investors and they may suffer substantial losses as a result. Different market practices: Market practices in the Mainland China and Hong Kong may be different. In addition, operational arrangements of the Fund and other public funds offered in Hong Kong may be different in certain ways. For example, subscriptions or redemption of Units of the Fund may only be processed on a day when both Mainland China and Hong Kong markets are open, or it may have different cut-off times or dealing day arrangements versus other SFC-authorised funds. Investors should ensure that they understand these differences and their implications. 2. Investment risk The Fund is an investment fund. There is no guarantee of the repayment of principal or payment of dividend or distribution. Further, there is no guarantee that the Fund will be able to achieve its investment objectives and there is no assurance that the stated strategies can be successfully implemented. 3. Substantial redemption risk Substantial redemptions may require the Fund Manager to liquidate investments of the Fund rapidly which would adversely affect the Net Asset Value of the Fund, and may result in suspension or delay in redemption process in the worst case. Pursuant to Mainland China regulations, the payment of proceeds of redemption may be deferred by not more than 20 Business Days, where a situation of continuous Substantial Redemption (as defined in the Prospectus) occurs. 4. Concentration risk / Mainland China market risk The Fund invests primarily in securities related to the Mainland China market and may be subject to additional concentration risk. Investing in the Mainland China market may give rise to different risks including political, policy, tax, economic, foreign exchange, legal, regulatory and liquidity risks. 5. RMB currency and conversion risks RMB is currently not freely convertible and is subject to exchange controls and restrictions. Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors base currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor s investment in the Fund. Investors may not receive RMB upon redemption of investments and/or dividend payment or such payment may be delayed due to the exchange controls and restrictions applicable to RMB. 6. Mainland China equity risk Market risk: The Fund s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Volatility risk: High market volatility and potential settlement difficulties in the 8

9 Mainland China equity markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund. Policy risk: Securities exchanges in Mainland China typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund. High valuation risk: The stocks listed on the Mainland China stock exchanges may have a higher price-earnings ratio; and such high valuation may not be sustainable. Liquidity risk: Securities markets in Mainland China may be less liquid than other developed markets. The Fund may suffer substantial losses if it is not able to dispose of investments at a time it desires. Risk associated with small-capitalisation / mid-capitalisation companies: The stock of small-capitalisation / mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general. 7. Mainland China debt securities risk Volatility and liquidity risks: The Mainland China debt securities markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations. Counterparty risk: The Fund is exposed to the credit/default risk of issuers of the debt securities that the Fund may invest in. Interest rate risk: Investment in the Fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. Downgrading risk: The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Fund may be adversely affected. The Manager may or may not be able to dispose of the debt instruments that are being downgraded. Credit rating agency risk: The credit appraisal system in Mainland China and the rating methodologies employed in Mainland China may be different from those employed in other markets. Credit ratings given by Mainland China rating agencies may therefore not be directly comparable with those given by other international rating agencies. Risk associated with urban investment bonds: The Fund may invest in urban investment bonds. Urban investment bonds are issued by local government financing vehicles ( LGFVs ), such bonds are typically not guaranteed by local governments or the central government of Mainland China. In the event that the LGFVs default on payment of principal or interest of the urban investment bonds, the Fund could suffer substantial loss and the Net Asset Value of the Fund could be adversely affected. Risk associated with asset-backed securities: The Fund may invest in asset-backed securities (including asset-backed commercial papers) which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Risk associated with debt securities which are rated BB+ or below by a Mainland China credit rating agency or unrated: The Fund may invest in debt securities rated BB+ or below by a Mainland China credit rating agency or unrated. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of 9

10 principal and interest than high-rated debt securities. 8. Risks relating to repurchase / reverse repurchase transactions The Fund Manager may enter into repurchase transactions for the account of the Fund. For repurchase transactions, the Fund may suffer substantial loss as there may be delay and difficulties in recovering collateral pledged with the counterparty or the cash originally received may be less than the collateral pledged with the counterparty due to inadequate valuation of the collateral and market movements upon default of the counterparty. The Fund Manager may enter into reverse repurchase transactions for the account of the Fund. The collateral pledged under the reverse repurchase transactions in the interbank market may not be marked to market. In addition, the Fund may suffer substantial loss when engaging in reverse repurchase transactions as there may be delay and difficulties in recovering cash placed out or realizing the collateral, or proceeds from the sale of the collateral may be less than the cash placed with the counterparty due to inadequate valuation of the collateral and market movements upon default of the counterparty. 9. Taxation risk Investors should note specific uncertainty in tax position and tax risks relating to potential tax liabilities on income and gains that arise from investing in, holding or disposing of Units in the Fund. Changes in tax regulations and/or tax provisioning policy of the Fund will impact investors remaining in the Fund. Investors may be advantaged or disadvantaged depending upon whether and how the gains arising from the disposal of Units and distributions from the Fund will ultimately be taxed and when the investors invest in the Fund. There are certain risks relating to Mainland China tax regime and FATCA, as further described in the section headed Taxation below. DEALING AND SETTLEMENT PROCEDURES IN HONG KONG For Hong Kong investors, the details on the minimum initial investment, minimum subsequent investment, minimum redemption and the minimum holding in respect of the Fund are set out below: Minimum initial investment Minimum subsequent investment Minimum redemption Minimum holding RMB1,000 RMB100 RMB1,000 RMB1,000 For the purpose of dealing in Units through the authorised distributors, a Hong Kong Dealing Day shall mean a Business Day (as defined in the Prospectus) on which banks in Hong Kong and Mainland China are also open for normal banking business. Where as a result of a number 8 typhoon signal, black rainstorm warning or other similar event, the period during which banks in Hong Kong and Mainland China are open on any day is reduced, such day shall not be a Hong Kong Dealing Day unless the Fund Manager determines otherwise. Subscription and redemption of Units in Hong Kong take place on each Hong Kong Dealing Day, save for a period of suspension of valuation of and dealing in Units of the Fund set out below under the sub-headed Suspension of Valuation and Dealing under the section headed Net Asset Value" below. 10

11 Subscription Procedures Applications by Hong Kong investors may be sent to the authorised distributors appointed to distribute Units of the Fund in Hong Kong. The authorised distributors will forward the subscription requests to the Hong Kong Representative or service provider(s) to be appointed by it from time to time which will in turn consolidate and forward such requests to Fund Registrar, which is responsible for handling registration and settlement of Class H Units. To purchase Units in the Fund at the Net Asset Value per Unit on a Hong Kong Dealing Day (calculated as of the close of the relevant market), investors should submit a properly documented subscription request to the authorised distributors. To be dealt with on a Hong Kong Dealing Day, a subscription request must be received by an authorised distributor on or before 3 p.m. (Hong Kong time) on the relevant Hong Kong Dealing Day. Where a subscription request is received after 3 p.m. (Hong Kong time), the request will be dealt with on the next following Hong Kong Dealing Day. Units are usually allotted within 2 Hong Kong Dealing Days after the relevant request is accepted. The number of Units allotted will be calculated by reference to the Net Asset Value per Unit on a Hong Kong Dealing Day, after taking into account the subscription fee. Please refer to the section Fees and Expenses below for further details. Investors must pay subscription proceeds fully to the authorised distributor in cleared funds at the time the subscription request is submitted. Otherwise, the subscription request will be considered invalid and will not be processed by the Hong Kong Representative. Any late subscription proceeds will be refunded to the investor (without interest after deduction of any bank charges incurred). Notwithstanding the foregoing, individual authorised distributors may have different dealing arrangements and procedures (including supporting documents and means of transmission of dealing requests) that must be complied with when Units are acquired through such distributors. Investors should consult with the distributors for the dealing procedures applicable to dealing through such distributors. Authorised distributors may impose earlier dealing deadlines for receiving instructions for subscriptions. Investors should pay attention to the arrangements of the distributors concerned. Hong Kong investors may not switch from the Fund to any other investment funds that have not been authorised by the SFC. Redemption Procedures A Hong Kong Unitholder who wishes to request a redemption of the whole or any part of his holding of Units in the Fund may submit his request to the authorised distributor through which Units were acquired. The authorised distributors will forward the redemption requests to the Hong Kong Representative or service provider(s) to be appointed by it from time to time which will in turn consolidate and forward such requests to Fund Registrar, which is responsible for handling registration and settlement of Class H Units. To redeem Units in the Fund at the Net Asset Value per Unit on a Hong Kong Dealing Day (calculated as of the close of the relevant market), investors should submit a properly documented request for redemption to the authorised distributors. To be dealt with on a Hong Kong Dealing Day, a redemption request must be received by an authorised distributor on or before 3 p.m. (Hong Kong time) on the relevant Hong Kong Dealing Day. Where a redemption request is received after 3 p.m. (Hong Kong time), the request will be dealt with 11

12 on the next following Hong Kong Dealing Day. Units are usually redeemed within 2 Hong Kong Dealing Days after the relevant request is accepted. The redemption proceeds to be paid will be calculated by reference to the Net Asset Value per Unit on a Hong Kong Dealing Day, after taking into account the redemption fee. Please refer to the section headed Fees and Expenses below for further details. Notwithstanding the foregoing, individual authorised distributors may have different dealing arrangements and procedures (including supporting documents and means of transmission of dealing requests) that must be complied with when Units are redeemed through such distributors. Investors should consult with the distributors for the dealing procedures applicable to dealing through such distributors. Authorised distributors may impose earlier dealing deadlines for receiving instructions for redemption. Investors should pay attention to the arrangements of the distributors concerned. If, after redemption, a Unitholder would be left with a balance of Units having a value of less than the minimum holding, the Fund Manager may deem this pending redemption instruction to be a request for redemption of the full balance of the Unitholder s holding of Units. In other words, the remaining Units will be compulsorily redeemed and this compulsory redemption will be processed without consent of or notification to the investors. Settlement Payment of the subscription monies must be made at the time of application. Payment must be made in RMB. If payment is made in any other currency, the authorised distributors may in its discretion arrange for the necessary foreign exchange transactions (at prevailing market exchange rates, i.e. the market exchange rate applied by the bank at the relevant time of currency conversion) before the subscription request is forwarded to the Fund Registrar on that Hong Kong Dealing Day. All bank charges will be borne by the applicant. Investors should check with the authorised distributors for further details. No money should be paid to any intermediary in Hong Kong who is not licensed or registered to carry on the Type 1 (dealing in securities) regulated activity under Part V of the Securities and Futures Ordinance. Proceeds from redemption will be paid in RMB to the registered Unitholder by telegraphic transfer usually within 7 Hong Kong Dealing Days of receipt by the Fund Manager of a properly documented redemption request given to and through the authorised distributor. If the business operation is affected by Force Majeure (as defined in the Prospectus) or an event beyond the control of the Fund Manager, the Fund Registrar or the Fund Custodian, such as regulatory requirements or exchange controls, delay in data transmission on a stock exchange or trading market, failure of communication systems, failure of banks' data exchange systems, the redemption proceeds shall be transferred on the next following Hong Kong Dealing Day when the Force Majeure event ceases to exist. Pursuant to Mainland China regulations, the payment of proceeds of redemption may be deferred by not more than 20 Business Days, where a situation of continuous Substantial Redemption (as defined in the Prospectus) occurs. All bank charges incurred in making the redemption payment will be borne by the redeeming Unitholder. Investors should check with the authorised distributors for further details. For dealing in Units through authorised distributors investors are advised to obtain information on settlement from the distributors concerned. Changes to information and Anti-money Laundering Checks 12

13 If there is any change in the information contained in a Unitholder s application form or the Unitholder s personal information or details, the Unitholders should notify the Hong Kong Representative (who in turn will notify the Fund Manager) in writing of any such change and furnish the Hong Kong Representative with such additional documents relating to such change as the Hong Kong Representative or the Fund Manager may request. In the event of delay or failure to produce any documents or information required for verification of identity or legitimacy of subscription monies, the Fund Manager, the Fund Custodian and/or the Hong Kong Representative may refuse to accept an application and the subscription moneys relating thereto. Further, they may delay in paying any redemption proceeds if a Unitholder delays in producing or fails to produce any documents or information required for the purposes of verification of identity, and may refuse to make payment to a Unitholder if either of them suspects or is advised that (i) such payment may result in a breach or violation of any anti-money laundering law or other laws or regulations by any person in any relevant jurisdiction; or (ii) such refusal is necessary or appropriate to ensure compliance with any such laws or regulations in any relevant jurisdiction. NOMINEE ARRANGEMENTS AND UNITHOLDER MEETINGS For Hong Kong investors, the holding of Units in the Fund will be through the relevant authorised distributors. As such, the authorised distributor will act as nominee and be recorded as the holder of the relevant Units by the Fund Registrar. Therefore, the underlying investors will not be recorded as the holder of the relevant Units. Each authorised distributor is expected to keep a record of the underlying holders on behalf of whom it holds Units in the Fund. Because of the nominee arrangement, the relevant authorised distributor will be recorded as holder on the register of the Fund (nominee account holder), and it will be entitled to exercise the rights as a holder of Units (including but not limited to voting rights, the right to take legal action against the Fund Manager and Fund Custodian), instead of the individual underlying investors. The Fund Manager will communicate details of all Unitholder Meetings such as meeting date, time and the resolutions relating to the Fund to the nominee account holders who are expected to further notify Hong Kong investors such details, together with the voting arrangements, as soon as practicable. Hong Kong investors may vote by giving instructions to the nominee account holders. The nominee account holders will consolidate the voting instructions from Hong Kong investors and submit such voting instructions to the Fund Manager. These instructions will be processed pursuant to the provisions of the Fund Contract. Investors must comply with the arrangements and deadlines specified by their authorised distributors, in order to participate in the voting process in Unitholder Meetings. Hong Kong investors should consider the above and understand the difference in position as a result of holding Units by way of a nominee arrangement. In particular, Hong Kong investors will exercise their rights in the Fund through a nominee, whereas Mainland China investors holding Units directly are entitled to exercise their rights in the Fund directly. NET ASSET VALUE Publication of the Net Asset Value per Unit The Net Asset Value per Unit shall be made available on each Hong Kong Dealing Day on 13

14 the website of the Hong Kong Representative at Suspension of Valuation and Dealing Any suspension of the determination of the Net Asset Value of the Fund and the subscription or redemption of Units of the Fund will be announced as soon as practicable on the website of the Hong Kong Representative at in accordance with and under the circumstances described in the section headed VIII. Subscription and Redemption of Fund Units of the Prospectus. For any suspension or deferral of dealings of the Fund requiring notification to the CSRC, the SFC shall also be notified correspondingly. Investors should note that the aforesaid website has not been reviewed by the SFC. FEES AND EXPENSES The attention of prospective investors is drawn to details of the fees and expenses relating to the Fund as set out in the section headed XIV. Expenses and Taxes of the Fund of the Prospectus. Subscription of Class H Units is subject to a subscription fee of up to 3% of the subscription amount. The subscription charge will be retained by the relevant authorised distributor. Units allotted will therefore equal to the subscription amount (after deduction of the subscription fee) divided by the Net Asset Value per Unit as of the relevant Hong Kong Dealing Day. Redemption of Class H Units is subject to a redemption fee of 0.125% of the redemption amount. 100% of the total redemption charge in respect of the redemption of Class H Units shall become the asset of the Fund. Redemption proceeds will therefore equal to the number of Units redeemed multiplied by the Net Asset Value per Unit (after deduction of the redemption fee) as of the relevant Hong Kong Dealing Day. TAXATION Investors may refer to the Prospectus for more information on the possible tax implications. Investors should inform themselves of, and where appropriate consult their professional advisors on, the possible tax consequences of subscribing for, buying, holding, converting, redeeming or otherwise disposing of Units under the laws of their country of citizenship, residence, or domicile or incorporation. Mainland China (a) Taxation for Investors On 18 December 2015, The Ministry of Finance, the State of Administration of Taxation and the CSRC jointly released the Caishui [2015] No.125 (the Notice ) which specifies the Mainland taxation for investments in Mainland securities investment funds under MRF ( Recognised Mainland Funds ) by Hong Kong investors or investors in Hong Kong ( Hong Kong Investors ), and as set out below: Corporate Income Tax ( CIT ) and Individual Income Tax ( IIT ) Income derived from disposal gains of Recognised Mainland Funds by Hong Kong Investors is temporarily exempt from CIT and IIT respectively. Income derived from distributions from Recognised Mainland Funds is also temporarily exempt from CIT and IIT respectively. Business Tax ( BT ) 14

15 BT is temporarily exempted on the income derived by Hong Kong Investors from trading of units of Recognised Mainland Funds. Stamp Duty Mainland Stamp Duty is temporarily not payable by Hong Kong Investors for the subscription, redemption, purchase, sales, transfer or inheritance of units/shares of Recognised Mainland Funds. (b) Taxation for Mainland Securities Investment Fund Pursuant to Caishui [2008] No. 1, gains realized from the trading of Mainland shares and bonds, dividend from Mainland shares, interest from Mainland bonds and other income by Mainland securities investment fund shall be exempted from CIT. Pursuant to Caishui [2002] No. 128, listed companies and issuers of bonds should withhold 20% IIT from payment of dividends or interest to a Mainland securities investment fund. However, the IIT will be withheld at the rates of 10% and 7% respectively for dividends and interests declared by the Mainland issuers to Recognised Mainland Funds on the portion of dividends and interests attributable to Hong Kong Investors pursuant to the Notice. In addition, sale of A-Shares and B-Shares ("Mainland Shares") is subject to Mainland stamp duty at a rate of 0.1% of the total proceed. However, the purchase of Mainland Shares is not subject to PRC Stamp Duty. Various tax reform policies have been implemented by the Mainland government in recent years, and existing tax laws and regulations may be revised or amended in the future. There is no assurance that current tax exemptions or incentives will not be abolished in the future. Investors should seek their own tax advice on their Mainland China tax position with regard to their investment in the Recognised Mainland Fund. Hong Kong Under current law and practice in Hong Kong, during such time as the Fund remains authorised by the SFC, it is not expected to be subject to any Hong Kong profits tax arising from the carrying on of its activities as described in the Prospectus and this Hong Kong Covering Document. Except as mentioned below, Unitholders will not be subject to any Hong Kong tax on distributions from the Fund or on capital gains realised on the sale of any Unit. If the acquisition and redemption of Units is or forms part of a trade, profession or business carried on in Hong Kong, gains realised by the relevant Unitholder may attract Hong Kong profits tax. Units will not attract Hong Kong estate duty and no Hong Kong stamp duty will be payable on the issue or transfer of Units. Foreign Account Tax Compliance Act Sections (referred to as FATCA ) of the U.S. Internal Revenue Code of 1986, as amended ( IRS Code ) impose rules with respect to certain payments to non-united States persons, such as the Fund, including interest and dividends from securities of U.S. issuers and gross proceeds from the sale of such securities. All such payments may be subject to withholding at a 30% rate, unless the recipient of the payment satisfies certain requirements intended to enable the U.S. Internal Revenue Service ( IRS ) to identify United States persons (within the meaning of the IRS Code) with interests in such payments. To avoid such withholding on payments made to it, a foreign financial institution (an FFI ), such as the Fund (and, generally, other investment funds organised outside the U.S.), generally 15

16 will be required to register with the U.S. IRS to obtain a Global Intermediary Identification Number and enter into an agreement (an FFI Agreement ) with the U.S. IRS under which it will agree to identify its direct or indirect account holders who are United States persons and report certain information concerning such account holders to the U.S. IRS. In general, an FFI which does not enter into an FFI Agreement or is not otherwise exempt will face a 30% withholding tax on all withholdable payments derived from U.S. sources, including dividends, interest and certain derivative payments made on or after 1 July In addition, starting from 1 January 2019, gross proceeds such as sales proceeds and returns of principal derived from stocks and debt obligations generating U.S. source dividends or interest will be treated as withholdable payments. It is expected that certain non-u.s. source payments attributable to amounts that would be subject to FATCA withholding (referred to as passthru payments ) will also be subject to FATCA withholding, though the definition of passthru payment in U.S. Treasury Regulations is currently pending. Many governments have entered or will enter into an Inter-governmental Agreement ( IGA ) with the IRS. The Mainland China government has not entered into an IGA with the United States as of the date hereof, although it has substantially negotiated such agreement and has been added to the list of countries treated as having an IGA in place. As of the date hereof, the Fund Manager has already registered with the U.S. IRS as a sponsoring entity and has obtained its Global Intermediary Identification Number. The Fund Manager, as a sponsoring entity, agrees to perform the due diligence, withholding and reporting obligations of the Fund for the purpose of complying with FATCA. The Fund, as well as the Fund Manager, will endeavour to satisfy the requirements imposed under FATCA to avoid any withholding tax. In the event that the Fund is not able to comply with the requirements imposed by FATCA and the Fund does suffer U.S. withholding tax on its investments as a result of non-compliance, the Net Asset Value of the Fund may be adversely affected and the Fund may suffer significant loss as a result. In the event a Unitholder (account holder) does not provide the requested information and/or documentation, whether or not that actually leads to compliance failures by the Fund, or a risk of the Fund being subject to withholding tax under FATCA, the Fund Manager on behalf of the Fund reserves the right to take any action and/or pursue all remedies at its disposal including, without limitation, (i) reporting the relevant information of such Unitholder to the relevant authorities; and/or (ii) withholding or deducting from such Unitholder s redemption proceeds or distributions to the extent permitted by applicable laws and regulations. The Fund Manager in taking any such action or pursuing any such remedy shall act in good faith and on reasonable grounds and in accordance with its constitutive documents. Each Unitholder and prospective investor should consult with his own tax advisor as to the potential impact of FATCA in its own tax situation. REPORTS Audited annual reports incorporating financial statements, unaudited half-yearly reports and quarterly reports shall be made available to each Unitholder in accordance with the section headed XVI. Information Disclosure of the Fund of the Prospectus. Annual reports will be made available within 90 days after the end of each year. Half-yearly reports of the Fund will be made available within 60 days after the end of the first half of each year. Quarterly reports of the Fund will be made available within 15 Working Days after the end of each quarter. Financial reports made available to Hong Kong investors will be supplemented with such 16

17 additional information as required to be furnished to Hong Kong investors under the MRF arrangement (or otherwise required by the SFC from time to time). Unitholders will be notified as and when the above reports are available. All the above reports shall be made available electronically on Investors should note that the aforesaid website has not been reviewed by the SFC. These reports will be also made available for inspection at the registered office of the Hong Kong Representative. DOCUMENTS AVAILABLE TO INVESTORS Offering documents and ongoing disclosure of information of the Fund shall be made available to Mainland Chinese investors and Hong Kong investors at the same time, except for any notice to Mainland Chinese investors which is issued only in respect of classes of Units of the Fund not available in Hong Kong and not relevant to Hong Kong investors, or relate solely to issues that have no impact on Hong Kong investors. Copies of the following documents are available for inspection free of charge during normal business hours on weekdays (excluding Saturdays and public holidays) at the registered office of the Hong Kong Representative:- i. approval documents of the CSRC for the offering of the Fund ii. iii. iv. the Fund Contract of the Fund, as amended from time to time; the Custody Agreement as referred to in the Prospectus; the Prospectus of the Fund registered with the CSRC, this Hong Kong Covering Document and the Product Key Facts Statement, as amended from time to time; v. financial reports of the Fund under the above section headed Reports ; vi. vii. viii. ix. legal opinion (issued by Mainland China counsel); the Hong Kong Representative Agreement; notices and announcements of the Fund to Hong Kong investors; such other documents as are set out in the Prospectus to be available for public inspection. Items (i), (ii), (iii), (v), (vi) and (ix) will be available in simplified Chinese only. Documents set out in item (iv) will be available in English and traditional Chinese only. Item (vii) will be available in English only. All notices and announcements to Hong Kong investors set out in item (viii) will be provided in English and traditional Chinese. Investors may request for specific information regarding items (ii) and (v) in traditional Chinese and/or English by submitting a request in writing to the Hong Kong Representative. The Hong Kong Representative will respond to such request as soon as practicable. Copies of documents set out in items (iv) and (v) may also be obtained, free of charge, upon request at the registered office of the Hong Kong Representative. Copies of the other documents set out above may be obtained upon payment of a reasonable fee upon request at the registered office of the Hong Kong Representative. As regards item (iv), the Prospectus of the Fund shall normally be updated every six months; 17

18 and the Hong Kong Covering Document and the Product Key Facts Statement shall be updated where necessary to reflect corresponding changes. 18

19 PRODUCT KEY FACTS ICBC Credit Suisse Asset Management Company Limited ICBCCS CHINA CORE VALUE MIXED FUND March 2016 This is a Mainland fund authorized for public offering in Hong Kong pursuant to Mainland-Hong Kong Mutual Recognition of Funds arrangement. This statement provides you with key information about this product. This statement is part of the offering document. You should not invest in this product based on this statement alone. Quick facts Fund Manager: ICBC Credit Suisse Asset Management Company Limited Custodian: Bank of China Limited Ongoing charges over a year # : Class H: 1.76% Dealing frequency: Each Hong Kong Dealing Day i.e. a business day in both PRC and Hong Kong Base currency: RMB Dividend policy: Class H: Dividends, if any, will be distributed at such times at the discretion of the Fund Manager, for up to 4 times a year Financial year end of this fund: Minimum investment: 31 December Class H: RMB1,000 minimum initial investment, RMB100 minimum subsequent investment # This figure is an estimate only (as the unit class is newly set up) and represents the sum of the estimated ongoing expenses chargeable to the unit class expressed as a percentage of the unit class' estimated average net asset value. The figure may vary from year to year. The actual figure may be different from the estimated figure. What is this product? ICBCCS China Core Value Mixed Fund (the Fund ) is a fund constituted under the laws of the Mainland China and its home regulator is the China Securities Regulatory Commission. Objectives and Investment Strategy Objectives To effectively manage the risk of the investment portfolio whilst seeking long-term and steady growth in the Fund's asset value. Strategy The Fund's investment shall be limited to financial instruments with good liquidity, including stocks, bonds (including government bonds, financial bonds, corporate bonds and convertible bonds), central bank bills, repurchase transactions or reverse repurchase transactions on the exchange market in Mainland China, which are publicly issued and listed in China under the relevant laws and other financial instruments (including repurchase transactions or reverse repurchase transactions in the interbank market in Mainland China) permitted by the CSRC. The investment allocation of the Fund's portfolio is as follows: Equity assets represent 60% - 95% of the Net Asset Value of the Fund, while bonds and cash assets represent 5%-40% of the Net Asset Value of the Fund. The Fund invests in undervalued large and medium-sized listed companies, so as to achieve the objective of long-term steady growth. The Fund Manager adopts a top-down approach, combining i

20 qualitative and quantitative research, to conduct asset allocation between stocks and bonds and other asset classes. The Fund adopts a "top-down" bond investment strategy, first conducting an analysis of the impact of the macroeconomic environment, economic policy and market restructuring on the bond market to determine a trend, and then combining the use of durations management, yield curve, income rate spread and other strategies with credit risk and liquidity management to build a portfolio of bonds with stable income and good liquidity. The Fund s investments will be made in the Mainland China market only. The Fund may also potentially invest in urban investment bonds, asset-backed securities and debt securities which are rated BB+ or below by a Mainland China credit rating agency or unrated. The Fund will not invest in financial derivative instruments. The total extent of leverage of the Fund will not exceed 40% of the Fund s Net Asset Value and will be in the form of repurchase / reverse repurchase transactions only. The Fund does not engage in securities lending. Prior regulatory approval will be sought and at least one month s prior notice will be given to unitholders in Hong Kong if there is a change in this policy. However, provided that the minimum investment requirements for meeting the Fund s investment objectives and strategy and the other applicable regulatory requirements are complied with, the Fund may engage in repurchase transactions or reverse repurchase transactions on the exchange market in Mainland China and/or in the interbank market in Mainland China, for up to 40% of the Fund s Net Asset Value as part of its maximum allocation of 40% of its Net Asset Value to bonds and cash assets. What are the key risks? Investment involves risks and there is no guarantee of the repayment of principal. Please refer to the offering document for details including the risk factors. 1. Risks associated with the MRF arrangement Quota restrictions: The Mainland-Hong Kong Mutual Recognition of Funds (MRF) scheme is subject to an overall quota restriction. Subscription of units in the Fund may be suspended at any time if such quota is used up. Failure to meet eligibility requirements: If the Fund ceases to meet any of the eligibility requirements under the MRF, it may not be allowed to accept new subscriptions. In the worst scenario, the SFC may even withdraw its authorization for the Fund to be publicly offered in Hong Kong for breach of eligibility requirements. There is no assurance that the Fund can satisfy these requirements on a continuous basis. Mainland China tax risk: Currently, certain tax concessions and exemptions are available to the Fund and/or its investors under the MRF regime. There is no assurance that such concessions and exemptions or Mainland China tax laws and regulations will not change. Any change to the existing concessions and exemptions as well as the relevant laws and regulations may adversely affect the Fund and/or its investors and they may suffer substantial losses as a result. Different market practices: Market practices in the Mainland China and Hong Kong may be different. In addition, operational arrangements of the Fund and other public funds offered in Hong Kong may be different in certain ways. For example, subscriptions or redemption of units of the Fund may only be processed on a day when both Mainland China and Hong Kong markets are open, or it may have different cut-off times or dealing day arrangements versus other SFC-authorised funds. Investors should ensure that they understand these differences and their implications. 2. Investment risk The Fund is an investment fund. There is no guarantee of the repayment of principal or payment of dividend or. Further, there is no guarantee that the Fund will be able to achieve its investment objectives and there is no assurance that the stated strategies can be successfully implemented. 3. Concentration risk / Mainland China market risk ii

21 The Fund invests primarily in securities related to the Mainland China market and may be subject to additional concentration risk. Investing in the Mainland China market may give rise to different risks including political, policy, tax, economic, foreign exchange, legal, regulatory and liquidity risks. 4. RMB currency and conversion risks RMB is currently not freely convertible and is subject to exchange controls and restrictions. Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors base currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor s investment in the Fund. Investors may not receive RMB upon redemption of investments and/or dividend payment or such payment may be delayed due to the exchange controls and restrictions applicable to RMB. 5. Mainland China equity risk Market risk: The Fund s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Volatility risk: High market volatility and potential settlement difficulties in the Mainland China equity markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund. Policy risk: Securities exchanges in Mainland China typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund. High valuation risk: The stocks listed on the Mainland China stock exchanges may have a higher price-earnings ratio; and such high valuation may not be sustainable. Liquidity risk: Securities markets in Mainland China may be less liquid than other developed markets. The Fund may suffer substantial losses if it is not able to dispose of investments at a time it desires. Risk associated with small-capitalisation / mid-capitalisation companies: The stock of smallcapitalisation / mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general. 6. Mainland China debt securities Volatility and liquidity risks: The Mainland China debt securities markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations. Counterparty risk: The Fund is exposed to the credit/default risk of issuers of the debt securities that the Fund may invest in. Interest rate risk: Investment in the Fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. Downgrading risk: The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Fund may be adversely affected. The Manager may or may not be able to dispose of the debt instruments that are being downgraded. Credit rating agency risk: The credit appraisal system in Mainland China and the rating methodologies employed in Mainland China may be different from those employed in other markets. Credit ratings given by Mainland China rating agencies may therefore not be directly comparable with those given by other international rating agencies. Risk associated with urban investment bonds: The Fund may invest in urban investment bonds. Urban investment bonds are issued by local government financing vehicles ( LGFVs ), such bonds are typically not guaranteed by local governments or the central government of Mainland China. In the event that the LGFVs default on payment of principal or interest of the urban investment bonds, the Fund could suffer substantial loss and the Net Asset Value of the Fund could be adversely affected. Risk associated with asset-backed securities: The Fund may invest in asset-backed securities (including asset-backed commercial papers) which may be highly illiquid and prone to iii

22 substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities. Risk associated with debt securities which are rated BB+ or below by a Mainland China credit rating agency or unrated: The Fund may invest in debt securities rated BB+ or below by a Mainland China credit rating agency or unrated. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than highrated debt securities. How has the Fund performed? There is insufficient data to provide a useful indication of past performance to investors. Fund launch date: 2005 Class H launch date: 2015 Class H is a unit class open for investment by Hong Kong retail investors and denominated in the Fund s base currency. Past performance is not indicative of future performance. Investors may not get back the full amount invested. Is there any guarantee? This Fund does not have any guarantees. You may not get back the full amount of money you invest. What are the fees and charges? Charges which may be payable by you You may have to pay the following fees when dealing in the Fund. Fees Subscription fee Switching fee Redemption fee What you pay Up to 3.0% of the subscription amount Not applicable 0.125% of the redemption amount Ongoing fees payable by the Fund The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. Fees Annual rate (as a % of the net asset value of the Fund) Management fee 1.5% Custodian fee 0.25% Performance fee Not applicable Administration fee Not applicable Other fees You may have to pay other fees and charges when dealing in the Fund. Additional Information You generally buy and redeem units at the Fund s next-determined net asset value (NAV) after an authorised distributor receives your request in good order on or before 3 p.m. (Hong Kong time) being the dealing cut-off time. Certain authorised distributor(s) may impose earlier dealing deadlines for receiving requests from investors. Investors should check with the relevant authorised distributor(s) accordingly. The NAV of the Fund is calculated and the price of units published each Hong Kong Dealing Day. They are available online at the Hong Kong Representative s website at (the website has not been reviewed by the SFC). iv

23 Investors should visit the Hong Kong Representative s website at (the website has not been reviewed by the SFC) for the latest notices relating to the Fund. Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. v

24 (2016 No.1) Fund Manager: ICBC Credit Suisse Asset Management Co., Ltd. Fund Custodian: Bank of China Limited

25 IMPORTANT ICBCCS China Core Value Mixed Fund (hereinafter referred to as the "Fund") has been approved by the China Securities Regulatory Commission (hereinafter referred to as the "CSRC") on July 11, 2005 in its approval document Zheng Jian Ji Jin Zi [2005] No The Fund Contract of the Fund came into effect on August 31, 2005, and was updated on September 23, The Fund Manager hereby warrants that the contents of this Prospectus are true, accurate and complete. The Prospectus is checked and approved by the CSRC, but the CSRC s approval of the offering of the Fund neither represents its substantive judgment or guarantee on the value and return of the Fund, nor indicates that there is no risk when investing in the Fund. Investment involves risks. Before the IPO Subscription (or Subscription) of Fund units, Investors are advised to carefully read the Prospectus to obtain a good understanding of the Fund s characteristics regarding risks and returns and product features, and they should fully consider personal risk tolerance, and make independent decisions regarding the intention, timing and quantity of fund IPO Subscription (or Subscription) and other investment behaviors. The Fund Manager reminds the Investors of the principle of caveat emptor, that is, after the investment decision is made, the investment risks caused by operating activity and change in net value of the Fund shall be borne by the Investors. The Fund's past performance is not indicative of its future results. The performance of other funds managed by the Fund Manager does not constitute a guarantee of the performance of the Fund. The Fund Manager undertakes to use and manage the Fund Assets with dedication, honesty, good faith, responsibility and diligence, but does not guarantee any profits or minimum return on the Fund. The contents contained in this Prospectus are current as of December 30, 2015, and the related financial data and net asset value performance data are current as of September 30, The Fund Prospectus has been reviewed by the Fund Custodian. 2

26 Contents IMPORTANT... 2 I. Preface... 5 II. Definition... 5 III. Fund Manager IV. Fund Custodian (I) Summary of the Fund Custodian (II) Fund Custody Department and Major Personnel (IV) Internal Control Systems of Custody Business (V) Methods and Procedures for Supervising the Fund Manager s Operation of the Fund by the Fund Custodian V. Relevant Service Agencies VI. Offering of Fund VII. Effective Date of the Fund Contract VIII. Subscription and Redemption of Fund Units IX. Fund Investment X. Performance of the Fund XI. Fund Assets XII. Valuation of Fund Assets XIII. Fund Income and Distribution XIV. Expenses and Taxes of the Fund XV. Accounting and Auditing of the Fund XVI. Information Disclosure of the Fund XVII. Risk Disclosure of the Fund XVIII. Modification and Termination of the Fund Contract and Liquidation of Fund Assets XIX. Summary of the Fund Contract XX. Summary of the Fund Custody Agreement

27 XXI. Services to Unitholders XXII. Additional Information Disclosure XXIII. Retention and Inspection of the Prospectus XXIV. Documents Available for Inspection Attachment I Attachment II

28 I. Preface The ICBCCS China Core Value Mixed Fund Prospectus (hereinafter referred to as the "Prospectus") is drafted pursuant to the Securities Investment Fund Law of the People's Republic of China (hereinafter referred to as the "Funds Law"), the Administrative Measures on Sales of Securities Investment Fund (hereinafter referred to as the "Measures on Sales"), the Administrative Measures on Operations of Publicly Offered Securities Investment Fund (hereinafter referred to as the "Measures on Operations"), the Administrative Measures on Information Disclosure of Securities Investment Funds (hereinafter referred to as the "Measures on Information Disclosure"), other relevant laws and regulations and the ICBCCS China Core Value Mixed Fund Contract (hereinafter referred to as the "Fund Contract"). The Prospectus describes all the necessary matters related to investors' investment decisions including investment objective, strategies, risks, and fees of the ICBCCS China Core Value Mixed Fund, and therefore investors shall read the Prospectus carefully before making investment decisions. The Fund Manager hereby warrants that there is no false or misleading statement or material omission in this Prospectus, and it shall be fully responsible for the truthfulness, accuracy, and completeness of the information contained herein. The Fund shall be offered based on the information set out in this Prospectus. The Prospectus shall be construed by ICBC Credit Suisse Asset Management Co., Ltd. The Fund Manager does not entrust or authorize any person to provide any information that is not disclosed in this Prospectus or to provide any explanation or clarification of this Prospectus. This Prospectus is drafted pursuant to the Fund Contract and approved by the CSRC. The Fund Contract is the legal document stipulating the rights and obligations of the Parties to the Fund Contract. Investors become Fund Unitholders and Parties to the Fund Contract starting from the date when they acquire the Fund Units pursuant to the Fund Contract. Their holding of the Fund Units indicates their acknowledgement and acceptance of the Fund Contract, and they shall enjoy rights and bear obligations pursuant to the Funds Law, the Fund Contract and other applicable regulations. Fund investors shall carefully review the Fund Contract to become knowledgeable of the rights and obligations of the Fund Unitholders. II. Definition Unless otherwise specified herein, the following terms or abbreviations in this Prospectus shall have the meaning given below: 5

29 Fund or the Fund Fund Contract refers to the ICBCCS China Core Value Mixed Fund; refers to the ICBCCS China Core Value Mixed Fund Contract and any effective amendments or supplements thereof; Prospectus refers to the ICBCCS China Core Value Mixed Fund Prospectus and the regular updates thereof; Custody Agreement refers to the ICBCCS China Core Value Mixed Fund Custody Agreement and any valid amendments or supplements thereof; Offering Announcement refers to the Units Offering Announcement of ICBCCS China Core Value Mixed Fund; CSRC refers to the China Securities Regulatory Commission; CBRC refers to the China Banking Regulatory Commission; Securities Law refers to the Securities Law of the People's Republic of China; Contract Law refers to the Contract Law of the People s Republic of China; Funds Law refers to the Law of the People s Republic of China on Securities Investment Fund; Measures on Sales refers to the Administrative Measures on Sales of Securities Investment Fund; Measures on Operations refers to the Administrative Measures on Operations of Publicly Offered Securities Investment Fund; Measures on Information Disclosure refers to the Administrative Measures on Information Disclosure of Securities Investment Funds; Parties to the Fund Contract refer to the Fund Manager, the Fund Custodian and the Unitholders, who are bound by the Fund Contract and who enjoy the rights and bear the obligations under the Fund Contract; Fund Manager: refers to the ICBC Credit Suisse Asset Management Co., Ltd.; Fund Custodian refers to the Bank of China Limited; Investor refers to individual investors, institutional investors, Qualified Foreign Institutional Investors and other investors as approved by 6

30 laws and regulations or the CSRC to make Subscription of securities investment funds; Individual Investor Institutional Investor Qualified Foreign Institutional Investor or QFII Sales Institutions Direct Sales Institution Sales Agency Fund Offering Period Effective Date of Fund Contract refers to a Chinese citizen with 18 or above years old and who legally hold identity cards, military officer cards or other valid identity documents in effect and issued by the People's Republic of China, and other natural persons who are qualified to invest in securities investment funds according to relevant laws and regulations or are approved by the CSRC; refers to an enterprise legal person, a public institution legal person, a social group or other organization, which is lawfully registered in the People s Republic of China, or duly formed and validly existing with the approval of competent governmental departments, and is qualified to invest in securities investment funds pursuant to laws. refers to foreign fund management institutions, which meet the requirements specified by the Provisional Measures on Administration of Domestic Securities Investments of Qualified Foreign Institutional Investors and relevant laws and regulations, and are allowed to invest in securities investment funds that are legally established in China; Refers to the Direct Sales Institution and Sales Agencies. refers to ICBC Credit Suisse Asset Management Co., Ltd. (including the direct sales center and online trading system); refers to an institution that is authorized by the Fund Manager to manage the IPO Subscription, Subscription, Redemption and other business of the Fund; refers to the offering period of Fund units, as set out in the Fund Contract and the Prospectus and with approval of the CSRC, from the date on which the offering of Units begins to the date on which the offering ends, provided that the period shall not exceed three months; refers to the date on which the total Fund units offered exceed the minimum Fund units approved, and the provisions of the relevant laws and regulations and the Fund Contract on the number of Unitholders are satisfied after the offering period of the Fund and 7

31 on which the Fund Manager has completed the filing procedures with and obtained a written confirmation from CSRC. IPO Subscription Subscription Redemption Switching Registration Business Registrar Fund Account Trading Account Agency Transfer refers to an Investor s application for purchasing units of the Fund within the Initial Offer Period of the Fund according to the requirements of the Fund Contract; refers to an Investor s application for purchasing units within the Duration of the Fund after the Fund Contract takes effect; refers to the Fund Manager s application for repurchasing units of the Fund pursuant to the conditions set forth in the Fund Contract; refers to an Unitholder s switching of the units in the Fund into the units of other funds managed by the Fund Manager pursuant to the requirements of the Fund Manager; Refers to the registration, depository, transfer, clearing and settlement of the Fund, including the management of Investors fund accounts, registration of units, confirmation, clearing and settlement of sales business of the Fund, distribution of dividends, establishment and keeping of the register of the Unitholders, etc. Refers to an institution which processes the registration business of the Fund. The Registrar of the Fund is ICBC Credit Suisse Asset Management Co., Ltd. or an institution that is entrusted by ICBC Credit Suisse to handle the registration business of the Fund on its behalf. refers to an account at the Registrar opened for a fund investor, for the purpose of recording the balance and changes of the fund units that are held by such Unitholder and maintained by the Registrar; refers to an account opened at the Sales Institutions for an Investor, for the purpose of recording the balance and the changes of the units that are bought by such Investor through the Sales Institutions; refers to an Unitholder s transfer of his/her Units under the same Fund Account from a certain Trading Account into another 8

32 Trading Account; Duration Business Day Dealing Day Business Rules T Date Yuan Fund Income Total Asset Value of Fund Net Asset Value of the Fund Valuation of Fund Assets Classification of Fund Units: refers to the indefinite period from the Effective Date of Fund Contract to the date on which the Fund Contract is terminated; refers to a normal trading day of Shanghai Stock Exchange and Shenzhen Stock Exchange; Refers to a day on which the Subscription and Redemption etc. are taken care of for investors. refers to the Business Rules on the Registration of Securities Investment Funds of ICBC Credit Suisse Asset Management Co., Ltd., which are the business rules established to standardize the registration, settlement and operation of the securities investment funds under the management of the Fund Manager, and shall be jointly observed by the Fund Manager and Investors; refers to a day on which the applications of Investors for Subscription, Redemption or other operations are accepted by the Sales Institutions. refers to RMB Yuan. refers to the bonus, dividend, income from interest of bonds, realized capital gains, interest of bank deposits and other lawful incomes accruing from the fund investment; refers to the total value of all types of marketable securities, principals and interests of bank deposits, monies receivable from Subscription of the Fund and other assets possessed by the Fund; refers to the remaining value of the total asset value of Fund less the liabilities of the Fund; refers to the process of valuation of assets and liabilities of the Fund in order to determine the NAV of the Fund and the NAV per Unit ; The Fund divides fund units into different classes according to different sales areas and subscription and redemption rates of funds. Different fund codes are set for the two classes of funds and the net values of the fund units are respectively announced; 9

33 Class A Fund Units: Class H Fund Units: Designated Media Force Majeure refer to the fund units which are only sold in the Chinese mainland and for which the subscription and redemption fees are collected; refer to the fund units which are only sold in Hong Kong and for which the subscription and redemption fees are collected; refers to the newspapers and websites designated by the CSRC for information disclosure. refers to events and factors that cannot be foreseen, defied or avoided, including but not limited to floods, earthquakes and other natural disasters, wars, chaos, fires, government forfeitures, confiscations, changes of laws and regulations, sudden power failures or other sudden incidents, and unusual suspension or discontinuation of trading on securities exchanges. III. Fund Manager (I) Summary of Fund Manager 1. Profile of Fund Manager Name: ICBC Credit Suisse Asset Management Co., Ltd. Domicile: 601 6/F, 701 7/F, 801 8/F, 901 9/F, A5, 5 Financial Street, Xicheng District, Beijing Office Address: 6-9/F, Block A, Xinsheng Plaza, 5 Financial Street, Xicheng District, Beijing Legal Representative: Guo Tehua Date of Incorporation: June 21, 2005 Approval Authority: China Securities Regulatory Commission Approval Document No.: China Securities Regulatory Commission Zheng Jian Ji Jin Zi [2005] No. 93; China Banking Regulatory Commission Yin Jian Fu [2005] No. 105 Scope of Business: Fund offering; fund selling; assets management; other businesses approved by the CSRC. Form of Organization: Limited Liability Company Registered Capital: RMB 200 million Yuan Contact Person: Zhu Biyan Telephone: Ownership Structure: The Industrial and Commercial Bank of China Limited (ICBC) represents 80% of the total registered capital; The Credit Suisse Bank represents 20% of the 10

34 total registered capital. Duration: perpetual existence (II) Introduction of Officers 1. Board of Directors Mr. Shen Liqiang, chairman, master and senior accountant, started work in He has successively worked in the People's Bank of China Hangzhou Branch, Industrial and Commercial Bank of China Zhejiang Branch, Industrial and Commercial Bank of China Hebei Branch, and Industrial and Commercial Bank of China Shanghai Branch. He has served successively as deputy director and director of the Business Department of the Industrial and Commercial Bank of China Hangzhou Branch, deputy director of the Accounting and Cashier Department, deputy director of the Savings Department, director of the Savings Department, director of the Human Resources Department, director of the Organization Department of the Party Committee, general manager (concurrent) of the Business Department of the Industrial and Commercial Bank of China Zhejiang Branch, president assistant, vice president and deputy secretary of the Party Committee of the Industrial and Commercial Bank of China Zhejiang Branch; president of the Industrial and Commercial Bank of China Hebei Branch; president of the Industrial and Commercial Bank of China Shanghai Branch, chairman of Shanghai Banking Association, chairman of Shanghai Urban Financial Society, chairman of Shanghai Payment and Clearing Association, vice chairman of Shanghai Finance Society, vice chairman of Chamber of International Commerce Shanghai, vice chairman of World Trade Center Association Shanghai, executive director of China Urban Financial Society, executive director of Shanghai Institute of Macroeconomic, director of the Board of Directors of Lujiazui Institute of Chinese Academy of Social Sciences, director of the school board of Shanghai University of Finance and Economics and member of Shanghai Municipal People's Congress. Mr. Neil Harvey, Director and Executive Director of Credit Suisse, is based in Hong Kong. As CEO of Credit Suisse in Hong Kong and Greater China, Mr. Harvey is in charge of private banking, financial management and investment banking businesses. Meanwhile, Mr. Neil Harvey is the vice chairman of the Asset Management Department in the Asia Pacific Region and a member of the Operating Committee in the Asia Pacific Region. Mr. Neil Harvey has 30 years work experience in investment banking and asset management and has a profound understanding of the emerging markets and the Asia Pacific Region. Moreover, he has worked in the Asia Pacific Region for 17 years. Mr. Neil Harvey has held many posts during his 15 years in Credit Suisse. He is currently the person in charge of the asset management businesses in the Asia Pacific Region and emerging markets. He was previously the person in charge of investment banking and fixed income businesses in Asia (Japan excluded). Besides, he has held important posts in Credit Suisse and other companies and has been in charge of businesses in Australia, Africa, Japan, Latin America, Middle East, Turkey and Russia. 11

35 Ms. Guo Tehua: Director and PhD, currently serves as General Manager of ICBC Credit Suisse Asset Management Co., Ltd., Director and Chairman of ICBC Credit Suisse Investment Management Co., Ltd., and Chairman of ICBC Credit Suisse Asset Management (International) Company Limited. She was formerly Deputy Director of China Industrial and Commercial Bank Head Office Commerce and Credit Department, Deputy Director of Financial Planning Department, Director and Deputy General Manager of ICBC Head Office Asset Custody Department. Ms. Wang Yixin, Director and Senior Economist, Senior Expert and Full-time Director of Strategy Management and Investor Relations ICBC. She was formerly Deputy General Manager of Special Finance Department (2nd business department, Sales department) of ICBC; Deputy Director and Director of ICBC Business Department; Manager of Head Office Technology Transformation and Credit Department of ICBC. Ms. Wang Ying, director and senior accountant, expert and full-time director of the Office of the directors and supervisors dispatched by the Group to subsidiaries of ICBC. She is a Certified Internal Auditor, with qualification granted by the International Internal Audit Association of Certified Internal Auditors in November She was formerly the head of foreign exchange clearing of ICBC s International Business Department, the head and Deputy Director of foreign exchange clearing of ICBC s Settlement Center, Deputy Director and Director of foreign exchange audit of ICBC s Audit Supervision Bureau, Director of ICBC s Internal Audit Department Overseas Institutions Audit Division of, internal auditor and risk specialist of ICBC s Sydney Branch. Mr. Tian Guoqiang, independent director and Doctor of economics, serves as dean of the School of Economics of Shanghai University of Finance and Economics, dean of the Institute for Advanced Research of Shanghai University of Finance and Economics, and Alfred F. Chalk Chair Professor, Department of Economics, Texas A&M University. He is among the first batch of persons selected in the 1000 Talent Plan of the Organization Department of the CPC Central Committee and the State Specially Recruited Experts, and among the first batch of chair professors of Chang Jiang Scholars Program of Humane Studies. He was once the decision-making and consultation expert specially recruited by Shanghai Municipal People's Government and chairman of the Chinese Economists Society ( ). In 2006, he was listed by Wall Street Wire as one of the top 10 most influential economists in the Chinese mainland. His research mainly covers such areas as economic theory, design of incentive mechanism and China s economy. Ms. Sun Qixiang, independent director and Doctor of Economics, serves as the president, professor, doctoral advisor and expert at the School of Economics of Peking University. She also serves as director of Peking University Insurance and Social Security Research Center, member and executive vice president of the Academic Committee of the China Society for Finance, deputy director of the Insurance Institute of China, member of the Ministry of Education Steering Committee of Economics Disciplines at Institutions of Higher Education, 12

36 board member and academic host of the American International Insurance Society, and honored professor of C. V. Starr in the United States. She was formerly Chairman of the Asia-Pacific Risk and Insurance Society, and visiting scholar at the US National Bureau of Economic Research, Indiana University, Harvard University and the University of Hong Kong. She has published more than 100 papers on the Economic Research and other academic journals, and has presided over 20 research projects commissioned by a number of national ministries and internationally renowned institutions. Ms. Jane DeBevoise, independent director and PhD at the University of Hong Kong s Department of Fine Arts. She formerly served as Managing Director at Bankers Trust Company (merged with Deutsche Bank in 1998), Vice-President and project director of Solomon Guggenheim Foundation, member of the exhibition committee appointed by the Hong Kong Government and government appointed member of Hong Kong West Kowloon Civic Museum Advisory Panel. She has been serving as Chairman of the Board of Directors and President of Hong Kong Asia Art Archive since 2003, and has been serving as the president of the United States Asia Art Archive since Member of Board of Supervisors Ms. Wu Minmin, supervisor and master of economics, joined Industrial and Commercial Bank of China Shenzhen Branch in 1996 and was transferred to the Industrial and Commercial Bank of China Head Office in She has served successively as deputy general manager of the Planning and Finance Department, and deputy general manager of the Financial and Accounting Department of the Industrial and Commercial Bank of China Shenzhen Branch, deputy director of the Strategic Investment Attraction and Listing Division of Shareholding Reform Office, and deputy director and director of the Strategic Development and Cooperation Division of the Strategic Management and Investor Relationship Department of the Industrial and Commercial Bank of China; and is currrently an expert in the Strategic Management and Investor Relationship Department of the Industrial and Commercial Bank of China. Ms. Huang Min: Supervisor, Bachelor of Finance. Ms. Huang joined Credit Suisse Group in 2006, and previously served as assistant vice president at the Strategy Department of the Global Investment Banking Department, vice president of the Strategy Department of the Asia Pacific Investment Banking Division and Chief Operating Officer of China, and Chief Operating Officer of asset management in Greater China. She currently serves as person in charge of asset management in China. Ms. Zhang Shubing: Supervisor, Master degree holder. Ms. Zhang worked as division director at ICBC from April 2003 to April She joined ICBC Credit Suisse in July 2005, and served as translator and officer at the Integrated Management Department from July 2005 to December From 2007 to 2012, she served as Deputy Director of the Strategic Development Department; from 2012 to September 2014, she served as the Deputy Director 13

37 and later Director of the institutional client department; from September 2014 to July 2015, Ms. Zhang has been serving as Director of the Institutional Products Department; since November 2014, she has been serving as supervisor of ICBC Credit Suisse Investment Management Limited; and since July 2015, she has been serving as deputy general manager of ICBC Credit Suisse Investment Management Limited. Ms. Hong Bo: Supervisor, Master degree holder. Non-practicing member of ACCA. From 2005 to 2008, she served as senior auditor at Ernst & Young Hua Ming Accounting Firm; from 2008 to 2009, she served as chief of Surveillance and Audit Department at Minsheng Securities Co., Ltd.; She joined ICBC Credit Suisse s Legal and Compliance Department in June 2009, and currently serves as deputy director of Legal and Compliance Department. Ms. Ni Ying: Supervisor, Master. From 2000 to 2009, she worked at the Renmin University of China and served various positions including deputy section chief, section chief, and deputy secretary of the CYL Committee. From 2009 to 2011, she worked in Beijing Municipal Education Committee and served as deputy researcher of cadres division. She joined ICBC Credit Suisse s Strategic Development Department in 2011 and now serves as Deputy Director. 3. Senior Management Personnel: Ms. Guo Tehua: General Manager, with the same resume as listed above. Ms. Zhu Biyan: Master, Internationally Certified Internal Auditor. Ms. Zhu currently serves as Inspector of ICBC Credit Suisse Asset Management Co. Ltd., Director of ICBC Credit Suisse Asset Management (International) Limited and Supervisor of ICBC Credit Suisse Investment Management Limited. She was manager of the Securities Department at the Headquarters of China Huarong Trust and Investment Company from 1997 to 1999, and served as Senior Deputy Manager of the Investment Banking Division and Securities Business Department at China Huarong Asset Management Corporation in the from 2000 to Portfolio Managers of the Fund Mr. Song Bingshen has 11 years of experience in the securities industry and formerly served as researcher at CITIC Securities Co. Ltd; He joined ICBC Credit Suisse in 2007 and currently serves as Head of Equity Investment Department and Head of the Research Department. Mr. Song has been serving as portfolio manager of ICBC Credit Suisse Tianyi Bond Securities Investment Fund from February 14, 2012 to-date; ICBC Dual Benefit Bond Fund from January 18, 2014 to-date; ICBC Credit Suisse 60-Day Financial Bond Fund from January 28, 2013 to December 5,2014; ICBCCS China Dividend Mixed Fund from January 20, 2014 to date; ICBCCS China Core Value Mixed Fund from January 20, 2014 to date; ICBC Credit Suisse Research Select Equity Fund from October 23, 2014 to date; ICBC 14

38 Healthcare Equity Fund from November 18, 2014 to date; and the ICBC Strategic Transformation Theme Equity Fund from February 16, 2015 to date. Mr. He Xiaojie has 17 years of experiences in the securities industry. He was formerly at Bosera Asset Management Company serving as assistant to portfolio manager of Yu Yang Fund, portfolio manager of Yu Hua Fund, and Bosera Emerging Growth Equity Fund; and was assistant to portfolio manager of the investment team for social security funds from May 2004 to January Mr. He joined ICBC Credit Suisse in 2008, and now serves as co-director of the Equity Investment Department; He has been serving as portfolio manager of ICBCCS China Core Value Mixed Fund from March 6, 2014 to-date and ICBC SOE Reform Equity Thematic Fund from January 27, 2015 to-date. He has been serving as portfolio manager of ICBC Credit Suisse Ecotope Industry Equity Fund from June 2, 2015 to date and portfolio manager of ICBC Credit Suisse New Trend Flexibly Allocated Mixed Fund from December 29, 2015 to date. Previous Portfolio Managers: Mr. Jianghui managed the Fund from August 31, 2005 to May 24, Ms. Wang Xiaoling: Managed the Fund from January 5, 2007 to November 29, Ms. Zhan Yueping: Managed the Fund from May 8, 2007 to November 29, Mr. Cao Guanye: Managed the Fund from November 29, 2007 to May 17, Mr. Zhang Ling: Managed the Fund from April 24, 2007 to April 12, Mr. He Jiangxu managed the Fund from April 12, 2010 to July 30, Members of Investment Committee Ms. Guo Tehua, Chairman of the Investment Committee, with the same resume listed as above. Mr. Jiang Mingbo has 15 years of experience in the securities industry and formerly served at Penghua Fund as portfolio manager of Putian Bond Fund and head of fixed income department ; and was the portfolio manager of No. 204 and No. 304 portfolio funds of National Social Security Fund from June 2004 to December 2006; He joined ICBC Credit Suisse in 2006 and currently serves as the Chief Investment Officer of ICBS Credit Suisse, as well as investment director of fixed income at ICBC Credit Suisse Asset Management (International) Limited and director of ICBC Credit Suisse Investment Management Limited; Mr. Jiang has been serving as portfolio manager of the National Social Security Fund since 2011; ICBC Tian Li Fund from April 14, 2008 to date; All-year Yield Bond Fund from February 10, 2011 to date; ICBC Credit Suisse Profit Increase Grade Bond Fund from March 6, 2013 to-date. Mr. Du Haitao has 18 years of experience in the securities industry. Mr. Du formerly served as assistant to portfolio manager at Baoying Fund Management Co., Ltd. and portfolio manager of China Merchants Cash Appreciation Fund at China Merchants Fund Management Co., Ltd. 15

39 He joined ICBC Credit Suisse in 2006, and currently serves as Chief Investment Officer and Head of the Fixed-income Department. Mr. Du served as portfolio manager of ICBC Money Market Fund from September 21, 2006 to Apri 21, 2011; and ICBC Dual Benefits Bond Fund from August 16, 2010 to January 10, 2012.He has been the portfolio manager of ICBC Enhanced Yield Bond Fund from May 11, 2007 to-date; the portfolio manager of ICBC Credit Suisse Tianyi Bond Securities Investment Fund from August 10, 2011 to-date; the portfolio manager of ICBC Fixed Term Open Bond Fund from Jun 21, 2012 to date; the portfolio manager of ICBC Money Market Fund from January 7, 2013 to-date; the portfolio manager of ICBC Yueyuexin Fixed Income Bond Fund from August 14, 2013 to November 11, 2015; the portfolio manager of ICBC Credit Suisse Auspicious Bond Fund from October 31, 2013 to-date;the portfolio manager of ICBC Salary Money Market Fund from January 27, 2014 to-date; and the portfolio manager of ICBC Total Return Flexible Allocation Mixed Fund from April 17, 2015 to date. Mr. He Jiangxu has 18 years of experience in the securities industry and formerly served at Guotai Asset Management Company as portfolio manager, director of the fund management department, as well as deputy director of equity department, and managed the of Jinxin Fund, Jinding Fund, Jinma Healthy Return Fund, Jinying Growth Fund and Jinniu Innovation Growth Fund. He joined ICBC Credit Suisse in 2009, and currently serves as Director and General Manager of ICBC Credit Suisse Investment Management Limited. He was the portfolio manager of ICBC China Core Value Equity Fund from April 12, 2010 to July 30, 2014; and ICBC Consumer Services Sector Fund from April 21, 2011 to July 30, Mr. Song Bingshen, with same resume as listed above. Mr. Ouyang Kai has 13 years of experience in the securities industry and formerly served as portfolio manager of Zhonghai Fund Management Co., Ltd.; he joined ICBC Credit Suisse in 2010 and now serves as director of the fixed income investment department. He has been serving as Portfolio Manager of ICBC Dual Benefits Bond Fund since August 16, 2010; ICBC Capital Preservation Mixed Fund since December 27, 2011; ICBC Credit Suisse Capital Preservation No. 2 Mixed Seed Fund since February 7, 2013; ICBC Credit Suisse Capital Preservation No. 3 Mixed Fund since Jun 26, 2013; ICBC Credit Bond Two-year Fixed Term Open Fund since July 4, 2013; ICBC Credit Suisse New Fortune Flexible Allocation Mixed Fund since September 19, 2014; and ICBC High Return Flexible Allocation Mixed Fund since May 26, Mr. Huang Anle has 12 years work experience in securities industry. He has served successively as researcher of TX Investment Consulting Co., Ltd., senior analyst of Guosen Securities Economic Research Institute, and investment manager and researcher of Guosen Securities Asset Management Head Office. He joined ICBC Credit Suisse in 2010 and is now director of the Equity Investment Department. He has been serving as Portfolio Manager of ICBC Theme Strategy Mixed Fund since November 23, 2011; portfolio manager of ICBC Credit Suisse Selection Balanced Fund since September 23, 2013; portfolio manager of ICBC 16

40 High-end Manufacturing Industry Equity Fund since October 22, 2014; and ICBC New Material and New Energy Industry Equity Fund since April 28, Mr. Li Jianfeng has 12 years' work experience in securities industry. He was previously business manager and deputy senior manager of China Central Depository & Clearing Co., Ltd. Mr. Li joined ICBC Credit Suisse in He used to serve as a researcher of the Fixed Income Department and is currently director and investment manager of the Special Account Investment Department. The persons listed above are not close relatives to each other. (III) Rights of the Fund Manager (1) To offer the Units pursuant to laws and undertake the filing procedures for the Fund; (2) To independently manage the Fund Assets according to related laws and regulations and the Fund Contract from the Effective Date of the Fund Contract; (3) To formulate, revise and publish the business rules involving the Offering, IPO Subscription, Subscription, Redemption, Agency Transfer, Fund Switching, Non-trading Transfer, Freezing and Income distribution of the Fund in compliance with relevant laws and regulations and the Fund Contract; (4) To decide on the fee structures and charging methods of the Fund in accordance with the laws and regulations and the Fund Contract, and to obtain the fund management fee, IPO subscription fee, subscription fee, redemption fee and other reasonable expenses with prior approval or announcement as allowed by laws and regulations; (5) To sell the Units pursuant to the laws, regulations and the Fund Contract. (6) To supervise the Fund Custodian in accordance with the Fund Contract and the relevant laws and regulations. The Fund Manager shall promptly report to the CSRC and the CBRC any matter which in its opinion is a breach of the Fund Contract or the relevant laws and regulations by the Fund Custodian and might cause material losses to the Fund assets or other Parties of the Fund Contract, and take necessary measures to protect the interests of the Fund and other Parties involved. (7) To select appropriate sales agencies in accordance with the provisions of the Fund Contract and to have the authority to conduct necessary oversight and inspection on the conduct of the sales agencies pursuant to the sales agency agreement; (8) To act as the Registrar or choose and replace the Registrar agent of the Fund, and to conduct necessary supervision and inspection on the activities of the Registrar in accordance 17

41 with the provisions of the Fund Contract; (9) To reject or temporarily suspend applications for Subscription and Redemption as provided in the Fund Contract; (10) To carry out financing for the Fund in the interest of the Fund Unitholders as allowed by the laws and regulations; (11) To formulate the income distribution plan of the Fund in accordance with the laws and regulations and the Fund Contract; (12) To exercise on behalf of the Fund, in accordance with laws and regulations, rights as the shareholder in the invested enterprises and other rights as the result of investment in other securities; (13) To nominate a new Fund Custodian at the termination of the responsibilities of the Fund Custodian; (14) To convene the Unitholder Meetings according to the laws and regulations and the Fund Contract; (15) To exercise the litigation rights or other legal acts in the name of the Fund Manager and in the interest of the Unitholders; (16) To select and replace the law firm, accounting firm, securities broker and other external institutions serving the Fund and to determine the relevant fee rates; (17) Other rights stipulated by the relevant laws, regulations and the Fund Contract and other legal documents formulated pursuant to the Fund Contract. (IV) Obligations of the Fund Manager (1) To offer the Units pursuant to laws and undertake the filing procedures for the Fund; (2) To manage and operate the fund assets based on the principles of good faith and diligence from the effective date of the Fund Contract; (3) To employ adequate qualified personnel with professional qualifications to conduct analysis and make decisions regarding the Fund s investment, and to manage and operate the fund assets in a professional manner; (4) To employ adequate qualified personnel to carry out IPO Subscription, Subscription and Redemption services related to the Fund or entrust other institutions to carry out such services 18

42 on its behalf; (5) To employ adequate qualified personnel and provide necessary technical facilities to carry out Fund Registration or entrust other institutions to carry out such service on its behalf; (6) To establish comprehensive internal risk control, supervision & auditing, financial control and personnel management systems, so as to ensure the independence of the fund assets being managed from the assets of the Fund Manager; to separately manage and keep books of various funds being managed and carry out securities investment; (7) Not to seek illegal benefits for itself or any third party or authorize any third party to operate the fund assets unless otherwise provided by the Funds Law, the Fund Contract and other relevant regulations; (8) To be supervised by the Fund Custodian according to the law; (9) To adopt appropriate and reasonable measures to ensure that the calculation method for IPO Subscription, Subscription, Redemption comply with the provisions of the Fund Contract and other legal documents, and to calculate and announce the NAV per unit and determine the Subscription and Redemption prices in accordance with the relevant provisions; (10) To perform the obligations of information disclosure and reporting in strict accordance with the Funds Law, the Fund Contract and other relevant regulations; (11) Retain confidentiality of business secrets relating to the Fund and not disclose any fund investment plans, investment intentions and so on. It shall keep confidential and not to disclose to others any information of the Fund before the same is made available to the public, save for disclosures required by the Funds Law, the Fund Contract and other relevant rules; (12) To determine the income distribution plan of the Fund in accordance with the Fund Contract and to promptly distribute the Fund Income to the Unitholders; (13) To handle the applications for Subscription and Redemption of the Fund and duly make a full payment for redemption and dividend distribution in accordance with the laws, regulations and the Fund Contract. (14) Not to seek substantial share holdings and direct management of listed companies; (15) To convene or assist the Fund Custodian and Unitholders to convene Unitholder Meetings in accordance with the Funds Law, the Fund Contract and other relevant regulations; (16) To keep records, accounting books, statements and other relevant data of fund assets 19

43 management activities; (17) To carry out accounting and prepare financial and accounting reports for the Fund; (18) To ensure that all documents and materials to be delivered to the Unitholders are sent within the specified time; to ensure that the public materials related to the Fund are always available to the investors according to the time and methods specified in the Fund Contract and that the investors can obtain the copies of relevant materials; (19) To organize and join in the fund assets liquidation group and participate in the keeping, clearing, valuation, realization and distribution of the fund assets; (20) To report to the CSRC and give notice to the Fund Custodian in a timely manner in the case of dissolution, legal revocation, bankruptcy or asset takeover by the receiver; (21) To assume the compensation liability in the case of any loss to the fund assets or any harm to the legal rights and interests of the Unitholders caused by the Fund Manager s violation against the Fund Contract, which shall not be relieved as a result of its withdrawal of services; (22) To claim against the Fund Custodian in the interest of the Unitholders and for the losses of fund assets arising from the Fund Custodian s violation against the Fund Contract; (23) Not to engage in any activity that will harm the Fund or the interest of other parties to the Fund; (24) To fairly treat different funds being managed and avoid allocation of income and resources among different funds in a manner detrimental to the interests of the Unitholders; (25) To exercise the right to institute legal actions or other legal proceedings on behalf of the Unitholders in the name of the Fund Manager; (26) Other obligations specified by the laws, regulations and the Fund Contract. (V) Commitments of the Fund Manager 1. The Fund Manager shall have the full authority to manage the investment of the Fund, pursuant to the Fund Contract and in line with the investment objectives, philosophies, strategies and restrictions stated in this Prospectus. 2. The Fund Manager shall not commit any activities in violation of the Securities Law, and shall establish sound internal control systems and take effective measures to prevent the breaches of the Securities Law. 20

44 3. The Fund Manager shall not commit any activities in violation of the Funds Law, and shall establish sound internal control systems and take effective measures to prevent the using of the fund assets for the following investments or activities: (1) To be used to underwrite securities; (2) To be provided as loans or guarantee to third parties; (3) To be invested with unlimited liabilities; (4) To be used to purchase or sell units of other funds, except as otherwise stipulated by the State Council; (5) To be contributed as capital of the Fund Manager or the Fund Custodian, or to be used to purchase or sell the stocks or bonds issued by the Fund Manager or the Fund Custodian; (6)To be used to purchase or sell securities issued by or underwritten within the underwriting period by controlling shareholders of the Fund Manager or the Fund Custodian or by companies which have substantial conflict of interest with the Fund Manager or the Fund Custodian; (7) To be used for insider trading, the manipulation of securities prices, or other securities dealing misconducts; (8) Other activities prohibited by the CSRC pursuant to the relevant laws and administrative regulations; 4. The Fund Manager shall enhance staff management, strengthen professional integrity, urge staff to observe relevant laws, regulations and industry norms, and to conform to the principles of good faith and diligence, without engaging the following: (1) Mixing the Fund Manager s own assets or third party s assets with the fund assets in investing in securities; (2)Treating different managed funds' assets unequally; (3) Utilizing the fund assets to obtain benefits for a third party other than the Unitholders; (4) Promise of income or assumption of losses of the Unitholders against the law; (5) Other activities prohibited by the CSRC and relevant laws and administrative regulations. 5. Commitment of the Portfolio Manager (1) Seek, with prudence, to maximize the benefits for the Fund Unitholders pursuant to relevant laws and regulations and the Fund Contract. (2)Not to acquire improper benefits for himself/herself, parties that he/she acts for or represents, his/her employer or any other third party by taking advantage of his/her position. (3)Not disclose any confidential information regarding the securities or the funds known during incumbency, or any unannounced information including the investment contents of the Fund or investment plans of the Fund. (4) Not engage in securities transactions in any form on behalf of other organizations or individuals other than the Fund Manager. 21

45 (VI) Internal Control Systems of the Fund Manager 1. Principles of Internal Control (1) Principle of Comprehensiveness. The Internal control shall cover all functions, departments or institutions and employees at all levels and be manifested in the various aspects including decision-making, implementation, supervision and feedback. (2) Principle of Effectiveness. Establish, through scientific internal control means and methods, appropriate internal control procedures, and maintain the effective implementation of the internal control systems. (3) Principle of Independence. The Fund Manager shall ensure that its agencies, departments and job responsibilities remain relatively independent, and the operation and utilization of fund assets, assets owned by the Fund Manager and other assets should be separated from each other. (4) Principle of Mutual Restraint. The Fund Manager shall establish clear responsibilities and authorities for all its departments and positions and with checks and balances; (5) Principle of Cost-effectiveness. The Fund Manager shall use scientific management means to reduce operating costs, improve efficiency, and achieve the best results of internal control with reasonable costs. 2. Main Contents of Internal Control (1) Control of the Environment The Board of Directors has established a Corporate Governance and Risk Control Committee which is responsible for periodic assessment and check of the corporate governance structure, proposing plans to modify and improve the corporate governance structure, conducting risk management and compliance monitoring over the company's operations and management, as well as fund investment operations, reviewing and inspecting the results of the company's internal audit and reporting to the Board of Directors; the Board of Directors has also set up a Qualification and Remuneration Committee to review the qualifications of directors recommended by the shareholders, qualifications of senior management personnel and candidates as independent directors, to formulate policies on compensation and incentives of directors, supervisors and the senior management, and then report the same at the meeting of the shareholders or to the Board of Directors for approval. Under the leadership of the general manager, the company's management earnestly implement the internal control strategies developed by the Board of Directors. In order to effectively implement the company's operating principles and development strategies formulated by the 22

46 Board of Directors, an executive committee under the general manager has been set up to make important decisions for the company's daily operations and management activities. Under the Executive Committee, the Investment Decision-making Committee and the Risk Management Committee have been established to provide professional advices and recommendations on the Fund's investment and risk control. The Investment Decision-making Committee is the highest decision-making body of the fund investments. The company appoints an Inspector who reports to the Board of Directors and is responsible for reviewing legal compliance, effectiveness and reasonableness of the company's internal control, and reporting major risk events identified to the Board of Directors and the CSRC. (2) Risk Assessment a) The Corporate Governance and Risk Control Committee under the Board of Directors and Inspector assesses internal and external risks; b) The Risk Management Committee under the Executive Committee is responsible for the assessment of major emergencies and crises, developing and supervising the implementation of crisis management proposal, and implementing risk assessment of the major issues and matters regarding the Fund's investments and operations; c) The departments at all levels shall be responsible for the identification and assessment of risks in businesses within the scope of their respective functions and duties. (3) Control Activities Control activities include the policies, procedures and internal control measures, segregation of duties, supervision and auditing, physical object control, performance evaluation, strict authorization, and asset separation, etc. Control activities are embodied in the following aspects: As the first line of defense for internal control, internal control can be achieved by establishing fundamental target responsibilities for each position. Establishing a scientific and strict job responsibility separation system, an authorization system, an asset separation system and other systems in the company, and establishing a system for transferring important business-processing credentials and information exchange between the relevant departments and positions, requiring the subsequent department and posts to have the obligation to oversee the preceeding department and position, so as to establish a second line of defense for internal control through the mechanism of checks and reviews between departments and positions. Establishing a third line of defense for internal control by taking full advantage of the role of the Inspector and the Legal Compliance Department in overall supervision and audit on all positions, departments, agencies and businesses. 23

47 (4)Information Communication The company has set up a two-way information exchange mechanism consisting of top-down information dissemination channels and bottom-up information reporting channels. Through effective communication platforms, employees and managers at all levels can fully apprehend all communicaitons related to their responsibilities, and promptly relay such information to appropriate persons for handling. Based on the organizational structure and authorization hierarchy, the company has established a clear business reporting line. (5)Internal Monitoring Internal monitoring is carried out by the Corporate Governance and Risk Control Committee, the Inspector, Risk Management Committee and the Legal and Compliance Department and other departments within their respective mandates. The company has set up a legal and compliance department independent of other functions, which monitors the performance of internal audit and inspection, checks and evaluates the appropriateness, completeness and effectiveness of the company s internal control systems, supervises the implementation of various internal control rules, reveals the risk exposure of the company in internal management and Fund operations, provide timely suggestions for improvement, so as to enhance the effectiveness of the company s management system. 3. The Fund Manager s Representations on Internal Control (1)The company is aware that establishing, implementing and maintaining internal control systems are the responsibilities of the Board of Directors and the management team of the company. (2)The above disclosures regarding internal control are true and accurate. (3)The company undertakes to develop and refine its internal control systems in response to the changes of the market environment and the developments of the company. IV. Fund Custodian (I) Summary of the Fund Custodian Name: Bank of China Limited (hereinafter referred to as the BOC ) Domicile and office address: No. 1 Fuxingmennei Street, Xicheng District, Beijing Date of Initial Registration: October 31, 1983 Registered Capital: RMB279,147,223,195 Yuan Legal Representative: Tian Guoli Fund Custody Qualification Approval Document No.: CSRC Zheng Jian Ji Jin Zi [1998] No

48 Contact person for information disclosure of the Custody Department: Wang Yongmin Fax: (010) Customer Service Telephone Number of BOC: (II) Fund Custody Department and Major Personnel BOC established a Fund Custody Department in The department has more than 110 employees now, most of whom have extensive experience in banking, securities, fund and trust businesses and have worked, studied or trained abroad. 60% of them have a master s degree or above or a senior position title. In order to provide the customers with specialized custody services, BOC has operated the custody business in its domestic and overseas branches. As one of the first batch of commercial banks in China to engage in securities investment fund custody business, BOC has established a custody product portfolio across various product categories, including securities investment funds, funds (one-to-many and one-to-one), social insurance funds, insurance funds, QFII, RQFII, QDII, offshore 3rd party institutions, brokerage asset management plan, trust plan, enterprise annuity, bank s financial products, equity funds, private equity and asset custody. BOC is a large and leading Chinese-funded custodian bank in China and the first bank to adopt performance evaluation, risk management measures in order to provide customers with personalized and value-added custody services. (III) Summary of Securities Investment Fund Custody As at December 31, 2015, BOC had served as custodian for 418 securities investment funds, including 390 onshore funds and 28 QDII funds, covering equity funds, bond funds, balanced funds, money market funds and index funds, satisfying the diversified investment and financial demands of their diverse customer base. BOC is among the top in the industry by scale of funds under custody. (IV) Internal Control Systems of Custody Business As a part of BOC s overall risk control, the risk control of BOC s Custody Department conforms to BOC risk control philosophy and the principles of standardized and prudent operation. The BOC Custody Department conducts risk control in all aspects of its business, and strengthens risk management and control among all staff, in an all-round way and in the whole course through such measures as risk identification and assessment, risk control measure formulation and system setup and internal and external examination and audit. Since 2007, the Custody Department has successively engaged external accounting firms to conduct auditing of the internal control of its custody business. It has received unqualified review report drafted pursuant to international mainstream standards of internal 25

49 control,"sas70", "AAF01 / 06" "ISAE3402" and "SSAE16". In 2014, the Bank of China also obtained a control audit report based on the dual standards of internal control:"isae3402" and "SSAE16". BOC can effectively ensure the security of the asset under custody by virtue of its comprehensive internal systems and well-conceived risk prevention measures. (V) Methods and Procedures for Supervising the Fund Manager s Operation of the Fund by the Fund Custodian Pursuant to the Funds Law, the Measures on Operations and other relevant laws and regulations, the Fund Custodian shall refuse to carry out the Fund Manager s investment instructions when it finds that such instructions violate the laws, administrative regulations and other related provisions or go against the provisions set forth in the Fund Contract, shall notify the Fund Manager and report in a timely manner the same to the securities regulatory authorities under the State Council. If the Fund Custodian finds that the effected investment instructions of the Fund Manager breaches the laws, administrative regulations and other related provisions or the provisions set forth in the Fund Contract, it shall, without delay, notify the Fund Manager and timely report the same to the securities regulatory authorities under the State Council. V. Relevant Service Agencies (I) The Sales Institution of Class A Fund Units 1. Direct Sales Institution Name: ICBC Credit Suisse Asset Management Co., Ltd. Domicile: 601 6/F, 701 7/F, 801 8/F, 901 9/F, A5, 5 Financial Street, Xicheng District, Beijing Office Address: 6-9/F, Block A, Xinsheng Plaza, 5 Financial Street, Xicheng District, Beijing Legal Representative: Guo Tehua Customer Service Telephone No.: Fax: , Contact Person: Wang Qiuya Website: www. icbccs.com.cn 2. Sales Agencies (1) Industrial and Commercial Bank of China Limited Domicile: No.55 Fuxingmen Inner Street, Xicheng District, Beijing Office Address: No.55 Fuxingmen Inner Street, Xicheng District, Beijing Legal Representative: Jiang Jianqing 26

50 Fax: Customer Service Telephone No.:95588 Website: (2) Bank of China Limited Domicile: No. 1 Fuxingmen Inner Street, Xicheng District, Beijing Office Address: No. 1 Fuxingmen Inner Street, Xicheng District, Beijing Legal Representative: Tian Guoli Contact Person: Hou Yanpeng Fax: Customer Service Telephone No.:95566 Website: (3) China Construction Bank Corporation Domicile: No. 25 Finance Street, Xicheng District, Beijing Office Address: Building 1, No. 1 Naoshikou Street, Xicheng District, Beijing Legal Representative: Wang Hongzhang Contact Person: Zhang Jing Fax: Customer Service Telephone No.: Website: (4) Agricultural Bank of China Limited Co., Ltd. Domicile: No.69, Jianguomen Inner Street, Dongcheng District, Beijing Office Address: No.69, Jianguomen Inner Street, Dongcheng District, Beijing Legal Representative: Liu Shiyu Customer Service Telephone No.: Website: (5) Bank of Communications Co., Ltd. Domicile: No. 188, Yincheng Middle Road, Shanghai Office Address: No. 188, Yincheng Middle Road, Shanghai Legal Representative: Niu Ximing Contact Person: Zhang Hongge Telephone: Fax: Customer Service Telephone No.: Website: (6) China Merchants Bank Co., Ltd. Domicile: No Shennan Avenue, Futian District, Shenzhen Office Address: No Shennan Avenue, Futian District, Shenzhen Legal Representative: Li Jianhong 27

51 Contact Person: Deng Jiongpeng Telephone: Fax: Customer Service Telephone No.: Website: (7) China Everbright Bank Co., Ltd. Domicile: Everbright Building, No. 6 Fuxingmen Outer Street, Xicheng District, Beijing Office Address: Everbright Center, No. 25 Taipingqiao Street, Xicheng District, Beijing Legal Representative: Tang Shuangning Contact Person: Zhu Hong Telephone: Fax: Customer Service Telephone No.: Website: (8) Bank of Beijing Co., Ltd. Domicile: 1/F, A17, Financial Street, Xicheng District, Beijing Office Address: C17, Financial Street, Xicheng District, Beijing Legal Representative: Yan Bingzhu Contact Person: Xie Xiaohua Telephone: Fax: Customer Service Telephone No.: Website: (9) China Minsheng Banking Co., Ltd Domicile: No. 2 Fuxingmen Inner Street, Xicheng District, Beijing Office Address: No. 2 Fuxingmen Inner Street, Xicheng District, Beijing Legal Representative: Hong Qi Contact Person: Dong Yunwei Telephone: Fax: Customer Service Telephone No.: Website: (10) Ping An Bank Co., Ltd. Domicile: Shenzhen Development Bank Building, No Shennan Road East, Shenzhen Office Address: Shenzhen Development Bank Building, No Shennan Road East, Shenzhen Legal Representative: Xiao Suining Contact Person: Zhang Qing Telephone:

52 Fax: Customer Service Telephone No.: Website: (11) China CITIC Bank Co., Ltd. Domicile: Building C, Fuhua Mansion, No. 8 Chaoyangmen Street North, Dongcheng District, Beijing Office Address: Building C, Fuhua Mansion, No. 8 Chaoyangmen Street North, Dongcheng District, Beijing Legal Representative: Chang Zhenming Contact Person: Feng Jing Fax: Customer Service Telephone No.: Website: (12) Bank of Bohai Co., Ltd. Domicile: No , Machang Road, Hexi District, Tianjin Office Address: No , Machang Road, Hexi District, Tianjin Legal Representative: Liu Baofeng Contact Person: Wang Hong Telephone: Fax: Customer Service Telephone No.: Website: (13) Hua Xia Bank Co., Ltd. Domicile: No. 22 Jianguomen Inner Street, Dongcheng District, Beijing Office Address: No. 22 Jianguomen Inner Street, Dongcheng District, Beijing Legal Representative: Wu Jian Contact Person: Zheng Peng Telephone: Fax: Customer Service Telephone No.: Website: (14) Beijing Rural Commercial Bank Co., Ltd. Domicile: No. 410 Fuchengmen Inner Street, Xicheng District, Beijing Office Address: Block B, Financial Street Center, No. 9 Financial Street, Xicheng District, Beijing Legal Representative: Qiao Rui Contact Person: Wang Weina Telephone: Fax:

53 Customer Service Telephone No.: Website: (15) Shanghai Pudong Development Bank Co., Ltd. Domicile: No. 500 Pudong Road South, Shanghai Office Address: Dong Ying Building, 17/F, No. 689 Beijng Road East, Shanghai Legal Representative: Ji Xiaohui Contact Person: Yu Hui Telephone: Fax: Customer Service Telephone No.: Website: (16) Bank of Hangzhou Co., Ltd. Domicile: Bank of Hangzhou Mansion, No.46 Qingchun Road, Hangzhou Office Address: Bank of Hangzhou Mansion, No.46 Qingchun Road, Hangzhou Legal Representative: Wu Taipu Contact Person: Yan Jun Telephone: Fax: Customer Service Telephone No.: ; Website: (17) Everbright Securities Co., Ltd. Domicile: No XinZha Road, Jing'an District, Shanghai Office Address: No XinZha Road, Jing'an District, Shanghai Legal Representative: Xue Feng Contact Person: Liu Chen Telephone: Fax: Customer Service Telephone No.: ; Website: (18) Guotai Junan Securities Co., Ltd. Domicile: No. 618 Shang Cheng Road, Pudong, Shanghai Office Address: 29/F Bank of Shanghai Tower, Pudong, Shanghai Legal Representative: Yang Dehong Contact Person: Rui Minqi Telephone: Fax: Customer Service Telephone No.: / Website: 30

54 (19) China Galaxy Securities Co., Ltd. Domicile: Block C, No. 35 International Enterprise Mansion, Financial Street, Xicheng District, Beijing Office Address: 2-6/F, Block C, No. 35 International Enterprise Mansion, Financial Street, Xicheng District, Beijing Legal Representative: Chen Youan Contact Person: Tian Wei Telephone: Fax: Customer Service Telephone No.: Website: (20) China Securities Co., Ltd. Domicile: Building 4, No. 66 Anli Road, Chaoyang District, Beijing Office Address: No. 188 Chaoyangmen Inner Street,, Beijing Legal Representative: Wang Changqing Contact Person: Quan Tang Telephone: Fax: Customer Service Telephone No.: Website: (21) China Merchants Securities Co., Ltd. Domicile: 38-45/F, Block A, Jiangsu Plaza, Yitian Road, Futian District, Shenzhen Office Address: 38-45/F, Block A, Jiangsu Plaza, Yitian Road, Futian District, Shenzhen Legal Representative: Gong Shaolin Contact Person: Lin Shengying: Telephone: Fax: Customer Service Telephone No.: 95565; Company s Website: (22) CITIC Securities Co., Ltd. Domicile: A/F, China Merchants Bank Building, No Shennan Road, Shenzhen Office Address: Beijing Capital Building, No. 6 Xinyuan South Road, Chaoyang District, Beijing Legal Representative: Wang Dongming Contact Person: Chen Zhong Telephone: Fax: Customer Service Telephone No.: Website: 31

55 (23) Industrial Securities Co., Ltd. Domicile: Biaoli Mansion, No. 99 Hudong Road, Fuzhou Office Address: 21/F, Building 1, Wudaokou Square, No Minsheng Road, Pudong, Shanghai Legal Representative: Lan Rong Contact Person: Xie Gaode Telephone: Fax: Customer Service Telephone No.: Website: (24) Haitong Securities Co., Ltd. Domicile: No. 98 Huaihai Middle Road, Shanghai Office Address: Haitong Securities Tower, No. 689 Guangdong Road, Shanghai Legal Representative: Wang Kaiguo Contact Person: Jin Yun, Li Xiaoming Telephone: Fax: Customer Service Telephone No.: Website: (25) CITIC Securities (Shandong) Co., Ltd. Domicile: 15/F, Aucma Mansion, No. 29 Miaoling Road, Laoshan District, Qingdao Office Address: 20/F, Qingdao International Finance Square, No. 222 Shenzhen Road, Laoshan District, Qingdao Legal Representative: Yang Baolin Contact Person: Wu Zhongchao Telephone: Fax: Customer Service Telephone No.: Website: (26) Changjiang Securities Co., Ltd. Domicile: Changjiang Securities Mansion, No. 8 Xinhua Road, Wuhan, Hubei Office Address: Changjiang Securities Mansion, No. 8 Xinhua Road, Wuhan, Hubei Legal Representative: Yang Zezhu Contact Person: Li liang Telephone: Fax: Customer Service Hotline: 95579; Website: (27) Shenwan Hongyuan Securities Co., Ltd. 32

56 Domicile: 45/F, No.989 Changle Road, Xuhui District, Shanghai Office Address: 45/F, No.989 Changle Road, Xuhui District, Shanghai (zip code: ) Legal Representative: Li Mei Contact Person: Huang Weilin, Qian Dachen Telephone: Fax: Customer Service Telephone No.: or Website: (28) HengTai Securities Co., Ltd. Domicile: No. 111 Xinhua East Road, Xincheng District, Hohhot, Inner Mongolia Office Address: No. 111 Xinhua East Road, Xincheng District, Hohhot, Inner Mongolia Legal Representative: Liu Rujun Contact Person: Zhang Tongliang Telephone: Fax: Customer Service Telephone No.: Website: (29) Essence Securities Co., Ltd. Domicile: Unit A02, 28/F&35/F, Anlian Mansion, No Jintian Road, Futian District, Shenzhen Office Address: Unit A02, 28/F&35/F, Anlian Mansion, No Jintian Road, Futian District, Shenzhen Legal Representative: Niu Guanxing Contact Person: Chen Jianhong Telephone: Fax: Customer Service Telephone No.: Website: (30) Guoyuan Securities Co., Ltd. Domicile: No. 179 Shouchun Road, Hefei, Anhui No. 179 Shouchun Road, Hefei, Anhui Legal Representative: Feng Liangzhi Contact Person: Li Cai Telephone: Fax: Customer Service Telephone No.: (national) or (for Anhui) Website: (31) Guosen Securities Co., Ltd. 33

57 Domicile: 16-26/F, Guosen Securities Tower, No Hongling Middle Road, Luohu District, Shenzhen Office Address: 16-26/F, Guosen Securities Tower, No Hongling Middle Road, Luohu District, Shenzhen Legal Representative: He Ru Contact Person: Qi Xiaoyan Telephone: Fax: Customer Service Telephone No.: Website: (32) Guolian Securities Co., Ltd. Domicile: No.168 Xianqian East Road, Wuxi Office Address: Room 702, Guolian Financial Mansion, No. 8 First Finance Road, Taihu New City, Wuxi, Jiangsu Legal Representative: Fan Yan Contact Person: Shen Gang Telephone: Fax: Customer Service Telephone No.: (national) or (for Wuxi) Website: (33) China Minzu Securities Co., Ltd. Domicile: 5 th Block, No. 27 Bei Si Huan Zhong Road, Chaoyang District, Beijing Office Address: 40-43/F, Block A, Pangu Plaza, No. 27 Bei Si Huan Zhong Road, Chaoyang District, Beijing Legal Representative: He Yagang Contact Person: Li Xiaoya Telephone: Fax: Customer Service Telephone No.: Website: (34) GF Securities Co., Ltd. Domicile: Room , 43/F, Metropolitan Plaza, No Tianhe North Road, Tianhe District, Guangzhou Office Address: 5/F, 18/F, 19/F, 36/F, 38/F, 39/F, 41/F, 42/F, 43/F, 44/F, Metropolitan Plaza, No Tianhe North Road, Guangzhou, Guangdong Legal Representative: Sun Shuming Contact Person: Huang Lan Telephone: Fax: Customer Service Telephone No.: or call a local business branch 34

58 Website: (35) China Great Wall Securities Co., Ltd. Domicile: 14/F & 16-17/F, Shenzhen Special Zone Press Tower, No Shennan Road, Shenzhen Office Address: 14/F & 16-17/F, Shenzhen Special Zone Press Tower, No Shennan Road, Shenzhen Legal Representative: Huang Yaohua Contact Person:Gao Feng Telephone: Fax: Customer Service Telephone No.: Website: (36) Hwabao Securities Co., Ltd. Domicile: 23/F, Mirae Asset Tower, No. 166 Lujiazui Ring Road, Pudong, Shanghai Office Address: 57/F, Shanghai World Financial Center, No. 100 Century Avenue, Pudong, Shanghai Legal Representative: Chen Lin Contact Person: Yuan Yue Telephone: Fax: Customer Service Telephone No.: ; Website: (37) Bohai Securities Co., Ltd. Domicile: Room 101, No. 42 Office Building, 2nd Avenue, Economic-Technological Development Zone, Tianjin Office Address: No. 8 Binshui West Road, Nankai District, Tianjin Legal Representative: Wang Chunfeng Contact Person: Wang Zhaoquan Telephone: Fax: Customer Service Telephone No.: Website: (38) Zongtai Securities Co., Ltd. Domicile: No Jingshi Road, Jinan, Shandong Office Address: 23/F, No. 86 Longitude Road, Jinan, Shandong Legal Representative: Li Wei Contact Person: Wu Yang Telephone: Fax:

59 Customer Service Telephone No.: Website: (39) Donghai Securities Co., Ltd. Domicile: 18-19/F, Investment Plaza, No. 23 Yanlin West Road, Changzhou, Jiangsu Office Address: Donghai Securities Mansion, No, 1928 Dongfang Road, Pudong, Shanghai Legal Representative: Zhu Kemin Contact Person: Wang Hui Telephone: Fax: Customer Service Telephone No.: 95531; Website: (40) China Investment Securities Co., Ltd. Domicile: Units 01, 02, 03, 05, 11, 12, 13, 15, 16, 18, 19, 20, 21, 22, 23, 4/F & 18-21/F, Building A, Rongchao Commercial Center, intersection of Fuzhong Road and Yitian Road, Futian District, Shenzhen Office Address: 4/F&18-21/F, Building A, Rongchao Commercial Center, No Yitian Road, Futian District, Shenzhen Legal Representative: Long Zenglai Contact Person: Liu Yi Telephone: Fax: Customer Service Telephone No.: Website: (41) Ping An Securities Company Ltd. Domicile: 8/F, Great China International Exchange Square, Jintian Road, Futian District, Shenzhen Office Address: 8/F, Great China International Exchange Square, Jintian Road., Futian District, Shenzhen Legal Representative: Yang Yuxiang Contact Person: Zheng Shuli Telephone: Fax: Customer Service Telephone No.: Website: (42) Avic Securities Co., Ltd. Domicile: No. 291 Fuhe North Road, Nanchang Office Address: No. 291 Fuhe North Road, Nanchang Legal Representative: Du Hang Contact Person: Yu Yana 36

60 Telephone: Fax: Customer Service Telephone No.: Website: (43) Shanghai Securities Co., Ltd. Domicile: No. 336 Xizang Middle Road, Huangpu district, Shanghai Legal Representative: Yu Zhongmin Website: Customer Service Telephone No.: (44) Dongxing Securities Co., Ltd. Domicile: 12-15/F, Block B, Xinsheng Building, No. 5 Financial Street, Xicheng District, Beijing Office Address: 12-15/F, Block B, Xinsheng Building, No. 5 Financial Street, Xicheng District, Beijing Legal Representative: Xu Yongli Contact Person: Tang Manchuan Telephone: Fax: Customer Service Telephone No.: Website: (45) Shanxi Securities Co., Ltd. Domicile: East Tower, World Trade Center Shanxi, No. 69 Fuxi Street, Taiyuan Office Address: East Tower, World Trade Center Shanxi, No. 69 Fuxi Street, Taiyuan, Shanxi Legal Representative: Hou Wei Contact Person: Guo Yi Telephone: Fax: Customer Service Telephone No.: Website: (46) Tebon Securities Co., Ltd. Domicile: 9/F, South Tower, No. 510 Caoyang Road, Putuo District, Shanghai Office Address: 26/F, UC Tower, No. 500 Fushan Road, Pudong, Shanghai Legal Representative: Fang Runchun Contact Person: Luo Fang Telephone: Fax: Customer Service Telephone No.: Website: 37

61 (47) Orient Securities Co., Ltd. Domicile: 22/F-29/F, Building 2, No. 318 Zhongshan South Road, Shanghai Office Address: 22/F-29/F, Building 2, No. 318 Zhongshan South Road, Shanghai Legal Representative: Wang Yimin Contact Person: Wu Yu Telephone: Fax: Customer Service Telephone No.: Website: (48) Huafu Securities Co., Ltd. Domicile: 7-8/F, Xintiandi Mansion, No. 157 Wusi Road, Fuzhou Office Address: 7-10/F, Xintiandi Mansion, No. 157 Wusi Road, Fuzhou Legal Representative: Huang Jinlin Contact Person: Zhang Teng Telephone: Fax: Customer Service Telephone No.: (+0591 for areas out of Fujian) Website: (49) Guangzhou Securities Co., Ltd. Domicile: 19-20/F, Guangzhou International Financial Center, No. 5 Zhujiang West Road, Zhujiang New Town, Tianhe District, Guangzhou Office Address: 19-20/F, Guangzhou International Financial Center, No. 5 West Zhujiang Road, Zhujiang New Town, Tianhe District, Guangzhou Legal Representative: Liu Dong Contact Person: Lin Jieru Telephone: Fax: Customer Service Telephone No.: Website: http: // (50) CITIC Securities (Zhejiang) Co., Ltd. Domicile: 22/F, Dicara Ginza, No. 29 Jiefang East Road, Hangzhou, Zhejiang Office Address: 22/F, Dicara Ginza, No. 29 Jiefang East Road, Hangzhou, Zhejiang Legal Representative: Shen Qiang Contact Person: Zhou Yan Telephone: Fax: Customer Service Telephone No.: Website: www. bigsun.com.cn (51) Cinda Securities Co., Ltd. 38

62 Domicile: Building 1, No. 9 Naoshikou Street, Xicheng District, Beijing Office Address: Building 1, No. 9 Naoshikou Street, Xicheng District, Beijing Legal Representative: Gao Guanjiang Contact Person: Tang Jing Telephone: Fax: Customer Service Telephone No.: Website: (52) China International Capital Corporation Limited Domicile: 28/F, Block 2, China World Trade Centre, No. 1 Jianguomen Outer Street, Beijing Office Address: 28/F, Block 2, China World Trade Centre, No. 1 Jianguomen Outer Street, Beijing Legal Representative: Jin Liqun Contact Person: Luo Chunrong, Wu Mingming Telephone: Fax: Customer Service Telephone No.:(010) / ; (0755) ) ; (021) ; Website: http: // (53) Founder Securities Co., Ltd. Domicile: 22-24/F, Huaqiao International Building, Section 2 Furong Middle Road, Changsha, Hunan Office Address: 22-24/F, Huaqiao International Building, Section 2 Furong Middle Road, Changsha, Hunan Legal Representative: Lei Jie Contact Person: Guo Junrui Telephone: Fax: Customer Service Telephone No.: Website: (54) Southwest Securities Company Ltd. Domicile: No. 8 Qiaobeiyuan, Jiangbei District, Chongqing Office Address: Southwest Securities Building, No. 8 Qiaobeiyuan, Jiangbei District, Chongqing Legal Representative: Yu Weijia Contact Person: Zhang Ting Telephone: Fax: Customer Service Telephone No.: Website: 39

63 (55) Xiamen Securities Co., Ltd. Domicile: 17/F, Lianfu Building, No. 2 Lianqian West Road, Xiamen Office Address: 17/F, Lianfu Building, No. 2 Lianqian West Road, Xiamen Legal Representative: Fu Yihui Contact Person: Lu Jinwen Telephone: Fax: Customer Service Telephone No.: Website: (56) China Dragon Securities Co., Ltd. Domicile: No. 308 Jingning Road, Lanzhou, Gansu Office Address: Fortune Plaza, No. 638 Donggang West Road, Chengguan District, Lanzhou, Gansu Legal Representative: Li Xiaoan Contact Person: Li Xintian Telephone: Fax: Customer Service Telephone No.: , , Website: (57) Lianxun Securities Co., Ltd. Domicile: No. 14 Xiapu Road, Huizhou, Guangdong Legal Representative: Xu Gang Contact Person: Ding Ning Telephone: Fax: Telephone: Website: http: // (58) Tibet Tongxin Securities Co., Ltd. Domicile: No.101 Beijing Middle Road, Lhasa, Tibet Legal Representative: Jia Shaojun Telephone: Fax: Contact Person: Wang Shangbin Company s Website: Customer Service Telephone No.: (59) Huarong Securities Co., Ltd. Domicile: No. 8 Financial Street, Xicheng District, Beijing Office Address: 3/F & 5/F, Block A, No. 8 Financial Street, Xicheng District, Beijing Legal Representative: Song Deqing 40

64 Contact Person: Huang Heng Telephone: Fax: Company s Website: Telephone: (60) Northeast Securities Co., Ltd. Domicile: No Ziyou Road, Changchun, Jilin Office Address: No Ziyou Road, Changchun, Jilin Legal Representative: Jiao Zhengzhong Contact Person: Pan Kai Telephone: Fax: Customer Service Telephone No.: Website: (61) Hongta Securities Co., Ltd. Address: 9/F, Hongta Plaza, 155-1, Beijing Road, Kunming, Yunnan Legal Representative: Kuang Yulin Telephone: Contact Person: Gao Guoze Telephone: (62) Huatai Securities Co., Ltd. Domicile: Huatai Securities Mansion, No. 90 Zhongshan East Road, Nanjing, Jiangsu Office Address: Huatai Securities Mansion, No. 90 Zhongshan East Road, Nanjing, Jiangsu; 24/F, CTS (Hong Kong) Building, No. 4011, Shennan Road, Futian District, Shenzhen Legal Representative: Wu Wanshan Contact Person: Pang Xiaoyun Telephone: Fax: Customer Service Telephone No.: Website: http: // (63) Central China Securities Co., Ltd. Domicile: No. 10 Shangwu Outer Ring Road, Zhengdong New Area, Zhengzhou Office Address: No. 10 Shangwu Outer Ring Road, Zhengdong New Area, Zhengzhou Legal Representative: Jian Mingjun Contact Person: Cheng Yueyan, Fan Chunyan Telephone: Fax: Customer Service Telephone No.: ; Website: http: // 41

65 (64) Sinolink Securities Co., Ltd. Domicile: No. 95 Dongchenggen Upper Street, Chengdu Office Address: No. 95 Dongchenggen Upper Street, Chengdu Legal Representative: Ran Yun Contact Person: Jin Zhe Telephone: Fax: Telephone: Website: (65) TX Investment Consulting Co., Ltd. Domicile: Room 701, Block B, Focus Place, No. 19 Financial Street, Xicheng District, Beijing Office Address: 5/F, Block C, No. 28 Xinjiekou Outer Street, Xicheng District, Beijing Legal Representative: Lin Yixiang Contact Person: Lin Shuang Telephone: Fax: Customer Service Telephone No.: Website: (66) New Times Securities Co., Ltd. Domicile: Room 1501, 15/F, Building 1, No.99 West Beisanhuan Road, Haidian District, Beijing Office Address: 15/F, Building 1, No.99 West Beisanhuan Road, Haidian District, Beijing Legal Representative: Liu Rujun Contact Person: Ma Junjie Telephone: Fax: Telephone: Website: (67) Guodu Securities Co., Ltd. Domicile: 9-10/F, Guohua Plaza, No. 3 Dongzhimen South Street, Dongcheng District, Beijing Office Address: 9-10/F, Guohua Plaza, No. 3 Dongzhimen South Street, Dongcheng District, Beijing Legal Representative: Chang Zhe Website: Customer Service Telephone No.: (68) Daton Securities Brokerage Co., Ltd. 42

66 Domicile: 38-39/F, Dalian Futures Tower, Building A, Dalian International Financial Center, No. 129 Huizhan Road, Shahekou District, Dalian, Liaoning. Office Address: 38-39/F, Dalian Futures Tower, Building A, Dalian International Financial Center, No. 129 Huizhan Road, Shahekou District, Dalian, Liaoning. Legal Representative: Dong Yongcheng Telephone: Website: (69) Huaan Securities Co., Ltd. Domicile: 198 Swan Lake Road, Newly Developed Area for Government Administration and Culture, Hefei, Anhui Office Address: Building B1, Caizhi Center, No. 959 South 2nd Ring, Hefei, Anhui Legal Representative: Li Gong Contact Person: Gan Lin Telephone: Fax: Customer Service Telephone No.: 96518/ Website: http: // (70) Shenzhen Zhong Lu Fund Sales Co., Ltd. Domicile: Units I & J, 25/F, Shenzhen Development Bank Building, No Shennan East Road, Luohu District, Shenzhen Office Address: Units I & J, 25/F, Shenzhen Development Bank Building, No Shennan East Road, Luohu District, Shenzhen Legal Representative: Xue Feng Contact Person: Dong Caiping Telephone: Fax: Customer Service Telephone No.: Website: and www. jjmmw.com (71) Beijing Zhanheng fund sales Ltd. Domicile: No. 6 Anfu Street, Houshayu Town, Shunyi District, Beijing Office Address: 6/F, Minjian Mansion, Huayan Beili No. 2, Deshengmen Outer, Chaoyang District, Beijing Legal Representative: Yan Zhenjie Contact Person: Song Liran Telephone: Telephone: Fax: Website: (72) Shanghai Tiantian Fund Sales Co., Ltd. 43

67 Domicile: 2/F, Building 2, No.190 Longtian Road, Xuhui District, Shanghai Office Address: 9/F, Building 3C, No. 195 Longtian Road, Xuhui District, Shanghai Legal Representative: Qi Shi Contact Person: Pan Shiyou Telephone: Telephone: Fax: Website: (73) Hangzhou Shumi Fund Sales Co., Ltd. Domicile: No. 2 Haishu East Road, Cangqian Street, Yuhang District, Hangzhou Office Address: 12/F, Hang Seng Building, No Jiangnan Avenue, Binjiang District, Hangzhou, Zhejiang Legal Representative: Chen Boqing Contact Person: Zhou Yanmin Telephone: , Telephone: Fax: Website: http: // (74) Shanghai Haomai Fund Sales Co., Ltd. Domicile: Room 449, Building 4, No. 37 of 685 Nong, Changzhong Road, Hongkou District, Shanghai Office Address: 9/F, Erdos International Building, No Pudong South Road, Shanghai Legal Representative: Yang Wenbin Contact Person: Xue Nian Telephone: Telephone: Fax: Website: http: // (75) NOAHUPRIGHT (Shanghai) Fund Sales Investment Advisory Co., Ltd. Domicile: Room 205, No Caolang Road Langxia Town, Jinshan District, Shanghai Office Address: 8/F, Times Finance Center, No. 68, Yincheng Middle Road, Pudong New Area, Shanghai Legal Representative: Wang Jingbo Contact Person: Li Ling Telephone: Telephone: Fax: Website: http: // (76) Hexun Information Technology Co., Ltd. 44

68 Domicile: 10/F, Prime Tower, No. 22 Chaowai Street, Chaoyang District, Beijing Office Address: 10/F, Prime Tower, No. 22 Chaowai Street, Beijing Legal Representative: Wang Li Contact Person: Xi Tian Telephone: Telephone: Fax: Website: (77) Zhejiang Jinguancheng Wealth Management Ltd. Domicile: Room 403, 4/F, Building 8, No. 239 Xiawan Alley, Gongshu District Office Address: 8/F, Zone D, Block A, EAC Center, No. 18 Jiaogong Road, Hangzhou Legal Representative: Lu Binbin Contact Person: Lu Sheng Telephone: Telephone: Fax: Website: www. jincheng-fund.com (78) Shanghai Lead Fund Sales Co., Ltd. Domicile: Room 1033, No Yangxin Road, Baoshan District, Shanghai Office Address: 2/F, Zhongda Square, No. 989 Dongfang Road, Shanghai Legal Representative: Sheng Da Contact Person: Xu Xueyin Telephone: Telephone: Fax: Website: (79) Harvest Wealth Management Company Limited Domicile: Units 06-10, 46/F, Block B, No. 8 Century Avenue, Pudong, Shanghai Office Address: 6/F, Block A, Gemdale Plaza, No. 91 Jianguo Road, Chaoyang District, Beijing Legal Representative: Zhao Xuejun Contact Person: Jing Qi Telephone: Telephone: Fax: Website: (80) Wanyin Wealth (Beijing) Fund Sales Co., Ltd. Domicile: Room 3201, Building 5, No. 27 Community, North 4th Ring Road Middle, Chaoyang District, Beijing 45

69 Office Address: Room 3201, Pangu Plaza, No.27 North 4th Ring Road Middle, Chaoyang District, Beijing, China Legal Representative: Li Zhaodi Contact Person: Gao Xiaofang Telephone: Telephone: Fax: Website: (81) Zhejiang Flush Fund Sales Co., Ltd. Domicile: Room 903, Yuanmao Building, No.1 Wen er West Road, Hangzhou, Zhejiang Office Address: 2/F, Building 2, Hangzhou E-Commerce Industrial Park, No.7 Cuibai Road, Hangzhou, Zhejiang Legal Representative: Ling Shunping Contact Person: Yang Yi Telephone: Telephone: Website: (82) Shanghai Enrich Fund Sales Co., Ltd. Domicile: Building 2, No. 526 Gaoxiang Road, Pudong, Shanghai Office Address: 16/F, Block B, Eton Place, No.555 Pudong Avenue, Pudong, Shanghai Legal Representative: Zhang Yuewei Contact Person: Shan Bingye Telephone: Telephone: Fax: Website: (83) Shenzhen New Rand Securities Investment Advisory Co., Ltd. Domicile: Room 1006, 10/F, Building 4, SEG Science Park, Huaqiang North Road, Futian District, Shenzhen Office Address: 9/F, Block C, International Enterprise Mansion, No. 35 Financial Street, Xicheng District, Beijing Legal Representative: Ma Linghai Contact Person: Deng Jie Telephone: Telephone: Fax: Website: t.jrj.com (84) Yixin Puze Investment Advisory (Beijing) Co., Ltd. Domicile: Room 1809, 15/F, Building 9, No. 88 Jianguo Road, Chaoyang District, Beijing 46

70 Office Address: Room 1809, Block C, SOHO New Town, No. 88 Jianguo Road, Chaoyang District, Beijing Legal Representative: Shen Weiye Contact Person: Cheng Gang Telephone: Telephone: Website: (85) Yilucaifu Wealth (Beijing) Information Technology Co., Ltd Domicile: Room 702, Block C, Wudong Building, No.9 Chegongzhaung Street, Xicheng District, Beijing Office Address: Room 2208, Block A, Vantong New World Mansion, No. 2 Fuchengmen Street, Xicheng District, Beijing Legal Representative: Wu Xuexiu Contact Person: Su Hao Telephone: Telephone: Website: (86) China International Futures Co., Ltd. Domicile: 1-2/F & 9/F & 11-12/F, Block 1, No. 14 Guanghua Road, Jianguomenwai, Chaoyang District, Beijing Office Address: 9/F, Block A, China CIFCO Mansion, No. 16 Guanghua Road, Chaoyang District, Beijing Legal Representative: Wang Bing Contact Person: Zhao Sen Telephone: Telephone: Website: (87 ) CIFCO Asset Management Co., Ltd. Domicile: Room 1103, 11/F, Block 1, No. 14 Guanghua Road, Jianguomenwai, Chaoyang District, Beijing Office Address: 11/F, Block A, China CIFCO Mansion, No. 16 Guanghua Road, Chaoyang District, Beijing Legal Representative: Lu Yao Contact Person: Hou Yingjian Telephone: Telephone: Website: (88) Zhongtian Jiahua Fund Sales Co., Ltd. Domicile: Room 7457, Building 3, No.3 Xijing Road, Badachu, Shijingshan District, Beijing 47

71 Office Address: 1/F, Block C, Shuguang Mansion, No. 5 Jingshun Road, Chaoyang District, Beijing Legal Representative: Huang Junhui Contact Person: Zhang Lixin Telephone: Telephone: Website: (89) Beijing Tangding Yaohua Investment Advisory Co., Ltd. Domicile: Room 236, Building 2, No.10 Baiquan Street, Yanqing Economic Development Zone, Yanqing, Beijing Office Address: A303, 21st Century Tower, No. A40 Liangmaqiao Road, Chaoyang District, Beijing Legal Representative: Yang Tao Contact Person: Zhou Jun Telephone: Telephone: Website: (90) Beijing Zengcai Fund Sales Co., Ltd. Domicile: Room 1208, 12/F, Building 1, No.66 Nanlishi Road, Xicheng District, Beijing Office Address: Room 1208, 12/F, Building 1, No.66 Nanlishi Road, Xicheng District, Beijing Legal Representative: Luo Xi'an Contact Person: Li Hao Telephone: Telephone: Website: (91) Haiyin Fund Sales Co., Ltd. Domicile: Unit B, Building 16, No Dongfang Road, Pudong, Shanghai Office Address: Unit B, Building 16, No Dongfang Road, Pudong, Shanghai Legal Representative: Liu Hui Contact Person: Feng Li Telephone: Telephone: Website: (92) Shanghai Great Wisdom Wealth Management Limited Domicile: 10-11/F, Building No. 1, 428 Yanggao South Road, Pudong, Shanghai Office Address: 10-11/F, Building No. 1, 428 Yanggao South Road, Pudong, Shanghai Legal Representative: Shen Jian Contact Person: Fu Jiang 48

72 Telephone: *31781 Customer Service Telephone No.: Website: (93) Shanghai Pnr Financial Services Co., Ltd. Domicile: 19/F, 100 Zhongshan South Road, Huangpu District, Shanghai Office Address: 19/F, 100 Zhongshan South Road, Huangpu District, Shanghai Legal Representative: Feng Xiumin Contact Person: Zhou Dan Telephone: *8318 Customer Service Telephone No.: Website: fund.bundtrade.com (94) Shanghai Lu Jin Asset Management Co., Ltd. Domicile: Unit 09, 14/F, 1333 Lujiazui Ring Road, China (Shanghai) Pilot Free Trade Zone Office Address: 14/F, 1333 Lujiazui Ring Road, Pudong New Area, Shanghai Legal Representative: Guo Jian Contact Person: Ning Boyu Telephone: Fax: Customer Service Telephone No.: Website: (95) Beijing Lerong Multi-Cci Capital Ltd. Domicile: Room 1603, 16/F, Building No. 1, 1 West Dawang Road, Chaoyang District, Beijing Office Address: Room 1603, 16/F, Building No. 1, 1 West Dawang Road, Chaoyang District, Beijing Legal Representative: Dong Hao Contact Person: Zhang Tingting Telephone: Fax: Customer Service Telephone No.: Website: (96) Shanghai Liantai Asset Management Co., Ltd. Domicile: Room 310, 3/F, 277 Fute North Road, China (Shanghai) Pilot Free Trade Zone Office Address: 3/F, Building No. 8, 518 Fuquan North Road, Changning District, Shanghai Legal Representative: Yan Bin Contact Person: Ling Qiuyan Telephone: Fax: Customer Service Telephone No.:

73 Website: (97) Junde Huifu Investment Consulting Co., Ltd. Domicile: Room 1502, Office Building No. 1, 15/F, 18 Jianguomen Inner Street, Dongcheng District, Beijing Office Address: Room 2202, Office Building No. 1, Henderson Centre, 18 Jianguomen Inner Street, Dongcheng District, Beijing Legal Representative: Li Zhen Contact Person: Wei Yao Telephone: Fax: / Customer Service Telephone No.: Website: (98) Shanghai Kaishi Wealth Fund Sale Co., Ltd. Domicile: Room , 765 Xizang South Road, Huangpu District, Shanghai Office Address: 4/F, Kaishi Building, 1 Yan'an East Road, Huangpu District, Shanghai Legal Representative: Chen Jiwu Contact Person: Li Xiaoming Telephone: Fax: Customer Service Telephone No.: Website: (99) Beijing Weidongli Investment Management Co., Ltd. Domicile: 341 Jingshan Fortune Center, 113 Gucheng West Road, Shijingshan District, Beijing Office Address: 341 Jingshan Fortune Center, 113 Gucheng West Road, Shijingshan District, Beijing Legal Representative: Liang Hongjun Contact Person: Ji Changjun Telephone: Fax: Customer Service Telephone No.: Website: (100) Shenzhen Fuji Wealth Management Co., Ltd. Domicile: Room 201, Block A, No. 1, Qianwan First Road, Qianhai Shenzhen-Hongkong Modern Service Industry Cooperation Zone, Shenzhen (settled in Shenzhen Qianhai Commercial Secretary Co., Ltd.) Office Address: Room 418, Tower Two Huiheng Group Building, 7 th High-tech South Avenue, Keyuan South Road, Nanshan District, Shenzhen Legal Representative: Qi Xiaohe 50

74 Contact Person: Liu Yong Telephone: Fax: Customer Service Telephone No.: Website: (101) Hankou Bank Co., Ltd. Domicile: 933 Jianshe Avenue, Jianghan District, Wuhan, Hubei Office Address: 933 Jianshe Avenue, Jianghan District, Wuhan, Hubei Legal Representative: Chen Xinmin Contact Person: Li Xin Telephone: Fax: Customer Service Telephone No.: (Wuhan), (nationwide) Website: (102) Jinshang Bank Co., Ltd. Domicile: Block A, Lihua Edifice, 1 Changfeng West Street, Wanbailin District, Taiyuan, Shanxi Office Address: Block A, Lihua Edifice, 1 Changfeng West Street, Wanbailin District, Taiyuan, Shanxi Legal Representative: Yan Junsheng Contact Person: Yang Rui Telephone: Fax: Customer Service Telephone No.: Website: (103) Dongguan Rural Commercial Bank Co., Ltd. Domicile: 2 Hongfu East Road, Dongcheng District, Dongguan, Guangdong Office Address: 2 Hongfu East Road, Dongcheng District, Dongguan, Guangdong Legal Representative: He Peiliang Contact Person: Lin Peishan Telephone: Fax: Customer Service Telephone No.: Website: (104) Qishang Bank Co., Ltd. Domicile: 105 Jinjing Avenue, Zhangdian District, Zibo, Shandong Office Address: 105 Jinjing Avenue, Zhangdian District, Zibo, Shandong Legal Representative: Gao Chuanyong Contact Person: Guo Yuanyuan 51

75 Telephone: Fax: Customer Service Telephone No.: Website: (105) Dezhou Bank Co., Ltd. Domicile: 1266 Sanba East Road, Dezhou, Shandong Office Address: 1266 Sanba East Road, Dezhou, Shandong Legal Representative: Sun Yuzhi Contact Person: Wang Fangzhen Telephone: Fax: Customer Service Telephone No.: Website: (106) Weihai City Commercial Bank Co., Ltd. Domicile: 9 Baoquan Road, Weihai Office Address: 9 Baoquan Road, Weihai Legal Representative: Tan Xianguo Contact Person: Liu Wenjing Telephone: Fax: Customer Service Telephone No.: Website: whshls@163.com (107) Tianfeng Securities Co., Ltd. Domicile: 4/F, Gaoke Mansion, No.2 Guandongyuan Road, Donghu New Technology Development Zone, Wuhan, Hubei Office Address: Block B, 4/F, Guozi Mansion, No. 32 Tangjiadun Road, Jianghan District, Wuhan, Hubei Legal Representative: Yu Lei Telephone: (027) Fax: (027) Contact Person: Liu Xin Telephone: (027) Company s Website: (108) Industrial Bank Co., Ltd. Domicile: No.154 Hudong Road, Fuzhou Office Address: No. 168 Jiangning Road, Shanghai Legal Representative: Gao Jianping Contact Person: Liu Ling Telephone:

76 Telephone: Website: The Fund Manager may choose other qualified institutions to sell the Fund units as an agent in accordance with the Funds law, the Measures on Operation, the Measures on Sales, the Fund Contract and make announcements in a timely manner. (II) Institutions issuing Class H fund units 1. Hong Kong representatives of Class H fund units ICBC Credit Suisse Asset Management (International) Company Limited Domicile: Room 801, 8/F, ICBC Tower, 3 Garden Road, Central, Hong Kong Office address: Room 801, 8/F, ICBC Tower, 3 Garden Road, Central, Hong Kong Tel.: (852) Website: 2. See Hong Kong Explanatory Documents for the Hong Kong Sales Institution of Class H fund units. (II) Registration and Clearing Institution Name: ICBC Credit Suisse Asset Management Co., Ltd. Domicile: 601 6/F, 701 7/F, 801 8/F, 901 9/F, A5, 5 Financial Street, Xicheng District, Beijing Office address: 6/F, Block A, Xinsheng Building, 5 Financial Street, Xicheng District, Beijing Legal Representative: Guo Tehua Customer Service Telephone No. (for all areas in China): Fax: Contact Person: Zhu Yihui (III) Legal Advisor and Handling Attorneys Name: Beijing Tongshang Law Office Domicile: Room 606, New China Insurance Tower, No. A12 Jianguomen Outer Street, Chaoyang District, Beijing Office Address: Room 606, New China Insurance Tower, No. A12 Jianguomen Outer Street, Chaoyang District, Beijing Principal: Han Xiaojing Telephone: (010) Fax: (010) Handling Attorneys at Law: Zhang Xiaotong, Hu Xuerong (IV) Accounting Firm and Handling Accountants Name: Ernst & Young China Limited (special general partnership) Domicile: Level 16, East Tower 3, Ernst & Young Tower, Oriental Plaza, No. 1 East Chang An Avenue, Dongcheng District, Beijing 53

77 Office Address: Level 16, East Tower 3, Ernst & Young Tower, Oriental Plaza, No. 1 East Chang An Avenue, Dongcheng District, Beijing Legal Representative: Ge Ming Certified Public Accountants in Charge: Wang Jing, Wang Shanshan Telephone: Fax: Contact Person: Wang Shanshan VI. Offering of Fund (I) Basis for the Initial Offer of the Fund The Fund is offered by the Fund Manager in accordance with the Funds Law, the Measures on Operations, the Measures on Sales, the Fund Contract and other relevant laws and regulations. The Fund's application for initial offer has been approved by the China Securities Regulatory Commission on July 11, 2005 in its approval document Zheng Jian Ji Jin Zi [2005] No.122. (II) Type of the Fund Mixed Fund. (III) Operation mode of the Fund: Contractual-type open-end fund. (IV) Duration of the Fund Perpetual existence (V) Par Value of the Fund The Fund was offered at the par value of 1.00 Yuan. (VI) Type of fund units Fund units of the Fund are divided into different types according to the place of sale and the rate of purchase and redemption. 54

78 Fund units which are sold and whose subscription and redemption fees are collected in the Chinese mainland are called Class A fund units; Fund units which are sold and whose subscription and redemption fees are collected in Hong Kong are called Class H fund units. There are different codes for Class A and Class H fund units and their net values are announced separately. Without violation of laws and regulations and the Fund Contract and bringing substantial adverse effect on the interests of the fund unitholders, the Fund Manager may stop subscribing a certain class of fund units, adjust the rate of a certain class of fund units or increase a new class of fund units. The Fund Manager is not required to convene a Unitholder Meeting before the said adjustment but shall reach an agreement with the Fund Custodian, make an announcement and report to the CSRC for filing. VII. Effective Date of the Fund Contract (I) Effective date of the Fund Contract The Fund Contract shall take effect as of the date when the CSRC gives written confirmation and the Fund filing is completed. The Fund Manager shall make an announcement on the enforcement of the Fund Contract on the day immediately after the day when the Fund Manager receives the confirmation document from the CSRC. The Fund Contract of the Fund officially came into effect on August 31, 2005 and was updated on 23 September (II) Number of Unitholders and Scale of Fund Assets after the enforcement of Fund Contract If the number of Unitholders is less than 200 or the NAV of the Fund is less than RMB 50 million Yuan after the enforcement of Fund Contract, the Fund Manager shall disclose the same in the regular report; if the foregoing circumstances last for 60 consecutive Working Days, the Fund Manager shall report to the CSRC and present solutions such as changing operation mode, merging with other funds or terminating the Fund Contract, and shall convene a Unitholder Meeting to hold a vote. 55

79 Where there are other provisions in relevant laws and regulations, such provisions shall apply. VIII. Subscription and Redemption of Fund Units (I) Locations for Subscription and Redemption The investors shall handle the Subscription and Redemption at the premise of the Fund Manager or a sales agency conducting open-end fund business or through other methods provided by the Fund Manager or the sales agency. List of Sales Institutions and contact information thereof are included in paragraph (I) of Chapter V. The Fund Manager may add or remove Sales Agencies according to its requirements and make separate announcements of such changes. The Sales Institutions may add or remove cities or outlets available for handling sales according to their requirements, and make separate announcements of such changes. (II) Business Days and Business Hours for Subscription and Redemption 1. Business Days and Business Hours Investors may submit subscriptions and redemptions of fund units on Business Days. The Business Days for Class A units (those sold in the Chinese mainland) shall be the trading days of the Shanghai Stock Exchange and Shenzhen Stock Exchange. The Business Days for Class H units shall be the common trading days (except when the Fund Manager announced suspension of subscription or redemption) of Shanghai Stock Exchange, Shenzhen Stock Exchange and Hong Kong Stock Exchange. Specific business hours for subscription or redemption shall be the business hours on the trading days of Shanghai Stock Exchange and Shenzhen Stock Exchange. Investors shall refer to the specific days and hours announced by the Sales Institution. If there are any additions of new securities exchanges, changes to the Trading Hours of existing exchanges, or other special events, the Fund Manager shall adjust the Business Day and Business Hour accordingly and make an announcement. 2. Start Time for Subscription and Redemption Class A units of the Fund have been open for Subscription daily from September 13, Class A units of the Fund have been open for Redemption daily from November 01, The Fund will make announcement before the opening for subscription and redemption of Class H units. (III) Principles of Subscription and Redemption 56

80 1. Principle of unknown price means that the prices for Subscription and Redemption will be determined on the basis of the NAV per unit calculated after the trading hours on the application day. 2. Applications for Subscription are based on the nominal amount to be invested, while the applications for Redemption are made by unit. 3. For the Unitholders Redeeming Units, the Fund Manager shall process the Units under the custody of the sales institution on the principle of "first in first out", that is, to redeem the Units whose registration is confirmed on an early date prior to those on a late date, so as to determine the applicable Redemption fee rate. 4. Any applications for Subscription or Redemption of the day may be cancelled before the time specified by the Fund Manager on the respective Dealing date. 5. The Fund Manager can change any of the above principles without disadvantaging the Unitholders. The Fund Manager shall, at least 3 Working Days prior to the implementation of new changes, make an announcement on at least one media channel designated by the CSRC. (V) Procedures for Subscription and Redemption 1. Application for Subscription and Redemption Fund Investors shall apply for Subscription and redemption during the Business Hours of the Business Days according to procedures set out by the Sales Institutions. When applying for Subscriptions of the Fund, the investors shall pay in full the Subscription amount according to the method specified by the sales institution. When submitting the application for redemption, the investor should have a sufficient balance of fund units with the sales institution (at the respective outlet). 2. Confirmation of Application for Subscription and Redemption The Fund Manager shall take the day on which the applications for Subscription or Redemption are received as the application date of Subscription or Redemption and confirm the said application within one Working Day upon acceptance of the application. 3. Payment for Application of Subscription and Redemption Subscriptions require full payment; if the amount is not paid in full within the specified time, the Subscription will be deemed to have failed or be invalid; in this case, the amount paid for the Subscription will be returned to the account of the investor. 57

81 After an investor s application for Redemption is successfully submitted, the Fund Manager shall, through the Registrar, transfer the Redemption amount to the bank account of redeemer within no more than 7 Working Days after the date when the investor s valid application for Redemption is accepted. In the case of Substantial Redemption, the payment shall be made according to the relevant provisions specified in the Fund Contract. (V) Limitation on Subscription Amount and Redemption Amount 1. According to the Announcement on Adjustment of Limitations on the Subscription, Redemption, Periodic Investment and Minimum Units in a Single Account of certain open-end funds under ICBC Credit Suisse Asset Management Co. Ltd. published on the three major newspapers and the company's website on November 1, 2014, the restrictions on the amount of Subscription and Redemption of Class A units of the Fund were adjusted as follows starting from November 5, 2014,: (1) The minimum amount of a single Subscription through sales outlets and the company's online trading system for each fund account is RMB 10 Yuan; the minimum amount for initial Subscriptions directly through the Manager is RMB 1 million Yuan per fund account; investors who have records of IPO Subscription and Subscription directly with the Manager will not be subject to the RMB 1 million restriction, and may make further Subscriptions at a minimum amount of RMB 10 Yuan per transaction; (2) When a Unitholder applies for Redemption at a Sales Institution, the minimum Redemption unit per application will be 10 Units. If the Unitholder s holding of Units with the Sales Institution (outlets) is less than 10 Units after the Redemption, then the Unitholder must redeem all his Units in the same application. 2. The restrictions on the amount of Subscription and Redemption of Class H units of the Fund shall be governed by specific provisions of the Hong Kong Sales Institution 3. The Fund Manager may, based on its requirements, adjust the above limitations, and shall announce the adjustments on at least one media channel designated by the CSRC no later than 3 Working Days prior to the adjustment. (VI) Subscription Fee and Redemption Fee 1. Subscription fee Rates for subscription of Class A units of the Fund are based on a tiered structure, decreasing with an increase in Subscription amount. The highest subscription fee rate will not exceed 1. 5%. Investors can make repeated Subscriptions with the fee rate being determined by the amount of each Subscription. 58

82 Subscription Amount (M) Subscription Fee Rate of Class A units M<RMB 1 million Yuan 1. 5% RMB 1 million Yuan M< RMB 5 million Yuan 1. 0% RMB 5 million Yuan M< 0. 8% RMB 10 million Yuan M RMB 10 million Yuan RMB 1000 Yuan for each application The Hong Kong Sales Institution may at its discretion collect a subscription fee of not more than 3% of the subscription amount of Class H units of the Fund. Subscription fees shall be borne by the subscription applicant and will not be included as Fund Assets but used to cover the various expenses incurred in the Fund s marketing, registration and sales. 2. Redemption fee Holding Period Redemption Fee Rate of Class A units Holding Period <1 Year 0. 5% 1 Year<Holding Period <2 Years 0.25% Holding period M 2 Years 0 Notes: 1 year contains 365 days. Redemption Fee Rate of Class H units 0.125% The Redemption fees shall be borne by the applicant for Redemption. 25% of the Redemption fee charged for Class A units will be included in the Fund Assets with the remainder being put towards registration fees and other handling charges. Full amount of the Redemption fee charged for Class H units will be included in the Fund Assets. 3. The Fund Manager may adjust the Subscription fee rate, Redemption fee rate or charging method and shall make an announcement on at least one media channel designated by the CSRC at least three Working Days prior to the implementation of the new fee rate or charging method. (VII) Calculation of Subscription Units and Redemption Amounts 1. Calculation of Subscription Units Subscription fee of the Fund is a front-end fee (charged at the time of Subscription). The Subscription amount includes the Subscription fee and net Subscription Amount. 59

83 (1) Calculation of Subscription Units of Class A units shall be conducted as follows: Net Subscription amount = Subscription amount/(1+ Subscription fee rate) Subscription Fee = Subscription Amount Net Subscription Amount Subscription Units = Net Subscription Amount / NAV per Unit of Class A units on the Subscription Day (2) See Hong Kong Explanatory Documents for the calculation of Subscription Units of Class H units. The Subscription fee shall be in RMB Yuan and rounded to the second decimal place. The Subscription Units shall be rounded to the second decimal place. Any losses resulting from such rounding shall be borne by the fund assets and any surplus resulting therefrom shall become part of the fund assets. For example: An investor invests RMB 50,000 Yuan for the Subscription of the Fund s Class A units. The NAV per unit of Class A units of the Fund on the Subscription Day is 1.05 Yuan and the applicable Subscription fee rate is 1.5%. Net Subscription Amount=50,000/ (1+1. 5%) =49, Yuan Subscription fee =50,000-49, = RMB Yuan Subscription Units =49, /1. 05 = 46, Units i.e.: An investor invests RMB 50,000 Yuan for the Subscription of Class A units of the Fund at the rate of 1.5%. Assuming that the NAV per unit of Class A units of the Fund on the Subscription Day is RMB 1.05 Yuan, then the investor can get 46, Units of Class A fund units. 2. Calculation of Net Redemption Amount (1) Investors need to pay the Redemption fee at the time of Redemption. The Net Redemption Amount of Class A units of the Fund equals the Redemption Amount less the Redemption fee of which: Redemption amount = Redeemed units NAV per Unit of Class A units on T Day Redemption fee = Redemption amount Redemption Fee Rate Net redemption amount = Redemption amount - Redemption Fee The Redemption fee shall be in RMB Yuan and rounded to the second decimal place. The net redemption amount shall be rounded to the nearest cent. Any losses resulting from such rounding shall be borne by the fund assets and any surplus resulting therefrom shall become part of the fund assets. For example: An investor has held 10,000 units of Class A fund units of the Fund for 1 year and 2 months. Assuming that the Redemption rate is 0.25% and the NAV per unit of Class A fund units on the Redemption Day is RMB 1.05 Yuan, the redemption amount is calculated as follows: Redemption Amount=10, = RMB 10,500 Yuan 60

84 Redemption fee =10, %= RMB Yuan Net Redemption Amount=10, =RMB 10,473. RMB 75 Yuan i.e.: An investor redeems 10,000 units of Class A fund units of the Fund. Assuming that the NAV per unit of Class A fund units on the Redemption Day is RMB 1.05 Yuan, the redemption amount is RMB 10, Yuan. (2) See Hong Kong Explanatory Documents for the calculation of Redemption Amount of Class H units. Where the Hong Kong Sales Institution has other stipulations on the calculation of Redemption Amount of Class H units, the said stipulations shall apply. 3. Calculation of Net Asset Value Per Unit of the Fund NAV per unit of a class on T Day = NAV of such class of fund units on T Day / Total of outstanding units of such class of fund units on T Day The NAV per unit is the result of dividing the NAV of such class of fund units on the calculation Day by the total number of outstanding units of such class of fund units on the same day. The NAV per unit is in RMB Yuan and the result shall be rounded to the fifth decimal place. The NAV per unit on T Day shall be calculated after the close of trading on that day, and announced on T+1 Day. In special circumstances, the calculation and announcement may be postponed accordingly, with the delay reported to the CSRC for filing. (VIII) Registration of Subscription and Redemption 1. If an Investor s application for Subscription is successful, the Registrar shall handle the registration procedure to increase the Investor s holding on T+1 Day, and the Investor will have the right to redeem such Units starting from T +2 Day. 2. If an Investor s application for Redemption is successful, the Registrar shall handle the relevant registration procedure to decrease the Investor holding on T+1 Day. 3. The Fund Manager may, within the scope allowed by the laws and regulations, adjust the timeframe for handling the above registration procedures, and publicly announce at least 3 Working Days prior to the implementation of changes. (IX) Determination and Treatment of Substantial Redemption 1. Determination of Substantial Redemption A Substantial Redemption occurs when the Net Redemption Amount of the Fund on a single 61

85 Business Day exceeds 10% of the Total units of the Fund of the previous day. 2. Treatment of Substantial Redemption In case of a Substantial Redemption, the Fund Manager may decide to accept all the redemption applications or to defer part of the redemption applications based on the condition of the asset portfolio at that time. (1) Acceptance of all the redemption: If the Fund Manager believes it is able to meet all Redemption applications of investors, the regular Redemption procedure shall be followed. (2) Deferral of partial redemption: When the Fund Manager thinks it will face difficulty meeting all Redemption applications, or believes that meeting all Redemptions may cause drastic fluctuations to the NAV per unit of the Fund, the Fund Manager may defer payment for part of the Redemption applications, provided that the total number of the redeemed Units on that day is not less than 10% of the total Units of the preceding day. The Fund Manager shall make pro rata payments for the Redemption applications based on the ratio between the amount of Redemption application made by each Unitholder and the total amount of the Redemption applications on that day. Unless at the time of submitting an application for Redemption, an investor has chosen to withdraw the portion that is not accepted on the same day, the unaccepted portion of the applications shall be deferred to the next Working Day for Redemption at the price of the next Working Day. The deferred portion of Redemption application will not enjoy priority for Redemption, and the same applies to any further deferral of Redemption applications until all the applications are satisfied. (3) In the case of the Substantial Redemption and the deferral of acceptance, the Fund Manager shall, within 3 trading days, give notice to the Unitholders to state the relevant treatment methods by using the methods specified in the Prospectus, and make an announcement on at least one type of information disclosing media designated by the CSRC at the same time. (4) Suspension of Acceptance and Deferral of Payment: If the Fund encounters Substantial Redemption for more than two consecutive Working Days, the Fund Manager may suspend the acceptance of Redemption applications if it deems necessary. Payment of the Redemption amount for those accepted Redemption applications may be deferred, but the deferral period shall not exceed 20 Working Days, and the Fund Manager shall make an announcement on at least one type of information disclosing media designated by the CSRC. (X) Rejection or Suspension of Subscription, Suspension of Redemption and their respective treatments 1. The Fund Manager may reject or suspend the investor s application for Subscription under any of the following circumstances: 62

86 (1) The Fund Manager cannot accept the Subscription and Redemption due to Force Majeure; (2) The unexpected close of stock exchanges during trading hours; (3) There occurs any event which causes the suspension of fund asset valuation according to the Fund Contract; (4) The size of Fund Assets becomes so large that the Fund Manager is unable to source appropriate assets for investment or other circumstances that may have adverse effects on the Fund performance and therefore harm the interests of the existing Unitholders; (5) Other situations as stipulated by the laws and regulations or as defined by the CSRC. 2. The Fund Manager may suspend acceptance of the investor s application for Redemption in any of the following circumstances: (1) The Fund Manager is unable to pay the Redemption amount due to Force Majeure; (2) The unexpected close of stock exchanges during trading hours; (3) The Fund encounters Substantial Redemption and suspends acceptance of the application for Redemption in accordance with the provisions of the Fund Contract; (4) There occurs any event which shall cause the suspension of fund asset valuation according to the Fund Contract; (5) Other situations as stipulated by the laws and regulations or as defined by the CSRC. Under any of the above circumstances, for the Redemption applications that have been accepted, the Fund Manager shall make full payment; if full payment cannot be made for the time being, the Fund Manager shall make pro rata payments according to the ratio between the amount of accepted Redemption applications made by each Unitholder and the total amount of the accepted Redemption applications. The remaining portion of the Redemption applications shall be processed on the subsequent Dealing Day. Once the relevant circumstances causing the suspension of Redemption are removed, the Fund Manager shall resume the Redemptions without delay. 3. In case of the suspension of Subscription and Redemption of the Fund, the Fund Manager shall make an announcement and report to the CSRC for filing. 4. When the Fund is re-opened upon the expiration of suspension period, the Fund Manager shall make an announcement and report to the CSRC for filing. (1) If the suspension lasts for 1 day, the Fund Manager shall, on the next Dealing Day, announce the re-opening of Subscription or Redemption and the latest NAV per unit on the designated press or other related media channels designated by the CSRC. (2) If the suspension lasts more than 1 day but less than two weeks, the Fund Manager shall, at least 1 Working Day in advance, announce the re-opening of Subscription or Redemption 63

87 business on the designated press or other relevant media channels designated by the CSRC, and shall announce the latest NAV per unit on the re-opening day of Subscription or Redemption. (3) If the suspension lasts for more than two weeks, the Fund Manager shall announce the suspension at least once every two weeks during the suspension period. If the suspension lasts for more than two months, the frequency for such announcement may be adjusted. When the suspension concludes and the Subscription or Redemption business is re-opened, the Fund Manager shall announce the re-opening of Subscription or Redemption 3 Working Days in advance on the Designated Press or other relevant media designated by the CSRC, and shall announce the latest NAV per unit on the re-opening day. (XI) Periodical Subscription Periodical Subscription refers to a method of investment under which an Investor may agree with a Sales Institution on a predetermined payment date, amount and method to and apply to automatically debit money from a bank account designated by the Investor on a pre-agreed debit date every period for the purpose of Subscribing into the Fund. Periodical Subscription does not affect the Fund's daily Subscription and Redemption process, etc., so an investor can still apply for Subscription and Redemption after Periodical Subscription is effected. The Fund Manager has made available Periodical Subscription through its Direct sales channel and certain sales agencies. For details, please see the Announcement on Periodical Subscription issued by the Fund Manager and other sales agencies. (XII) Switching of the Fund 1. Switching of the Fund The Fund Manager may, according to the relevant laws and regulations and the provisions of the Fund Contract, conduct Switching between the Fund and other funds under the management of the Fund Manager and registered with the same Registrar, whilst collecting Switching fees; for related rules, please refer to the associated announcements formulated and published by the Fund Manager according to the relevant laws and regulations and the provisions of the Fund Contract. 2. Business hours for Fund Switching The business hours of Fund Switching are the same as those for Subscription and Redemption. When an Investor applies for Fund Switching, the units for switching-out must be open for Redemption and the units for switching-in must be open for Subscription. If it is not a Dealing date for one of the switching Funds, the application for Fund Switching will be invalidated. 64

88 Please refer to announcements of the Fund Manager for the further information regarding parties handling the Fund Switching and relevant rules. 3. Fund switching fee Please refer to announcements of the Fund Manager for further information on Fund switching fee rates. The Fund Manager may adjust the Fund s switching fee rate or payment method, and shall, within at least 3 Working Days prior to the implementation of the new rate and charging method, make an announcement on at least one media channel designated by the CSRC. (XIII) Non-trading Transfer of the Fund Non-trading Transfer of the Fund refers to applications accepted by the Registrar for the transfer of Fund Units relating to inheritance, donation, judicial enforcement and other legal circumstances recognized by the Registrar and in compliance with the laws and regulations. In any of the above situations, persons accepting the transfer must be a qualified Individual Investor or Institutional Investor. Inheritance refers to the situation where a Unitholder is deceased and his / her Units are inherited by their legal heir; donation refers to the situation where a Unitholder donates his / her legally held Units to any charity funds or social groups; judicial enforcement refers to the situation where a judicial body enforces the transfer of Units held by a Unitholder to another natural person, legal person or organization according to a valid judicial document. To transact the non-trading transfer, all relevant materials meeting the requirements of the Registrar must be provided. Applications for non-trading transfer that satisfy the required conditions will be processed within 2 months from the acceptance of application. Fees may be charged at the rate determined by the Registrar. (XIV) Agency Transfer of the Fund A Unitholder may transfer custody of his /her Units between different Sales Institutions, and the Fund Sales Institution may charge an Agency Transfer fee at the rate specified according to the stipulated standards. IX. Fund Investment (I) Investment Objective 65

89 To effectively manage the risk of the investment portfolio whilst seeking long-term and steady growth in the fund's asset value. (II) Investment Scope The Fund's investment shall be limited to financial instruments with good liquidity, including stocks, government bonds, financial bonds, corporate bonds, repo products, central bank bills, convertible bonds which are publicly issued and listed in China under the relevant laws and other financial instruments permitted by the CSRC. The Investment allocation of the Fund's portfolio is as follows: Equity assets between 60% - 95% of total net assets of the Fund, while bonds and cash assets between 5% -40% of total net assets of the Fund. (III) Investment Philosophy Market pricing of stock securities should inevitably reflect fundamental value. The Fund invests in undervalued large and medium-sized listed companies with sound management and core competitive advantages, so as to achieve its objective of long-term steady growth. (IV) Investment Strategies 1. Asset allocation By drawing on Credit Suisse Asset Management Co., Ltd.'s asset allocation philosophy, the Fund has developed a ICBC Credit Suisse Asset Allocation Model specifically tailored to China's capital market, which, by studying China's economy and capital markets through an international scope, adopting a top-down approach, and combining qualitative and quantitative research, determines asset allocation between stocks and bonds and other asset classes. Domestic Domestic 国内宏观经济分析 macroeconomic analysis Economy ECONOMIC Economic 经济情景分析 scenario SCENARIOS analysis Positive ADVANCED 正面 Neutral CENTRAL 中性 Negative LAGGED 负面 Global International 全球宏观经济分析 macroeconomic analysis Economy Expectation 股票市场收益风险预期 of equity market income risk Expectation 债券市场收益风险预期 of bond market income risk Quantitative Forecast 数量模型优化 model-based optimization Returns Quantitative Asset 资产配置方案 allocation Analysis plan 66

90 Fig. 1 ICBC Credit Suisse Asset Allocation Model (1) Economic Scenario Analysis The Fund periodically assesses the macroeconomic and investment environment, and conducts assessment and forecasting of global and domestic economic development by utilizing the global resources of Credit Suisse Asset Management Co., Ltd s macroeconomic research team. It determines the main market drivers of future development, forecast key economic variables, and the risk premium of China's capital market relative to overseas markets. It analyzes three possible future macroeconomic scenarios (positive, neutral, negative), and gives the probability of occurrence for each scenario. (2) Prediction of individual asset class income and risk For each of the three possible future macroeconomic scenarios, the model predicts future returns and risks of stock and bond assets, whilst assessing the stability of future income within each asset class. It compares the expected return of each asset class against the current market situation, revealing structural changes that might occur to future earnings, and evaluates the change. (3) Quantitative optimization Leveraging the quantitative analysis module from ICBC Credit Suisse s Asset Allocation Model, allocation is optimized according to expected underlying risk and return with the respective allocation percentages of stock and bond assets being determined via a report. (4) Formulation of an asset allocation plan The Fund formulates the asset allocation plan based on the analysis results obtained in the above steps, and uses it as an important basis for asset allocation decision of the Investment Decision-making Committee. 2 Industry Allocation Strategies Based on each industry s life cycle, competition structure, change in business climate and other factors, the Fund conducts a comprehensive analysis of the relative investment value of each sector, and focuses investment on advantageous and expanding sectors. The Fund's sector allocation process is as follows: 67

91 Analysis of sector life cycle 行业生命周期分析 Macro 宏观经济 economy and industrial 及产业政策 policy 行业竞争结构分析 Analysis of sector competition structure Analysis 行业景气度变动 of change in 趋势分析 business climate Advantageous 优势行业 sector Expanding 景气行业 sectors Sector 行业配置方案 allocation plan Fig. 2: Sector allocation process (1) Sector Life Cycle Analysis For each sector, the Fund begins by determining which stage in the lifecycle the industry is at. The Fund will focus on investment in sectors at a growth stage or mature stage and give a higher score to these sectors. For sectors in the developmental stage, the Fund maintains prudent view on and gives it a lower score. The Fund avoids investment in the sectors in the declining stage. However, whilst some sectors are identified as being in decline, they may contain certain sub-sectors that are in growth or mature phases with good prospects for development or strong profitability, as such the Fund may also invest in companies in these segments. (2) Sector Competition Analysis The Fund analyzes the competition structure and profitability of industry sectors from the following aspects: 1) product pricing power; 2) upstream negotiation power; 3) entry barriers; 4) substitutability of technology and products; 5) internal competition within sector. The Fund focuses on investment in those sectors with certain monopoly characteristics, irreplaceable technology or resources, those with high barriers to entry, or having strong pricing power and high margins. (3) Analysis on change in business climate The Fund will analyze the performances of all sectors according to different stages of growth 68

92 of the national economy, analyze the impact of national macroeconomic policies on these industry sectors, and reflect each sector's prosperity in the near and medium term by the use of key indicators, such as output, capacity utilization, investment, prices and the trends thereof and other indicators. The Fund assigns a high rating to those sectors which are amid a favorable macroeconomic environment in the near term to medium term, especially those at the inflection point of improvement, but to those sectors which are amid unfavorable macroeconomic environment in the near term to medium term, particularly those adversely influenced by the macroeconomic policies and within a downward spiral of development, the Fund assigns a lower rating. (4) Determination of Sector Allocation By considering the unique risk-return characteristic of the Fund and analyzing the relative investment value of all sectors in the near term and medium term through the above framework, the Fund Manager focuses on investment in advantageous sectors exhibiting prospects for development and strong profitability, as well as sectors in the improvement or rising phase of growth as a result of national economic cycle transitions. 3. Investment strategies for stocks The Fund draws on the ideas and experiences of Credit Suisse Asset Management Company in stock investment, adopting a value investment philosophy to invest in shares of undervalued and medium-sized listed companies with sound management and core competitive advantage, by conducting quality scanning, competitive advantage evaluation and value assessmentthe Fund's stock selection steps are as follows: A-Share market Quality screening Evaluation of competitive advantages Valuation Fig. 3 Stock Selection Steps (1) Quality Scanning The Fund's equity assets will be mainly shares of high quality medium-sized listed companies with sound operations, as such, in assessing stocks, the Fund conducts a comprehensive market scan of the stock market based on strict requirements around market capitalization, profitability and liquidity, thereby selecting companies conforming to essential requirements in these three regards. 69

93 Market capitalization Initial stock selection Profitability Liquidity Fig. 4 Stock Quality Scanning of ICBC Credit Suisse For stocks selected through the scanning process, the Fund will also utilize public market information and the company's research database to perform further diagnosis of the companies, including their corporate profile and financial status etc. Through the diagnosis, the Fund excludes those companies whose prices are being manipulated, have frequent signs of capital transactions, as well as those with irrational business structures, high operational and financial risks, or those for which there exists evidence of serious violations of the law. (2) Evaluation of Competitive Advantages The Fund examines the competitive ranking of a company in the industry from various angles including its strategy, market share, cost, technology and innovation, corporate management and so on. The Fund focuses on investing in those enterprises with a leading position in the industry, and having core competitive advantages in terms of cost, technology, innovation capacity, etc. (3) Value Assessment The Fund combines qualitative and quantitative analysis to assess the value of listed companies. Quantitative analysis is based mainly around cash flow discounting, relative valuation and other methods to assess the market value of listed companies. Value assessment considers various factors of a company, including its business development plan and prospects, market share and growth trend of its main business lines, capital structure, operating risk level and so on. Building on the value assessment process of listed companies, the Fund compares intrinsic value of companies against the market price to find undervalued stocks and build a portfolio. 4. Investment strategies for bonds The Fund adopts a "top-down" bond investment strategy, first conducting an in-depth analysis 70