China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

(2015 No.3)

Fund Manager: China Southern Asset Management Co., Ltd. Fund Custodian: Industrial and Commercial Bank of China Limited

18 December 2015

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Contents 1. PREFACE 4 2. DEFINITION 5 3. FUND MANAGER 11 4. FUND CUSTODIAN 24 5. RELATED SERVICE AGENCIES 31 6. SUBSCRIPTION AND REDEMPTION OF UNITS 92 7. FUND INVESTMENT 104 8. FUND ASSETS 119 9. VALUATION OF FUND ASSETS 121 10. FUND INCOME AND DISTRIBUTION 127 11. FUND EXPENSES AND TAX 129 12. FUND ACCOUNTING AND AUDITING 132 13. INFORMATION DISCLOSURE OF THE FUND 133 14. RISK DISCLOSURE 140 15. MODIFICATION AND TERMINATION OF FUND CONTRACT AND LIQUIDATION OF FUND ASSETS 143 16. SUMMARY OF FUND CONTRACT 146 17. SUMMARY OF FUND CUSTODIAN AGREEMENT 167 18. SERVICES TO UNITHOLDERS 188 19. OTHER DISCLOSURES 192 20. MAINTENANCE AND INSPECTION OF THE PROSPECTUS 200 21. DOCUMENTS AVAILABLE FOR INSPECTIONS 201

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

IMPORTANT

The Fund has been approved by the CSRC on 25 April 2008 in its approval document Zheng Jian Xu Ke [2008] No. 596, and was established on 18 June 2008. The Fund Manager warrants that the contents of this Prospectus are true, accurate and complete. This Prospectus has been approved by the CSRC; nevertheless, in giving such approval, the CSRC implies no judgment in substance or guarantee for the value and income of the Fund, nor does it imply that the investment in the Fund is risk-free. Before investing in this Fund, investors are advised to have full understanding of the Fund’s product features, and they should consider their own risk tolerance thoroughly, estimate the market rationally, and make decisions on the investment behaviors such as intention, timing and quantity of fund subscription, while they are entitled to the income of the Fund investment, they also bear the corresponding investment risks, including: systematic risks arising from political, economic, social and other influences on the prices of securities; non-systematic risks of individual securities; liquidity risk arising from continuing massive redemption by Unitholders; and management risk arising from the fund management activities of the Fund Manager; risks pertaining to the Fund. Investment involves risk. Before investing in this Fund, investors are advised to read through the Prospectus carefully. The Fund's past performance is not indicative of its future performance. The Fund Manager shall manage the fund assets with honesty, good faith, prudence and efficiency, but does not guarantee any profits or minimum returns on the Fund. The Prospectus has been reviewed by the Fund Custodian. The content contained in this Prospectus is up to 18 December 2015, and the related financial data and NAV performance data are as of 30 September 2015. (Unaudited)

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

1. Preface

This Prospectus is drafted pursuant to the Law of the People’s Republic of China on Securities Investment Funds (hereinafter referred to as the "Funds Law"), the Administrative Measuses on Operation of Securities Investment Funds (hereinafter referred to as the "Operation Measures"), the Administrative Measuses on Sale of Securities Investment Funds (hereinafter referred to as the "Sale Measures"), the Administrative Measures on Information Disclosure of Securities Investment Funds (hereinafter referred to as the " Information Disclosure Measures ") and the Fund Contract of China Southern Selected Value Mixed Securities Investment Fund (hereinafter referred to as the "Fund Contract"). The Fund Manager hereby warrants that there is no false or misleading statement or material omission in this Prospectus, and it shall be responsible for the truthfulness, accuracy, and completeness thereof. The Fund shall apply for offering based on the information in this Prospectus. The Fund Manager does not entrust or authorize any person to provide any information that is not disclosed in this Prospectus or to make 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 Fund Contract. Investors become Unitholders and Parties to the Fund Contract starting upon acquiring the Units pursuant to the Fund Contract. Their holding of the Units indicates their acknowledgement and acceptance of the Fund Contract, and they shall enjoy the rights and bear the obligations pursuant to the Funds Law, the Fund Contract and other Laws and Regulations. Investors should carefully review the Fund Contract to have a knowledge of the rights and obligations of the Unitholders.

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

2. Definition

Unless otherwise specified herein, the following terms in this Prospectus shall have the meanings given below:

“Contract” or “Fund refers to the Fund Contract of China Southern Selected Value Mixed Contract” Securities Investment Fund and any valid amendments and supplements thereto from time to time “China” or the “PRC” refers to the People's Republic of China, for the purposes of the Fund Contract only, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan “Laws and refers to the laws, administrative regulations, departmental rules and Regulations” regulatory documents of the PRC in effect at the present time “Funds Law” refers to the Law of the People’s Republic of China on Securities Investment Fund “Sale Measures” refers to the Administrative Sale Measures of Securities Investment Fund “Operation Measures” refers to the Administrative Operation Measures of Securities Investment Fund “Information refers to the Administrative Information Disclosure Measures of Disclosure Measures” Securities Investment Fund “RMB” or “Yuan” refers to RMB Yuan, the lawful currency of the PRC “Fund” or the “Fund” refers to the China Southern Selected Value Mixed Securities Investment Fund offered pursuant to the Fund Contract “Prospectus” refers to the Prospectus of China Southern Selected Value Mixed Securities Investment Fund , an offering document for the disclosure of information in relation to the Fund, including the Fund Manager, the Fund Custodian, relevant service providers, the initial offering of the Fund, the coming into effect of the Fund Contract, Subscription and Redemption of Units, Fund investments, Fund performance, Fund assets and valuation of Fund assets, the Fund Income and its distribution, fees and taxation, information disclosure, risk disclosure, termination and liquidation of the Fund, summary of the Fund Contract, summary of the Custodian Agreement, services to Unitholders, other disclosures, maintenance and inspection of this Prospectus, documents available for inspection and other information for Investors to consider and make decision on the initial Subscription or Subscription, and its periodic updates

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

“Custodian refers to the Custodian Agreement of China Southern Selected Value Agreement” Mixed Securities Investment Fund entered into between the Fund Manager and the Fund Custodian and any valid amendments and supplements thereto from time to time “Offering refers to the Offering Announcement of China Southern Selected Value Announcement” Equity Securities Investment Fund “Business Rules” refers to the Rules on Open-ended Fund Business of China Southern Asset Management Co., Ltd. “CSRC” refers to the China Securities Regulatory Commission “Banking Regulatory refers to the China Banking Regulatory Commission or other entities as Authority” authorised by the State Council of the PRC “Fund Manager” refers to China Southern Asset Management Co., Ltd. “Fund Custodian” refers to the Industrial and Commercial Bank of China Limited “Unitholder” refers to an investor who lawfully acquires Units pursuant to the Fund Contract and relevant documents “Sales Agency” refers to a sales agency which is qualified to carry out sales agency of funds under the Sale Measures and other requirements of the CSRC and has entered into a sales and service agency agreement with respect to the Fund with the Fund Manager to handle the Offer, Subscription, Redemption and other operations of the Fund “Sales Institutions” refers to the Fund Manager and Sales Agencies “Sales Outlets” refers to direct sales outlets of the Fund Manager and distribution outlets of the Sales Agencies “Registration refers to the registration, deposit, transfer, clearing and settlement of the Business” Fund, including management of the Unitholders’ Fund Accounts, registration, settlement and clearing of the Units, confirmation of transactions of the Fund, distribution of dividends, creation and maintenance of the register of the Unitholders and others “Fund Registration refers to China Southern Asset Management Co., Ltd. or other eligible Institution” institutions authorized by it to handle the registration business for the Fund “Parties to the Fund refers to legal entities which are bound by the Fund Contract and enjoy Contract” the rights and bear the obligations under the Fund Contract, including the Fund Manager, the Fund Custodian and the Unitholders

“Retail Investor” refers to a natural person who is eligible to invest in open-ended securities investment funds under the Laws and Regulations

“Institutional refers to an enterprise as legal person, institution as legal person, Investor”

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

corporation or other bodies which is registered and subsists under laws or approved to be established and subsist by competent government departments in the PRC and is eligible to invest in open- ended securities investment funds under the Laws and Regulations

“Qualified Foreign refers to such foreign fund management institutions, insurers, securities Institutional Investor companies and other asset management institutions which meet the (QFII)” requirements specified by the Administrative Measures on Investment in Securities in China by Qualified Foreign Institutional Investors and, which have been approved by the CSRC to invest in the Chinese securities market, and which have obtained an approval of a quota by the State Administration of Foreign Exchange “Investor” refers to, collectively, Retail Investors, Institutional Investors, Qualified Foreign Institutional Investors or other investors as permitted to make subscriptions from open-ended securities investment funds under the Laws and Regulations or by the CSRC “Fund Contract refers to the date on which the Fund Contract starts to be effective upon Effective Date” the initial offering having satisfied conditions under the Laws and Regulations and the Fund Contract, the Fund Manager having engaged a statutory institution for capital verification and reported to CSRC for filing, and CSRC having confirmed this in writing “Initial Offer Period” refers to the period commencing from the date of the initial Offer of the Units, which shall not exceed three months “Term of the Fund” refers to the indefinite period from the Fund Contract becoming effective during which the Fund Contract remains valid

“Day” A calendar day

“Month” A calendar month

“Business Day” refers to a normal trading day of Shanghai Stock Exchange and Shenzhen Stock Exchange “Open Day” refers to a Business Day on which a Sales Institution is open for Subscription, Redemption and other operations of the Fund “Day T” refers to the date on which Subscription, an application for Redemption or other operations may be carried out

“Day T+n” refers to the nth Business Day after Day T (excluding Day T)

“Initial Subscription” refers to a subscription of Units by an Investor during the Initial Offer Period

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

“Initial Offer” refers to an offer of Units by a Sales Institution to the Investors during the Initial Offer Period

“Subscription” refers to a subscription of Units by an Investor from the Fund Manager based on procedures of a Sales Outlet. Ordinary subscription with respect to the Fund may be made from no later than three months after the Fund Contract becoming effective “Front-end Charges” refers to initial subscription/subscription fees payable by Investors when making a initial Subscription/Subscription “Back-end Charges” refers to initial subscription/subscription fees payable by Investors on Redemption but not upon making initial Subscription/Subscription , and the rate thereof gradually decreases to zero in inverse proportion with the length of time of holding in the Fund “Redemption” refers to a disposal of Units by a Unitholder to the Fund Manager based on the procedures as required by a Sales Outlet. Ordinary redemption with respect to the Fund may be made from no later than three months after the Fund Contract becoming effective “Massive refers to applications for Redemption on a particular Open Day the net Redemption” number of Units under which, being the sum of total number of Units of Redemption applications and total number of Units of Switching-out applications less total number of Units of Subscription and total number of Units of Switching-in applications, exceeds 10% of the total number of Units of the preceding day “Fund Account” refers to an account at the Fund Registration Institution opened for an Investor for the purpose of recording such Investor’s holding of units of open-ended funds managed by the Fund Manager “Trading Account” refers to an account at a Sales Institution opened for an Investor for the purpose of recording the changes and balance of the Units held by such Investor resulting from fund transactions made through such Sales Institution “Transfer of Custody” refers to the act of transfer by a Unitholder of his Units under the same Fund Account from a certain Trading Account into another Trading Account “Switching” refers to a Unitholder’s application to switch all or part of his/her Units of an open-ended fund (the switching-out fund) managed by the Fund Manager to Units of another open-ended fund (the switching-in fund) managed by the Fund Manager “Regular Investment refers to a method of investment under which an Investor makes an

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Plan” application to a relevant Sales Institution for regular Subscription of the Fund, such Sales Institution will then automatically debit such amount from such bank account by such method at such interval as specified by such Investor for purchasing the Units “Fund Income” refers to bonuses and dividends of stocks, interests on bonds, gains on notes investment, disposal gains of securities, interests on bank deposits and other gains accrued from investment of the Fund and reduction in costs or fees in operating assets of the Fund “Total Asset Value” refers to the gross value of all types of securities and notes, the principal and interests of bank deposits, application fees receivable and other investments of the Fund “Net Asset Value refers to the total asset value net of liabilities of the Fund (NAV)” “NAV per Unit” refers to NAV divided by the total number of Units as at a valuation date “Valuation of the refers to the process of estimating the value of the assets and liabilities Fund Assets” of the Fund to determine the NAV “Money Market refers to cash, time deposits and wholesale deposits at banks due within Instrument” one year (inclusive), bonds due within 397 days (inclusive), bond repos due within one year (inclusive), central bank bills due within one year (inclusive) and other money market instruments approved by the CSRC and the People’s Bank of China with good liquidity “Designated Media” refers to the national newspapers designated by the CSRC for information disclosure and the internet websites of the Fund Manager and the Fund Custodian “Force Majeure” refers to objective events which cannot be foreseen, avoided or overcome by the Parties to the Fund Contract “SFC” refers to the Securities and Futures Commission “Circular” refers to the “Circular on Mutual Recognition of Funds (MRF) between the Mainland and Hong Kong” promulgated by the SFC on 22 May 2015 and became effective on 1 July 2015, and other amendments from time to time by the issuing authority “Class A Unit” refers to the class of Units set up for sale in Mainland China and for investors in Mainland China in accordance with laws and regulations such as “Funds Law” and “Sale Measures” “Class H Unit” refers to the class of Units of the Fund set up for investors in Hong Kong and for sale in Hong Kong Sale Institutions in accordance with laws and regulations such as the “Funds Law” and “Sale Measures” and the “Circular”

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

“Unit” refers to Class A Unit , Class H Unit and other class of Units which the Fund will set up in the future, save for the Class H Unit which the Fund Contract otherwise provided for “Hong Kong refers to the Hong Kong representative acting for the Fund in accordance Representative” with laws and regulations such as the “Circular”, and which is responsible for receiving applications for subscription and redemption from investors/institutions in Hong Kong, coordination of sale of the Fund, reporting and filing to the SFC and work related to information disclosure and communications of Hong Kong investors and other duties that are required to be performed, in accordance with the laws of Hong Kong ”Hong Kong Sales Refers to related sales institutions which are approved by the SFC and Institutions” possess fund sale qualifications, and deal with subscription, redemption of Class H Units of the Fund and deal with other fund businesses ”Nominee” refers to Hong Kong Representative or Hong Kong Sale Institutions which shall, in the name of the investors, hold the Units of “Recognized Mainland Fund” (Class H unit) and appeat in the register of the Unitholders of Fund Registration Institution, according to characteristics of Hong Kong market

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

3. Fund Manager

3.1 Summary of Fund Manager Name: China Southern Asset Management Co., Ltd. Domicile and Office Address: Floors 31, 32 & 33, Duty-Free Business Building, 6 Fuhua 1st Rd, Futian CBD, Shenzhen, China Date of Incorporation: 6 March 1998 Legal Representative: Wu Wanshan Registered Capital: RMB300 million Telephone: (0755) 82763888 Fax: (0755) 82763889 Contact Person: Bao Wenge China Southern Asset Management Co., Ltd. was jointly established by China Southern Securities Co., Ltd., Xiamen International Trust and Investment Company and Guangxi Trust and Investment Co., Ltd. upon the approval of the CSRC Zheng Jian Ji Jin Zi [1998] No. 4. In 2000, its registered capital was increased to RMB100 million upon the approval of the CSRC Zheng Jian Ji Jin Zi [2000] No. 78. In 2005, its registered capital was increased to RMB150 million upon the approval of the CSRC Zheng Jian Ji Jin Zi [2005] No. 201. In 2010, its 30% equity interests held by Shenzhen Airport (Group) Co., Ltd. was transferred to Shenzhen Investment Holdings Co., Ltd. upon the approval Zheng Jian Xu Ke [2010] No. 1073. In 2014, its registered capital was increased to RMB300 million. At present, it is held by Huatai Securities Company Limited, Shenzhen Investment Holdings Co., Ltd., Xiamen International Trust Co., Ltd. and Industrial Securities Co., Ltd. as to 45%, 30%, 15% and 10% respectively.

3.2 Introduction of Officers 3.2.1 Board of Directors Mr. Wu Wanshan, Chinese, a director, is a member of the PRC communist party, an MBA holder and a senior economist. He served as a clerk of the financial management office, Jiangsu Branch and at the Jiangning Sub-branch, Nanjing Branch of the People's Bank of China, a deputy general manager and assistant to general manager of the securities issuance department, Huatai Securities, the general manager of Jiangsu Securities Registry, and a deputy general manager and president of Huatai Securities. He is currently the chairman and a deputy secretary of the PRC communist party of Huatai Securities Co., Ltd., chairman of China Southern Asset Management Co., Ltd., and a director of Huatai Financial Holdings (Hong Kong) Limited. Mr. Zhang Tao, Chinese, a director, is a member of the PRC communist party and a holder of PhD in technological economics and management from Hohai University. He joined Huatai Securities in August 1994 and served as secretary to the president, business manager of investment banking department I, deputy general manager of investment banking business department of

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Shanghai headquarters, secretary to the board of directors, assistant to the president and officer of the board office, vice president and a designated member of the PRC communist party. He is currently a vice president and a designated member of the PRC communist party of Huatai Securities Co., Ltd., the chairman of Huatai Great Wall Futures Co., Ltd. and a director of Huatai Financial Holdings (Hong Kong) Limited. Mr. Jiang Jian, Chinese, a director, is a member of the PRC communist party and a holder of master’s degree in economics and management from Nanjing Forestry University. He joined Huatai Securities in December 1994 and had served as its personnel staff, chief of personnel training education division, deputy general manager of headquarter of investment bank(stock affairs division), deputy general manager of investment bank (first division), senior manager of investment bank (first division), deputy general manager of investment bank (headquarter) and manager of issuing department, general manager of the general asset management department, business director of the general investment banking department, assistant to the president, vice president, secretary to the board and other duties. He is currently a vice president, a designated member of the PRC communist party and secretary to the board of Huatai Securities Co., Ltd., a director of Huatai United Securities Co., Ltd., Huatai Zijin Investment Co., Ltd. and Huatai Ruitong Investment Management Co., Ltd. and the chairman of Jiangsu Equity Exchange Limited, a director of Bank of Jiangsu Co., Ltd. and E-Capital Transfer Co., Ltd. Ms. Xia Guiying, Chinese, a director, is a member of the PRC communist party and a senior economist with 26 years of working experience in economic management of law firms. She is a holder of master's degree in law from China University of Political Science and Law. She served as a lecturer at the Institute of Chinese Legal System, China University of Political Science and Law, a clerk of Shenzhen LAC Office, office director of Shenzhen Guangtong Development Co., Ltd., chief legal adviser of Shenzhen Investment Management Company, and designated general secretary of the PRC communist party and chairman of Shenzhen Foreign Enterprises Service Co., Ltd. She joined Shenzhen Investment Holdings Co., Ltd. in October 2004 and served as its director of legal affairs and director of business department I. She is currently a deputy general manager of Shenzhen Investment Holdings Co., Ltd., director of Shenzhen Trade and Industry Group Co., Ltd., Shenzhen High-tech Investment Group Co., Ltd., Shenzhen Urban Construction and Development (Group) Company and Shenzhen Small & Medium Enterprises Credit Financing Guarantee Group Co., Ltd. Mr. Xiang Jianguo, Chinese, a director, is a member of the PRC communist party and a senior accountant, graduated from the Zhongnan University of Finance and Economics majoring in finance and accounting. He served as a lecturer and deputy director of the audit education research department, Jiangxi University of Finance and Economics, and later served at Shenzhen Shekou Shuntak Accountant, Shenzhen Trading and Investment Holding Company and Shenzhen Investment Holding Co., Ltd. He previously served as the director of the investment department, business development department, business department I and strategic development department of Shenzhen Investment Holding Co., Ltd., responsible for investment and financing, equity 12

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) management, shareholder relations and other duties. He is currently the deputy general manager of Shenzhen Investment Holdings Industrial Park Development and Operation Company, a director of China Shenzhen Foreign Trade Group Corp. Ltd., China Resources Ng Fung Meat Products (Shenzhen) Co., Ltd. and Shenzhen General Institute of Architectural Design and Research Co., Ltd. and a supervisor of Shenzhen High-tech Investment Group Co., Ltd. Mr. Li Zicheng, Chinese, a director, is a member of the PRC communist party and a master’s candidate. He served as a deputy general secretary to the department of philosophy, Xiamen University, the office director, sales manager, accounting and finance manager and assistant to general manager of Xiamen International Trust and Investment Company, a deputy general manager of Xiamen International Trust and Investment Co., Ltd. and a deputy general manager, labour union chairman and designated deputy general secretary of the PRC communist party of Xiamen International Trust Co., Ltd. He is currently the general manager of Xiamen International Trust Co., Ltd. Ms. Zhuang Yuanfang, Chinese, a director, is an MBA holder and an economist. She served as an assistant to the general manager and director of the trading department, deputy general manager, general manager and chief investment officer of the securities investment department, Industrial Securities. She is currently a vice president of Industrial Securities Co., Ltd. and a director of Industrial Innovation Capital Management Co., Ltd. and Industrial Securities (Hong Kong) Financial Holdings Limited. Mr. Yang Xiaosong, Chinese, the president, is a member of the PRC communist party, a holder of a master’s degree in economics and a certified public accountant. He served as a professional accounting translator of Deloitte Touche Tohmatsu, an officer of Everbright Bank Securities, an intern at NASDAQ and an officer and deputy director of the CSRC. He joined China Southern in 2012 and served as its chief compliance officer. He is currently a director, president and designated deputy secretary of the PRC communist party of China Southern Asset Management Co., Ltd. Mr. Yao Jingyuan, Chinese, an independent director, is a holder of master degree in Economics. He had been a deputy director of the State Economic Commission of the PRC, deputy director of the policy research department and officer and deputy director of the international cooperation department of the Ministry of Commerce, a vice chairman and executive vice chairman of the Commerce Branch, the China Council for the Promotion of International Trade, officer of Domestic Trade Business Development Center, vice chairman and general secretary of Chinese General Chamber of Commerce, deputy general secretary of the Anhui provincial government, mayor of the Anhui Fuyang city government, the director and a designated secretary of the PRC communist party of Anhui Province Statistics Bureau and the chief economist and spokesperson of the National Bureau of Statistics. He is currently a State Council Counsellors' Office special researcher, a member of the Chinese Economics 50 Forum and vice president of China Statistical Society. Mr. Li Xindan, Chinese, an independent director, is a holder of PhD in finance, an expert of the State Council special allowance, a member of the State Council Academic Degrees Committee and the National Education Guidance Committee for Master's degree in Finance. He served as an 13

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) associate lecturer, lecturer, associate professor and professor at School of Economics and Management, Southeast University. He is currently the dean of Nanjing University and director of its research center for financial engineering, executive director, professor and doctoral adviser of the venture capital research and development center, decision-making advisory expert of the Jiangsu provincial committee, member of Shanghai Stock Exchange’s listing committee and corporate governance committee, postdoctoral adviser at the Shanghai Stock Exchange, Shenzhen Stock Exchange, Guoxin Securities and other entities, executive director of the Chinese Finance Annual Conference, evaluation expert of the China Scholarship Council, chairman of Jiangsu Capital Market Research Association and vice chairman of Jiangsu Science and Technology Innovation Association. Mr. Richard Chow, Chinese (Hong Kong), an independent director, is a holder of PhD in business administration a senior fellow of Hong Kong Securities and Investment Institute. He served at Hong Kong Police Force (Commercial Crime Bureau), Hong Kong Securities and Futures Commissioner's Office and Hong Kong Securities and Futures Commission. Before retirement, he served as the director of the legal compliance department of the commission. He later served as the consultant to the legal compliance department of the commission and independent non-executive director of Hong Kong Delta Asia Group Holdings Corporation. He is currently a consultant to the Hong Kong Monetary Authority. Mr. Zheng Jianbiao, Chinese, an independent director, is a member of the PRC communist party and a holder of master’s degrees in economics. He has more than 20 years of experience in the securities industry. He graduated from the Research Institute, Ministry of Finance, and served at the Beijing Municipal Finance Bureau, Shenzhen Shekou Zhonghua Accountant, Jingdu Accountant and other institutions as officers, managers, deputy director and other positions. He is currently a managing partner of Grant Thornton and a member of the expert advisory committee for merger, acquisition, reorganization of listed companies, the CSRC. Ms. Zhou Rui, Chinese, an independent director, is a master’s candidate. She served at Beijing V & T (Shenzhen) Law Firm, Beijing Zhong Lun (Shenzhen) Law Firm and Beijing Xin Li (Shenzhen) Law Firm. She is currently the managing partner of South China region King & Wood Mallesons, deputy director of the Shenzhen Office of the China Mergers & Acquisitions Association, deputy director of Women Lawyers Committee of Guangzhou Lawyers Association, expert of the Shenzhen SMEs Restructuring and Listings Expert Services Group, vice president of Shenzhen SMEs public services allianceand an independent director of Shenzhen Esun Display Co., Ltd. 3.2.2 The Supervisory Committee Ms. Shu Bene, Chinese, a supervisor, has 15 years of experience in the securities industry. She is a holder of bachelor's degree in accounting from Hangzhou Electronic Industrial College. She served at Panda Electronics Group Co., Ltd. as the finance director. She joined Huatai Securities in October 1998 and served as a deputy general manager of the capital plan department and the deputy general manager and general manager of the compliance department. She is currently the person- in-charge in finance and general manager of financial planning department of Huatai Securities Co., 14

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Ltd., chairman of the supervisory committee of Huatai United Securities Co., vice chairman of Great Wall Futures Co., Ltd. and a director of Huatai Zijin Investment Co., Ltd. and Huatai Ruitong Investment Management Co., Ltd. Ms. Jiang Lihua, Chinese, a supervisor, is a member of the PRC communist party and a senior accountant graduated from Shenzhen Open University majoring in accounting. She served at Zhejiang Lanqi Majian Rice Factory, Zhejiang Lanqi Textile Machinery Factory, Shenzhen Construction Machinery Power Company, Shenzhen Construction Group and Shenzhen Construction Investment Holdings Co., Ltd. Since the establishment of Shenzhen Investment Holdings Co., Ltd. in 2004, she had been its deputy manager and manager of planning and finance department and deputy director of budget department responsible for financial management, investment and financing, equity management, shareholder relations and other duties. She is currently the director of the Appraisal & Distribution Department of Shenzhen Investment Holdings Co., Ltd. and the director of Shenzhen International Tendering Co., Ltd., Shenzhen Special Economic Zone Real Estate & Properties Group Co. Ltd., Shenzhen Jianan (Group) Co., Ltd, Shenzhen International Tender Invitation Co., Ltd. and Shenzhen Shentou Property Development Co., Ltd. Mr. Su Rongjian, Chinese, a supervisor, is a member of the PRC communist party, a bachelor's degree holder and a senior economist. He served at Sanming City finance bureau and finance committee, finance department of Xiamen Xindeco Co., Ltd., as a senior officer and deputy manager of finance department and manager of operations department of Xiamen International Trust and Investment Company. He is currently the chief financial officer and general manager of finance department of Xiamen International Trust Co., Ltd. Ms. Lin Hongzhen, Chinese, a supervisor, obtained a bachelor’s degree in investment economics and management and later took a postgraduate refresher course at School of Finance, Renmin University of China. She served as an accountant of Xiamen Foreign Supply Company, deputy manager of the finance department of Xiamen Zhongyou Trade United Company and manager of the finance department of Xiamen Foreign Real Estate Development Company. In 1994, she joined Industrial Securities and served as the director of the general finance team, accounting and finance department, finance manager of operations department, manager of the planning and finance division, finance and accounting department, assistant to general manager of risk control department, manager of the audit department, deputy director of risk management department, deputy director of audit department, deputy general manager of risk management department (presiding) and general manager of risk management department. She is currently general manager of finance department, Industrial Securities Co., Ltd. and a supervisor of Industrial Innovation Capital Management Co., Ltd. Mr. Su Min, Chinese, an employee supervisor, is a doctoral candidate and an engineer. He served as a computer engineer of the Shenzhen securities sales department, Anhui Guoyuan Capital Co., Ltd., assistant to manager of the computer department of Shenzhen Branch, Huaxia Securities, deputy director of the operation security department, director of marketing services department and 15

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) director of e-commerce department, China Southern Asset Management Co., Ltd. He is currently the director of the risk management department of China Southern Asset Management Co., Ltd. Mr. Zhang Delun, Chinese, an employee supervisor, is a member of the PRC communist party with a master's degree. He served as an associate professor at Beijing University of Posts and Telecommunications, director of Huawei Technologies Co., Ltd., general manager of the human resources department of Hantang Securities, director of human resources of Neptunus Bioengineering and deputy general manager and chief adviser of Watson Wyatt Worldwide. In January 2010, he joined China Southern Asset Management Co., Ltd. and is currently director of human resources. Mr. Xu Chao, Chinese, an employee supervisor and an MBA holder. He served as the deputy manager of the development center of the science & technology department of China Construction Bank, Shenzhen Branch. In October 2000, he joined China Southern Asset Management Co., Ltd., serving as the chief, assistant to director, deputy director and executive director of the Information Techonology Department and is currently its director of the operation security department. Mr. Lin Sibin, Chinese, an employee supervisor, is a holder of master’s degree in civil and commercial law. He served as an internship lawyer at the securities business department of King & Wood Mallesons, a staff member of the asset preservation department of Shenzhen branch, Pudong Development Bank, head of law and compliance department, Yinhua Fund Management Co., Ltd. and a staff member of the law and compliance department, Minsheng Royal Fund Management Co., Ltd. In December 2008, he joined China Southern Asset Management Co., Ltd., served as manager, senior manager and assistant to director of the law and compliance department, deputy director and is currently its executive director. 3.2.3 Senior management Mr. Wu Wanshan, the chairman, his biographical details are set out above. Mr. Yang Xiaosong, the president, his biographical details are set out above. Mr. Yu Wenhong, Chinese, a vice president, is a member of the PRC communist party, a holder of MBA and an economist. He served as an operational manager of Jiangsu Investment Company, departmental manager of Jiangsu International Investment Company, investment banking general manager of Jiangsu International Trust and Investment Company and the chairman and general manager of Jiangsu Guoxin High-tech Venture Capital Co., Ltd. In 2003, he joined China Southern and is currently a vice president of and designated member of the PRC communist party at China Southern Asset Management Co., Ltd. and the chairman and deputy general manager of China Southern Capital Management Limited. Mr. Zheng Wenxiang, Chinese, a vice president, is a holder of MBA. He served at Hubei Jingzhou Branch, the Agricultural Bank of China, China Southern Securities Co., Ltd. and Guotai Junan Securities Co., Ltd. In 2000, he joined China Southern, served as the sovereign bond investment manager, deputy director of account management, fund manager of Southern Principal Protected Fund, assistant to general manager and pension director, and is currently a vice president of China Southern Asset Management Co., Ltd. 16

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Mr. Zhu Yundong, Chinese, a vice president, is a member of the PRC communist party and a holder of bachelor’s degree of economics. He served at the local budget department and the general office of Ministry of Finance and China Economic Development Trust and Investment Company. In 2002, he joined China Southern, served as the general manager of the Beijing branch, product development director, assistant to the president and chief marketing officer, and is currently a vice president and designated member of the PRC communist party of China Southern Asset Management Co., Ltd. Mr. Qin Zhangkui, Chinese, a vice president, is a member of the PRC communist party and a holder of MBA. He served as a clerk of business plan department, Nanjing Automotive Factory, general sales manager, assistant to the president and general fund manager, deputy general manager of investment banking headquarters and general bond manager of Huatai Securities Co., Ltd. In 2005, he joined China Southern, served as the chief compliance officer and director of the law and compliance department, and is currently vice president and member of the disciplinary committee of China Southern Asset Management Co., Ltd. Mr. Chang Kechuan, Chinese, vice-president, CPC member, EMBA Master of Business Administration. He previously served as deputy secretary (division level) of Agricultural Bank of China, general manager of investment business department of China Southern Securities Company Limited, general manager and assistance to president of Shenyang Branch, secretary to the Board and compilance director of Lianhe Securities (now known as Huatai Lianhe Securities). He joined China Southern in 2011, and acted as secretary to the Board, secretary of the commission for discipline inspection, he currently acts as vice-president, secretary to the Board, secretary of the disciplinary commission and director of China Southern Asset Management Co., Ltd. Mr. Li Haipeng, Chinese, vice-president, Master of Business Administration. He previously served as senior analyst of investment department of AXA Financial Company. He joined China Southern Asset Management Co., Ltd. in 2002, and served as senior research fellow, assistant to fund manager, fund manager, executive director of National Social Security and International Business Department, director of National Social Security Business Department, director of Fixed Income, assistant to general manager and director of fixed-income investments. He currently acts as vice-president, director of Fixed Income and director of China Southern Asset Management Co., Ltd.(Hong Kong). Mr. Bao Wenge, Chinese, the chief compliance officer, is a member of the China Democratic League and a holder of master’s degree in economics. He served as an auditor of the China Accountant, Ministry of Finance and assistant to general manager of investment banking and planning and finance, China Southern Securities Co., Ltd. In 1998, he joined China Southern, served as director of operation security, supervisor, chief financial officer and assistant to general manager, and is currently the chief compliance officer of China Southern Asset Management Co., Ltd. and a director of China Southern Asset Management Co., Ltd. 3.2.4 Portfolio Manager Portfolio managers of the Fund are: From June 2008 to June 2015, Mr. Tan Jianqiang had served as the Portfolio Manager of the 17

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Fund; from June 2015 to July 2015, Mr. Tan Jianqiang and Luo Shuai had served as the Portfolio Managers of the Fund; from July 2015 to present, Luo Shuai and Luo An’an are the Portfolio Managers of the Fund. Mr. Luo Shuai, holder of a master’s degree in management science and engineering of Tsinghua University and holder of the fund practice qualification. In July 2009, he joined China Southern, serving as a researcher and senior researcher of the research department. From March 2014 to May 2015, he was the assistant manager of China Southern Constituents Fund and China Southern AnXin Fund; From May 2015 to present, he has served as the portfolio manager of the China Southern High-end Equipment Fund. From June 2015 to present, he serves as the portfolio manager of the China Southern Selected Value Fund and China Southern Growth Fund. Mr. Luo An’an, a holder of doctorate degree in computer science and technology of Tsinghua University and a holder of the fund practice qualification. In July 2010, he joined China Southern serving as a senior researcher of the research department. From March 2014 to November 2014, he was the assistant manager of China Southern Growth Fund and China Southern Selected Value Fund. From November 2014 to July 2015, he served as an investment manager and from July 2015 to present, he serves as the portfolio manager of China Southern Selected Value Fund. 3.2.5 Investment Decision-making Committee The investment decision-making committee is comprised of Mr. Yang Xiaosong, the president, Mr. Li Haipeng, vice president and fixed-income investment director, product development director and director of CSOP Asset Management Limited (Hong Kong), Mr. Shi Bo, an assistant to the president and director of equity investments, Ms. Wang Ke, director of transaction management, Mr. Chen Jian, director of investment, Mr. Jiang Feng, director of investment account management, Mr. Han Yaqing, director of fixed-income investments and Mr. Liu Zhiping, director of the quantification investment department. 3.2.6 The persons listed above are not close relatives to each other.

3.3 Duties and Responsibilities of the Fund Manager 1. To make initial offer or the Fund and handle or authorize other agencies as recognized by the CSRC to handle the Initial Offer, Subscription, Redemption and registration of the Units; 2. To undertake the filing procedure for the Fund; 3. To manage and keep accounts of the assets of funds under its management on an individual basis in making securities investment; 4. To make plans for distribution of the Fund Income in accordance with the Fund Contract and to promptly distribute income to the Unitholders; 5. To carry out accounting and prepare financial and accounting reports for the Fund; 6. To prepare interim and annual reports of the Fund; 7. To calculate and announce the NAV and determine the Subscription and Redemption prices of the Units; 8. To disclose information relating to the management of the Fund’s assets; 18

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

9. To convene Unitholders’ meetings; 10. To maintain records, accounting books, statements and other relevant data regarding the management of the Fund’s assets; 11. To exercise the right to institute legal actions or other legal proceedings on behalf of the Unitholders in the capacity of the Fund Manager; and 12. To discharge other duties and responsibilities as required by relevant Laws and Regulations and the CSRC.

3.4 Commitments of the Fund Manager with respect to compliance with the Laws and Regulations 1. The Fund Manager shall not commit any activities violating the Securities Law, and shall undertake to establish a sound internal control system and take effective measures to prevent breaches of the Securities Law; 2. The Fund Manager shall not commit any activities violating the Funds Law, and shall undertake to establish a sound internal control system and take effective measures to prevent the occurrence of: (1) Mixing the Fund Manager’s own assets or third party’s assets with the Fund’s assets in investment in securities; (2) Treating different funds' assets under its management unequally; (3) Utilizing the Fund’s assets to obtain benefits for a third party other than the Unitholders; (4) Illegal promises of gains or assumption of losses to the Unitholders; and (5) Other activities prohibited by the CSRC pursuant to relevant requirements of laws and administrative regulations. 3. The Fund Manager shall enhance staff management, strengthen professional integrity, urge and require staff to observe the relevant Laws and Regulations and industry practices, conform to the principles of good faith and due diligence and not to engage in the followings: (1) Operating beyond their scope of authority or in breach of rules; (2) Violating the Fund Contract or the Custody Agreement; (3) Wilfully prejudicing the lawful rights and interests of the Unitholders or other institutions related to the Fund; (4) Disclosing false information in materials submitted to the CSRC; (5) Rejecting, interfering, hindering or seriously affecting the regulation by the CSRC in accordance with laws; (6) Being derelict in their duties and abusing their authority; (7) Disclosing any confidential information regarding securities or the Fund known during their office, including such information as the investments or the investment plan of the Fund which are not yet announced in accordance with laws; (8) Assisting in, undertaking or otherwise carrying out securities trading for other entities or persons; 19

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

(9) Violating the business rules of the stock exchanges, manipulating market prices and disrupting the market order by means of bucketing or prearranged trading; (10) Belittling industry peers to raise their own position; (11) Making misrepresentation or misleading or fraudulent statement in public information disclosure and advertisement; (12) Seeking business development by improper means; (13) Violating social ethics and damaging the images of practitioners of securities investment funds; or (14) Other acts prohibited by laws or administrative regulations.

3.5 Commitments of the Fund Manager with respect to prohibited acts For the protection of lawful rights of the Unitholders, the Fund is prohibited from the following acts: 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 subscription or sell units of other funds, except as otherwise stipulated by the State Council of the PRC; 5. To be contributed as capital to the Fund Manager or the Fund Custodian, or to be used to subscription or sell shares or bonds issued by the Fund Manager or the Fund Custodian; 6. To be used to subscription 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 interests in the Fund Manager or the Fund Custodian; 7. To be used for insider trading, manipulation of securities prices, or other securities dealing misconducts; and 8. Other activities prohibited by the CSRC pursuant to relevant requirements of laws and administrative regulations.

3.6 Commitment of the Fund Manager 1. To seek, with prudence, to maximize the benefits for the Unitholders pursuant to relevant Laws and Regulations and the Fund Contract; 2. Not to make benefits for itself, its employees or any third party by taking advantage of its position; 3. Not to disclose any confidential information regarding the securities or the funds known during its office, including such information as the investments or the investment plan of the Fund which are not yet announced in accordance with laws; and 4. Not to carry out securities trading for other entities or persons by whatever means.

3.7 Internal Control System of the Fund Manager 20

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

1. General description The Fund Manager has developed a sensible, rigorous and effective internal control system to maximize its protection for the interest of the Unitholders by regulating operation of the company, effectively preventing and avoiding management risk, business risk and operational risk and ensuring financial and other information of the Fund and the company is true, accurate and complete. An internal control system is a framework comprised of organisational mechanisms, managerial means, operation procedures and control procedures for the purpose of internal control. The internal control system is made up of the internal control outline, the basic management systems and the departmental business rules. The company’s internal control outline elaborates the internal control principles prescribed by the company’s articles of association and is the outline and overview of all the basic management systems. The internal control outline specifies clearly contents such as the internal control objectives, internal control principles, control environment and internal control measures. The basic management systems include the internal accounting control system, the risk control system, the investment management system, the law and compliance system, the fund accounting system, the information disclosure system, the management system of information technologies, the information and record management system, the performance evaluation and appraisal system and the emergency response system. The departmental business rules are the specific description of the major duties, posts, post responsibilities and operation rules of all the departments that are based on the basic management systems. 2. Principles of Internal Control Principle of comprehensiveness: Internal control shall cover all the businesses, departments or organs and personnel at all levels of the company and all the operational aspects such as decision- making, implementation, supervision and the provision of feedback. Principle of effectiveness: Reasonable internal control procedures shall be established and the internal control system shall be implemented effectively through scientific means and methods of internal control. Principle of independence: All the organs, departments and posts of the company shall be independent from each other and the Fund’s assets, own assets and other assets of the company shall be operated separately. Principle of checks and balances: The company’s internal departments and posts shall have clearly defined authority and duties which demonstrate checks and balances and shall operate in a practical manner. Principle of cost-effectiveness: The company shall motivate its organs, departments and staff to use scientific operation and management methods to reduce operating cost, improve economic efficiency and achieve the best internal control results at reasonable control cost. 3. Key internal control systems (1) Internal accounting control system 21

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Pursuant to the relevant Laws and Regulations of the PRC including the Accounting Law of the People's Republic of China, the company has set up the fund accounting system, corporate financial accounting system, workflow of accounting and duties of accounting positions, and has exercised stringent control over risk control points in the accounting systems. The internal accounting control system comprises of the certificate system, the review system, the accounting treatment procedures, the fund valuation system and procedures, the fund financial clearing system and procedures, the cost control system, the income and expenses examination system and reimbursement management measures, the asset registration and custody and physical asset inventory system, the accounting record keeping and financial affairs handover system and others. (2) Risk management control system The risk management system is formulated by the risk control committee together with other departments, and comprises of risk control structuring, risk control procedures, specific systems of risk control and supervision of the implementation thereof. The specific systems of risk control mainly include the investment risk management system, transaction risk management system, financial risk control system, IT system risk control system and procedural risk management systems such as the duty segregation system, firewall system, feedback system, security system. (3) Law and compliance system The company has a chief compliance officer who is responsible for monitoring the compliance of the Fund and the company and its internal risk control. The chief compliance officer is nominated by the general manager and appointed by the board of directors upon approval by all independent directors. The chief compliance officer is responsible for organizing supervision of the company. Save for circumstances requiring absention, the chief compliance officer is entitled to be given adequate information and make independent investigations. Where his duties require, he may attend or be present at board meetings and other relevant meetings on business, investment decision or risk management of the company, and may inspect relevant documents and files of the company. He shall make reports on a regular and ad hoc basis to all directors and reports on operational compliance of the Fund and the company and internal risk control of the company at board meetings and meetings of relevant special committees of the board of directors. The company has a law and compliance department to carry out specific relevant duties. The department is staffed with sufficient qualified personnel and duties and workflow of its positions are clearly stipulated. The compliance system includes the internal supervision management measures and working guidelines for internal supervision. Through the establishment of these systems, the compliance of departments and staff of the company with relevant Laws and Regulations and rules are supervised and the implementation of internal control systems, management systems and business rules by departments and staff of the company may be inspected. 22

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

4. Fund Custodian

I. Summary of the Fund Custodian Name: Industrial and Commercial Bank of China Limited Registered Address: No. 55 Fuxingmennei Avenue, Xicheng District, Beijing Date of Establishment: 1 January 1984 Legal Representative: Jiang Jianqing Registered Capital: RMB 356,406,257,100 Telephone: 010-66105799 Contact person: Hong Yuan

II. Key Personnel As at the end of September 2015, there were 205 employees in total of Custodian Banking Department of ICBC, their average age was 30 years old, more than 95% of the employees held a university bachelor degree or above, and all the senior management held post-graduate degrees or above, or with senior technician positions.

III. Fund Custody Business Operation As the pioneer of the custody services in Mainland China and the first domestic company to deliver custody services since 1998, ICBC has adhered to the purposes of “Honesty and Diligence”, relying on rigorous scientific risk management and internal control system, standardized management model, advanced operation system and professional service team, it strictly complies with the responsibilities of asset custodian, provides safe, effective and professional custodian services to domestic and foreign investors, so as to show its excellent market image and influence. ICBC has also established the most extensive, mature product line among the national domestic custodian banks. Its products include securities investment funds, trust assets, insurance assets, social security funds, secure account funds, corporate annuity funds, QFII assets, QDII assets, equity investment funds, securities company CAM scheme, TAM scheme, credit assets securitization business of commercial banks, asset management for specific customers, QDII assets for specific customers, a wide range of custody products such as ESCROW. At the same time, it has provided value-added services such as conducting performance assessment and risk management in China, so as to deliver personalized custody services to a wide spectrum of customers. As at the end of September 2015, ICBC acted as custodian for a total of 496 securities investment funds. Since 2003, the Company has been awarded 49 Best Custodian Bank awards by domestic and foreign authoritative financial media such as "Asiamoney" of Hong Kong, "Global Custodian" of the United Kingdom, "The Asset Magazine" of Hong Kong, "Global Finance" of the United States, "Securities Times"

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) and "Shanghai Securities News" of Mainland China for eleven consecutive years, which is the most awarded domestic custodian bank, and its excellent quality of services has been recognized continuously and well received by domestic and foreign financial sector.

IV. Internal control system of the Fund Custodian Since the establishment of the custody banking department of ICBC, and the rapid development of all sectors of businesses continued to consolidate the leading position in the asset custodian industry. These achievements are inseparable with the focused efforts in business development and internal control set-up of the custody banking department. The asset custody department attaches great importance to improving and strengthening internal risk management, which takes strengthening risk prevention and control, nurturing the internal control culture, improving the risk control mechanism and strengthening the “entire process risk management” as an important work while actively expanding all custodian businesses. After passing the most authoritative SAS70 (Audit Standard 70) review (which evaluates whether the internal control and safety measures of the organization are adequate or not) successfully for seven times in 2005, 2007, 2009, 2010, 2011, 2012 and 2013, the custodian banking department of ICBC passed the ISAE3402 (Original SAS70) review for the eighth time and obtained the unqualified control and effective report in 2014, representing the full recognition from the independent third-party towards the integrity and effectiveness of our bank’s risk management and internal control, which also proved that the risk management of ICBC’s custodian services match with that of the international major custodian banks and reached international advanced level. To date, the ISAE3402 review has become an annual and conventional measure for internal control.

1. Goal for internal risk control To ensure the business operation strictly complies with the relevant national laws, regulations and industry regulatory rules, strengthen and establish a law-abiding, standardized operation philosophy and operation style, forming an internal control mechanism with standardized operation, scientific management and institutionalized monitoring; prevent and resolve operational risks, so as to guarantee the security and integrity of the assets in custody; protect the interests of the unitholders; guarantee the security, effectiveness and stable operation of the asset custodian business.

2. Organizational structure of internal risk control The organizational structure of internal risk control of ICBC Asset Custody Business is jointly made up by the Supervisory and Compliance Department of ICBC (Internal Control Compliance Department and Internal Audit Bureau), the Risk Control Division under the Asset Custody Department and all the business offices and divisions under the Asset Custody Department. The Supervisory and Compliance Department of the Head Office is responsible for preparing the risk management policies of the bank and the supervision and guidance of risk control for all the business departments. The Asset Custody Department has an internal risk control division, which is exclusive 25

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) in charge of the supervision and compliance. The division has specially-designated person in charge of supervision and compliance, who, under the direct leadership of the General Manager and in accordance with relevant laws and regulations, exercises the supervisory power independently over the operation of business. All business offices and divisions implement specific risk control measures to the extent of their own duties and responsibilities.

3. Principles of internal risk control (1) Compliance with laws. The internal control system shall comply with the national laws and regulations, as well as the regulatory requirements of the regulatory authorities and shall apply to the whole process of the operation and management activity of custody business. (2) Integrity. All the operational and management activities of the custody business shall be restricted by corresponding standard procedures and supervision; such restriction shall be applied to the whole process and all the operating procedures of the business, covering all the departments, positions and personnel. (3) Timeliness. All the operational and management activities of the custody business shall be accurately and timely recorded when occurred; according to the principle that “internal control has the priority”, relevant rules and regulations shall be established when new institution is established or new variety of business is added. (4) Prudence. All the operational activities of the business shall be prevented from risks, and conducted with prudence to guarantee the security and integrity of the assets of the fund and other entrusted assets. (5) Effectiveness. The internal control system shall be properly amended and improved according to the national policies, laws as well as the needs in operation and management, and shall be guaranteed for comprehensive implementation with no exception in any place, at any time or for any person. (6) Independence. A management department shall be set up to fulfill the duties of the custodian. The director operator shall be independent of and properly separated from the controller; the department reviewing and assessing the internal control system shall be independent of the department formulating and carrying out the system.

4. Implementation of the internal risk control measures

(1) Strict segregation system. The asset custody business shall be strictly segregated from the traditional business. A series of rules and regulations such as clear job responsibilities, scientific business procedures, specific operating manure and strict code of conduct have been established and the good firewall separation system has been adopted to ensure independent assets, independent environment, independent personnel and business system as well as independent management and network. (2) Examination from senior management. Leaders of bank in charge and the senior management

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) of departments, who are the makers of the policies and strategies in relation to the custody business of ICBC, require the subordinate departments to timely report the operation, management and special circumstance to track the progress of the Asset Custody Department in realizing its targets in internal control, propose internal control measures according to the examination, and urge functional departments to make improvements. (3) Personnel control. The Asset Custody Department strictly carries out the job responsibility system, establishes three lines of defense that are “self-control defense line”, “mutual control defense line”, and “supervision defense line”, improves the performance assessment and incentive mechanism, create the “people-oriented” internal control culture, enhance the personnel’s sense of responsibilities and honors and cultivate the team spirit and core competitive power; and enable the personnel to set up concept of risk prevention and control by periodical and directional business and professional ethics trainings and signing of the letter of commitment. (4) Operation control. By formulating plans and preparing budgets, the Asset Custody Department has conducted all kinds of business marketing activities and handling all kinds of transaction so as to effectively control and allocate the organization resource to maximize the utilization of resources and the benefits. (5) Internal risk management. By supervision, inspection and risk assessment, the Asset Custody Department enhances the internal risk management that it reviews, supervises and guides the business departments on risk identification and assessment on a periodical or non-periodical basis, formulates and carries out the risk control measures and eliminates any risk potentials. (6) Data security control. The data security is guaranteed by comparatively independent operating dependent, data and fax encryption, data redundant backup of data transmission lines, and application and guarantee of monitoring facilities. (7) Preparation and responses to emergencies. For the asset custody business, a special disaster recovery center is established to formulate the disaster recovery plan based on four levels which are data, application, operation and environment, and regular drills are organized for personnel. In order that the drills can be closer to the field scene, the Asset Custody Department shall constantly improve the standards for the drills from the initially drills at a specified time to current “random drills”. Seen from the result of the drills, the Asset Custody Department has full capability to recover the business within 2 hours in case of any disaster. 5. Internal risk control of the Asset Custody Department (1) The Asset Custody Department has set up the Supervisory and Compliance Department with specially-designated person in charge of supervision and compliance, who, under the direct leadership of the General Manager and in accordance with relevant laws and regulations, fully carry out the full monitoring and ensure the healthy and stable development of the asset custody business. (2) To complete the organizational structure and carry out total risk management. A perfect risk management system requires the involvement of every employee so that the risk control system and measures can be fully and effectively carried out. The Asset Custody Department has carried out total risk management to allocate the responsibility of risk control to specific business departments 27

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) and positions so that every employee is in charge of the risks in his own position. By establishing an internal organizational structure of double-person system vertically and multiple-department horizontally, an organizational structure of mutual constraint and balance across different departments and positions has been formed. (3) To establish and improve the rules and regulations. The Asset Custody Department attaches great importance to the construction of internal control system, and has consistently integrated the concept and methods of risk prevention and control into the job responsibilities, system construction and working procedures. After years of efforts, the Asset Custody Department has set up a whole set of internal risk control system, including job responsibilities, operating procedures, supervisory and compliance system, and information disclosure system, covering all the departments and positions, being applied to all business procedures and forming mutually restricting system among businesses. (4) Internal risk control is always one of key emphasis of the Custody Department in work, maintaining the same status as business development. The asset custody business is the emerging intermediary business of commercial banks. Since the date of establishment, the Asset Custody Department has been placing great emphasis on the standardized operation and always been taking the establishment of systematic, efficient risk prevention and control system as the key work. Along with the changes in the market environment and the rapid development of the custody business, new challenges and situations have been constantly emerging. The Asset Custody Department has always placed risk management in the same important position as the business development, and considered the risk prevention and control as the lifeline for the survival and development of the custodian business.

V. Methods and procedures for the Fund Custodian to supervise the Fund Manager over the fund operation

Pursuant to the Funds Law and Operation Measures, the Fund Contract as well as the relevant laws and regulations relating to funds, the Fund Custodian shall supervise and check the legality of and ensure compliance by the Fund or the Fund Manager in relation to the investment targets, the asset allocation of the Fund’s portfolio , the auditing of the Fund’s assets, the calculation of the Net Asset Value of the Fund, provision and payment of remuneration of the Fund Manager and the Fund Custodian, the remittance of subscription monies and transfer of redemption monies and the distribution of Fund Income .

The Fund Custodian shall refuse to implement the Fund Manager’s investment instructions when it comes to its notice that such instructions of the Fund Manager violate the laws, administrative regulations and other related rules or breach the Fund Contract, and forthwith notify the Fund Manager and promptly report the same to the CSRC.

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

In the event that the Fund Custodian discovers that the effective Investment Instructions of the Fund Manager given pursuant to the trading procedures have already been executed and have violated the laws, administrative regulations or other related rules or breach the Fund Contract, it shall forthwith notify the Fund Manager and promptly report the same to the CSRC.

In the event that the Fund Custodian discovers any other breaches of the Funds Law, the Operation Measures, the Fund Contract and other provisions of laws and regulations pertaining to funds, the Fund Custodian shall promptly notify the Fund Manager in writing for rectification within a specified time. The time for rectification period shall comply with the time limit for the proportion investment as allowed by regulations. Upon the receipt of such notice, the Fund Manager shall make verifications timely, confirm and reply to the Fund Custodian in writing. In such specified time, the Fund Custodian shall have the right to review the matter above and supervise the correction of the Fund Manager. Where the Fund Manager fails to make corrections to breaches notified of within the period within the regular people, the Fund Custodian shall report the same to China Securities Regulatory Commission (CSRC).

In the event that the Fund Custodian discovers any material non-compliance of the Fund Manager, it shall immediately report the same to the CSRC and meanwhile, notify the Fund Manager to make corrections within a specified time.

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

5. Related Service Agencies

5.1 Sales Institutions 5.1.1 Direct Sales Institution China Southern Asset Management Co., Ltd. Domicile and Office Address: 31/F – 33/F, Duty-Free Business Building, No.6 Fuhua 1st Road, Futian CBD, Shenzhen Legal Representative: Wu Wanshan Telephone No.:0755-82763905、82763906 Fax: 0755-82763900 Contact Person: Zhang Ruishan 5.1.2 Sales Agencies: The Distributing Banks of Class A Units of China Southern Selected Value Fund: No. Names of Sales Agencies Information of Sales Agencies Registered Address: No.55 Fuxingmennei Street, Xicheng District, Beijing Industrial and Commercial Bank Legal Representative: Jiang Jianqing 1 of China Limited Contact Person: Tao Zhongwei Customer Service Telephone No.: 95588 Company Website: www.icbc.com.cn Registered Address: No. 25 Finance Street, Xicheng District, Beijing Office Address, Building 1, No. 1 Naoshikou Street, Xicheng District, Beijing China Construction Bank 2 Legal Representative: Wang Hongzhang Corporation Telephone No.: 010－66275654 Fax: 010－66275654 Contact Person: Wang Jiashuo Customer Service Telephone No.: 95533 Company Website: www.ccb.com Registered Address: No.69, Jianguomennei Agricultural Bank of China Street, Dongcheng District, Beijing 3 Limited Office Address: No.69, Jianguomennei Street, Dongcheng District, Beijing

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Legal Representative: Liu Shiyu Customer Service Telephone No.: 95599 Company Website: www.abchina.com Registered Address: No. 1 Fuxingmennei Street, Xicheng District, Beijing 4 Bank of China Limited Legal Representative: Tian Guoli Customer Service No.: 95566 Company Website: www.boc.cn Office Address: No. 188 Yincheng Middle Road, Pudong New Area, Shanghai Legal Representative: Niu Ximing 5 Bank of Communications Co., Ltd Contact Person: Zhang Hongge Contact No.: 021-58781234 Customer Service No.: 95559 Company Website: www.bankcomm.com Registered Address: China Merchants Bank Building, No. 7088 Shennan Road, Shenzhen Legal Representative: Li Jianhong 6 China Merchants Bank Co., Ltd. Contact Person: Deng Jiongpeng Customer Service Telephone No.: 95555 Company Webiste: www.cmbchina.com Registered Address: No. 3 Finance Street, Xicheng District, Beijing Office Address: No. 3 Finance Street, Xicheng District, Beijing Postal Savings Bank of China 7 Legal Representative: Li Guohua Co., Ltd. Customer Service Telephone No.: 95580 Contact Person: Wang Shuo Fax: (010) 68858117 Company Website: www.psbc.com Registered Address: No. 500 South Pudong Road, Pudong New Area, Shanghai Office Address: No. 12, Zhongshan Dong Yi Shanghai Pudong Development 8 Road, Shanghai Bank Co., Ltd. Legal Representative: Ji Xiaohui Contact Person: Gao Tian, Yu Guyun Contact Telephone No.: 021-61618888

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Customer Service Telephone No.: 95528 Company Website: www.spdb.com.cn

Registered Address: Building C, Fuhua Plaza, North No. 8 Chaoyangmen Street, Dongcheng District, Beijing Office Address:Eastern Culture Building, North No. 9 Chaoyangmen Street, Dongcheng 9 China CITIC Bank Co., Ltd. District, Beijing Legal Representative: Chang Zhenming Contact Person: Lian Zhaofeng Telephone No.: 010-89937369 Customer Service Telephone No.: 95558 Website: http://bank.ecitic.com/ Registered Address: No. 713 East Dongfeng Road, Yuexiu District, Guangzhou Legal Representative: Dong Jianyue Telephone No.: 0571-96000888，020- 10 China Guangfa Bank Co., Ltd. 38322222 Customer Service Telephone No.: 400-830- 8003 Website: www.gdb.com.cn Registered Office: No. 2 Fuxingmennei Street, Xicheng District, Beijing Office Address: No. 2 Fuxingmennei Street, Xicheng District, Beijing China Minsheng Banking Corp., Legal Representative: Hong Qi 11 Ltd Contact Person: Wang Jiwei Telephone No.: 010-58560666 Fax: 010-57092611 Customer Service Telephone No.: 95568 Website: www.cmbc.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: Everbright Building, No. 6 Fuxingmenwai Street, Xicheng District, Beijing Office Address: Everbright Center, No. 25 Taipingqiao Street, Xicheng District, Beijing Legal Representative: Tang Shuangning 12 China Everbright Bank Co., Ltd. Contact Person: Zhu Hong Telephone No.: 010-63636153 Fax.: 010-63639709 Customer Service Telephone No.: 95595 Website: www.cebbank.com Registered Address: No.154 Hudong Road, Fuzhou Office Address: No.154 Hudong Road, Fuzhou Legal Representative: Gao Jianping 13 Industrial Bank Co., Ltd. Contact Person: Liu Shu, Bian Zhengyu Contact Telephone No.:021-52629999-218965 Customer Service Telephone No.:95561 Company Website: www.cib.com.cn Address: No. 5047 East Shennan Road, Shenzhen, Guangdong Legal Representative: Sun Jianyi 14 Ping An Bank Co., Ltd. Contact Person: Zhang Li Contact Telephone No.: 021-38637673 Customer Service Telephone No.: 95511-3 Company Website: bank.pingan.com Office Address: No.46 Qingchun Road, Hangzhou Legal Representative: Wu Taipu 15 Bank of Hangzhou Co., Ltd. Contact Person: Yan Jun Contact Telephone No.: 0571-85108309 Customer Service Telephone No.: 95398 Company Website: www.hzbank.com.cn Registered Address: No. 168, Middle Yincheng Road, Pudong New Area, Shanghai Office Address: No. 168, Yincheng Middle 16 Bank of Shanghai Co., Ltd. Road, Pudong New Area, Shanghai Legal Representative: Jin Yu Contact Person: Tang Zhengcheng

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Contact Telephone No.: 021-68475521 Customer Service Telephone No.:95594 Company Website: www.bankofshanghai.com

Registered Address: 1/F, A17, Finance Street, Xicheng District, Beijing Office Address: C17, Finance Street, Xicheng District, Beijing 17 Bank of Beijing Co., Ltd. Legal Representative: Yan Bingzhu Contact Person: Kong Chao Fax: 010-66226045 Customer Service Telephone No.: 95526 Company Website: www.bankofbeijing.com.cn Registered Address: No. 16 Chaoyang Gate North Avenue, Chaoyang District, Beijing Office Address: No. 16 Chaoyang Gate North Avenue, Chaoyang District, Beijing Legal Representative: Wang Jinshan Beijing Rural Commercial Bank 18 Contact Person: Dong Hui Co., Ltd. Telephone No.: 010-85605588 Fax: 010-85605340 Customer Service Telephone No.: 96198；400- 88-96198；400-66-96198 Company Website: www.bjrcb.com Registered Address: No.25 Harbour Road, Zhifu District,Yantai, Shandong Office Address: No.25 Harbour Road, Zhifu District,Yantai, Shandong Legal Representative: Ye Wenjun 19 Yantai Bank Co., Ltd. Contact Person: Wang Shuhua Telephone No.: 0535-6699660 Fax: 0535-6699884 Customer Service Hotline: 4008-311-777 Company Address: http://www.yantaibank.net/

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 15-20/F & 22-27/F, No.8 Middle Yincheng Road, Pudong New Area, Shanghai Office Address: 15-20/F & 22-27/F, No.8 Middle Yincheng Road, Pudong New Area, Shanghai Rural Commercial Bank Shanghai 20 Co., Ltd. Legal Representative: Hou Funing Contact Person: Shi Chuanrong Contact Telephone No.: 021-38576666 Customer Service Telephone No.:021- 962999，4006962999 Company Website: www.srcb.com Registered Address: No. 26 ZhonghuaRoad, Nanjing Office Address: No. 26 Zhonghua Road, Nanjing 21 Bank of Jiangsu Co., Ltd. Legal Representative: Xia Ping Contact Person: Tian Chunhui Telephone No.: 025-58587018 Customer Service Telephone No.: 95319 Company Website: www.jsbchina.cn Registered Address: No. 21 Tiyu Road, Dongguan, Guangdong Office Address: No. 21 Tiyu Road, Dongguan, Guangdong 22 Bank of Dongguan Co., Ltd. Legal Representative: Lu Guofeng Contact Person: Chen Xing Contact Telephone No.: 0769-22119061 Customer Service Telephone No.: 4001196228 Company Website: www.dongguanbank.cn Registered Address; No. 22 Jianguomennei Street, Dongcheng District, Beijing Office Address: No. 22 Jianguomennei Street, Dongcheng District, Beijing 23 Hua Xia Bank Co., Ltd. Legal Representative, Wu Jian Contact Person: Li Hui Customer Service Telephone No.:95577 Company Website: www.hxb.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: Huapu Plaza, No. 68 Middle Hongkong Road, Shinan District, Qingdao Office Address: Huapu Plaza, No. 68 Middle Hongkong Road, Shinan District, Qingdao 24 Bank of Qingdao Co., Ltd. Legal Representative: Guo Shaoquan Contact Person: Yu Qingjun Contact Telephone No.: 0532-68602127 Customer Service Telephone No.: (Qingdao) 96588，(Nationwide) 400-66-96588 Company Website: www.qdccb.com Registered Address: No. 700 South Ningnan Road, Yinzhou District, Ningbo, Zhejiang Legal Representative: Lu Huayu 25 Bank of Ningbo Co., Ltd. Contact Person: Hu Jixun Customer Service Contact No.: 96528, Shanghai and Beijing Regions 962528 Company Website: www.nbcb.com.cn Registered Address: No. 288 Zhongshan Road, Xuanwu District, Nanjing Legal Representative: Lin Fu 26 Bank of Nanjing Co., Ltd. Contact Person: Liu Ye Contact Telephone No.: 025-86775335 Customer Service Telephone No.: 96400 Company Website: www.njcb.com.cn Registered Address: No. 336 Yimeng Road, Linyi, Shandong Office Address: No. 37 Beijing Road, Lanshan District, Linyi, Shandong Province Legal Representative: Qian Jin 27 Linshang Bank Co., Ltd. Contact Person: TianYu, Lu Fangfang Contact Telephone No.: 0539-7877821 0539-7877773 Customer Service Telephone No.: 400-699- 6588 Company Website: www.lsbchina.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: Wuhan Commercial Bank Building, No. 933 Jianshe Avenue, Jianghan District, Wuhan Office Address: Wuhan Commercial Bank Building, No. 933 Jianshe Avenue, Jianghan District, Wuhan 28 Hankou Bank Co., Ltd. Legal Representative: Chen Xinmin Contact Person: Zeng Wu Contact Method: 027-82656704 Customer Service Telephone No.: 96558(Wuhan)、40060-96558 (nationwide) Company Website: http://www.hkbchina.com Registered Address: No. 66 Middle Renmin Road, Yangshe Town, Zhang Jia Gang Office Address: No. 66 Middle Renmin Road, Yangshe Town, Zhangjiagang Jiangsu Rural Commercial Bank 29 Legal Representative: Wang Zhizhong of Zhangjiagang Co., Ltd Contact Person: Shi Yuanyuan Contact Telephone No.:0512-56968212 Customer Service Telephone No.: 0512-96065 Company Website:www.zrcbank.com Registered Address: No. 288 Qingchun Road, Xiacheng District, Hangzhou Office Address: No. 288 Qingchun Road, Xiacheng District, Hangzhou 30 China Zheshang Bank Legal Representative: Shen Renkang Contact Person: Tang Yan Contact Telephone No.: 0571-87659056 Customer Service Telephone No.: 95527 Company Website: www.czbank.com Registered Address: No. 196, Station Avenue, Wenzhou Office Address: No. 196, Station Avenue, 31 Bank of Wenzhou Co., Ltd. Wenzhou Legal Representative: Xing Zengfu Contact Person: Lin Bo Contact Telephone No.: 0577-88990082

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Customer Service Telephone No.: 0577-96699 Company Website: www.wzbank.cn

Registered Address: No. 153 Zourong Road, Yuzhong District, Chongqing Office Address: No. 153 Zourong Road, Yuzhong District, Chongqing Legal Representative: Gan Weimin 32 Bank of Chongqing Co Ltd Contact Person: Kong Wenchao Telephone No.: 023-63799379 Fax: 023-63792412 Customer Service Telephone No.: 400-70- 96899 Websote: www.cqcbank.com Registered Address: Cooperative Finance Building, No. 3038 East Shennan Road, Luohu District, Shenzhen, Guangdong Province Office Address: Cooperative Finance Building, No. 3038 East Shennan Road, Luohu District, Rural Commercial Bank of Shenzhen, Guangdong Province 33 Shenzhen Co., Ltd. Legal Representative: Li Wei Contact Person: Wang Xuan Contact No.:0755－25188269 Fax: 0755-25188785 Customer Service Telephone No.: 4001961200 Company Website: www.4001961200.com Registered Address: No. 2 East Hongfu Road, Dongcheng District, Dongguan, Guangdong Province Office Address: Dongguan Commercial Bank Rural Commercial Bank of Building, No. 2 East Hongfu Road, Dongcheng 34 Dongguan Co., Ltd District, Dongguan Legal Representative: He Peiliang Contact Person: Yang Kang Telephone No.:0769-22866270 Fax: 0769-22866282

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Customer Service Telephone No.: 0769-961122 Website: www.drcbank.com

Registered Address: No. 160 Shangzhi Avenue, Daoli District, Harbin Office Address: No. 160 Shangzhi Avenue, Daoli District, Harbin Legal Representative: Guo Zhiwen 35 Harbin Bank Co., Ltd. Contact Person: Yu Xi Telephone No.:0451-86779018 Fax: 0451-86779018 Customer Service Telephone No.: 95537，400- 60-95537 Website: www.hrbb.com.cn Registered Address: No. 8 North Xinhua Road, Urumqi Office Address: No. 8 North Xinhua Road, Urumqi Urumqi City Commercial Bank Legal Representative: Yang Li 36 Co., Ltd. Contact Person: Yu Ge Telephone No.: 0991-4525212 Fax: 0991-8824667 Customer Service Telephone No.: 0991-96518 Company Website: www.uccb.com.cn Registered Address: No. 201-205 Machang Road, Hexi District, Tianjin Office Address: Bohai Bank Tower, No. 218, Hedong Road, Hedong District, Tianjin Legal Representative: Li Fu’an 37 China Bohai Bank Co., Ltd. Contact Person: Wang Hong Telephone No.:022-58316666 Fax: 022-58316569 Customer Service Telephone No.: 95541 Website: www.cbhb.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: No. 195 North Guangzhou Avenue, Guangzhou Office Address: No. 195 North Guangzhou Avenue, Guangzhou Legal Representative: Yao Jianjun 38 Bank of Guangzhou Co., Ltd Contact Person: Tang Hui Telephone No.:020-28302742 Fax: 020-37590726 Customer Service Telephone No.: 020-96699 Website: www.gzcb.com.cn Registered Address: No. 28 North Pingan Avenue, Shijiazhuang, Hebei Office Address: No. 28 North Pingan Avenue, Shijiazhuang, Hebei Legal Representative: Qiao Zhiqiang 39 Bank of Hebei Co., Ltd Contact Person: Zheng Xiafang Telephone No.: 0311-67807030 Fax: 0311-88627027 Customer Service Telephone No.: 400-612- 9999 Company Website: www.hebbank.com Registered Address: No. 88 Zhongshan Road, Zhongshan District, Dalian, Liaoning Office Address: No. 88 Zhongshan Road, Zhongshan District, Dalian, Liaoning Legal Representative: Chen Zhanwei 40 Bank of Dalian Co., Ltd. Contact Person: Li Gege Telephone No.: 0411-82356627 Fax: 0411-82356590 Customer Service Telephone No.: 400-664- 0099 Company Website: www.bankofdl.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: Tower A, Tianhui Building, No.79 Anqing Road, Hefei, Anhui Office Address: Tower A, Tianhui Building, No. 79 Anqing Rood, Hefei Legal Representative: Li Hongming Contact Person: Ye Zhuowei 41 Huishang Bank Co., Ltd. Telephone No.:0551-62667635 Fax: 0551-62667684 Customer Service Telephone No.: 4008896588(Outside Anhui Province)、 96588(Within Anhui Province) Website: www.hsbank.com.cn Registered Address: No. 2 Yongcui Road, Daliang Dehe Resident Committee, Shunde District, Foshan Office Address: No. 2 Yongcui Road, Daliang Dehe Resident Committee, Shunde District, Guangdong Shunde Rural Foshan 42 Commercial Bank Company Legal Representative: Yao Zhenyong Limited Contact Person: Hu Jianqiang Telephone No.:0757-22386489 Fax: 0757-22388235 Customer Service Telephone No.: 0757- 22223388 Website: www.sdebank.com Registered Address: No.15 Youyi Road, Hexi District, Tianjin Office Address: No.15 Youyi Road, Hexi District, Tianjin Legal Representative: Yuan Fuhua 43 Bank of Tianjin Co., Ltd. Contact Person: Li Yan Telephone No.:022-28405684 Fax: 022-28405631 Customer Service Telephone No.: 4006-960296 Website: www.bank-of-tianjin.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: No. 10 East Yanghe Road, Jiangbei District, Chongqing Office Address: No. 10 East Yanghe Road, Jiangbei District, Chongqing Chongqing Rural Commercial Legal Representative: Liu Jianzhong 44 Bank Co., Ltd. Contact Person: Fan Liang Telephone No.:023-67637962 Fax: 023-67637909 Customer Service Telephone No.: 023-966866 Website: www.cqrcb.com Registered Address: No. 668 Guangnan Road, Jinhua, Zhejiang Province Office Address: No. 668 Guangnan Road, Jinhua, Zhejiang Province Legal Representative: Xu Yaqing 45 Bank of Jinhua Co., Ltd Contact Person: He Saili Telephone No.:0579-82178270 Fax: 0579-82178321 Customer Service Telephone No.: 400-711- 6668 Website: www.jhccb.com.cn Registered Address: No. 6 Gangtie Avenue Qingshan District, Baotou, Inner Mongolia Office Address: No. 6 Gangtie Avenue Qingshan District, Baotou, Inner Mongolia Legal Representative: Li Zhenxi 46 Baoshang Bank Co., Ltd Contact Person: Liu Fang Contact No.:0472-5189051 Fax: 0472-5189057 Customer Service Telephone No.: 96016 Website: http://www.bsb.com.cn/ Registered Address: No. 1 Huaxia Road, Zhujiang New Town, Tianhe District, Guangzhou Guangzhou Rural Commercial 47 Office Address: No. 1 Huaxia Road, Zhujiang Bank Co., Ltd. New Town, Tianhe District, Guangzhou Legal Representative: Wang Jikang Contact Person: Zhou Zhaoguang

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Telephone No.: 020-28019432 Fax: 020-22389031 Customer Service Telephone No.: 95313 Website: www.grcbank.com

Registered Address: No. 1346 Jida Jiuzhou Avenue, Zhuhai, Guangdong Province Office Address: No. 1346 Jida Jiuzhou Avenue, Zhuhai, Guangdong Province Legal Representative: Jiang Wei Contact Person: Weng Jiashu 48 China Resource Bank Co., Ltd Telephone No.:0756-8121095 Fax: 0756-8121775 Customer Service Telephone No.: 96588 (For calls outside Guangdong Province: Add 0756 ), 4008800338 Website: www.crbank.com.cn Registered Address: No. 668 Middle Yanning Road, Tianning District, Changzhou Office Address: No. 668 Middle Yanning Road, Tianning District, Changzhou Jiangsu Jiangnan Rural Legal Representative: Lu Xiangyang 49 Commercial Bank Co., Ltd Contact Person: Han Lu Telephone No.:0519-89995066 Fax: 0519-89995066 Customer Service Telephone No.: 96005 Website: www.jnbank.cc Registered Address: No. 1817 Dongnan Hu Road, Changchun, Jilin Province Office Address: No. 1817 Dongnan Hu Road, Changchun, Jilin Province 50 Bank of Jilin Co., Ltd Legal Representative: Zhang Baoxiang Contact Person: Sun Qi Telephone No.: 0431-84999627 Fax: 0431-84992649 Customer Service Telephone No.: 400-88-

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

96666(Nationwide)96666(Jilin Province) Website: www.jlbank.com.cn

Registered Address: No. 99 Middle Jianguo Road, Hangzhou Office Address: No. 99 Middle Jianguo Road, Hangzhou Hangzhou United Rural Legal Representative: Zhang Chen 51 Commercial Bank Co., Ltd Contact Person: Hu Ying Telephone No.:0571-87923324 Fax: 0571-87923214 Customer Service Telephone No.: 96592 Website: www.urcb.com Registered Address: Commercial Bank Building, No.101 North Hubin Road, Xiamen Office Address: Commercial Bank Building, No.101 North Hubin Road, Xiamen Legal Representative: Wu Shiqun 52 Xiamen Bank Co., Ltd. Contact Perosn: Liu Dongyang Telephone No.: 0592-2275261 Fax: 0592-5373973 Customer Service Telephone No.: 400-858- 8888 Website: www.xmbankonline.com Registered Address: No. 9 Baoquan Road, Weihai Office Address: No. 9 Baoquan Road, Weihai Legal Representative: Tan Xianguo Weihai City Commercial Bank Contact Person: Liu Wenjing 53 Co., Ltd Telephone No.:0631-5211651 Fax: 0631-5215726 Customer Service Telephone No.: Within the same province 96636, Domestic 4000096636 Website: www.whccb.com/www.whccb.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: No. 19 Yinhai Road, Shouguang, Shandong Province Office Address: No. 19 Yinhai Road, Shouguang, Shandong Province Shandong Shouguang Rural 54 Legal Representative: Yan Tingjun Cooperative Bank Co., Ltd Contact Person: Zhou Kunyu Telephone No.:0536-5293756 Fax: 0536-5293756 Customer Service Telephone No.: 0536-96633 Registered Address: Yaqian Section, Yongqiang Avenue, Longwan District, Wenzhou, Zhejiang Province Office Address: Yaqian Section, Yongqiang Avenue, Longwan District, Wenzhou, Zhejiang Zhejiang Wenzhou Longwan Province 55 Rural Commercial Bank Co., Ltd Legal Representative: Liu Shaoyun Contact Person: Hu Junjie Telephone No.: 0577-86923223 Fax: 0577-86921250 Customer Service Telephone No.: 4008296596 Website: www.lwrcb.com Registered Address: No. 1363 Diyang Road, Xingke Bridge, Shaoxing, Zhejiang Office Address: No. 1363 Diyang Road, Xingke Bridge, Shaoxing, Zhejiang Zhejiang Shaoxing Ruifeng Rural Legal Representative: Yu Junhai 56 Commercial Bank Co., Ltd Contact Person: Kong Zhanghai Telephone No.:0575-84788101 Fax: 0575-84788100 Customer Service Telephone No.: 4008896596 Website: www.borf.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 60 Gaoxin Road, Xi’an, Shanxi, China Office Address: 60 Gaoxin Road, Yanta District, Xi’an Legal Representative: Wang Xisheng 57 Bank of Xi’an Co., Ltd. Contact Person: Bai Zhi Telephone No.: 029-88992881 Fax: 029-88992891 Customer Service Telephone No.: 4008696779 Website: www.xacbank.com

Registered address: 728 Zhongyuan Road, Industrial Park District, Suzhou, Jiangsu Province Office Address: 728 Zhongyuan Road, Industrial Park District, Suzhou, Jiangsu Province

58 Legal Representative: Wang Lanfeng Bank of Suzhou Co., Ltd. Contact Person: Hong Zhiqiang Telephone No.: 0512-69868390 Fax: 0512-69868370 Customer Service Telephone No.: 96067 Website: www.suzhoubank.com Registered address: Jiezuo Building,828 Furong Road South Section 1, Tianxin District, Changsha, Hunan Province Office Address: Jiezuo Building,828 Furong Road South Section 1, Tianxin District,

Changsha, Hunan Province 59 Huarong Xiangjiang Bank Co., Legal Representative: Liu Yongsheng Ltd. Contact Person: Yang Zhou Telephone No.: 0731-89828900 Fax: 0731- 89828806 Customer Service Telephone No.:0731-96599 Website: www.hrxjbank.com.cn.cn Registered Address: No. 436 Youyi Road, Daoli District, Harbin, Heilongjiang 60 Longjiang Bank Co., Ltd Office Address: No. 436 Youyi Road, Daoli District, Harbin, Heilongjiang

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Legal Representative: Zhang Jianhui Contact Person: Yan Yong Telephone No.: 0451-85706107 Fax: 0451-85706036 Customer Service Telephone No.: 4006458888 Website: www.lj-bank.com Registered Address: No. 7, Century Avenue, Karamay, Uygur Office Address: Tower B, No. 1, Financial Street, Xicheng District, Beijing Legal Representative: Jiang Shangjun 61 Kunlun Bank Co., Ltd. Contact Person: Zhang Bihua Telephone No.: 010-89026813 Fax: 010-89025421 Customer Service Telephone No.: 4006696569 Website: http://www.klb.cn Registered Address: No. 76, South Zhongshan Road, Guilin Office Address: No. 76, South Zhongshan Road, Guilin Legal Representative: Wang Neng 62 Guilin Bank Co., Ltd. Contact Person: Zhou Peiling Telephone No.: 0773-3810130 Fax: 0773-3851691 Customer Service Telephone No.: 400-86-96299 Website: www.guilinbank.com.cn. Registered Address: No. 3, Yunlu Road, Fengze District, Quanzhou, Fujian Office Address: No. 3, Yunlu Road, Fengze District, Quanzhou, Fujian Legal Representative: Fu Zineng 63 Bank of Quanzhou Co., Ltd. Contact Person: Wang Yanling Telephone No.: 0595-22551071 Fax: 0595-412411870 Customer Service Telephone No.: 96312 Website: http://www.qzccbank.com/ Chengdu Rural Commercial Bank Registered Address: No. 88, Middle Kehua 64 Co, Ltd. Road, Wuhou District, Chengdu, Sichuan

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Office Address: No. 88, Middle Kehua Road, Wuhou District, Chengdu, Sichuan Legal Representative: Chen Ping Contact Person: Yang Qi Telephone No.: 028-85315412 Fax: 028-85190961 Customer Service Telephone No.: 028-962711 Website: http://www.cdrcb.com/ Registered Address: Room 10101, Unit 1, Building 1, No. 13, 4th Gaoxin Road, New and High-technology Industry Development Zone, Xi’an Office Address: No. 13, New and High- technology Industry Development Zone, Xi’an 65 Chang’an Bank Co., Ltd. Legal Representative: Mao Yashe Contact Person: Yan Shi Fax: 029-88609566 Customer Service Telephone No.: (029)96669/400-05-96669 Website: www.ccabchina.com Registered Address: No. 68, Technology Road, Songshan New Area, Jinzhou, Liaoning Office Address: No. 68, Technology Road, Songshan New Area, Jinzhou, Liaoning Legal Representative: Zhang Wei 66 Bank of Jinzhou Co., Ltd. Contact Person: Pang Lulu Telephone No.: 0416-3220085 Fax: 0416-3220186 Customer Service Telephone No.: 400-66- 96178 Website: www.jinzhoubank.com Registered address: Standard Chartered Bank Building, No. 201 Shijidadao, Pudong New Area, Shanghai Standard Chartered Bank (China) 67 Office Address: 23/F, Pacheer Commercial Co., Ltd. Center, No.500 Fushan Road, Pudong New Area, Shanghai Legal Representative: Lin Qingde

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Contact Person: Zheng Yudong Telephone No.: 021-50163988 Fax: 021-58205487 Customer Service Telephone No.:8008208088 Website: http://www.standardchartered.com.cn

Securities sales agencies and other sales agencies of Class A Units of China Southern Selected Value Fund: No. Names of Sales Agencies Information of Sales Agencies Registered Address: No. 228, Middle Jiangdong Road, Nanjing Legal Representative: Wu Wanshan 1 Huatai Securities Co., Ltd. Contact Person: Pang Xiaoyun Contact Telephone No.: 0755-82492193 Customer Service Telephone No.: 95597 Company Website: http://www.htsc.com.cn Registered Address: No. 268 Hudong Road, Fuzhou Office Address: 20/F, Building 1, Wudaokou Square, No. 1199 Nong of Minsheng Road, Industrial Securities Co., Pudong, Shanghai 2 Ltd. Legal Representative: Lan Rong Contact Person: Ke Yanchao Contact Telephone No.: 0591-38507950 Customer Service Telephone No.: 95562 Company Website: www.xyzq.com.cn Registered Address: 16-26/F, Guoxin Zhengquan Mansion, No. 1012 Middle Hongling Road, Luohu District, Shenzhen Office Address: 16-26/F, Guoxin Zhengquan Mansion, No. 1012 Middle Hongling Road, Luohu District, Shenzhen 3 Guosen Securities Co., Ltd. Legal Representative: He Ru Contact Person: Zhou Yang Telephone No.: 0755-82130833 Fax.: 0755-82133952 Customer Service Telephone No.: 95536 Website: www.guosen.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: Tower C, Corporate Square, No. 35 Finance Street, Xicheng District, Beijing Office Address: Tower C, Corporate Square, No. 35 Finance Street, Xicheng District, Beijing China Galaxy Securities 4 Legal Representative: Chen Youan Co., Ltd. Contact Person: Deng Yan Contact Telephone No.: 010-66568292 Customer Service Telephone No.: 4008-888-888 Company Website: www.chinastock.com.cn Registered Address: No. 618 Shangcheng Road, Free Trade Pilot Zone (Shanghai), China Office Address: Middle No. 168 Yincheng Road, Pudong New Area, Shanghai Guotai Junan Securities Co., 5 Legal Representative: Yang Dehong Ltd. Contact Person: Rui Minqi Telephone No.: 021－38676666 Customer Service Telephone No.: 4008888666 Company Website: www.gtja.com Registered Address: No. 86 Jingqi Road, Shizhong District, Jinan, Shandong Office Address: No. 86 Jingqi Road, Shizhong District, Jinan, Shandong Zhongtai Securities Co., Legal Representative: Li Wei 6 Ltd. Contact Person: Ma Xiaonan Telephone No.: 021-20315255 Fax: 021-20315137 Customer Service Telephone No.: 95538 Website: www.zts.com.cn Registered Address: No. 689, Guangdong Road, Shanghai Office Address: No. 689, Guangdong Road, Shanghai Legal Representative: Wang Kaiguo 7 Haitong Securities Co., Ltd. Telephone No.: 021－23219000 Fax: 021-23219100 Contact Person: Li Xiaoming Customer Service Telephone No.: 95553 Company Website: www.htsec.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 4/F, No. 66 Anli Road, Chaoyang District, Beijing Office Address: No. 188 Inner Chaoyang Gate Avenue, Beijing 8 China Securities Co., Ltd. Legal Representative: Wang Changqing Contact Person: Quan Tang Contact No.:010-85130588 Customer Service Telephone No.: 4008888108 Company Website: www.csc108.com Registered Address: 4301-4316, 43/F, Metropolis Plaza, No. 183-187 North Tianhe 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, Metropolis Plaza, No. 183- 187 North Tianhe Road, Tianhe District, 9 Guangfa Securities Co., Ltd. Guangzhou Legal Representative: Sun Shuming Contact Person: Huang Lan Integrated Customer Service Hotline: 95575 or call or business outlets throughout the country Company Website: http://www.gf.com.cn Registered Address: 16-17/F, Shenzhen Special Area Daily Building, Shennan Road, Futian District, Shenzhen Office Address: 14/F&16-17/F, Shenzhen Special Area Daily Building, Shennan Road, Futian Greatwall Securities Co., District, Shenzhen 10 Ltd. Legal Representative: Huang Yaohua

Contact Person: Liu Yang Contact Telephone No.:0755-83516289 Customer Service Telephone No.:0755-33680000 4006666888 Company Website: www.cgws.com Registered Address: 38-45/F, Block A, Jiangsu Building, Yitian Road, Futian District, Shenzhen China Merchants Securities 11 Legal Representative: Gong Shaolin Co., Ltd. Contact Person: Huang Chanjun Contact Telephone No.: 0755-82960167

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Customer Service Telephone No.: 95565、 4008888111 Company Website: www.newone.com.cn

Registered Address: North Tower, Times Square Excellence II, No. 8 Zhong Xin San Road, Futian District, Shenzhen City, Guangdong Province Office Address: CITIC Securities Mansion, No. 48 Liangmaqiao Road, Chaoyang District, Beijing 12 CITIC Securities Co., Ltd. Legal Representative: Wang Dongming Contact Person: Gu Ling Contact Telephone No.: 010-60838696 Fax: 010-60833739 Customer Service Telephone No.: 95558 Company Website: www.cs.ecitic.com Registered Address: 45/F, No.989 Changle Road, Xuhui District, Shanghai Office Address: 40/F, No.989 Changle Road, Xuhui District, Shanghai] Legal Representative: Li Mei Shenwan Hongyuan 13 Contact Person: Li Yuting Securities Co., Ltd. Telephone No.: 021-33389888 Fax: 021-33388224 Customer Service Telephone No.: 95523 or 4008895523 Company Website: www.swhysc.com Registered Address: No. 1508 XinZha Road, Jing'an District, Shanghai Office Address: No. 1508 XinZha Road, Jing'an District, Shanghai Everbright Securities Co., Legal Representative: Xue Feng 14 Ltd. Contact Person: Liu Chen

Contact Telephone No.: 021-22169999 Customer Service Telephone No.: 95525， 10108998 Company Website: www.ebscn.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: Units 01, 02, 03, 05, 11, 12, 13, 15, 16, 18, 19, 20, 21, 22, 23. 4/F & 18-21/F, Building A, Rongchao Commerce Center, No. 6003 Yitian Road, Futian District, Shenzhen Office Address: 4/F&18-21/F, Building A, Rongchao Commerce Center, No. 6003 Yitian China Investment Securities Road, Futian District, Shenzhen 15 Co., Ltd. Legal Representative: Gao Tao Contact Person: Liu Yi Contact Telephone No.: 0755-82023442 Fax: 0755-82026539 Customer Service Telephone No.: 400-600-8008、 95532 Company Website: www.china-invs.cn Registered Address: Rm 2005, 20/F, Dacheng International Building, No.358 Beijing South Road, Gaoxin District (New City District), Urumqi, Xinjiang Office Address: Rm 2005, 20/F, Dacheng International Building, No.358 Beijing South Road, Shenwan Hongyuan Gaoxin District (New City District), Urumqi, 16 Western Securities Co., Ltd. Xinjiang Legal Representative: Li Ji Telephone No.: 010-88085858 Fax: 010-88085195 Contact Person: Li Wei Customer Service Telephone No.: 400-800-0562 Website: www.hysec.com Registered Office: 11/F, Building A, New

Nancheng Business Center, No. 198 Middle

Xiangfu Road, Tianxin District, Changsha, Hunan

Legal Representative: Lin Junbo

Contact Person: Wu Hao

Contact Telephone No.: 021-68634510-8620 Xiangcai Securities Co., 17 Customer Service Telephone No. 400-888-1551 Ltd. Company Website: www.xcsc.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Office: Unit A02, 28/F&35/F, Anlian Mansion, No. 4018 Jintian Road, Futian District, Shenzhen Office Address: 9/F, Tower 1, Fenghuang Building, Shennan Avenue, Futian District, Essence Securities Co., 18 Shenzhen Ltd. Legal Representative: Niu Guanxing Contact Person: Chen Jianhong Contact Telephone No.: 0755-82825551 Customer Service Telephone No.: 4008001001 Company Website: www.essence.com.cn Registered Address: 20/F, Tower 1, Qingdao International Finance Plaza, No. 222 Shenzhen Road, Laoshan District, Qingdao Office Address: 20/F, Tower 1, Qingdao International Finance Plaza, No. 222 Shenzhen CITIC Securities 19 Road, Laoshan District, Qingdao (Shandong) Co., Ltd. Legal Representative: Yang Baolin Contact Person: Wu Zhongchao Contact No.:0532-85022326 Customer Service Telephone No.: 95548 Company Website: www.citicssd.com Registered Address: 39F, BOC Building, No. 200 Middle Yincheng Road, Pudong New District, Shanghai BOC International (China) 20 Legal Representative: Xu Gang Limited Contact Person: Wang Weizhe Contact No.:021-20328309 Company Website: www.bocichina.com Registered (Office) Address: Tower 1, Court No. 9, Naoshi Kou Avenue, Xicheng District, Beijing Legal Representative: Zhang Zhigang 21 Cinda Securities Co., Ltd Contact Person: Tang Jing Contact No.:010-63081000Fax: 010-63080978 Customer Service Telephone No.: 400-800- 8899Company Website: www.cindasc.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 16/F – 18/F, Tower A, Minsheng Finance Center, No. 28 Inner Jianguo Gate Avenue, Dongcheng District, Beijing Office Address: 16/F – 18/F, Tower A, Minsheng Finance Center, No. 28 Inner Jianguo Gate Minsheng Securities Co., 22 Avenue, Dongcheng District, Beijing Ltd. Legal Representative: Yu Zheng Contact Person: Zhao Ming Contact No.:010-85127622 Customer Service Telephone No.: 4006198888 Company Website: www.mszq.com Registered Address: 22/F, 23/F and 25/F – 29/F, Tower 2, No. 318 South Zhongshan Road, Shanghai Office Address: 21/F – 23/F and 25/F – 29/F, Tower 2, No. 318 South Zhongshan Road, 23 Orient Securities Co., Ltd Shanghai Legal Representative: Pan Xinjun Contact Person: Hu Yueru Contact No.:021-63325888 Customer Service Telephone No.: 95503 Company Website: www.dfzq.com.cn Registered Address: No. 8 Financial Street, Xicheng District, Beijing Office Address: No. 8 Financial Street, Xicheng District, Beijing Huarong Securities Co., Legal Representative: Zhu Xianzhong 24 Ltd. Contact Person of Fund Business: Li Huining Contact No.:010-58315221 Fax: 010-58568062 Customer Service Telephone No.: 400-898- 9999Website: www.hrsec.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: Huaxi Securities Builiding, No. 198 Tianfu Second Street, Gaoxin District, Chengdu, Sichuan Province Office Address: Huaxi Securities Builiding, No. 198 Tianfu Second Street, Gaoxin District, 25 Huaxi Securities Co., Ltd. Chengdu, Sichuan Province Legal Representative: Yang Jiongyang Contact Person: Zhang Man Contact No.:010-52723273 Customer Service Telephone No.: 95584 Company Website: www.hx168.com.cn Registered Address: Changjiang Securities Building, No. 8 Xinhua Road, Wuhan Legal Representative: Yang Zezhu Customer Service Hotline: 95579 or 4008-888- Changjiang Securities Co., 999 26 Ltd. Contact Person: Li Boyu Telephone No.:027-65799999 Fax: 027-85481900 Customer Service Website of Changjiang Securities: www.95579.com Registered Address: Floor 40/42, China Merchants Bank Building, No. 7088 Shennan Avenue, Futian District, Shenzhen Office Address: Floor 40/42, China Merchants Bank Building, No. 7088 Shennan Avenue, Futian District, Shenzhen 27 Century Securities Co., Ltd. Legal Representative: Jiang Meijun Contact Person: Yuan Yuan Contact No.:0755-83199511 Customer Service Telephone No.: 0755- 83199511 Company Website: www.csco.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: No. 1138 Ziyou Avenue, Changchun Office Address: No. 1138 Ziyou Avenue, Changchun Northeast Securities Co., Legal Representative: Yang Shucai 28 Ltd. Contact Person: An Yanyan Contact No.:0431-85096517 Customer Service Telephone No.: 4006000686， 0431-85096733 Company Website: www.nesc.cn Registered Address: No. 336 Middle Xizang Road, Shanghai Office Address: 7/F, Jiushi Commercial Building, No. 213, Middle Sichuan Road, Shanghai Legal Representative: Gong Dexiong Shanghai Securities Co., 29 Ltd. Contact Person: Xu Manhua Contact No.:021-53686888 Customer Service Telephone No.: 021-962518 Fax: 021-53686100/021-53686200 Company Website: www.962518.com Registered Address: No. 56 Ganshui Road, Xiangfang District,. Harbin, Heilongjiang Province Office Address: No. 56 Ganshui Road, Xiangfang District,. Harbin, Heilongjiang Province 30 Jianghai Securities Co., Ltd. Legal Representative: Sun Mingyang Contact Person: Zhou Jun Telephone No.:0451-85863726Fax: 0451- 82337279 Customer Service Telephone No.: 400-666-2288 Website: www.jhzq.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 7/F – 9/F, No. 8 Taihu New Distrcit Finance 1st Street, Taihu New Town, Binhu District, Wuxi, Jiangsu Province Office Address: 7/F – 9/F, No. 8 Taihu New Distrcit Finance 1st Street, Taihu New Town, 31 Guolian Securities Co., Ltd. Binhu District, Wuxi, Jiangsu Province Legal Representative: Yao Zhiyong Contact Person: Shen Gang Contact No.:0510-82831662 Customer Service Telephone No.: 95570 Company Website: www.glsc.com.cn Registered Address: Jinyuan Center, No. 1 South Keyuan Road, Guancheng District, Dongguan, Guangdong Province Office Address: Jinyuan Center, No. 1 South Dongguan Securities Co., Keyuan Road, Guancheng District, Dongguan, 32 Ltd. Guangdong Province Contact Person: Li Rong Contact No.:0769-22115712 Fax: 0769-22115712 Company Website: www.dgzq.com.cn Registered Address: Room 101, No. 42 Economic and Technology Development Zone Second Avenue, Tianjin Office Address: No. 8 West Binshui Road, Nankai District, Tianjin 33 Bohai Securities Co., Ltd. Legal Representative: Wang Chunfeng Contact Person: Cai Ting Telephone No.:022-28451991 Fax: 022-28451892 Customer Service Telephone No.: 400-651-5988 Website: www.bhzq.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 16/F – 20/F, Rongchao Building, No. 4036 Jintian Road, Futian Central District, Shenzhen Office Address: 16/F – 20/F, Rongchao Building, No. 4036 Jintian Road, Ping An Securities Futian Central District, Shenzhen 34 Company Limited. Legal Representative: Xie Yonglin Contact Person: Shi JingwuContact No.:021- 38631117 Customer Service Telephone No.: 95511-8 Company Website: stock.pingan.com Registered Address: 9/F - 10/F, Guohua Investment Building, No.3 South Dongzhi Gate Avenue, Dongcheng Distirct, Beijing Office Address: 9/F - 10/F, Guohua Investment Building, No.3 South Dongzhi Gate Avenue, Dongcheng Distirct, Beijing 35 Guodu Securities Co., Ltd Legal Representative: Chang Zhe Contact Person: Huang Jing Telephone No.:010-84183333 Fax: 010-84183311-3389 Customer Service Telephone No.: 400-818-8118 Website: www.guodu.com Registered Address: No. 5 Xingyang Street, Suzhou Industrial Park District Office Address: No. 5 Xingyang Street, Suzhou Industrial Park District Soochow Securities Co., Legal Representative: Fan Li 36 Ltd. Contact Person: Fang Xiaodan Telephone No.:0512-65581136 Fax: 0512-65588021 Customer Service Telephone No.: 4008601555Website: www.dwzq.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 19/F – 20/F, Main Tower, Guangzhou International Finance Center, No. 5 West Zhujiang Road, Tinahe District, Guangzhou Office Address: 19/F – 20/F, Main Tower, Guangzhou International Finance Center, No. 5 Guangzhou Securities Co., West Zhujiang Road, Tinahe District, 37 Ltd. Guangzhou

Legal Representative: Qiu Sanfa Contact Person: Lin Jieru Contact No.:020-88836999 Customer Service Telephone No.: 020-961303 Company Website: www.gzs.com.cn Registered Address: No. 3, 1/F, Building B, Juntai International, No. 1-1, Cagu Avenue, Liuwu New District, Lhasa, Tibet Office Address: 6/F, Huarong Building, No. 178 Mintian Road, Futian District, Shenzhen Chinalin Securities Co., 38 Legal Representative: Chen Ltd. Yongjian Contact Person: Qu Haoyuan Contact No.: 82707988 Customer Service Telephone No.: 400-188-3888 Company Website: www.chinalions.com Registered Address: No. 8 Dazhong Pavillion, Xuanwu District, Nanjing, Jiangsu Province Office Address: No. 8 Dazhong Pavillion, Xuanwu District, Nanjing 39 Nanjing Securities Co., Ltd Legal Representative: Bu Guoxun Contact Person: Chen Xiucong Contact No.: 52310550 Customer Service Telephone No.: 4008285888 Company Website: www.njzq.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: No. 198 Tian’e Hu Road, Zhengwu Wenhua New District, Hefei, Anhui Province Office Address: Tower B1, Caizi Center, No. 198 Tian’e Hu Road, Zhengwu Wenhua New District, Hefei, Anhui Province 40 Huaan Securities Co., Ltd. Legal Representative: Li Gong Contact Person: Fan Chao Contact No.:0551-65161821 Customer Service Telephone No.: 96518， 4008096518 Company Website: www.hazq.com Registered Address: 9/F Hongta Building, No. 155-1, Beijing Road, Kunming, Yunnan Province Office Address: 9/F Hongta Building, No. 155-1, Beijing Road, Kunming, Yunnan Province 41 Hongta Securities Co., Ltd. Legal Representative: Kuang Yulin Contact Person: Gao Guoze Contact No.:0871-63577946 Company Website: http://www.hongtastock.com Registered Address: 18/F, Guangda Bank Building, No. 18 Zizhu 7thStreet, Zhu Zi Lin 4th Road, Futian District, Shenzhen Office Address: 18/F, Guangda Bank Building, No. 18 Zizhu 7thStreet, Zhu Zi Lin 4th Road, 42 Yintai Securities Co., Ltd. Futian District, Shenzhen Legal Representative: Huang Bing Contact No.:0755-83706665 Customer Service Telephone No.: 4008-505-505 Company Website: www.ytzq.com Office Address: Floor A6-7, Huanglong Century Plaza, No. 1 Hangda Road, Hangzhou Zheshang Securities Co., Legal Representative: Wu Chenggen 43 Ltd. Contact Person: Zhang Zhi Telephone No.:021-64716089 Fax: 021-64713795

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Customer Service Telephone No.: 0571-967777 Website: www.stocke.com.cn

Registered Address: 57/F, Shanghai Global Finance Center, No. 100, Shiji Avenue, Pudong New District, Shanghai Office Address: 57/F, Shanghai Global Finance Center, No. 100, Shiji Avenue, Pudong New Hwabao Securities 44 District, Shanghai Company Limited. Legal Representative: Chen Lin Contact Person: Liu Wenchuan Telephone No.:021-68778790Customer Service Telephone No.: 4008209898 Company Website: www.cnhbstock.com Registered Address: East Tower, Shanxi Internaitonal Trading Center, No. 69 West Shifu Street, Taiyuan, Shanxi Province Office Address: East Tower, Shanxi Internaitonal Trading Center, No. 69 West Shifu Street, Taiyuan, Shanxi Province 45 Shanxi Securities Co., Ltd. Legal Representative: Hou Wei Contact Person: Guo Yi Contact No.:0351－8686659 Customer Service Telephone No.: 400-666- 1618，95573 Company Website: www.i618.com.cn Registered Address: 20/F, Investment Bank Building, No. 115 Fuhua First Road, Futian District, Shenzhen First Capital Securities Co., Office Address: 18/F, Investment Bank Building, 46 Ltd. No. 115 Fuhua First Road, Futian District, Shenzhen Legal Representative: Liu Xuemin Contact Person: Mao Shili

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Contact No.:0755-23838750 Company Website: www.firstcapital.com

Registered Address: 7/F – 8/F, Xin Tian Di Building, No. 157 Wusi Road, Fuzhou Office Address: 7/F- 10/F, Xin Tian Di Building, No. 157 Wusi Road, Fuzhou Legal Representative: Huang Jinlin Contact Person: Zhang Zongrui 47 Huafu Securities Co., Ltd. Telephone No.:0591-87383600 Fax: 0591-87383610 Customer Service Telephone No.: 96326(For calls from outside Fujian Province: please dial 0591 first) Company Website: www.hfzq.com.cn Registered Address: 7/F – 8/ F, West Huaqiang High and New Technology Development Building, Middle Keji First Road, Nanshan District, Shenzhen Office Address: No. 9010 Shennan Avenue, Zhongshan Securities Co., 48 Oversease Chinese Town, Shenzhen Ltd. Legal Representative: Huang Yanglu Contact Person: Luo Yilin Contact No.:0755-82570586 Customer Service Telephone No.: 4001022011 Company Website: http://www.zszq.com Registered Address: No. 13 Fuxing Road, Guilin, Guangxi Province Office Address: 3F, Guangda Bank Building, Zhujilin Fourth Road, Futian District, Shenzhen, 49 Sealand Securities Co., Ltd. Guangdong Province Legal Representative: He Chunmei Contact Person: Niu Mengyu Telephone No.:0755-83709350

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Fax: 0755-83704850 Customer Service Telephone No.: 95563Website: http://www.ghzq.com.cn

Registered Address: No. 10 Business Outer Ring Road, Zhengdong New District, Zhengzhou Office Address: No. 10 Business Outer Ring Road, Zhengdong New District, Zhengzhou Central China Securities Legal Representative: Jian Mingjun 50 Co., Ltd. Contact Person: Cheng Yueyan, Fan Chunyan Contact No.:0371-69099882 Fax: 0371-65585899 Customer Service Telephone No.: 95377 Company Website: www.ccnew.com Registered Address: No. 8 Qiaobei Court, Jiangbei District, Chongqing Office Address: Southwest Securities Building, No. 8 Qiaobei Court, Jiangbei District, Chongqing Southwest Securities Co., 51 Legal Representative: Yu Weijia Ltd. Contact Person: Zhang Yu Telephone No.:023-63786633 Fax: 023-63786212 Customer Service Telephone No.: 4008-096-096 Website: www.swsc.com.cn Registered Address: 23/F-26/F, Zhuangjia Finance Building, No. 35 Zhiqiang Road, Qiaoxi District, Shijiazhuang, Hebei Province Office Address: 23/F-26/F, Zhuangjia Finance 52 Caida Securities Co., Ltd Building, No. 35 Zhiqiang Road, Qiaoxi District, Shijiazhuang, Hebei Province Legal Representative: Di Jianqiang Contact Person: Ma Hui Contact No.:0311-66006342

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Customer Service Telephone No.: 4006128888 Company Website: www.S10000.com

Registered Address: 9/F, South Wing, No. 510 Caoyang Road, Putuo District, Shanghai Office Address: 26/F, Chengjian International Center, No.500 Fushan Road, Pudong New District, Shanghai 53 Tebon Securities Co., Ltd Legal Representative: Yao Wenping Contact Person: Zhu Lei Telephone No.:021-68761616 Fax: 021-68767032 Customer Service Telephone No.: 4008888128 Website: www.tebon.com.cn Registered Address: 41/F, Building A, International Finance Building, No. 1619 Hong Gu Zhong Avenue, Hong Gu Tan New District, Nanchang

Office Address: Zhonghang Securities, 3/F, Building 6, Runfeng 54 AVIC Securities Co., Ltd. Deshang, No. 60, Anli Road, Chaoyang District, Beijing Legal Representative: Wang Yisi Contact Person: Shi Jiangrui Telephone No.: 010-64818301 Fax: 010-64818443 Customer Service Telephone No.: 400-8866-567 Website: http://www.avicsec.com/

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: No. 179 Shouchun Road, Hefei, Anhui Province Office Address: 25/F, Building A, Runan Building, No. 166 Funan Road, Hefei, Anhui Province Guoyuan Securities Co., 55 Legal Representative: Cai Yong Ltd Contact No.:0551-2634400 Customer Service Telephone No.: Nationwide hotline 95578, 4008888777, Hotline for Anhui Province 96888 Company Website: www.gyzq.com.cn Registered Address: Jiangxin International Finance Building, No. 88 West Beijing Road, Nanchang, Jiangxi Province Office Address: Jiangxin International Finance Golden Sun Securities Co., Building, No. 88 West Beijing Road, Nanchang, 56 Ltd Jiangxi Province Legal Representative: Zeng Xiaopu Contact Person: Zhou Xinling Contact No.:0791-86281305 Company Website: www.gsstock.com Registered Address: 27/F – 28/F, Tower 2, Guomao Building, No. 1 Outer Jianguo Gate Avenue, Beijing Office Address: SK Buiding, No. A6 Outer China International Capital Jianguo Gate, Beijing 57 Corporation Limited Legal Representative: Ding Xuedong Contact Person: Yang Hanyu Contact No.:010-65051166 Customer Service Telephone No.: 400-910-1166 Company Website: www.ciccs.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 21/F, Tongcheng Central, No. 15 Yingbin Street, Chengqu District, Datong Office Address: F12, F13 Tower A, Shanxi World Trade Center, No. 111 Changzhi Road, Taiyuan, Shanxi Province 58 Datong Securities Co., Ltd Legal Representative: Dong Xiang Contact Person: Xue Jin Telephone No.:0351-4130322 Fax: 0351-4192803 Customer Service Telephone No.: 4007121212 Website: http://www.dtsbc.com.cn Registered Address: 22/F – 24/F, Huaqiao International Building, Section 2 Middle Furong Road, Changsha, Hunan Office Address: 22/F – 24/F, Huaqiao International Building, Section 2 Middle Furong 59 Founder Securities . Road, Changsha, Hunan Legal Representative: He Qicong Contact Person: Gao Yang Contact No.:010- 68546709 Customer Service Telephone No.: 95571 Company Website: www.foundersc.com Registered Address: 201, 501, 502, 1103, 1601- 1615, 1701-1716, Jiahua International Business Center, No. 15 Hangda Road, Hangzhou Office Address:201, 501, 502, 1103, 1601-1615, 1701-1716, Jiahua International Business Center, No. 15 Hangda Road, Hangzhou 60 Caitong Securities Co., Ltd Legal Representative: Shen Jining Contact Person: Xia Jihui Contact No.: 0571-87925129 Customer Service Telephone No.: 95336, 4008696336 Company Website: www.ctsec.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 18/F, Investment Plaza, No. 23 West Yanling Road, Changzhou, Jiangsu Province Office Address: Donghai Securities Building, No. 1928 Dongfang Road, Pudong New District, 61 Donghai Securities Co., Ltd Shanghai Legal Representative: Zhu Kemin Contact Person: Liang Xu Customer Service Telephone No.: 95531;400- 888-8588 Company Website: www.longone.com.cn Registered Address: 16/F – 17/F, Shaanxi Trust Building, No. 232 Dongxin Street, Xi’an, Shaanxi Province Office Address: Roo, 616, 6/F, Shaanxi Trust Building, No. 232 Dongxin Street, Xi’an, Shaanxi Province, 62 Western Securities Co., Ltd. Legal Representative: Liu Jianwu Contact Person: Feng Ping Telephone No.:029-87406168 Fax: 029-87406710 Customer Service Telephone No.: 95582 Website: http://www.westsecu.com/ Registered Address: 1501, 15/F, Building No.1, Court No. 99, North 3rd Ring West Road, Haiding District, Beijing Office Address: 1501, 15/F, Building No.1, Court No. 99, North 3rd Ring West Road, New Times Securities Co., 63 Haiding District, Beijing Ltd Legal Representative: Tian Dejun Contact Person: Tian Fangfang Contact No.:010-83561146 Customer Service Telephone No.: 4006989898 Company Website: www.xsdzq.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 12/F & 15/F, Yinglan International Finance Center, No. 7 Finance Avenue, Xicheng District, Beijing Office Address: 12/F & 15/F, Yinglan International Finance Center, No. 7 Finance 64 UBS Securities Co., Ltd Avenue, Xicheng District, Beijing Legal Representative: Cheng Yisun Contact Person: Feng Shuang Contact No.:010-58328373 Customer Service Telephone No.: 400-887-8827 Company Website: www.ubssecurities.com Registered Address: 4/F, Securities Building, No. 36 Nanbao Road, Haikou Office Address: 17/F, Times Finance Center, No. 4001 Shennan Avenue, Shenzhen Goldstate Securities Co., 65 Legal Representative: Lu Tao Ltd. Contact Person: Ma Xianqing Contact No.:0755-83025022 Customer Service Telephone No.: 4008-888-228 Company Website: www.jyzq.cn Registered Address: 18/F – 19F, Block F, Gaode Zhidi Plaza, No. 11 East Jiangdong Road, Tianhe District, Guangzhou Office Address: 18/F – 19F, Block F, Gaode Zhidi Plaza, No. 11 East Jiangdong Road, Tianhe Wanlian Securities Co., 66 District, Guangzhou Ltd. Legal Representative: Zhang Jianjun Contact Person: Wang Xin Contact No.:020-38286651 Customer Service Telephone No.: 400-8888-133 Company Website: www.wlzq.com.cn

Registered Address: No. 95 Genshang Street, Eastern City, Chengdu Sinolink Securities Co., 67 Office Address: No. 95 Genshang Street, Eastern Ltd. City, Chengdu Legal Representative: Ran Yun

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Contact Person: Liu Jingyi Contact No.:028-86690057 Fax: 028-86690126 Customer Service Telephone No.: 4006600109 Website: www.jyzq.cn

Registered Address: 26/F, Shuntian International Fortune Center, No. 80 Section 2 Middle Furong Road, Changsha Office Address: 26/F, Shuntian International Fortune Center, No. 80 Section 2 Middle Furong 68 Fortune Securities Co., Ltd Road, Changsha Legal Representative: Cai Yibing Customer Service Telephone No.: 400-88- 35316 (Nationwide) Company Website: www.cfzq.com Registered Address: 14/F, Block D, Dong Fang Jun Zuo, Chi Lei Chuan Avenue, Sai HanDistrict, Hohhot, Office Address: 14/F, Block D, Dong Fang Jun Zuo, Chi Lei Chuan Avenue, Sai Han District, 69 Hengtai Securities Co., Ltd Hohhot Legal Representative: Pang Jiemin Contact Person: Wei Contact No.:0471-3953168 Website: www.cnht.com.cn Registered Address: Fortune Building, No. 638 West Donggang Road, Chengguan District, Lanzhou Office Address: 4/F, Fortune Building, No. 638 West Donggang Road, Chengguan District, China Dragon Securities 70 Lanzhou Co., Ltd Legal Representative: Li Xiaoan Contact Person:Deng Pengyi Telephone No.:0931-4890208 Fax: 0931-4890628 Customer Service Telephone No.: 4006-89-

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

8888，0931-96668 Website: www.hlzqgs.com

Registered Address: Units A01, B01(b), 28/F, Anlian Building, No. 4018 Jintian Road, Futian District, Shenzhen Office Address: 8, South Wanping Road, Xuhui District, Shanghai Legal Representative: Yu Yang 71 China Fortune Securities . Contact Person: Wang Xiao Telephone No.: 021-64339000 Fax: 021-54967293 Customer Service Telephone No.: 021- 32109999；029-68918888；4001099918 Website: www.cfsc.com.cn Registered Address: No. 18, South Xilin Road, Xincheng District, Hohhot, Inner Mongolia Office Address: 11/F, West Wing, Changan Xingrong Center, No. 1 Naoshikou Avenue, 72 Rising Securities Co., Ltd. Xicheng District, Beijing Legal Representative: Kong Youujie Contact Person: Chen Wenbin Contact No.:010-83991716 Company Website: www.rxzq.com.cn Registered Address: 30/F – 31/F, Huaneng Building, Middle Shennan Road, Futian District, Shenzhen Office Address: 30/F – 31/F, Huaneng Building, Middle Shennan Road, Futian District, Shenzhen Yingda Securities Co., Ltd. 73 Legal Representative: Wu Jun Contact Person: Wu Erhui Contact No.:0755-83007159 Customer Service Telephone No.: 4000-188-688 Company Website: www.ydsc.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 23A, Guangrong Street, Heping District, Shenyan Office Address: Brokerage Business Department, Stockren Securities, 4/F, Wanlicheng Crystal Tower, No. 121 South Wuma Road, Heping Stockren Securities Co., 74 District, Shenyang Ltd. Legal Representative: Ma Gongxun Contact Person: Wang Lihua Contact No.:024-23280810 Customer Service Telephone No.: 4006180315 Company Website: www.stockren.com Registered Address: Unit 01, 47/F, Rongchao Economic and Trading Center Office, No. 4028 Jintian Road, Futian District, Shenzhen Office Address: Unit 01, 47/F, Rongchao Economic and Trading Center Office, No. 4028 Minmetals Securities Co., Jintian Road, Futian District, Shenzhen 75 Ltd. Legal Representative: Zhao Ligong Contact Person: Ma Guodong Telephone No.:0755-83252843 Fax: 0755-82545500 Customer Service Telephone No.: 40018-40028 Website: www.wkzq.com.cn Registered Address: 38/F - 39/F, Dalian Futures Building, Block A Dalian International Finance Center, No. 129 Huizhan Road, Shahekou District, Dalian, Liaoning Province Office Address: 39/F, Dalian Futures Building, No. 129 Huizhan Road, Shahekou District, Dalian 76 Daton Securities Co., Ltd Legal Representative: Li Hongguang Contact Person: Xie Lijun Telephone No.:0411-39991807 Fax: 0411-39673219 Customer Service Telephone No.: 4008-169-169 Website: www.daton.com.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 701, Block B, Fukai Building, No. 19 Finance Street, Xicheng District, Beijing Office Address: 5/F, Block C, No. 28 Outer Xinjiekou Avenue, Xicheng District, Beijing TX Investment Consulting 77 Legal Representative: Lin Yixiang Co., Ltd Contact Person: Yin Ling Customer Service Telephone No.: 010-66045678 Fax: 010-66045518 Company Website: http://www.txsec.comFund Website of the Company: www.jjm.com.cn Registered Address: 3/F – 4/F, Huizhou Broadcast TV News Center, Jiangbei Dongjiang 3rd Road, Huicheng District, Huizhou, Guangdong Province Office Address: 3/F – 4/F, Huizhou Broadcast TV News Center, Jiangbei Dongjiang 3rd Road, Huicheng District, Huizhou, Guangdong 78 Lianxun Securities Co., Ltd. Province Legal Representative: Xu Gang Contact Person: Guo Qing Telephone No.:0752-2119391 Fax: 0752-2119369 Customer Service Telephone No.: 95564 Website: www.lxzq.com.cn Registered Address: 12/F – 15/F, Block B, Xinsheng Building, No. 5 Finance Avenue, Xicheng District, Beijing Office Address: 12/F – 15/F, Block B, Xinsheng Dongxing Securities Co., Building, No. 5 Finance Avenue, Xicheng 79 Ltd. District, Beijing Legal Representative: Wei Qinghua Contact Person: Tang Manchuan Telephone No.:010-66555316 Fax: 010-66555133

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Customer Service Telephone No.: 4008888993 Website: www.dxzq.net

Registered Address: 5/F, Block B, City Gate, No. 1 Jinye Road, Gaoxin District, Xi’an Office Address: 5/F, Block B, City Gate, No. 1 Jinye Road, Gaoxin District, Xi’an Legal Representative: Li Gang 80 Kaiyuan Securities Co., Ltd Contact Person: Huang Fang Telephone No.:029-81887063 Fax: 029-88447611 Customer Service Telephone No.: 400-860-8866 Website: http://www.kysec.cn Registered Address: 9/F – 11/F, Shaanxi Postal Information Building, No. 5 Tangyan Road, Xi’an, Shaanxi Province Office Address: No.17, East Street, Entrance of Zhu City, Dongcheng District, China Post Securities Co., Beijing 81 Ltd. Legal Representative: Ding Qiwen Contact Person: Qiu Lijun Telephone No.: 010-67017788-9194 Fax: 010-67017788-9696 Customer Service Telephone No.: 4008888005 Website: www.cnpsec.com Registered Address: 40F-43F, Block A, Pangu Daguan, No. 27 North 4th Ring Middle Road, Chaoyang District, Beijing Office Address: 40F-43F, Block A, Pangu Daguan, No. 27 North 4th Ring Middle Road, China Minzu Securities Chaoyang District, Beijing 82 Co., Ltd. Legal Representative: Zhao Dajian Contact Person: Li Wei Telephone No.:010-59355941 Fax: 010-56437030 Customer Service Telephone No.: 4008895618 Website: www.e5618.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 18/F, Zhiyuan Building, No. 389 Qingnian Road, Kunming, Yunnan Province Office Address: Unit 3, Block D, Huayuan Enterprise Building, No. 9 North Beizhan Street, Xicheng District, Beijing The Pacific Securities Co., 83 Legal Representative: Li Zhangwei Ltd Contact Person: Xie Lan Telephone No.:010-88321613 Fax: 010-88321763 Customer Service Telephone No.: 400-665-0999 Website: www.tpyzq.com Registered Address: 10/F, Chuanxin Building, No. 18 Section 2 South Renmin Road, Jinjiang District, Chengdu, Sichuan Province Office Address: 10/F, Chuanxin Building, No. 18 Section 2 South Renmin Road, Jinjiang China Hongxin Securities District, Chengdu, Sichuan Province 84 Co., Ltd Legal Representative: Liu Xiaoya

Contact Person: Hao Junjie

Telephone No.:028-86199278 Fax: 028-86199382 Customer Service Telephone No.:4008366366 Website: www.hxzq.cn Registered address： No. 49 Renao Road, Shenhe District, Shenyang Office Address： Hengxin Building Tower C, No.

Wangxin 49 Renao Road, Shenhe District, Shenyang 85 Securities Company Legal Representative：Wang Ying Limited Contact Person：Fu Gang Telephone No.：024-22955400 Fax：024-22955449 Customer Service Telephone No.:024-22955438 Website：www.chstock.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 4/F, Gaoke Building, No. 2, Guandongyuan Road, Donghu High-tech Development Area, Wuhan, Hubei Office Address: 37/F, Tower A, Poly Plaza, No. 99, Zhongnan Road, Wuchang District, Wuhan, Hubei Tianfeng Securities Co., 86 Legal Representative: Yu Lei Ltd. Contact Person: Cui Cheng Telephone No.: 027-87610052 Fax: 027-87618863 Customer Service Telephone No.: 4008005000 Company Website: www.tfzq.com Registered Address: Room 3724, No. 9, Lane 360, Feihong Road, Hongkou District, Shanghai Office Address: 12/F, Block B, North America Plaza, No. 508 Kunming Road, Yangpu District, Noah Upright (Shanghai) Shanghai 87 Fund Investment Legal Representative: Wang Jingbo Consultancy Co., Ltd Contact Person:Zhang Yu Telephone No.:021-38509735 Fax: 021-38509777 Customer Service Telephone No.: 400-821-5399 Website: www.noah-fund.com Registered Address:8/F Materials Holding Building, Liyuan Road, Luohu District, Shenzhen Office Address: 8/F Materials Holding Building, Liyuan Road, Luohu District, Shenzhen Zhonglu Fiancial Holdings Legal Representative: Xue Feng 88 Limited Contact Person: Tong Caiping Telephone No.:0755-33227950 Fax: 0755-33227951 Customer Service Telephone No.: 4006-788-887 Website: www.zlfund.cn and www.jjmmw.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: No.41, 2/F, Building No. 26, No. 196 Ouyang Road, Hongkou District, Shanghai Office Address: Room 903 -906, Ordos International Building, No. 1118 South Pudong Road, Pudong New District, Shanghai ; 2/F, Building No. 26, No. 196 Ouyang Road (FCC Shanghai Howbuy Fund 89 Bridge Creative Park), Hongkou District, Shanghai Limited Legal Representative: Yang Wenbin Contact Person: Zhang Ru Telephone No.:021-20613999 Fax: 021-68596916 Customer Service Telephone No.: 400-700-9665 Website: www.ehowbuy.com Registered Address: Room 202, Block 1, No. 1218 West Wenyi Road, Cangqian Street, Yuhang District, Hangzhou Office Address: 12/F, Hengsheng Building, No. 3588 Jiangnan Avenue, Binjiang District, Hangzhou Shumi Fund 90 Hangzhou Sales Co., Ltd. Legal Representative: Chen Baiqing Contact Person: Han Aibin Telephone No.:0571-81137494 Customer Service Telephone No.: 4000-766-123 Website: http://www.fund123.cn/ Registered Address: Room 220, Block 2, No. 526 Gaoxiang Road, Pudong New District, Shanghai Office Address: 16/F, Block B, Yujing International, No. 555 Pudong Avenue, Pudong New District, Shanghai Shanghai Changliang Fund 91 Legal Representative: Zhang Yuewei Investment Co., Ltd. Contact Person: Shan Bingye Telephone No.:021-20691832 Fax: 021-20691861 Customer Service Telephone No.: 400-820-2899 Website: www.erichfund.com Registered Address: 2/F, Building No. 2, No. 190, Shanghai Tiantian Fund 92 Longtian Road, Xuhui District, Shanghai Sales. Co., Ltd Office Address: 9/F, Block C, Building No. 3, No.

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

195 Longtian Road, Xuhui District, Shanghai Legal Representative: Qi Shi Contact Person: Pan Shiyou Telephone No.:021-54509998 Fax: 021-64385308 Customer Service Telephone No.: 400-1818188 Website: www.1234567.com.cn Registered Address: No. 6 Anfu Street, Houshayu Town, Shunyi District, Beijing Office Address: 2/F, Posts and Teleommuncations Building, No. 1-15 Anyuan Road, Chaoyang Beijing MyFP Fund District, Beijing 93 Investment Consulting Co., Legal Representative: Yan Zhenjie Ltd. Contact Person: Wang Lin, Zhai Wen Telephone No.:010-59601366 Fax: 010-62020355 Customer Service Telephone No.: 4008188000 Website: www.myfund.com Registered Address: Room 903, Yuanmao Building, No. 1 West Wener Road, Hangzhou, Zhejiang Province Office Address: 2/F, Hangzhou Electronic Business Industrial Park, No. 7 Cuibai Road, Hangzhou, Zhejiang Hexin Flush Fund Zhejiang Province 94 Sales Co., Ltd Legal Representative: Ling Shunping Contact Person: Wu Jie Telephone No.:0571-88911818-8653 Fax: 0571-86800423 Customer Service Telephone No.: 4008-773-772 Website: www.5ifund.com Registered Address: No. 1103, 11/F, Block 1, No. 14 Guanghua Road, Outside Jianguo Gate, Chaoyang District, Beijing Zhongqi Asset Management Office Address: 2/F, Zhongqi Building, No. 16 95 Co., Ltd. Guanghua Road, Chaoyang District, Beijing Legal Representative: Jiang Xin Contact Person: Hou Yingjian Telephone No.:010-65807865

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Fax: 010-65807864 Customer Service Telephone No.: 010-65807609 Website: http://www.cifcofund.com

Registered Address: Inside 3201, Building No. 5, Court No. 27, North 4th Ring Middle Road, Chaoyang District, Beijing Office Address: No. 04-08, 9/F, Tower A, Wangjing Puxiang Center, Chaoyang District, Millionrich Fortune Beijing 96 (Beijing) Fund Co., Ltd. Legal Representative: Li Zhaodi Contact Person: Fu Shaoshuai Telephone No.:010-59497361 Fax: 010-64788105 Customer Service Telephone No.: 400-059-8888 Website: www.wy-fund.com Registered Address: 10/F, Fanli Building, No. 22 Chaowai Avenue, Chaoyang District, Beijing Office Address: 10/F, Fanli Building, No. 22 Chaowai Avenue, Chaoyang District, Beijing Hexun Information Legal Representative: Wang Li 97 Technology Co., Ltd. Contact Person: Zhang Ziwei Telephone No.:0755-82021122 Fax: 0755-82029055 Customer Service Telephone No.: 4009200022 Website: licaike.hexun.com Registered Address: 1809, 15/F, Building No. 9, No. 88 Jianguo Road, Chaoyang District, Beijing Office Address: 1809, Block C, SOHO Modern City, No. 88 Jianguo Road, Chaoyang District, Yixin Puze Investment Beijing 98 Consultancy (Beijing) Co., Legal Representative: Shen Weihua Ltd. Contact Person: Wang Juming Telephone No.:010-52855713 Fax: 010-85894285 Customer Service Telephone No.: 4006099200 Website: www.yixinfund.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: Room1001, 10/F, Block 1, No. 45 (Jinchang Building) Dengyun Road, Gongshu District, Hangzhou Office Address: 13/F, Jincheng Group (Jinchang Building), No. 43 Dengyun Road, Gongshu Zhejiang King Grandchain District, Hangzhou 99 Fund Management Co., Ltd. Legal Representative: Xu Liyun Contact Person: Lai Shulan Telephone No.:0571-88337888 Fax: 0571-88337666 Customer Service Telephone No.: 400-068-0058 Website: www.jincheng-fund.com Registered Address: Room 1101, Gaodi Center, No. 9 Jianshe Road, Chenghua District, Chengdu, Sichuan Province Office Address: Room 1101, Gaodi Center, No. 9 Jianshe Road, Chenghua District, Chengdu, Sichuan Province 100 Fanhua Puyi Fund Co., Ltd. Legal Representative: Yu Haifeng Contact Person: Deng Peng Telephone No.:13981713068 Fax: 028-82000996-805 Customer Service Telephone No.: 400-8588588 Website: http://www.pyfund.cn Registered Address: Units 06-10, 46/F, Block B, No. 8, Century Avenue, Pudong New District, Shanghai Office Address: Units 06-10, 46/F, Block B, No. 8, Century Avenue, Pudong New District, Shanghai Harvest Wealth 101 Legal Representative: Zhao Xuejun Management Co., Ltd. Contact Person: Jing Qi Telephone No.:021-20289890 Fax: 021-20280110 Customer Service Telephone No.: 400-021-8850 Website: www.harvestwm.cn

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 1006#, 10/F, Block 4, Saige Technology Park, North Huaqiang Road, Futian District, Shenzhen Office Address: 16/F, Fuzhuo Building, No.28, Shenzhen Newland Xuanwumenwai Street, Xicheng District, Beijing 102 Securities Investment Legal Representative: Yang Yi Consultancy Co., Ltd. Contact Person: Zhang Yan Telephone No.:010-83363099 Fax: 010-83363072 Customer Service Telephone No.: 400-166-1188 Website: https:/8.jrj.com.cn Registered Address: Room 5122, 5/F, No. 10 North Hongda Road, Economic and Technology Development Zone, Beijing Office Address: 23/F, Block A, Lecheng Center, No. 20 East 3rd Ring Middle Road, Chaoyang Beijing Heng Tang Mingze District, Beijing 103 Fund Co., Ltd. Legal Representative: Liang Yue Contact Person: Ma Pengcheng Telephone No.:010-56810780 Fax: 010-57756199 Customer Service Telephone No.: 400-786-8868-5 Website: www.chtfund.com Registered Address: 1008-1012, 9/F, Block 1, No. 6 Danleng Street, Haiding District, Beijing Office Address: 1008-1012, 9/F, Block 1, No. 6 Danleng Street, Haiding District, Beijing Beijing Qianjingcaifu Legal Representative: Zhao Rongchun 104 Investment Management Contact Person: Gao Jing Co., Ltd. Telephone No.:010-59158281 Fax: 010-57569671 Customer Service Telephone No.: 400-893-6885 Website: www.qianjing.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: Room B815, Teaching and Research Building of Wuhan University, Shenzhen, No. 6 Yuexing Second Road, Nanshan District, Shenzhen (located in Shenzhen City Qianhai Secretary of Commerce Co., Ltd.) Office Address: 2405, Huanggang Business Center, ShenzhenYitou Fund Co., 105 No. 2028 Jintian Road, Futian District, Shenzhen Ltd. Legal Representative: Hua Jianqiang Contact Person: Huang Jinglong Telephone No.:0755-23601676 Fax: 0755-88603185 Customer Service Telephone No.: 4008955811 Website: www.ucffund.com Registered Address: Room B815, Teaching and Research Building of Wuhan University, Shenzhen, No. 6 Yuexing Second Road, Nanshan District, Shenzhen Office Address: 3/F, Block D, Tower 4, Software Shenzhen Qianhai Huilian Industry Base, Nanshan District, Shenzhen 106 Fund Co., Ltd. Legal Representative: Wan Yong Contact Person: Jia Haixia Contact No.: 0755-86722853 Fax: 0755-86725180 Customer Service Telephone No.: 0755-86722851 Website: http://www.flyingfund.com.cn Registered Address: 1/F, 2/F, 9/F, 11/F and 12/F, Block 1, No. 14 Guanghua Road, Outside Jianguo Gate, Chaoyang District, Beijing Office Address: 15/F, Sunbase International Building, No. 3 West Maizidian Road, Chaoyang District, Beijing China International Futures 107 Legal Representative: Wang Bing Co., Ltd. Contact Person: Zhao Sen Telephone No.:010-59539864 Fax: 010-59539985 Customer Service Telephone No.: 95162、400- 8888-160 Website: www.cifco.net

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 215A, Building No. 5, No. 31 Minfeng Alley, Xicheng District, Beijing Office Address: 215A, Building No. 5, No. 31 Minfeng Alley, Xicheng District, Beijing Beijing Chuangjin Qifu Legal Representative: Liang Rong 108 Investment Management Contact Person: Zhang Xu Co., Ltd. Telephone No.:010-66154828 Fax: 010-88067526 Customer Service Telephone No.: 400-6262-818 Website: www.5irich.com Registered Address: Unit B, 16/F, No. 1217 Dongfang Road, Pudong New District, Shanghai Office Address: 16/F, Juijiazui Finance Service Square, No. 1217 Dongfang Road, Pudong New District, Shanghai Haiyin Fund Distribution 109 Legal Representative: Liu Hui Co., Ltd. Contact Person: Liu Yanni Telephone No.:021- 80133827 Fax: 021-80133413 Customer Service Telephone No.: 400-808-1016 Website: www.fundhaiyin.com Registered Address: No.106-167, Buidling 2, Court 8, South Xingsheng Road, Miyun County, Beijing Office Address: Building 10, Shengshi Longyuan Guoshi Garden, Chaoyang District, Beijing Beijing Zhixin Fund Sales Legal Representative: Yang Jifeng 110 Co., Ltd. Contact Person: Tao Hanchen Telephone No.: 010-85721404 Fax: 010-65166001 Customer Service Telephone No.: 4006-802-123 Website: http://www.zhixin-inv.com/ Registered Address: Room 310, 3/F, No. 277 Fute North Road, China (Shanghai) Pilot Free Trade Zone Office Address: 6/F, Block B, Building 2, Lane No. Standard Chartered Bank 111 658, Jinzhong Road, Changning District, Shanghai (China) Limited Legal Representative: Yan Bin Contact Person: Tang Lei Telephone No.:021-51507071

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Fax: 021-62990063 Customer Service Telephone No.: 4000-466-788 Website: http://www.66money.com Registered address: Rm1208, Jianwei Building, No. 66 Nanlishi Road South, Xicheng District, Beijing Office Address: Rm1208, Jianwei Building, No. 66 Nanlishi Road South, Xicheng District, Beijing Beijing Zeng Cai Fund 112 Legal Representative: Luo Xian Sale Co., Ltd.

Contact Person: Shi Lili Telephone No.: 010-67000988-6028 Fax: 010- 67000988-6000 Customer Service Telephone No.: 010-67000988 Website: www.zcvc.com.cn Registered Address: Rm 1033, No.5475 Yun Chuan Road, Baoshan District, Shanghai Office Address: 12/F, No.10 Building, No. 61, Lane 91 Eshan Road, 113 Shanghai Lide Fund Sale Pudong New Area, Shanghai Co., Ltd. Legal Representative: Shen Jiwei

Contact Person: Zhao Peiran Telephone No.: 021-50583533 Fax: 021-50583633 Customer Service Telephone No.: 4000676266 Website: www.leadfund.com.cn Registered Address: 19/F, No. 100, South Zhongshan Road, Huangpu District, Shanghai Office Address: 19/F, No. 100, South Zhongshan Road, Huangpu District, Shanghai

Legal Representative: Feng Xiumin Shanghai Huifu Financial 114 Contact Person: Zhou Dan Service Co., Ltd. Telephone No.: 021-33323999 Fax: : 021-33323993 Customer Service Telephone No.: : 400-820-2819 Website: : https://tty.chinapnr.com Registered Address: No.1501-1504, The First Plaza, No.2, Wanjiang Road, Siming Distrit, Xiamen Xindingsheng 115 Xia’men Holdings Co., Ltd. Office Address: No.1501-1504, The First Plaza, No.2, Wanjiang Road, Siming Distrit, Xia’men

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Legal Representative: Chen Hongsheng Contact Person: Li Zhilei Telephone No.: 0592-3122716 Fax: 0592-3122701 Customer Service Telephone No.: 0592-3122679 Website: www.xds.com.cn Registered Address: Chongqing Office Address: 11-A, 8-B4, 9-B, C, Mingyi Floor, 11-B Ping Street, Shangzhan Building, No. 107, 3rd Zhongshan Road, Yuzhong District Legal Representative: Peng Wende 116 China Futures Co.,Ltd. Contact Person: Wan Lian Telephone No.: 021-68762007 Fax: 021-68763048 Customer Service Telephone No.: 400-8877-780 Website: www.cfc108.com Registered Address: Unit 9, 14/F, No. 1333, Lujiazui Ring Road, Pudong New District, Shanghai Office Address: 14/F, No. 1333, Lujiazui Ring Road, Pudong New District, Shanghai Shanghai Lujinsuo Asset 117 Legal Representative: Guo Jian Management Co.,Ltd. Contact Person: Ning Boyu Telephone No.: 021-20665952 Fax: 021-22066653 Customer Service Telephone No.: 4008219031 Website: www.lufunds.com Registered Address: 1/F, Building 5, No.4, Chegongzhuang Street, Xicheng District, Beijing Office Address: 1/F, Building 5, No.4, Chegongzhuang Street, Xicheng District, Beijing Zhongjingbeizheng Legal Representative: Xu Fuxing 118 (Beijing) Assets Contact Person: Li Mei Management Co.,Ltd. Telephone No.: 18810595051 Fax: 010-88381550 Customer Service Telephone No.: 010-69292940 Website: www.bzfunds.com

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Registered Address: 14/F & Room 1301-1305, 13/F, North Tower, Excellent Times Square (Phase II), No.8, 3rd Central Road, Futian District, Shenzhen Office Address: 14/F & Room 1301-1305, 13/F, North Tower, Excellent Times Square (Phase II), 119 CITIC Futures Co., Ltd. No.8, 3rd Central Road, Futian District, Shenzhen Legal Representative: Zhang Hao Contact Person: Hong Cheng Telephone No.: 0755-23953913 Fax: 0755-83217421 Customer Service Telephone No.: 400-990-8826 Website: http://www.citicsf.com Registered Address: Room 1603, 16/F, Building 1, No.1, Dawang Road, Chaoyang District, Beijing Office Address: Room 1603, 16/F, Building 1, Beijing Lerong Duoyuan No.1, Dawang Road, Chaoyang District, Beijing 120 Investment Consulting Legal Representative: Dong Hao Co.,Ltd. Contact Person: Zhang Tingting Telephone No.: 18510450202 Customer Service Telephone No.: 400-068-1176 Website: www.jimufund.com Registered Address: Room 906, Ideal International Building, No.58, West Beisi Ring Road, Haidian District, Beijing Office Address: Room 906, Ideal International Building, No.58, West Beisi Ring Road, Haidian Beijing Sina Cangshi Fund 121 District, Beijing Sales Co., Ltd. Legal Representative: Zhang Qi Contact Person: Fu Wenhong Telephone No.: 010-62675369 Customer Service Telephone No.: 010-82244185 Website: http://www.xincai.com Registered Address: No.3491, Room 105, No.6, Baohua Road, Hengqin New District, Zhuhai Zhuhai Yingmi Wealth 122 Office Address: Room 1201-1203, South Tower, Management Co.,Ltd. Poli International Plaza, No.1, East Pazhou Avenue, Haizhu District, Guangzhou

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Legal Representative: Xiao Wen Contact Person: Wu Yuhao Telephone No.: 020-89629099 Fax: 020-89629011 Customer Service Telephone No.: 020-89629066 Website: www.yingmi.cn Registered Address: Room 201, Building A, No.1 1st Qianwan Road, Shenzhen-Hong Kong Cooperation Area, Qianhai, Shenzhen Office Address: Room 418, Huiheng Group Phase II, No. 12, 7th South Gaoxin Road, Nanshan Shenzhen Fuji Wealth District, Shenzhen 123 Management Co.,Ltd. Legal Representative: Qi Xiaohe Contact Person: Chen Yongjun Telephone No.: 0755-83999907-806 Fax: 0755-83999926 Customer Service Telephone No.: 0755-83999913 Website: www.jinqianwo.cn Registered Address: Room 602-115, No.765, South Tibet Road, Huangpu District, Shanghai Office Address: 4/F, Kaishi Building, No.1, East Yan’an Road, Huangpu District, Shanghai Shanghai V. Stone Wealth Legal Representative: Chen Jiwu 124 Fund Sales Co.,Ltd. Contact Person: Li Xiaoming Telephone No.: 021-6333319 Fax: 021-63332523 Customer Service Telephone No.: 4000178000 Website: www.lingxianfund.com Registered Address: Room A506, 4/F, Zone B, Building 1, Guorui Building, No.359, Middle Jiangdong Road, Jianye District, Nanjing Office Address: 15/F,Wenguang Building, No.1386, Datai Funds Investment and Hongqiao Road, Changning District, Shanghai 125 Management Co.,Ltd. Legal Representative: Yuan Guming Contact Person: He Tingyu Telephone No.: 13917225742 Fax: 021-22268089 Customer Service Telephone No.: 400-928-

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

2266/021-22267995 Website: www.dtfunds.com

Registered Address: Room 4601, 40/F, Building 4, No.7, Middle Dongsan Ring Road, Chaoyang District, Beijing Office Address: Ji’an Property, 46/F, Tower A, Property Center, No.7, Middle Dongsan Ring Road, Ji’an Fortune (Beijing) Chaoyang District, Beijing 126 Capital Management Co., Legal Representative: Yang Jian Ltd. Contact Person: Fu Zhiheng Telephone No.: 010-65309516-802 Fax: 010-65330699 Customer Service Telephone No.: 400-075-6663 Website: http://www.jianfortune.com 127 Please refer to the relevant announcement issued by the Fund Manager for details of other Sales Agencies of Class A Units of the Fund.

Please refer to supplementary documents to the Prospectus or announcement issued by the Fund Manager by that time for details of other Class H sales agencies of China Southern Selected Value Fund. 5.2 Registration Institution China Southern Asset Management Co., Ltd. Domicile and Office Address: 31/F – 33/F, Duty-Free Business Building, No.6 Fuhua 1st Road, Futian CBD, Shenzhen Legal Representative: Wu Wanshan Telephone No.:（0755）82763849 Fax: （0755）82763854 Contact Person: Gu Hepeng

5.3 Law firm issuing legal opinion Name：Guangdong Hua Han Law Firm Registered Address: Room G and H, 16/F, Block A, Baoan Plaza, No. 1002 East Sungang Road, Luohu District, Shenzhen Person in charge: Li Zhaoliang Telephone No.: (0755)82687860

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Fax: (0755)82687861 Attorney: Yang Zhong, Dai Ruidong

5.4 Accounting firm for auditing fund assets Name：PricewaterhouseCoopers Zhong Tian LLP (Special general partnership) Domicile：6/F, DBS Bank Building, No. 1318 Lujiazui Ring Road, Pudong New District, Shanghai Office Address: 11/F,Puhua Yongdao Centre, No. 202 Hubin Road, Shanghai Executive Partner: Li Dan Contact No.:021-23238888 Fax: 021-23238800 Contact Person: Chen Xi Registered Accountant: Xue Jing, Chen Xi

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

6. Subscription and Redemption of Units

6.1 Brief Description of Subscription and Redemption Depending on different sale districts, and different methods of collection of fees such as initial subscription fee/subscription fee or redemption fee, or different Sales Institutions, the Fund can be divided into different classes of units. Units that are offered for sale in the Mainland China are known as Class A Units; Units that are offered for sale in Hong Kong Special Administrative Region are known as Class H Units. The Fund has set up different codes for Class A Units and Class H Units, and calculated the net value per unit of Class A Units and Class H Units separately.

Save as the relevant announcement of the Fund, such as supplementary documents of the Prospectus of the Fund prepared for sale in Hong Kong, and other specific business regulations of Hong Kong Sales Institutions, sales activities such as subscription, redemption and transfer, shall be handled according to the Prospectus.

6.2 Locations for Subscription and Redemption Sales Institutions of the Fund include the Fund Manager and Sales Agencies entrusted by the Fund Manager. Sales Institutions of Class H Units are relevant sales agencies approved by SFC and qualified for handling the subscription and redemption of Class H Units and other fund businesses. The Investors shall handle the Subscription and Redemption at a Sales Institution’s business place dealing with the business of fund or according to other methods provided by the Sales Institution. The Fund Manager, depending on actual situation, may change or add or remove any Sales Agencies of the Fund by way of announcement.

6.3 Open Day and Open Hours for Subscription and Redemption The Subscription and Redemption shall commence within 3 months from the Effective Date of the Fund Contract. The Fund Manager shall make announcement on at least one Designated Medium two days before the actual date on which it starts the Subscription and Redemption of the Fund. The Open Day for Class A Units is the trading date of the Shanghai Stock Exchange and Shenzhen Stock Exchange (except where the Fund Manager announces that the Subscription and Redemption of the Fund is suspended). The Open Day for Class H Units is the joint trading date of Shanghai Stock Exchange, Shenzhen Stock Exchange and Hong Kong Stock Exchange (except where the Fund Manager announces that the Subscription and Redemption of the Fund is suspended). Investors should submit their applications for subscription and redemption on Open Days. The open hours for handling the relevant business shall be agreed by the Fund Manager and the Sales Agencies.

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

If there are any new securities exchanges established or existing exchanges change their trading time, or these are actual needs, the Fund Manager may make adjustment on the time arrangement for subscription and redemption provided however that the Fund Manager shall make an announcement on at least one Designated Medium two days before the actual date on which such adjustment takes effect. The daily Subscription and Redemption business of Class A Units of the Fund has started on 20 November 2008. For the time when Class H Units are open for daily subscription and redemption, please refer to announcements issued by the Fund Manager.

6.4 Principles of Subscription and Redemption 1. Principle of “forward pricing”, meaning that the prices for Subscription and Redemption will be calculated on the basis of the NAV per Unit calculated after the market closes on the application day; 2. Principle of “Subscription by Amount and Redemption by Unit”, meaning the applications for subscription are based on the amount that is invested, while the applications for Redemption are made based on the number of Units that are redeemed; 3. Any applications for Subscription and Redemption of the day may be cancelled before the time specified by the Fund Manager; 4. The Fund Manager may change any of the above principles with reference to the actual operation of the Fund and without prejudicing the actual interest of Unitholders. The Fund Manager shall, prior to the implementation of new rules, make an announcement on at least one Designated Medium pursuant to the Information Disclosure Measures and file to the CSRC. 5. The currency for subscription and redemption of Units of the Fund is RMB. The Fund Manager may accept subscription and redemption in other currencies provided that it does not breach the law and as agreed with the Fund Custodian.

6.5 Procedure of Subscription and Redemption 1. Subscription for Subscription and Redemption The Fund Investors shall, according to the procedure specified by the Sales Institutions, apply for Subscription and Redemption to the Sales Institutions during the Open Hours of the Open Days. When applying for subscription of the Fund, the Investors shall make ready sufficient subscription monies according to the method specified by the Sales Institution.; when submitting the application for Redemption, the Investors shall have the sufficient balance of Units. Otherwise, the Subscription and Redemption application shall become invalid and no transaction shall come into effect. 2. Confirmation of Subscription of Subscription and Redemption For the applications accepted during the time specified on Day T, under normal circumstances, the Fund Registration Institution shall confirm the validity of the applications for Investors on Day T+1. Investors could make enquiry to the Sales Institutions or by other means required by the Sales 91

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Institutions for the transaction results after Day T+2 (inclusive). The Open Day for the Class H Units is different from that of Class A Units. Therefore, for the specific time when investors of Class H Units of the Fund enquire with the Sales Institution about the transaction of subscription and redemption or in other ways required by the Sales Institution, please see supplementary documents of the Prospectus or further announcement. 3. Payment for Subscription of Subscription and Redemption The Subscription requires a lump sum payment; if the subscription amount is not paid in full within the specified time, the Subscription is deemed not successful; in this case, the amount paid for this subscription will be returned to the account of the Investor. When Investors successfully apply for Redemption on Day T, the Fund Manager will direct the Fund Registration Institution and related Sales Institutions of the Fund to transfer the Redemption proceeds to the bank account of the Unitholders before Day T+7 (inclusive). In case of massive redemption, the payment shall be made according to the relevant provisions specified in the Fund Contract.

6.6 Restrictions on Subscription Amount and Redemption Amount 1. The minimum subscription amount per application for initial and subsequent application for Subscription of the Fund is RMB 10 Yuan. Provided that the Sales Institutions satisfy the abovementioned provisions, the threshold amount of Initial Subscription and Subsequent Subscription may increase based on the actual conditions. The specific amount shall be subject to the announcements of the Sales Institutions and Investors shall comply with related rules of the Sales Institutions. The minimum number of units of the Fund for each single redemption application shall not be less than one, and there is no such restriction for the investor in the case of full redemption. Under the premise that the Sale Institutions of the Fund fulfil the above regulations, the minimum requirement per redemption can be raised depending on the situation. Details shall be subject to the announcement by the Sales Institutions of the Fund, investors have to follow related regulations of the Sales Institutions.

For details of the restrictions on subscription and redemption amount for Class H Units of the Fund, please see the supplementary documents to the Prospectus or further announcement.

2. There is no restriction on the minimum balance of Units in each trading account of Investors. 3. There is no limit on the maximum number of Units held by a single Investor in aggregate. 4. The Fund Manager may, based on the actual market conditions and to the extent permitted by law, adjust the above restrictions and limits on the subscription amount and number of Units redeemed, and make announcement on at least one Designated Medium before the adjustment takes effect pursuant to the Information Disclosure Measures and file to the CSRC.

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

6.7 Subscription Fee and Redemption Fee 1. Subscription Fee (1) Subscription Fee for Class A Units Subscription fees for Class A Units of the Fund can be paid by two methods. Subscription fees for Class A Units charged at the time of subscription are front-end load supfront fees; while subscription fees charged on redemption are back-end deferred subscription fee. Investors of the Class A Units may elect either of these payment methods. Front-end upfront subscription fee charged for Class A Units is up to 1.8% and decreases as the Subscription amount increases. Back-end deferred subscription fee is up to 2.0% and decreases as the holding period increases. The details are indicated as follows:

Front-end subscription fee: Subscription Amount of Front-end Subscription Fee Rate Class A Units（M）

M＜1 million Yuan 1.8% 1 million Yuan ≤M＜5 1.2% million Yuan 5 million Yuan ≤M＜10 0.6% million Yuan M≥10 million Yuan 1000 Yuan per subscription

Back-end subscription fee (365 days/year): Holding period of Class A Back-end Subscription Fee Rate Units（N）

N＜1 year 2.0% 1 year≤N＜2 years 1.6% 2 years≤N＜3 years 1.2% 3 years ≤N＜4 years 0.8% 4 years ≤N＜5 years 0.4% N≥5 years 0

(2) Subscription Fees for Class H Units The subscription fee for Class H Units of the Fund shall be up to 5% and the actual rate is determined by the Sales Institutions. (3) The subscription fee of the Fund is charged to the subscriber of the Fund, and shall not be credited into the Fund’s assets. Subscription fee is mainly used for marketing, sales and registration of the Fund.

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

2. Redemption fee (1) Redemption fee for Class A Units The redemption fee for Class A Units is up to 0.5% and decreases as the holding period increases (365 days/year). The details are indicated as follows: Holding Period of Class A Redemption Fee Rate Units（N） N＜1 year 0.5% 1 year ≤N＜2 years 0.3% N≥2 years 0

Investors can redeem all or part of their Units. The Redemption fee for Class A Units is charged when Investors redeem the Class A Units. The balance after deducting the marketing expenses, registration fees and other handling fees shall be credited into the assets of the Fund. No less than 25% of redemption fee shall be credited into the assets of the Fund. (2) Redemption fees for Class H Units The redemption fee rate for Class H Units of the Fund is 0.13%. Investors can redeem all or part of the Units. The redemption fee Class H Units of the Fund shall be retained by the Fund. 3. The subscription fee rate, redemption fee rate and charging method shall be determined by the Fund Manager according to the requirements under the Fund Contract. The Fund Manager can adjust the rates or charging method pursuant to relevant agreements under the Fund Contract. The Fund Manager shall make announcement on at least one Designated Medium two days before the new rates or charging method take effect. 4. The Fund Manager and other Sales Institutions can offer certain concessions on the sales fee of the Fund to the extent that it would not violate the requirements under the laws or constitute a default under the Fund Contract. Please refer to relevant announcements or notices published by the Fund Manager or other Sales Institutions for relevant requirements and procedures of the preferential rates of subscription fee and redemption fee.

6.8 Calculation of Number of Units Subscribed and Redemption Amount 1. Calculation of Number of Class A Units of the Fund Subscribed Subscription amount of Class A Units of the Fund includes subscription fee and net subscription amount. （1）When Investors choose to pay the front-end upfront subscription fee, the number of Units subscribed is calculated as follows: Net Subscription Amount = Subscription Amount/(1+ front-end Subscription Fee Rate) Front-end Subscription Fee = Subscription Amount – Net Subscription Amount Number of Units Subcribed = Net Subscription Amount/NAV per Unit on the date of subscription

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Example: An Investor invests 100,000 Yuan in the Class A Units of the Fund and chooses to pay Front-end subscription fee at a rate of subscription fee of 1.8%. Assuming that the NAV per Unit on the date of subscription amounts to 1.016 Yuan, the number of Units the Investor entitled to is as follows: Net subscription amount = 100,000/ (1+1.8%) = 98,231.83 Yuan Front-end subscription fee = 100,000－98,231.83＝1,768.17 Yuan Number of Units subscriptiond = 98,231.83/1.016 = 96,684.87 Units i.e. An Investor invests 100,000 Yuan in the Class A Units of the Fund, and chooses to pay front-end subscription fee. Assuming that the NAV per Unit of the Fund on the date of subscription is 1.016 Yuan, 96,684.87 Units will be allocated to the Investor. （2）When Investors choose to pay the back-end subscription fee, the number of Units subscribed is calculated as follows: Number of Units Subscribed = Subscription Amount/ NAV per Unit on the date of subscription When Investors apply to redeem their Units, back-end subscription fee shall be calculated as follows: Back-end subscription fee = Number of Units redeemed x NAV per Unit on the date of subscription x rate of Back-end subscription fee rate Example: An Investor invests 100,000 Yuan in the Class A Units of the Fund, and chooses to pay back-end subscription fee. Assuming that the NAV per Unit on the date of subscription is 1.016 Yuan, the number of Units the Investor entitled to is as follows: Number of Units Subscriptiond =100,000/1.016=98,425.19 Units i.e. If an Investor who chooses to pay back-end subscription fee invests 100,000 Yuan in Class A Units of the Fund, and assuming that the NAV per Unit on the date of subscription is 1.016 Yuan, 98,425.19 units will be allocated to the Investor.

2. Calculation of Redemption Amount of Class A Units of the Fund （1） When the Investors choose to pay the front-end initial subscription fee /subscription fee when subscribing, the redemption amount is calculated as follows: Redemption Amount = Number of Units Redeemed × NAV per Unit on the date of Redemption x redemption fee rate Redemption Amount = Number of Units Redeemed × NAV per Unit on the date of Redemption - redemption fee Example: An Investor chooses to redeem 100,000 Class A Units of the Fund at redemption fee rate of 0.5%. Assuming that the NAV per Unit on the date of subscription is 1.016 Yuan, the redemption amount is calculated as follows: Redemption Amount ＝100,000×1.016×0.5%＝508 Yuan Redemption Amount =100,000×1.016－508＝101,092 Yuan

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

i.e. An Investor redeems 100,000 Class A Units of the Fund. Assuming that the NAV per Unit is 1.016 Yuan, the redemption amount is 101,092 Yuan. （2） When the Investors choose to pay back-end initial subscription /subscription fee when subscribing, the redemption amount is calculated as follows: Back-end Initial Subscription /Subscription fee＝Number of Units Redeemed × NAV per Unit on the date of (Initial) Subscription x Back-end (Initial) Subscription fee rate Redemption Fee= Number of Units Redeemed x NAV per Unit on the date of Redemption x redemption fee rate Redemption Amount = Number of Units Redeemed x NAV per Unit on the date of Redemption - Back-end (Initial) Subscription /Subscription fee – redemption fee Example: An Investor invests 100,000 Yuan to subscribe Class A Units of the Fund and the subscription fee accrues interest amount of 50 Yuan. If the Investor redeems 100,050 Units within 1 year at the rate of redemption fee of 0.5% and rate of Back-end subscription fee of 2.0%, the redemption amount is calculated as follows assuming that the NAV of the Units on the date of Redemption is 1.036 Yuan: Back-end Subscription Fee =100,050×1.00×2.0%=2,001.00 Yuan Redemption Fee =100,050×1.036×0.5%=518.26 Yuan Redemption Amount =100,050×1.036－2,001－518.26=101,132.54 Yuan i.e. The redemption amount payable to the Investor is 101,132.54 Yuan. Example: An Investor redeems 100,000 Class A Units of the Funds within 1 year at the rate of redemption fee of 0.5% and the rate of Back-end subscription fee of 2.0%. Assuming that the NAV per Unit on the date of Redemption is 1.036 Yuan and the NAV per Unit on the date of subscription is 1.016 Yuan, the redemption amount is calculated as follows: Back-end Subscription Fee =100,000×1.016×2.0%=2,032 Yuan Redemption Fee =100,000×1.036×0.5%=518 Yuan Redemption Amount =100,000×1.036－2,032－518=101,050 Yuan i.e. The redemption amount payable to the Investor is 101,050 Yuan. 3. For details of the calculation of the subscription and redemption fees of Class H Units of the Fund, please see supplementary documents to the Prospectus or further announcement. 4. Calculation of the NAV per Unit The NAV per Unit for Class A Units end Class H Units of the Fund shall be separately calculated. The NAV per Unit of different classes of units at Day T shall be calculated after the close of trading on that day and announced at Day T+1 respectively. Under special circumstances, the calculation and announcement may be postponed properly, with the approval from CSRC. The NAV per Unit of various classes of Units is calculated and rounded to 4 decimal points. 5. Number of subscribed Units and the balance of subscription amount The number of valid subscribed Units is calculated on the basis of subscription amount actually confirmed after corresponding fee and the NAV per Unit of that class of Units on the date of

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) subscription. The calculation result of the number of subscribed Units is rounded to 2 decimal points and the remaining part is credited to the assets of the Fund; while the calculation result of the monetary amount is rounded to 2 decimal points and the gain or loss arising therefrom shall be borne by the Fund with its assets. 6. Calculation of the balance of redemption amount The redemption amount is calculated on the basis of validly redeemed Units actually confirmed and the NAV per Unit of various classes of unit on the date of Redemption. The calculation result is rounded to 2 decimal points and any calculation error arising therefrom is credited to the assets of the Fund.

6.9 Registration of Subscription and Redemption After the Investors have subscriptiond the Units successfully, the Registration Institution shall register the increase in rights and interests for Investors on Day T+1, and the Investors are entitled to redeem such part of the Units as from Day T+2 (inclusive). After the Investors have redeemed the Units successfully, the Registration Institution shall register the decrease in rights and interests for Investors on Day T+1. The Fund Manager shall, within the scope permitted by the Laws and Regulations, adjust the time for the above registration without causing any material impact on the Investors’ interests, and shall, at least 2 days prior to the implementation, make an announcement on at least one Designated Medium.

6.10 Rejection or Suspension of Subscription Except for the following circumstances, the Fund Manager shall not reject or suspend the Investors’ applications for subscription of the Fund: （1）the Fund cannot normally operate due to force majeure; （2）the stock exchanges suspend trading abnormally during trading hours, which makes the calculation of the NAV of the Fund impossible on such date; （3）the size of the Fund assets becomes too large for the Fund Manager to look for suitable investment or becomes harmful to the performance of the Fund, which in turn impairs the interests of existing Unitholders; （4）other circumstances in which subscription could be suspended as required under the Laws and Regulations or as deemed necessary by the CSRC; （5）such single Subscription could prejudice the interests of existing Unitholders. In case of any of the above circumstances, all amount of the subscription amount shall be returned to the Investors. In case of the above circumstances (1) to (4), the Fund Manager shall make an announcement in relation to the suspension of subscription on at least one Designated Medium. The Fund Manager shall promptly resume the Subscription when the above circumstances no

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) longer exist and make an announcement on at least one Designated Medium as required. Apart from the above circumstances of rejection or suspension of subscription provided by the Fund Contract, the Fund Manager may reject or suspend accepting applications for subscription of Class H Units if the following circumstances arise. In case the application for subscription by Investors is rejected, the rejected subscription amount (excluding interest) will be returned to Investors. （1）The RMB cross-border amount of all mutually recognized funds in the Mainland has reached or exceeded the overall quota limit set by the government; （2）Class H Units of the Fund takes up more than 50% of fund assets; （3）Other circumstances under which subscription may be suspended as required by laws and regulations or required by SFC. When subscription is suspended as described above, the Fund Manager should immediately report to CSRC and SFC and inform the Hong Kong Representative. The Hong Kong Sales Institutions will be notified by the Hong Kong Representative or the Fund Manager. Suspension announcement should be published on the designated medium within the required period.

6.11 Suspension of Redemption or Deferral of Redemption Payment Except for the following circumstances, the Fund Manager shall not reject or suspend the redemption application from Unitholders or defer the payment of redemption proceeds: （1）the Fund Manager is not able to pay the redemption proceeds due to force majeure; （2）the Stock Exchanges suspend trading temporarily according to laws, which makes the Fund Manager impossible to calculate the NAV of the Fund on such date; （3）Continuing massive redemption occurs for 2 or more successive Open Days due to high market volatility or other reasons, which makes it difficult for the Fund to make cash payment; （4）other circumstances as required under the Laws and Regulations or as deemed necessary by the CSRC. In case of any of the above circumstances, the Fund Manager shall immediately, on the same day, make a report to the CSRC for filing. For the redemption applications that have been accepted, the Fund Manager shall make full payment; if full payment cannot be made for all the accepted applications of redemption for the time being, payment can be deferred and the Fund Manager shall make pro rata payments according to the ratio between the amount of each accepted redemption applications and the total amount of the accepted redemption applications. The remaining portion of the redemption amount shall be paid by the Fund Manager on the Open Day thereafter in accordance with the corresponding procedure for related situations. In addition, in case of (3), delay in payment of redemption proceeds for accepted redemption application shall not exceed 20 Business Days and the Fund Manager shall make announcement on at least one Designated Medium. Investors can choose to cancel the rejected part of the redemption

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) beforehand when making redemption application. The Fund Manager shall promptly make announcement on at least one Designated Medium for the suspension of redemption. The Fund Manager shall promptly resume the redemption when the above situations no longer exist and make an announcement on at least one Designated Medium as required.

6.12 Determination and Handling of Massive Redemption 1. Determination of Massive Redemption A massive redemption occurs when the Net Number of Units redeemed (i.e. the total number of units redeemed plus the total number of units switched-out in fund switching minus total number of units subscribed and total number of units switched-in in fund switching) on a single Open Day exceeds 10% of the Total Number of Units on the preceding Open Day. 2. Handling of Massive Redemption In case of a Massive Redemption, the Fund Manager may decide to accept all the redemption applications or to defer part of the redemption applications based on the status of the asset portfolio at that time. （1）Acceptance of all the Redemptions: If the Fund Manager believes it is able to pay for all the redemption applications of the Investors, the regular redemption procedure shall be followed. （2）Delay of part of the redemptions: When the Fund Manager believes there are difficulties with payment for all the redemption applications, or believes that the payment for all the Redemptions may cause drastic fluctuations to the NAV per Unit, the Fund Manager may defer the payment for part of the redemption applications, provided that the total number of the Units redeemed 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 each redemption application 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 and calculated at the NAV per unit of the next Open Day for Redemption. Other regulations of Hong Kong Sale Institutions in respect of options of Class H Unit investors shall be handled according to the regulation.The deferred portion of any redemption application does not enjoy any priority for Redemption until all the applications are satisfied. The deferred portion of any redemption application shall not be subject to the minimum number for single redemption application. （3）Announcement on Massive Redemption: In case of a massive redemption and partial deferral, the Fund Manager shall make an announcement on at least one Designated Medium or Sales Institution Outlets and file to CSRC and the local office of CSRC where the Fund Manager operates. Also, the Fund Manager shall notify the Unitholders of the treatment of massive redemption by way of mail, fax or otherwise.

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

If the Fund encounters a Continuing massive redemption for more than two consecutive Open Days, the Fund Manager may suspend the acceptance of redemption applications if necessary. Payment of the Redemption applications for those accepted redemption applications may be deferred, but the deferral period shall not exceed 20 Business Days at the most, and the Fund Manager shall make an announcement on at least one Designated Media.

6.13 Treatment of Suspension of Subscription and Redemption under Other Circumstances If there occurs any matter not covered in the Fund Contract and the Prospectus and the Fund Manager has the legitimate reasons to believe it is necessary to suspend accepting the application of subscription and redemption, the Fund Manager is only allowed to do so through lawful procedures.

6.14 Announcement on Suspension of Subscription or Redemption and Announcement on Resumption for Subscription or Redemption If the suspension lasts for 1 day, the Fund Manager shall, on the re-open day, announce on at least one Designated Medium the re-opening for Subscription or Redemption and the latest NAV per unit on the latest Open Day. If the suspension lasts for more than 1 day but less than two weeks, the Fund Manager shall, at least 2 Business Days prior to the re-open day, announce the re-opening of Subscription or Redemption on at least one Designated Medium, and shall announce the latest NAV per Unit on the latest Open Day on the re-opening day of Subscription or Redemption. 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. When the suspension concludes and the Fund Subscription or Redemption is re-opened, the Fund Manager shall announce the re-opening of Subscription or Redemption two Business Days in advance on at least one Designated Medium, and shall announce the latest NAV per Unit on the re-opening day on the latest Open Day.

6.15 Fund Switching The Fund Manager has assigned Sales Outlets and certain Sales Agencies to switch Units between the Fund and some of the funds under the management of the Fund Manager. For details, please refer to the announcement dated 20 November 2008, Announcement on opening of fund switching between the Units of China Southern Selected Value Equity Securities Investment Fund and the Units of Other Funds, and other announcement about the Switching of Units.

6.16 Transfer of Custody of the Fund Currently, the Fund is traded under the regime of custody of units. Investors can transfer the Units from one trading account to another for transaction. For specified procedure, please refer to 100

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) the requirements of the Business Rules, and the business rules of the Sales Agency of the Fund.

6.17 Regular Investment Plan The Fund Manager has assigned Sales Outlets and certain Sales Agencies to operate Regular Investment Plan for the Fund and some of the funds under the management of the Fund Manager. For details, please refer to the announcement dated 20 November 2008, Announcement in Relation to the Operation of the Regular Investment Plan of China Southern Selected Value Equity Investment Fund, and other announcement about the Regular Investment Plan of the Fund.

6.18 Non-trading Transfer of the Fund Non-trading transfer refers to the transfer of a certain number of Units from the account of an Investor to the account of another Investor in accordance with certain procedures without Subscription or Redemption. The Registration Institution only accepts the applications for non-trading transfer including inheritance, donation, judicial enforcement and other legal circumstances recognized by the Registration Institution. “Inheritance” refers to the situation where a Unitholder is deceased and his Units are inherited by his legal successor. “Donation” refers to the situation where a Unitholder donates his legally held Units to “any charity funds or other social groups of social public interest nature. “Judicial enforcement” refers to the situation where a judicial body compulsorily transfers the Units of a Unitholder to another natural person, legal person or organization according to a valid judicial document. Under whatever situation stated above, the transferee shall satistify the conditions for Investors to hold the Units as required under relevant Laws and Regulations and the Fund Contract. To transact the non-trading transfer, applicable materials that meet the requirements must be provided to the Registration Institution. The Registration Institution is responsible for the non-trading transfer under the above circumstances and non-trading transfer shall not be carried out by other Sales Institutions. For those applications that satisfy the conditions of non-trading transfer shall be carried out in accordance with Business Rules.

6.19 Freezing and de-freezing of the Fund Fund Registration Institution only accepts the freezing and de-freezing of Units as required by competent authorities in compliance with applicable law or as voluntarily requested by the Unitholders or under other circumstances recognized by the Fund Registration Institution. Once the Units are frozen, the interest accruing from the frozen Units shall be frozen and the frozen Units are still entitled to payment of distribution. 6.20 Others Some businesses agreed in this section are currently not open to investors of Class H Units. For details, please see supplementary documents to the Prospectus or our further announcement.

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7. Fund Investment

7.1 Investment Objective The Fund is a mixed fund and it invests in China companies listed on the Shanghai and Shenzhen Stock Exchanges which have good asset backing and value release conditions (with profitability being sustainable and stable or business being in reversals) by way of bottom-up selecting method with moderate risk exposure and steady liquidity for the purpose of long-term and stable increase in asset value of the Fund.

7.2 Investment Scope The Fund invests in liquid financial instruments encompassing Mainland listed stocks, bonds and other financial instruments in the Mainland market which the relevant laws, regulations and the CSRC permits the Fund to invest in. The portfolio of the Fund consists of: stocks shall account for 60%-95% of Fund’s assets, of which investment in Value Stocks (as defined below) shall be no less than 80% of the Funds equities investment; bonds, money market instruments and other financial instruments shall account for 0- 35% of Fund’s assets; warrants shall be between 0-3% of Fund’s assets; asset-backed securities (0- 20% of Fund’s assets); and cash retained by the Fund and government bonds maturing within 1 year shall in aggregate be no less than 5% of the NAV of the Fund. If the Laws and Regulations or the regulatory authority allows the Fund to invest in other types of investment in the future, the Fund Manager may include such types of investment into its investment scope.

7.3 Investment Philosophy The Fund follows the principle of valued of investment. The Fund seeks for securities which fulfill the criteria of “valued of investment” as defined by the Fund through in-depth research to uncover the value of listed companies, maintains a moderate risk/return ratio and mitigates investment risks by building scientific investment portfolio to focus on long-term investment in order to materialize the long-term and stable increase in asset value of the Fund.

7.4 Investment Strategies (I) Asset Allocation Strategies The Fund Manager analyzes the current systematic risks of the securities market and the expected risk and expected return rate of each major type of assets in the securities market in foreseeable future, and on the basic of it, to based on determine the allocations for different types of assets, including stocks, bonds and cash, and the principles and scope for adjustment, and such adjustment will be made regularly or on ad-hoc basis to eliminate risk and increase return.

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(II) Stock Investment Strategies The Stock investment of The Fund selects a “bottom-up” approach by comparing the current book asset value and the investment value of listed companies (adjusted P/B, ROE will also be considered). On this basis, the Fund chooses to invest primarily in those listed companies which have potential to unlock value (with stable earnings and profitability can be maintained or are about to turnaround, and earnings growth exceeding GDP growth for next 2 years). The Fund also conducts a “top-down” industrial analysis to indentify the systematic conditions which can change the potential to unlock value of individual stocks based on the macroecomonic environment, the business condition of upstream and downstream industry and income distribution. Thus, the Fund can establish a quality portfolio with minimel risks. 1. Definition of “Value Stocks” “Value Stocks” mean the stocks having the following characteristics: （1）The investment value in such stock is guaranteed by the existing book asset value of the listed company. According to the categorization criteria for industries issued by CSRC, the net asst values of the listed companies are aligned based on the accounting principles and accounting standards univevscely acceptable to all industries. P/B ratios are then calculated on the adjusted net asset values for listed companies of all industries. The adjusted P/B ratios will be sorted in ascending order. Stocks ranked in the first 50 percentile in the various industries will preiminorily be selected. Then the Fund will the further pick out those stocks with at least 8% ROE. （2）Listed companies that have continuously stable profitability or are about to turnaround and are able to unlock value in future. Among the listed companies fulfilling the above conditions, the Fund will select those individual stocks with expected earnings growth exceeding GDP growth for next two years. The Fund follows the above criteria to select stocks and build a “Pool of Selected Value Stocks”. 2. Choosing individual stocks by “bottom-up” approach The Fund utilizes the qualitative and quantitative method with a focus on the existing asset value and potential to unlock value in future to select quality stocks from the “Pool of Selected Value Stocks” for building its portfolio （1）For the analysis of the existing asset value of the listed companies, the Fund places emphasis on the composition of the net asset value, adjusted net asset value and the replacement value of assets. Analysis of composition of the net asset value mainly refers to the breakdowns of assets and liabilities of the companies to determine the embedded value of the companies. Analysis of adjusted net asset value refers to the real asset value used to compare companies in different industries by aligning and adjusting the net asset values of different companies in different industry on the basis of generally accepted accounting principles and accounting standards. Analysis of replacement value of assets refers to the investment cost of replacing the existing real book asset value of the company through investigation.

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China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

（2） For the analysis of the potential of unlocking value in future, the Fund places emphasis on the growth potential and structure of the industry, the company’s positioning in upstream and downstream industry, competitive advantage and quality of management. The analysis of the potential growth of the industry is based on the theory of industrial development, which classifies industrial development into four phases and to determine which development phase the industry is under. The analysis of the industrial structure mainly focuses on the concentration and position of the listed companies in the industry to find out the impact on the listed companies under competition. The analysis of upstream and downstream mainly focuses on the trend and distribution of profits of upstream and downstream operation to determine the position of the company in the industrial chain. The analysis of competitive advantage mainly focuses on whether the company enjoys competitive advantage on economy of scale, resources or policy monopoly, production cost, customer base domination, and operation efficiency which cannot be replicated by competitors in mid-to-long term. The analysis of the quality of management mainly focuses on whether the management of the company regards highly the interests of shareholders, whether the management is suitable to maintain and develop the competitive advantage of the company as well as the management incentive modes. The Fund will select the companies with potential to unlock value in future: firstly those companies having continuously steady growth in profitability, i.e. the listed companies, in such industry with relatively stable structure, with plenty of room for growth, favorable position in the industrial chain, competitive advantage for domination, transparent and sound corporate governance structure. Secondly are those companies about to turnaround in operation, i.e. the listed-companies, in such industry with newly emerging demand, gaining success in new products or new technology, improvement in upstream and downstream operation, and changes in corporate governance structure and management standard. （3）During the analysis process, the Fund focuses on the following six indicators of a listed company: asset quality, e.g. the adjusted net asset value; indicators of asset composition, e.g. gearing ratio; profitability indicators, e.g. net return on assets; earning quality indicators, e.g. sorts of cash flow indicators; growing potential indicators, e.g. growth rate of income from long-term business; operation indicators, e.g. total assets turnover rate. Among which, the Funds pays special attention to the trend and changes in the rate of return on common stockholders' equity and the profit margin in the past 3 years, together with possible changes in the fundamentals of the company in future, to determine and invest in the stocks meeting the criteria of quality value stocks. The Fund established valuation model for the above qualitative and quantitative indicators and through comprehensively analyzing those indicators, the Fund picks up and invests in those value stocks having the highest overall scores. The Fund selects quality stocks for mid-to-long term investment according to its judgment of macroeconomic trend and market development, together with active capturing of range trading. During operation, the Fund pays serious attention to risk control with dynamic adjustment by

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China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) promptly removing those individual stocks with deteriorating fundamentals and overvalued stocks and replacing them with quality stocks with investment value. The Fund tracks the performance of selected stocks included in the pool and regularly reassesses the listed companies with reference to their publicly disclosed information and the research findings of the Fund to promptly remove those stocks not meeting the criteria. 3. Selecting industries with “top-down” approach The Fund analyzes industries with a “top-down” approach when examining a listed company. The Fund determines the advantage or prosperity of an industry with reference to the macroeconomic environment, development of the upstream and downstream operation and distribution of profits and identifies the systematic conditions that can change the potential to unlock value of an individual stock for building a quality portfolio while minizing risks. When selecting an industry, the Fund focuses on five aspects: （1）The prosperity of the marco-economy and its stage in the economic cycle, the analysis of which mainly focuses on the components and drivers and of economic growth and prosperity to identify the industry with enormous room for growth and with highest flexibility and the industry favoured most during economic transformation. （2）Change in monetary policy, analysis of which mainly focuses on the different stages of interest rate, exchange rate, fiscal and monetary policies to identify the industry favoured most in current stage. （3）Change in industrial policy and the development environment, analysis of which mainly focuses on the different stage of the policies and environment in different countries to identify the industry supported and encouraged by policy and favoured by continuously improving development environment to grasp the rapid development opportunity in the industry. （4）Changes of the development cycle of the industry and its position in the industrial chain, the dynamic analysis of which mainly focuses on the development cycle of the industry and relationship between upstream and downstream industry players and their bargaining power to identify the recovering or further strengthening industries. （5）Industries with undervalued assets or huge revaluation potential during the process of appreciation of RMB. (III) Bond Investment Strategies Bonds available for investment by the Fund include treasury bonds, financial bonds and corporate bonds (including convertible bonds). The Fund will make the best asset allocation and risk control with its judgement to the trend of interest rate. When selecting the types of bonds, the Fund focuses on the credit rating of the bond issuer, including solvency, financial structure and safety of the issuer and guarantor. Also, the Fund compiles a yield curve with reference to the research findings from different types of bonds with different duration. Finally, the best bond portfolio is built with duration model to mitigate the interest rate risk. For the investment in

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China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) convertible bonds, the Fund seeks for the opportunity for arbitrage with reference to the momentum of the stock. (IV) Warrant Investment Strategies When investing in warrants, the Fund studies the fundamentals of the underlying assets of the warrants and identifies the reasonable value of the warrants by warrant pricing method. Main strategies applied by the Fund include: leverage strategy, value digging strategy, profit-protecting strategy, ask-bid spread strategy, straddle strategy, short-sell protecting strategy for call warrant and cover call strategy for put warrant. The Company will thoroughly consider the rate of return, liquidity and risk profile of the warrants for selection and prudently make investment through asset allocation, type and nature to pursuit stable income for current period.

7.5 Investment Portfolio Report of the Fund The board of directors and directors of the Fund Manager warrants that there is no false statement, misleading information or major omission of the information contained in the report, and shall assume separate and joint responsibilities for the truth, accuracy and integrity of the report. The Fund Custodian, has reviewed the financial indicators, performance of net asset value and Investment Portfolio Report in the report pursuant to the Fund Contract and guarantees that there exists no false statement, misleading information or major omission in the report. The Fund Manager guarantees that it will manage and utilize the assets of the Fund in good faith and with creditablity and due diligence. However, there is no guarantee that the Fund would generate profits. The past performance of the Fund is not an indicator of future performance. Investment involves risks. Investors shall read the Prospectus of the Fund carefully before making any investment decision. The data presented in the Investment Portfolio Report are prepared as at 30 September 2015 (unaudited). 1.1 Fund asset portfolio at the end of the reporting period Percentage of Total No. Items Amount (Yuan) Fund Assets(%) 1 Equity Investment 673,245,355.14 79.02 of which: Stocks 673,245,355.14 79.02 2 Fund Investment 3 Fixed Income Investment - - of which: Bonds - - Asset-backed Securities - - 4 Precious metals investment - -

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Financial Derivatives 5 - - Investment Buying Back the Sale of - - Financial Assets of which: Buy-out 6 - - Resubscription Aggregate of Bank Deposit 7 173,480,402.71 20.36 and Settlement Provisions 8 Other Assets 5,242,379.68 0.62 9 Total 851,968,137.53 100.00

1.2 Stock portfolio categorized by industry at the end of the reporting period Proportion in Fund Code Industry Category Fair Value (Yuan) NAV (%) Agriculture, Forestry, Animal A 16,459,018.10 1.97 Husbandry and Fishery B Mining Industry - - C Manufacturing Industry 309,277,622.33 36.94 Electricity, Heating Power, Gas D 9,846,830.15 1.18 and Water Production and Supply E Construction Industry 32,184.20 0.00 F Wholesale and Retail 15,845,402.65 1.89 Transportation, Storage and G 42,604,215.66 5.09 Postal Service Industry H Hotels and Catering Services - - Information Transmission, I 118,579,669.19 14.16 Software and IT Services J Financial Industry 30,898,825.34 3.69 Real Estate Investment and K 59,469,848.10 7.10 Development Leasing and Commercial L - - Services Scientific Research and M 21,369,299.20 2.55 Technology Services N Water Conservancy, Environment and Administration 11,921,552.10 1.42 of Public facilities

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O Neighborhood Services, Repair - - and Other Services P Education - - Q Hygiene and Social Affairs - - R Cultural, Sports and 36,940,888.12 4.41 Entertainment S Total - - Total 673,245,355.14 80.42

1.3 Top 10 stocks ranked by the proportion of fair value in the Fund NAV at the end of the reporting period Proportion N Stock Code Stock Name Quantity (units) Fair Value (Yuan) in Fund o. NAV (%) China Merchants 1 000024 1,530,100 43,592,549.00 5.21 Property Xinwei 2 300136 1,127,163 31,301,316.51 3.74 Telecommunications 3 601288 China Agricultural Bank 10,196,962 30,896,794.86 3.69 4 300089 CNC Group 1,100,000 26,400,000.00 3.15 5 300366 TROY Information 800,000 25,600,000.00 3.06 Guangdong Expressway 6 000429 4,587,562 24,726,959.18 2.95 A 7 300065 Highlander 990,737 21,974,546.66 2.62 8 300284 JSTR 982,045 21,369,299.20 2.55 9 300359 Qtone Education 250,263 19,615,613.94 2.34 10 000666 Jingwei Textile Machine 1,200,068 19,381,098.20 2.32

1.4 Bond portfolio categorized by bond types at the end of the reporting period Note: The Fund did not hold any bond at the end of the reporting period. 1.5 Top 5 bonds ranked by the proportion of fair value in the fund NAV at the end of the reporting period Note: The Fund did not hold any bond at the end of the reporting period. 1.6 Top 10 asset-backed securities ranked by the proportion of fair value in the Fund NAV at the end of the reporting period Note: The Fund did not hold any asset-backed securities at the end of the reporting period. 1.7 Top 5 precious metals ranked by the proportion of fair value in the Fund NAV at the end of the reporting period

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Note: The Fund did not hold any precious metal at the end of the reporting period. 1.8 Top 5 warrants ranked by the proportion of fair value in the Fund NAV at the end of the reporting period Note: The Fund did not hold any warrant at the end of the reporting period. 1.9 Transactions of stock index futures invested by the Fund at the end of the reporting period Note: The Fund did not invest in any stock index future at the end of the reporting period. 1.10 Transactions of the treasury bond futures invested by the Fund at the end of the reporting period Note: The Fund did not have any investment in treasury bond futures at the end of the reporting period. 1.11 Notes to the Investment Portfolio Report 1.11.1 None of the top 10 issuers was found being under investigation made by the regulatory authorities in the current period or being publicly condemned or punished within one year prior to the date when the report was prepared.

1.11.2 Top ten stocks invested by the Fund were within the pool of stock for selection as stipulated in the Fund Contract.

1.11.3 Composition of other assets at the end of period No. Name Amount (Yuan) 1 Guarantee Deposit 1,230,691.14 Receivables of Securities 2 3,564,650.81 Clearing 3 Dividends Receivable - 4 Accrued Interest 40,988.81 Subscription Money 5 406,048.92 Receivable 6 Other Receivables - 7 Deferred Expenses - 8 Others - 9 Total 5,242,379.68

1.11.4 Convertible bonds in conversion period held at the end of the reporting period Note: The Fund did not have any convertible bonds in conversion period at the end of the reporting period. 1.11.5 Top 10 stocks in restricted circulation at the end of the period Note: The top 10 stocks at the end of the reporting period of the Fund have no restriction in

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circulation.

7.6 Performance of the Fund The Fund Manager shall manage the fund assets with honesty, good faith, prudence and efficiency, but does not guarantee any profits or minimum returns on the Fund. The Fund's past performance is not indicative of its future performance. Investment involves risk. Before investing in this Fund, investors are advised to read through the Prospectus. Return of Standard Standard Performanc deviation of Growth deviation of e return of （1）- （2）- Period rate of growth rate Measureme Performance （3）（4） NAV（1） of NAV nt Measurement （2） Benchmark Benchmark （3）（4）

2008.6.18-2008.12.31 -3.60% 0.96% -31.27% 2.43% 27.67% -1.47% 2009.1.1-2009.12.31 66.84% 1.70% 73.60% 1.64% -6.76% 0.06% 2010.1.1-2010.12.31 20.66% 1.39% -9.12% 1.26% 29.78% 0.13% 2011.1.1-2011.12.31 -25.81% 1.04% -19.67% 1.04% -6.14% 0.00% 2012.1.1-2012.12.31 12.09% 1.09% 7.04% 1.02% 5.05% 0.07% 2013.1.1-2013.12.31 12.85% 1.07% -5.30% 1.11% 18.15% -0.04% 2014.1.1-2014.12.31 35.16% 0.98% 41.16% 0.97% -6.00% 0.01% 2015.1.1-2015.9.30 19.62% 2.84% -5.80% 2.25% 25.42% 0.59% Since the establishment 194.45% 1.46% 17.41% 1.46% 177.04% 0.00% of the Fund

7.7 Basis of decision-making and investment procedure (I) Basis of decision-making 1. Related State laws, regulations and related requirements under the Fund Contract. It is the premise of the Fund to invest in accordance with laws; 2. Development of macroeconomy and microeconomy and the trend of stock market, which are the basis of the decision-making of the Fund; 3. The risk return ratio of the investment subject. Investment decision is made with full assessment of the risk and return of the investment subject, which is the important protection for the benefits of the investors of the Fund. (II) Decision-making procedure 1. Determining major investment principles: Investment Decision-Making Committee is responsible for determining the major investment principles of the Fund and providing instructional advice for asset allocation.

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2. Market research: the securities analysts select the stocks worthy of attention according to the research report and other sources provided by each consultation agency. Then, they will select those meeting the criteria of value investment from the stocks worthy of attention according to their research findings and recommend the same to the Fund Manager. Such investment recommendation is made according to the research under the instructions of the Fund Manager. 3. Making investment decision: In compliance with the investment principles established by Investment Decision-Making Committee, the Fund Manager makes specific investment decision according to the investment advice made by the securities analyst. 4. Risk assessment: The risk control committee meets regularly and assesses the risk of the portfolio of the Fund and makes advice accordingly. 5. Evaluate and adjust the decision-making process: The Fund Manager shall have the right to make changes to the above investment process according to changes in the market environment and actual demand.

7.8 Investment restrictions (I) Prohibited activities To protect the lawful interests of the unitholders, the Fund shall not engage in the following conducts: 1. Engage in securities underwriting; 2. Provide loans and guarantees to others; 3. Engage in any investment involving unlimited liabilities to the Fund; 4. Invest in other funds, excluding the funds otherwise required by laws and regulations or CSRC; 5. Contribute capital to the Fund Manager or Fund Custodian or investing in stocks or bonds issued by the Fund Manager or Fund Custodian; 6. Invest in or underwrite during the underwriting period the securities issued by the controlling shareholders of the Fund Manager or Fund Custodian or other companies in which the Fund Custodian having material interests; 7. Commit insider trading, and market manipulation and other unlawful securities transaction; 8. Other acts forbidden by prevailing laws and regulations as well as those stipulated in the Fund Contract. If the above restrictions removed by laws and regulations as well as the supervisory authorities, the Fund Manager can be released from the above restrictions after appropriate procedures. (II) Restrictions on Investment Portfolio The portfolio of the Fund is subject to the following restrictions: 1. The market value of the shares of a listed company held by the Fund shall not exceed 10% of the NAV of the Fund; 2. The exposure of this Fund and other funds managed by the Fund Manager to a security issued by a company shall not exceed 10% of that security; 111

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3. The balance of the funds for the repurchase of bonds in the interbank market shall not exceed 40% of the NAV of the Fund; 4. The Fund shall not violate the agreement about the the scrope of investment and investment proportion under the Fund Contract; 5. The total amount of warrants invested in by the Fund on any trading day shall not exceed 0.5% of the NAV of the Fund assets on the preceding trading day. The market value of all the warrants held by the Fund shall not exceed 3 % of the NAV of the Fund. Where the Fund and any other funds managed by the Fund Manager hold the same warrant, the holdings shall not exceed 10% of such warrant. Where the Laws and Regulations or regulatory authorities otherwise provide for the said proportion restrictions, such provisions shall be complied with; 6. The ratio of all asset-backed securities of the same originator invested by the Fund shall not exceed 10% of the NAV of the Fund. The market value of all the asset-backed securities held by the Fund shall not exceed 20% of the NAV of the Fund. The ratio of the same (meaning having the same credit rating) asset-backed securities held by the Fund shall not exceed 10% of the size of such asset-backed securities. The investment in all asset-backed securities of the same originator made by all securities investment funds under the management of the Fund Manager shall not exceed 10% of the total size of its asset-backed securities; 7. Where the Fund assets are engaged in stock shares offering, the amount reported by the Fund shall not exceed the total asset size of the Fund. The reported number of shares shall not exceed the total amount of the shares to be offered by such company; 8. Other investment restrictions stipulated by related laws and regulations and supervisory authorities. If the above restrictions are removed by laws and regulations as well as the supervisory authorities, the Fund Manager can be released from the above restrictions after appropriate procedures. If any factor (other than the Fund Manager), such as fluctuation of stock market, the change of the listed companies’ or the Fund’s size, makes the Fund’s investment proportion become incompliant with the investment proportion required above, the Fund Manager shall make adjustments within ten Business Days. If other provisions are stipulated by the Laws and Regulations, those provisions shall be complied with.

7.9 Benchmark for the comparison of the performance The benchmark for the comparison of the performance: 80% x CSI 300 Index + 20% x SSE Government Bond Index The Fund is a mixed fund. After considering the investment subject, building procedure of the equity portfolio as well as the compilation method and the historical data of each stock index, we have selected CSI 300 Index as the benchmark for the portfolio of the Fund. The component stocks 112

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) of CSI 300 Index are selected from Shanghai and Shenzhen securities market, which covers most of the market value, and represents the most popular equity investment with the largest liquidity and reflects the overall development of A shares market. The announcement of and adjustment to the component stocks of CSI 300 Index are made by the stock exchange, which is fairor and more authoritative. For the bond portfolio, we have selected the SSE Government Bond Index, the most well-known index in the market, as the benchmark. SSE Government Bond Index is compiled based on the fixed rate bonds listed on the Shanghai Stock Exchange and the index is weighted according to the number of outstanding government bonds. SSE Government Bond Index is the first bond index of SSE indices series, which reflects the overall movement of the government bond market in China with strongest market representation. If there is any change in laws and regulations in future, or the indices compiler ceases to calculate such index or rename the index, or if any new index, which is more authoritative and more generally accepted as the benchmark of performance, is launched, or if any new index is more suitable to be the benchmark of performance of the Fund, the Fund can file to the CSRC and change the benchmark with a timely announcement after making an agreement with the Fund Custodian.

7.10 Risk and return characteristics The Fund is a mixed fund and has lower long-term average risk and expected return than equity funds, but higher than bond funds and money market funds.

7.11 The principles and procedures for the Fund Manager to exercise shareholders’ rights on behalf of the Fund 1. Not to control the listed companies and not to involve in the operation and management of the listed companies the Fund invests in; 2. In favour of the safety and appreciation of the Fund’s assets; 3. The Fund Manager shall exercise the shareholders’ rights independently in accordance with related State laws to protect the interests of the Unitholders. 4. The Fund Manager shall exercise the creditors’ rights independently in accordance with related State laws to protect the interests of the Unitholders.

7.12 Margin financing of the Fund The Fund can engage in margin financing in accordance with the related laws and regulations and policies then prevailing.

7.13 Commitment of the Fund Manager and Manger 1. The Fund Manager commits to strictly comply with related laws, regulations, rules, Fund Contract and related requirements issued by CSRC then prevailing and to establish a sound internal control system and adopt effective measures to avoid violating any of the related laws, regulations, rules, Fund Contract and related requirements issued by CSRC. 113

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2. The Fund Manager commits to strictly compile with the Securities Law, Funds Law and related laws and regulations and to establish a sound internal control system and adopt effective measures to avoid violating any of the following acts: （1）Mixing the Fund Manager’s own assets or third party’s assets with the Fund assets in investment 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）Illegal promise of income or assumption of losses of the Unitholders; （5）Other activities prohibited by the laws and regulations or CSRC. 3. The Fund Manager commits to improve the management on personnel to improve their professional ethics, supervise and monitor them to comply with related laws, regulations and industrial standards and to be honest and diligent by not to commit any of the following acts: （1）Exceeding one’s legitimate authority or engaging in illegitimate operation; （2）Violation of the Fund Contract or Custody Agreement; （3）Intentionally infringing the legitimate interests of the Unitholders or other institutions related to the Fund; （4）Provision of false content in the materials filed to CSRC; （5）Rejecting, interfering, obstructing or materially influencing the supervision by CSRC; （6）Wilful dereliction of duty or abuse of power;

（7）Violation of the related laws, regularions, rules, Fund Contract and related requirements imposed by CSRC; leaking the business secret of the related securities or the Fund during the term of office, including the investment details not publicly disclosed or investment plan of the Fund;

（8）Violation of the business rules of the stock exchanges, manipulating market price and disrupting the market order by cross trade and rat trading; （9）Derogating other industry participants and bragging of own performance; （10）Pursuit of business development with undue practice; （11）Destroying social morality and the image of participants engaging in securities investment; （12）Wilfully incorporating false, misleading or fraud information in public disclosure or announcement; （13）Other actions prohibited by laws, administrative regulations and the CSRC. 4. Commitment of the Fund Manager （1）Prudently striving for the maximum interests for the Unitholders in accordance with laws, regulations and the requirements under the Fund Contract

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（2）Not to obtain benefits for itself and its agencies, employees or other third parties by using its power;

（3）Not to violate the related laws, regulations, rules, Fund Contract and the related requirements under CSRC; not to leak the business secret of the related securities or the Fund during the term of office, including the investment details not publicly disclosed or investment plan of the Fund;

（4）Not to engage in securities transaction and other activities infringing the interests of the assets of the Fund and Unitholders.

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8. Fund Assets

I. Total Asset Value of the Fund The Total Asset Value of the Fund refers to the total value of all securities and bills, the principal and interest of the bank deposits, application fee receivable of the Fund and other investments possessed by the Fund. It includes: 1. Bank deposits and accrual interests thereof; 2. Settlement reserve and accrual interests thereof; 3. Guarantee deposits paid according to relevant regulations and accrual interests thereof; 4. Settlement receivables of securities transactions; 5. Subscription fee receivables; 6. Stock investments and the valuation adjustment thereof; 7. Bond investments and the valuation adjustment thereof; 8. Equity investments and the valuation adjustment thereof; 9. Other investments and the valuation adjustment thereof; 10. Other assets.

II. NAV of the Fund The NAV of the Fund is calculated by deducting liabilities from the GAV of the Fund.

III. Fund Asset Account The Fund shall set up the settlement account in the name of the Fund Custodian specifically for the custody of funds for settlement of Fund transactions, set up joint Fund securities account in the names of the Fund Custodian and the Fund, set up interbank bond custody account in the name of the Fund, and file to the People’s Bank of China. The account specifically for the Fund so set up shall be separated from the respective self-owned asset accounts of the Fund Manager, the Fund Custodian, the Sales Agency and the Fund Registration Institution as well as other fund asset accounts.

IV. Keeping and Disposal of Fund Assets The Fund’s assets are separated from the assets owned by the Fund Manager, the Fund Custodian and the Sales Agency, and are kept by the Fund Custodian. All assets of the Fund shall not be kept by the Fund Manager and Fund Custodian in their own accounts. All the assets and revenue received from the Fund’s management, operation or otherwise by the Fund Manager and the Fund Custodian belong to the assets of the Fund. In the event that the Fund Manager, the Fund Custodian, the Fund Registration Institution and the Sales Agency faces their own legal liabilities pertaining to their own assets, their creditors shall not demand to freeze or detain nor have other rights to the Fund Assets.

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Should the Fund Manager and the Fund Custodian come under liquidation proceeding because of lawful dissolution, being legally revoked or declared bankruptcy, the Fund assets must be separated from its liquidation assets. The Fund Assets shall not be disposed of other than as required under the Laws and Regulations and the requirements of the Fund Contract. Liabilities incurred by the Fund Manager in the course of Fund operation shall not be set off against the liabilities incurred by its fixed assets; the liabilities and debts incurred by the fund assets of different funds operated by the Fund Manager shall not be set off against each other. Debts not borne by the Fund assets themselves shall not be enforced against the assets of the Fund.

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9. Valuation of Fund Assets

I. Purpose of Valuation The valuation of the assets of the Fund shall objectively and accurately reflect whether the value of the Fund’s assets are maintained or appreciated; the NAV per Unit of the Fund, which is calculated from the NAV of the Fund as determined by valuation of the Fund assets forms the basis of calculating the prices of Subscription and Redemption of the Fund.

II. Valuation Day The Valuation Day of the Fund is the normal business days of the relevant stock exchanges and on non-business days when the NAV of the Fund shall be disclosed as required by the Laws and Regulations of the State.

III. Object of Valuation The assets and liabilities such as shares, bonds, warrants and the principal and interests of bank deposits held by the Fund.

IV. Valuation Procedures The Fund Manager conducts daily valuation of the Fund. After valuation, the Fund Manager shall send the valuation result sealed by its official stamp and facsimile encrypted and in written form to the Fund Custodian. The Fund Custodian shall then verify the valuation according to the valuation methods, time and procedures required by the Laws and Regulations and specified in the Fund Contract. If the valuation is correct, the Fund Custodian shall return the facsimile written verification result sealed by its official stamp to the Fund Manager. Review of valuation is conducted at the end of the month, the middle of the year and the end of the year at the same time as that of the reconciliation of the accounting books.

V. Valuation methods The Fund is valued in the follow methods: 1. Valuation of negotiable securities listed on stock exchange (1) Negotiable securities (including shares and warrants) listed on the stock exchange shall be valued based on the market price (the closing price) of the stock exchange they are listed on the valuation date; should there be no transaction on the valuation date and no material changes in the economic environment since the latest transaction date, such valuation should be based on the market price (the closing price) on the latest transaction date; should there be material changes in the economic environment since the latest transaction date, the fair value shall be determined with reference to the prevailing market prices of similar types of investments and the factors of material changes to adjust the market price of the latest transaction.

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(2) Bonds listed on the stock exchange that are traded in net value are valued based on the closing price on the valuation date; should there be no transaction on the valuation date and no material changes in the economic environment since the latest transaction date, such valuation should be based on the closing price on the latest transaction date; should there be material changes in the economic environment since the latest transaction date, the fair value shall be determined with reference to the prevailing market prices of similar types of investments and the factors of material changes to adjust the market price of the latest transaction. (3) Bonds listed on the stock exchange that are not traded in net value are valued based on the closing price on the valuation date net of the interests receivable on the bonds included in the closing price of the bonds; should there be no transaction on the valuation date and no material changes in the economic environment since the latest transaction date, such valuation should be based on the closing price on the latest transaction date net of the interests receivable on the bonds included in the closing price of the bonds; should there be material changes in the economic environment since the latest transaction date, the fair value shall be determined with reference to the prevailing market prices of similar types of investments and the factors of material changes to adjust the market price of the latest transaction. (4) The fair value of negotiable securities listed on the stock exchange that has no active market are determined by valuation techniques. For assets-backed securities listed on the stock exchange, the fair value is determined using the valuation methods; if the fair value cannot be reliably determined based on the valuation methods, such securities are valued at cost.

2. Negotiable securities before listing are treated as follows: (1) For the shares that are offered through bonus issue, additional shares by conversion, placing and public new issue, they shall be valued at the market price (the closing price) of the same share listed on the exchanges on the valuation date; should there be no transaction during that day, they shall be valued based on the market price (the closing price) on the latest transaction date; (2) For the unlisted shares, bonds and warrants that are initially offered and not listed, the fair value is determined using the valuation methods; if the fair value cannot be reliably determined based on the valuation methods, they shall be valued at cost. (3) The shares that are initially offered with definite lock-up period shall be valued at the market price (the closing price) of the same share listed on the exchanges after the listing of such shares; for the shares that are privately offered and have definite lock-up period, they are valued at fair values determined in accordance with the relevant requirements of the regulatory authorities or industrial associations.

3. For the rights to allotment based on holding of the shares, should the closing price be higher than the allotment price from the ex-right date to the confirmation date of allotment, the valuation shall be based on the difference between the closing price and the allotment price; should the closing price equals or be lower than the allotment price, no value should be attached 119

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thereof.

4. The bonds that are traded on the inter-bank bond market, asset-backed securities and other fixed-income products shall be valued at their fair value determined using valuation methods.

5. Where a bond is traded on two or more markets at the same time, it shall be valued respectively based on the market it is traded;

6. If there is concrete evidence that none of the abovementioned valuation methods subjectively reflects the fair value, the Fund Manager may, pursuant to the specific circumstances and after consultation with the Fund Custodian, determine the value at a price which will best reflect the fair value of the asset.

7. If any latest laws or regulations or any regulatory authorities require otherwise, valuation of the Fund shall be conducted accordingly. Any additional subjects should be valued according to the latest State requirements.

According to the Funds Law, the Fund Manager shall calculate and announce the NAV of the Fund, and the NAV of the Fund so calculated by the Fund Manager shall be checked and reviewed by the Fund Custodian. Accordingly, if the relevant parties are not able to reach uniform opinions on any accounting problems related to the Fund after adequate discussion at aim’s length, the NAV of the Fund as calculated by the Fund Manager should be announced to the public.

VI. Determination of NAV per Unit and Treatment of Pricing Errors The NAV per Unit shall be calculated up to 3 decimal places and rounded off from the fourth decimal place. When there are errors in the valuation or calculation of the NAV per Unit, the Fund Manager shall make immediate correction, and take reasonable measures to prevent further losses. If any calculation error amounts to 0.25% of the NAV per Unit or more, the Fund Manager shall report to the CSRC for filing. If any calculation error amounts to 0.5% of the NAV per Unit or more, the Fund Manager shall make an announcement thereof and report to the CSRC for filing. The Fund Manager shall assume the liability for any losses of the Investors resulting from the error in the valuation of the Fund. The Fund Manager shall have the right to claim for indemnity against the party who is responsible for the error for those liabilities which shall not be borne by it.

The parties to this Contract have agreed to treat such errors as follows: 1. Types of Errors During the operation of the Fund, if an error is made due to the default of the Fund Manager, the Fund Custodian, the Fund Registration Institution, the Sales Agency or the Investors themselves, and losses are incurred on the other parties, the responsible party should assume the responsibility 120

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) to compensate the counterparties which have incurred losses from the error (the “Injured Parties”) in accordance to the following “Error Treatment Principles”. The main types of the abovementioned errors include but not limited to: errors in reporting of information, errors in transmission, errors in calculation, system failure, errors in giving out orders; and in respect of errors due to technical reasons, if such errors are made due to the unforeseeable, unavoidable, irresistible and of force majeure nature, the following provisions shall be implemented. Any loss or mistreatment or other errors in trading data of the Investors due to force majeure, the parties which incurred such errors due to force majeure shall not assume any compensation liabilities to the counterparties, but such parties that obtained any undue gains from such errors shall be obligated to return such gains.

2. The Error Treatment Principles (1) If such errors are made but no loss is incurred on the relevant parties, the responsible party for the error shall coordinate the different parties to correct the mistake in a timely manner, and the expenses of correction shall be borne by the responsible party for the error; in the event such errors incurred are not corrected in time, the losses to the relevant parties shall be borne by the responsible party for the error; if the responsible party for the error has actively coordinated for correction and those parties that have an obligation to assist such correction have failed to do so, such parties shall assume the responsibility to compensate. The responsible party for the error shall confirm with the relevant parties on the correction situation, in order to make sure of the correction of such mistakes. (2) The responsible party for the error shall be responsible for the direct losses of the relevant parties, and shall not be responsible for any indirect losses, it shall only be held directly responsible in respect of such errors to the relevant counterparties, but not to any other third parties. (3) The relevant parties shall be obligated to return any undue gains due to such error in a timely manner, but the responsible party for the error shall be responsible for such error. If the relevant parties fail to return or fully return such undue gains thus causing losses of benefits to the counterparties (the “Injured Parties”), the responsible party for the error shall be held responsible to compensate the losses of the Injured Parties, and have the right to demand for indemnity of such undue gains from such relevant parties so unduly gained within the scope of the compensation amount; if the relevant parties so unduly gained have partly returned such undue gains to the Injured Parties, the Injured Parties shall return the excess amount of the total sum of such compensation received plus the undue gains so returned, less the actual losses, to the responsible party. (4) The error adjustment shall be made with the aim of recovery to the normal situation under the assumption that such error had never been incurred. (5) Should the responsible party for the error refuses to make compensation, if the loss in the Fund assets was due to default of the Fund Manager, the Fund Custodian shall seek compensation 121

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from the Fund Manager on behalf of the Fund; if the loss in the Fund assets was due to default of the Fund Custodian, the Fund Manager shall seek compensation from the Fund Custodian on behalf of the Fund; and if the loss in the Fund assets was due to default of a counterparty other than the Fund Manager and the Fund Custodian, and such counterparty refuses to make compensation, the Fund Manager shall be responsible to seek compensation from the responsible party. (6) If the responsible party for the error have not compensated the Injured Parties as required, or if the Fund Manager, on its own determination or according to rulings of the Court or the award of arbitration, assume the compensation responsibility to the Injured Parties in accordance to the law, administrative regulations, the Fund Contract or other requirements, the Fund Manager shall have the right to claim for indemnity against the party which is responsible for the error, and is entitled to demand for compensation or indemnity for any expenses or losses so incurred. (7) Such errors shall be corrected in accordance with any other principles as required by the Laws and Regulations.

3. Procedures for Treatment of Errors When an error is noticed, the relevant parties shall take timely action in the following manner: (1) To investigate the cause of such error, list out all relevant parties, and determine the responsible party in accordance to the reasons of such error; (2) To evaluate the losses incurred by such error in accordance to the error treatment principles or other methods agreed by the relevant parties; (3) The responsible party shall correct and compensate such losses in accordance to the error treatment principles or other methods agreed by the relevant parties; (4) According to the error treatment methods, should the trading data of the Fund Registration Institution need to be corrected, the Fund Registration Institution shall make such corrections and confirm with the relevant parties accordingly. (5) If any calculation mistake of the NAV of the Units by the Fund Manager and the Fund Custodian amounts to 0.25% of the NAV per Unit or more, the Fund Manager shall report to the CSRC. If any calculation mistake of the NAV of the Units by the Fund Manager and the Fund Custodian amounts to 0.5% of the NAV per Unit or more, the Fund Manager shall make an announcement thereof and report to the CSRC for filing.

VII. Circumstances of Suspension of Valuation 1. When the exchanges on which the Fund’s investments are traded are closed because of statutory public holidays or other reasons. 2. When the Fund Manager cannot accurately make valuation of the Fund assets due to force majeure or other circumstances. 3. Other circumstances stipulated by the CSRC.

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VIII. Treatment of Special Circumstances 1. Where the Fund Manager carries out valuation in accordance with the above Paragraph 6 of the valuation method, the error thereof shall not be regarded as a valuation mistake in respect of the Fund assets. 2. If the Fund Manager and the Fund Custodian have taken necessary, appropriate and reasonable measures to check but still did not discover the mistakes because of the mistakes in the data transmitted by the exchanges and the registration and clearing companies or in the events of Force Majeure, the Fund Manager and Fund Custodian may be exempted from the compensation liabilities for the mistakes in the valuation of Fund assets. However, the Fund Manager and the Fund Custodian should actively take necessary measures to eliminate the impact of such mistakes.

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10. Fund Income and Distribution

I. Composition of Fund Income Fund Income includes: bonus, dividends and interest income of bonds from the Fund’s investments; bills investment income; spreads of securities trading; interest income of bank deposits and other incomes. Savings of costs or expenses of the application of the Fund assets shall be included as its income.

II. Net Fund Income Net Fund Income refers to the balance obtained by deducting the expenses from the Fund Income in accordance with relevant requirements.

III. Principles of Fund Income Distribution 1. On the premise that it meets the requirements of dividends distribution of the Fund, the income of the Fund shall be distributed no more than 12 times a year, the annual distribution ratio shall not be less than 50% of the distributable income of the year. The Fund Income may not be distributed during the first 3 months after the Fund Contract comes into force; 2. The Fund Income distribution methods can be categorized into two types: cash dividends and dividend reinvestments. The Investor may choose to receive cash dividends or reinvest the cash dividends that are automatically converted into corresponding Units based on the NAV of Units on the ex-right date. If the Investor does not elect, the default income distribution method of the Fund is cash dividends; 3. If net loss in fund investment occurs in the current period, the distribution of Fund Income shall not be implemented; 4. The current Fund Income may only be distributed after it compensates the losses of the previous year; 5. After distribution of Fund Income, the NAV of Units shall be no less than its book value. 6. Each Unit shall have the same rights for distribution; 7. As otherwise provided in the relevant Laws and Regulations or rules of the regulatory authority.

IV. Distribution Plan of Fund Income The distribution plan of Fund Income shall include the net income of fund, distribution object, distribution time, distribution amount and proportion, and distribution methods etc.

V. Determination, Announcement and Implementation of Income Distribution Plan The Fund Income distribution plans shall be proposed by the Fund Manager, reviewed by the Fund Custodian, then announced on at least one of the Designated Media and reported to the CSRC for

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VI. Expenses incurred during Fund Income Distribution The bank transfer fees and other service fees incurred during the distribution of Fund Income shall be borne by the Investors. If the cash dividends obtained by the Investors is less than a certain amount and cannot cover the payment of the above-mentioned bank transfer fees and other service fees, the Fund Registration Institution can automatically convert the cash dividends obtained by such Unitholder into the Units based on the ex-right NAV per Unit at the right registration date. Dividend reinvestments are calculated according to the Operation Measures.

VII. Treatment of the Dividend Amount The dividend amount is calculated based on the effective Units on the right registration date in accordance to the current Fund Income distribution plan, net of the relevant fees, and the calculation result is presented up to 2 decimal places, and rounded off thereafter, any deviation thereof is included in the Fund assets.

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11. Fund Expenses and Tax

I. Types of Expenses of the Fund 1. Management fee payable to the Fund Manager; 2. Custodian fee payable to the Fund Custodian; 3. Information disclosure expenses related to the Fund after the Fund Contract comes into effect; 4. Accounting fees and legal fees related to the Fund after the Fund Contract comes into effect. 5. Expense of the Unitholders’ Meeting; 6. Expenses arising from trading of securities of the Fund; 7. Expenses arising from bank remittance of the Fund; 8. Other fees which may be charged against the Fund assets as permitted by related regulations of the State and the requirements of the Fund Contract. Expenses arising from settlement upon termination of the Fund shall be charged from the total Fund assets based on the actual expenses amount.

II. Accrual Methods, Accrual Standards and Payment Terms of the Operating Expenses 1. Management fee payable to the Fund Manager The management fee of the Fund shall be accrued at the rate of 1.5% per annum of the NAV of the Fund on the preceding day. The calculation method of the management fee is listed as follows: H＝E×1. 5%÷ number of days in the current year H is the management fee accrued per day E is the NAV of the Fund on the preceding day The management fee is calculated and accrued daily to the end of month and payable monthly in arrear. The Fund Manager will send the payment order for the Fund management fee to the Fund Custodian, and the Fund Custodian will check and make a lump-sum payment to the Fund Manager from the Fund assets within the first 2 Business Days of the following month. In case of statutory holidays or rest days, the payment date shall be postponed accordingly.

2. Custodian fee payable to the Fund Custodian The custodian fee shall be accrued at the rate of 0.25% per annum of the NAV of the Fund on the preceding day. The calculation method is listed as follows: H＝E×0.25%÷number of days in the current year H is the custodian fee accrued per day E is the NAV of the Fund on the preceding day The custodian fee is calculated and accrued daily to the end of month and payable monthly in arrear.

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The Fund Manager will send the payment order for the Fund custodian fee to the Fund Custodian, and the Fund Custodian will check and make a lump-sum payment to the Fund Manager from the fund assets within the first 2 Business Days of the following month. In case of statutory holidays or rest days, the payment date shall be postponed accordingly. The Fund Custodian shall pay for the actual expenses amount stated in Items 3 to 7 of the above “I.Types of Expenses of the Fund” pursuant to the relevant regulations and the relevant contractual requirements, such expenses shall be presented as current expenses.

3. For details of the accrual methods, accrual standards and payment terms of the sales expenses related to the Fund, please refer to “Subscription For Subscription and Redemption”.

III. Items not Included in the Expenses of the Fund The following expenses are not listed under expenses of the Fund: 1. The expenses or losses of the Fund assets arising from the failure of the Fund Manager or the Fund Custodian to perform or fully perform their obligations; 2. The expenses for matters not in relation to the Fund’s operations handled by the Fund Manager and the Fund Custodian; 3. Related expenses incurred before the Fund Contract comes into effect, including but not limited to the capital verification fees, the accounting fees and legal fees, the information disclosure fees, etc.; 4. Other items that cannot be listed under the expenses of the Fund according to the relevant Laws and Regulations and the relevant requirements of the CSRC.

IV. Adjustment of Fund Fee Category The Fund Manager and the Fund Custodian may reach an agreement to, according to the development of the Fund, adjust the relevant rates, such as the Fund management fee and the Fund custodian fee. Unless otherwise required by the Fund Contract, the relevant Laws and Regulations or the regulatory authorities, any increment in the rates of the Fund management fee and the Fund custodian fee must be considered at the Unitholders meeting; any lowering of the rates of the Fund management fee and the Fund custodian fee shall not require the convening of the Unitholders’ meeting. The Fund Manager must announce such changes on at least one of the Designated Media at least 2 days before the implementation of new rates.

V. Taxes of the Fund Every taxpayer involved in the Fund’s operations shall pay tax pursuant to the taxation laws and regulations ofChina, Hong Kong and the location of investor.

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12. Fund Accounting and Auditing

I. Accounting Policies of the Fund 1. The Fund Manager shall be responsible of the accounting of the Fund; 2. The fiscal year of the Fund commences on January 1st and ends on December 31st; for the first fiscal year after the initial offering of the Fund, if the Fund Contract had come into effect for no longer than 2 months, it shall be consolidated to the next fiscal year; 3. The Fund adopts RMB as its base currency of recording and the bookkeeping unit; 4. The accounting system of the Fund shall comply with the relevant accounting rules of the State; 5. The Fund shall keep its own books and accounting independently; 6. The Fund Manager and the Fund Custodian shall each keep a complete account and accounting evidences of the Fund, conduct daily auditing, and prepare the accounting statements of the Fund in accordance with the relevant regulations; 7. The Fund Custodian shall crosscheck and confirm in written form the audit and statements of the Fund with the Fund Manager every month.

II. Annual Auditing of the Fund 1. The Fund Manager shall engage an accounting firm and its Certified Public Accountants which is independent from the Fund Manager and the Fund Custodian and is qualified to engage in securities business, to audit the annual financial statements of the Fund; 2. The accounting firm shall seek the prior consent of the Fund Manager and the Fund Custodian to replace the Certified Public Accountants for the Fund; 3. If in the opinion of the Fund Manager, there is reasonable grounds to replace the accounting firm, it shall notify the Fund Custodian. The Fund Manager shall announce the replacement of the accounting firm within 2 days on at least one of the Designated Media, and shall file such replacement with the CSRC.

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13. Information Disclosure of the Fund

I. Information disclosure of the Fund shall comply with the Funds Law, the Operation Measures, the Information Disclosure Measures, the Fund Contract and other relevant requirements.

II. Information Disclosure Obligators The information disclosure obligators of the Fund includes the Fund Manager, the Fund Custodian and the Unitholders who convene the Unitholders’ Meeting; they are the natural persons, legal persons and other organizations as required by the laws and regulations and the CSRC. The information disclosure obligators shall disclose the information on the Fund in accordance with the Laws and Regulations and the requirements of the CSRC, and assure the truthfulness, accuracy and completeness of the information so disclosed. The information disclosure obligators of the Fund shall, within the required time frame set by the CSRC, disclose such information on the Fund through the media designated by the CSRC and on the websites of the Fund Manager and the Fund Custodian (hereinafter as the “Websites”), and ensure that the information disclosed to the public are available for inspection or copy by the Investors of the Fund in the time and manner stipulated in the Fund Contract. For details of form of disclosing fund information disclosable by information disclosure obligators of Class H Fund, please refer to the supplementary document to the Prospectus.

III. Information on the Fund committed to be disclosed by the information disclosure obligators of the Fund shall not: 1. contain any false or misleading statement or major omission; 2. contain any forecast of the results of securities investments; 3. guarantee the profit or assume losses in violation of the regulations; 4. slander other fund managers, fund custodians or sales agencies; 5. contain any congratulatory, complimentary or recommending texts by any natural persons, legal persons or other organizations; 6. take other actions as forbidden by the CSRC.

IV. The information disclosure of the Fund shall be released in Chinese. If other foreign texts are released at the same time, the information disclosure obligators shall ensure the consistency of both texts. In the case of inconsistency of the two versions, the Chinese text shall prevail.

The information disclosure on the Fund shall use Arabic numbers; the currency unit shall be RMB unless otherwise stated.

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V. Information Disclosure on the Fund Information on the Fund disclosed to the public includes: (1) The Prospectus, the Fund Contract and the Custodian Agreement Upon approval by the CSRC of the offering application of the Fund, the Fund Manager shall, 3 days before the offer of Units, publish the Prospectus and the summary of the Fund Contract on the Designated Media; the Fund Manager and the Fund Custodian shall publish the Fund Contract and the Fund Custodian Agreement on the Websites.

1. The Prospectus shall to the largest extant disclose all matters affecting the decisions of the Investors, and explain matters such as subscription, application and redemption arrangements of the Fund, investments of the Fund, characteristics of the Fund’s products, warning of the risks, information disclosure and services to the Unitholders. After the Fund Contract comes into effect, the Fund Manager shall update the Prospectus and publish it on its websites and the updated summary of the Prospectus on the Designated Media within the 45 days of every six months; the Fund Manager shall submit the updated Prospectus to the designated authorities by the CSRC at its domicile location at least 15 days prior to the announcement and provide written explanations to relevant updates.

2. The Fund Contract is the legal document stipulating the rights and obligations of the Parties to Fund Contract, the procedures and the precise arrangement of convening the Unitholders’ meetings, and explain on matters such as the characteristics of the Fund’s products which implicates the material benefits of the Investors.

3. The Fund Contract is a legal document which provides for the rights and obligations of the Fund Manager and the Fund Custodian in relation to the custodian of the Fund assets and supervision of the Fund operation.

(2) The Unit Offering Announcement

The Fund Manager shall prepare the Unit Offering Announcement regarding the offering of the Units and publish it on the Designated Media on the same day of publishing the Prospectus.

(3) Announcement on the Fund Contract coming into effect

The Fund Manager shall publish a relevant announcement on the Designated Media on the next day after the Fund Contract coming into effect.

(4) NAV of the Fund and the Net Value of the Units

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Upon the Fund Contract comes into effect and before processing the Subscription or Redemption of the Units, the Fund Manager shall announce the NAV of the Fund and the net value of the Units at least once a week.

Upon commencement of processing the Subscription or Redemption of the Units, the Fund Manager shall disclose the NAV of the Fund and the net value of the Units on the commencement date on the Websites, the sales location of the Units and other media on the next day of each commencement date.

The Fund Manager shall announce the NAV of the Fund and the net value of the Units on the last trading day every half-year and yearly period. The Fund Manager shall announce the NAV of the Fund, the net value of the Units and the accrual net value of the Units on the Designated Media on the next day of the trading days as stipulated above.

(5) Subscription for Subscription and Redemption Prices of the Units

The Fund Manager shall specify the calculation methods of the Subscription and Redemption prices and the rates of application for subscription and redemption fees in the information disclosure documents such as the Prospectus, and ensure that the Investors can inspect or copy the said information at the sales location of the Units.

(6) Periodic Reports of the Fund, including the Annual Report, Semi-annual Report and Quarterly Report of the Fund

The Fund Manager shall prepare and complete the annual reports of the Fund within 90 days after each year-end, publish the text of annual reports on the Websites, and publish the summary of the annual reports on the Designated Media. The financial and accounting reports of the annual reports of the Fund shall be audited.

The Fund Manager shall prepare and complete the semi-annual reports of the Fund within 60 days after each half-year-end, publish the text of semi-annual reports on the Websites, and publish the summary of the semi-annual reports on the Designated Media.

The Fund Manager shall prepare and complete the quarterly reports of the Fund within 15 Business Days after the end of each quarter, and publish the text of the quarterly reports on the Designated Media.

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China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) shall not be obligated to prepare the quarterly report, the semi-annual report or the annual report.

The periodic reports of the Fund shall be reported to the CSRC and the designated authorities by the CSRC at the domicile location of the Fund Manager for filing. Such filing shall be in both electronic and written report format.

(7) Extraordinary Announcement

In case of any major event of the Fund, the information disclosure obligators shall prepare and publish an extraordinary report within two days and file it with the CSRC and the designated authorities of the CSRC at the domicile location of Fund Manager respectively on the public disclosure date.

The abovementioned major events refer to the following events which may significantly influence the interests of the Unitholders or the price of the Units:

1. Convening of the Unitholders’ Meetings;

2. Termination of the Fund Contract;

3. Alteration of the Fund’s operation mode;

4. Replacement of the Fund Manager or the Fund Custodian;

5. Change of legal name or domicile of the Fund Manager or the Fund Custodian;

6. Any change in the Fund Manager’s shareholders or the proportions of their capital contribution;

7. Extension of the offering period of the Fund;

8. Replacement of the Chairman, General Manager or other senior management members or the portfolio manager of the Fund Manager and the replacement of the persons in charge of the Funds Custody Department of the Fund Custodian;

9. Replacement of more than 50% of the Directors of the Fund Manager in a single year;

10. Replacement of more than 30% of the key personnel of the Fund Manager or the Funds Custody Department of the Fund Custodian in a single year;

11. Litigation related to the Fund Manager, the Fund assets or the Fund’s custody business;

12. The Fund Manager or the Fund Custody is under investigation by the regulatory authorities;

13. The Fund Manager or any of its Directors, General Manager or other senior management members or the portfolio manager receives severe administrative penalty, or the Fund Custodian or the person in charge of its Funds Custody Department receives severe administrative penalty;

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14. Major connected transactions;

15. Distribution of the Fund Income;

16. Alteration of accrual standards, methods and rates of the fees including the management fee and custodian fee;

17. Pricing errors in respect of the NAV per Unit accounting for 0.5% of the NAV per Unit;

18. Replacement of the accounting firm engaged by the Fund;

19. Change of Sales Agencies of the Fund;

20. Replacement of the Fund Registration Institution;

21. Commencement of application for subscription and redemption of the Fund;

22. Change in the rates and payment methods of the subscription fee and redemption fee of the Fund;

23. The Fund defers redemption payment because of Massive Redemption;

24. The Fund suspends Redemption application because of continuous Massive Redemption;

25. The Fund re-accepts the application for subscription and redemption after suspension of acceptance of the Subscription and Redemption;

26. Other events as prescribed by the CSRC.

(8) Announcement of Clarification

During the Term of the Fund Contract, if any information appears on any public distribution media or circulates in the market that may have misleading influence on or result in considerable fluctuation of the Unit Price, the relevant information disclosure obligators shall immediately clarify such information publicly and report such situation to the CSRC.

(9) Resolutions of the Unitholders’ Meetings

Resolutions of the Unitholders meetings shall be reported to the CSRC of the State Council for approval or filing, and an announcement shall be published accordingly. To convene the Unitholders’ meeting, the convener shall announce the time, format, matters for consideration, deliberation procedures and voting arrangements of the Unitholders’ meeting at least 40 days before the meeting.

Should the Unitholders convene the Unitholders’ meeting on their own according to the relevant provisions, and the Fund Manager and the Fund Custodian fail to fulfill their information disclosure obligations in relation to the resolutions of the Unitholders’ meeting in accordance to the relevant

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(10) Any other information as required by the CSRC.

VI. Management of Matters of Information Disclosure

The Fund Manager and the Fund Custodian shall set up a comprehensive information disclosure management system, and designate responsible personnel to manage the matters of information disclosure.

The information disclosure obligators of the Fund shall disclose to the public the information on the Fund in accordance with the relevant requirements on the content and format standards of information disclosure.

The Fund Custodian shall, in accordance with the relevant Laws and Regulations, the requirements of the CSRC and the Fund Contract, verify and review the public disclosure of information on the Fund as prepared by the Fund Manager, such as the NAV of the Fund, the net value of the Units, the application for subscription and redemption of the Units, the periodic reports of the Fund and the regularly updated Prospectus, and issue written or sealed confirmation to the Fund Manager.

The Fund Manager and the Fund Custodian shall select the newspaper for information disclosure among the Designated Media.

In addition to the disclosure of information on such Designated Media as required by such regulations, the Fund Manager and the Fund Custodian can disclosure such information on other public media as needed, provided that the information disclosure on other public media shall not be made prior to the disclosure on the Designated Media, and the disclosure of the same information on different media shall have the consistent content.

The professional institutions issuing such auditing reports and legal opinions in respect of the publicly disclosed information on the Fund by the information disclosure obligators shall prepare the original copies of such documents, and maintain such documents for at least 10 years after the termination of the Fund Contract.

VII. Maintenance and Inspection of the Information Disclosure Documents

The Prospectus shall be available at the address of the Fund Manager, the Fund Custodian and the Fund Sales Institution for inspection and copying by the public.

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The announced periodic reports of the Fund shall be available at the address of the Fund Manager and the Fund Custodian for inspection and copying by the public. The Fund Manager and the Fund Custodian shall ensure complete consistency between such documents and announcements.

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14. Risk Disclosure

I. Market Risk The market price of securities is affected by various factors including economic factors, political factors, investment psychology and trading systems, which may result in changes in the fund income and pose risks. Such risks mainly include: 1. Policy risk. The change of macro policies of the state, such as monetary policy, finance policy, industrial policy and other policies, will give rise to the fluctuations of the market price, which will bring risks. 2. Economic cycle risk. The income from the securities market changes periodically with the periodical changes of the economic operation. The Fund invests in national bonds and stocks of listed companies, the return thereof will change correspondingly, which will bring risks. 3. Interest rate risk. Changes of the interest rate of the financial market will change the price and yield of the securities market and the bond market. The interest rate directly affects the price and yield of national bonds and also the financing cost and profit of companies. The Fund invests in national bonds and stocks, the return thereof will be subject to the interest rate movement. 4. Operation risk of listed companies. The operation of listed companies can be affected by various factors, such as management ability, financial conditions, market prospect, industrial competition and personnel quality, which will have impact on the profit. If the listed companies invested by the Fund are under poor operation, the stock prices thereof may fall or the profit for distribution will decrease, which will reduce the return of the fund investment. Although the Fund can diversify such non-systematical risks through investment diversification, it cannot totally avoid such risks. 5. Purchasing power risk. The profit of the Fund is mainly distributed in the form of cash while the purchasing power of cash may reduce as a result of inflation, which will reduce the actual gains of the Fund.

II. Management Risk During the management and operation of the Fund, the income level of the Fund may be affected by the knowledge, experiences, judgment, decisions and skills of the Fund Manager, which will affect their possession of information and the judgment on economic trend and securities market. As a result, the income level of the Fund has a relatively high correlation with the management level, manner and techniques of the Fund Manager. Therefore, the income level of the Fund may be affected by factors relating to the Fund Manager.

III. Liquidity Risk The Fund is an open-ended fund. The Fund Manager shall be obliged to accept the

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Subscription and Redemption by Investors on all Open Days. As the stock market of China fluctuates significantly, the transaction turnover may plunge when the market falls. If there are applications for Continuing massive redemption of the Fund, realization of the Fund assets may be difficult and the Fund will face liquidity risks.

IV. Other Risks 1. Risks caused by technical factors, such as the risks caused by an unreliable computer system; 2. Risks from the imperfection of the institutional improvement, personnel allocation, the establishment of internal control system as a result of the rapid development of the fund business; 3. Risks caused by human factors, such as risks of insider transactions and fraudulent conduct; 4. Possible risks from the dependence on key personnel, such as the Fund Manager; 5. Risks that may be caused by the business competition pressure; 6. Any event of Force Majeure, such as wars and natural disasters, would lead to the loss of the Fund assets and affect the income level of the Fund, bringing risks; 7. Risks caused by other accidents.

V. Risk Control under Established Investment Strategies of the Fund The Fund is a mixed fund with a large proportion of investment in stocks. It adopts a combination of qualitative and quantitative analysis in the investment strategy. Meanwhile, it focuses on the analysis on current assets value and the future value release ability and establish portfolio of selected individual stocks. As a result, the Fund may face relatively high investment risks, particularly when there are systematic biases on the judgment of the company value.

As a result, the Fund pays more attention on risks control of the investments. In qualitative analysis, it attaches great importance on seeking listed companies with the assets value and future value meeting the criteria for selecting stocks under the established analysis framework and the changes of listed companies in the industrial growth potential, industrial structure, upstream and downstream positions, competitive advantages and management ability. In quantitative analysis, it studies the basic financial indicators of listed companies in depth, make clear and timely assessment on the accuracy and reliability and master the changes among such indicators. It strives to forecast the risks arising therefrom and take measures to prevent such risks through the analysis on the changes and possible changes.

The solutions include: making long-term investments in advantageous industries and stocks with the highest certainty; eliminating stocks no longer in line with the investment directions of the Fund, the stock prices with significant fluctuations as a result of the deterioration in fundamentals and the stock prices to be adjusted due to the excessive short-term valuation regularly or on ad hoc 138

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) basis; making targeted investments in key industries under the condition of relative balance. Meanwhile, it actively searches for new stocks in line with the investment directions of the Fund and include them into the stock pool after making studies with the established methods to ensure effective implementation of the investment strategies of the Fund.

VI. Risks on Possible Inconsistencies between Statements on Risk and Income Characteristics in the Fund Legal Documents and Fund risks Assessment by Sales Agencies The statements in the investment chapters of the Fund legal documents on the characteristics of risks and incomes are general descriptions on the investment scope, investment proportion and the general laws of the securities market, which represents the long-term characteristics of risks and incomes of the Fund under general market conditions. Sales Agencies (including the direct sale institutions and agencies of the Fund Manager) will conduct risks assessment on the Fund according to relevant Laws and Regulations. Different Sales Agencies may adopt different assessment methods. As a result, the assessment on the risk levels of the Sales Agencies may be different with the statements on the risk and income characteristics in the Fund legal documents. Investors shall complete a survey to see whether their risk profiles match with the risk characteristics of the products as required by the Sales Agencies.

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15. Modification and Termination of Fund Contract and Liquidation of Fund assets

I Modification of the Fund Contract 1. The resolutions on the following matters on the modification of the Fund Contract shall be passed at the Unitholders’ meeting: (1) To terminate of the Fund Contract; (2) To replace the Fund Manager; (3) To replace the Fund Custodian; (4) To change the operation mode of the Fund; (5) To raise the remunerations of the Fund Manager and the Fund Custodian except raising such remunerations under the requirements of Laws and Regulations; (6) To change the category of the Fund; (7) To merge with other funds; (8) To change the investment targets, coverage and strategies of the Fund; (9) To change the procedures of the Unitholders’ meeting; (10) Other matters may have significant influences on the rights and obligations of parties related to the Fund. Under any of the following circumstances, it can be changed and announced with the consents of the Fund Manager and the Fund Custodian and report to the CSRC for filing without the resolutions passed at the Unitholders’ meeting: (1) To lower the fund management fee rate or the fund custodian fee; (2) To increase the charging of fund fees required by Laws and Regulations; (3) To adjust the Subscription fees rate and reduce the Redemption fees rate of the Fund within the scope specified in the Fund Contract; (4) To modify the Fund Contract because of changes made in the relevant Laws and Regulations; (5) Any modifications to the Fund Contract without any disadvantage in substance to the interests of the Unitholders or changing the rights and obligations of the Parties to the Fund Contract. (6) Other circumstances where the convention of the Unitholders’ meeting is not required in accordance with Laws and Regulations or the Fund Contract. 2. Resolutions of the Unitholders’ meeting on the modifications to the Fund Contract shall be implemented after approved by the CSRC and shall be announced on at least one media designated by the CSRC from the effective day of the modifications to the Fund Contract.

II Termination of the Fund Contract

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Under any of the following circumstances, the Fund Contract shall be terminated: 1. The Unitholders’ meeting votes for the Fund Contract to be terminated; 2. The responsibilities of the Fund Manager and the Fund Custodian terminated and no new fund manager and fund custodian to undertake within 6 months; 3. Other circumstances stipulated in the Fund Contract; 4. Other circumstances stipulated by Laws and Regulations or the CSRC.

III Liquidation of the Fund assets 1. Liquidation group of the Fund assets: The liquidation group shall be established within 30 Business Days from the date of the termination of the matters set out in the Fund Contract. The Fund Manager shall arrange the liquidation group of the Fund assets to conduct the liquidation of the Fund assets under the supervision of the CSRC. 2. Composition of the liquidation group of the Fund assets: The liquidation group of the Fund assets shall consist of the Fund Manager, the Fund Custodian, certified public accountants qualified for securities business, lawyers and persons appointed by the CSRC. The liquidation group may hire necessary staff. 3. Responsibilities of the liquidation group of the Fund assets: The liquidation group of the Fund assets shall be responsible for safekeeping, clearing, valuation, realization and distribution of Fund assets. The liquidation group can take necessary civil activities in accordance with relevant laws. 4. Liquidation procedures for Fund assets: (1) After the Fund Contract is terminated, the liquidation group of the Fund assets shall take over the Fund assets; (2) To check and confirm the Fund assets and creditor’s rights; (3) To assess and liquidate the Fund assets; (4) To prepare the liquidation report; (5) To appoint accounting firms to conduct external auditing and appoint law firms to issue legal opinions; (6) To submit the liquidation report to the CSRC for filing and release to public; (7) To distribute the remaining Fund assets. 5. The period for the liquidation of the Fund assets shall not be more than 6 months.

IV Liquidation Expenses Liquidation expenses mean all reasonable fees and expenses incurred during the Fund liquidation process, which shall be paid out of the Fund assets by the liquidation group with priority.

V Distribution of Remaining Fund Assets Under the distribution plan on the liquidation of the Fund assets, if there is any balance when the liquidation expenses on the Fund assets are deducted, the outstanding taxes are paid and the debts 141

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) of the Fund are settled from the remaining Fund assets after liquidation,Distribution proportion of the remaining assets is determined according to the proportion of each Class of Unit of the Fund at the time of Fund Contract termination, and distribution is made according to the proportion of Unitholders of each type of Class of Unit and within the range of remaining assets which can be distributed to each Class of Unit.

VI Fund Assets Liquidation Announcement Any significant events in the liquidation process shall be announced timely. The Fund assets liquidation report shall be audited by the accounting firm and submitted to the CSRC for filing and announced after the law firm issued the legal opinions. The Fund assets liquidation announcement shall be reported to the CSRC for filing within 5 Business Days after the Fund Contract is terminated and shall be announced by the liquidation group of the Fund assets.

VII Keeping of the Statements and Documents of Fund Assets Liquidation The Fund Custodian shall keep all the statements and documents relating to the liquidation of the Fund assets for at least 15 years.

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16. Summary of Fund Contract

I. Rights and Obligations of the Unitholders, the Fund Manager and the Fund Custodian

(I) Rights and Obligations of the Unitholders The subscription of the Units by Investors shall be deemed as an acknowledgement and acceptance of the Fund Contract. Investors shall be the Unitholders and the parties to the Fund Contract from obtaining the Units raised under the Fund Contract until they no longer hold the Units. Unitholders shall not be required to seal or sign on the Fund Contract as parties to the Fund Contract.

Each Unit of the same class shall enjoy equal legitimate interests. 1. In accordance with the Funds Law, the Operation Measures and other relevant regulations, the rights of Unitholders shall include but not limited to: (1) To share the income of the Fund assets; (2) To participate in the distribution of the remaining Fund assets after the liquidation; (3) To redeem the Units held by them under relevant laws; (4) To convene the Unitholders’ meeting under relevant regulations; (5) To attend or appoint proxies to attend the Unitholders’ meeting and exercise the voting rights over the matters deliberated at the Unitholders’ meeting; (6) To inspect or copy public disclosed information and materials on the Fund; (7) To monitor the investment operation of the Fund Manager; (8) To lodge lawsuits against the Fund Manager, the Fund Custodian and the Sales Agencies for the Fund for their activities with prejudice to their legitimate interests; (9) Other rights stipulated by the relevant laws, regulations and the Fund Contract. 2. In accordance with the Funds Law, the Operation Measures and other relevant regulations, the obligations of Unitholders shall include but not limited to: (1) To comply with the Fund Contract; (2) To pay the amounts on the Subscription, Subscription and Redemption of the Fund and other expenses stipulated by the Fund Contract; (3) To assume the losses of the Fund and limited liabilities on the termination of the Fund Contract under the Units held by them. (4) Not to conduct activities with prejudice to the legitimate interests of the Fund and other parties to the Fund Contract; (5) To return the unjust enrichment obtained from the Fund Manager, the Fund Custodian and the Sales Agencies for the Fund for any reasons during the transactions of the Fund; (6) To implement the decisions passed at the Unitholders’ meeting; (7) Other obligations specified by the laws, regulations and the CSRC and stipulated in the

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Fund Contract.

(II) Rights and Obligations of the Fund Manager 1. In accordance with the Funds Law, the Operation Measures and other relevant regulations, the rights of the Fund Manager shall include but not limited to: (1) To raise funds in accordance with laws; (2) To independently use and manage the Fund assets under laws, regulations and the Fund Contract from the effective day of the Fund Contract; (3) To receive the fund management fee under the Fund Contract and other fees stipulated by Laws and Regulations or approved by the CSRC; (4) To sell the Units; (5) To convene the Unitholders’ meeting; (6) To supervise the Fund Custodian under the Fund Contract and relevant Laws and Regulations. The Fund Manager shall report to the CSRC and other regulatory authorities any matter which in its opinion is a breach of the Fund Contract or the relevant Laws and Regulations by the Fund Custodian, and take necessary measures to protect the interests of Investors; (7) To nominate a new fund custodian in the event of replacement of the Fund Custodian; (8) To choose, appoint and replace the Sales Agencies, and to conduct supervision on and handling of relevant activities of Sales Agencies of the Fund; (9) To act as or appoint other qualified institutions as the Registration Institution of the Fund to handle the registration business for the Fund and obtain the fees stipulated in the Fund Contract; (10) To determine the distribution plan on the income of the Fund under the Fund Contract and the provisions of the relevant Laws and Regulations; (11) To determine to reject or temporarily suspend the application for Subscription and Redemption within the coverage stipulated in the Fund Contract; (12) In compliance with the relevant Laws and Regulations and the Fund Contract, to prepare and adjust the Operation Measures and to determine to adjust the structure and charging method of relevant fees of the Fund except raising the management and custodian fees; (13) To exercise the rights as the shareholder of the invested companies for the interest of the Fund and the rights from the investment in securities by the Fund assets for the interest of the Fund; (14) To conduct financing for the interest of the Fund as permitted by relevant Laws and Regulations; (15) To exercise the litigation right or to conduct other legal activities for the interest of the Unitholders in the name of the Fund Manager; (16) To choose and replace the law firm, the accounting firm, the securities brokerage and other external institutions providing services to the Fund; 144

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(17) Other rights stipulated by the relevant laws, regulations and the Fund Contract. 2. In accordance with the Funds Law, the Operation Measures and other relevant regulations, the obligations of the Fund Manager shall include but not limited to: (1) To raise the Fund under relevant laws and to handle or appoint other institutions recognized by the CSRC to handle the offering, subscription, redemption and registration matters of the Units. The Fund Manager shall report to the CSRC and other regulatory authorities any matter which in its opinion is a breach of the Fund Contract, the agreement on the Fund sale and services agency or the relevant Laws and Regulations by the Fund Sales Agencies, and take necessary measures to protect the interests of Investors; (2) To handle the filing procedures of the Fund; (3) To manage and operate the Fund assets based on the principles of good faith and due diligence as from the effective day of the Fund Contract; (4) 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 business manner; (5) To establish and improve the systems such as internal risk control, supervision and auditing, financial control and personnel management, so as to ensure the independence of the Fund assets and the assets of the Fund Manager, and ensure that various funds are independent of one another in the aspects of assets operation and financial control etc.; (6) Not to seek interests for itself or any third party with the Fund assets and not to authorize any third party to operate the Fund assets unless otherwise provided by the Funds Law, the Fund Contract and other relevant regulations; (7) To be supervised by the Fund Custodian according to the law; (8) To take proper measures to make the calculation of the subscription, application, redemption and cancellation of the Fund assets prices meet the provisions of the Fund Contract and other legal documents and calculate and announce the NAV of the Fund to determine the prices on the application and redemption of the Units. (9) To check the accounting calculation of the Fund and prepare the financial accounting report on the Fund; (10) To prepare the half-year and annual report on the Fund; (11) To perform the obligations of information disclosure and reporting in strict accordance with the Funds Law, the Fund Contract and other relevant Laws and Regulations; (12) To keep business secrets of the Fund and not to disclose any fund investment plans, investment intentions and so on. To keep confidential and not disclose to others any information of the Fund before the same is made available to the public, unless otherwise specified in the Funds Law, the Fund Contract and other relevant Laws and Regulations; (13) To distribute the fund income to the Unitholders under the distribution plan on the fund income as stipulated in the Fund Contract; (14) To handle the subscription and redemption application as stipulated and pay the 145

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redemption amounts in a timely manner in full; (15) To convene the Unitholders’ meetings according to the Funds Law, the Fund Contract and other relevant Laws and Regulations; (16) To keep the accounting books, statements, records and other relevant materials on the management of the Fund assets for more than 15 years; (17) To ensure that all documents and materials to be delivered to the Investors 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 method specified herein and the investors can obtain the copies of relevant materials; (18) To join in the fund liquidation group and participate in the keeping, clearing, valuation, realization and distribution of the Fund assets; (19) To report to the CSRC and give notice to the Fund Custodian in a timely manner in the case of dissolution, legal revocation or being announced bankruptcy in accordance with laws; (20) To assume the compensation liability in the case of any loss of Fund assets arising from the violation of the Fund Contract by the Fund Manager, which shall not be relieved as a result of its withdrawal of services; (21) To supervise the Fund Custodian in performing its obligations under relevant Laws and Regulations and the Fund Contract. When the Fund Custodian breaches the Fund Contract and causes losses to the Fund assets, the Fund Manager shall claim compensations from the Fund Custodian for the interest of the Unitholder; (22) When the Fund Manager appoints a third party to handle its obligations, it shall assume responsibilities for the activities of the third party in handling relevant fund matters. When the Fund assets or the interest of the Fund Custodian suffers losses due to the responsibilities of the third party and the Fund Manager firstly assumes the responsibilities, the Fund Manager shall be entitled to claim compensations from the third party; (23) To exercise the litigation right or to conduct other legal activities for the interest of the Unitholders in the name of the Fund Manager; (24) When the Fund Manager fails to meet the conditions for the filing of the Fund during the raising period and the Fund Contract fails to come into effect, the Fund Manager shall assume all fund-raising fees and return the raised funds with the interest on bank deposit for the same duration to the subscribers of the Fund within 30 days after the conclusion of the offering period; (25) To implement the decisions passed at the Unitholders’ meeting; (26) To establish and keep the register of the Unitholders and provide the Fund Custodian with the register of the Unitholders regularly or on ad hoc basis; (27) Other obligations under the laws and regulations and as required by the CSRC and stipulated in the Fund Contract. 146

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(III) Rights and Obligations of the Fund Custodian 1. In accordance with the Funds Law, the Operation Measures and other relevant regulations, the rights of the Fund Custodian shall include but not limited to: (1) To hold and keep in safe custody the Fund assets in accordance with the Laws and Regulations and the provisions of the Fund Contract from the effective day of the Fund Contract; (2) To receive the custodian fees on the Fund as stipulated in the Fund Contract and other incomes stipulated by Laws and Regulations or approved by regulatory departments; (3) To supervise the Fund Manager’s investment operation on the Fund. The Fund Custodian shall promptly report to the CSRC any matter which is in breach of the Fund Contract or the relevant Laws and Regulations and causes significant losses to the Fund assets and the interests of other parties by the Fund Manager, and take necessary measures to protect the interests of Investors; (4) To open securities accounts at the Shanghai Branch and Shenzhen Branch of the China Securities Depository and Clearing Corporation Limited in the joint names of the Fund Custodian and the Fund; (5) To open capital accounts for securities trading in the name of the Fund Custodian for the settlement of securities trading; (6) To open inter-bank bond custody accounts at the Central National Bonds Registration and Settlement Corporation in the name of the Fund to handle the back office matching of the Fund and investment bonds and settlement; (7) To propose the convening or holding of the Unitholders’ meeting; (8) To nominate a new fund manager in the event of replacement of the Fund Manager; (9) Other rights stipulated by the relevant laws, regulations and the Fund Contract.

2. In accordance with the Funds Law, the Operation Measures and other relevant regulations, the obligations of the Fund Custodian shall include but not limited to: (1) The Fund Custodian shall keep the Fund assets in custody based on the principles of good faith and due diligence; (2) The Fund Custodian shall establish a specific fund custody department, operate in a satisfactory business premise, employ adequate full-time qualified personnel who are familiar with the fund custody business, and undertake the matters of Fund assets custody; (3) The Fund Custodian shall establish and improve the internal control system, supervisory and auditing system, financial and personnel management system, to ensure the security of the Fund assets, to ensure the independence of the Fund assets under its custody, the Fund Custodian’s own assets and the assets of other funds under its custody; to maintain separate accounts, conduct separate accounting and keep separate books for different funds, and to ensure the independence among different funds in terms of account setup, 147

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fund transfer and account recording; (4) The Fund Custodian shall not gain interests for itself or any third party with the Fund assets and not to authorize any third party to keep the Fund assets in custody unless otherwise provided by the Funds Law, the Fund Contract and other relevant regulations; (5) The Fund Custodian shall keep all the important contracts and relevant certificates signed by the Fund Manager on behalf of the Fund in a safe manner; (6) The Fund Custodian shall open the capital accounts and securities accounts for the Fund assets, execute the investment orders of the Fund Manager and undertake the clearing and settlement matters in a timely manner; (7) The Fund Custodian shall keep business secrets of the Fund 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 regulations; (8) The Fund Custodian shall review and verify the NAV of the Fund and the application for the Units and the redemption prices; (9) The Fund Custodian shall handle information disclosure matters related to the custody business of the Fund; (10) The Fund Custodian shall provide its opinions in the financial and accounting report of the Fund, the quarterly, half-year and annual reports of the Fund, to illustrate whether the Fund Manager’s operation in all major aspects is in strict accordance with the provisions of the Fund Contract or not; in the event that the Fund Manager fails to perform the provisions in the Fund Contract, it is also necessary to specify whether proper measures have been taken by the Fund Custodian; (11) To keep the records of the custody business activities of the Fund, accounting books and statements of the Fund and other relevant materials for more than 15 years; (12) The Fund Custodian shall prepare the register of the Unitholders; (13) The Fund Custodian shall prepare the relevant accounting books and check with the Fund Manager; (14) The Fund Custodian shall pay the income and Redemption amount of the Unitholders pursuant to the instructions of the Fund Manager or the related regulations; (15) The Fund Custodian shall convene the Unitholders’ meetings or cooperate with the Unitholders in holding the Unitholders’ meetings according to relevant laws; (16) The Fund Custodian shall supervise the investment operation of the Fund Manager according to Laws and Regulations and the provisions in the Fund Contract; (17) The Fund Custodian shall join in the Fund assets liquidation group and participate in the keeping, clearing, valuation, realization and distribution of the Fund assets; (18) The Fund Custodian shall report to the CSRC and the Banking Regulatory Authorities in a timely manner in the case of dissolution, legal revocation or being announced bankruptcy in accordance with laws; (19) The Fund Custodian shall be liable for any and all losses or damage to the Fund assets 148

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arising from the violation of the Fund Contract. Such liability shall not be relieved as a result of its withdrawal of services; (20) The Fund Custodian shall perform its obligations under relevant Laws and Regulations and the provisions of the Fund Contract. When it causes losses to the Fund assets arising from the violation of the Fund Contract by the Fund Manager, the Fund Custodian shall claim compensations from the Fund Manager for the interests of the Fund; (21) The Fund Custodian shall implement the decisions passed at the Unitholders’ meeting; (22) Other obligations under the laws and regulations and as required by the CSRC and stipulated in the Fund Contract.

II. Convening, Agenda and Voting Procedures and Rules of the Unitholders’ meeting The Unitholders’ meeting shall be composed of the Unitholders or the legal representative(s) of the Unitholders. Each Unit held by the Unitholders shall have equal voting right.

(I) Circumstances for Convening Meeting 1. The Unitholders’ meeting shall be convened in any of the following situations: (1) To terminate the Fund Contract; (2) To replace the Fund Manager; (3) To replace the Fund Custodian; (4) To change the operation model of the Fund; (5) To raise the remunerations of the Fund Manager and the Fund Custodian except raising such remunerations are under the requirements of Laws and Regulations; (6) To change of the category of the Fund; (7) To merge with other funds; (8) To change the investment targets, scope and strategies of the Fund; (9) To change the procedures of the Unitholders’ meeting; (10) When the Fund Manager or the Fund Custodian requires convening the Unitholders’ meeting; (11) The Unitholder/Unitholders holding more than 10% (including) of all Units (calculated on the Units held on the day when the Fund Manager receives the agenda, same as below) solely or together makes a written request to convene the Unitholders’ meeting for the same matter; (12) Other matters which may have significant influences on the rights and obligations of parties related to the Fund; (13) Other circumstances required by laws, regulations, the Fund Contract or as required by the CSRC to convene the Unitholders’ meeting.

2. In any of the following situations, it is not required to convene a Unitholders’ meeting and the modifications can be made after the negotiation between the Fund Manager and the 149

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Fund Custodian: (1) To lower the fund management fee rate or the fund custodian fee rate; (2) To increase the charging of fund fees in compliance with the relevant Laws and Regulations; (3) To adjust the Subscription fees rate and reduce the Redemption fees rate within the scope specified in the Fund Contract; (4) To modify the Fund Contract because of changes made in the relevant Laws and Regulations; (5) Any modification to the Fund Contract without any disadvantage in substance to the interests of the Unitholders or does not affect the rights and obligations of the Parties to the Fund Contract; (6) Other circumstances where the convention of the Unitholders’ meeting is not required in accordance with Laws and Regulations or the Fund Contract.

(II) Convener and Convening Method of the Meeting 1. Unless otherwise stipulated by Laws and Regulations or the Contract, the Unitholders’ meeting shall be convened by the Fund Manager. 2. If the Fund Manager does not convene the meeting according to the relevant rules or cannot convene a Unitholders’ meeting, the Fund Custodian shall convene the Unitholders’ meeting. 3. The Fund Custodian shall request in writing to the Fund Manager to convene the Unitholders’ meeting if it considers it necessary. The Fund Manager shall decide whether to convene the Unitholders’ meeting or not and give a written notice to the Fund Custodian within 10 days after receipt of the written request. If the Fund Manager decides to convene the Unitholders’ meeting, the Unitholders’ meeting shall be held within 60 days after the written notice; if the Fund Manager decides not to convene the Unitholders’ meeting and the Fund Custodian still regards it as necessary, the Fund Custodian shall convene the Unitholders’ meeting. 4. If the Unitholders holding 10% or more Units in aggregate consider it necessary to convene a Unitholders’ meeting, they shall submit a written request to the Fund Manager to convene a Unitholders’ meeting. The Fund Manager shall decide whether to convene the Unitholders’ meeting or not and give written notice to the representative(s) of the requesting the Unitholders and the Fund Custodian within 10 days after receipt of the written request. If the Fund Manager decides to convene the Unitholders’ meeting, it shall convene the Unitholders’ meeting within 60 days after the written notice; if the Fund Manager decides not to convene the Unitholders’ meeting and the Unitholders representing 10% or more Units in aggregate still regard it necessary to convene the Unitholders’ meeting, they shall submit a written request to convene the Unitholders’ meeting to the Fund Custodian. The Fund Custodian shall decide whether to convene the Unitholders’ 150

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meeting or not and give a written notice to the representative(s) of the requesting Unitholders and the Fund Manager within 10 days after receipt of the written request; if the Fund Custodian decides to convene the Unitholders’ meeting, it shall convene the Unitholders’ meeting within 60 days after the written notice. 5. If the Unitholders holding 10% or more Units in aggregate consider it necessary to convene a Unitholders’ meeting on the same matter while the Fund Manager and the Fund Custodian decided not to convene, the Unitholders holding 10% or more Units individually or jointly shall have the right to convene on their own and shall file such request to the CSRC at least 30 days in advance. Where the Unitholders convene the Unitholders’ meeting on their own according to the laws, the Fund Manager and the Fund Custodian shall coordinate and shall not impede or interfere. 6. The conveners of the Unitholders’ meeting shall be responsible for determining the date, time, venue and method of the Meeting and the registration day of interests.

(III) The Date, Time, Venue and Form of Notice to Convene the Unitholders’ meeting 1. The convener shall issue a public notice regarding the convening of the Unitholders’ meeting 40 days in advance on at least one Designated Medium. The notice to convene the Unitholders’ meetings shall at least specify the following: (1) The date, time, venue and form of the meeting; (2) The matters for discussion, the agenda procedure and voting form of the meeting; (3) The date of registration of the rights and interests of the Unitholders who have the right to attend the Unitholders’ meeting; (4) The delivery time and place required in the written notice of power of attorney (including but not limited to the capacity, power and valid period of the proxy etc.); (5) The name and the telephone number of the standing contact person. 2. If a Unitholders’ meeting is convened and votes are cast by means of communication, the convener shall determine the means of communication and the method of written voting, and specify in the notice the specific means of communication, the appointed notary public and its contact method and person, and the method of delivery and receipt of written votes of the Unitholders’ meeting. 3. If the convener is the Fund Manager, it shall notify the Fund Custodian in writing to supervise the counting of the written votes at the specified meeting venue. If the convener is the Fund Custodian, it shall notify the Fund Manager in writing to supervise the counting of the written votes at the specified meeting venue. If the convener is the Unitholders, they shall notify the Fund Manager and Fund Custodian in writing, to supervise the counting of the written votes at the specified meeting venue. Where the Fund Manager or the Fund Custodian refuses to appoint representatives to supervise the counting of the written votes, it shall not affect the voting results of the voting opinions.

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(IV) How to Attend the Unitholders’ meeting The Unitholders’ meeting can be held in the form of meeting by personal attendance or by communication. The method to convene a meeting shall be determined by the convener, but in the case of the replacement of the Fund Manager and the Fund Custodian, the Unitholders’ meeting shall be held by personal attendance. 1. Meeting by personal attendance. The Unitholder or his proxy with a power of attorney to vote attends the meeting, and the authorized representatives of the Fund Manager and the Fund Custodian shall attend the Unitholders’ meeting. Where the Fund Manager or the Fund Custodian refuses to appoint representatives to attend the Meeting, it shall not affect the effectiveness of the voting. If personal attendance is adopted, the Unitholders’ meeting may commence its agenda only when both of the following requirements are met: (1) The certificates of holdings of Units of the attending Unitholders, the certificates of holdings of Units of the principals as presented by their proxies and the written powers of attorney of the principals shall meet all the requirements of the relevant Laws and Regulations, the Fund Contract and the meeting notice and shall be consistent with certificates of holdings of Units and the registered materials held by the Fund Manager; (2) A verified consolidation of the certificates of holdings of Units held as at the date of registration of unit holdings presented by the attendees shall indicate that the Units corresponding to all valid certificates represent 50% or more of the total Units of the Fund on the date of registration of unit holdings.

2. Meeting by communication. A meeting by communication refers to that the Unitholder delivers the voting on the matters to vote in written form to the address designated by the conveners. Voting shall be made in written form in the meetings by communication. If all the following conditions are met, the meeting by communication shall be regarded as effective: (1) After announcing the meeting notice in accordance with the Fund Contract, the convener makes reminding announcement repeatedly within 2 Business Days; (2) Under the supervision of the Fund Custodian (if the Fund Custodian is the convener, it shall be the Fund Manager) and a notary public, the convener collects the written votes from the Unitholders by the method stated in the meeting notice. Where the Fund Custodian or the Fund Manager refuses to participate in the collection of written votes, it shall not affect the voting results; (3) The Units held by the Unitholders submitting valid written votes or authorizing others on behalf of them in aggregate account for 50% or more of the total number of Units on the date of registration of unit holdings; (4) For the Unitholders directly issuing written votes or the proxies appointed by the Unitholders to issue written votes in (3) above, the certificates of holdings of Units, the 152

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certificates of holdings of Units of Unitholders who attend by proxy and the written powers of attorney of the principals submitted at the same time shall meet all the requirements of the relevant Laws and Regulations, the Fund Contract and the meeting notice and be consistent with the records of the registration institute of the Fund. The power of attorney issued by the principal shall meet the requirements of the relevant Laws and Regulations, the Fund Contract and the meeting notice; (5) The meeting notice shall be submitted to the CSRC for filing before its announcement. If the voting process is handled by means of communication, the written votes which apparently comply with the requirements on confirming the identification of investors in the meeting notice shall be deemed as valid votes, unless there are sufficient evidence to the contrary. Any vote with vague or contradictory expression shall be deemed invalid and shall be counted into the total Units represented by the Unitholders issuing written opinions.

(V) Agenda and Procedure 1. Agenda and proposal right Any major matters that affect the interests of Unitholders may be put on the agenda, e.g. modification of the Fund Contract, determination on the termination of the Fund Contract, replacement of the Fund Manager, replacement of the Fund Custodian, merging with other funds and other matters which the convener considers necessary to be submitted to the Unitholders’ meeting for discussion. The Fund Manager, the Fund Custodian and the Unitholders holding more than 10% (inclusive) of the Units on the registration day of the rights and interests individually or together can submit the proposals voted by the Unitholders to the convener of the meeting before the convener of the meeting issues the notice of the meeting. They can also submit temporary proposals to the convener of the meeting after the notice of the meeting is issued. Temporary proposals shall be submitted to the convener at least 35 days before the convening day of the meeting and announced by the convener. Any amendments to the original proposals shall be announced at least 30 days before the convening of the Unitholders Meeting after the convener of the Unitholders Meeting issued the notice of convening the meeting. Voting cannot be made in a Unitholders’ meeting for an agenda item that was not announced by the convener. The convener shall review the temporary proposals submitted by the Fund Manager, the Fund Custodian and the Unitholders and shall announce those proposals meeting the conditions 30 days before the convening of the meeting. The convener of the meeting shall review the proposals according to the following principles: (1) Relevance. The convener shall submit the proposals whose matters involved having direct relationship with the Fund and not exceeding the power of the Unitholders Meeting stipulated in Laws and Regulations and the provisions of the Fund Contract to 153

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the meeting for deliberation. For those failing to meet the above requirements, they shall not submit to the meeting for deliberation. If the convener decides not to submit the proposals of the Unitholders for voting at the meeting, it shall give explanations at the Unitholders Meeting. (2) Procedures. The convener of the meeting can make decisions on the procedural matters involved in the proposals. If the proposals have to be subdivided or consolidated, it shall obtain the consent from the original proposers. If the original proposers do not agree to change, the person presiding the meeting can submit to the Unitholders Meeting to decide the procedural matters and it shall conduct deliberation according to the procedures decided at the Unitholders Meeting. If the proposals made by the Unitholders holding more than 10% (inclusive) of The proposals submitted by the Unitholders with more than 10% (inclusive) of the Units on the registration day of the rights and interests individually or together or the proposals made by the Fund Manager or the Fund Custodian to the Unitholders Meeting were not deliberated at the Unitholders Meeting, the same proposals shall be submitted to the Unitholders Meeting for deliberation no less than 6 months later unless the Laws and Regulations otherwise stipulated. If amendments have to be made to the original proposals after the convener of the Unitholders Meeting issued the notice for the meeting, it shall be announced at least 30 days before the convening of the Unitholders Meeting. Otherwise, the day of convening the meeting shall be postponed to allow 30 days in between the convening day and the announcement day. 2. Proceedings of the meeting (1) Meeting by personal attendance In the case of the meeting by personal attendance, the person presiding the meeting shall firstly specify and announce the Scrutineer according to the procedure specified in Clause (VII) below, and then read out the proposals, which shall be discussed and voted on to form the meeting resolutions. If the convener of the Unitholders’ meeting is the representative authorized by the Fund Manager and the authorized representative of the Fund Manager fails to preside over the Meeting, the Fund Custodian shall authorize their representatives attending the Meeting to provide over the Meeting. If the authorized representatives of the Fund Manager and the Fund Custodian fail to preside over the Meeting, a Unitholder shall be selected to provide over the Unitholders’ meeting by a 50% (inclusive) majority vote of the Units of the participating Unitholders. Where the Fund Manager and the Fund Custodian fail to participate at or preside over the Unitholders’ meeting, it shall not affect the effectiveness of the resolutions passed at the Unitholders’ meeting. The convener of the Meeting shall prepare the signature register of the participants to the Meeting. The register shall set out the name, ID Card number and the residential address of the participants, the Units held or represented with voting right, the name of the principal (or company name) and other matters. (2) Meeting by communication For a meeting by communication, the convener shall announce the agenda at least 30 days in 154

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) advance. All the valid votes shall be counted within 2 days after the announced voting deadline under the supervision of a notary public, then the resolutions will be formed.

(VI) Voting Each Unit held by the Unitholder represents one vote. Resolutions of the Unitholders’ meetings include ordinary resolutions and special resolutions. 1. Ordinary resolutions. To be effective, an ordinary resolution shall be approved by a majority vote of more than 50% (inclusive) of the voting rights held by the attending Unitholders. Except for the matters defined in paragraph 2 below which must be approved with a special resolution, all other matters shall be approved with an ordinary resolution. 2. Special resolutions. To be effective, a special resolution shall be made by more than 2/3 (inclusive) of the voting rights held by the attending Unitholders or their proxies. The change of operation models of the Fund, the replacement of the Fund Manager or the Fund Custodian and the termination of the Fund Contract shall be approved by special resolution. The Unitholders’ meeting adopts registered voting. If the voting process is handled by means of communication, the written votes which apparently comply with the requirements on confirming the identification of investors in the meeting notice shall be deemed as valid votes, unless there are sufficient evidence to the contrary. Any vote with vague or contradictory expression shall be deemed invalid and shall be counted into the total Units represented by the Unitholders issuing written opinions. Each proposal or each topic in the same proposal on the agenda of a Unitholders’ meeting shall be discussed and voted on separately.

(VII) Votes counting 1. On-site Meeting (1) If the Unitholders’ meeting is convened by the Fund Manager or the Fund Custodian, the chairman of the meeting shall announce, after the commencement of the meeting, to elect two representatives of the Unitholders among the attending Unitholders together with one representative appointed by the convener to act as the voting Supervisors. If the meeting is convened by the Unitholders, the director of the meeting shall announce, after the commencement of the meeting, to elect three representatives of the Unitholders among the attending Unitholders to act as the voting Supervisors. Where the Fund Manager or the Fund Custodian fails to attend the meeting, it shall not affect the effectiveness of the votes counting. (2) The scrutineer shall count the votes immediately after the Unitholders cast their votes, and then the chairman of the meeting shall announce the vote counting result. (3) If the scrutineer of the meeting or the Unitholders doubts the submitted voting result, the votes may be recounted immediately after the announcement of the voting results. The scrutineer shall recount the votes for no more than one time. The scrutineer shall 155

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

immediately announce the results after the recounting. (4) The counting process shall be notarized by the notary public. Where the Fund Manager or the Fund Custodian refuses to attend the meeting, it shall not affect the effectiveness of the votes counting. 2. Meeting by communication In the case of the meeting by communication, the votes shall be counted in the following manner: The votes of meeting by communication shall be counted by two scrutineers authorized by the convener under the supervision of an authorized representative of the Fund Custodian (if the meeting is convened by the Fund Custodian, it shall be the authorized representative of the Fund Manager) and a notary public shall notarize the vote counting process. Where the Fund Manager or the Fund Custodian refuses to appoint representatives to supervise the vote counting process on the written voting, it shall not affect the effectiveness of the voting and the votes counting.

(VIII) Effectiveness and Announcement The convener shall report the matters approved by the Unitholders’ meeting to the CSRC for approval or filing within 5 days after approval of the relevant resolution. Resolutions approved by the Unitholders’ meetings shall become effective on the day the CSRC approves or issues non-objection opinion in accordance with the law. Resolutions of the Unitholders’ meeting shall be announced on at least one Designated Media within 2 Business Days after they become effective. If the Unitholders’ meeting is convened by means of communication, the full text of notarial certificates and the names of notary publics and notaries shall be announced at the announcement of resolutions of the Unitholders’ meeting. The Fund Manager, the Fund Custodian and the Unitholders shall perform the valid resolutions of the Unitholders’ meetings. Resolutions of the Unitholders’ meeting shall have binding effects on all of the Unitholders, the Fund Manager and the Fund Custodian. (IX) Unitholders of Class H Unit Participating Unitholders’ meeting

Hong Kong Representative or Hong Kong Sale Institutions of the Fund can act as the nominee of Class H Unit of the Fund, and attend Unitholders’ meeting on behalf of the Unitholders of H Unit Class, and can exercise voting rights of Unitholders of Class Unit on behalf of them.

III. Distribution Principle and Implementation Means of Fund Income (I) Distribution Principle of Fund Income 1. Under the conditions on the distribution of the income of the Fund, a maximum of 12 distributions can be made for the income of each class of units of the Fund every year and the total proportion of the distribution of each class of units shall not be less than 50% of the distributable income of that class of units for the year. If the Fund Contract has been effective for less than 3 months, it may choose not to make distributions of the income; 156

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

2. There are two types of income distribution methods of Class A Unit of the Fund: cash dividends and dividend reinvestments. Investors can choose cash dividends or reinvestment of cash dividends according to the net assets value of the Fund on the ex- dividend date and automatically transfer to the corresponding Fund. In case the investors do not make any option, the default income distribution method of Class A Unit of the Fund shall be in form of cash dividends. At present, the income distribution method of Class H Unit of the Fund is only cash dividends. In case where conditions are permitted in the future, dividend reinvestment shall be added to the income distribution method of Class H Unit of the Fund, and options will be given to Unitholders of Class H Unit. Such adjustment shall be effective after consultation between Fund Manager and Fund Custodian, and report to the CSRC and issue announcement. It is not required to convene Unitholders’ Meeting for consideration and approval. After the distribution method of dividends reinvestment is added, in case Unitholders of Class H Unit have not made any choice, the default income distribution method of Class H Unit of the Fund shall be cash dividends. 3. When the Fund recorded net losses in the corresponding investment period, it will not conduct the distribution of income. 4. The income of the Fund shall make up the losses of the previous year first before making the income distribution for the year. 5. The net value of the Unit after the distribution of the income of the Fund shall be not below its nominal value. 6. Each Unit of the same class shall enjoy the same right for distribution. 7. Where Laws and Regulations or regulatory authorities stipulate otherwise, it shall be subject to the stipulations. (II) Distribution Plan of Fund Income The distribution plan on the income of the Fund shall set out the net income of the Fund, the distribution objects of the income of the Fund, the distribution time, the distribution amount and proportion as well as the distribution methods. (III) Determination, Announcement and Implementation of Distribution Plan on Income The distribution plan on the income of the Fund shall be prepared by the Fund Manager and approved by the Fund Custodian. It shall be announced at one designated media at least within 2 days and report to the CSRC for filing. (IV) Expenses arising from Distribution of Income of Fund The procedural fees arising from bank transfers and other procedural fees from the distribution of the bonus shall be assumed by investors on their own. When the bonus dividend of investors is below certain amount and is not sufficient to pay the procedural fees on bank transfers and other procedural fees, the registration institute of the Fund can automatically transfer the cash bonus of 157

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) the Unitholders into the Unit based on the ex-net value of the Unit on the registration day of interests. The calculation method for the reinvestment with bonus dividends will follow the Operation Measures.

IV. Accrual methods, accrual standards, and payment terms of the Fund expenses (I) Management fee payable to the Fund Manager The management fee of the Fund shall be accrued at the rate of 1.5% per annum of the NAV of the preceding day. The calculation method is listed as follows: H＝E×1. 5%÷ number of days in the current year H is the management fee accrued every day E is the NAV of the Fund assets on the preceding day The management fee is calculated and accrued daily to the end of month and is payable monthly in arrear. The Fund Manager will send the payment order for the Fund management fee to the Fund Custodian, and the Fund Custodian will check and make a lump-sum payment to the Fund Manager from the Fund assets within the first 2 Business Days of the following month. In case of statutory holidays or rest days, the payment date shall be postponed accordingly. (II) Custodian fee payable to the Fund Custodian The custodian fee shall be accrued at the rate of 0.25% per annum of the NAV of the Fund of the preceding day. The calculation method is listed as follows: H＝E×0.25%÷number of days in the current year H is the custodian fee accrued per day E is the NAV of the Fund assets on the preceding day The custodian fee is calculated and accrued daily to the end of month and is payable monthly in arrear. The Fund Manager will send the payment order for the Fund custodian fee to the Fund Custodian, and the Fund Custodian will check and make a lump-sum payment to the Fund Manager from the Fund assets within the first 2 Business Days of the following month. In case of statutory holidays or rest days, the payment date shall be postponed accordingly. (III) For the details of the fees on the sale of the Fund, the accrual methods, the accrual standards and payment terms, please refer to the chapter headed “Subscription and Redemption of Units”.

V. Investment Objective and Restrictions on Fund assets (I) Investment Objective The Fund is a mixed fund and invests in listed companies with good asset backing and potential to unlock value (with stable earnings and profitability can be maintained or are about to turnaround) by way of bottom-up selecting method with moderate risk exposure and steady liquidity for the purpose of long-tem and stable increase in asset value of the Fund. (II) Investment Scope

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The Fund invests in financial instruments with good liquidity, including stocks and bonds publicly issued and listed within China according to the relevant laws and regulations and other financial instruments permitted by the CSRC. The portfolio of the Fund consists of: stocks (60%-95%), of which investment in value stock shall be no less than 80%; bonds, money market instruments and other financial instruments (0- 35%); warrants (0-3%); asset-backed securities (0-20%); and cash reserved by the Fund and government bonds maturing within 1 year shall make up no less than 5% of the NAV of the Fund in total. If the Laws and Regulations or the competent authority allows the Fund to invest in other types of investment in the future, the Fund Manager can include such types of investment into its investment scope. (III) Investment Restrictions 1. Prohibited Activities To protect the lawful interests of the unitholders, the Fund shall not engage in the following conducts: (1) Engage in securities underwriting; (2) Provide loans and guarantees to others; (3) Engage in any investment involving unlimited liabilities to the Fund; (4) Invest in other funds, excluding the funds otherwise required by laws and regulations or CSRC; (5) Contribute capital to the Fund Manager or Fund Custodian or investing in stocks or bonds issued by the Fund Manager or Fund Custodian; (6) Invest in or underwrite during the underwriting period the securities issued by the controlling shareholders of the Fund Manager or Fund Custodian or other companies in which the Fund Custodian having material interests; (7) Commit insider trading, and market manipulation and other unlawful securities transaction; (8) Other acts forbidden by prevailing laws and regulations as well as those stipulated in the Fund Contract. If the above restrictions removed by laws and regulations as well as the supervisory authorities, the Fund Manager can be released from the above restrictions after appropriate procedures. 2. Restrictions on Investment Portfolio The portfolio of the Fund is subject to the following restrictions: (1) The market value of the shares of a listed company held by the Fund shall not exceed 10% of the NAV of the Fund; (2) The exposure of this Fund and other funds managed by the Fund Manager to a security issued by a company shall not exceed 10% of that security; (3) The balance of the funds for the repurchase of bonds in the interbank market shall not exceed 40% of the NAV of the Fund; 159

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

(4) The Fund shall not violate the agreement about the the scrope of investment and investment proportion under the Fund Contract; (5) The total amount of warrants invested in by the Fund on any trading day shall not exceed 0.5% of the NAV of the Fund assets on the preceding trading day. The market value of all the warrants held by the Fund shall not exceed 3 % of the NAV of the Fund. Where the Fund and any other funds managed by the Fund Manager hold the same warrant, the holdings shall not exceed 10% of such warrant. Where the Laws and Regulations or regulatory authorities otherwise provide for the said proportion restrictions, such provisions shall be complied with; (6) The ratio of all asset-backed securities of the same originator invested by the Fund shall not exceed 10% of the NAV of the Fund. The market value of all the asset-backed securities held by the Fund shall not exceed 20% of the NAV of the Fund. The ratio of the same (meaning having the same credit rating) asset-backed securities held by the Fund shall not exceed 10% of the size of such asset-backed securities. The investment in all asset-backed securities of the same originator made by all securities investment funds under the management of the Fund Manager shall not exceed 10% of the total size of its asset-backed securities; (7) Where the Fund assets are engaged in stock shares offering, the amount reported by the Fund shall not exceed the total asset size of the Fund. The reported number of shares shall not exceed the total amount of the shares to be offered by such company; (8) Other investment restrictions stipulated by related laws and regulations and supervisory authorities. If the above restrictions removed by laws and regulations as well as the supervisory authorities, the Fund Manager can be released from the above restrictions after appropriate procedures. If any factor (other than the Fund Manager), such as fluctuation of stock market, the change of the listed companies’ or the Fund’s size, makes the Fund’s investment proportion become incompliant with the investment proportion required above, the Fund Manager shall make adjustments within ten Business Days. If other provisions are stipulated by the Laws and Regulations, those provisions shall be complied with.

VI. Calculation Method and Announcement Method of NAV of Fund The NAV of the Fund refers to the GAV of the Fund less the debts of the Fund. After the Fund Contract came into effect, the Fund Manager shall announce the NAV of the Fund and the net value of the Unit at least once a week before handling the application or redemption of the Units. After handling the application or redemption of the Units, the Fund Manager shall disclose the net value of the Fund and the accumulated net value of the Unit on the Open Day on the flowing day of each Open Day through website, the sales branches of the Units and other media. The Fund Manager shall announce the NAV of the Fund and the net value of the Unit on the 160

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) last Trading Day in each half year and each year. The Fund Manager shall publish the NAV of the Fund, the net value of the Unit and the accumulated net value of the Unit at the Designated Media on the following day of the Trading Day as stipulated in the above item.

VII. Reasons and Procedures for Cancelling and Termination of Fund Contract and Liquidation Method of Fund assets (I) Modification of the Fund Contract 1. The resolutions on the following matters on the alteration of the Fund Contract shall be passed at the Unitholders’ Meeting: (1) To terminate of the Fund Contract; (2) To replace the Fund Manager; (3) To replace the Fund Custodian; (4) To change the operation mode of the Fund; (5) To raise the remunerations of the Fund Manager and the Fund Custodian other than raising such remunerations are under the requirements of Laws and Regulations; (6) To change the category of the Fund; (7) To merge with other funds; (8) To change the investment targets, scope and strategies of the Fund; (9) To change the procedures of the Unitholders’ Meeting; (10) Other matters which may have significant influences on the rights and obligations of parties related to the Fund. Under any of the following circumstances, it can be changed and announced with the consents of the Fund Manager and the Fund Custodian and report to the CSRC for filing without the resolutions passed at the Unitholders’ Meeting: (1) To lower the fund management fee rate or the fund custodian fee; (2) To increase the charging of fund fees required by laws and regulations; (3) To adjust the Subscription fees rate and reduce the Redemption fees rate of the Fund within the scope specified in the Fund Contract; (4) To modify the Fund Contract because of changes made in the relevant Laws and Regulations; (5) Any alteration to the Fund Contract without any disadvantage in substance to the interests of the Fund Unitholders or changing the rights and obligations of the Parties to the Fund Contract; (6) Other circumstances where the convention of the Fund Unitholder Meeting is not required in accordance with laws and regulations or the Fund Contract. 2. Resolutions of the Unitholders’ Meeting on the alteration to the Fund Contract shall be implemented after approved by the CSRC and shall be announced on at least one media designated by the CSRC from the effective day of the modifications to the Fund Contract. 161

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

(II) Termination of the Fund Contract Under any of the following circumstances, the Fund Contract shall be terminated: 1. The Unitholders’ meeting votes for the Fund Contract to be terminated; 2. The responsibilities of the Fund Manager and the Fund Custodian terminated and no new fund manager and fund custodian to undertake within 6 months; 3. Other circumstances stipulated in the Fund Contract; 4. Other circumstances stipulated by Laws and Regulations or the CSRC.

(III) Liquidation of the Fund assets 1. Liquidation group of the Fund assets: The liquidation group shall be established within 30 Business Days from the date of the termination of the matters set out in the Fund Contract. The Fund Manager shall arrange the liquidation group of the Fund assets to conduct the liquidation of the Fund assets under the supervision of the CSRC. 2. Composition of the liquidation group of the Fund assets: The liquidation group of the Fund assets shall consist of the Fund Manager, the Fund Custodian, certified public accountants qualified for securities business, lawyers and persons appointed by the CSRC. The liquidation group may hire necessary staff. 3. Responsibilities of the liquidation group of the Fund assets: The liquidation group of the Fund assets shall be responsible for safekeeping, clearing, valuation, realization and distribution of Fund assets. The liquidation group can take necessary civil activities in accordance with relevant laws. 4. Liquidation procedures for Fund assets: (1) After the Fund Contract is terminated, the liquidation group of the Fund assets shall take over the Fund assets; (2) To check and confirm the Fund assets and creditor’s rights; (3) To assess and liquidate the Fund assets; (4) To prepare the liquidation report; (5) To appoint accounting firms to conduct external auditing and appoint law firms to issue legal opinions; (6) To submit the liquidation report to the CSRC for filing and release to public; (7) To distribute the remaining Fund assets. 5. The period for the liquidation of the Fund assets shall not be more than 6 months.

VIII. Dispute Settlement All parties hereto hereby agree that where any dispute caused by or related to the Fund Contract among parties hereto and fails to be settled through friendly negotiations, it shall be submitted to China International Economic and Trade Arbitration Commission for arbitration in accordance with the effective arbitration rules of that time of the Commission. The arbitral award is Beijing. The 162

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) arbitration verdict shall be final and binding upon all parties hereto. The arbitration fees shall be borne by the losing party. The Fund Contract is governed by the laws of China.

IX. Safekeeping of the Fund Contract and How to Obtain the Contract by Investors The Fund Contract may be printed in book form for the investors to inspect at the office and place of business of the Fund Manager, the Fund Custodian and the Sales Agencies of the Fund. The investors may also subscription the duplicated document or copy of the Fund Contract at the cost of production, but the contents of the original copy of the Fund Contract shall prevail.

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17. Summary of Fund Custodian Agreement

I. Parties to the Custody Agreement (I). Fund Manager Name: China Southern Asset Management Co., Ltd. Domicile and Office Address: Floors 31, 32 & 33, Duty-free Business Building, 6 Fuhua 1st Road, Futian CBD, Shenzhen City Legal Representative: Wu Wanshan Approval Authority and Approval Document No.: Zheng Jian Ji Jin Zi No. [1998] 4 Registered Capital: 150 million Yuan Organization Form: Limited Liability Company Scope of Business: fund management business, promotion of establishment of funds and other businesses as approved by the CSRC. Duration: on-going operation Tel: （0755）82763888 Fax: （0755）82763889 Contact: Bao Wenge (II). Fund Custodian Name: Industrial and Commercial Bank of China Limited Domicile: No. 55 Fuxingmennei Avenue, Xicheng District, Beijing City Legal Representative: Jiang Jianqing Tel: （010）66106912 Fax: （010）66106904 Contact: Jiang Songyun Date of establishment: 1 January 1984 Organization: Joint Stock Limited Company Registered Capital: RMB334,018,850,026 Approval Authority and Establishment No.: the State Council’s Decision Regarding Special Exercise of Functions of Central Bank by the People’s Bank of China (Guo Fa No. [1983]146) Duration: on-going operation Scope of Business: Deposits in RMB, loans and settlement at home or abroad; bills acceptance, discount, transfer of discount, accounting business at home, funds clearing as an agent, providing credit letter services; agency sales business; agency issue, agency underwriting, agency acceptance bond; collection and payment business as an agent, agency securities fund clearing business, insurance agency business, loan business as an agent for foreign banks and international financial institutions, securities investment fund, enterprise annuity trust business, enterprise annuity account management services, subscription business, consulting and investigation services, loan commitment, enterprise and personal financial consultation services, organization of or participation

164

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) in bank loan and deposits in foreign currency, loan in foreign currency, foreign exchange, export collection and import collection, foreign exchange bill acceptance and discount, borrowings in foreign currency, foreign exchange guarantee, issue, agency issue, subscription and sale of or acting as an agent for the subscription and sale of foreign exchange negotiable securities. Proprietary foreign exchange trading, foreign exchange financial derivatives business, banking card business, telephone banking, online banking, mobile phone banking business, foreign exchange settlement and sale business, other businesses as approved by the banking supervision and administration authority under the State Council.

II. Supervision and Verification by the Fund Custodian on the Fund Manager (I). The Fund Custodian’s exercise of supervision right on the Fund Manager’s investment activities 1. The Fund Custodian shall supervise the followings investment scope and the investment targets of the Fund in accordance with the requirements of relevant Laws and Regulations and as agreed by the Fund Contract. The Fund is a mixed fund and invests in listed companies with good asset backing and potential to unlock value (with stable earnings and profitability can be maintained or are about to turnaround) by way of bottom-up selecting method with moderate risk exposure and steady liquidity for the purpose of long-tem and stable increase in asset value of the Fund.

The Fund shall invest in the following financial instruments: The scope of investment of the Fund is in financial instruments with good liquidity, including stocks and bonds publicly issued and listed within China according to the relevant laws and regulations and other financial instruments permitted by the CSRC. In the event that Laws and Regulations or regulatory authorities permit the Fund to invest in other products categories, the Fund Manager may put them into its investment scope subject to performance of appropriate process. The Fund shall not invest in those instruments prohibited by relevant laws, regulations, department rules and the Fund Contract for investment.

2. The Fund Custodian shall supervise the followings proportions of investment and financing of the Fund in accordance with the requirements of relevant Laws and Regulations and as agreed by the Fund Contract.

(1) Under the requirements of the Laws and Regulations and as agreed by the Fund Contract, the proportion of assets allocation of the Fund for investment is as follows:

The portfolio of the Fund consists of: stocks (60%-95%), of which investment in value stock shall be no less than 80%; bonds, money market instruments and other financial instruments (0- 165

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

35%); warrants (0-3%); asset-backed securities (0-20%); and cash reserved by the Fund and government bonds maturing within 1 year shall make up no less than 5% of the NAV of the Fund in total.

In the event that scale of the Fund, the market change or other factors has resulted in that the investment portfolios can’t comply with such requirements, the Fund Manager shall adjust its investment portfolios within a reasonable timeframe to meet such proportion limitations. If there are other requirements in the Laws and Regulations, it shall follow such requirements.

In the event that Laws and Regulations or regulatory authorities permit the Fund to invest in other products categories, the Fund Manager may put them into its investment scope subject to performance of appropriate process, and it may adjust properly and reasonably its investment scope in accordance with .then effective Laws and Regulations.

The Fund Manager shall provide the Fund Custodian the China Southern Selected Value Equity Fund’s stocks pool in a form agreed by both parties on a quarterly basis, and is obliged to ensure that such stocks pool is to comply with such requirements of the Fund Contract. The Fund Custodian supervises the proportion of the Fund’s investment in such stocks of listing companies according to the stocks pool.

For any provisional adjustment by the Fund Manager on such stocks pool, it shall give a letter with the official seal in advance to inform the Fund Custodian, and the Fund Custodian shall reply to confirm the same within 2 Business Days after received the letter. Any adjustment to such stocks pool will be effective from the second date following the date of sending the confirmation letter by the Fund Custodian.

(2) Under the requirements of the Laws and Regulations and as agreed by the Fund Contract, the investment portfolios of the Fund shall abide by the following investment restrictions:

① the market capitalization of the stocks held by the Fund in a listed company shall not exceed 10% of Net Asset Value of the Fund; ② the number of securities held jointly by the Fund and other funds managed by the Fund Manager in a company shall not exceed 10% of such securities; ③ the balance of funds by the Fund to enter into the national inter-bank market for bonds resubscription shall not exceed 40% of its Net Asset Value; ④ the Fund shall not violate the investment scope and the agreed investment proportion under the Fund Contract; ⑤ total amounts of warrants subscriptiond by the Fund in any trading day shall not exceed 0.5% of Net Asset Value of the Fund on the previous trading day, the market value of all 166

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

warrants held by the Fund shall not exceed 3% of Net Asset Value of the Fund, and the proportion of the same warrant held by all funds under management of the Fund Manager shall not exceed 10% of such warrant. If there are other requirements in the Laws and Regulations, it shall follow such requirements; ⑥ the proportion of the Fund’s investment in various asset backed securities of the same original equity holder shall not exceed 10% of Net Asset Value of the Fund; the market capitalization of all asset backed securities held by the Fund shall not exceed 20% of Net Asset Value of the Fund; the proportion of same (which is in a same credit rating) asset backed securities held by the Fund shall not exceed 10% of such asset backed securities scale; different asset backed securities of the same original equity holder invested by all funds under the management of the Fund Manager shall not exceed 10% of the aggregate volume of its different asset backed securities; ⑦ the market capitalization of restricted securities issued by a company which are held by the Fund shall not exceed 2% of its Net Asset Value, and the market capitalization of all restricted securities held by a fund shall not exceed ten percent of Net Asset Value of the fund; ⑧ for participation of the Fund assets in application for subscription in stock issue, the amounts to be applied by the Fund shall not exceed total assets of the Fund, the number of stocks to be applied shall not exceed total volume of this stock issue to be proposed by a company; ⑨ other investment restrictions required by relevant Laws and Regulations and regulators.

In the event that such restrictions have been cancelled by the Funds Law and other relevant Laws and Regulations or regulators, the Fund is not subject to the above restrictions upon its performance of appropriate processes. (3) Duration for adjustment to investment proportion of the Fund as permitted by regulations In the event that the investment portfolios are not met the agreed proportions above due to the securities market fluctuation, combination between listing companies or change in the size of the Fund, which are beyond the control of the Fund Manager, they are not within the restriction scope, however, the Fund Manager shall adjust within 10 trading days to meet the restriction requirements in the investment proportions. If there are other requirements in the Laws and Regulations, it shall follow such requirements. The Fund Manager shall, in the foreseeable significant changes in the assets scale, give formally the Fund Custodian a letter stating the size of which the Fund may change and the response measures to facilitate implementation of the Fund Custodian’s supervision on trading. (4) The Fund can carry on margin trading in accordance with relevant requirements of the State. (5) other proportion restrictions required by relevant laws, regulations or department rules. The supervision and verification of the Fund Custodian on the Fund’s investment proportions 167

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

shall be commenced from the effective date of the Fund Contract. 3. The Fund Custodian shall supervise the investment activities from which the Fund is prohibited in accordance with the requirements of relevant Laws and Regulations and as agreed by the Fund Contract: The Fund is prohibited from the following activities in accordance with the requirements of relevant Laws and Regulations and as agreed by the Fund Contract: (1) underwriting securities; (2) provision of loans or guarantees to other parties; (3) engaging in investments assuming unlimited liability; (4) trading of shares of other funds, except for otherwise provided by the laws or regulations or the CSRC; (5) making capital contribution on the Fund Manager or the Fund Custodian, or trading of stocks or bonds issued by the Fund Manager or the Fund Custodian; (6) trading of securities issued by those shareholders who have shareholding in the Fund Manager or the Fund Custodian, or those companies which have other significant interests in the Fund Manager or the Fund Custodian; (7) engaging in inside transactions, manipulating prices of securities and other improper securities trading activities; (8) other acts prohibited by the prevailing Laws and Regulations, the CSRC and the requirements under the Fund Contract. In the event that such restrictions have been cancelled by the Laws and Regulations or regulators, the Fund is not subject to the above requirement restrictions upon its performance of appropriate processes. 4. The Fund Custodian shall supervise the restrictions on the Fund’s connected investments in accordance with the requirements of such Laws and Regulations and as agreed by the Fund Contract. According to the requirements of Laws and Regulations about connected transactions from which a fund is prohibited, the Fund Manager and the Fund Custodian shall provide each other in advance the list of the shareholders who have shareholding in this organization or the companies which have significant interest relationships with this organization and its update, with the official seal and which is submitted in writing. Both parties shall ensure each other the truth, completeness and comprehensiveness of the list of connected transactions. The Fund Manager is obligated to keep a true, complete and full list of connected transaction, and is reliable to update timely such list. After alteration of the list, the Fund Manager shall timely send it to the Fund Custodian, and the Fund Custodian shall reply in a confirmation letter acknowledging the alteration of the list within 2 Business Days. In the event that the Fund Custodian has followed strictly the supervision process, the Fund Manager still has engaged illegally in connected transactions and thus resulted in losses of assets of the Fund, such liabilities shall be assumed by the Fund Manager. Once the Fund Custodian finds that the Fund Manager has conducted a connected transaction from which the Fund is prohibited under the Laws and Regulations with the connected parties shown 168

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) under the list of connected transactions, the Fund Custodian should remind timely and assist the Fund Manager to take necessary measures to prevent the occurrence of such connected transaction. In the event that the Fund Custodian still can’t prevent the occurrence of such connected transaction after it took the necessary measures, the Fund Custodian is entitled to report to the CSRC. For those illegal connected transactions completed in a stock exchange, the Fund Custodian shall make settlement in accordance with the relevant Laws and Regulations and the rules of a stock exchange and at the same time report it to the CSRC. 5. The Fund Custodian shall supervise the Fund Manager’s participation in the inter-bank bond market in accordance with the requirements of such Laws and Regulations and as agreed by the Fund Contract. （1）The Fund Custodian shall supervise the capital and credit risks from its counterparties when the Fund Manager has participated in the inter-bank market transaction in accordance with the requirements of such Laws and Regulations and as agreed by the Fund Contract. The Fund Manager shall provide the Fund Custodian with a list of counterparties in the inter- bank market in accordance with the Laws and Regulations and the industry norm, and agree the applicable transaction settlement manners for the counterparties in such list under the prudent risk control principal. The Fund Custodian shall reply in a confirmation letter stating receipt of such list with 2 Business Days after receiving such list. The Fund Manager shall update regularly or an ad hoc basis the list of counterparties engaging spot bond and resubscription transactions in the inter- bank market. It is required to apply in writing with the Fund Custodian for increasing or decreasing the counterparties in the inter-bank market in such list, and such list will be updated after the Fund Custodian replied in a confirmation letter of receiving it within 2 Business Days. After the Fund Manager received a written confirmation from the Fund Custodian, the confirmed adjusted list will start to be effective. For those outstanding transactions which are conducted with the removed counterparties before the new list is effective, they shall still be settled pursuant to the agreement. In the event that the Fund Custodian finds that the Fund Manager has conducted a transaction with the inter-bank market counterparties who are not in the list, it shall remind timely the Fund Manager to cancel the transaction. In the event that after such reminder, the Fund Manager still conducted the transaction and thus resulted in losses of assets of the Fund, the Fund Custodian shall not assume any liability, and in this case, the custodian may report to the CSRC.

(2) The control of the Fund Custodian on the trading manners of the Fund Manager’s participation in inter-bank market transactions When the Fund Manager has conducted the trading of spot bond and resubscription transactions in the inter-bank market, it is required to conduct transactions in the transaction settlement manner which is applicable to the counterparties as agreed in such counterparties list. In the event that the Fund Custodian found that the Fund Manager has not conducted transactions in a transaction manner as agreed in advance, which is conducive to control of credit risk, the Fund

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Custodian shall remind timely the Fund Manager and the counterparties to reconfirm the transaction manner. In case that after the reminder, they still have not made corrections and thus resulted in losses of assets of the Fund, the Fund Custodian will not assume any liability.

(3) The core counterparties with which the Fund Manager participates in the inter-bank market transaction include Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications. After consensus is reached upon negotiation by the Fund Manager and the Fund Custodian, the list of the core counterparties may be adjusted according to then market situation. The Fund Manager is obliged to control on the capital and credit risks of the counterparties. When conducted transactions with the counterparties other than the core counterparties, the losses incurred from the capital and credit risks of the counterparties is first borne by the Fund Manager, thereafter it is entitled to require the relevant responsible person to make compensation. In the event that the Fund Custodian has strictly complied with the above supervision process, for losses incurred from capital and credit risks of the counterparties, it shall not assume any responsibility. 6. Supervision of the Fund Custodian on the Fund Manager’s selection of deposit bank. The credit risks of the Fund’s investment in bank deposits mainly include the credit rating of deposit banks, payment ability of deposit banks and other risks concerning selection of deposit banks. The list of core deposit banks of the Fund includes Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China and Bank of Communications, when the Fund’s investment in bank deposits other than its core deposit banks recorded losses arisen from credit risks of the deposit bank, such losses are first borne by the Fund Manager, thereafter it is entitled to require the relevant responsible person to make compensation. In the event that the Fund Custodian has strictly complied with the above supervision process, for losses incurred from credit risks of the deposit bank, it shall not assume any responsibility. After consensus negotiation by the Fund Manager and the Fund Custodian, the list of the core deposit banks may be adjusted according to then market situation.

7. Supervision of the Fund Custodian on the Fund’s investment in restricted securities.

(1) The investment of the Fund in restricted securities shall be complied with the Emergency Notice on Standardizing A Fund’s Act of Investment in Securities Not Publicly Issued, the Notice on Issues Regarding A Fund’s Investment in Stocks Not Publicly Issued or Other Restricted Securities and other relevant Laws and Regulations.

(2) The restricted securities, including not publicly issued stocks, offline placing parts of public offering of stocks, and other tradable securities with determining a certain of lock-up periods required on issue, as stipulated by the Administrative Measures for the Issuance of Securities by Listed Companies, other than those securities which are suspended for trading due to material 170

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) information or other reasons, unlisted securities in issue, the pledged securities in resubscription transactions and other restricted securities.

(3) The Fund Manager shall, before the Fund invests firstly in restricted securities, provide the Fund Custodian the investment decision-making process and the risk control system approved by the board of directors of the Fund Manager. For the Fund’s investment in not publicly issued stocks, the Fund Manager shall further provide the liquidity risk handling plan approved by the board of directors of the Fund Manager. Such information shall include but not limited to control on the investment amounts and the investment proportions of the Fund in investment of the restricted securities. Such information shall be sent in writing by the Fund Manager to the Fund Custodian at least two Business Days before its first execution of investment order in order to ensure that the Fund Custodian has sufficient time to review the same. The Fund Custodian shall make confirmation in writing or other manners agreed by both parties at least two Business Days after received such information.

(4) Prior to the Fund’s investment in restricted securities, the Fund Manager shall provide the Fund Custodian related written information in accordance with the requirements of the Laws and Regulations, including but not limited to approval documents from the CSRC, number of securities to be issued, the issue price, lock-up period for the entity to be issued securities, the number to be subscribed by the Fund, price, total costs, proportion of total costs to Net Asset Value of the Fund, time of payment etc. The Fund Manager shall ensure the truth and completeness of such information, and send such information in writing to the Fund Custodian before its execution of investment orders to ensure that the Fund Custodian has sufficient time to review the same.

(5) The Fund Custodian shall supervise whether the Fund Manager has complied with the Laws and Regulations, investment decision-making process, risk control system, liquidity risk handling plan, and review related written information provided by the Fund Manager. In the event that the Fund Custodian considers that such information may impose a risk on the Fund, it is entitled to require the Fund Manager to provide a supplemental written explanation on the measures to eliminate or prevent such risk prior to the investment in restricted securities, and reserve the right to check the risk assessment report issued by the risk management department of the Fund Manager on the Fund’s investment in restricted securities, and information available for inspection. Otherwise, the Fund Custodian has the right to refuse the execution of such orders. If the refusal of execution of such order has resulted in losses of assets of the Fund, the Fund Custodian will not assume any liability, and may to report to the CSRC. In the event that the Fund Manager and the Fund Custodian fail to reach an agreement, they shall report timely to the CSRC to request settlement. If the Fund Custodian has performed earnestly its supervisory duties, it is not required to assume any liability. If the Fund Custodian has not 171

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) performed earnestly its supervisory duties, and thus resulting in risk on the Fund, the Fund Custodian shall assume joint liability.

(II)The Fund Custodian shall supervise and verify calculation of the Net Asset Value of the Fund, calculation of NAV per Unit, accounts receivable, fund expenses and income determination, allocation of fund income, related information disclosure, the fund performance data published on the fund promotion and introduction materials in accordance with the requirements of the Laws and Regulations and as agreed by the Fund Contract.

(III)When the Fund Custodian finds that the Fund Manager’s investment operation and other operations have violated the Funds Law, the Fund Contract, the Fund Custodian Agreement and other related requirements, it shall inform timely in writing the Fund Manager to correct within a specified timeframe, and the Fund Manager shall check timely on the next Business Day after it received such notice, and send in writing a reply letter to the Fund Custodian to make an explanation or put to the proof. In the specified timeframe, the Fund Custodian is entitled to review matters in the notice in any time, and supervise and urge the Fund Manager to make corrections. In the event that the Fund Manager fails to correct the violation matters in the notice by the Fund Custodian in a specified timeframe, the Fund Custodian shall report to the CSRC. The Fund Custodian is obliged to require the Fund Manager to compensate the losses from which Investors suffered as a result of the violation of the Fund Contract on the part of the Fund Manager. In the event that the Fund Custodian finds that the investment orders of the Fund Manager have violated the relevant requirements of the Laws and Regulations or violated the agreed terms of the Fund Contract, it shall refuse such orders, immediately notify the Fund Manager, and report to the CSRC. In the event that the Fund Custodian finds that the investment orders of the Fund Manager, which have already been entered into force according the transaction process, have violated laws, administrative regulations and other relevant requirements, or violated the agreed terms of the Fund Contract, it shall immediately notify the Fund Manager and report to the CSRC. The Fund Manager shall actively cooperate with and assist the Fund Custodian to make supervision and verification; it must reply the Fund Custodian within a specified time and make corrections, explain or put to the proof on the Fund Custodian’s concerns. If the Fund Custodian is required to submit the fund supervision report to the CSRC, the Fund Manager shall active cooperate to provide related data, information and system etc. Once the Fund Custodian finds that the Fund Manager has significant violation acts, it shall immediately report to the CSRC, at the same time notify the Fund Manager to make corrections within a timeframe. The Fund Manager has no legitimate reason to refuse, obstruct the Fund Custodian to exercise its supervision right under the requirements of this agreement, or take the delay, fraud and other 172

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) means to hinder the Fund Custodian to make effective supervision. If the circumstances are serious or it still has not corrected after warning by the Fund Custodian, the Fund Custodian shall report to the CSRC.

III. Verification of the Fund Manager on Businesses of the Fund Custodian The Fund Manager shall verify the performance of the Fund Custodian on its custody duties, the verification matters include but not limited to the Fund Custodian’s safe custody on assets of the Fund, opening the fund account and securities account for assets of the Fund, review of the Net Asset Value and NAV per Unit calculated by the Fund Manager, handling the clearing and settlement according to orders of the Fund Manager, related information disclosure and supervision of the Fund’s investment operation and other acts. When the Fund Manager finds that the Fund Custodian has misappropriated assets of the Fund, has not implemented the separate account management on assets of the Fund, has not executed or delayed without reasons to execute the fund allocation orders of the Fund Manager, disclose the investment information of the Fund and others which have violated the Funds Law, the Fund Contract, this Custody Agreement and other related requirements, the Fund Manager shall timely notify in writing the Fund Custodian to make corrections within a specified timeframe, after the Fund Custodian received the notice, it shall timely verify and confirm, and give in writing a reply letter to the Fund Manager. In a specified timeframe, the Fund Manager is entitled to review matters in the notice in any time, and supervise and urge the Fund Custodian to make corrections and provide assistance and cooperation. In the event that the Fund Custodian fails to correct the violation matters in the notice by the Fund Manager in a specified timeframe, the Fund Manager shall report to the CSRC. The Fund Manager is obliged to require the Fund Custodian to compensate the resulting losses suffered by the Fund. Once the Fund Manager finds that the Fund Custodian has significant violation acts, it shall immediately report to the CSRC and Banking Regulatory Authority, at the same time notify the Fund Custodian to make corrections within a specified timeframe. The Fund Custodian shall actively give cooperation on the Fund Manager’s verification acts, including but not limited to: submitting related information for the Fund Manager’s verification of completeness and truth of assets under custody, and reply the Fund Manager and make corrections in a specified timeframe. The Fund Custodian has no legitimate reason to refuse, obstruct the Fund Manager to exercise its supervision right under the requirements of this agreement, or take the delay, fraud and other means to hinder the Fund Manager to make effectively supervision. If the circumstances are serious or it still has not corrected after warning by the Fund Manager, the Fund Manager shall report to the CSRC.

IV. Maintenance of the Fund Assets

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(I) Principals of maintenance of the Fund’s assets 1. The Fund’s assets shall be separated from own assets of the Fund Manager and the Fund Custodian. 2. The Fund Custodian shall maintain safe of the Fund’s assets. Without the proper orders of the Fund Manager, any of the Fund’ assets shall not be applied, handled and allocated at its own discretion. 3. The Fund Custodian shall open a capital account and securities account for the Fund’s assets. 4. The Fund Custodian shall set separately the accounts for different Fund assets under custody; implement strictly the separate account management on other businesses of the Fund Custodian and the custody business of other funds to ensure the completeness and independence of assets of the Fund. 5. For assets receivable generated in the process of subscription (application) of the Fund and the investment of the Fund, the Fund Manager shall be reliable to determine with relevant parties the transfer date. If the assets of the Fund have not been received by the Fund Custodian on the transfer date, the Fund Custodian shall notify timely the Fund Manager to take measures to carry out collection. For losses on the Fund therefrom, the Fund Manager shall be liable to claim losses of the Fund from relevant parties, the Fund Custodian will not assume any liability in this regard.

(II) Verification of Raised Funds During the Offering Period, as agreed by the sales and services agency agreement, the Sales Institutions are required to transfer the subscription money into the special account for subscription of funds of China Southern Asset Management Co., Ltd. opened by the Fund Manager in a commercial bank with the custody qualification. Such account is opened and managed by the Fund Manager. Up to the expiry of the Offering Period of the Fund, after the raised total of units, the raised total amounts of units and the number of Unitholders are to comply with the Funds Law, the Rules on Operation and other requirements, the Fund Manager shall engage a accounting firm with the securities business qualification to make the capital verification and issue the capital verification report, and the capital verification issued shall be subject to the signature by two or more certified public accountants of the PRC who have participated in the capital verification. After completion of the capital verification, the Fund Manager shall transfer all of funds raised which are assets of the Fund into a special assets custody account opened by the Fund Custodian for the Fund. The Fund Custodian shall issue a confirmation document on the date of receiving the funds. In the event that it fails to meet the conditions which the Fund Contract is come into force up to the expiry of the Offering Period of the Fund, the Fund Manager shall handle refund matters as required.

(III) Opening and Management of the Bank Account of the Fund The Fund Custodian shall open a special assets custody account at its business institution in the name of a fund custodian to maintain bank deposits of the Fund. The special assets custody 174

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) account is a special account which the Fund Custodian, on behalf of the Fund under custody, makes the first level of settlement with China Central Depository & Clearing Co., Ltd. under the centralized custody model. The opening and management of such account shall be borne by the Fund Custodian. All of monetary income and expenses of the Fund shall be made through the Fund Custodian’s special assets custody account. The special assets custody account is opened and used only for meeting business needs of the Fund. Neither the Fund Custodian nor the Fund Manager shall open any other bank accounts in the name of the Fund, or handle any business that is not related to the Fund by using any bank account of the Fund. The special assets custody account shall be managed in accordance with the Measures for the Administration of Bank Accounts, the Provisions for Cash Management, the Administrative Rules of the People’s Bank of China on Interest Rate, the Notice on the Management of High Value Payment by Cash, the Measures for the Settlement of Payment as well as other regulations of banking supervision and administration institutions.

(IV) Opening and Management of the Fund’s Securities Account and Capital Accounts for Securitas Trading The Fund Custodian shall open the securities account with the Shanghai Branch/Shenzhen Branch of China Securities Depository and Clearing Company Limited in the joint name of the Fund Custodian and the Fund. The Fund Custodian shall open the capital account for securities trading with the Shanghai Branch/Shenzhen Branch of China Securities Depository and Clearing Company Limited in a name of the Fund Custodian for securities clearing. The Fund’s securities account is opened and used for meeting business needs of the Fund. Neither the Fund Custodian nor the Fund Manager shall lend or transfer any securities accounts of the Fund unless approved by the other party, or handle any business that is not related to the Fund through any account of the Fund.

(V) Opening and Management of the Bond Custody Accounts 1. After the Fund Contract is effective, the Fund Manager is responsible for application and obtainment of the trading qualification to enter into the national inter-bank lending market in the name of the Fund, and conduct transactions on behalf of the Fund; the Fund Custodian is responsible to open the proprietary account for inter-bank bond market bond custody with China Government Securities Depository Trust & Clearing Co., Ltd. in the name of the Fund, and the Fund Custodian is liable for bond back-line matching and capital clearing of the Fund.

2. The Fund Manager and the Fund Custodian shall be together responsible for the Fund to execute the master agreement for resubscription in the national inter-bank treasury bonds market, the original of which shall be kept by the Fund Custodian, and its copy shall be maintained by the 175

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Fund Manager.

(VI) Opening and Management of Other Accounts After the date of entering into of this Custody Agreement, when the Fund is permitted to engage in investment business for other investment products as required by the Laws and Regulations and as agreed by the Fund Contract, if involved in opening and use of related account, the Fund Manager shall assist the Fund Custodian to open such account in accordance with the requirements of the Laws and Regulations and as agreed by the Fund Contract. Such account shall be used and managed under relevant rules.

(VII) Maintenance of the Related Physical Securities and Other Valuable Papers Invested by Assets of the Fund The related physical securities invested by assets of the Fund shall be maintained by the Fund Custodian at the safe deposit box of the custodian bank; of which the physical securities also can deposited into the agency safe deposit box of China Government Securities Depository Trust & Clearing Co., Ltd. And Shanghai Branch/Shenzhen Branch or the Notes Business Center of China Central Depository & Clearing Co., Ltd.. The subscription and transfer of physical securities shall be made in accordance with orders of the Fund Manager. The Fund Custodian shall assume any liability arisen from damages and losses of physical securities which are under effective control of the Fund Custodian during the period of custody by the Fund Custodian. No custody liability shall be assumed by the Fund Custodian for securities which are under effective control of institutions other than the Fund Custodian.

(VIII)Maintenance of Material Contracts In Relation To Assets of the Fund The originals of the material contracts in relation to the Fund signed by the Fund Manager on behalf of the Fund are maintained by the Fund Custodian and the Fund Manager respectively. Unless otherwise required in this agreement, when the Fund Manager has signed the material contracts in relation to the Fund on behalf of the Fund, it shall be ensured that the Fund as a party holds two or more originals in order to that each of the Fund Manager and the Fund Custodian holds one original of document. Within 5 Business Days after signing of the contract, the Fund Manager shall send the original of the contract to the address of the Fund Custodian by personal delivery or registered mail or other safe manners. The original of the contract shall be maintained by each of the Fund Manager and the Fund Custodian at their respective custody departments for more than 15 years.

V. Calculation and Verification of the NAV of the Fund (I) Calculation of the NAV of the Fund

1. Time and Procedures for Calculation and Review of the NAV of the Fund The NAV of the Fund means the total asset value of the Fund less the liabilities of the Fund. 176

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

The NAV per unit means the value after the NAV of the Fund assets is divided by the total number of the Units on the calculation day. Calculation of the NAV per unit shall be reserved up to the third decimal place with the fourth decimal place being rounded.

The Fund Manager shall estimate the value of the Fund assets on each Business day. The valuation principle shall not challenge the requirements of the Fund Contract, Measures for Accounting of Securities Investment Fund, other Laws and Regulations. The Fund Manager shall calculate and the Fund Custodian shall review the NAV of Fund assets and Units which is involved in the Fund’s information disclosure. The Fund Manager shall calculate the NAV of Units for the current day after the end of each Business Day, and send in the form of encrypted fax to the Fund Custodian. Having reviewed, signed and applied the official seal to the calculation result of NAV, the Fund Custodian shall inform the Fund Manager of the review result in the form of encrypted fax and the Fund Manager shall publish its result of the NAV.

The Fund Manager shall bear the obligations relating to calculation of NAV of Fund assets and accounting of fund. Accordingly, in relation to the accounting treatment of the Fund, the party in responsible for accounting treatment of the Fund is the Fund Manager. If the parties concerned fail to reach an agreement after adequate discussion on an equal basis, the Fund Manager will publish its result of the NAV of the Fund. (II) Valuation Methods for Fund assets 1. Valuation Objects Such assets and liabilities as shares, warrants and the principal and interest of the bank deposits held by the Fund. 2. Valuation Methods

Valuation Methods for the Fund is: (1) Valuation of Negotiable Securities Listed on the Stock Exchanges 1) Negotiable securities listed on the stock exchanges (including shares and warrants) shall be valued at the market price (closing price) quoted on the stock exchanges on the valuation day or at the market price (closing price) on the last trading day if there is no trading on the valuation day and there is no material change in the economic environment after the last trading day. If there is material change in the economic environment after the last trading day, the latest trading market price shall be adjusted to determine the fair price by reference to the prevailing market price and significant change factor of similar investment products; 2) The bonds which are listed on the stock exchanges and traded at net prices shall be valued at the closing price on the valuation day or at the closing price on the last trading day if there is no trading on the valuation day and there is no material change in the economic environment after the last trading day. If there is material change in the economic environment after the last trading day, the latest trading market price shall be adjusted to determine the fair price by reference to the 177

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) prevailing market price and significant change factor of similar investment products; 3) The bonds which are listed on the stock exchanges and not traded at net price shall be valued at the net price after the closing price of bonds less the accrued interest from the closing prices of the bonds on the valuation day or at the net price after the closing price of bonds less the accrued interest from the closing price of the bond on the last trading day if there is no trading on the valuation day and there is no material change in the economic environment after the last trading day. If there is material change in the economic environment after the last trading day, the latest trading market price will be adjusted to determine the fair price by reference to the prevailing market price and significant change factor of similar investment products; 4) For negotiable securities listed on the stock exchanges where no active market exists, the valuation technology shall be adopted to determine their fair value. For asset-backed securities listed on the stock exchanges, the valuation technology shall be adopted to determine their fair value or be valued at cost in case that the valuation technology can’t measure the fair value reliably.

(2) Negotiable securities not yet listed shall be distinguished as follows: 1) For the shares that are offered through bonus issue, additional shares by conversion, placing and public new issue, they shall be valued at the market price (closing price) of the same share listed on the exchanges on the valuation day; or be valued at the market price (closing price) on the last day if there is no dealing on such date: 2) For the unlisted shares, bonds and warrants that are initially offered, the valuation technology shall be adopted to determine their fair value or be valued at cost in case that the valuation technology cannot measure the fair value reliably. 3) The shares that are initially offered with definite lock-up period shall be valued at the market price (closing price) of the same share listed on the exchanges after the listing of such shares. For the shares that are privately offered with definite lock-up period, they are valued at fair values in accordance with the relevant provisions of the supervisory authorities or industrial associations.

(3) For the entitlement to placing rights arising from holding of shares, if the closing price is higher than placing price from the ex-rights day to confirmation day, they are valued at the difference between the closing price and placing price. If the closing price equals to or is less than placing price, the valuation is nil.

(4) The bonds that are traded on the inter-bank bond market, asset-backed securities and other fixed-income products shall be valued at a fair value determined using valuation methods.

(5) Where a bond is traded on two or more markets at the same time, it shall be valued respectively based on the market.

(6) If there is definite evidence showing that the valuation performed according to the said 178

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) measures may not objectively reflect the fair value, the Fund Manager may, pursuant to the specific circumstances and after consultation with the Fund Custodian, determine the value at a price which better reflects the fair value.

(7) If any laws or regulations and supervisory authorities enforce otherwise, the valuation shall be conducted accordingly. If there are new matters, the valuation shall be conducted according to the latest rules of the PRC. In according with Funds Law, the Fund Manager shall calculate and announce the NAV of Fund assets; the Fund Custodian shall review and examine the NAV of Fund assets calculated by the Fund Manager. Accordingly, if the parties concerned fail to reach an agreement relating to the accounting treating of the Fund after adequate discussion on arm’s length, the Fund Manager will publish its result of the NAV of the Fund.

(III) Treatment of Pricing Errors In relation to error treatment, the Parties to Fund Contract shall treat according to the following provisions: 1. Types of Errors If an error occurs during the operation of the Fund arising from the mistake of the Fund Manager or Fund Custodian, or registration institutions, or Sales Agencies, or the investors, such that other parties suffer a loss, the party who is responsible for such error shall be liable for indemnity against the party who suffers a loss due to such mistake (“Aggrieved Party”) according to the following “Principles on Treatment of Errors”. Major types of the said errors include but not limited to: data reporting errors, data transmission errors, data calculation errors, system errors, direction errors, etc. In relation of the errors arising from technological reasons, if the existing technical level of the same industry can’t be foreseen, avoided, and resisted, they belong to the force majeure and shall be implemented in according with the following requirements. If the transaction information of the investors losses or is handled mistakenly or other errors occur due to the force majeure, the party who is responsible for the error due to the force majeure shall not be liable for other parties. However, the party who obtains illegal benefits shall be liable for returning such benefits. 2. Principles on Treatment of Errors

(1) If an error occurs but has not caused loss to the parties, the party who is responsible for the error shall coordinate parties and make corrections timely, and bear the cost arising from such correction accordingly. If the party who is responsible for the error fails to correct the occurred error timely and causes loss to the parties, such loss shall be borne by the party who is responsible for the error. If the party who is responsible for the error has coordinated actively and the party who has the assistant obligations has enough time to correct but doesn’t correct, it shall bear the indemnity 179

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) obligations accordingly. The party who is responsible for the error shall confirm to the parties concerned in relation to the correction and ensure that the error has been corrected.

(2) The party who is responsible for the error shall be liable for the possible direct losses of the parties concerned, but not indirect loss, and will only be liable for the direct party who is responsible for the error, but not third parties.

(3) The party who obtains illegal benefits due to the error shall be liable for returning such benefits timely. However, the party who is responsible for the error shall be liable for such error. If the party who obtains illegal benefits doesn’t return or partially return illegal benefits, causing loss of interests to other parties (“Aggrieved Party”), the party who is responsible for the error shall compensates the loss of the Aggrieved Party and have the rights to claim for delivering illegal benefits against the party who obtains illegal benefits within the scope of its paid compensation amount. If the party who obtains illegal benefits has returned such part of illegal benefits to the Aggrieved Party, the Aggrieved Party shall pay the difference between the sum of its obtained compensation amount plus the return of the obtained illegal benefits, exceeding the actual loss to the party who is responsible for the error.

(4) The error adjustment shall adopt the methods of recovering to the correct situation as far as possible assuming no error occurs.

(5) When the party who is responsible for the error refuses to compensate, if the error of the Fund Manager causes loss to Fund assets, the Fund Custodian shall claim against the Fund Manager for the benefits of the Fund. If the error of the Fund Custodian causes loss to Fund assets, the Fund Manager shall claim against the Fund Custodian for the benefits of the Fund. Except for the third party other than the Fund Manager and Custodian cause loss to Fund assets and refuses to compensate, the Fund Manager shall claim against the party who is responsible for the error.

(6) If the party who is responsible for the error fails to compensate the Aggrieved Party in accordance with the provisions, and in accordance with laws, administrative regulations, Fund Contract or other rules, the Fund Manager is liable for compensation against the Aggrieved Party by itself or according to the court judgement and arbitration award, the Fund Manager has the rights to recourse against the party who is responsible for the error and has the rights to claim for its compensation or indemnify for the expenditures incurred or loss suffered therefrom.

(7) Treatment of the error according to other principles stipulated by laws or regulations.

3. Procedures for Treatment of Error If an error is found, the parties concerned shall treat it timely by the following procedures: 180

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(1) to find out the reason for the error, specify all parties concerned, and determine the party who is responsible for the error according to such reason;

(2) to evaluate the loss arising from the error in according with the Principles on Treatment of Errors or the negotiation methods of parties;

(3) to make corrections or indemnify for loss by the party who is responsible for the error in according with the Principles on Treatment of Errors or the negotiation methods of parties; (4) to make corrections by the Fund Registration Institution and confirm to the parties concerned in relation to such corrections in accordance with methods on treatment of errors when change to transaction data of the Fund Registration Institution is necessary;

(5) If any calculation mistake amounts to 0.25% of the NAV per unit or more in relation to the fund of the Fund Manager and Fund Custodian, the Fund Manager shall report to the CSRC for filing. If any calculation mistake amounts to 0.5% of the NAV per unit or more in relation to the fund of the Fund Manager and Fund Custodian, the Fund Manager shall make the same available and report to the CSRC for filing.

(IV) Establishment of Fund’s Account Books Once the Fund Contract is effective, the Fund Manager and the Fund Custodian shall separately set, login and keep the Fund’s whole set of account books according to such bookkeeping method and accounting treatment principle as agreed upon by them. They shall check and supervise their respective account books to ensure the safety of the Fund assets. Where both parties cannot reach an agreement on the accounting treatments, the accounting treatment of the Fund Manager shall prevail.

In case any inconsistency happens between their accounts, they shall investigate causes and make corrections in a timely manner so as to guarantee the complete agreement in the account books for parallel access. If any inconsistency happens on that day and calculation and announcement of NAV of the Fund is affected due to temporary failure to find out the reason for the wrong accounts, the account book of the Fund Manager shall prevail.

(V) Compilation and Double-checking of the Fund's Periodic Reports The Fund’s financial statements shall be separately prepared on a monthly basis by the Fund Manager and the Fund Custodian. The preparation of monthly statements shall be completed within five days following the end of each month. Within 45 days from the end of every six months after the Fund Contract becoming effective, the Fund Manager will update the Prospectus one and publish it on the website, and publish the 181

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) summary of the updated Prospectus on the Designated Media. The quarterly report shall be prepared and published by the Fund Manager within 15 Business Days following the end of each quarter, the semi-annual report shall be prepared and published by the Fund Manager within 60 days following the end of half an accounting year, while the annual report shall be prepared and published by the Fund Manager within 90 days following the end of the accounting year. The Fund Manager shall, on the day when the monthly statements are completed, apply the official seal to the statements and send to the Fund Custodian for review the said statements in the form of encrypted fax. The Fund Custodian shall review the statement within 2 Business Days and notify the Fund Manager of the review results in writing. The Fund Manager shall, on the day when the semi-annual report is completed, send the related report to the Fund Custodian for review. The Fund Custodian shall review the report within 3 Business Days and notify the Fund Manager of the review results in writing. The Fund Manager shall, on the day when the semi-annual report is completed, send the related report to the Fund Custodian for review. The Fund Custodian shall review the report within 30 Business Days and notify the Fund Manager of the review results in writing. The Fund Manager shall, on the day when the annual report is completed, send the related report to the Fund Custodian for review. The Fund Custodian shall review the report within 30 Business Days and notify the Fund Manager of the review results in writing. When the Fund Custodian discovers any inconsistency in the statements from two parties concerned during the review, the Fund Manager and the Fund Custodian shall work together to figure out the causes and make adjustments according to their agreed methods of accounting treatment. Once no errors are found in the review, the Fund Custodian shall apply the official seal to the report furnished by the Fund Manager or issue the opinion of review affixed with official seal of custody business department, and either of them shall keep one copy. Where both parties fail to reach an agreement on the related statements on the day which announcement shall be released, the Fund Manager has the right to release an announcement based on the statement it prepares and the Fund Custodian has the right to report such situation to the CSRC for record. After review of the financial accounting report, semi-annual report or annual report, the Fund Custodian shall affix the official seals for confirmation or issue the respective review confirmation as reminder when the competent authorities review the related document. Periodic reports of the Fund shall be submitted to the CSRC and principle place of office of the Fund Manager – CSRC regional office for filing on the 2nd Business Day after public disclosure. VI. Safekeeping of the Register of the Unitholders The Register of the Unitholders which shall be well kept by the Fund Manager and Fund Custodian, include the Fund Contract Effective Date, the Fund Contract Termination Date, date of registration of the Unitholders' Meetings, the Register of the Unitholders as at 30 June and 31 December every year. The Register of the Unitholders shall include the name of the Unitholders and their holding of units. The Register of the Unitholders shall be prepared and kept by the Fund Registration Institution according to the order of the Fund Manager, and the Register of the Unitholders shall be kept by the 182

China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated)

Fund Manager and Fund Custodian respectively according to the current rules through adopting electronic or paper ways. The duration is 15 years. The Fund Manager shall submit the Register of the Unitholders at the following dates to the Fund Custodian in a timely manner: the Fund Contract Effective Date, the Fund Contract Termination Date, date of registration of the Unitholders' Meetings, the Register of the Unitholders as at 30 June and 31 December every year. The Register of the Unitholders shall include the name of the Unitholders and their holding of units. Among which, the Register of the Unitholders as at 31 December shall be submitted within ten business days before the next month, the Register of the Unitholders, involving the dates of material events of the Fund such as the Fund Contract Effective Date and the Fund Contract Termination Date, shall be submitted within ten business days after happening. The Fund Manager shall keep the Register of the Unitholders properly in electronic form and record it in discs periodically for backup with duration of 15 years. The Fund Manager shall not use the Register of the Unitholders maintained by it for other purposes other than the custody business of the Fund, and shall observe confidential obligations. If the Fund Manager or Fund Custodian fails to keep the Register of the Unitholders properly due to their own reasons, they shall bear the responsibilities accordingly in accordance with the relevant laws or regulations.

VII. Settlement of Disputes As agreed by the parties concerned, all disputes arising from or in connection with this Agreement (except for those which can be settled through the friendly consultation) shall be submitted to the China International Economic and Trade Arbitration Commission (CIETAC) Beijing Commission for arbitration in accordance with the then valid arbitration rules. The arbitral award shall be final and binding upon the parties concerned. The arbitration expenses shall be borne by the losing party. During the settlement of disputes, the parties concerned shall perform their respective responsibility as the Fund Manager and the Fund Custodian, fulfill their respective duty as set forth in the Fund Contract and this Custody Agreement faithfully, diligently and responsibly, and maintains the lawful rights and benefits of the Unitholders. This Agreement shall be governed by the laws of the PRC.

VIII. Modification and Termination of the Custody Agreement 1. Procedures for Modification of the Custody Agreement Both parties to this Agreement may modify the Agreement through consultation. The new Custody Agreement shall be consistent with the provisions of the Fund Contract. The modification of the Fund Custodian Agreement shall take effect after being submitted to the CSRC for approval. 2. Termination of the Fund Custodian Agreement This Custody Agreement shall be terminated if any of the following circumstances occurs: 183

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(1) the Fund Contract is terminated; (2) the Fund Custodian is under dissolution, being legally revoked or declared bankruptcy, or other fund custodians shall take over the assets of the Fund; (3) the Fund manager is under dissolution, being legally revoked or declared bankruptcy, or other fund managers shall take over the management rights of the Fund; (4) There are other matters that cause the termination thereof according to laws or regulations or the Fund Contract.

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18. Services to Unitholders

The Fund Manager warrants to provide a wide range of services to the Unitholders of Class A Units of the Fund. The Fund Manager has the rights to increase or change the relevant services according to the needs of Unitholders, and the changes in the market. Major services are as follows. If the following services cannot be available due to such factors like system, third parties or the force majeure, the Fund Manager shall not assume the relevant responsibilities. For services for the Unitholders of Class H Units of the Fund, please see the supplementary documentary of the Prospectus. I. Services to Sending and Delivering of Transaction Information of Unitholders 1. Transaction Confirmation After the close of each transaction, the investors can enquiry or print the transaction confirmation through the Sales Outlets after T+2 Business Day. 2. Paper Statement Within 15 Business Days after the end of each quarter, the Fund Manager shall send the statement of account to the investors who have transaction and have customized service during this quarter, except for those without definite information (including name and address). The investors can apply for/cancel statement service through such ways like the website of the Fund Manager (www.nffund.com), customer service hotline (400-889-8899 extend to manual service), customer service email ([email protected] or [email protected]) and online customer service. 3. Electronic Statement The Fund Manager shall provide monthly, quarterly, annual electronic email statement, as well as monthly and quarterly SMS statement service, the Fund Manager will send periodically to the customized investors by ways of electronic email or SMS. The investors can apply for / cancel statement service through such ways like the website of the Fund Manager (www.nffund.com), customer service hotline (400-889-8899 extend to manual service), customer service email ([email protected] or [email protected]) and online customer service.

II. Online Services (I) Investors may access the following services through the website of the Fund Manager （www.nffund.com）: 1. Enquiry Service Investors may visit the “China Southern E-station” of the website through the account opening certificate number including the fund account number and identity card number and enquiry password to access their fund transaction enquiry, fund accounts enquiry and fund information enquiry service. 2. Information Service Investors can learn about the relevant information of the Fund and the Fund Manager,

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China Southern Selected Value Mixed Securities Investment Fund Prospectus (Updated) including the legal documents of the Fund, announcement of the Fund, quarterly reports, latest development of the Fund Manager and other latest information through the website of the Fund Manager. 3. Online Transaction Service Investors may handle such business including opening of the Fund Accounts, subscription/ application for subscription, fixed investment, redemption and information enquiry through the “China Southern E-station” of the website of the Fund Manager. For specific business rules applicable to electronic direct sales of the Fund Manager, please refer to the relevant announcements and business rules on the website of the Fund Manager. 4. Automatic Answering Service Investors may input key words of questions following the suggested operation through “Online Customer Service” on the website of the Fund Manager, so as to search and answer relevant questions by themselves. 5. Online Manual Service Investors may log on to the website of the Fund Manager to access profession services including investment consultant, service customization / cancellation, accounts enquiry through “Online Customer Service”. 6. Specialized Customer Software Download Investors may download specialized customer software including IOS version and Android version through the website of the Fund Manager, so as to access the Fund NAV enquiry, accounts enquiry, wealth management information and relevant customer service. Electronic direct sales investors of the Fund Manager can conduct the Fund transactions through such specialized customer software. (II) Investors may follow the WeChat official account of the Fund Manager (via adding the public number “China Southern Fund” or “NF4008898899”) to access the Fund NAV, the Fund development and activities, service information, etc.. If you want to bundle with your personal account, you can enjoy such services like the fund transaction (only for electronic direct sales Investors of the Fund Manager), account enquiry, fund transaction enquiry, expiry date enquiry related to wealth management fund.

III. Customized Information Service Investors may submit message subscription application through the website of the Fund Manager （www.nffund.com）and Customer Service Center, while the Fund Manager send the subscribed message through e-mail or SMS. 1. Email: NAV per Unit, e-mail statement, various e-mail information, etc. 2. SMS: NAV per Unit, SMS statement, various SMS/MMS, etc.

IV. Change of Account Information Service

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To enable Investors to timely access various services provided by the Fund Manager, they are recommended to update their service contact information in a timely manner. You may change the service contact information (including contact address, mobile phone number, landline telephone) through the following 4 methods. For change to transaction contact information of electronic direct sales investors of the Fund Manager, Investors shall comply with relevant requirements: 1. Log on to the “China Southern E-station” on the website of the Fund Manager to change the contact information by themselves. 2. Contact Customer Service Center of the Fund Manager 400-889-8899 (extend to manual modification). 3. Send an e-mail to the customer service e-mail of the Fund Manager [email protected] or [email protected] to submit the modification application. 4. Submit the modification application through the “Online Customer Service” on the website of the Fund Manager.

V. Customer Service Center Call Service Investors are entitled to access the following services through calling the customer service hotline of the Fund Manager 400-889-8899 (toll free for domestic long-distance calls): 1. Automatic voice service: provide such automatic enquiry service as 7×24 hours Fund NAV information, account transaction, Fund products. 2. Manual service: provide manual service seven days a week with not less than 8 hours a day (except for public holidays). Investors may access professional services including investment consultant, business consultancy, information enquiry, service complaint, message subscription, information modification through such hotline. 3. Telephone transaction service: the electronic direct sales investors of the Fund Manager can, through the telephone transaction system of the Fund Manager, handle such business including the open-end fund’s subscription, application for subscription, withdrawal of transaction, modification to transaction password, information enquiry and redemption of Open-end Fund under the direct sales account of investors, conversion and change in bonus distribution methods. For specific business rules applicable to the Fund telephone transaction, please refer to the relevant announcements and business rules on the website of the Fund Manager.

VI. Customer Complaints and Suggestions Handling Service Investors may complain or make suggestions through Customer Service Center hotline, online customer service, letter, email, fax in respect of the services to the Fund Manager and Sales Outlets provided by the counter of each outlet of Sales Institutions and other channels. If you/your organization cannot understand any content in this Prospectus, please contact the Fund Manager through the means mentioned above. Please ensure you/your organization fully understand this Prospectus before investment.

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19. Other Disclosures

Content of Announcement Date of Announcement Announcement of China Southern Fund on Addition of Ji'an Fortune As 17 December 2015 the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at Ji’an Fortune Announcement of China Southern Fund on Addition of Datai Funds As 11 December 2015 the Sales Agency of Its Funds and on the Launch of Switching Business and Fee Rate Discount Program of Its Funds at Datai Funds Announcement of China Southern Fund on Addition of Jinzhou Bank As 9 December 2015 the Sales Agency and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at Jinzhou Bank Announcement of China Southern Fund on Addition of V. Stone 8 December 2015 Fortune As the Sales Agency and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at V. Stone Fortune Announcement of China Southern Fund on the Launch of Fee Rate 4 December 2015 Discount Program of Its Funds through Jingdong Electronic Trading Platform Annoucement of Important Note on the Adjustment to the Method for 25 November 2015 Valuation of Stocks Held by the Funds of China Southern Fund that Have Been Suspended from Trading Announcement of China Southern Fund on Addition of Fuji Wealth As 24 November 2015 the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at Fuji Wealth Announcement on the Adjustment to Subscription Fee Rate Discount at 23 November 2015 All In Pay for Electronic Direct Sales Business Announcement of China Southern Fund on Addition of Chang'an Bank 23 November 2015 As the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at Chang’an Bank Announcement of China Southern Fund on Addition of Chengdu Rural 18 November 2015 Commercial Bank As the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business

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Annoucement of Important Note on the Adjustment to the Method for 10 November 2015 Valuation of Stocks Held by the Funds of China Southern Fund that Have Been Suspended from Trading Announcement of China Southern Fund on Addition of Ping An 10 November 2015 Securities As the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business Announcement of China Southern Fund on the Adjustment to Fee Rate 9 November 2015 Discount of Relevant Business on Electronic Direct Sales Platform Announcement of China Southern Fund on the Reduction of Minimum 9 November 2015 Subscription Amount of Its Open-ended Funds Announcement of China Southern Fund on Addition of Bank of 4 November 2015 Quanzhou As the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at Bank of Quanzhou Q3 2015 Fund Quarterly Report 27 October 2015

Announcement of China Southern Fund on Addition of Yingmi Wealth 16 October 2015 As the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at Yingmi Wealth Announcement of China Southern Fund on Addition of Sina Cangshi 16 October 2015 As the Sales Agency of Its Funds and Fee Rate Discount Program of Its Funds at Sina Cangshi Announcement of China Southern Fund on Addition of Guilin Bank As 15 October 2015 the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business Announcement of China Southern Fund on the Addition of Class H 14 October 2015 Units of Selected Value Mixed Securities Investment Fund and Amendment to the Fund Contract Announcement of China Southern Fund on Addition of Jimu Fund As 30 September 2015 the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at Jimu Fund Announcement of China Southern Fund on Addition of CITIC Futures 23 September 2015 As the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business

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Announcement of China Southern Fund on Addition of 21 September 2015 Zhongjingbeizheng As the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business Announcement of China Southern Fund on Change of Sales Agencies of 12 September 2015 Its Open-ended Funds Announcement of China Southern Fund on Addition of Lujinsuo As the 1 September 2015 Sales Agency of Its Funds and Fee Rate Discount Program of Its Funds at Lujinsuo Announcement of China Southern Fund on Addition of Beijing Zhixin 26 August 2015 As the Sales Agency of Its Funds and Fee Rate Discount Program of Its Funds at Beijing Zhixin Interim Report 2015 of China Southern Selected Value Equity 25 August 2015 Investment Fund Interim Report 2015 of China Southern Selected Value Equity 25 August 2015 Investment Fund (Summary) Announcement of Important Note on the Adjustment to the Method for 22 August 2015 Valuation of Stocks Held by the Funds of China Southern Fund that Have Been Suspended from Trading Announcement of China Southern Fund on Addition of Noah Upright As 10 August 2015 the Sales Agency of Its Funds and on the Launch of Regualr Investment Plan and Fee Rate Discount Program of Its Funds at Noah Upright Announcement of China Southern Asset Management Co., Ltd. on 7 August 2015 Changes of Names and Classification of and Amendment to Relevant Provisions of the Fund Contract of Its Funds Notice on Precaution Against Illegal Securities Related Activities by 7 August 2015 Impersonation under China Southern Fund's Name Annoucement of Important Note on the Adjustment to the Method for 4 August 2015 Valuation of Stocks Held by the Funds of China Southern Fund that Have Been Suspended from Trading Announcement of China Southern Fund on Participation of Its Funds in 3 August 2015 the Subscription Fee Rate Discount Program at SPD Online Banking and Mobile Banking Announcement of China Southern Fund on Addition of China Futures 3 August 2015 As the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at China Futures Announcement of China Southern Fund on Addition of Tianfeng 31 July 2015 Securities As the Sales Agency of Its Funds and on the Launch of

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Regular Investment Plan and Switching Business Announcement of China Southern Fund on Addition of Jiangnan Rural 30 July 2015 Commercial Bank, the First Capital, Bank of Dalian, and Bank of Qingdao As the Sales Agencies of Its Funds and on the Launch of Regular Investment Plan and Switching Business and Fee Rate Discount Program of Its Funds at Jiangnan Rural Commercial Bank, the First Capital, Bank of Dalian, and Bank of Qingdao Announcement of China Southern Fund on Addition of Kunlun Bank 24 July 2015 As the Sales Agency of Its Funds and on the Launch of Regular Investment Plan and Switching Business Announcement of China Southern Fund on Addition of Longjiang Bank 22 July 2015 As the Sales Agency of ts Funds and on the Launch of Regular Investment Plan and Switching Business Announcement of China Southern Fund on Addition of Xiamen 20 July 2015 Xingdingsheng As the Sales Agency of Its Funds and on the Launch of Fixed Investment and Switching Business and Fee Rate Discount Program of Its Funds at Xiamen Xingdingsheng Q2 2015 Fund Quarterly Report 20 July 2015

Announcement of Important Note on the Adjustment to the Method for 18 July 2015 Valuation of Stocks Held by the Funds of China Southern Fund that Have Been Suspended from Trading Announcement of Important Note on the Adjustment to the Method for 15 July 2015 Valuation of Stocks Held by the Funds of China Southern Fund that Have Been Suspended from Trading Announcement of China Southern Fund on the Adjustment to Fee Rate 15 July 2015 Discount of Relevant Business on Electronic Direct Sales Platform Announcement of Important Note on the Adjustment to the Method for 14 July 2015 Valuation of Stocks Held by the Funds of China Southern Fund that Have Been Suspended from Trading Announcement on Change of Portfolio Manager of China Southern 11 July 2015 Selected Value Equity Securities Investment Fund Announcement of Important Note on the Adjustment to the Method for 11 July 2015 Valuation of Stocks Held by the Funds of China Southern Fund that Have Been Suspended from Trading Announcement of Important Note on the Adjustment to the Method for 10 July 2015 Valuation of Stocks Held by the Funds of China Southern Fund that Have Been Suspended from Trading

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Announcement on Implementation of Fee Rate Discount on the 9 July 2015 Jingdong Electronic Trading Platform Announcement of China Southern Fund on Matters Relating to 6 July 2015 Investment by the Company, Senior Management and Portfolio Managers in Its Funds Announcement of China Southern Fund on Participation of Its Funds in 30 June 2015 the Subscription Fee Rate Discount Program at Bank of Communications Online Banking and Mobile Banking Announcement on Change of Portfolio Manager of China Southern 20 June 2015 Selected Value Equity Securites Investment Fund

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20. Maintenance and Inspection of the Prospectus

The Prospectus is kept in the offices of the Fund Manager, the Fund Custodian and the Sales Agencies and Registration Institutions, and copies may be inspected free of charge by Investors during business hours . After paying a handling charge, Investors may obtain a duplicate or a copy of the above documents, but the original copy shall prevail.

The Fund Manager and the Fund Custodian shall ensure the complete consistency between the documents and the announcements.

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21. Documents Available for Inspection

The following documents available for inspection are kept in the offices of the Fund Manager and the Fund Custodian. Investors may inspect them free of charge during business hours.

I. The Document regarding approval of the establishment of the Fund by CSRC II. Fund Contract of China Southern Selected Value Mixed Securities Investment Fund III. Custodian Agreement of China Southern Selected Value Mixed Securities Investment Fund IV Business Rules Applicable to Open-ended Fund of China Southern Asset Management Co., Ltd. V. Legal Opinions VI. Qualification Approval of the Fund Manager’s professional qualifications and business license VII. Qualification Approval of the Fund Custodian’s professional qualifications and business license

China Southern Asset Management Co., Ltd. 22 January 2016

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