Regulations Governing Information to be Published in Private Placement Memoranda by Securities Investment Trust Enterprises When Privately Offering Securities Investment Trust Funds Article 3

The contents of a private placement memorandum must be detailed, accurate and precise. There must not be any misrepresentation, nondisclosure, omission, or any other circumstances sufficient to mislead another party.In cases of misrepresentation or nondisclosure in the contents of a private placement memorandum, the securities investment trust enterprise, its responsible person(s), and any other persons who have attached their signature/seal to the private placement memorandum, shall be legally responsible.The cover of a private placement memorandum must, in a conspicuous manner, have printed on it an investment risk warning. Where a fund is denominated in foreign currency, the type of currency in which the fund is denominated shall be noted. Where a trust enterprise is concurrently engaged in the securities investment trust business, and itself is the custodian of the assets of the securities investment trust, the memorandum shall also display a statement denoting that said enterprise is itself the custodian institution.The securities investment trust enterprise and the chairman of its board of directors shall sign or seal the back cover of a private placement memorandum.