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Created by http://www.LetsThinkChina.com

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As of 22 JuneCOMPOSITION (% of Fund NAV)A/H CONVERGENCE IMPACT

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TickerNameH DiscountCAFA-50FXICAFA-50IFX

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3968.HKCM BANK-1.5%5.80%6.01%3.92%-0.089%-0.093%0.060%

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0347.HKANGANG STEEL-10.9%0.000%0.000%0.000%

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0177.HKJIANGSU EXPRESS-6.0%0.14%0.000%-0.008%0.000%

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0317.HKGUANGZHOU SHIP-29.8%0.000%0.000%0.000%

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1398.HKICBC-15.4%3.29%6.21%0.000%-0.508%0.959%

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0914.HKANHUI CONCH-9.2%0.85%0.000%-0.078%0.000%

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1138.HKCHINA SHIP DEV-26.5%0.57%0.000%-0.151%0.000%

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0323.HKMAANSHAN IRON-13.2%3.70%0.51%-0.489%-0.067%0.000%

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0525.HKGUANGSHEN RAIL-23.6%0.000%0.000%0.000%

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2318.HKPING AN-25.3%0.20%3.49%4.12%-0.051%-0.884%1.044%

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0995.HKANHUIEXPRESSWAY-23.6%2.90%-0.683%0.000%0.000%

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3988.HKBANK OF CHINA-24.5%2.47%3.67%0.000%-0.605%0.899%

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0168.HKTSINGTAO BREW-27.2%0.000%0.000%0.000%

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1171.HKYANZHOU COAL-20.3%0.42%0.000%-0.085%0.000%

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0548.HKSHENZHENEXPRESS-32.6%0.000%0.000%0.000%

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2628.HKCHINA LIFE-35.0%2.31%7.58%0.000%-0.809%2.653%

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3328.HKBANKCOMM-28.9%1.84%3.98%0.000%-0.532%1.150%

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0902.HKHUANENG POWER-34.2%0.50%1.80%0.000%-0.171%0.615%

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0763.HKZTE-34.0%1.96%0.000%-0.666%0.000%

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0300.HKJIAODA HIGHTECH-40.0%0.000%0.000%0.000%

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1072.HKDONGFANG ELEC-33.9%0.000%0.000%0.000%

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0753.HKAIR CHINA-43.3%4.60%1.10%-1.991%-0.476%0.000%

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0998.HKCITIC BANK-39.9%1.20%0.000%-0.479%0.000%

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2338.HKWEICHAI POWER-37.9%0.000%0.000%0.000%

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0386.HKSINOPEC CORP-38.2%2.45%4.97%-0.937%0.000%1.900%

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0350.HKJINGWEI TEXTILE-38.7%0.000%0.000%0.000%

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1065.HKTIANJIN CAPITAL-50.3%0.000%0.000%0.000%

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0874.HKGUANGZHOU PHAR-48.9%0.000%0.000%0.000%

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1055.HKCHINA SOUTH AIR-36.8%0.85%0.000%-0.312%0.000%

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2600.HKCHALCO-42.0%1.12%2.16%0.000%-0.471%0.908%

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0358.HKJIANGXI COPPER-50.4%0.51%0.000%-0.257%0.000%

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1053.HKCHONGQING IRON-49.2%0.000%0.000%0.000%

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1071.HKHUADIAN POWER-53.4%0.000%0.000%0.000%

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0553.HKNANJING PANDA-51.6%0.000%0.000%0.000%

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0042.HKNE ELECTRIC-51.7%0.000%0.000%0.000%

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0588.HKBEIJING N STAR-54.3%0.000%0.000%0.000%

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0187.HKBEIREN PRINTING-53.3%0.000%0.000%0.000%

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0719.HKSHANDONG XINHUA-58.0%0.000%0.000%0.000%

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0991.HKDATANG POWER-67.8%2.60%0.47%1.14%-1.763%-0.319%0.773%

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0670.HKCHINA EAST AIR-62.1%0.000%0.000%0.000%

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0338.HKSHANGHAI PECHEM-61.4%0.69%0.000%-0.424%0.000%

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1033.HKYIZHENG CHEM-71.1%0.000%0.000%0.000%

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1108.HKLUOYANG GLASS-89.3%0.000%0.000%0.000%

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0921.HKGUANGDONG KELON-88.4%0.000%0.000%0.000%

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22.25%30.30%39.55%-6.00%-7.40%10.96%

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Assumed Correction Factor0.30.30.7

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-1.8%-2.2%7.7%

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