Investor Presentaiton

China Connect - vs. RQFII/QFII (continue) Key differences between China Connect and RQFII/QFII Currency China Connect (Northbound) • Offshore RMB RQFII (since 2011) Offshore RMB 7 Securities Lending and Borrowing Liquidity Funding or Cash account • Permitted with restrictions • Not available QFII (since 2002) • USD or other major foreign currencies • Not available • Daily liquidity • No restriction for sell trades • Buy trades are subject to daily net buy quota • Trading and settlement flow are • subject to a closed-loop mechanism under which income from securities sales shall be returned to origin instead of being deposited with local market Prefunding not required No approval required from PBOC • . Quota shall be used within 1 year upon quota is granted or approved Open-ended funds 。 Daily injection and repatriation 。 No lock-up period All other RQFIls o 3 months (instead of 1 year) lock-up period from the date that accumulative principal injection reaches RMB100MM 。 Daily injection and repatriation (instead of six months injection period and Monthly repatriation) o For principal repatriation, principal can be re-injected, but net amount of investment capital remitted to China shall be within the investment quota (instead of quota will be reduced accordingly) • RQFII custodian must confirm available cash before trade occurs • Obtain approval from RMB/FCY from PBOC • Quota shall be used within 1 year upon quota is granted or approved Monthly repatriation capped at 20% of its total QFII investments at the end of prior year Open-ended funds 。 Daily injection and repatriation o 3 months lock-up period from date of the US$20mm principal injection • All other QFIls o 3 months lock-up period from date of the US$20mm principal injection Daily injection and repatriation 。 For principal repatriation, principal can be re- injected, but the net amount of capital remitted into China must be within the investment quota. No need to file with SAFE ⚫ QFII custodian must confirm available cash before trade occurs • Obtain approval from RMB/FCY from PBOC citi H

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