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Appendix 1: MSCI A-Shares Inclusions Market Development • MSCI potential China A-Shares 5% inclusions RU 3.6% MX 4.5% BR 6.5% Others 17.4% SA 7.1% Emerging Market CHINA 20.7% China 25.9% RU 3.6% CHINA MX Overseas 4.4% 5.2% BR IN 7.9% TW 12.0% Others 17.1% Emerging 6.4% Market CHINA 21.0% Others CHINA 14.1% 17.4% RU 3.0% MX China 27.3% CHINA A-Shares 3.6% 1.1% BR China 39.9% Emerging SA Market CHINA 5.3% Overseas 5.2% 5.7% KR 15.2% SA 7.0% KR 14.9% IN 6.4% IN 7.7% TW TW 11.8% 9.7% CHINA A-Shares 18.2% CHINA Overseas KR 12.3% 4.3% Current Status • Inclusion of overseas listed Chinese companies such as Baidu and Alibaba in November 2015 SAIR Potential Initial Step: Partial Inclusion (5%*) • Further improvements in quota allocation mechanism and size of overall quota • Further relaxation on capital mobility and other market accessibility constraints Potential Full Inclusion (100%*) Abolishment of the quota system ⚫ Full liberalization of capital mobility restrictions • Alignment of International accessibility standards Data as of March 30, 2016 * The percentage number refers to the Inclusion Factor applied to the free float-adjusted market capitalization of China A share constituents in the pro forma MSCI China Index. China A-share securities are subject to a foreign ownership limit of 30% # Overseas listed Chinese companies were included in Nov 2015 Source: MSCI Consultation on China A-Shares Index Inclusion Roadmap Aps://www.msci.com/documents/1296102/2907491/Consultation+on+China+A-Shares+Index+Inclusion + Roadmap/1634d584-0320-4a30-b7a3-9c148f2ed5d0 citi

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