MSCI CHINA CONSUMER DISCRETIONARY INDEX

(CNY)

The MSCI China Consumer Discretionary Index captures large and mid cap representation across China H shares, B shares, Red chips and
P chips. Currently, the index also includes Large Cap A shares represented at 10% of their free float adjusted market capitalization. All
securities in the index are classified in the Consumer Discretionary sector as per the Global Industry Classification Standard (GICS®).

CUMULATIVE INDEX PERFORMANCE - PRICE RETURNS (CNY) (SEP 2004 – SEP 2019) ANNUAL PERFORMANCE (%)
MSCI China
Year Consumer MSCI China
400 MSCI China Consumer Discretionary Discretionary
MSCI China
2018 -36.27 -16.11
2017 51.27 41.59
300 2016 -3.31 5.49
267.92 2015 -0.48 -5.84
2014 -7.20 7.25
200
2013 -4.02 -2.44
2012 10.83 17.77
2011 -26.54 -23.91
131.27
2010 -10.34 -1.24
100
2009 146.11 58.90
50 2008 -66.36 -55.11
Sep 04 Dec 05 Mar 07 Jun 08 Sep 09 Dec 10 Mar 12 Jun 13 Sep 14 Dec 15 Mar 17 Jun 18 Sep 19
2007 61.94 52.63
2006 32.21 72.27
2005 -11.78 13.04

INDEX PERFORMANCE — PRICE RETURNS (%) ( SEP 30, 2019 ) FUNDAMENTALS ( SEP 30, 2019 )
ANNUALIZED
Since Div Yld (%) P/E P/E Fwd P/BV
1 Mo 3 Mo 1 Yr YTD 3 Yr 5 Yr 10 Yr
Dec 30, 1994
MSCI China Consumer
-3.64 2.72 2.26 29.05 6.34 2.60 0.08 -2.41 0.41 31.08 21.10 4.13
Discretionary
MSCI China -0.35 -1.69 -2.35 9.69 8.03 6.97 2.76 -0.47 2.18 12.68 10.92 1.61

INDEX RISK AND RETURN CHARACTERISTICS ( SEP 30, 2019 )

ANNUALIZED STD DEV (%) 2 MAXIMUM DRAWDOWN
Turnover
3 Yr 5 Yr 10 Yr (%) Period YYYY-MM-DD
(%) 1
MSCI China Consumer
71.61 23.33 24.80 25.47 85.07 1996-12-10—2000-10-19
Discretionary
MSCI China 11.24 16.25 18.97 19.10 88.41 1997-08-25—2001-09-12
1 2
Last 12 months Based on monthly price returns data

The China mainland equity market is comprised of A, B, H, Red chip and P chip share classes. A shares are incorporated in China and trade on the Shanghai and Shenzhen exchanges; they are quoted in local
renminbi and entail foreign investment regulations (QFII). B shares are incorporated in China, and trade on the Shanghai and Shenzhen exchanges; they are quoted in foreign currencies (Shanghai USD, Shenzhen
HKD) and are open to foreign investors. H shares are incorporated in China and trade on the Hong Kong exchange and other foreign exchanges. Red chips and P chips are incorporated outside of China and trade
on the Hong Kong exchange. Red chips are usually controlled by the state or a province or municipality. P chips are Non state-owned Chinese companies incorporated outside the mainland and traded in Hong
Kong. A shares are included starting from June 1, 2018. Currently, only Large Cap A shares are included and are represented at 10% of their free float adjusted market capitalization

The MSCI China Consumer Discretionary Index was launched on Sep 15, 1999. Data prior to the launch date is back-tested data (i.e. calculations of how the index might have performed over that time period
had the index existed). There are frequently material differences between back-tested performance and actual results. Past performance -- whether actual or back-tested -- is no indication or guarantee of
future performance.

MSCI CHINA CONSUMER DISCRETIONARY INDEX

SEP 30, 2019

INDEX CHARACTERISTICS TOP 10 CONSTITUENTS

MSCI China Consumer Discretionary Float Adj Mkt Cap Index
( CNY Billions) Wt. (%)
Number of 56
Constituents ALIBABA GROUP HLDG ADR 1,697.56 57.40
Mkt Cap ( CNY Millions) JD.COM ADR 148.57 5.02
Index 2,957,372.48 YUM CHINA HOLDINGS 116.53 3.94
Largest 1,697,563.23 NEW ORIENTAL EDUCAT ADR 112.55 3.81
Smallest 616.39 TAL EDUCATION GROUP ADR 94.18 3.18
CTRIP COM INTL ADR 86.80 2.93
Average 52,810.22
MEITUAN DIANPING B 73.18 2.47
Median 7,837.04
SHENZHOU INTERNATIONAL 70.08 2.37
ANTA SPORTS PRODUCTS 63.43 2.14
GEELY AUTOMOBILE HLDGS 60.61 2.05
Total 2,523.50 85.33

SUB-INDUSTRY WEIGHTS
7.21%
6.41%
4.32%
4.13%
2.14%
1.5%
1.33%
1.01%
0.48%
0.36%
70.77%
0.34%

Internet & Direct Marketing Retail 70.77% Education Services 7.21%

Automobile Manufacturers 6.41% Restaurants 4.32%

Apparel, Accessories & Luxury Goods 4.13% Footwear 2.14%

Household Appliances 1.5% Hotels, Resorts & Cruise Lines 1.33%

Auto Parts & Equipment 1.01% Automotive Retail 0.48%

Computer & Electronics Retail 0.36% Other 0.34%

INDEX METHODOLOGY
The index is based on the MSCI Global Investable Market Indexes (GIMI) Methodology—a comprehensive and consistent approach to index
construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style
segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong
emphasis on index liquidity, investability and replicability. The index is reviewed quarterly—in February, May, August and November—with
the objective of reflecting change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May
and November semi-annual index reviews, the index is rebalanced and the large and mid capitalization cutoff points are recalculated.

ABOUT MSCI
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decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to
gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

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MSCI CHINA CONSUMER DISCRETIONARY INDEX