China FTSE 50

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FTSE CHINA A50 INDEX COMMENTARY (CNY Total Return)

Source: FTSE Group 1 of 6

The FTSE China A50 Index finished

the month in negative territory in

July down 13.25 per cent or 2174.16

index points, although

outperforming the FTSE China A All-

Share Index by 2.11 per cent. It is

also the best performing segmentwhen compared to other segments

of the China A Share market,

followed by the FTSE China A 400

Index with a performance of -13.97

per cent.

Compared against the FTSE China A

600 Index, the FTSE China A50

Index relative performance in July

was a positive 0.89 per cent. Health

care is the best performing industry,

down 8.91 per cent, followed by the

technology companies, down 12.30

per cent. Basic materials and

telecommunications are the worst

performing industries in July, down

17.72 per cent and down 17.07 per

cent, respectively.

Vietnam was the best performing

Asian market this month with the

FTSE Vietnam Index seeing a rise of

4.56 per cent in July. The second

best performing Asian market was

New Zealand, with the FTSE New

Zealand Index up 2.08 per cent.

Mainland China was the worst

performer, with the FTSE China A50

Index falling 13.25 per cent.

FTSE MONTHLY REPORT - JULY 2015

FTSE CHINA A50 INDEX Data as at: 31 July 2015The FTSE China A50 Index is the benchmark for investors to access the China domestic market through A Shares -securities of companies incorporated in mainland China and traded by Chinese and institutional investors under the

Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor (QFII & RQFII) regulation.

It is a real-time, tradable index comprising the largest 50 A Share companies by full market capitalisation of the

securities listed on the Shanghai and Shenzhen stock exchanges.

The FTSE China A50 Index is a free-float adjusted, liquidity-screened index. It is reviewed quarterly in March, June,

September, and December to ensure the Index remains representative of the underlying China market.

The FTSE China A50 Index is the headline index of FTSE China Index Series, which is designed to represent the

performance of the mainland Chinese market that is available to A share investors, but also Chinese companies that

are listed overseas. The FTSE China A Index Series dissects the Chinese A Share market into different size segments

the A50 for the largest 50 blue chip companies, the large cap A 200, the mid cap A 400, the combined large/mid A

600, and FTSE China A Small Cap Index that contains the remaining companies that are in the top 98% of the eligible

universe. The FTSE China Index Series also contains the flagship FTSE China 50 Index that represents the largest RedChips, P Chips and H Shares listed on the Hong Kong Stock Exchange.

FTSE CHINA A50 INDEX 14238.10 -2174.16 -13.25%

-2.71

1.39

1.13

2.11

-4.0 -2.0 - 2.0 4.0

FTSE China A50 Index

FTSE China A 200 Index

FTSE China A 400 Index

FTSE China A Small Cap Index

1-Month Relative Performance against FTSE China A All-Share Index


TSE China A 600 Index - Basic Materials

TSE China A 600 Index - Consumer Goods

SE China A 600 Index - Consumer Services

FTSE China A 600 Index - Financials

FTSE China A 600 Index - Health Care

FTSE China A 600 Index - Industrials

FTSE China A 600 Index - Oil & Gas

FTSE China A 600 Index - Technology

TSE China A 600 Index - Telecommunications

FTSE China A 600 Index - Utilities -1.52

-2.93

1.84

0.20

-0.39

5.23

0.24

-0.71

0.15

-3.58

0.89

-5.0 - 5.0 10.0

1-Month Relative Performance against FTSE China A 600 Index

VENDOR CODES BLOOMBERG TXIN9IC REUTERS .TRIXIN9FTSE XIN9

FEATURESObjective

The index has been designed for thecreation of structured products, indextracking funds, ETFs and derivatives. It

represents the performance of themainland Chinese market that is availableto A share investors

Universe

Provides coverage of the largest 50 stocks

listed on both the Shanghai and Shenzhenstock exchanges

Investability

Stocks are free-floated weighted to ensurethat only the investable opportunity set isincluded within the index

Liquidity

Stocks are liquidity screened to ensure

that the index is tradable

Global Sector Classification

The index is calculated in accordance withthe Industry Classification Benchmark(ICB), the global standard for industrysector analysis

Availability

The index is now distributed on an intra-

second streaming basis, including totalreturn index (TRI) values, providinginvestors with the fastest and most up-to-

date read of the China A Share market torespond more rapidly to market events

INFORMATION

Index Universe

FTSE China A All-Share Index

Index Launch

13 December 2003

Base Date

21 July 2003

Base Value

5000

Investability Screens

Free float adjusted and liquidity screened

Index Calculation

Real-time and end-of-day indices available

Real-time calculated on intra-secondstreaming basis

End-of-Day Distribution

Index available at 20:00 local time (12:00

hours London time GMT or 13:00 hoursBST) via FTP and email

Currency

CNY (real-time), USD and HKD

(end-of-day)

Review Dates

Quarterly in March, June, September andDecember

Index Rules

www.ftse.com/products/indices/china

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Index Overview

FTSE China A50 Index Five-Year Performance (CNY Total Return) Performance Hightlights

FTSE China A50 Index FTSE China A All-Share Index

FTSE China A50 Index Historical Performance Table (CNY Total Return)



Performance to the FTSE China A50 Index and Selected FTSE Asia Pacific Country Indices in July (CNY Total Return)

FTSE China A50 Index Historical Review Turnover


Before Review After Review

Review Month Number of Cons Net Market Cap (CNYm) Number of Cons Net Market Cap (CNYm) 2-Way Turnover (%)

September 2014 0 0 50 2,189,044 50 2,189,044 0.00

December 2014 3 3 50 3,178,780 50 3,195,749 7.02

March 2015 2 2 50 3,663,313 50 3,718,603 8.16

June 2015 2 2 50 4,046,106 50 4,285,102 11.74

1 FTSE Vietnam Index 16 - 4.56 9 FTSE Pakistan Index 4 18 -4.56

2 FTSE New Zealand Index 14 155 2.08 10 FTSE Indonesia Index 30 498 -5.39

3 FTSE India Index 126 2,588 1.59 11 Straits Times Index (STI) 30 1,247 -5.55

-7.32

5 FTSE Bursa Malaysia KLCI 30 812 -0.33 13 FTSE Korea Index 111 3,197 -7.66

4 FTSE Japan Index 479 20,832 0.60 12 FTSE SET Large Cap Index 30 782

391 -1.38 15 FTSE China 50 Index 50 - -12.71

6 FTSE ASFA Australia 200 Index 199 6,447 -0.89 14 FTSE TWSE Taiwan 50 Index 50 2,595

-13.25

Rank Index NameNumber of

Cons

Net Market Cap

(CNYbn)

1M Perf

(%)Rank Index Name

Number of

Cons

Net Market Cap

(CNYbn)

1M Perf

(%)

8 FTSE Hong Kong Index 90 3,146 -2.75 16 FTSE China A50 Index 50 3,730

-7.78

7 FTSE Philippines Index 27

5Y

(%pa)

2011

(%)

2012

(%)

2013

(%)

2014

(%)

51.62 61.33 36.09 17.29 6.36 -17.26 14.56 -11.71

The FTSE China A50 Index is a real-time tradable index comprising the largest 50 'A' Share companies listed on the Shanghai Stock Exchange and Shenzhen

Stock Exchange. The index offers the optimal balance between representativeness and tradability for China's A Share market. It can be used as a basis for

on-exchange and OTC derivative products, mutual funds and ETFs.

-13.25 -21.39 4.88 2.61

Cumulative Performance Annualised Performance

1M

(%)

3M

(%)

6M

(%)

YTD

(%)

1Y

(%)

3Y

(%)

5Y

(%)

-3.23

The FTSE China A50 Index ended the

month in negative territory in July down

13.25 per cent, although outperforming

the FTSE China A All-Share Index by

2.11 per cent.

Year to date the FTSE China A50 Index

performance is down by 3.23 per cent,

with a volatility of 41.80 per cent, higher

than 2014s volatility of 22.13 per cent.

68.75

-27.81 6.36 2.64 44.39

FTSE China A50 Index Data as at: 31 July 2015

1.17

Number of Adds Number of Dels

Index Name

-15.36 -14.11 22.91 23.49 68.11 95.54 58.47 25.05 9.64

Div Yield

(%)

3Y

(%pa)

Note: The majority of index changes occurs at the index reviews in March, June, September and December. Review changes to the index may include constituent

additions/deletions, shares in issue and free float changes, and changes due to corporate events.

0

50

100

150

200

250

IndexRebased(31July2010=100

)

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Five-Year Historical Industry Breakdown (%) Industry Breakdown

Basic Materials

Consumer Goods

Consumer Services

Financials

Health Care

Industrials

Oil & Gas

Technology

Telecommunications

Utilities

FTSE China A50 Index Historical Volatility Table (CNY Total Return)



* Based on annualised daily total log returns. ** Based on annualised weekly total log returns. *** Based on annualised monthly total log returns.

FTSE China A50 Index Historical Rolling Volatility (CNY Total Return)



Index volatility is calculated on a rolling 180 days basis.

FTSE China A50 Index Historical Tracking Error (CNY Total Return)



Note: FTSE China A All-Share Index is used as the benchmark for the calculation of the tracking error

FTSE China A50 Index Historical Correlation Against FTSE China A All-Share Index (CNY Total Return)



Note: FTSE China A All-Share Index is used as the benchmark for the calculation of the correlation


Index Name YTD (%)* 1Y (%)* 3Y (%)** 5Y (%)*** 2011 (%)* 2012 (%)* 2013 (%)* 2014 (%)*

18.40 24.01 22.13

39.87 32.83 25.38 24.77 21.17 20.97 20.89 17.56

Index Name YTD (%)* 1Y (%)* 3Y (%)** 5Y (%)*** 2011 (%)* 2012 (%)* 2013 (%)*

Index Name YTD (%)* 1Y (%)* 3Y (%)** 5Y (%)*** 2011 (%)* 2012 (%)* 2013 (%)* 2014 (%)*

0.7991 0.7852 0.7696 0.8255 0.9151 0.9272 0.8806 0.7767

2014 (%)*

25.94 23.10 18.10 15.33 8.55 7.92 11.36 13.95

41.80 36.79 27.59 26.76 19.29


Key: 24(66.26%)

Number of Constituents Index Weight

2(1.59%)

6(7.57%)

1(1.39%)

24(66.26%)

11(16.80%)

2(2.89%) 1

(0.12%)

1(1.41%) 2

(1.97%)

0

20

40

60

80

100

0

5

1015

20

25

30

35

40

45

Volatility(%)

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FTSE China A50 Index Historical Sharpe Ratio (CNY Total Return)




Note: China 3-Month interbank offered rate (CHIBOR) is used as the risk free rate.

FTSE China A50 Index Historical Information Ratio (CNY Total Return)



Note: FTSE China A All-Share Index is used as the benchmark for the calculation of the information ratio

FTSE China A50 Index Top 10 Constituents

FTSE China A50 Index Top 5 and Bottom 5 Performers (CNY Total Return)

FTSE China A50 Index Portfolio Characteristics

Number of Constituents

Full Market Cap (CNYm)

% FTSE China A All-Share Index

Net Market Cap (CNYm)

Constituent Sizes (Net Market Cap CNYm)

Average

Largest

Smallest

Median


Index Name YTD* 1Y* 3Y** 5Y*** 2011* 2012* 2013* 2014*

-0.2089 1.0419 0.4049 0.2274 -1.1848

1.7462-1.0304 -0.7136 -1.8894 -1.4600 1.2326

0.5564 -0.6697 2.2001

0.8297 1.4819 0.6928 0.3686 -1.7239 0.1339 -0.0489 1.8849

6.07 -4.14

1 601318 Ping An Insurance (A) Life Insurance 321,723

Index Name YTD* 1Y* 3Y** 5Y*** 2011* 2012* 2013* 2014*

Constituent Name ICB Subsector Net Market Cap (CNYm) 1M Perf (%)

1.0358 -1.2629

Rank Local Code Index Weight (%)

5.69 -7.52

4 601166 Industrial Bank (A) Banks 177,644 4.76 -9.91

3 600016 China Minsheng Banking (A) Banks 212,214

8.63 -18.04

2 600036 China Merchants Bank (A) Banks 226,320

4.33 -22.74

6 600000 Shanghai Pudong Development Bank (A) Banks 148,987 3.99 -11.14

5 600030 Citic Securities (A) Investment Services 161,590

3.16 0.95

8 601398 Industrial and Commercial Bank of China (A) Banks 117,200 3.14 -4.30

7 000002 China Vanke (A) Real Estate Holding & Development 118,049

3.10 -16.99

10 601766 CRRC (A) Commercial Vehicles & Trucks 105,802 2.84 -16.23

9 601328 Bank of Communications (A) Banks 115,445

45.71 -

Constituent Name ICB Subsector Net Market Cap (CNYm) 1M Perf (%)

Totals 1,704,974

Index Weight (%)Local Code

5.37

000002 China Vanke (A) Real Estate Holding & Development 118,049 3.16 0.95

601186 China Railway Construction (A) Heavy Construction 45,470 1.22

0.67

600900 China Yangtze Power (A) Alternative Electricity 53,470 1.43 0.00

002594 BYD (A) Automobiles 22,566 0.60

-1.35

000651 Gree Electric Appliances (A) Durable Household Products 53,684 1.44 -26.40

601857 PetroChina (A) Integrated Oil & Gas 44,893 1.20

-27.21

002415 Hangzhou Hikvision Digital Technology (A) Electrical Components & Equipment 34,268 0.92 -27.70

601006 Daqin Railway (A) Railroads 60,476 1.62

-28.71

601336 New China Life Insurance (A) Life Insurance 24,215 0.65 -29.58

000725 BOE Technology Group (A) Electrical Components & Equipment 76,627 2.05

14,142,398 41,680,540

33.93 100.00

3,730,010 15,296,579

FTSE China A50 Index FTSE China A All-Share Index

50 1,796

4,455 653

55,987 2,173

74,600 8,517

321,723 321,723


TOP

BOTTOM

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FTSE China A50 Index Constituents (CNY Total Return)


1M Perf (%)

1 601318 Life Insurance 321,723 8.63 -18.04

ICB Subsector Net Market Cap (CNYm)Rank Local Code Index Weight (%)

6.07 -4.14

3 600016 Banks 212,214 5.69 -7.52

2 600036 Banks 226,320

4.76 -9.91

5 600030 Investment Services 161,590 4.33 -22.74

4 601166 Banks 177,644

3.99 -11.14

7 000002 Real Estate Holding & Development 118,049 3.16 0.95

6 600000 Banks 148,987

3.14 -4.30

9 601328 Banks 115,445 3.10 -16.99

8 601398 Banks 117,200

2.84 -16.23

11 601988 Banks 103,170 2.77 -5.41

10 601766 Commercial Vehicles & Trucks 105,802

2.77 -20.13

13 601989 Commercial Vehicles & Trucks 100,051 2.68 -10.20

12 600837 Investment Services 103,159

2.51 -9.98

15 601288 Banks 91,040 2.44 -3.00

14 600519 Distillers & Vintners 93,535

2.24 -16.25

17 601169 Banks 78,996 2.12 -19.32

16 601668 Heavy Construction 83,520

2.05 -28.71

19 000001 Banks 74,279 1.99 -14.99

18 000725 Electrical Components & Equipment 76,627

1.81 -4.02

21 601818 Banks 63,259 1.70 -15.30

20 601390 Heavy Construction 67,379

1.69 -15.01

23 601601 Life Insurance 62,782 1.68 -15.98

22 600028 Integrated Oil & Gas 63,068

China Pacific Insurance Group (A)

1.62 -27.21

25 000333 Durable Household Products 57,299 1.54 -11.08

24 601006 Railroads 60,476Daqin Railway (A)

Midea Group (A)

1.47 -11.55

27 000651 Durable Household Products 53,684 1.44 -26.40

26 601939 Banks 54,675China Construction Bank (A)

Gree Electric Appliances (A)

1.43 -0.00

29 600050 Mobile Telecommunications 52,483 1.41 -14.75

28 600900 Alternative Electricity 53,470China Yangtze Power (A)

China United Network Communications (A)

1.39 -9.87

31 601628 Life Insurance 47,045 1.26 -9.83

30 002024 Specialty Retailers 51,924Suning Commerce Group (A)

China Life Insurance (A)

1.22 5.37

33 601857 Integrated Oil & Gas 44,893 1.20 -1.35

32 601186 Heavy Construction 45,470China Railway Construction (A)

PetroChina (A)

1.20 -10.00


34 600104 Automobiles 44,594SAIC Motor (A)

Huatai Securities (A)

1.15 -17.66

37 002415 Electrical Components & Equipment 34,268 0.92 -27.70

36 000776 Investment Services 43,054GF Securities (A)

Hangzhou Hikvision Digital Technology (A)

0.90 -18.42


38 601088 Coal 33,662China Shenhua Energy (A)

China Merchants Securities (A)

0.72 -13.07

41 600019 Iron & Steel 25,724 0.69 -22.31

40 002736 Investment Services 26,826Guosen Securities (A)

Baoshan Iron & Steel (A)

0.65 -1.43

43 601336 Life Insurance 24,215 0.65 -29.58

42 601998 Banks 24,288China Citic Bank (A)

New China Life Insurance (A)

0.60 0.67

45 601800 Heavy Construction 22,082 0.59 -17.65

44 002594 Automobiles 22,566BYD (A)

China Communications Construction (A)0.54 -22.31

47 600018 Transportation Services 17,972 0.48 -9.23

46 600011 Conventional Electricity 19,958Huaneng Power International (A)

Shanghai International Port (A)

Automobiles 10,606 0.28 -22.85

48 601727 Industrial Machinery 13,042Shanghai Electric Group (A)

Great Wall Motor (A)

0.12 -13.2050 600485 Telecommunications Equipment 4,455

0.35 -10.95

49 601633

China Petroleum & Chemical (A)


Beijing Xinwei Telecom Technology Group (A)

Constituent Name

Ping An Insurance (A)

China Merchants Bank (A)

China Minsheng Banking (A)

Industrial Bank (A)

Citic Securities (A)

Shanghai Pudong Development Bank (A)

China Vanke (A)

Industrial and Commercial Bank of China (A)

Bank of Communications (A)

CRRC (A)

Bank of China (A)

Haitong Securities (A)

China Shipbuilding Industry (A)

Kweichow Moutai (A)

Agricultural Bank of China (A)

China State Construction Engineering (A)

Bank of Beijing (A)

BOE Technology Group (A)

Ping An Bank (A)

China Railway Group (A)

China Everbright Bank (A)

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FTSE China A50 Index Quarterly Review Process (Based on the Upcoming September Review)

Review Data

Cutoff Date

[ Close ]

Review

Implementation

Date [ Open ]

S FTSE G 6 f 6

1 2 3 5

AUGUST 2015

S M Tu W Th

27 28 29 30

F S

1

SEPTEMBER 2015

6 7 8 9 10 11 12

S M Tu W Th F S

2 3 4 5 6 7 8

18 19

20 21 22 23 24 25 26

13 14 15 16 17

4

16 19 20 21 22

9 10 11 12 13

28 29

30 31

23 24 25 26 27

14 15

17 18


2015 London Stock Exchange Group companies. All rights reserved.

The FTSE China A Index Series is calculated by FTSE International Limited FTSE or its agent. All rights in the Index Series vest in FTSE.

London Stock Exchange Group companies includes FTSEInternational Limited(FTSE), Frank Russell Company (Russell), MTSNext Limited(MTS), andFTSE TMXGlobalDebt Capital MarketsInc.

(FTSE TMX). All rightsreserved.FTSE, Russell, MTS, FTSE TMX and FTSE Russell and other service marks and trademarksrelated to the FTSE or Russell indexes aretrade marks of

the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence.

All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability c

an be accepted by theLondon Stock Exchange Group companies nor itslicensorsfor any errorsor forany loss from use of this publication. Neither the London Stock Exchange Group companies nor

any of their licensors make any claim, prediction, warranty or representation whatsoever, expresslyor impliedly, either as to the results to be obtained from the useof theFTSE China A Index Series

or the fitness or suitability of the Indexes for any particular purpose to which they might be put.

The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock

Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any

information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this

publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.

No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic,mechanical, photocopying, recording or otherwise, withoutprior

written permission of theLondonStock Exchange Group companies.Distribution of theLondonStock Exchange Group companiesindex valuesand theuse of their indexesto create financial products

require a licence with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors.

The Industry Classification Benchmark (ICB) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

Reserve List

Next 5 Highest Ranking Companies thatare not Constituents of the FTSE China

A50 Index

FTSE CHINA A50 INDEX

...

...

C01 800 - 300 1,100 Y1 Y

C02 1,000 - - 1,000 Y2 Y

C03 500 200 - 700 -3 Y

C40 200 - - 200 Y40 Y

C41 195 - - 195 -41 -

C50 150 - - 150 Y50 Y

C60 100 - - 100 Y60 Y

...

C61 99 - - 99 Y61 -

...

CompanyA ShareMkt Cap

B ShareMkt Cap

H ShareMkt Cap

FullMkt Cap

ExistingCons

Rank

NewCons

Companies Rankedin Descending Order

of Full Market CapIncluding All ShareClasses

Free Float

Free Float Requirement

FF 3% - Excluded / Subject toCommittee Approval

3% < FF 15% - Minimum Size

RequirementNew Index Entrant - CNY 17bn

Existing FTSE China AAll- Share Index Constituent - CNY

10bn

Size

Size Requirement

Companies must be constituents of the

FTSE China A All-Share Index, whichincludes the largest companies ranked byfull market cap comprising 98% of allcompanies listed on Shanghai &Shenzhen Stock Exchanges for inclusion

Constituent Selection

The 50 Constituents are Selected with theFollowing Order:

1. Companies Ranked 40th or Above

2. Existing A50 Constituents Ranked

Between 41st and 60th3. Non-A50 Constituents Ranked

Between 41st and 60th

Eligible Companies

Free Float

Companies Listed on Shanghai and

Shenzhen Stock Exchanges

LiquiditySize

Liquidity (March Review Only)

Median Liquidity Requirement

New Index Entrant

Must trade 0.05% of its free-float adjustedshares in issue based on its median dailytrade per month in 10 out of 12 months

Existing FTSE China A All-Share IndexConstituent

Must trade 0.04% of its free-float adjustedshares in issue based on its median dailytrade per month in 8 out of 12 months

Data definitions available from www.ftse.com

For further information visit

email or call your local FTSE

office:

Beijing +86 (10) 5833 2202

Dubai +971 4 319 9901

Hong Kong +852 2164 3333

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