You must read the following Important Notes and the Disclaimer before proceeding.

IMPORTANT NOTES

This website has been prepared by China Universal Asset Management (Hong Kong) Company Limited ("China Universal (HK)") for information purposes only. The information contained in this website is not intended for use by persons located in or residing in jurisdiction that restrict the distribution of such information by China Universal (HK) and its parent companies, subsidiaries and/or associates (collectively the "China Universal Group"). The information contained in this website does not constitute a distribution, an offer to buy or the solicitation of any offer to buy or sell any securities in any jurisdiction where such a distribution or offer would be illegal. Person accessing this website should inform themselves and observe any relevant restrictions. Information contained in this website has not been reviewed by Securities and Futures Commission of Hong Kong ("SFC").

None of the information contained in this website constitute an invitation or solicitation to invest in any shares or units of the Fund, nor does it constitute any investment advice or recommendation to acquire or dispose of any investment or to engage in any transactions. Before acting on any information in this website, you should consider whether any investment, security or strategy is suitable for your particular circumstance and, if necessary, seek independent professional advice.

Investment involves risks. The price of units or shares of the Fund may go up as well as down. The Manager does not guarantee that the Fund is profitable or able to achieve minimum return. Past performance of the Fund does not represent its future performance and the performance of the other funds managed by the Manager is no guarantee of the performance of the Fund. The value of the Fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. Before making any investment decisions, investors should carefully read the Fund's offering documents, including Explanatory Memorandum/Prospectus, Hong Kong Supplement (if applicable) and Product Key Facts Statement for details and risk factors of the Fund, particularly the risk of investment in emerging markets.

Important Risk Disclosure

CUAM China-Hong Kong Strategy Fund (the "Fund") seeks to achieve medium to long-term capital growth through investing primarily in securities of companies which are established in Greater China or having their income, revenue, assets, economic activities, business or operations associated with Greater China.

1.Investment risk

The instruments invested by the Fund may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer losses. There is no guarantee of repayment of principal.

2.Currency risk

The Fund may invest in part in assets quoted in currencies other than its base currency. Also, a class of units may be designated in a currency other than the base currency of the Fund. The performance and the net asset value of the Fund will therefore be affected unfavourably by movements in the exchange rates between these currencies and the base currency of the Fund and by changes in exchange rate controls.

3.Equity market risk

The Fund's investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.

4.Concentration risk

The investments of the Fund are concentrated in Greater China or specific sectors. The value of the Fund is likely to be more volatile than a broad-based fund. The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting Greater China.

5.China market risk

China is considered as an emerging market which may involve increased risks and special considerations not typically associated with investment in more developed markets and investing in China may subject the Fund to higher legal, taxation, settlement, custody, economic, political, foreign exchange and currency control, social and regulatory risks. Investments in China may also be less liquid and more volatile.

6.Emerging market risk

The Fund may invest in emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.

7.Risk associated with high volatility of the equity market in Mainland China

High market volatility and potential settlement difficulties in the markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund.

8.Risk associated with exchanges requirements of the equity market in Mainland China

Securities exchanges in Mainland China typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund.

9.Risks relating to debt securities

Interest rates risk

The Fund's investment in debt securities is subject to interest rate risk. Generally, the prices of debt securities fall when interest rates rise, and vice versa.

Credit risk of issuers or counterparties

The Fund is exposed to the credit/insolvency/default risk of issuers of the debt securities it invests in.

Risk relating to credit rating

Credit ratings assigned by rating agencies are subject to limitations and are not absolute standards of credit quality and do not evaluate market risks and do not guarantee the creditworthiness of the security and/or issuer at all times.

Risk relating to Mainland credit rating agencies

The rating criteria and methodology used by Chinese local rating agencies may be different from those adopted by most of the established international credit rating agencies. Therefore, such rating system may not provide an equivalent standard for comparison with securities rated by international credit rating agencies.

Downgrading risk

Investment grade securities or the credit rating of the issuer may be subject to the risk of being downgraded to below investment grade or unrated. In the event of such downgrading, the value of the Fund may be adversely affected. The Manager may or may not be able to dispose of the debt instruments that are being downgraded.

Below investment grade and/or unrated debt securities risk

The Fund may invest less than 60% of its net asset value in debt securities which are below investment grade or which are unrated. Such securities would generally be considered to have lower liquidity, a higher degree of counterparty risk, credit risk, higher volatility risk and greater risk of loss of principal and interest than higher rated, lower yielding securities.

Sovereign debt risk

The Fund's investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Fund to participate in restructuring such debts. The Fund may suffer significant losses when there is a default of sovereign debt issuers.

Liquidity and volatility risk

Some debt securities the Fund invests in may be illiquid and more volatile when compared to more developed markets, and may be difficult or impossible to sell. The prices of securities may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Fund may incur significant trading costs.

Valuation risk

Independent pricing information on debt securities may not be available at all times. Thus, valuation of the Fund's investments in debt securities may involve uncertainties and judgmental determinations. If such valuation should prove to be incorrect, the net asset value of the Fund may be adversely affected.

10.Stock Connects risk

The relevant rules and regulations on the Stock Connects are subject to change which may have potential retrospective effect. The Stock Connects are subject to quota limitations. Where a suspension in the trading through the programme is effected, the Fund's ability to invest in China A-shares or access the Mainland China market through the programme will be adversely affected. In such event, the Fund's ability to achieve its investment objective could be negatively affected.

11.Mainland China tax risk

There are risks and uncertainties associated with changes in the current PRC tax law, regulations and practice in respect of capital gains derived by QFIs, or through the Stock Connects or other means, on its investment in the PRC, which may have retrospective effect and may adversely affect the Fund. Any increased tax liabilities on the Fund may adversely affect the Fund's value.

Having taken and considered independent professional tax advice, the Manager determines that:

1.no PRC withholding income tax ("WIT") provision will be made for the account of the Fund in respect of any potential PRC tax liability on gross unrealized and realized capital gains derived from investments in PRC fixed income instruments;

2.for investments in China A-Shares, no PRC WIT provision will be made on gross unrealized and realized capital gains derived from investments in China A-Shares from 17 November 2014 onwards;

3.no WIT provision or value added tax provision will be made on interest income derived from debt instruments issued or distributed in the PRC received/receivable by Fund for the period from 7 November 2021 to 31 December 2025.

4.The tax exemption granted under Circular Caishui (2014) No.79 Circular Caishui (2014) No.81, Circular Caishui (2016) No.127, and Announcement (2021) No. 34 of the Ministry of Finance and the State Taxation Administration are only temporary. It is also possible that the applicable tax law, regulations and practice may be changed. In such case, the Fund may have tax liabilities in the PRC which it has not provided for. Any under-provided tax liabilities will be deducted from the Fund's assets, and will cause the Fund's net asset value to be adversely affected. In this case, existing and subsequent investors will be disadvantaged as they will bear a disproportionately higher amount of tax liabilities as compared to the liability at the time of investment in the Fund.

5.Any shortfall between the provision and the actual tax liabilities, which will be debited from the Fund's assets, will adversely affect the Fund's net asset value. The actual tax liabilities may be lower than the tax provision made. Depending on the final tax liabilities, the level of provision and the timing of their subscriptions and/or redemptions, investors may be disadvantaged as a result of any shortfall of tax provision and will not have the right to claim any part of the overprovision (as the case may be).

12.Risk relating to depositary receipts

Exposure to depositary receipts may generate additional risks compare to direct exposure to the corresponding underlying stocks. There could be a risk that underlying shares would not be attributed to holders of depositary receipts in case of bankruptcy of the depositary bank.

There are fees related to depositary receipts which may impact the performance of the depositary receipts. Also, holders of depositary receipts are not direct shareholder rights as shareholders do. The Fund may also be subject to liquidity risk.

13.Risk relating to preferred shares

An investment in preferred shares involves additional risks that are not typically associated with an investment in ordinary shares. In certain circumstances, an issuer of preferred shares may redeem the shares prior to a specified date. A special redemption by the issuer may negatively impact the return of the shares held by the Fund.

Preferred shares are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments and therefore will be subject to greater credit risk than those debt instruments. Preferred shares may be substantially less liquid than many other securities, including ordinary shares. The value and performance of the Fund may be adversely affected as a result.

14.Risks relating to convertible bonds

This Fund may invest up to 30% in convertible bonds, which are a hybrid between debt and equity, permitting holders to convert into shares in the company issuing the bond at a specific future date. As such, convertible bonds will be exposed to equity movement and greater volatility than straight bond investments. Investment in convertible bonds are subject to the same credit risk, interest rate risk, liquidity risk and prepayment risk associated with comparable straight bond investments.

15.Risk of using financial derivative instruments

The use of financial derivatives instruments may expose the Fund to risks including market volatility risk, credit risk, counterparty risk, valuation risk, over-the-counter transaction risk and liquidity risk. The leverage element/component of financial derivatives instruments can result in a loss significantly greater than the amount invested in the financial derivative instruments by the Fund. In adverse situation, the use of financial derivative instruments for hedging purposes may become ineffective and the Fund may suffer significant losses.

16.RMB currency and conversion risks and RMB classes related risks

RMB is currently not freely convertible and is subject to exchange controls and restrictions. Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors' base currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor's investment in the Fund. Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.

17.Risk relating to dynamic asset allocation strategy

The dynamic asset allocation of the Fund may not achieve the desired results under all circumstances and market conditions.

The investments of the Fund may be periodically rebalanced and therefore the Fund may incur greater transaction costs than a Fund with static allocation strategy.

All information contained in this website is published to the best of the knowledge and belief of China Universal Group to be accurate at the time it was posted. However, no representation or warranty, expressed or implied is made by China Universal Group as to its accuracy or completeness of the information or data provided in this website. China Universal Group, its directors, officers or employees accept no liability for any errors or omissions relating to information available in this website, and will not be liable for any damages or losses arising out of or in any way connected with (i) the use of the information provided in this website and (ii) any interruption or failure in system operation, delay in data transmission, computer virus or line or system failure. China Universal Group reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.

All copyright, trademarks and similar rights in this website and the information contained herein are owned by or licensed to China Universal Group. Unless prior written consent is obtained from China Universal Group, information in or any parts of this website cannot be reproduced, distributed or published by any institutions or individuals.

You must read the following Important Notes and the Disclaimer before proceeding.

IMPORTANT NOTES

This website has been prepared by China Universal Asset Management (Hong Kong) Company Limited ("China Universal (HK)") for information purposes only. The information contained in this website is not intended for use by persons located in or residing in jurisdiction that restrict the distribution of such information by China Universal (HK) and its parent companies, subsidiaries and/or associates (collectively the "China Universal Group"). The information contained in this website does not constitute a distribution, an offer to buy or the solicitation of any offer to buy or sell any securities in any jurisdiction where such a distribution or offer would be illegal. Person accessing this website should inform themselves and observe any relevant restrictions. Information contained in this website has not been reviewed by Securities and Futures Commission of Hong Kong ("SFC").

None of the information contained in this website constitute an invitation or solicitation to invest in any shares or units of the Fund, nor does it constitute any investment advice or recommendation to acquire or dispose of any investment or to engage in any transactions. Before acting on any information in this website, you should consider whether any investment, security or strategy is suitable for your particular circumstance and, if necessary, seek independent professional advice.

Investment involves risks. The price of units or shares of the Fund may go up as well as down. The Manager does not guarantee that the Fund is profitable or able to achieve minimum return. Past performance of the Fund does not represent its future performance and the performance of the other funds managed by the Manager is no guarantee of the performance of the Fund. The value of the Fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. Before making any investment decisions,investors should carefully read the Fund's offering documents, including Explanatory Memorandum/Prospectus, Hong Kong Supplement (if applicable)and Product Key Facts Statement for details and risk factors of the Fund, particularly the risk of investment inemerging markets.

All information contained in this website is published to the best of the knowledge and belief of China Universal Group to be accurate at the time it was posted. However, no representation or warranty, expressed or implied is made by China Universal Group as to its accuracy or completeness of the information or data provided in this website. China Universal Group, its directors, officers or employees accept no liability for any errors or omissions relating to information available in this website, and will not be liable for any damages or losses arising out of or in any way connected with (i) the use of the information provided in this website and (ii) any interruption or failure in system operation, delay in data transmission, computer virus or line or system failure.China Universal Group reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.

All copyright, trademarks and similar rights in this website and the information contained herein are owned by or licensed to China Universal Group. Unless prior written consent is obtained from China Universal Group, information in or any parts of this website cannot be reproduced, distributed or published by any institutions or individuals.

CSI Disclaimer

The underlying include of the Fund (the "include") is compiled and calculated by China Securities include Co., Ltd. ("CSI"). All copyright in the include values and constituent list vest in CSI. CSI will apply all necessary means to ensure the accuracy of the include. However, CSI does not guarantee its instantaneity, completeness or accuracy, nor shall it be liable (whether in negligence or otherwise) to any person for any error in the include or under any obligation to advise any person of any error therein.

Data Provider's Disclaimer

All information provided by Interactive Data (Hong Kong) Limited ("Interactive Data") and its affiliates (the "Interactive Data Information") is owned by or licensed to Interactive Data and its affiliates and any user is permitted to use such Interactive Data Information only for such user's personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Interactive Data Information in any format to anyone, and no user shall use any Interactive Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of a security trade based upon the Interactive Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE INTERACTIVE DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER INTERACTIVE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE INTERACTIVE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER INTERACTIVE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE INTERACTIVE DATA INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

Delayed market price

Delayed data as shown on the Hong Kong Website (the "data") are provided by the data provider Interactive Data. Interactive Data and HKEx Information Services Limited, and their respective holding companies and/or any subsidiaries of such holding companies, do not guarantee the accuracy or reliability of the data provided and accept no liability (whether in tort or contract or otherwise) for any loss or damage you may suffer or incur arising out of or in connection with your use of the data, including loss or damage which arises out of the data being inaccurate, incomplete or delayed, and however such loss or damage arises. You acknowledge that the data is provided for information only and should not be relied upon for any purpose".

Important Risk Disclosure

C-Shares CSI 300 include ETF (the "Fund")is a physical ETF and invests primarily in China A-Shares listed on the stock exchanges of thePeople's Republic of China ("China" or "PRC") through the Renminbi Qualified Foreign Institutional Investor("RQFII") quota of the Manager.

1.Investment risk

The Fund is an investment fund. It is not principal guaranteed and the purchase of its units is not the same as investing directly in the include Securities comprised in the Underlying include. Your investment in the Fund may suffer losses. There is no assurance that the Fund will achieve its investment objective.

Prices of securities may be volatile and are influenced by, among other things, the inherent volatility of the market place and other risks inherent in the market.

2.Risks in light of cross-border nature of the Fund

The Fund is a RMB physical China A-Shares exchange traded fund issued outside PRC to invest directly in the China A-Shares market which is inherently a market with restricted access. In light of the cross-border nature of the Fund, it is riskier than traditional exchange traded funds investing directly in markets other than the PRC.

3.RQFII risk

The RQFII policy and rules are in the early stages of their operations. Such policy and rules are subject to change and interpretation of the PRC authorities. The uncertainty and change of the laws and regulations of the PRC (including the RQFII policy and rules) may have an adverse impact on the Fund. Such change may have retrospective effect.

The Manager (as RQFII holder) may from time to time make available RQFII quota for the purpose of the Fund's direct investment into the PRC. There is no assurance that the Manager will continue to maintain its RQFII status or the Manager will make available RQFII quota that is sufficient for the Fund's investment at all times. The Fund may not have sufficient portion of RQFII quotas to meet all applications for subscription to the Fund. This may result in a rejection of applications and a suspension of dealings of the Fund, and the Fund may trade at a significant premium to its NAV.

4.Dual Counter trading risk

The Fund has units traded on the SEHK in both RMB and HKD via the RMB counter and the HKD counter respectively. The dual counter arrangement adopted by the Fund may bring additional risks for investment in the Fund and may make such investment riskier than investment in single counter ETFs.

If there is a suspension of the inter-counter transfer of units between the RMB counter and the HKD counter, unitholders will only be able to trade their units in the relevant counter on the SEHK.

The market price on the SEHK of units traded in RMB and of units traded in HKD may deviate significantly due to different factors such as market liquidity, supply and demand in each counter and the exchange rate between RMB and HKD (in both onshore and offshore markets). As such, investors may pay more or receive less when buying or selling units traded in HKD on the SEHK than in respect of units traded in RMB and vice versa.

Investors without RMB accounts may buy and sell HKD traded units only. They will not be able to buy or sell RMB traded units and should note that distributions are made in RMB only. As such, investors may suffer a foreign exchange loss and incur foreign exchange associated fees and charges to receive their dividend.

Investors who bought units on the HKD counter may be subject to currency exchange risk as the assets of the Fund are denominated in RMB.

Some brokers/intermediaries and CCASS participants may not be familiar with and may not be able to (i) buy units in one counter and to sell units in the other, (ii) carry out inter-counter trades of units, or (iii) trade both counters at the same time. This may inhibit or delay an investor dealing in both RMB traded and HKD traded units and the investor may only trade in one currency.

5.Renminbi currency risk

RMB is currently not a freely convertible currency as it is subject to foreign exchange controls and restrictions. Since the Fund is denominated in RMB, non-RMB based investors are exposed to foreign exchange risk as a result of fluctuations in the RMB exchange rate against their base currencies. There is no guarantee that the value of RMB against the investors' base currency (e.g. HKD) will not depreciate. If investors wish or intend to convert the redemption proceeds or dividends (in RMB on both HKD traded Units and RMB traded Units) paid by the Fund or sale proceeds (in RMB on RMB traded units) into a different currency, they are subject to the relevant foreign exchange risk and may suffer losses from such conversion as well as associated fees and charges.

6.China market risk

China is considered as an emerging market and investing in China market may subject the Fund to certain risks and special considerations as compared with investment in more developed economies or markets, such as greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks.

The China A-Shares market may be more volatile and unstable (e.g. due to suspension of particular stocks or government intervention) than those in the more developed markets as it is undergoing development and has lower trading volumes than those in more developed markets. A participating dealer may not be able to create and redeem the Fund's units if any include Securities are not available.

The PRC imposes restrictions on foreign ownerships and holdings which may have adverse impact on unitholders. If applicable to constituents of the Underlying include, this may lead to increased tracking error, and at worst, the Fund may not be able to achieve its investment objective.

7.Concentration risk

The concentration of the Fund's investments in a single geographical region (i.e. China) may subject it to greater volatility than portfolios which comprise broad-based global investments.

8.Risks relating to RMB trading and settlement of units

The Units of the Fund are traded on the SEHK with dual counter arrangement (i.e. RMB traded and HKD traded Units) and settled in CCASS.

The listing, trading and settlement of the Fund's RMB traded units may not be capable of being implemented as envisaged.

Not all custodians or stockbrokers may be ready and able to carry out trading and settlement of the RMB traded Units.

Any restrictions or delay in repatriation of the invested capital, net profits and RMB will impact on the Fund's ability to meet redemption requests from the unitholders. There is a risk that investors receive settlement in RMB on a delayed basis or may not be able to receive redemption proceeds in RMB.

The liquidity and trading price of the RMB traded units of the Fund may be adversely affected by the limited availability of RMB outside the PRC and the restrictions on the conversion between foreign currency and RMB. This may result in the Fund trading at a significant premium/discount to its Net Asset Value.

Repatriations in RMB by RQFIIs are currently permitted daily and are not subject to any repatriation restrictions, lock-up periods or prior approval. However, there is no assurance that such policy will not be changed.

9.PRC tax risk

Pursuant to the "Notice on the issues of temporary exemption from the imposition of corporate income tax arising from gains from the transfer of equity investment assets such as PRC domestic stocks by QFII and RQFII" Caishui [2014] No.79, investing through the Manager's RQFII quota is exempt from PRC corporate income tax ("CIT") on capital gains from investments in equity investment assets (including China A-Shares) effective from 17 November 2014. The Manager has determined, having taken and considered independent professional tax advice and acting in accordance with such advice, that no PRC CIT WIT provision will be made on the gross realized and unrealized capital gains derived from investments in equity investment assets (including China A-Shares).

The tax exemption granted under Caishui [2014] No.79 is only temporary. It is possible that the applicable tax law, regulations and practice may change from time to time and taxes being applied retrospectively. As such, there is a risk that the Fund will incur tax liabilities, which may potentially cause substantial loss to the Fund and the Net Asset Value of the Fund may require further adjustment to take into account any retrospective application of new tax regulations and development, including change in interpretation of the relevant regulations by the PRC tax authority.

In the event that tax is levied by the PRC tax authorities, the Net Asset Value of the Fund may be lowered, as the Fund will ultimately have to bear the full amount of tax liabilities. In this case, the tax liabilities will only impact Units in issue at the relevant time, and the then existing Unitholders and subsequent Unitholders will be disadvantaged as such Unitholders will bear, through the Fund, a disproportionately higher amount of tax liabilities as compared to that borne at the time of investment in the Fund.

10.Risks relating to the differences between the Hong Kong and PRC stock markets

The trading days or hours of the PRC and Hong Kong stock markets are not exactly the same. There may be in the Fund's portfolio may change but investors are not able to purchase or sell the Fund's units.

On the other hand, if a PRC stock exchange is closed while the SEHK is open, the market prices of include Securities may not be available while the Fund is still trading, which may affect the level of premium or discount of the trading price of the Fund to its NAV.

While China A-Shares are subject to trading bands which restrict increases and decreases in the trading price, trading of the Fund listed on the SEHK is not subject to such restrictions. The dealing suspension of the include Security will render it impossible for the Fund to acquire the include Security or liquidate positions to reflect creation/ redemption of the units. This may result in higher tracking error and may expose the Fund to losses. Units of the Fund may also be traded at a premium or discount to its NAV.

11.Custody risk and PRC brokerage risk

In the event of any default or bankruptcy of the Custodian (directly or through its delegate, including the RQFII Custodian) or the brokers appointed by the RQFII Holder in the PRC ("PRC Brokers"), the Fund may encounter delays in recovering its assets and may be adversely affected in the execution of any transaction. As a result, the net asset value of the Fund may also be adversely affected.

Only one PRC Broker can be appointed in respect of each stock exchange in the PRC to execute transactions (i.e. trading of China A-Shares) for the Fund in the PRC. As such the Fund will rely on only one PRC Broker for each exchange, which may be the same PRC Broker. If the Manager is unable to use its designated PRC Broker in the PRC, the operation of the Fund will be adversely affected and may cause the Fund's units to trade at a premium or discount to its NAV or the Fund may not be able to track the Underlying include.

12.Risks of government intervention and restriction

Governments and regulators may intervene in the economy and financial markets, such as by the imposition of trading restrictions, a ban on "naked" short selling or the suspension of short selling for certain stocks. Further, intervention or restrictions by governments and regulators may affect the trading of China A-Shares or units of the Fund. This may affect the operation and market making activities of the Fund. This may also lead to an increased tracking error for the Fund. Such interventions may have a negative impact on the market sentiment which may in turn affect the performance of the Underlying include and the Fund. In worst case scenario, the investment objective of the Fund cannot be achieved.

13.Risks relating to limited operating history and experience of Manager and Reliance on the Manager's parent company

The RQFII exchange traded funds with its cross-border nature are relatively new in the market. Whilst the Manager has experience in managing and operating RQFII exchange traded fund, such experience is limited. As such, the Fund is subject to the risks relating to the limited operating history and experience of the Manager in managing and operating RQFII physical China A-Shares exchange traded fund. The Manager may substantially tap into its PRC parent company's relevant infrastructure and expertise to support its operation of the Fund in Hong Kong. While the PRC parent company of the Manager has sufficient experience and expertise in managing and operating China A-Shares exchange traded funds listed and traded in China, there is no assurance that the Fund will be operated as envisaged. Any disruption in the assistance from the Manager's parent company may adversely affect the operations of the Fund.

14.Reliance on market makers risk

Units of the Fund on the RMB counter are traded and settled in RMB. There may be less interest by potential market makers making a market in units denominated and traded in RMB. Any disruption to the availability of RMB may adversely affect the capability of market makers in providing liquidity for the units.

Although it is a requirement that the Manager ensures that there will always be at least one market maker to the Fund and at least one market maker for each counter, it is possible that no market maker is appointed. Further, a market maker may cease to act as a market maker for the Fund in accordance with the terms of its agreement including upon giving prior written notice. The termination notice period for at least one market maker for the Fund (in respect of both the RMB and HKD counters) will be not less than ninety (90) days.

Where there is only one SEHK market maker to each counter, it may not be practicable for the Fund to remove the only market maker even if it is not effective. It is possible that there is only one SEHK market maker to a Fund or to a counter of a Fund or the Manager may not be able to engage a substitute market maker within the termination notice period of a market maker. The liquidity of the Fund may be adversely affected if there is no market maker for the RMB or HKD traded Units of the Fund or if the market making activities are not effective.

15.Tracking error risk

Due to fees and expenses of the Fund, liquidity of the market, imperfect correlation of returns between the Fund's assets and the include Securities constituting the Underlying include and other factors, the Fund's returns may deviate from that of the Underlying include.

16.Trading risk

Generally, retail investors can only buy or sell units of the Fund on the SEHK. The trading price of the units on the SEHK is driven by market factors such as the demand and supply of the units.

Disruptions to creations and redemptions may result in the Fund trading at a significant premium/discount to its NAV. Investors may therefore buy the Fund's units at a price higher than the NAV or receive less than the NAV when selling the units.

Trading of units may involve various types of costs that apply to all securities transactions such as trading fees and brokerage commissions. Investors on the secondary market will also incur the cost of the trading spread, being the difference between what investors are willing to pay for the units (bid price) and the price at which they are willing to sell units (ask price).

17.Risks of early termination

The Manager or the Trustee may terminate the Trust or the Fund under certain circumstances, for examples, in respect of the Trust, where the size of the Trust falls below RMB 10 million or an equivalent amount in any other currency and in respect of the Fund where the size of the Fund falls below RMB 50 million or an equivalent amount in any other currency or where the Underlying include is no longer available for benchmarking. The Fund may be terminated on the ground of small fund size. Investors should refer to section "14.5 Termination of the Trust or a Sub-Fund" in Part 1 of the Prospectus for further details.

The licence agreement between the Manager and CSI to use the Underlying include is for an initial term of 3 years commencing from the date of the agreement (i.e. 8 April 2013), and thereafter automatically renewed for successive 2-year period unless terminated pursuant to the agreement. There is no guarantee that the licence agreement will be perpetually renewed.

The Fund may be terminated if the Underlying include is discontinued and/or the include licence agreement is terminated and the Manager is unable to identify or agree with any include provider terms for the use of a suitable replacement include.

18.Passive investments risk

The Fund is not "actively managed" and the Manager does not attempt to select securities individually or to take defensive positions in declining markets.

Consequently, falls in the Underlying include are expected to result in a corresponding fall in the value of the Fund.

You must read the following Important Notes and the Disclaimer before proceeding.

IMPORTANT NOTES

This website has been prepared by China Universal Asset Management (Hong Kong) Company Limited ("China Universal (HK)") for information purposes only. The information contained in this website is not intended for use by persons located in or residing in jurisdiction that restrict the distribution of such information by China Universal (HK) and its parent companies, subsidiaries and/or associates (collectively the "China Universal Group"). The information contained in this website does not constitute a distribution, an offer to buy or the solicitation of any offer to buy or sell any securities in any jurisdiction where such a distribution or offer would be illegal. Person accessing this website should inform themselves and observe any relevant restrictions. Information contained in this website has not been reviewed by Securities and Futures Commission of Hong Kong ("SFC").

None of the information contained in this website constitute an invitation or solicitation to invest in any shares or units of the Fund, nor does it constitute any investment advice or recommendation to acquire or dispose of any investment or to engage in any transactions. Before acting on any information in this website, you should consider whether any investment, security or strategy is suitable for your particular circumstance and, if necessary, seek independent professional advice.

Investment involves risks. The price of units or shares of the Fund may go up as well as down. The Manager does not guarantee that the Fund is profitable or able to achieve minimum return. Past performance of the Fund does not represent its future performance and the performance of the other funds managed by the Manager is no guarantee of the performance of the Fund. The value of the Fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. Before making any investment decisions,investors should carefully read the Fund's offering documents, including Explanatory Memorandum/Prospectus, Hong Kong Supplement (if applicable)and Product Key Facts Statement for details and risk factors of the Fund, particularly the risk of investment inemerging markets.

All information contained in this website is published to the best of the knowledge and belief of China Universal Group to be accurate at the time it was posted. However, no representation or warranty, expressed or implied is made by China Universal Group as to its accuracy or completeness of the information or data provided in this website. China Universal Group, its directors, officers or employees accept no liability for any errors or omissions relating to information available in this website, and will not be liable for any damages or losses arising out of or in any way connected with (i) the use of the information provided in this website and (ii) any interruption or failure in system operation, delay in data transmission, computer virus or line or system failure.China Universal Group reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.

All copyright, trademarks and similar rights in this website and the information contained herein are owned by or licensed to China Universal Group. Unless prior written consent is obtained from China Universal Group, information in or any parts of this website cannot be reproduced, distributed or published by any institutions or individuals.

CSI Disclaimer

The underlying include of the Fund (the "include") is compiled and calculated by China Securities include Co., Ltd. ("CSI"). All copyright in the include values and constituent list vest in CSI. CSI will apply all necessary means to ensure the accuracy of the include. However, CSI does not guarantee its instantaneity, completeness or accuracy, nor shall it be liable (whether in negligence or otherwise) to any person for any error in the include or under any obligation to advise any person of any error therein.

Data Provider's Disclaimer

All information provided by Interactive Data (Hong Kong) Limited ("Interactive Data") and its affiliates (the "Interactive Data Information") is owned by or licensed to Interactive Data and its affiliates and any user is permitted to use such Interactive Data Information only for such user's personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Interactive Data Information in any format to anyone, and no user shall use any Interactive Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of a security trade based upon the Interactive Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE INTERACTIVE DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER INTERACTIVE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE INTERACTIVE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER INTERACTIVE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE INTERACTIVE DATA INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

Delayed market price

Delayed data as shown on the Hong Kong Website (the "data") are provided by the data provider Interactive Data. Interactive Data and HKEx Information Services Limited, and their respective holding companies and/or any subsidiaries of such holding companies, do not guarantee the accuracy or reliability of the data provided and accept no liability (whether in tort or contract or otherwise) for any loss or damage you may suffer or incur arising out of or in connection with your use of the data, including loss or damage which arises out of the data being inaccurate, incomplete or delayed, and however such loss or damage arises. You acknowledge that the data is provided for information only and should not be relied upon for any purpose".

Important Risk Disclosure

C-Shares CSI Consumer Staples include ETF(the "Fund") is a physical ETF and invests primarily in China A-Shares listed on the stock exchanges of thePeople's Republic of China ("China" or "PRC") through the Renminbi Qualified Foreign Institutional Investor("RQFII") quota of the Manager.

1.Investment risk

The Fund is an investment fund. It is not principal guaranteed and the purchase of its units is not the same as investing directly in the include Securities comprised in the Underlying include. Your investment in the Fund may suffer losses. There is no assurance that the Fund will achieve its investment objective.

Prices of securities may be volatile and are influenced by, among other things, the inherent volatility of the market place and other risks inherent in the market.

2.Risks associated with the consumer staples sector

Companies in the consumer staples sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which could affect company profitability. Factors which may affect this sector include marketing campaigns, performance of the overall domestic and international economy, interest rates, competition and consumer confidence and spending. There can be no assurance that historical growth rates of the economy of the PRC and the PRC consumer market will continue.

Any future slowdowns or declines in the PRC economy or consumer spending may materially and adversely affect the business of the companies in the consumer staples sector and as a result the performance of the Fund.

3.Concentration risk

The concentration of the Fund's investments in a single geographical region (i.e. China) may subject it to greater volatility than portfolios which comprise broad-based global investments. The Fund is more susceptible to fluctuations in value of the Underlying include resulting from adverse conditions in the PRC.

The Underlying include or portfolio is concentrated in the securities in the consumer staples sector. Consequently, the Fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting the consumer staples sector.

4.Risk relating to small- and mid-capped companies

The Fund may invest in the securities of small and/or mid-capped companies. Investing in these securities may expose the Fund to risks such as greater market price volatility, less publicly available information, and greater vulnerability to fluctuations in the economic cycle. Consequently, investment in securities of small and/or mid- capped companies may involve greater risks and thus may be considered speculative. As a result, the Net Asset Value of the Fund may be adversely affected.

5.Risks in light of cross-border nature of the Fund

The Fund is a RMB physical China A-Shares exchange traded fund issued outside PRC to invest directly in the China A-Shares market which is inherently a market with restricted access. In light of the cross-border nature of the Fund, it is riskier than traditional exchange traded funds investing directly in markets other than the PRC.

6.RQFII risk

The RQFII policy and rules are in the early stages of their operations. Such policy and rules are subject to change and interpretation of the PRC authorities. The uncertainty and change of the laws and regulations on the PRC (including the RQFII policy and rules) may have an adverse impact on the Fund. Such change may have retrospective effect.

The Manager (as RQFII holder) may from time to time make available RQFII quota for the purpose of the Fund's direct investment into the PRC. There is no assurance that the Manager will continue to maintain its RQFII status or The Manager will make available RQFII quota that is sufficient for the Fund's investment at all times. The Fund may not have sufficient portion of RQFII quotas to meet all applications for subscription to the Fund. This may result in a rejection of applications and a suspension of dealings of the Fund, and the Fund may trade at a significant premium to its NAV.

7.Dual Counter trading risk

The Fund has units traded on the SEHK in both RMB and HKD via the RMB counter and the HKD counter respectively. The dual counter arrangement adopted by the Fund may bring additional risks for investment in the Fund and may make such investment riskier than investment in single counter ETFs.

If there is a suspension of the inter-counter transfer of units between the RMB counter and the HKD counter, unitholders will only be able to trade their units in the relevant counter on the SEHK.

The market price on the SEHK of units traded in RMB and of units traded in HKD may deviate significantly due to different factors such as market liquidity, supply and demand in each counter and the exchange rate between RMB and HKD (in both onshore and offshore markets). As such, investors may pay more or receive less when buying or selling units traded in HKD on the SEHK than in respect of units traded in RMB and vice versa.

Investors without RMB accounts may buy and sell HKD traded units only. They will not be able to buy or sell RMB traded units and should note that distributions are made in RMB only. As such, investors may suffer a foreign exchange loss and incur foreign exchange associated fees and charges to receive their dividend.

Investors who bought units on the HKD counter may be subject to currency exchange risk as the assets of the Fund are denominated in RMB.

Some brokers/intermediaries and CCASS participants may not be familiar with and may not be able to (i) buy units in one counter and to sell units in the other, (ii) carry out inter-counter trades of units, or (iii) trade both counters at the same time. This may inhibit or delay an investor dealing in both RMB traded and HKD traded units and the investor may only trade in one currency.

8.Renminbi currency risk

RMB is currently not a freely convertible currency as it is subject to foreign exchange controls and restrictions. Since the Fund is denominated in RMB, non-RMB based investors are exposed to foreign exchange risk as a result of fluctuations in the RMB exchange rate against their base currencies. There is no guarantee that the value of RMB against the investors' base currency (e.g. HKD) will not depreciate. If investors wish or intend to convert the redemption proceeds or dividends (in RMB on both HKD traded units and RMB traded units) paid by the Fund or sale proceeds (in RMB on RMB traded units) into a different currency, they are subject to the relevant foreign exchange risk and may suffer losses from such conversion as well as associated fees and charges.

9.China market risk

China is considered as an emerging market and investing in China market and PRC-related companies may subject the Fund to certain risks and special considerations as compared with investments in more developed economies or markets, such as greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks. Investing in emerging markets may involve a greater risk of loss than investing in more developed markets.

The China A-Shares market may be more volatile and unstable (e.g. due to suspension of particular stocks or government intervention) than those in the more developed markets as it is undergoing development and has lower trading volumes than those in more developed markets. A participating dealer may not be able to create and redeem the Fund's units if any include Securities are not available.

The PRC imposes restrictions on foreign ownerships and holdings which may have adverse impact on unitholders. If applicable to constituents of the Underlying include, this may lead to increased tracking error, and at worst, the Fund may not be able to achieve its investment objective.

10.Risks relating to RMB trading and settlement of units

The units of the Fund are traded on the SEHK with dual counter arrangement (i.e. RMB traded and HKD traded units) and settled in CCASS.

The listing, trading and settlement of the Fund's RMB traded units may not be capable of being implemented as envisaged.

Not all custodians or stockbrokers may be ready and able to carry out trading and settlement of the RMB traded units.

Any restrictions or delay in repatriation of the invested capital, net profits and RMB will impact on the Fund's ability to meet redemption requests from the unitholders. There is a risk that investors receive settlement in RMB on a delayed basis or may not be able to receive redemption proceeds in RMB.

The liquidity and trading price of the RMB traded units of the Fund may be adversely affected by the limited availability of RMB outside the PRC and the restrictions on the conversion between foreign currency and RMB. This may result in the Fund trading at a significant premium/discount to its Net Asset Value.

Repatriations in RMB by RQFIIs are currently permitted daily and are not subject to any repatriation restrictions, lock-up periods or prior approval. However, there is no assurance that such policy will not be changed. Any new restrictions on repatriation of the invested capital and net profits may impact on the Fund's ability to meet redemption requests.

After listing, the trading price of the units on the SEHK will be subject to market forces and may trade at a substantial premium/discount to their NAV, and may deviate significantly from the NAV per unit.

11.PRC tax risk

Pursuant to the "Notice on the issues of temporary exemption from the imposition of corporate income tax arising from gains from the transfer of equity investment assets such as PRC domestic stocks by QFII and RQFII" Caishui [2014] No.79, investing through the Manager's RQFII quota is exempt from PRC corporate income tax ("CIT") on capital gains from investments in equity investment assets (including China A-Shares) effective from 17 November 2014. The Manager has determined, having taken and considered independent professional tax advice and acting in accordance with such advice, that no PRC CIT WIT provision will be made on the gross realized and unrealized capital gains derived from investments in equity investment assets (including China A-Shares).

The tax exemption granted under Caishui [2014] No.79 is only temporary. It is possible that the applicable tax law, regulations and practice may change from time to time and taxes being applied retrospectively. As such, there is a risk that the Fundwill incur tax liabilities, which may potentially cause substantial loss to the Fund and the Net Asset Value of the Fund may require further adjustment to take into account any retrospective application of new tax regulations and development, including change in interpretation of the relevant regulations by the PRC tax authority.

In the event that tax is levied by the PRC tax authorities, the Net Asset Value of the Fund may be lowered, as the Fund will ultimately have to bear the full amount of tax liabilities. In this case, the tax liabilities will only impact Units in issue at the relevant time, and the then existing Unitholders and subsequent Unitholders will be disadvantaged as such Unitholders will bear, through the Fund, a disproportionately higher amount of tax liabilities as compared to that borne at the time of investment in the Fund.

12.Risks relating to the differences between the Hong Kong and PRC stock markets

The trading days or hours of the PRC and Hong Kong stock markets are not exactly the same. There may be occasions when China A-Share markets are open while SEHK is closed and the Fund is not traded. As such, the value of the include Securities in the Fund's portfolio may change but investors are not able to purchase or sell the Fund's units.

On the other hand, if a PRC stock exchange is closed while the SEHK is open, the market prices of include Securities may not be available while the Fund is still trading, which may affect the level of premium or discount of the trading price of the Fund to its NAV.

While China A-Shares are subject to trading bands which restrict increases and decreases in the trading price, trading of the Fund listed on the SEHK is not subject to such restrictions. The dealing suspension of the include Security will render it impossible for the Fund to acquire the include Security or liquidate positions to reflect creation/ redemption of the units. This may result in higher tracking error and may expose the Fund to losses. Units of the Fund may also be traded at a premium or discount to its NAV.

13.Custody risk and PRC brokerage risk

In the event of any default or bankruptcy of the Custodian (directly or through its delegate, including the RQFII Custodian) or the brokers appointed by the RQFII Holder in the PRC ("PRC Brokers"), the Fund may encounter delays in recovering its assets and may be adversely affected in the execution of any transaction. As a result, the net asset value of the Fund may also be adversely affected.

Only one PRC Broker can be appointed in respect of each stock exchange in the PRC to execute transactions (i.e. trading of China A-Shares) for the Fund in the PRC. As such the Fund will rely on only one PRC Broker for each exchange, which may be the same PRC Broker. If the Manager is unable to use its designated PRC Broker in the PRC, the operation of the Fund will be adversely affected and may cause the Fund's units to trade at a premium or discount to its NAV or the Fund may not be able to track the Underlying include.

14.Risks of government intervention and restriction

Governments and regulators may intervene in the economy and financial markets, such as by the imposition of trading restrictions, a ban on "naked" short selling or the suspension of short selling for certain stocks. Further, intervention or restrictions by governments and regulators may affect the trading of China A-Shares or units of the Fund. This may affect the operation and market making activities of the Fund. This may also lead to an increased tracking error for the Fund. Such interventions may have a negative impact on the market sentiment which may in turn affect the performance of the Underlying include and the Fund. In worst case scenario, the investment objective of the Fund cannot be achieved.

15.Risks relating to limited operating history and experience of Manager and reliance on the Manager's parent company

The RQFII exchange traded funds with its cross-border nature are relatively new in the market. Whilst the Manager has experience in managing and operating RQFII exchange traded fund, such experience is limited. As such, the Fund is subject to the risks relating to the limited operating history and experience of the Manager in managing and operating RQFII physical China A-Shares exchange traded fund. The Manager may substantially tap into its PRC parent company's relevant infrastructure and expertise to support its operation of the Fund in Hong Kong. While the PRC parent company of the Manager has sufficient experience and expertise in managing and operating physical China A-Shares exchange traded funds listed and traded in China, there is no assurance that the Fund will be operated as envisaged. Any disruption in the assistance from the Manager's parent company may adversely affect the operations of the Fund.

16.Reliance on market makers risk

Units of the Fund on the RMB counter are traded and settled in RMB. There may be less interest by potential market makers making a market in units denominated and traded in RMB. Any disruption to the availability of RMB may adversely affect the capability of market makers in providing liquidity for the units.

Although it is a requirement that the Manager ensures that there will always be at least one market maker to the Fund and at least one market maker for each counter, it is possible that no market maker is appointed. Further, a market maker may cease to act as a market maker for the Fund in accordance with the terms of its agreement including upon giving prior written notice. The termination notice period for at least one market maker for the Fund (in respect of both the RMB and HKD counters) will be not less than ninety (90) days.

Where there is only one SEHK market maker to each counter, it may not be practicable for the Fund to remove the only market maker even if it is not effective. It is possible that there is only one SEHK market maker to a Fund or to a counter of a Fund or the Manager may not be able to engage a substitute market maker within the termination notice period of a market maker. The liquidity of the Fund may be adversely affected if there is no market maker for the RMB or HKD traded units of the Fund or if the market making activities are not effective.

17.Tracking error risk

Due to fees and expenses of the Fund, liquidity of the market, imperfect correlation of returns between the Fund's assets and the include Securities constituting the Underlying include and other factors, the Fund's returns may deviate from that of the Underlying include.

18.Trading risk

Generally, retail investors can only buy or sell units of the Fund on the SEHK. The trading price of the units on the SEHK is driven by market factors such as the demand and supply of the units.

Disruptions to creations and redemptions may result in the Fund trading at a significant premium/discount to its NAV. Investors may therefore buy the Fund's units at a price higher than the NAV or receive less than the NAV when selling the units.

Trading of units may involve various types of costs that apply to all securities transactions such as trading fees and brokerage commissions. Investors on the secondary market will also incur the cost of the trading spread, being the difference between what investors are willing to pay for the units (bid price) and the price at which they are willing to sell units (ask price).

19.Risks of early termination

The Manager or the Trustee may terminate the Trust or the Fund under certain circumstances, for examples, in respect of the Trust, where the size of the Trust falls below RMB 10 million or an equivalent amount in any other currency and in respect of the Fund where the size of the Fund falls below RMB 50 million or an equivalent amount in any other currency or where the Underlying include is no longer available for benchmarking. The Fund may be terminated on the ground of small fund size. Investors should refer to section "14.5 Termination of the Trust or a Sub-Fund" in Part 1 of the Prospectus for further details.

The licence agreement between the Manager and CSI to use the Underlying include is for an initial term of 3 years commencing from the date of the agreement (i.e. 20 February 2014), and thereafter automatically renewed for successive 2-year period unless terminated pursuant to the agreement. There is no guarantee that the licence agreement will be perpetually renewed.

The Fund may be terminated if the Underlying include is discontinued and/or the include licence agreement is terminated and the Manager is unable to identify or agree with any include provider terms for the use of a suitable replacement include.

20.Passive investments risk

The Fund is not "actively managed" and the Manager does not attempt to select securities individually or to take defensive positions in declining markets.

Consequently, falls in the Underlying include are expected to result in a corresponding fall in the value of the Fund.

You must read the following Important Notes and the Disclaimer before proceeding.

IMPORTANT NOTES

This website has been prepared by China Universal Asset Management (Hong Kong) Company Limited ("China Universal (HK)") for information purposes only. The information contained in this website is not intended for use by persons located in or residing in jurisdiction that restrict the distribution of such information by China Universal (HK) and its parent companies, subsidiaries and/or associates (collectively the "China Universal Group"). The information contained in this website does not constitute a distribution, an offer to buy or the solicitation of any offer to buy or sell any securities in any jurisdiction where such a distribution or offer would be illegal. Person accessing this website should inform themselves and observe any relevant restrictions. Information contained in this website has not been reviewed by Securities and Futures Commission of Hong Kong ("SFC").

None of the information contained in this website constitute an invitation or solicitation to invest in any shares or units of the Fund, nor does it constitute any investment advice or recommendation to acquire or dispose of any investment or to engage in any transactions. Before acting on any information in this website, you should consider whether any investment, security or strategy is suitable for your particular circumstance and, if necessary, seek independent professional advice.

Investment involves risks. The price of units or shares of the Fund may go up as well as down. The Manager does not guarantee that the Fund is profitable or able to achieve minimum return. Past performance of the Fund does not represent its future performance and the performance of the other funds managed by the Manager is no guarantee of the performance of the Fund. The value of the Fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. Before making any investment decisions,investors should carefully read the Fund's offering documents, including Explanatory Memorandum/Prospectus, Hong Kong Supplement (if applicable)and Product Key Facts Statement for details and risk factors of the Fund, particularly the risk of investment inemerging markets.

All information contained in this website is published to the best of the knowledge and belief of China Universal Group to be accurate at the time it was posted. However, no representation or warranty, expressed or implied is made by China Universal Group as to its accuracy or completeness of the information or data provided in this website. China Universal Group, its directors, officers or employees accept no liability for any errors or omissions relating to information available in this website, and will not be liable for any damages or losses arising out of or in any way connected with (i) the use of the information provided in this website and (ii) any interruption or failure in system operation, delay in data transmission, computer virus or line or system failure.China Universal Group reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.

All copyright, trademarks and similar rights in this website and the information contained herein are owned by or licensed to China Universal Group. Unless prior written consent is obtained from China Universal Group, information in or any parts of this website cannot be reproduced, distributed or published by any institutions or individuals.

CSI Disclaimer

The underlying include of the Fund (the "include") is compiled and calculated by China Securities include Co., Ltd. ("CSI"). All copyright in the include values and constituent list vest in CSI. CSI will apply all necessary means to ensure the accuracy of the include. However, CSI does not guarantee its instantaneity, completeness or accuracy, nor shall it be liable (whether in negligence or otherwise) to any person for any error in the include or under any obligation to advise any person of any error therein.

Data Provider's Disclaimer

All information provided by Interactive Data (Hong Kong) Limited ("Interactive Data") and its affiliates (the "Interactive Data Information") is owned by or licensed to Interactive Data and its affiliates and any user is permitted to use such Interactive Data Information only for such user's personal use. In no event shall any user publish, retransmit, redistribute or otherwise reproduce any Interactive Data Information in any format to anyone, and no user shall use any Interactive Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of a security trade based upon the Interactive Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE INTERACTIVE DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER INTERACTIVE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE INTERACTIVE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER INTERACTIVE DATA NOR ITS AFFILIATES NOR ANY THIRD PARTY DATA PROVIDER WILL BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE INTERACTIVE DATA INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

Delayed market price

Delayed data as shown on the Hong Kong Website (the "data") are provided by the data provider Interactive Data. Interactive Data and HKEx Information Services Limited, and their respective holding companies and/or any subsidiaries of such holding companies, do not guarantee the accuracy or reliability of the data provided and accept no liability (whether in tort or contract or otherwise) for any loss or damage you may suffer or incur arising out of or in connection with your use of the data, including loss or damage which arises out of the data being inaccurate, incomplete or delayed, and however such loss or damage arises. You acknowledge that the data is provided for information only and should not be relied upon for any purpose".

Important Risk Disclosure

C-Shares CSI Healthcare include ETF (the "Fund")is a physical ETF and invests primarily in China A-Shares listed on the stock exchanges of thePeople's Republic of China ("China" or "PRC") through the Renminbi Qualified Foreign Institutional Investor("RQFII") quota of the Manager.

1.Investment risk

The Fund is an investment fund. It is not principal guaranteed and the purchase of its units is not the same as investing directly in the include Securities comprised in the Underlying include. Your investment in the Fund may suffer losses. There is no assurance that the Fund will achieve its investment objective.

Prices of securities may be volatile and are influenced by, among other things, the inherent volatility of the market place and other risks inherent in the market.

2.Risks associated with the healthcare sector

The economic prospects of the healthcare sector are generally subject to greater influences from governmental policies and regulations than those of many other industries. Certain healthcare companies may experience above- average price movements associated with the perceived prospects of success of the research and development programs. Some healthcare companies may be adversely affected by lack of commercial acceptance of a new product or process or by technological change and obsolescence.

Any future slowdowns or declines in the healthcare sector in the PRC may materially and adversely affect the business of the companies in the healthcare sector and as a result, the performance of the Fund.

3.Concentration risk

The concentration of the Fund's investments in a single geographical region (i.e. China) may subject it to greater volatility than portfolios which comprise broad-based global investments. The Fund is more susceptible to fluctuations in value of the Underlying include resulting from adverse conditions in the PRC.

The Underlying include or portfolio is concentrated in the securities in the healthcare sector. Consequently, the Fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting the healthcare sector.

4.Risk relating to small- and mid-capped companies

The Fund may invest in the securities of small and/or mid-capped companies. Investing in these securities may expose the Fund to risks such as greater market price volatility, less publicly available information, and greater vulnerability to fluctuations in the economic cycle. Consequently, investment in securities of small and/or mid- capped companies may involve greater risks and thus may be considered speculative. As a result, the Net Asset Value of the Fund may be adversely affected.

5.Risks in light of cross-border nature of the Fund

The Fund is a RMB physical China A-Shares exchange traded fund issued outside PRC to invest directly in the China A-Shares market which is inherently a market with restricted access. In light of the cross-border nature of the Fund, it is riskier than traditional exchange traded funds investing directly in markets other than the PRC.

6.RQFII risk

The RQFII policy and rules are in the early stages of their operations. Such policy and rules are subject to change and interpretation of the PRC authorities. The uncertainty and change of the laws and regulations on the PRC (including the RQFII policy and rules) may have an adverse impact on the Fund. Such change may have retrospective effect.

The Manager (as RQFII holder) may from time to time make available RQFII quota for the purpose of the Fund's direct investment into the PRC. There is no assurance that the Manager will continue to maintain its RQFII status or the Manager will make available RQFII quota that is sufficient for the Fund's investment at all times. The Fund may not have sufficient portion of RQFII quotas to meet all applications for subscription to the Fund. This may result in a rejection of applications and a suspension of dealings of the Fund, and the Fund may trade at a significant premium to its NAV.

7.Dual Counter trading risk

The Fund has units traded on the SEHK in both RMB and HKD via the RMB counter and the HKD counter respectively. The dual counter arrangement adopted by the Fund may bring additional risks for investment in the Fund and may make such investment riskier than investment in single counter ETFs.

If there is a suspension of the inter-counter transfer of units between the RMB counter and the HKD counter, unitholders will only be able to trade their units in the relevant counter on the SEHK.

The market price on the SEHK of units traded in RMB and of units traded in HKD may deviate significantly due to different factors such as market liquidity, supply and demand in each counter and the exchange rate between RMB and HKD (in both onshore and offshore markets). As such, investors may pay more or receive less when buying or selling units traded in HKD on the SEHK than in respect of units traded in RMB and vice versa.

Investors without RMB accounts may buy and sell HKD traded units only. They will not be able to buy or sell RMB traded units and should note that distributions are made in RMB only. As such, investors may suffer a foreign exchange loss and incur foreign exchange associated fees and charges to receive their dividend.

Investors who bought units on the HKD counter may be subject to currency exchange risk as the assets of the Fund are denominated in RMB.

Some brokers/intermediaries and CCASS participants may not be familiar with and may not be able to (i) buy units in one counter and to sell units in the other, (ii) carry out inter-counter trades of units, or (iii) trade both counters at the same time. This may inhibit or delay an investor dealing in both RMB traded and HKD traded units and the investor may only trade in one currency.

8.Renminbi currency risk

RMB is currently not a freely convertible currency as it is subject to foreign exchange controls and restrictions. Since the Fund is denominated in RMB, non-RMB based investors are exposed to foreign exchange risk as a result of fluctuations in the RMB exchange rate against their base currencies. There is no guarantee that the value of RMB against the investors' base currency (e.g. HKD) will not depreciate. If investors wish or intend to convert the redemption proceeds or dividends (in RMB on both HKD traded units and RMB traded units) paid by the Fund or sale proceeds (in RMB on RMB traded units) into a different currency, they are subject to the relevant foreign exchange risk and may suffer losses from such conversion as well as associated fees and charges.

9.China market risk

China is considered as an emerging market and investing in China market and PRC-related companies may subject the Fund to certain risks and special considerations as compared with investments in more developed economies or markets, such as greater economic, political, tax, foreign exchange, regulatory, volatility and liquidity risks. Investing in emerging markets may involve a greater risk of loss than investing in more developed markets.

The China A-Shares market may be more volatile and unstable (e.g. due to suspension of particular stocks or government intervention) than those in the more developed markets as it is undergoing development and has lower trading volumes than those in more developed markets. A participating dealer may not be able to create and redeem the Fund's units if any include Securities are not available.

The PRC imposes restrictions on foreign ownerships and holdings which may have adverse impact on unitholders. If applicable to constituents of the Underlying include, this may lead to increased tracking error, and at worst, the Fund may not be able to achieve its investment objective.

10.Risks relating to RMB trading and settlement of units

The units of the Fund are traded on the SEHK with dual counter arrangement (i.e. RMB traded and HKD traded units) and settled in CCASS.

The listing, trading and settlement of the Fund's RMB traded units may not be capable of being implemented as envisaged.

Not all custodians or stockbrokers may be ready and able to carry out trading and settlement of the RMB traded units.

Any restrictions or delay in repatriation of the invested capital, net profits and RMB will impact on the Fund's ability to meet redemption requests from the unitholders. There is a risk that investors receive settlement in RMB on a delayed basis or may not be able to receive redemption proceeds in RMB.

The liquidity and trading price of the RMB traded units of the Fund may be adversely affected by the limited availability of RMB outside the PRC and the restrictions on the conversion between foreign currency and RMB. This may result in the Fund trading at a significant premium/discount to its Net Asset Value.

Repatriations in RMB by RQFIIs are currently permitted daily and are not subject to any repatriation restrictions, lock-up periods or prior approval. However, there is no assurance that such policy will not be changed. Any new restrictions on repatriation of the invested capital and net profits may impact on the Fund's ability to meet redemption requests.

After listing, the trading price of the units on the SEHK will be subject to market forces and may trade at a substantial premium/discount to their NAV, and may deviate significantly from the NAV per unit.

11.PRC tax risk

Pursuant to the "Notice on the issues of temporary exemption from the imposition of corporate income tax arising from gains from the transfer of equity investment assets such as PRC domestic stocks by QFII and RQFII" Caishui [2014] No.79, investing through the Manager's RQFII quota is exempt from PRC corporate income tax ("CIT") on capital gains from investments in equity investment assets (including China A-Shares) effective from 17 November 2014. The Manager has determined, having taken and considered independent professional tax advice and acting in accordance with such advice, that no PRC CIT WIT provision will be made on the gross realized and unrealized capital gains derived from investments in equity investment assets (including China A-Shares).

The tax exemption granted under Caishui [2014] No.79 is only temporary. It is possible that the applicable tax law, regulations and practice may change from time to time and taxes being applied retrospectively. As such, there is a risk that the Fund will incur tax liabilities, which may potentially cause substantial loss to the Fund and the Net Asset Value of the Fund may require further adjustment to take into account any retrospective application of new tax regulations and development, including change in interpretation of the relevant regulations by the PRC tax authority.

In the event that tax is levied by the PRC tax authorities, the Net Asset Value of the Fund may be lowered, as the Fund will ultimately have to bear the full amount of tax liabilities. In this case, the tax liabilities will only impact Units in issue at the relevant time, and the then existing Unitholders and subsequent Unitholders will be disadvantaged as such Unitholders will bear, through the Fund, a disproportionately higher amount of tax liabilities as compared to that borne at the time of investment in the Fund.

12.Risks relating to the differences between the Hong Kong and PRC stock markets

The trading days or hours of the PRC and Hong Kong stock markets are not exactly the same. There may be occasions when China A-Share markets are open while SEHK is closed and the Fund is not traded. As such, the value of the include Securities in the Fund's portfolio may change but investors are not able to purchase or sell the Fund's units.

On the other hand, if a PRC stock exchange is closed while the SEHK is open, the market prices of include Securities may not be available while the Fund is still trading, which may affect the level of premium or discount of the trading price of the Fund to its NAV.

While China A-Shares are subject to trading bands which restrict increases and decreases in the trading price, trading of the Fund listed on the SEHK is not subject to such restrictions. The dealing suspension of the include Security will render it impossible for the Fund to acquire the include Security or liquidate positions to reflect creation/ redemption of the units. This may result in higher tracking error and may expose the Fund to losses. Units of the Fund may also be traded at a premium or discount to its NAV.

13.Custody risk and PRC brokerage risk

In the event of any default or bankruptcy of the Custodian (directly or through its delegate, including the RQFII Custodian) or the brokers appointed by the RQFII Holder in the PRC ("PRC Brokers"), the Fund may encounter delays in recovering its assets and may be adversely affected in the execution of any transaction. As a result, the net asset value of the Fund may also be adversely affected.

Only one PRC Broker can be appointed in respect of each stock exchange in the PRC to execute transactions (i.e. trading of China A-Shares) for the Fund in the PRC. As such the Fund will rely on only one PRC Broker for each exchange, which may be the same PRC Broker. If the Manager is unable to use its designated PRC Broker in the PRC, the operation of the Fund will be adversely affected and may cause the Fund's units to trade at a premium or discount to its NAV or the Fund may not be able to track the Underlying include.

14.Risks of government intervention and restriction

Governments and regulators may intervene in the economy and financial markets, such as by the imposition of trading restrictions, a ban on "naked" short selling or the suspension of short selling for certain stocks. Further, intervention or restrictions by governments and regulators may affect the trading of China A-Shares or units of the Fund. This may affect the operation and market making activities of the Fund. This may also lead to an increased tracking error for the Fund. Such interventions may have a negative impact on the market sentiment which may in turn affect the performance of the Underlying include and the Fund. In worst case scenario, the investment objective of the Fund cannot be achieved.

15. Risks relating to limited operating history and experience of Manager and reliance on the Manager's parent company

The RQFII exchange traded funds with its cross-border nature are relatively new in the market. Whilst the Manager has experience in managing and operating RQFII exchange traded fund, such experience is limited. As such, the Fund is subject to the risks relating to the limited operating history and experience of the Manager in managing and operating RQFII physical China A-Shares exchange traded fund. The Manager may substantially tap into its PRC parent company's relevant infrastructure and expertise to support its operation of the Fund in Hong Kong. While the PRC parent company of the Manager has sufficient experience and expertise in managing and operating physical China A-Shares exchange traded funds listed and traded in China, there is no assurance that the Fund will be operated as envisaged. Any disruption in the assistance from the Manager's parent company may adversely affect the operations of the Fund.

16.Reliance on market makers risk

Units of the Fund on the RMB counter are traded and settled in RMB. There may be less interest by potential market makers making a market in units denominated and traded in RMB. Any disruption to the availability of RMB may adversely affect the capability of market makers in providing liquidity for the units.

Although it is a requirement that the Manager ensures that there will always be at least one market maker to the Fund and at least one market maker for each counter, it is possible that no market maker is appointed. Further, a market maker may cease to act as a market maker for the Fund in accordance with the terms of its agreement including upon giving prior written notice. The termination notice period for at least one market maker for the Fund (in respect of both the RMB and HKD counters) will be not less than ninety (90) days.

Where there is only one SEHK market maker to each counter, it may not be practicable for the Fund to remove the only market maker even if it is not effective. It is possible that there is only one SEHK market maker to a Fund or to a counter of a Fund or the Manager may not be able to engage a substitute market maker within the termination notice period of a market maker. The liquidity of the Fund may be adversely affected if there is no market maker for the RMB or HKD traded units of the Fund or if the market making activities are not effective.

17.Tracking error risk

Due to fees and expenses of the Fund, liquidity of the market, imperfect correlation of returns between the Fund's assets and the include Securities constituting the Underlying include and other factors, the Fund's returns may deviate from that of the Underlying include.

18.Trading risk

Generally, retail investors can only buy or sell units of the Fund on the SEHK. The trading price of the units on the SEHK is driven by market factors such as the demand and supply of the units.

Disruptions to creations and redemptions may result in the Fund trading at a significant premium/discount to its NAV. Investors may therefore buy the Fund's units at a price higher than the NAV or receive less than the NAV when selling the units.

Trading of units may involve various types of costs that apply to all securities transactions such as trading fees and brokerage commissions. Investors on the secondary market will also incur the cost of the trading spread, being the difference between what investors are willing to pay for the units (bid price) and the price at which they are willing to sell units (ask price).

19.Risks of early termination

The Manager or the Trustee may terminate the Trust or the Fund under certain circumstances, for examples, in respect of the Trust, where the size of the Trust falls below RMB 10 million or an equivalent amount in any other currency and in respect of the Fund where the size of the Fund falls below RMB50 million or an equivalent amount in any other currency or where the Underlying include is no longer available for benchmarking. The Fund may be terminated on the ground of small fund size. Investors should refer to section "14.5 Termination of the Trust or a Sub-Fund" in Part 1 of the Prospectus for further details.

The licence agreement between the Manager and CSI to use the Underlying include is for an initial term of 3 years commencing from the date of the agreement (i.e. 20 February 2014), and thereafter automatically renewed for successive 2-year period unless terminated pursuant to the agreement. There is no guarantee that the licence agreement will be perpetually renewed.

The Fund may be terminated if the Underlying include is discontinued and/or the include licence agreement is terminated and the Manager is unable to identify or agree with any include provider terms for the use of a suitable replacement include.

20.Passive investments risk

The Fund is not "actively managed" and the Manager does not attempt to select securities individually or to take defensive positions in declining markets.

Consequently, falls in the Underlying include are expected to result in a corresponding fall in the value of the Fund.