Lipper Leaders* (Overall)

Total Return Consistent Return New Era PRC Fund Monthly Fund Factsheet

31 May 2013 (in USD)

–– Other than the “Risk factors” of the Fund’s offering document - particularly the risks associated with investment in China, the Fund also involves Single Country Risk. –– The value of the Fund can be extremely volatile according to the change of market situation and could go down within a short period of time. It is possible that the entire value of your investment could be lost. –– You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives.

Objectives and investment strategy Cumulative performance in USD (%) The investment objective of the Fund is to provide investors with capital Since growth over the medium to long term primarily by investing in Hong Kong 3mths YTD 1yr 3yrs 5yrs inception listed Red Chips and H Shares, and securities listed on the stock markets of the PRC which are available to foreign investors. The Fund# 4.7 9.0 25.5 32.6 38.1 767.3 Benchmarks -4.3 -4.3 15.7 8.8 -3.7 385.0 Fund information Source: Lipper, Nav-Nav (USD total return)# Inception Date 24 June 2002 40 Bid Price US$86.73 Fund Size US$11.4mn 30 Dealing Daily Minimum Initial Investment US$100,000 20 Management Fee 1.5% p.a. Initial Charge 2.0% 10

0 Manager’s comment –– The MSCI China Index closed lower in May, led down by utilities, energy -10 Percentage Growth (%) and telecoms stocks. –– Utilities were the subject of profit-taking following strong performance -20 and concerns that the government might implement a cut in tariffs, while -30 commodities were out of favour. May/2010 May/2011 May/2012 May/2013 –– We expect will benefit from rising gas usage in China. New Era PRC Fund# 32.6 –– We prefer companies with more visible earnings growth and proven MSCI China 8.8 management track records. Source: Lipper, Nav-Nav (USD total return)# –– The fund has large positions in stocks like ENN Energy and China Calendar year performance in USD (%) Communications Services which are expected to have relatively defensive domestically-driven earnings. 2012 2011 2010 2009 2008 –– In the longer term, China will continue to grow its domestic economy and The Fund# 21.8 -15.0 12.9 99.5 -53.9 the level of urbanisation, benefiting companies such as ENN Energy and Benchmarks 23.1 -18.2 4.8 62.6 -50.8 China . Source: Lipper, Nav-Nav (USD total return)#

Asset allocation (%) Top 10 holdings (%) Share v % % % Stock name Sector % Red Chips 25.1 H-Shares 23.4 HK Companies 20.5 ENN Energy Holdings (Utilities) 5.6 United States Listed 9.8 B-Shares 9.1 P Chip 7.6 China Oilfield Services (Energy) 4.6 Others 3.5 Liquidity 1.0 Mindray Medical (Health Care) 4.5 China Vanke (Financials) 4.3 China Comm Services (Telecom. Services) 4.3 Sector v % % % China Mengniu Dairy (Consumer Staples) 3.6 Financials 20.3 Utilities 14.7 Consumer Staples 11.5 (Financials) 3.4 Consumer Discret. 11.4 Information Tech. 10.1 Health Care 10.0 (Financials) 3.4 Energy 7.6 Telecom. Services 6.6 Materials 4.6 CNOOC (Energy) 3.0 Industrials 2.2 Liquidity 1.0 China Resources Gas (Utilities) 2.9

The fund is a Hong Kong domiciled unit trust. # The Fund is the non dividend distributing class of the fund, the performance quoted are based on USD total return (non dividend distribution). s MSCI China. v Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100%. * Lipper Leader : There are 5 scores, the top 20% of funds receive a rating of “5” and are Lipper Leaders. Investment involves risks, past performance is not a guide to future performance. The information contained within this document has been obtained from sources that First State Investments (“FSI”) believes to be reliable and accurate at the time of issue but no representation or warranty, expressed or implied, is made as to the fairness, accuracy or completeness of the information. Neither FSI, nor any of its associates, nor any director, officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this. It does not constitute investment advice and should not be used as the basis of any investment decision, nor should it be treated as a recommendation for any investment. The information in this document may not be edited and/or reproduced in whole or in part without the prior consent of FSI. This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong. Investors should note that distribution of the Units in the Fund is subject to restrictions and that the Fund’s Explanatory Memorandum is available only in English. No Chinese version of the Fund’s Explanatory Memorandum is available. Prospective investors who are not fully conversant in the English language should seek independent advice from professional financial advisers who are fully conversant in the English language before making any investment decision. Unless otherwise specified, all information contained in this document is as at 31 May 2013. 本基金的發售受若干限制，本基金說明書只有英文版本而沒有中文版本，如投資者不通曉英語，應於作出任何投資決定前向通曉英語的專業財務顧問尋求獨立的意見。 www.firststateasia.com