E Fund SSE 50 Enhanced Index Fund As of 31 December 2019

Investment Objective Product Features Under the premise of strict control against risk of deviation from the The Fund is an enhanced equity index fund. It mainly invests in benchmark index, the Fund strives to obtain investment returns constituents of the benchmark index, including constituent stocks of beyond the index and pursue long-term capital appreciation. SSE 50 Index and stocks expected to be included in the index. It may also invest in stocks in the primary market (including new Benchmark: SSE 50 Index shares and additional issues) as appropriate in order to enhance returns on the condition of not taking additional risk.

Under normal condition, the proportion of equity investment should not be less than 90% of the net assets of the Fund. The Fund will maintain not less 5% of its net assets in cash or government bonds with maturity within 1 year.

Cumulative Performance* Since Fund Facts YTD 3 Months 6 Months Launch1 Class A 461.72% 51.11% 5.04% 7.54% Portfolio Manager: Shengji Zhang Benchmark 185.82% 33.58% 5.71% 4.53% Class C 60.31% 50.66% 4.96% 7.39% Custodian: Bank of Communications Benchmark 24.22% 33.58% 5.71% 4.53% 1 Year 2 Years 3 Years Auditor: Ernst & Young Class A 51.11% 25.94% 77.95% Benchmark 33.58% 7.09% 33.95% Class A: 22 March 2004 Class C 50.66% 25.29% - Inception Date: Class C: 06 June 2017 Benchmark 33.58% 7.09% - Calendar Year Performance* Base Currency: RMB 2019 2018 2017 2016 2015 YTD Dealing and Trading Daily Class A 51.11% -16.66% 41.29% -0.76% 3.81% Frequency: Benchmark 33.58% -19.83% 25.08% -5.53% -6.23% Class C 50.66% -16.84% 27.95% - - Bloomberg Ticker: EFSSE50:CH Benchmark 33.58% -19.83% 15.99% - - 2014 2013 2012 2011 2010 Class A: 110003 ISIN / Trading Code: Class A 60.94% -11.35% 14.73% -18.06% -19.18% Class C: 004746 Benchmark 63.93% -15.23% 14.84% -18.19% -22.57% Class C - - - - - Class A: RMB 17.19 billion (USD 2.46 billion) Benchmark - - - - - AUM: Class C: RMB 2.55 billion 2009 2008 2007 2006 2005 (USD 366.23 million) Class A 77.36% -63.94% 123.25% 126.72% -0.43% Benchmark 84.40% -67.23% 134.13% 126.68% -5.50% Class A: 1.8080 NAV: Class C - - - - - Class C: 1.7962 Benchmark - - - - -

* NAV-to-NAV return, net return with dividend (if any) NOT reinvested. 1. The net return of Class A fund since launch is calculated from 22 March 2004, the net return of Class C fund since launch is calculated from 6 June 2017.

Note: Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

Risk Reminder and Important Notice: • These materials are solely for communication and exchange within E Fund Management Co., Ltd. and for use by professional investors. These materials shall not be published or disseminated to any external party including but not limited to distribution in printed format or placing of copies at sales counters. • Any information contained in these materials which originates from this Company and this Fund, including the scale of assets under management, basic information on the fund, past performances, and prizes and awards, does not represent any determinative judgment on this Fund, and does not foretell the actual outcome of future operation of this Fund or the actual return it may yield. Nor does such information constitute any investment advice. The investment return of this Fund may vary as a result of changes in the market environment or other factors. • None of the contents of or statements in these materials shall be legally binding, or shall constitute part of any legal agreement, or shall be regarded as constituting an offer or invitation to treat made to any person, or shall constitute any promise. E Fund Management Co., Ltd. and its employees do not give any investment advice or any guarantee on investment return in respect of the contents of these materials, nor shall E Fund Management Co., Ltd. and its employees assume liability for any direct or indirect loss or damage arising from the use of these materials and the contents thereof by any person. • The information contained in these materials is for reference only and does not serve as promotion or marketing materials or legal documents. For specific details regarding this Fund, please refer to the fund contract and prospectus of this Fund. E Fund SSE 50 Enhanced Index Fund As of 31 December 2019

Asset Allocation (% of Total Assets) Top 10 Stock Holdings (% of Total Net Assets) Ping An Insurance (Group) Company of China, Ltd. 14.88% 2.80% 0.39% 3.53% Kweichow Moutai Co., Ltd. 9.63% Equity Inner Mongolia Yili Industrial Group Co., Ltd. 9.50% China Merchants Bank Co., Ltd. 8.40% Jiangsu Hengrui Medicine Co., Ltd. 6.77% Bank Deposit & Settlement China State Construction Engineering Co., Ltd. 4.83% Reserve Industrial Bank Co., Ltd. 3.80% Industrial and Commercial Bank of China Limited 2.50% Others China Pacific Insurance (Group) Co., Ltd. 1.94% 93.28% Poly Real Estate Group Co., Ltd. 1.77%

Bond Market Review

In Q4 2019, domestic economic growth showed signs of weak recovery, with the monetary and fiscal policies remaining neutral and tilting towards expansion. Encouraged by the major progress in US-China trade Equities Sector Breakdown (Active Investment) negotiations, the market rebounded significantly. From January to November, the national industrial value added of enterprises above designated scale increased by 5.6% YoY, the national fixed asset Manufacturing* 0.01% investment grew by 5.2% YoY and the real estate development investment 0.03% 0.01% rose by 10.2% YoY, still slowing down. Total retail sales of consumer 0.66% goods grew by 8.0% in nominal terms YoY. Auto sales continued to decline, Finance and real estate sales recovered. In the first 11 months, the total floor space of sold residential properties nationwide increased by 1.6% YoY. Driven by the rise in pork and fruit prices, domestic inflation picked up rapidly. In Transportation, Warehouse, November, the consumer price index (CPI) rose by 4.5% YoY, while the and Postal Service producer price index (PPI) fell by 1.4% YoY. During the reporting period, 5.15% the US Federal Reserve further lowered interest rates and the US stock Health and social services market rebounded sharply. China’s monetary policy remained expansionary, with M2, the broad money supply, rising by 8.2% YoY at the 11.67% end of November, while inter-bank interest rates and Treasury bond rates remained low. With the fiscal policy becoming more proactive, the quota of Communication, Software and IT Services special-purpose local government bonds was increased. A-shares rebounded sharply during the reporting period, with the SSE Composite Index up 4.99% and the SSE 50 Index up 5.71%. By industry, construction Agriculture, Forestry, and building materials, electronics, household appliances and media were Livestock, Fishery among the top gainers. A small number of industries, such as national defense commercial trade, saw declines. Equities Sector Breakdown (Index Investment)

Mining

1.44% Construction Fund Strategy Manufacturing* 33.59% This Fund is an enhanced index fund which tracks the SSE 50 Index. As Transportation, required by the contract, the stock positions are kept at 90% or above. In Warehouse, and Postal terms of industry allocation, the weighting of allocation for most industries Service Financial is consistent with that of the index. The Fund allocated more to industries such as food & beverage and medicine, and less to industries such as 4.83% banking and securities dealership. During the period under review, based Real Estate on judgments upon the market situations, this Fund made slight adjustments to its operation, mainly by reducing the weighting for sectors 31.80% Leasing and Commercial such as real estate and mining, and increasing allocations in industries 1.69% Services such as banking and insurance. During the period under review, this Fund outperformed the benchmark index. 0.20% Research and 1.47% 1.77% Technological Services *Note: according to the CSRC industry classification guideline, Manufacturing consists of 31 subcategories which has including food manufacturing, medical manufacturing, general equipment manufacturing, furniture manufacturing, etc. Manufacturing carries the most subcategories in all industry sectors.