About the Asset Management Association of China

Asset Management Association of China ("AMAC") was founded on June 6th 2012, according to the provisions of Securities Investment Funds Law ("Funds Law") and Regulations on the Registration and Administration of Social Organizations. It is a national, industry-oriented, and non-profit social organization incorporated voluntarily by the several organizations in the securities investment funds industry. AMAC is subjected to the operational guidance, supervision, and administration from the operational competent authority, China Securities Regulatory Commission ("CSRC"), Ministry of Civil Affairs of the People's Republic of China. Currently, AMAC is a member of International Investment Funds Association ("IIFA").

The membership of AMAC is divided into three types: general members, associate members, and special members. Its scope covers funds management companies, banks, local equity associations, insurance companies, trusts, QFIIs, private equity firms, etc. As of May 15, 2013, the total number of members in AMAC was 370, of which include 97 general members, 86 associate members and 187 special members.

The Objectives of the Association are:
(a) to provide services for the industry by encouraging communication, innovation, professionalism, and competitiveness;
(b) to provide a communication platform between the government and industry by safeguarding the legitimate rights and interests of the industry, promoting public understanding, and enhancing industry public relations;
(c) to exercise industry self-regulation, compliance operations, and industry integrity;
(d) to supervise fulfillment of fiduciary duties and social responsibilities, while also ensuring the sustainable and healthy growth of the industry.

About the Mutual Fund Industry of China
China's fund management industry emerged in the early 1990s. After a few years of experimentation and exploration, China Securities Regulatory Commission (CSRC) began to regulate the industry in 1997, and the first fund management company was established in March 1998. Since then, China's fund management industry has experienced tremendous advances in scale and sophistication. At the end of March 2012, there were 71 fund management companies in China, with a total of 2.79 trillion RMB assets under management (2.21 trillion RMB of which managed by 956 mutual funds) and some 10,700 employees. There were 18 fund custodian banks, 10 rating agencies and 157 distributors, including 59 commercial banks, 94 securities firms as well as 4 independent distributors.

These fund management companies have been rapidly expanding their business lines from mutual funds to social security funds, corporate pension and managed accounts. At present, fund management companies' account for 16 out of 18 domestic social security fund managers and 12 out of 20 corporate pension fund managers in China. At the end of 2011, the fund management firms managed 283 billion RMB for social security funds, 103 billion RMB for managed accounts. They also provided professional investment management services for more than 200 corporate pension funds.