Penghua Overview Penghua Fund Management is a China-based,independent investment manager, with assets undermanagement of US$ 17bn (as of December 31st, 2009). Our sole business is the management of third party asset, principally through equities and fixed income, including retail fund, Social Security Fund (SSF), Qualified Domestic Institutional Investor (QDII) and Separately Managed Account. Penghua is one of the largest SSF managers in China, managing 6 investment portfolios. Jointly owned by a reputable securities company and a foreign asset manager, Penghua boasts a sound governance structure and a professional management team. Our Investment Approach Founded 11 years ago, we have a complete product line, including money market, bond, hybrid, equity, index for retail investors and institutional mandates for China's Social Security Fund. Led by a senior management team, the company has adopted a simple strategy: to invest and hold quality companies and seek stable and long term growth. Penghua is a value investor. We pride ourselves on our original thinking and research, with in-depth understanding of industries and companies. We also emphasize investment process and risk controls. We have never violated regulations or been involved in a scandal since inception. Your Choice of Funds Penghua Fund Management offers investors a choice of equity and bond funds. They are designed to meet various investment objectives of retail customers and institutional investors.