BOCOM INTERNATIONAL CHINA DYNAMIC FUND (A sub-fund of BOCOM International Fund) SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2015

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2 Contents Pages Management and Administration 1 Report of the Manager to the Unitholders 2 Statement of Financial Position (Unaudited) 3 Investment Portfolio (Unaudited) 4 5 Statement of Movement in Portfolio Holdings (Unaudited) 6 7

3 MANAGEMENT AND ADMINISTRATION Manager Directors of the Manager BOCOM International Asset Management Limited TAN Yueheng 9/F, Man Yee Building CHENG Chuange 68 Des Voeux Road Central KO Yu Kit Central Hong Kong Trustee and Registrar Bank of Communications Trustee Limited 1/F, Far East Consortium Building 121 Des Voeux Road Central Central Hong Kong PRC Custodian HSBC Bank (China) Company Limited 33/F, HSBC Building, Shanghai ifc 8 Century Avenue, Pudong Shanghai Legal Counsel to the Manager Deacons 5/F, Alexandra House 18 Chater Road Central Hong Kong Auditor PricewaterhouseCoopers 21/F, Edinburgh Tower 15 Queen s Road Central Hong Kong - 1 -

4 REPORT OF THE MANAGER TO THE UNITHOLDERS Market Review The global equity markets remained stable in the first quarter of the year, but then saw steady climb to higher index levels in the second quarter. The CSI300 Index hit recent high of 5,354 in June, while the H-share Index also hit recent high in May reaching 14,802, and both indices saw price increase of 26.6% and 8.3% in the first half of 2015 respectively. The main drivers of this CSI300 index rally were the information technology, industrial and consumer discretionary sectors, while the financial, energy and material sectors were lagging the broader market. Outlook We expect to see the Chinese A-share equity market to remain volatile and opportunistic over the near-term. This is mainly due to the deleveraging in the capital markets and more re-structuring measures to be put in place for the development of the economy and capital markets. The RMB currency will be another key focus over the next 12 months as it will contend for the special-drawing rights status (SDR) in the coming rounds of IMF meetings. While we remain cautious but optimistic over longer investment horizon, the A-share market still presents itself as a resilient and attractive market to global investors with its relatively strong growth and capacity to advance

5 STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT 30 JUNE Jun 31 Dec RMB RMB Non-Current Assets Deposit reserve 224, ,000 Assets Financial assets at fair value through profit or loss 58,993,452 51,231,972 Interest receivable 75, ,408 Amounts due from brokers 3,340,250 - Subscription receivable 3,494,029 - Cash and cash equivalents 167,328,374 11,649,423 Total assets 233,455,296 63,283,803 Non-Current Liabilities Deferred tax liability 10,271 12,027 Liabilities Amounts due to brokers 3,591,537 - Management fee payable 78,721 68,078 Trustee fee payable 65,228 67,265 Sub-custodian fee payable 6,087 5,174 Redemption payable - 6,203,479 Preliminary expenses payable 360, ,450 Provision for tax 48,077 41,913 Accrued expenses and other payables 63, ,488 Total liabilities (excluding net assets attributable to unitholder) 4,223,546 6,883,874 Net assets attributable to unitholders (after amortization of establishment costs) 229,231,750 56,399,929 Represented by: Net assets attributable to unitholders (before amortization of establishment costs) 229,530,019 56,733,927 Adjustment for different basis adopted by the Sub-Fund in arriving at net asset attributable to unitholder (298,269) (333,998) Net assets per class Class I 203,106,670 39,655,311 Class R 26,423,349 17,078,616 Number of units outstanding Class I 12,024, ,752, Class R 1,568, ,186, Net asset value per unit Class I Class R

6 INVESTMENT PORTFOLIO (UNAUDITED) AS AT 30 JUNE 2015 Fair Value % of Net Investments (25.70%) Holdings RMB Asset Debt securities (1.71%) Listed in China CHINA GOVERNMENT BOND /31/2021 1,100,000 1,165, % CHINA GOVERNMENT BOND 3.4 4/17/2023 1,000,000 1,003, % CHINA DEVELOPMENT BANK 5.8 1/3/2016 1,700,000 1,741, % Equity securities (23.99%) 3,910, % Listed in China CHINA VANKE CO LTD-A 77,000 1,118, % PANGANG GROUP VANADIUM TIT-A 289,000 1,549, % QINGHAI SALT LAKE INDUSTRY-A 30, , % TONGFANG GUOXIN ELECTRONIC-A 46,000 2,208, % HENGBAO CO LTD-A 74,000 1,753, % WUHAN GUIDE INFRARED CO LT-A 61,000 2,400, % SHENZHEN O-FILM TECH CO-A 8, , % ANHUI SHENGYUN MACHINERY-A 98,000 2,177, % QINGDAO EASTSOFT COMMUNICA-A 120,000 3,420, % SHANGHAI INTERNATIONAL AIR-A 138,000 4,374, % CHINA MINSHENG BANKING-A 65, , % SHANGHAI INTERNATIONAL POR-A 67, , % HUADIAN POWER INTL CORP-A 207,000 2,301, % SAIC MOTOR CORP LTD-A 184,000 4,158, % WANHUA CHEMICAL GROUP CO-A 24, , % TANGSHAN SANYOU CHEMICAL I-A 230,950 2,609, % KEDA CLEAN ENERGY CO LTD-A 35,000 1,037, % SINOCHEM INTL CORP-A 97,000 1,695, % JIANGSU KANION PHARMACEUTI-A 43,000 1,196, % XIAMEN FARATRONIC CO LTD-A 42,000 1,299, % AVIC AVIATION ENGINE CORP-A 53,000 2,816, % CHINA SHENHUA ENERGY CO-A 50,000 1,042, % BANK OF BEIJING CO LTD-A 323,000 4,302, % GREAT WALL MOTOR CO LTD-A 61,000 2,608, % CHINA STATE CONSTRUCTION-A 91, , % CHINA OILFIELD SERVICES-A 31, , % - 4 -

7 INVESTMNET PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30 JUNE 2015 Fair Value % of Net Holdings RMB Asset Equity securities (23.99%) (Continued) Listed in China (Continued) CHINA MERCHANTS ENERGY-A 159,000 1,908, % CHINA SHIPBUILDING INDUSTR-A 76,000 1,124, % DATANG INTL POWER GEN CO-A 430,000 3,431, % 55,083, % Total investments 58,993, % Other net assets 170,536, % Total net assets as at 30 June 2015 (before amortization of establishment costs) 229,530, % Total investments at cost 56,926,

8 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) 31 December Holdings 30 June Investments 2014 Additions Disposals 2015 CHINA VANKE CO LTD-A 320,000 - (243,000) 77,000 YUNNAN BAIYAO GROUP CO LTD-A 10,000 - (10,000) - PANGANG GROUP VANADIUM TIT-A - 429,000 (140,000) 289,000 GF SECURITIES CO LTD-A 104,000 - (104,000) - CHANGJIANG SECURITIES CO LTD-A - 92,000 (92,000) - QINGHAI SALT LAKE INDUSTRY-A - 30,000-30,000 TONGFANG GUOXIN ELECTRONIC-A - 46,000-46,000 HENGBAO CO LTD-A - 98,000 (24,000) 74,000 JIANGSU YUYUE MEDICAL EQUIPMENT CO LTD-A - 50,300 (50,300) - WUHAN GUIDE INFRARED CO LT-A - 61,000-61,000 SHENZHEN O-FILM TECH CO-A - 56,984 (48,984) 8,000 JIANGXI GANFENG LITHIUM CO-A - 91,000 (91,000) - SUMAVISION TECHNOLOGIES CO-A - 61,000 (61,000) - ANHUI SHENGYUN MACHINERY-A - 98,000-98,000 WONDERS INFORMATION CO LTD-A - 17,976 (17,976) - QINGDAO EASTSOFT COMMUNICATION TECHNOLOGY CO LTD-A - 120, ,000 SHANGHAI KINGSTAR WINNING-A - 14,999 (14,999) - SHANGHAI INTERNATIONAL AIR-A - 138, ,000 CHINA MINSHENG BANKING-A - 65,000-65,000 SHANGHAI INTERNATIONAL POR-A - 413,000 (346,000) 67,000 HUADIAN POWER INTL CORP-A - 207, ,000 CHINA PETROLEUM AND CHEMICAL COPORATION-A 392,000 90,000 (482,000) - CITIC SECURITIES CO-A 74,000 - (74,000) - POLY REAL ESTATE GROUP CO-A 170,000 - (170,000) - SAIC MOTOR CORPORATION LTD-A 66, ,000 (30,000) 184,000 GUANGHUI ENERGY CO LTD-A 100,000 - (100,000) - WANHUA CHEMICAL GROUP CO-A 141,931 - (117,000) 24,931 NARI TECHNOLOGY DEVELOPMENT CO LTD-A 28,000 45,000 (73,000) - TANGSHAN SANYO CHEMICAL INDUSTRIES CO LTD-A - 230, ,950 KUNMING PHARMACEUTICAL COR-A - 62,000 (62,000) - KEDA INDUSTRIAL CO LTD-A - 35,000-35,000 SINOCHEM INTERNATIONAL CORP-A - 145,000 (48,000) 97,000 KANGMEI PHARMACEUTICAL CO-A 130,960 71,000 (201,960) - KWEICHOW MOUTAI CO LTD-A 5,000 - (5,000) - JIANGSU KANION PHARMACEUTI-A - 43,000-43,

9 STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUIDTED) (CONTINUED) 31 December Holdings 30 June Investments (Continued) 2014 Additions Disposals 2015 XIAMEN FARATRONIC CO LTD-A - 62,000 (20,000) 42,000 DAQIN RAILWAY CO LTD -A 65,000 - (65,000) - CHINA SHENHUA ENERGY CO- A - 50,000-50,000 CHINA NATIONAL CHEMICAL ENGINEERING-A - 148,000 (148,000) - BANK OF BEIJING CO LTD-A - 323, ,000 PING AN INSURANCE GROUP CO-A 68,000 - (68,000) - IND & COMM BK OF CHINA-A 290, ,000 (580,000) - CHINA PACIFIC INSURANCE (GROUP) COMPANY LTD-A 141,000 - (141,000) - GREAT WALLMOTOR CO LTD-A - 61,000-61,000 CHINA STATE CONSTRUCTION-A 634, ,000 (786,000) 91,000 CHINA OILFIELD SERVICES-A - 82,905 (51,000) 31,905 PETROCHINA CO LTD-A 258,000 - (258,000) - CHINA MERCHANTS ENERGY-A - 159, ,000 JISHI MEDIA CO LTD-A - 128,000 (128,000) - CHINA SHIPBUILDING INDUSTRY CO LTD-A 348,000 60,000 (332,000) 76,000 DATANG INTERNATIONAL POWER GEN CO-A - 430, ,000 CHINA GOVERNMENT BOND /31/2021 2,010, ,000 (1,360,000) 1,100,000 CHINA GOVERNMENT BOND 3.4 4/17/2023 1,000, ,000,000 CHINA DEVELOPMENT BANK 5.8 1/3/2016 2,330,000 1,080,000 ( 1,710,000) 1,700,