Access to China's Green Bond Market. June 2017

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1 Access to China's Green Bond Market June 2017

2 Main content 1. Current State of Green Bond Market in China 2. Features of CUFE-CNI Green Bond Index Series

3 Overview of the Market Top-level design of green finance to support development objective Innovative, Coordinated, Green, Open and Shared Development (13th Five-Year Plan) An annual investment of at least 2 trillion Yuan is needed to achieve the environmental targets Green Bond offers an efficient channel of financing environmental projects The 3rd largest bond market (CNY 68 trillion), and 2nd largest in corporate bond market (31trillion) National standard of green bond criteria have been published Green Finance Committee of China Society of Finance and Banking (GFC) established in April 2015 PBoC officially announced the Green Bond Endorsed Project Catalogue of GFC ( Dec 2015 ) According to GFC Catalogue, the size of green bonds reached CNY 2.25 trillion as of May 2017

4 Defining Green Bond in China: GFC Catalogue 6 categories and 31 sub-categories of Green Projects Reporting on the use of bond proceeds Category GB1 GB2 GB3 GB4 GB5 GB6 Energy Saving Pollution Prevention and Control Resource Conservation and Recycling Clean Transportation Clean Energy Ecological Protection and Climate Change Adaption ü Conforming to national conditions ü In line with international practice For more details, please refer to the appendix. 4

5 2 trillion green bond and use of proceeds Clean Energy Clean Transportation As of May 2017; CUFE, CNI Index * Debt amount includes only the portion for green purpose usage. * GBm : Mixed use of proceeds in line with at least 2 categories. 5

6 Growing issuance, with improved transparency As of May 2017; CUFE, CNI Index * Debt amount includes only the portion for green purpose usage. 6

7 Main content 1. Current State of Green Bond Market in China 2. Features of CUFE-CNI Green Bond Index Series

8 Intro. of CUFE-CNI Green Bond Index Series Collaboration with International Institute of Green Finance, Central University of Finance and Economics CUFE IIGF is a standing member of GFC actively involved in setting green bond standard Designed to track the performance of labeled and unlabeled green bonds in China Including three total return indices CUFE-CNI High Grade Green Bond TR Index (Index Code: CNB00013) CUFE-CNI High Grade CUFE-CNI High Grade Unlabeled Green Bond Labeled Green Bond TR Index(CNB00014) TR Index(CNB00015) Synchronously quoted in China and Europe (Luxembourg Stock Exchange) 8

9 Highlights of the Index Methodology Strictly accordant with national standard of Green Bond Use only GFC Catalogue for green bond identification Bond specific analysis on the funding usage (CUFE IIGF) * Focusing on green bonds with the highest credit quality Select only government-related bond and AAA credit Establishing the labeled and unlabeled green bond index separately Overall and unlabeled index is traced back to 2011 EOY, and Labeled green bond back to 2016 EOY Index Criteria and Calculation Methodology Sample range Selection Weighting Rebalancing Pricing Base Date Unlabeled and labeled green bond aligning the GFC Catalogue (CUFE IIGF), publicly-offered in China onshore bond market Govt. Bond, Policy Bank Bond, and Credit bonds of AAA issuers, fixed-rate coupon and RMB denominated Minimum maturity 91 days, and original term at issuance is between1 and 10 years (including) Excluding floating rate, convertible bond and ABS/ABN Adjusted market cap, which is the portion of bond proceeds used exclusively for green purpose Once a month at month end Market observed price, and CNI evaluated price for CNB00013 and CNB00014; for CNB00015 * In case funding usage of the bond is not available, it will also be treated as green if at least 90% of the issuers revenue comes from green sectors. 9

10 Performance of the Indices Index Cum. Return(%) Annualized Return (%) Volatility 3-year 5-year 3-year CNB CNB CNB00015 * / / / T-Bond Index Source: CNI Index, as of May 2017 *The cumulative return of labeled green bond index is traced backed to Due to the short history, it s not displayed in above chart. 10

11 1.5 trillion Index Coverage, 85% Unlabeled Index N.O. of bonds Debt Amt (0.1 billion) WAVG* Maturity (yr) WAVG* Coupon(%) CNB CNB CNB Source: CNI Index, as of May 2017 (after EOM rebalancing) * The statistic is weighted by debt amount, and the charts show the split of index constituents by number of bonds. 11

12 Top 10 Issuers of Unlabeled Green Bond Dominated by Clean Transportation and Clean Energy Issuer N.O. of bonds Debt Amt (0.1 billion) WAVG Maturity (yr) WAVG Coupon(%) Note China Railway Transportation China Three Gorges Corp Electricity State Grid Corporation of China Electricity Guangzhou Metro Group Transportation China Yangtze Power Electricity Beijing Infrastructure Investment Transportation Shanghai Shentong Metro Group Transportation Changsha City Rail Transportation Group Transportation Shenzhen Metro Group Transportation Huadian Fuxin Energy Corp Electricity Source: CNI Index, as of May 2017 (after EOM rebalancing) 12

13 Top 10 Issuers of Labeled Green Bond Growing rapidly, commercial and policy banks are most active Issuer N.O. of bonds Debt Amt (0.1 billion) WAVG Maturity (yr) WAVG Coupon(%) Note Industrial Bank Commercial Bank Shanghai Pudong Development Bank Commercial Bank Bank of Communications Commercial Bank Bank of Beijing Commercial Bank China Development Bank Corp Policy Bank Agricultural Development Bank of China Policy Bank State Grid Corporation of China Electricity Harbin Bank Commercial Bank Bank of Nanjing Commercial Bank China Energy Conservation and Environmental Protection Group Source: CNI Index, as of May 2017 (after EOM rebalancing) Industrial 13

14 Perspective of Green Bond Fund Green Bond Fund Fund Manager Location Established TIAA-CREF Social Choice Bond Fund Teachers Advisors, Inc US SEC registration 2012 Calvert Green Bond Fund Calvert Investment Management, Inc US SEC registration 2013 AXA World Funds Planet Bonds AXA Investment Managers Paris Luxembourg-SICAV 2015 State Street Green Bond Index Fund State Street Global Advisor Luxembourg-SICAV 2015 Mirova Green Bond Global Natixis Asset Management / Mirova France-SICAV 2016 Green Bond Index ETF Van Ereck US SEC registration 2016 Amund-IFC Green Bond Fund Amundi France-SICAV 2017 Green bond index funds and ETF are gaining popularity in global market The CUFE-CNI indices offer transparent exposure to the Chinese green bond market, with attractive yields 14

15 Appendix: GFC Catalogue Level I Level II Category Note GB1: Energy Saving GB2: Pollution Prevention and Control GB3: Resource Conservation and Recycling 1.1.Industrial Energy Saving 1.2 Sustainable Building 1.3 Energy Management Center 1.4 Urban and Rural Infrastructure Construction with Energy Saving Efficiency 2.1 Pollution Prevention and Control 2.2 Environmental Restoration Project 2.3 Clean Utilization of Coal 3.1 Water Saving and Unconventional Water Use 3.2 Redevelopment and Integrated Utilization of Tailings and Associated Mine 3.3 Recycling and Utilization of Industrial Solid Wastes, Exhaust Gas, and Effluent 3.4 Recycling, Processing and Utilization of Renewable Resource 3.5 Remanufacturing of Electromechanical Products 3.6 Recycling and Utilization of Biomass Resource through constructing high efficiency facilities and conducting energy-saving improvement, to reduce energy/ water/ raw material consumption per unit product or service, lower pollutants and GHG (e.g.,co2) emissions generated from resource consumption, and achieve resource conservation, GHG emission reduction and pollutant alleviation. through constructing facilities for desulfurization, denitrificaiton, dust removal and sewage treatment, as well as other forms of integrated environmental treatment, to reduce pollutant discharge, control environmental pollution, protect, restore and improve environment. through the exploitation and reuse of tailings and associated mines, reuse of industrial and agricultural waste, recycling and remanufacturing of waste metals and non-metallic, to improve resource utilization, save resources and minimize environmental damages. 15

16 Appendix: GFC Catalogue (cont.) GB4: Clean Transportation GB5: Clean Energy GB6: Ecological Protection and Climate Change Adaption 4.1 Railway Transportation 4.2 Urban Rail Transit 4.3 Public Urban and Rural Transportation 4.4 Waterway Transportation 4.5 Clean Fuel 4.6 New Energy Automobile 4.7 Internet Application on Transportation 5.1 Wind Power Generation 5.2 Solar Photovoltaic (PV) Power Generation 5.3 Smart Grid and Energy Internet 5.4 Distributed Energy Resource 5.5 Solar Thermal Application 5.6 Hydropower Generation 5.7 Other New Energy Application 6.1 Natural Ecological Protection and Protective Development of Tourism Resource 6.2 Ecological Agriculture, Husbandry and Fishery 6.3 Forestry Development 6.4 Emergency Prevention and Control of Disaster through constructing high efficiency facilities and conducting energy-saving improvement, to reduce energy/ water/ raw material consumption per unit product or service, lower pollutants and GHG (e.g.,co2) emissions generated from resource consumption, and achieve resource conservation, GHG emission reduction and pollutant alleviation. substituting fossil energy consumption with renewable energy such as solar energy, wind energy, hydropower, geothermal energy, ocean energy, to reduce pollutants and CO2 emitted from the exploitation, production and consumption of fossil fuels; through the utilization of low carbon energy such as natural gas, to minimize pollutant discharge and GHG emission reduction. through comprehensive treatment of soil erosion, ecological restoration, disaster prevention and control, and natural reserve construction, to improve the ecological environment quality, strengthen disaster prevention ability, and enhance biodiversity conservation, etc.; through afforestation, forest tending and conservation, eco-agriculture, animal husbandry and fishery, and strengthened infrastructure construction, to mitigate or adapt climate change and reduce the adverse effects of climate change on social and economic development. 16

17 Disclaimer This document has been compiled by the Shenzhen Securities Information Co., Ltd. ( SSIC ) for information purpose only. SSIC has attempted to ensure that the information in this document is accurate, but is not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the information in it. No responsibility or liability can be accepted by Shenzhen Stock Exchange or SSIC for any errors or for any loss from use of this publication or any of the information or data contained herein. Past performance is no guarantee of future results. 17

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