Present month's AJFI = previous month's AJFI x (1 + present month's AJFI monthly return)
AJFI income return + AJFI capital return = AJFI total return

AJFI monthly index is calculated by the following procedures;

• A Return in a period is calculated from each fund’s performance.
• Monthly return is calculated from the return in the period.
• AJFI monthly return is calculated from the monthly returns on NAV’s weighted-average basis at the beginning of the month.

The NAV of the fund’s equity on the closing date is based on the external appraisal value. Further information about AJFI calculations is available on the appendix "AJFI Definitions".

( AJFI at the present quarter ended AJFI at the previous quarter ended − 1) × 100(%)

The AJFI quarterly return consists of AJFI quarterly income return, AJFI quarterly capital return, and AJFI quarterly total return, each of which is shown as the non-annualized return in the relevant quarter.

Of the three AJFI quarterly return indices, AJFI quarterly income return and AJFI quarterly capital return are calculated to represent the quarterly rate of change in the AJFI. Meanwhile, AJFI quarterly total return is defined as the sum of AJFI quarterly income return and AJFI quarterly capital return.