基金便覽 Fund Fact Sheet. 交通銀行愉盈退休強積金計劃 BCOM Joyful Retirement MPF Scheme. 二零一八年第二季 2nd Quarter 交通銀行強積金保守基金 BCOM MPF Conservative Fund

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1 重要聲明. 交銀強積金 是為一項註冊強制性公積金計劃 2. 投資涉及風險 交銀強積金內的每一項投資選擇不一定適合所有人士 投資回報並無擔保 而您的投資 累積權益或會承受重大損失 3. 交銀強積金之交通銀行保證回報成分基金是一個本金及回報保證基金 成員如參與此成分基金少於 60 個月 並無取回本金及回報的保證及其提取的價值完 全是受成分基金資產價值的波動影響 此成分基金之擔保人為交通銀行股份有限公司香港分行 因此您的投資將受擔保人的信用風險所影響 有關保證特 點及保證條件的詳情 請參閱交銀強積金的主體冊子附件A-2之(f)項 4. 您在作出投資選擇前 您必須衡量個人可承受風險的程度及您的財務狀況 在選擇成分基金時 如您就某一項成分基金是否適合您 包括是否符合您的投 資目標 而有任何疑問 請徵詢財務及/或專業人士的意見 並因應您的個人狀況而選擇最適合您的成分基金 如您沒有指明投資選擇 您作出的供款及/或 轉移至上述計劃的權益將投資於強積金預設投資策略 預設投資策略 而該成分基金並不一定適合您 5. 您在投資預設投資策略前 您必須衡量個人可承受風險的程度及您的財務狀況 您應注意交通銀行核心累積基金及交通銀行65歲後基金並不一定適合您 且交通銀行核心累積基金及交通銀行65歲後基金和您的風險取向之間或存在風險錯配 即投資組合之風險或會大於您的風險承受能力 如您就預設投資策 略是否適合您而有任何疑問 請徵詢財務及/或專業人士的意見 並因應您的個人狀況而作出最適合您的投資決定 6. 您應注意 預設投資策略實施後或會影響您的強積金投資及權益 如您就您或會受到之影響有任何疑問 您應向核准受託人查詢 7. 請勿只根據此作出投資 有關詳情 包括產品特點 投資政策 投資目標 收費及所涉及的風險 請參閱交銀強積金的主體冊子 Important Notes. The ("Scheme") is a registered MPF Scheme. 2. Investment involves risks and not all investment choices available under the Scheme would be suitable for everyone. There is no assurance on investment returns and your investments / accrued benefits may suffer significant loss. 3. The BCOM Guaranteed (CF) Fund in the Scheme is a capital and return guaranteed fund. Where participation to this constituent fund is less than 60 months, the repayment of capital and return on investment are not guaranteed and the withdrawal values are fully exposed to fluctuations in the value of the constituent fund s asset. The Bank of Communications Co. Ltd., Branch is the guarantor to this constituent fund. Your investments are therefore subject to the credit risks of the guarantor. Please refer to section (f) of Annexure A-2 of the Principal Brochure of the Scheme for details of the guarantee features and guarantee conditions. 4. You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of constituent funds, you are in doubt as to whether a certain constituent fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and / or professional advice and choose the constituent fund(s) most suitable for you taking into account your circumstances. In the event that you do not make any investment choices, please be reminded that your contributions made and / or benefits transferred into the Scheme will be invested into the MPF default investment strategy ("DIS"), and such constituent fund may not necessarily be suitable for you. 5. You should consider your own risk tolerance level and financial circumstances before investing in the DIS. You should note that the BCOM Core Accumulation Fund and the BCOM Age 65 Plus Fund may not be suitable for you, and there may be a risk mismatch between the BCOM Core Accumulation Fund and the BCOM Age 65 Plus Fund and your risk profile (the resulting portfolio risk may be greater than your risk preference). You should seek financial and/or professional advice if you are in doubt as to whether the DIS is suitable for you, and make the investment decision most suitable for you taking into account your circumstances. 6. You should note that the implementation of the DIS may have an impact on your MPF investments and benefits. You should consult with the Approved Trustee if you have doubts on how you are being affected. 7. Please do not invest based on this fund fact sheet alone. For further details including the product features, investment policies, investment objectives, charges and risks involved, please refer to the Principal Brochure of the Scheme. 交通銀行強積金保守基金 BCOM MPF Conservative Fund 基金之投資目標 在於取得高於訂明儲蓄利率2的回報 The investment objective of the Fund is to obtain a return that is higher than the prescribed savings rate2. 美國聯儲局一如市場預期 於6月中旬的議息會議上宣佈今年第2次加息 幅 度為0.25厘 聯邦基金利率升至介乎.75厘至2厘 並修改預測今年底利率 由3月時估計2.25厘上調至2.375厘 意味今年會再加息兩次 近年港息升幅一直落後於美息 然而第二季港息明顯 追落後 尤其短息 出現顯著升幅 如3個月香港銀行同業拆借利率由季初的.2%水平 升至 2.0%水平之上 在拆息攀升下 港元定存利率亦大幅調升 至2個月的定存 年利率升穿.0% 而3至6個月的定存利率 則普遍升至.5%至2.0%的水平 隨著美息持續向上 在聯匯制度下 港息於下半年料仍有向上空間 As expected, the US Federal Reserve announced a second rate hike of 0.25% for the federal funds rate this year, rising to.75% - 2% at the interest rate meeting in mid-june, and revised upwards the estimated year-end funds rate to 2.375% from 2.25% in March. This indicated likely two more interest rate hikes this year. During recent years, the increase in interest rates has lagged behind the US. However, in the second quarter, interest rate in Hong Kong has prominently caught up, and in particular, the short-term interest rates increased significantly. For example, the 3-month HIBOR rose from the.2% at the beginning of this quarter to above the 2.0%. Amid the increase in interbank interest rates, the deposit interest rate in Hong Kong dollar has also risen sharply. The fixed deposit interest rates with tenor of to 2 months have jumped above.0%, while the fixed deposit interest rates with tenor of 3 to 6 months have generally risen to.5% 2.0%. As the US interest rate continues to rise, under the Linked Exchange Rate System, the interest rate in dollar is expected still to have upside momentum in the second half of this year. 強積金保守基金收費扣除機制 MPF Conservative Fund Fee Deduction Mechanism 強積金保守基金的收費可 一 透過扣除資產淨值收取 或 二 透過扣除成 員帳戶中的單位收取 本基金採用方式 二 收費 故所列之單位價格 / 資產 淨值 / 基金表現 所列的基金表現數字除外 並未反映收費之影響 Fees and charges of a MPF Conservative Fund can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. This fund uses method (ii) and, therefore, unit prices / NAV / fund performance quoted (except for the fund performance figures quoted in a fund fact sheet) do not reflect the impact of fees and charges. 重要 Important: 本基金並無本金及回報保證 投資此項基金 與將資金存入銀行或接受存 款公司的存款不同 亦無責任按發售值贖回投資 而基金不受香港金融管 理局監管 There is no guarantee on the capital value and return on investment made in this fund. Investments in the Fund is not the same as placing funds on deposits with a bank or deposit-taking company and that there is no obligation to redeem the investment at the offer value and that the Fund is not subject to the supervision of the Monetary Authority. HK$ 貨幣市場基金 香港 Money Market Fund () 0/2/00 HK$ % 0.94% 0.9% 0.24% 0.36% 0.52%.20% 訂明儲蓄利率2 PSR2 0.0% 0.0% 0.0% 0.0% 0.48% 0.4% 0.% 0.09% 0.4% 0.08% 銀行存款 Bank Deposits 00.0%. 中國光大銀行(存款) China Everbright Bank (Deposit) 2. 集友銀行(存款) Chiyu Bank (Deposit) 3. 農業銀行(存款) AGR (Deposit) 4. 中國工商銀行(存款) ICBC (Deposit) 5. 創興銀行(存款) Chong Hing Bank (Deposit) 6. 招商銀行(存款) China Merchants (Deposit) 7. 東亞銀行(存款) The Bank of East Asia (Deposit) 8. 永隆銀行(存款) Wing Lung Bank (Deposit) 9. 富邦銀行(存款) Fubon Bank (Deposit) 0. 大眾銀行(存款) Public Bank (Deposit) * 資料來源 交通財務有限公司 BCOM Finance () Limited 7.6% 7.4% 7.3% 7.3% 7.0% 7.0% 6.9% 6.8% 6.7% 6.6%

2 交通銀行保證回報成分基金 BCOM Guaranteed (CF) Fund 投資目標在於達致長遠資本增長 The investment objective is to achieve long term capital growth. 重要 Important: 交通銀行保證回報成分基金之擔保人為交通銀行股份有限公司香港分行 於每個財 政期的會計結算日 即每年的2月3日 擔保人會宣佈該個財政期的保證回報率 但在任何情況下保證回報率不會少於年利率% 另此基金設有預先宣佈機制 詳情 請參閱的主體冊子 以掌握進一步資料及詳情 成員 如參與該基金少於60個月 並無取回本金及回報的保證及其提取的價值完全是受 資產價值的波動影響 適用於年度財政期的保證回報率為年利率.25% 保證基金(有條件提取保證 ) Guaranteed Fund (guarantee payable conditionally ) 0/2/00 貿易緊張局勢持續 政治不明朗因素及央行政策導致市場波動加劇 進而 推動政府債券表現優於企業債券 市場波動加劇促使投資者對核心政府債 券等相對安全資產的需求加大 鑑於美國經濟數據表現強勁 美國聯邦公 開市場委員會上調利率並有可能再加息兩次 歐洲方面 歐洲央行認為貿 易保護主義加劇為市場帶來風險且金融市場波動顯著 但仍對歐元區前景 持相對樂觀取態 整體而言 不明朗因素的增加 尤其是地緣政治不明朗 因素 導致債券市場波動加劇 但全球增長指標顯示經濟將維持相對偏高 水平的增長 Government bonds outperformed corporate bonds during the period, amongst a backdrop of ongoing trade tension, political uncertainties and central bank policy announcements that all raised levels of market volatility. The increased levels of volatility in the market raised demand for the perceived safety of core government bond markets. US economic data came in strong, this led the US Federal Open Market Committee to raise rates and the potential for two further rate hikes. In Europe, the European Central Bank (ECB) acknowledged risks from an increase in protectionism, and financial market volatility had become prominent but maintained a relatively positive outlook for the Eurozone. Overall, volatility in bond markets has picked up amongst increased uncertainty, specifically geopolitical uncertainty. However, global growth indicators continue to point to above-potential growth. 4.42%.77%.45% -0.0%.30% 0.89%.68% -.78% 8.02% -0.77% -.72% 0.33% 0.35%. 香港政府債券 HK Government Bond.47% 02/9 2. MTR Corp Ci Ltd.92% 0/22 3. Government 2.53% 06/20 4. Link Finance Cayman /22 5. 香港政府債券 HK Government Bond 2.93% 0/20 6. Export-Import Bank Korea 2.28% 04/22 7. HK Govt Bond Programme 2.46% 08/2 8. Mortgage Corp 2.3% 04/2 9. Ind & Comm Bank China/SG 3.20% 09/8 0. 騰訊控股 Tencent Holdings Ltd 銀行存款 Bank Deposits 3.8% 債券 67.5% 股票 8.7% 4.8% 4.4% 4.2% 3.9% 3.8% 3.3% 2.7% 2.5% * 資料來源 交通財務有限公司 BCOM Finance () Limited Bank of Communications Co. Ltd., Branch is the guarantor to this constituent fund. The Guarantor will declare the Guaranteed Rate of Return on each Accounting Date of a financial year, i.e. 3 Dec, and in no event shall the Guaranteed Rate of Return be lower than % p.a. The fund includes a pre-announcement mechanism. Please refer to the Principal Brochure of for further information and details. Where participation to the Fund is less than 60 months, the repayment of capital and return on investment are not guaranteed and the withdrawal values are fully exposed to fluctuations in the value of the Fund s assets. The Guaranteed Rate of Return for financial year is.25% p.a. HK$865.5 HK$ 交通銀行環球債券成分基金 BCOM Global Bond (CF) Fund 基金的投資目標是透過投資於環球債券投資組合 以達致穩定之長期增長 The objective of the Fund is to achieve steady growth over the long term through investment in a portfolio of global bonds. 美國聯儲局一如市場預期 於6月中旬的議息會議上宣佈今年第2次加息 幅 度為0.25厘 聯邦基金利率升至介乎.75厘至2.00厘 並修改預測今年底利 率 由3月時估計2.25厘上調至2.375厘 意味今年會再加息兩次 第二季港股表現主要受到中美貿易糾紛發展的影響 當市場憧憬糾紛可望紓 緩時 股市上升 相反市場憂慮情況惡化時 股市則下跌 指在29,500點至 3,600點的範圍波動 美朝關係好轉及美息持續上升等因素 只為股市添加 波動 未令市況出現突破 然而踏入六月中旬 中美貿易戰惡化風險增加 美 國正式宣佈對價值340億美元的中國貨品徵收25%關稅 將於7月6日起生效 內地則採取了類似幅度的報復措施 瞄準美國農業和汽車產品 因此 港股下 破早前的橫行區域 指於季內下跌3.78% 收報28,955點 然而中國在 去槓桿 的情況下 經濟表現並不錯 加上港股在調整過後 估 值進一步吸引 恆生指數市盈率在倍左右 因此我們對港股長線走勢非太悲 觀 唯短期預計 中港資金流動性收緊及中美貿易戰恐慌仍會壓抑香港股市 As expected, the US Federal Reserve announced a second rate hike of 0.25% for the federal funds rate this year, rising to.75% % at the interest rate meeting in mid-june, and revised upwards the estimated year-end funds rate to 2.375% from 2.25% projected in March. This indicated likely two more interest rate hikes this year. In the second quarter, the Sino-US trade disputes mainly dominated Hong Kong stocks. When the disputes were expected to ease, the stock market rose. On the contrary with worries intensified, the stock market fell. The Hang Seng Index fluctuated in the range of 29,500 and 3,600. The improvement of US-North Korea relations and the continued rise in US interest rate have only increased volatility of the stock market and not acted as a catalyst for a breakthrough. However, in mid-june, the Sino-US trade war risk increased. The US officially announced that it would impose a 25% tariff on Chinese goods worth US$34 billion, effective on July 6, and the mainland China has taken similar scale of retaliatory measures on US goods, focusing on US agriculture and automotive products. Thus, the stock market pierced through the lower range bound trading earlier. The Hang Seng Index fell 3.78%, closing at 28,955 in this quarter. However, amid a de-leveraging of financial conditions, China s economy performed still not bad. After the correction, the valuation of stock market becomes further attractive, with the Hang Seng Index s P/E ratio standing at about times. Therefore, in the long-term, we are not too pessimistic on stocks, but in the short term expect that the tightening liquidity in China and, plus worry on the Sino-US trade war would still suppress the stock market. 債券基金 環球 Bond Fund Global 5//0 HK$ HK$ %.23% 基金表現 Fund Performance -.09%.2%.29%.29% -2.26% 5.9% 0.6% -.07% 2.7% -2.50% 現金及其他 Cash & Others 6.% 其他債券 Others 美元債券 Dollar Bloc 28.3% 歐洲債券 Europe 26.7%. Bundesobligation % 0/8 2. Japan Government Bond 0.% 2/22 香港債券 3. MEX Bonos Desarr Fix RT 8% 2/23 4. US Treasury Note/Bond 2.75% 08/42 2.2% 5. US Treasury Note/Bond 4.5% 02/36 6. US Treasury Note/Bond 2.75% 02/28 日本債券 7. Bonos Y Oblig Del Estado 4.6% 07/9 Japan 8. US Treasury Note/Bond 2.25% 2/22.6% 9. Buoni Poliennali Del Tes 2.05% 08/27 0. Gilts - United Kingdom 4.25% 2/27 其他亞洲債券 Other Asia 3.7% * 資料來源 景順投資管理有限公司 Invesco Limited.8%.7%.7%.6%.6%.5%.4%

3 交通銀行平穩增長成分基金 BCOM Stable Growth (CF) Fund 基金之投資目標 在於達致超越香港物價升幅之長期回報 以甲類消費物價 指數為依據 The objective of the Fund is to achieve a long term return in excess of Hong Kong price inflation (as measured by the Price Index Type A). 第二季度市場較為波動 環球股市仍錄得升幅 因穩健的經濟及盈利數據抵銷 地緣政治環境動盪的不利影響 並主導市場走向 儘管季末避險情緒升溫 債 券市場表現受挫 由於多項因素的綜合影響 第二季度環球債券市場出現多輪波動 這些因素包 括美國經濟增長加速 美國與其他地區經濟活動放緩之間的差異擴大 中美貿 易衝突升溫及意大利組成民粹主義聯盟政府 0年期美國國債孳息率由2.74%升至2.86% 由於經濟增長及通脹預期持續 增加 孳息率於4月份大幅上升 並於5月中旬一度升至7年高位 隨後避險情緒 升溫及投資者購買 安全資產 導致孳息率大幅回落 0年期德國國債孳息率 由0.50%跌至0.30% 因安全資產需求及歐洲數據進一步疲軟 國際經濟體系的領先經濟增長指標及企業利潤仍維持強勁 央行貨幣政策仍 大致維持擴張性 近期當局實施更強的保護主義經濟政策或是經濟前景面臨 的主要不明朗因素 長期貿易戰所產生的影響或會遠遠超出美國及中國 並可 能導致企業信心及投資不斷減弱 在各國普遍撤銷超寬鬆措施的大趨勢下 央行政策差異擴大 聯儲局似乎對 加息更有信心 而歐洲央行已轉向更為溫和的前瞻性指引 部份新興市場決策 者已加息以阻止或減緩資本外流 Global equities made gains in a volatile quarter, as resilient economic and earnings data vied with an unsettling geopolitical backdrop to establish the market s direction. Bond markets struggled despite risk aversion escalating late in the quarter. Global bond markets suffered from bouts of volatility in Q2 due to a confluence of factors. These included a greater dispersion between accelerating US growth and a softening of economic activity elsewhere, escalating trade tensions between the US and China and the formation of a populist coalition government in Italy. US 0-year Treasury yields rose from 2.74% to 2.86%. They rose significantly in April, touching a seven-year high in mid-may, as growth and inflation expectations continued to build, before risk aversion and safe haven buying led to a significant retracement. Bund 0-year yields fell from 0.50% to 0.30% on safe haven demand and as European data saw further softening. Lead indicators of economic growth and business profits in international economies remain quite strong, and central bank monetary policy remains largely expansionary. The main uncertainty for the outlook is probably the recent trend towards more protectionist economic policies. A protracted trade war would have implications far beyond just the US and China, and could lead to a weakening of business sentiment and investment. 混合資產基金 環球 - 股票 最高 60% Mixed Assets Fund (Global) - Equity: Maximum 60% 0/0/06 基金之投資目標 在於達致超越香港薪金通脹 以香港特別行政區政府統計 處於香港統計月刊所公布的數字為依據 的長期回報 The objective of the Fund is to achieve a long term return in excess of salary inflation in (as indicated by the Monthly Digest of Statistics as published by the Census and Statistics Department of the Government of Special Administrative Region). 請參閱交通銀行平穩增長成分基金之評論 Please refer to the Commentary on BCOM Stable Growth (CF) Fund. HK$58.2 HK$ %.73% 4.6% 3.03% 3.73% 3.28% 3.90% 甲類消費物價指數 CPI Type A* 2.20% 2.30% 3.6%.85% -2.09% 6.09% 0.9% -2.30% 0.96% 5.8% Europe 9.6% 現金 Cash 5.9% 日本股票 Japan 6.3% 債券 45.% 美國股票 US 0.9% 亞洲股票 (不包括香港及日本) Asia (ex HK ex Japan) 6.4% 5.8%. 騰訊控股 Tencent Holdings Ltd 2. US Treasury Note/Bond 2.375% 05/27 3. 豐控股 HSBC Holdings Plc 4. 中國建設銀行 China Construction Bank Corp 5. 中國工商銀行 Industrial & Commercial Bank of China 6. 友邦保險 AIA Group Ltd 7. US Treasury Note/Bond 2.25% 02/27 8. US Treasury Note/Bond 2.25% /25 9. 三星電子 Samsung Electronics Co Ltd 0. Council Of Europe Development Bank 0.25% 04/24.6%.4%.3%.2%.0% 0.9% 0.8% 0.5% 0.5% 0.5% * 資料來源 施羅德投資管理(香港)有限公司 Schroder Investment Management () Limited Central bank policy is diverging amid a broader trend of removal of ultra-accommodative measures. The Fed appears increasingly confident about hikes, while the ECB has shifted to more dovish forward guidance. Some EM policy makers have raised rates to try and prevent or slow capital flight. 交通銀行均衡成分基金 BCOM Balanced (CF) Fund 混合資產基金 環球 - 股票 最高85% Mixed Assets Fund (Global) - Equity: Maximum 85% 0/0/06 HK$ HK$ %.73% 6.56% 4.39% 5.37% 4.2% 4.84% 4.09% (截至as at 03/8) 薪金通脹Salary Inflation Rate* 4.00% (截至as at 03/8) 5.52% 5.25% 4.07% 5.3% 3.82% 3.95% -2.27% 20.99% 2.46% -2.28%.20% 8.72% Europe 4.% 現金 Cash 5.9% 日本股票 Japan 8.8% 美國股票 US 亞洲股票 5.% (不包括香港及日本) Asia (ex HK ex Japan) 8.5%. 騰訊控股 Tencent Holdings Ltd 2. 豐控股 HSBC Holdings Plc 債券 3. 中國建設銀行 China Construction Bank Corp 4. 中國工商銀行 Industrial & Commercial Bank of China 25.% 5. 友邦保險 AIA Group Ltd 6. US Treasury Note/Bond 2.375% 05/27 7. 太古地產 Swire Properties Ltd 8. 三星電子 Samsung Electronics Co Ltd 9. 香港交易所 Exchanges and Clearing Ltd 22.5% 0. 中國移動 China Mobile Ltd 2.3%.9%.7%.4%.3% * 資料來源 施羅德投資管理(香港)有限公司 Schroder Investment Management () Limited

4 交通銀行動力增長成分基金 BCOM Dynamic Growth (CF) Fund 基金之目標為透過主要投資於環球股票 以取得最高的長期整體回報 The Fund aims to maximize long term overall returns by investing primarily in global equities. 環球股市在第二季走高 多個市場在5月中 底觸及高位 然而 市場關注美 國與主要貿易夥伴的貿易戰升級 導致股市在6月回落 歐美股市報升 而美 元轉強和投資者轉投避險資產則令新興股市下跌 亞太區 日本除外 股市在季內錄得穩健回報 然而 地區表現主要由區內最 大市場之一的澳洲回報強勁所帶動 澳洲股票在季內升8.74% 是全球表現 最佳的市場之一 澳洲被視為相對安全的避險市場 因此受惠於其他亞洲新 興市場的資金流出增加 此外 由於中美貿易關係緊張削弱投資者情緒 股 市表現普遍疲弱 隨著投資者評估調高關稅對環球貿易的影響 台灣 南韓 和中港股市相繼報跌 東盟市場全數低收 不少市場跌幅顯著 而多個新興市場貨幣貶值亦導致跌 幅加劇 馬來西亞反對黨在大選中意外勝出後 當地市場跌8.08% 成為表 現較弱的市場之一 菲律賓為區內最遜色的市場之一 因為雙重赤字 經常賬 和預算 使其較容易受美國加息影響 菲律賓證券交易所綜合指數在季內跌 0.3% 相反 日本股市上升 日經225指數在季內走高4.87% 當地股市在5月底觸及 高位 但在貿易戰升級後跟隨環球股市下跌 經濟數據顯示日本經濟在208 年第一季以年率計收縮0.6% 整體通脹在5月按年升 結束消費物價的 兩個月跌勢 然而 核心通脹由4月份的按年0.4%放緩至5月份的0.3% 在此 環境下 日本央行決定維持利率不變 並發表樂觀言論 指當地經濟正溫和 擴張 私人消費上升 商業投資穩健 企業利潤亦有所增加 Global equities advanced over the second quarter with many markets at peak by mid/late May. However, equities retreated in June amid concerns over an escalating trade war between the US and its major trading partners. Whilst US and European equities gained, emerging market equities retreated in the face of a strengthening US dollar and a retreat to safe haven assets. Equity markets in Asia-Pacific ex Japan delivered solid gains over the quarter. However, regional performance was skewed by strong returns from one of the region s largest markets, Australia. Australian shares were amongst the strongest global performers over the quarter after they rose by 8.74%. The market is seen as a relatively safe haven and benefited from increased fund outflows from other Asian emerging markets. Elsewhere, stock markets were generally weak, as trade tensions between the US and China weighed on investor sentiment. Taiwanese, South Korean and Chinese/ shares all retreated as investors assessed the impact of higher tariffs on global trade. All ASEAN markets fell and many recorded significant declines with a fall in many emerging market currencies adding to the losses. Malaysia fell 8.08%, making it amongst the weaker markets after a shock victory by the opposition leader in the country s general election. The Philippines was one 混合資產基金 環球 - 股票 最高00% Mixed Assets Fund (Global) - Equity: Maximum 00% 25/0/06 HK$ 基金之目標是透過環球分散方式投資為成員提供資本增長 The objective of the Fund is to provide capital growth to Members by investing in a globally diversified manner. 儘管市場擔憂貿易糾紛 加上及政治以及經濟的不明朗因素升溫 第2季度 全球股市仍上升 美國及歐元區央行政策背道而馳 美國聯儲局於6月份落 實了第二次加息 但歐洲央行則表示在明年夏季之前不大可能加息 Global equity markets ended the second quarter in positive territory despite concerns about trade tensions and increased political and economic uncertainty. Contrasting central bank messages came from the US and Eurozone. The US Federal Reserve raised interest rates in June for the second time. The European Central Bank, however, said interest rates were unlikely to rise before the end of next summer. HK$ %.74% 8.0% 3.2% 5.79% 2.54% -4.0% 28.20% 0.56% -5.9% -3.67% 6.8% 其他債券 Other.0% 流動資金 Net Liquidity 6.0% 其他亞洲股票 Other Asia 2.0% 北美股票 North American 20.0%. Tencent Holdings Ltd 2. AIA Group Ltd 3. Bank Of China Ltd H 4. HSBC Holdings Plc 5. BOC Holdings Ltd 6. Samsung Electronics Co Ltd 7. China Mengniu Dairy Co Ltd 8. Petrochina Co Ltd H 9. China Construction Bank Corp H 0. Brilliance China Automotive Europe 8.0% 32.0% 日本股票 Japan.0% 4.4% 2.3%.8%.3%.3%.3%.%.%.% * 資料來源 安聯環球投資亞太有限公司 Allianz Global Investors Asia Pacific Limited of the worst performing markets in the region as its twin deficits (current account and budget) leave it more exposed to increases in US interest rates. The PCOMP Index fell 0.3% over the quarter. In contrast, Japanese equities advanced with the Nikkei 225 higher by 4.87% over the quarter. Shares touched a peak in late May, but later joined the global stock market retreat caused by an escalating trade war. Economic data showed that the Japanese economy shrank by 0.6% on an annualised basis in the first quarter of 208. Headline inflation ended two months of decelerating consumer prices and rose on a year-on-year basis in May. However, core inflation eased to 0.3% year-on-year, down from 0.4% in April. Against this backdrop, the Bank of Japan (BOJ) kept interest rates on hold. Commentary from the BOJ was positive, noting that the economy expanded moderately with rising private consumption, solid business investment and higher corporate profits. 交通銀行核心累積基金 BCOM Core Accumulation Fund 混合資產基金 環球 最大股票投資約65% Mixed Assets Fund (Global) - Maximum equity around 65% 0/04/7 HK$ HK$93.7 不適用4 NA4 不適用3 NA3 參考組合 Reference Portfolios** 6.26% 6.3% 6.68% 7.43% -0.68% 9.7%^ 日本債券 其他亞洲債券 現金及其他 Cash & Others Japan Other Asia 其他股票 4.% 2.% Others 0.8% 歐洲債券 北美股票 Europe North American 美元債券 33.4% Dollar Bloc 6.4% Europe 其他債券 Others 其他亞洲股票.8% Other Asia 日本股票 Japan 2.2% 4.% 5.2%. US Treasury Note/Bond 2.625% /20 2. US Treasury Note/Bond 2.625% 02/23 3. Apple Inc 4. Microsoft Corp 5. Japan Government Bond 0.% 03/27 6. Canadian Government Bond % 09/22 7. New Zealand Government Bond 4.5% 04/27 8. Poland Government Bond 3.25% 07/9 9. US Treasury Note/Bond 2.375% 08/24 0. Japan Government Bond.4% 09/34 * 資料來源 景順投資管理有限公司 Invesco Limited **資料來源 香港投資基金公會 Investment Funds Association ˆ 自發行日至該年的2月3日 Since the launch day to 3 Dec of that year 2.2%.6%.5%.5%.4%.4%.4%.3%.3%

5 交通銀行65歲後基金 BCOM Age 65 Plus Fund 基金之目標是透過環球分散方式投資為成員提供穩定增長 The objective of the Fund is to provide stable growth to Members by investing in a globally diversified manner. 季內 意大利政治風險及市場擔憂全球貿易緊張局勢加劇 導致投資者對 核心政府債券的需求上升 宏觀經濟方面 央行舉措為債券市場帶來重大 影響 英國方面 英倫銀行保持0.5%的利率不變 季初 市場預期英倫銀 行或於5月加息 但經濟數據表現疲弱令預期落空 美國聯儲局於6月份加 息 聯邦基金利率上限升至2.0% 歐洲央行聲明 其計劃於208年底結束 量寬政策 但亦表示將至少於209年夏季之前保持所有政策利率於現時水 平不變 Political risk in Italy and concerns about escalating tensions in global trade increased the demand for core government bonds over the quarter. At a macro-economic level there was significant central bank activity with important implications for bond markets. In the UK, the Bank of England left interest rates on hold at 0.5%. Earlier in the quarter, there had been an expectation that the Bank would hike in May, however, weaker economic data saw these expectations fall. The US Federal Reserve did hike in June, taking the upper bound of the Fed Funds rate to 2.0%. The European Central Bank stated that it intends to end its quantitative easing programme at the end of 208. However, it also stated its intention to keep all policy rates at their current level until at least summer 209. 混合資產基金 環球 最大股票投資約25% Mixed Assets Fund (Global) - Maximum equity around 25% 0/04/7 HK$ HK$34.3 不適用3 NA3 不適用4 NA4 2.02%.87% 2.70% 參考組合 Reference Portfolios** -0.48% 2.83%^ 現金及其他. US Treasury Note/Bond 2.625% /20 北美股票 Cash & Others 日本債券 North American 2. US Treasury Note/Bond 2.625% 02/23 Japan 6.5% 其他股票 3. Japan Government Bond 0.% 03/27 7.0% 0.5% Others 0.3% 其他亞洲債券 4. Canadian Government Bond % 09/22 Other Asia 5. New Zealand Government Bond 4.5% 04/27 Europe 4.% 6. Poland Government Bond 3.25% 07/9 4.2% 其他亞洲股票 7. US Treasury Note/Bond 2.375% 08/24 Other Asia 8. Japan Government Bond.4% 09/34 歐洲債券 US Treasury Note/Bond 3.75% /43.3% Europe US Treasury Note/Bond 4.75% 02/37 日本股票 27.2% Japan.6% * 資料來源 景順投資管理有限公司 美元債券 Invesco Limited Dollar Bloc 33.% **資料來源 香港投資基金公會 其他債券 Investment Funds Association Others ˆ 自發行日至該年的2月3日 7.0% 4.5% 3.% 2.3% Since the launch day to 3 Dec of that year 交通銀行亞洲動力股票成分基金 BCOM Asian Dynamic Equity (CF) Fund 基金的目標是透過投資於亞洲股票市場 以達致長線的資本增長 The objective of the Fund is to achieve capital growth over the long-term by investing in Asian equity markets. 股票基金 亞洲 Equity Fund Asia 25/0/06 第二季 貿易緊張局勢升溫加上美元偏強 投資者風險胃納降低 環球股市反 HK$477.5 覆波動 表現大相逕庭 按MSCI AC全球指數(美元)(MSCI All Country World 4.85%.76% HK$ Index (USD))計算 全球股市本季升 但回報率主要來自攀升3.6%的美 股 新興市場貨幣貶值加劇了相對已發展市場的跌幅 受累於環球經濟放緩的 基金表現 Fund Performance 疑慮及中美雙方就貿易發表的言論 多個新興市場從52周高位下滑進入熊市 領域 期內所有新興市場按 美元計算均錄得跌幅 其中拉丁美 洲表現最失色 挫 7.7% 東歐 中東 非洲地區(EMEA)緊隨其後 跌0.0% 亞洲表現是眾多 4.00% 9.2% 5.53% 6.02% 5.39% 地區最佳 錄得5.8%跌幅 亞洲新興市場6月市況欠佳 當中南韓市況特別差 股市整體跌幅為6.7% 落 後於跌4.7%的亞洲指數 韓圜跟隨人民幣向下 月底低收3.3% 各類股份中 工業 資訊科技及多元化消費品板塊拋售沽壓沉重 而傳統防守性板塊如公用 事業 健康護理和常用消費品全月錄得升幅 受累於能源價格上漲及貨幣貶 值 期內消費意慾欠佳 -5.42% 4.33% -9.47% -0.42%.25% 4.2% 中國的經濟活動仍處於擴張模式 但6月份動力遜於預期 官方採購經理指數 6月報5.5 低於市場普遍預期的5.6 而較側重中小型企業的Markit採購經 理指數則由5月份5.跌至6月份5.0 為免外圍因素導致經濟大幅放緩 中國 現金及定期存款 台灣股票 6.%. 騰訊控股 Tencent Holdings Ltd 準備減緩貨幣緊絀措施 國務院最近承諾會運用貨幣政策工具 包括定向降 Taiwan 泰國股票 Cash & Time 6.% 2. 三星電子 Samsung Electronics Co Ltd 準 使中小企更易取得信貸 Thailand Deposits 4.3% 3. 阿里巴巴集團 Alibaba Group Holding Ltd Global equity stocks were volatile during the second quarter, with rising trade 新加坡股票 0.4% tensions and a strengthening U.S. dollar sending markets into a risk-off 3.3% 澳洲股票 4. 台灣積體電路 Taiwan Semiconductor Manufacturing Co Ltd 3.4% Singapore environment and creating market dispersion globally. Using the MSCI All Australia 5. 友邦保險控股 AIA Group Ltd 3.% Country World Index (U.S. dollar) as a proxy, global equities advanced 5.0% 6. 中國建設銀行-H China Construction Bank Corp-H 5.7% during the quarter, however this was largely in part to the rise of the U.S. 菲律賓股票 2.2% market, which rose 3.6%. Currency declines in emerging markets are 中國股票 7. 星展集團控股 DBS Group Holdings Ltd Philippines China 8. 中國海洋石油 CNOOC Ltd amplifying the losses vs. their developed peers. Fears of a global slowdown 2.0% 33.2% and the United States/China trade rhetoric have sent several emerging 0.% 2.0% 9. Infosys Ltd markets into bear market territory from their 52-week highs. 馬來西亞股票.6% 0. SK Hynix Inc Every emerging market region declined during the period. In U.S. dollar Malaysia terms, Latin America was the worst performer, falling 7.7%, followed by the.0% Eastern Europe, Middle East, & Africa (EMEA) region, down 0.0%, and Asia.5% was the best performer, falling 5.8%. 韓國股票 印尼股票 印度股票 Indonesia * 資料來源 信安資金管理(亞洲)有限公司 Korea It was a tough month for the Asian emerging markets and a tougher month India Principal Asset Management Company (Asia) Limited 0.8% for Korea in June. The overall market was down 6.7% compared to the 0.2% 5.3% broader Asian index down 4.7%. The Korean won followed the Chinese renminbi and ended the month 3.3% weaker. Industrials, information technology, and consumer discretionary were heavily sold off, while the traditional defensive sectors like utilities, healthcare, and consumer staples managed a positive return for the month. Higher energy prices and weaker currency dampened consumer sentiment. China s economic activity stayed in expansion mode, but the momentum was weaker than expected in June. Official Purchasing Managers Index (PMI) came in at 5.5 in June, lower than consensus of 5.6, while Markit PMI, which has more focus on smaller and medium-sized companies (SMEs), dropped from 5. in May to 5.0 in June. China has prepared to ease off tightening measures to avoid a sharp deceleration driven by external factors. The state council recently vowed to use monetary policy tools, including targeted required rate of return (RRR) cuts, to help SMEs get easier credit access.

6 交通銀行 指成分基金 BCOM HSI Tracking (CF) Fund 基金之目標為提供緊貼 生指數表現之投資成績 The objective of the Fund is to provide investment results that closely correspond to the performance of the Hang Seng Index. 在第一輪中美貿易爭端中 香港股市處於上落市況 隨著貿易緊張局勢持 續或舒緩 生指數下跌至29,500區間下限或上升至3,600上限 於6月 中旬 美國宣佈對7月份從中國進口的340億美元商品徵收25 的額外關 稅 然後中國採取報復行動 向美國商品實施幾乎相同條款的罰款關稅 隨著人民幣匯率下降 市場情緒迅速惡化 生指數突破支持位29,500點 下跌3.8 本季度收報28,955點 由於美元走強可能會損害新興市場投資者的風險偏好 加上預計香港短期 利率將跟隨美國利率的上升趨勢 預期中國和香港的金融狀況將變得更加 緊縮 儘管中國經濟增長強勁 企業盈利良好 唯我們預計來季香港股市 將受流動性收緊和中美貿易衝突所拖累 Amid the first round of Sino-US trade dispute, stock market was trading range bound. When the trade tensions persisted or eased, Hang Seng Index approached towards a lower bound of 29,500 or a upper bound of 3,600. In mid-june, the US announced an additional tariff of 25% on USD34 billion of imported goods from China to be imposed in July and then China retaliated with penalty customs of the almost same terms on US goods. The market sentiment deteriorated rapidly with dropping Renminbi exchange rate. Hang Seng Index broke the support level of 29,500 and dropped by 3.8%, closing at 28,955 in this quarter. As strengthening US dollar might hurt risk appetite of emerging market investors and short-term interest rates in are expected to follow the uptrend of the US interest rates, the financial conditions in China and are expected to become more tightening. In the coming quarter, we expect the equities market would be weighed on by a tighter liquidity and the Sino-US trade conflict, despite China s robust economic growth and good corporate earnings. HK$ 股票基金 香港 Equity Fund 30/09/09 HK$ % 4.72% 生指數 Hang Seng Index*** 6.6% 5.50% 9.05% 5.60% 6.86% 0.52% 7.27% -2.06% 38.96% 2.49% -5.28% 3.94% 4.99% * * 0.3%. 騰訊控股 Tencent Holdings Ltd 消費品服務 綜合企業 0.2% 2. 豐控股 HSBC Holdings Plc 工業 Conglomerates Services Industrials 9.0% 3. 友邦保險 AIA Group Ltd 3.6% 3.4%.4% 7.6% 4. 中國建設銀行 China Construction Bank Corp 公用事業 Utilities 5. 中國工商銀行 Industrial & Commercial Bank of China Ltd 4.7% 4.8% 4.7% 6. 中國移動 China Mobile Ltd 4.% 7. 中國平安 Ping An Insurance (Group) Co of China Ltd 消費品製造 3.4% 8. 中國銀行 Bank of China Ltd Goods 金融 9. 香港交易所 Exchanges & Clearing Ltd 4.9% Financials 0. 中國海洋石油 CNOOC Ltd 能源 47.8% 電訊 資訊科技 Telecommunications Information 5.5% 地產建築 Technology.2% Properties & Construction 0.9% 交通銀行香港動力股票成分基金 BCOM Dynamic Equity (CF) Fund * 資料來源 交通財務有限公司 BCOM Finance () Limited ** 資料來源 道富環球投資管理亞洲有限公司 State Street Global Advisors Asia Limited *** 資料來源 生指數有限公司 Hang Seng Indexes Company Limited 生指數表現是以股息再投資之總回報計算 總回報為扣除內地預扣稅後之淨值 Hang Seng Index performance is calculated as a total return with dividend reinvested, net of PRC withholding tax. 0.95% Energy 6.6% 基金的目標是透過主要投資於市場 以達致長線的資本增長 The objective of the Fund is to achieve capital growth over the long-term by investing mainly in equity markets. 股票基金 香港 Equity Fund 7/0/07 香港 生指數在第二季錄得2.53%跌幅 期內以健康護理 常用消費品和能 源板塊表現最優秀 而物料 資訊科技及多元化消費品業則落後 HK$ %.72% HK$ 香港採購經理指數(PMI)由5月47.88跌至6月份47.7 5月份零售銷售按值和 按量分別增長及.6% 兩者皆勝於預期 出口增長率為5.9% 優於 市場普遍預期的8.5% 入口則增長6.5% 高於.3%的市場普遍預期水平 基金表現 Fund Performance 5月消費物價指數(CPI)通脹維持於2.%不變 失業率仍處於2.8%低位 中 國官方採購經理指數6月報5.5 低於市場普遍預期的5.6 而較側重中小 型企業的Markit採購經理指數則由5月份5.跌至6月份5.0 5月的工業產 出增長6.8% 未達預期的7.0%水平 同月 由於信貸緊絀 固定資產投資增 5.98% 3.96% 5.7% 8.56% 2.45% 長放緩至6.% 零售銷售5月增幅為8.5% 遜於市場普遍預期的9.6% 觀乎最新香港採購經理指數(PMI)數字 經濟活動增幅在第一季達到高峰後 第二季步伐稍為放緩 受貿易展望不明朗影響 外需或會減弱 但由於就業 市場穩健和樓市創造財富效應 因此本地需求暢旺 繼續支持經濟發展 中國的經濟活動仍處於擴張模式 但6月份動力遜於預期 中美貿易磨擦仍 是市場關注焦點 為免外圍因素導致經濟大幅放緩 中國準備減緩貨幣緊絀 4.04% -.42% 0.20% -5.46% 2.24% 9.46% 措施 國務院最近承諾會運用貨幣政策工具 包括定向降準 使中小企更易 取得信貸 有見整體盈利修訂動力減弱 我們對中國態度審慎 現時多元化 消費品及能源股的相對比重偏高 這類股份有內需支持 而且消費客群借貸 公用事業 現金及定期存款 9.2%. 友邦保險控股 AIA Group Ltd 多元化消費品 率偏低 還有供給側改革措施支持 因此擁有較佳的可持續增長前景 我們 Utilities Cash & Time 8.8% 2. 騰訊控股 Tencent Holdings Ltd 對人民幣及信貸債券市場持審慎態度 因此已調低金融股比重 Deposits Discretionary 3. 豐控股 HSBC Holdings Plc 8.2% In the second quarter, the Hang Seng Index was down -2.53%. Healthcare, 3.2% 電訊服務 2.7% 4.% 4. 中國建設銀行-H China Construction Bank Corp-H consumer staples, and energy were the top performing sectors, while Telecommunication materials, information technology and consumer discretionary sectors lagged 常用消費品 Services 5. 新鴻基地產 Sun Hung Kai Properties Ltd Staples.4% during the quarter. 6. 香港交易及結算所 Exchanges & Clearing Ltd 3.3% 2.2% 物料 s Purchasing Managers Index (PMI) dropped to 47.7 in June from 3.% 7. 長江實業集團 CK Asset Holdings Ltd Materials in May. May retail sales came in at in term of value and.6% in 能源 term of volume, both better than expectation. Export grew 5.9% vs. Energy 8. 中國平安保險-H Ping An Insurance Grp Co of China Ltd-H 2.3% consensus of 8.5%, while Import grew 6.5% vs. consensus of.3%. 2.% 9. 怡和控股 Jardine Matheson Holdings Ltd 資訊科技 4.6% Price Index (CPI) inflation remained unchanged at 2.% in May, and Information 2.0% 0. 郵儲銀行-H Postal Savings Bank Of China Co Ltd-H unemployment rate remained low at 2.8%. China s official PMI came in at 5.5 Technology 金融 0.8% in June, lower than consensus of 5.6, while Markit PMI, which has more focus Financials 健康護理 on smaller and medium-sized companies, dropped from 5. in May to 5.0 in 50.0% 工業 * 資料來源 信安資金管理(亞洲)有限公司 June. Industrial production growth came in at 6.8% in May, lower than Industrials Health Care Principal Asset Management Company (Asia) Limited.7% expectation of 7.0%. Fixed asset investment (FAI) growth slowed down to 6.% 8.4% in May due to tight credit. Retail sales grew 8.5% in May vs. consensus of 9.6%. The latest PMI reading suggest that economic activity growth in 2Q has slightly slowed down after the peak in Q. The external demand may soften due to uncertainty over the trade outlook. But the strong local demand, which is driven by stable labor market and wealth effect from property market, will continue to support the economy. China s economic activity stayed in expansion mode, but the momentum was weaker than expected in June. Sino-U.S. trade conflicts continues to be the key market focus. China has prepared to ease off tightening measures to avoid a sharp deceleration driven by external factors. The State Council recently vowed to use monetary policy tools, including targeted required rate of return (RRR) cuts, to help SMEs get easier credit access. As overall earning revision momentum turned negative, we are cautious on China with the relative overweight in consumer discretionary and energy sectors, which have more sustainable growth driven by domestic consumption, under-levered consumer segment and supply-side reform. We hold a cautious view on RMB and credit bond markets hence lowered weights in financials.

7 交通銀行大中華股票成分基金 BCOM Greater China Equity (CF) Fund 基金的目標是透過主要投資於大中華地區相關的股票 以達致長期資本增長 The objective of the Fund is to achieve long term capital growth by investing mainly in Greater China-related equities. 大中華股市在208年第二季表現波動 主要由於中國經濟增長減慢 流動 性收緊以及中美貿易緊張關係加劇 為了應對經濟可能面對下行風險的憂 慮 中國人民銀行 中國央行 為大部份銀行降準50個基點 地區方面 香港表現最佳 而台灣因硬件零部件生產商普遍下跌而表現落後 行業回 報顯著分歧 以美元計 表現最佳的能源業與表現最弱的非主要消費業錄 得的回報差距超逾5% Greater China equities had a volatile quarter in Q2 208, due to the economic slowdown in China and the rising trade tensions between China and the US. In response to concerns about the potential downside risks to the economy, the People s Bank of China, China s central bank, reduced the reserve requirement ratio for most banks by 50 basis points. On a country level, was the best performer, whilst Taiwan lagged behind as hardware component producers retreated in general. There was a high degree of dispersion for sector returns. In US dollar terms, we saw a performance gap that is more than 5% between the best sector energy and the worst sector consumer discretionary. 股票基金 大中華 Equity Fund Greater China 5//0 HK$228. HK$ %.22% 2.32% 8.38% 3.9% -3.76% 32.90% 2.22% -6.85% 3.7% 3.68%. Tencent Holdings Ltd 2. Taiwan Semiconductor Manufacturing Co Ltd 3. China Construction Bank Corp H 4. AIA Group Ltd 5. Bank Of China Ltd H 6. Exchanges and Clearing Ltd 7. China Everbright Greentech Ltd 8. China Everbright International Ltd 9. Sun Hung Kai Properties Ltd 0. China Mengniu Dairy Co Ltd 流動資金 Net Liquidity 4.0% 中國股票 China 56.0% 2 交通銀行中國動力股票成分基金 BCOM China Dynamic Equity (CF) Fund 中國官方採購經理指數(PMI) 6月報5.5 低於市場普遍預期的5.6 而較 側重中小型企業的Markit採購經理指數(Markit PMI)則由5月份5.跌至6月 份5.0 5月的工業產出增長6.80% 未達預期的7.00%水平 同月 由於 信貸緊絀 固定資產投資增長放緩至6.0% 零售銷售5月增幅為8.50% 遜於市場普遍預期的9.60% 第二季 健康護理 常用消費品及能源股相對表現領先 而地產 金融和 資訊科技股則落後 中國的經濟活動仍處於擴張模式 但6月份動力遜於預期 中美貿易磨擦 仍是市場關注焦點 為免外圍因素導致經濟大幅放緩 中國準備減緩貨幣 緊絀措施 國務院最近承諾會運用貨幣政策工具 包括定向降準 使中小 企更易取得信貸 有見整體盈利修訂動力減弱 我們對中國態度審慎 現 時多元化消費品及能源股的相對比重偏高 這類股份有內需支持 而且消 費客群借貸率偏低 還有供給側改革措施支持 因此擁有較佳的可持續增 長前景 我們對人民幣及信貸債券市場持審慎態度 因此已調低金融股比 重 China official Purchasing Manager Index (PMI) came in at 5.5 in June, lower than consensus of 5.6, while Markit PMI, which has more focus on smaller and medium-sized companies, dropped from 5. in May to 5.0 in June. Industrial production growth came in at 6.80% in May, lower than expectation of 7.00%. Fixed asset investment (FAI) growth slowed down to 6.0% in May due to tight credit. Retail sales grew 8.50% in May vs. consensus of 9.60%. Healthcare, consumer staples, and energy relatively outperformed in the second quarter, while real estate, financials, and information technology underperformed. China s economic activity stayed in expansion mode, but the momentum was weaker than expected in June. Sino-U.S. trade conflicts continues to be the key market focus. China has prepared to ease off tightening measures to avoid a sharp deceleration driven by external factors. The State Council recently vowed to use monetary policy tools, including targeted required rate of return (RRR) cuts, to help SMEs get easier credit access. As overall earning revision momentum turned negative, we are cautious on China with the relative overweight in consumer discretionary and energy sectors, which have more sustainable growth driven by domestic consumption, under-levered consumer segment and supply-side reform. We hold a cautious view on RMB and credit bond markets hence lowered weights in financials. 9.5% 6.9% 5.7% 5.4% 4.4% 3.3% 2.7% 2.2% * 資料來源 安聯環球投資亞太有限公司 Allianz Global Investors Asia Pacific Limited.78% 台灣股票 Taiwan 7.0% 基金的目標是透過主要投資於中國相關的股票 以達致長線的資本增長 The objective of the Fund is to achieve capital growth over the long-term by investing mainly in China-related equities. HK$3.93 股票基金 中國 Equity Fund China 0/06/08 HK$ %.7% 基金表現 Fund Performance 20.90% 4.87% 0.4% 4.97% 4.5% 2.30% 39.28% 0.64% -8.7% 7.69% 5.5% 公用事業 現金及定期存款 多元化消費品 Utilities Cash & Time Discretionary Deposits 0.6% 4.5% 電訊服務 Telecommunication 常用消費品 Services 3.8% Staples 3.% 物料 Materials 3.4% 能源 Energy 資訊科技 0.0% Information Technology 7.5% 金融 健康護理 Financials 工業 Health Care 34.2% Industrials 3.% 6.8%. 中國建設銀行-H China Construction Bank Corp-H 2. 騰訊控股 Tencent Holdings Ltd 3. 中國平安保險-H Ping An Insurance Grp Co of China Ltd-H 4. 阿里巴巴集團 Alibaba Group Holding Ltd 5. 中國海洋石油 CNOOC Ltd 6. 中國石油化工-H China Petroleum & Chemical Corp-H 7. 中國銀行-H Bank of China Ltd-H 8. 郵儲銀行-H Postal Savings Bank Of China Co Ltd-H 9. 中國移動 China Mobile Ltd 0. 中國工商銀行-H Industrial & Comm Bank Of China Ltd-H * 資料來源 信安資金管理(亞洲)有限公司 Principal Asset Management Company (Asia) Limited 7.8% 7.% 6.5% 5.% 3.7% 2.7%

8 備註 Remarks. 資產淨值對資產淨值 以港元計算 NAV to NAV, in HK$. 2. 訂明儲蓄利率指強制性公積金計劃管理局每月定期公告的利率 該局按當時三家香港發鈔銀行就港元2萬儲蓄存款戶支付的利率水平之平均數計算 Prescribed Savings Rate (PSR) is a rate monthly prescribed by the Mandatory Provident Fund Schemes Authority. The Authority determines the rate by averaging the prevailing interest rates offered by the three note-issuing banks in on dollar savings account with deposit amount of $20, 表現期少於三年 自發行日至匯報日 的基金無須列出 Funds with performance history of less than since launch to the reporting date of the fund fact sheet are not required to show the risk indicator - annualised standard deviation. 4. 基金的匯報日與基金的發行日期相隔不足兩年無須提供基金的 It is not necessary to show a for a fund where the period between the reporting date of the fund fact sheet and the launch date for the fund is less than 2 years. 風險披露聲明 Risk disclosure statement 投資涉及風險 基金價格及其收益可跌可升 過往業績並非未來業績指標 Investment involves risks. The value of investment and the yield may go down as well as up. Past performance is not indicative of future performance. 其他資料來源 交通銀行信託有限公司 Other sources: Bank of Communications Trustee Limited 發行人 交通銀行信託有限公司 Issued by: Bank of Communications Trustee Limited 香港中環德輔道中2號遠東發展大廈樓 /F, Far East Consortium Building, 2 Des Voeux Road Central, 為嚮應環保 電子版本可於我們的網頁下載 To be environmental friendly, electronic version can be downloaded from our website.