投資附帶風險 過去的業績並非未來業績的指標 基金價格及其收益可跌亦可升 在

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1 中銀保誠簡易強積金計劃 季度基金便覽 BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme Quarterly Fund Fact Sheet 2010 第二季 2nd Quarter 重要資訊 中銀保誠簡易強積金計劃內之中銀保誠強積金保守基金 ( 前稱 中銀保誠保本基金 ) 並不保證付償本金 在作出任何投資選擇前, 你必須評估你可承受的風險程度及本身的財務狀況 ; 當你選擇基金時, 若不能肯定某些基金是否適合自己 ( 包括是否與你的投資目標一致 ), 你應諮詢財務及 / 或專業人士的意見, 以作出最切合個人狀況的基金選擇 若你沒有選擇任何投資分佈, 請緊記你所作出的供款及 / 或轉移入中銀保誠簡易強積金計劃的累算權益將根據成員申請表及計劃之介紹手冊第 4.4 部份所指的預設基金安排, 被視為投資於中銀保誠平穩基金, 而此基金並不一定適合你 強積金保守基金的收費可 ( 一 ) 透過扣除資產凈值收取 ; 或 ( 二 ) 透過扣除成員賬戶中的單位收取 中銀保誠強積金保守基金採用方式 ( 一 ) 收費, 故所列之單位價格 / 資產凈值 / 基金表現已反映收費之影響 你不應只依賴這宣傳品來作出任何投資決定, 計劃詳情 ( 包括風險因素 收費及基金資料 ) 請參閱中銀保誠簡易強積金計劃之介紹手冊 Important Information BOC-Prudential MPF Conservative Fund (formerly known as BOC-Prudential Capital Preservation Fund ) in BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme does not guarantee the repayment of capital. You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of funds, you are in doubt as to whether a certain 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 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 BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme will be invested into BOC-Prudential Stable Fund in accordance with the default fund arrangement as stated in member enrolment form and principal brochure section 4.4, and such fund may not necessarily be suitable for you. 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. The BOC-Prudential MPF Conservative Fund uses method (i) and, therefore, unit prices/nav/fund performance quoted have incorporated the impact of fees and charges. You should not solely rely on the stand-alone marketing material to make any investment decision, please refer to the Principal Brochure of the BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme for further details (including risk factors, fees and charges, and fund information). 市場概覽 第 2 季的首兩月, 儘管歐洲出現金融問題, 但美國經濟數據顯示美國經濟繼續復甦 經濟數據優於預期, 增強市場對經濟持續復甦的信心 非農業就業職位數據顯示, 企業加快聘請員工, 而製造業及非製造業表現仍然強勁 然而, 投資者對美國經濟的信心於 6 月份減弱 由於經濟活動有機會出現雙底, 市場擔心經濟增長將於下半年失去動力 歐洲主權債務的憂慮持續 經濟數據參差及貨幣市場壓力上升, 均支持尋求避難所資金流入美國國庫債券 2 年期美國國債孳息率跌至約 0.60%, 接近 2008 年環球金融危機時的水平 10 年期美國國債孳息率跌穿 3% 水平 聯儲局公開市場委員會的聲明較預期溫和, 令市場進一步相信各主要央行可能於一段較長時間內按兵不動 儘管歐盟 國際貨幣基金會及歐洲央行推出的 7,500 億歐元拯救方案及無限短期融資, 理論上使債務違約於短期內不會發生, 但因歐盟及歐洲央行的行動不清晰與缺乏透明度, 市場認為該些措施未能解決負債高企的問題 危機擴散的憂慮亦對一些周邊國家的債市, 例如葡萄牙及西班牙, 造成負面影響 核心債券市場表現普遍優於周邊市場, 德國政府債券尤其受惠於其避險功能 有關歐洲債市的憂慮對股市 信貸息差及融資市場的溢出影響增加 此外, 歐洲的情況惡化, 令投資者對環球增長及通脹的展望出現轉變 尋找資金避難所買盤推低政府債券孳息率至近期低位 大部份的環球政府債券孳息曲線下移及趨平 然而, 新一輪金融危機爆發的憂慮導致企業債券被嚴重拋售, 企債息差因此擴大至今年以來最闊水平 由於金融規管的憂慮 歐洲主權債務問題及環球增長可能放緩, 環球股市於第 2 季下跌 歐洲 ( 英國除外 ) 及美國以美元計表現遜於亞洲 ( 日本除外 ) 避險上升引發各行業全線被拋售, 其中能源股及金融股的跌幅最大 同時, 由於政府政策存有變數及銀行同業資金收緊, 市場將可能持續波動 企業盈利及環球各政府政策行動仍為股市日後去向的關鍵 General Market Overview In the first 2 months of Q2, notwithstanding the financial woes in Europe, US economic figures showed the US recovery was still underway. Stronger-than-expected economic figures boosted market confidence for sustained economic recovery. Non-farm payroll showed companies increased their pace of recruitment while manufacturing and non-manufacturing sectors remained strong. However, sentiment towards the US economy worsened in June. It was hurt by fears its economic growth momentum will stall in the 2H of the year due to a potential double dip in economic activities. Ongoing concerns about European sovereign debt as well as mixed economic data and rising stress in money market are fuelling safe-haven buying flows into US Treasuries. The US Treasury 2-YR bond yield ended the quarter around 0.60% level, close to the level last seen in 2008 global financial crisis. The 10-YR Treasury yield fell below 3%. The FOMC statement was more dovish than expected. This reinforces the view that the major central banks are likely to stay on hold for a longer time. Although the 750-billion-euro bailout package and the provision of unlimited short term funding announced by the EU, the IMF and the ECB theoretically ruled out any possibility of debt default in a short term, the market was not convinced that the measures would address the high debt problem as there were lack of clarity and transparency on EU & ECB actions. Fear of contagion also post adverse effect on the bond markets in other peripheral countries such as Portugal and Spain. Core bond markets generally outperformed peripheral markets, German Bunds benefited the most from its safe haven status. Concerns over the European debt market had increasingly severe spillover impacts into global equities, credit spreads and dollar funding markets. Also, the worsening European situation has led to a shift in investors outlook for global growth and inflation. Flight-to-quality bids pushed government bond yields to the recent low levels. Most of the global government bond curve staged a bullish flattening. However, corporate bonds suffered a serious sell-off in fear of another round of financial crisis. Consequently, corporate bond spreads widened to the highest level year to date. Global equity markets posted a negative return in Q2, on financial regulatory concerns, European sovereign debt problems as well as potential slowdown in global growth. Europe ex UK and US underperformed Asia ex Japan in USD terms. Heightened risk aversion triggered a broad sell-off in all sectors, with and Financials falling the most. Meanwhile, market volatility is likely to persist amid uncertain government policies and tightening in interbank liquidity. Corporate earnings and global government policy actions remain key to determine the direction of the equity market going forward. 註 : 單位價格 基金總值 成立日期及基金開支比率由中銀國際英國保誠信託有限公司提供 其他有關資料由中銀國際英國保誠資產管理有限公司提供 基金報價均扣除投資管理費及其他費用 基金表現是按單位資產淨值作為比較基礎, 以港元為計算單位, 其股息並作滾存投資 免責條款 : 所有資料更改恕不另行通知 再者, 本文件只用作提供資料性用途, 並不構成任何推廣或推銷買賣任何證券之邀請 投資附帶風險, 過去的業績並非未來業績的指標, 基金價格及其收益可跌亦可升 在作出任何投資決定前, 請參閱計劃之介紹手冊 中銀保誠簡易強積金計劃基金便覽會定期以季度形式出版 如欲索取季度基金便覽, 歡迎瀏覽本公司網址或致電客戶服務熱線與我們聯絡 本文件由中銀國際英國保誠資產管理有限公司發行 本公司嚴禁一切翻印及再發行 Note: The NAV, Fund Size, Inception Date and Fund Expense Ratio are provided by BOCI-Prudential Trustee Limited. Other relevant information is provided by BOCI-Prudential Asset Management Limited. The Fund prices were calculated after deduction of investment management fee and other respective charges. Fund performance is calculated in HK$ on NAV-to-NAV basis with gross dividend reinvested. Disclaimer: The contents of the document are subject to change without further notice. In addition, this document is for informational purposes only and the information contained herein does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities. Investment involves risks. Past performance is not indicative of future performance. Price of units and the income from them may go down as well as up. Please refer to the Principal Brochure of the Scheme before making any investment decision. BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme Fund Fact Sheet will be published on a quarterly basis. If you wish to obtain copies, please visit our Company website or contact our Customer Service Hotline. This document is issued by BOCI-Prudential Asset Management Limited. All copyrights are reserved. The reproduction of the information in this document is prohibited. 基金經理 Fund Manager: 中銀國際英國保誠資產管理有限公司 BOCI-Prudential Asset Management Limited 香港中環花園道 1 號中銀大廈 27 字樓 27/F, Bank of China Tower, 1 Garden Road, Central, Hong Kong 受託人 Trustee: 中銀國際英國保誠信託有限公司 BOCI-Prudential Trustee Limited 香港銅鑼灣威非路道 18 號萬國寶通中心 25 字樓 ( 客戶服務中心 ) 25/F, Citicorp Centre, 18 Whitfield Road, Causeway Bay, Hong Kong (Customer Service Center) 基金產品熱線 Fund Product Hotline: 積金行政熱線 MPF Administration Hotline: 網址 Website:

2 BOC-Prudential Growth Fund 中銀保誠增長基金為一管理基金, 大部份的資產將投資於股票市場 中銀保誠增長基金將透過投資於傘子單位信託的子基金組合及 / 或由投資經理管理的核准緊貼指數集體投資計劃務求爭取較平均資本增值為高的回報 中銀保誠增長基金為風險程度相對較高之投資組合 The BOC-Prudential Growth Fund is a managed fund where majority of the assets of the fund will be invested in equities. The BOC-Prudential Growth Fund will seek to achieve a return higher than the average capital appreciation by investing in a combination of subfunds of the Umbrella Unit Trust and/or approved ITCIS managed by the Investment Manager. The risk profile of the BOC-Prudential Growth Fund is generally regarded as high. 歐洲主權債務問題觸發股票及企債被拋售, 本基金於第 2 季錄得負回報 股票比重偏高令本基金減值 貨幣兌美元貶值亦帶來損失 儘管美國經濟數據偏軟, 雙底衰退出現的機會仍不大 低息環境將維持一段時間 金融動盪情況一旦回穩, 強勁的需求將繼續支持優質企業債券 然而, 股票市場將持續緊張及波動 The Fund posted a negative return in Q2 as European sovereign debt woes triggered a selloff in both equities and corporate bonds. Overweight position in equities subtracted value. Currency depreciation against US dollar also contributed to the negative performance. Despite the soft US data, odds of a double dip recession remain remote. Low interest rate environment will prolong for an extended period. Strong demand will continue to support high quality corporate bonds once the financial turbulence settles down. However, tensions and volatility in the equity markets will remain. 基金類別 - 混合資產基金 ( 環球 ) 股票之最高分佈率為 - 100% FUND DESCRIPTOR - Mixed Assets Fund (Global) Maximum equity - 100% 基金總值 ( 百萬 ) Fund Size (Million) 5, 單位價格 NAV 基金風險指數 Fund Risk Indicator 19.89% 基金開支比率 Fund Expense Ratio 1.73% 3 個月 3 Months N/A 不適用 年度至今 Year-To-Date N/A 不適用 1 年 1 Year 年 3 Years 年 5 Years 成立至今 Since Inception Equity 93.4% Bond 1.5% 5.1% 1 匯豐控股 HSBC HOLDINGS PLC 1.9% 2 中國建設銀行 CHINA CONSTRUCTION BANK-H 1.8% 3 ISHARES S&P 500 INDEX FUND 1.7% 4 中國移動 CHINA MOBILE LTD 1.6% 5 中國工商銀行 IND & COMM BK OF CHINA - H 1.4% 6 新鴻基地產 SUN HUNG KAI PROPERTIES 1.2% 7 中國海洋石油 CNOOC LTD 1.1% 8 中國人壽 CHINA LIFE INSURANCE CO-H 1.0% 9 騰訊控股 TENCENT HOLDINGS LTD 1.0% 10 中國銀行 BANK OF CHINA LTD - H 0.9% BOC-Prudential Balanced Fund 基金類別 - 混合資產基金 ( 環球 ) 股票之最高分佈率為 - 80% FUND DESCRIPTOR - Mixed Assets Fund (Global) Maximum equity - 80% 中銀保誠均衡基金為一均衡基金, 將透過投資於傘子單位信託的子基金組合及 / 或由投資經理管理的核准緊貼指數集體投資計劃爭取長期的資本增長 中銀保誠均衡基金為風險程度由中至高等之投資組合 The BOC-Prudential Balanced Fund is a balanced fund which seeks to achieve a longterm capital growth by investing in a combination of sub-funds of the Umbrella Unit Trust and/or approved ITCIS managed by the Investment Manager. The risk profile of the BOC- Prudential Balanced Fund is generally regarded as moderate to high. 歐洲主權債務問題觸發股票及企債被拋售, 本基金於第 2 季錄得負回報 股票比重偏高令本基金減值 貨幣兌美元貶值亦帶來損失 儘管美國經濟數據偏軟, 雙底衰退出現的機會仍不大 低息環境將維持一段時間 金融動盪情況一旦回穩, 強勁的需求將繼續支持優質企業債券 然而, 股票市場將持續緊張及波動 The Fund posted a negative return in Q2 as European sovereign debt woes triggered a selloff in both equities and corporate bonds. Overweight position in equities subtracted value. Currency depreciation against US dollar also contributed to the negative performance. Despite the soft US data, odds of a double dip recession remain remote. Low interest rate environment will prolong for an extended period. Strong demand will continue to support high quality corporate bonds once the financial turbulence settles down. However, tensions and volatility in the equity markets will remain. 基金總值 ( 百萬 ) Fund Size (Million) 3, 單位價格 NAV 基金風險指數 Fund Risk Indicator 11.41% 基金開支比率 Fund Expense Ratio 1.72% 3 個月 3 Months N/A 不適用 年度至今 Year-To-Date N/A 不適用 1 年 1 Year 年 3 Years 年 5 Years 成立至今 Since Inception EUROPEAN INVT BK 1.4% S/A 20JUN % 2 CAISSE AMORT DET 3.75% A 25OCT % 3 DEUTSCHLAND REP 6.5% A 04JUL % 4 DEV BANK JAPAN 1.75% S/A 17MAR % 5 ISHARES S&P 500 INDEX FUND 1.0% 6 中國建設銀行 CHINA CONSTRUCTION BANK-H 1.0% 7 匯豐控股 HSBC HOLDINGS PLC 1.0% 8 JPN FIN MUNI ENT 1.35% S/A 26NOV % 9 BK NED GEMEENTEN 5.25% A 31JAN % 10 中國移動 CHINA MOBILE LTD 0.9% 01

3 BOC-Prudential Stable Fund 中銀保誠平穩基金為一均衡基金, 將以穩當策略減低資本損失的風險, 同時亦會嘗試爭取合理水平的資本收益 中銀保誠平穩基金將投資於傘子單位信託的子基金組合及 / 或由投資經理管理的核准緊貼指數集體投資計劃 中銀保誠平穩基金為風險程度由低至中等之投資組合 The BOC-Prudential Stable Fund is a balanced fund which will be invested in a conservative manner to reduce the risk of capital losses while attempting to achieve a reasonable level of capital gains. The BOC-Prudential Stable Fund will invest in a combination of sub-funds of the Umbrella Unit Trust and/or approved ITCIS managed by the Investment Manager. The risk profile of the BOC-Prudential Stable Fund is generally regarded as low to moderate. 歐洲主權債務問題觸發股票及企債被拋售, 本基金於第 2 季錄得負回報 股票比重偏高令本基金減值 貨幣兌美元貶值亦帶來損失 儘管美國經濟數據偏軟, 雙底衰退出現的機會仍不大 低息環境將維持一段時間 金融動盪情況一旦回穩, 強勁的需求將繼續支持優質企業債券 然而, 股票市場將持續緊張及波動 The Fund posted a negative return in Q2 as European sovereign debt woes triggered a selloff in both equities and corporate bonds. Overweight position in equities subtracted value. Currency depreciation against US dollar also contributed to the negative performance. Despite the soft US data, odds of a double dip recession remain remote. Low interest rate environment will prolong for an extended period. Strong demand will continue to support high quality corporate bonds once the financial turbulence settles down. However, tensions and volatility in the equity markets will remain. 基金類別 - 混合資產基金 ( 環球 ) 股票之最高分佈率為 - 50% FUND DESCRIPTOR - Mixed Assets Fund (Global) Maximum equity - 50% 基金總值 ( 百萬 ) Fund Size (Million) 4, 單位價格 NAV 基金風險指數 Fund Risk Indicator 7.45% 基金開支比率 Fund Expense Ratio 1.71% 3 個月 3 Months N/A 不適用 年度至今 Year-To-Date N/A 不適用 1 年 1 Year 年 3 Years 年 5 Years 成立至今 Since Inception Bond 54.3% 13.6% Equity 32.1% 1 EUROPEAN INVT BK 1.4% S/A 20JUN % 2 CAISSE AMORT DET 3.75% A 25OCT % 3 DEUTSCHLAND REP 6.5% A 04JUL % 4 DEV BANK JAPAN 1.75% S/A 17MAR % 5 JPN FIN MUNI ENT 1.35% S/A 26NOV % 6 BK NED GEMEENTEN 5.25% A 31JAN % 7 DEV BANK JAPAN 2.3% S/A 19MAR % 8 JAPAN GOVT 10-YR 1.9% S/A 20JUN2014# % 9 TREASURY 4.75% S/A 07SEP % 10 JAPAN GOVT 10-YR 1.3% S/A 20MAR2019# % BOC-Prudential Global Equity Fund 基金類別 - 股票基金 ( 環球 ) FUND DESCRIPTOR - Equity Fund (Global) 中銀保誠環球股票基金為一股票基金, 其持有的非現金資產最少 70% 將投資於傘子單位信託的環球股票 亞洲股票 中國股票 香港股票 日本股票及歐洲股票子基金及 / 或由投資經理管理並與股票相關的核准緊貼指數集體投資計劃, 以爭取長期的資本增長 在一般情況下, 有關子基金將投資大部份資產於環球股票, 包括但不限於美國 歐洲 中國 日本 香港及其他主要亞洲市場 投資範圍或包括現金 定期存款 貨幣市場或定息證券 中銀保誠環球股票基金為風險程度相對較高之投資組合 The BOC-Prudential Global Equity Fund is an equity fund which seeks to achieve long term capital growth by investing at least 70% of the Fund's non-cash assets in the global equity, Asia equity, China equity, Hong Kong equity, Japan equity and European equity sub-funds of the Umbrella Unit Trust and/or equity-related approved ITCIS managed by the Investment Manager. Under normal circumstances, the sub-funds will invest a substantial portion of assets in global equities, including but not limited to the United States, Europe, China, Japan, Hong Kong and other major Asian markets. Where appropriate, cash, time deposits, money market or fixed income securities may be considered. The risk profile of the BOC-Prudential Global Equity Fund is generally regarded as high. 本基金於 2010 年第 2 季錄得負回報 美國方面, 房屋銷售在稅務優惠完結後下跌 持續的經濟增長需要就業市場及收入增長的改善 歐元被嚴重拋售及歐洲債券孳息率急升, 歐洲的政策制定者推出貸款計劃及債券購買計劃, 以阻止主權債務危機擴散 然而, 惠譽因法國銀行 BNP Paribas 資產質素惡化而降低其評級, 有關信貸問題的憂慮因而擴散至銀行業 日本目前以出口為主導的復甦未能刺激本地的消費者開支 股票組合中, 我們將維持偏向較高的亞太區 ( 日本除外 ) 及北美地區比重 The Fund posted a negative return in 2010Q2. In the US, home sales slumped following the expiry of tax credit. A sustained economic growth would require further improvement in job market and income growth. In the face of the severe selloff of Euro and soaring bond yields in Europe, European policy makers put forward a loan package and debt purchase programs to contain the sovereign-debt crisis. However, worries of contagion spread to the banking sector as Fitch cut French bank BNP Paribas' rating due to deterioration of its asset quality. The current export-led recovery in Japan failed to inspire consumer spending domestically. Within the equity mix, we have maintained an overweight bias towards Asia Pacific ex Japan and North America regions. Japan 8.2% Asia (ex Japan ex HK) 10.6% Europe (ex UK) 17.2% United Kingdom 7.3% Hong Kong & China 5.8% 3.3% North America 47.6% 基金總值 ( 百萬 ) Fund Size (Million) 1, 成立日期 Inception Date 2003 年 4 月 15 日 (15 April 2003) 單位價格 NAV 基金風險指數 Fund Risk Indicator 16.62% 基金開支比率 Fund Expense Ratio 1.73% 3 個月 3 Months N/A 不適用 年度至今 Year-To-Date N/A 不適用 1 年 1 Year 年 3 Years 年 5 Years 成立至今 Since Inception ISHARES S&P 500 INDEX FUND 4.2% 2 INTL BUSINESS MACHINES CORP 1.1% 3 EXXON MOBIL CORP 0.9% 4 MICROSOFT CORP 0.9% 5 APPLE INC 0.9% 6 BANK OF AMERICA CORP 0.7% 7 ROYAL BANK OF CANADA 0.7% 8 VERIZON COMMUNICATIONS INC 0.7% 9 AT&T INC 0.7% 10 GENERAL ELECTRIC CO 0.7% 為成立日 (2003 年 4 月 15 日 ) 至 2003 年年終表現 Since inception (15 April 2003) to end

4 BOC-Prudential Asia Equity Fund 基金類別 - 股票基金 ( 亞洲 ( 日本除外 )) FUND DESCRIPTOR - Equity Fund (Asia ex Japan) 中銀保誠亞洲股票基金為一股票基金, 旨在爭取長期的資本增長, 其持有的非現金資產最少 70% 將投資於傘子單位信託的亞洲股票子基金及 / 或由投資經理管理並與股票相關的核准緊貼指數集體投資計劃 在一般情況下, 有關子基金將主要投資於亞洲多個股票市場的股票, 包括但不限於澳洲 紐西蘭 中國 香港 南韓 新加坡 馬來西亞及臺灣, 亦可能投資於以亞洲以外為基地, 但在亞洲投資或營業的公司 該子基金將不會投資於日本股票市場 投資範圍或包括現金 定期存款 貨幣市場或定息證券 中銀保誠亞洲股票基金為風險程度相對較高之投資組合 The BOC-Prudential Asia Equity Fund is an equity fund which aims to achieve long term capital growth by investing at least 70% of the Fund's non-cash assets in the Asia equity sub-fund of the Umbrella Unit Trust and/or equity-related approved ITCIS managed by the Investment Manager. Under normal circumstances, the sub-fund will invest mainly in equities on the various stock markets in Asia including but not limited to those in Australia, New Zealand, China, Hong Kong, South Korea, Singapore, Malaysia and Taiwan. Access to individual markets may be made by investing in companies based in non-asian jurisdictions but which invest or operate in Asia. It is intended that the sub-fund will not invest in equities in Japan. Where appropriate, cash, time deposits, money market or fixed income securities may be considered. The risk profile of the BOC-Prudential Asia Equity Fund is generally regarded as high. 儘管市場繼續憂慮環球復甦因歐洲主權信貸危機及中美增長動力放緩而減弱, 亞洲的出口至今仍維持正面動力 然而, 環球經濟前景存有變數, 促使亞洲央行普遍暫緩正常化的程序 中國工資上漲對區內長遠的影響仍有待觀察, 但內地決定將人民幣與美元脫鈎, 並恢復減少出口退稅, 將有助本地經濟回復平衡, 並最終有助改善區內供求的動力 歐洲主權債務的壓力 美國及中國經濟增長的風險 朝鮮半島的衝突及澳洲採礦稅的問題, 引發亞洲市場於季內出現大幅波動及價格調整 雖然區內經濟數據普遍維持正面, 有關美國及中國經濟增長動力的憂慮已打擊投資者信心 儘管中國增加外匯體制彈性的決定, 對環球貿易及資金流向的宏觀影響仍有待觀察 ; 然而, 亞洲股市可能因貿易競爭力的改善, 以及本地貨幣的升值預期導致資金流入增多而受惠 由於市場波幅上升, 本基金於季內錄得負回報 中國和香港消費股及金融股, 以及中國和台灣資訊科技股的損失, 高於韓國工業股及中國物料股的回報 本基金將繼續在股票篩選時專注於風險調控回報及採取較靈活的現金管理策略 Despite lingering concerns over faltering global recovery on the back of sovereign credit crisis in Europe and slowing growth momentum in the US and China, Asian exports have been maintaining positive momentum so far. Yet, the uncertainties in the global economic outlook prompted Asian central bankers to generally hold off the normalization process. While long-term implication on the region as a result of the wage increases in China remains to be seen, the mainland's decision to de-peg from the US dollar and resume reduction of VAT export rebates would help to rebalance the local economy, which eventually would help to improve the supply and demand dynamics across the region. Sparked by sovereign debt stress in Europe, growth risks in the US and China, conflicts in the Korean peninsula, and mining tax issue in Australia, Asian market experienced significant spike in volatility and price correction during the quarter. While economic data in the region generally remains positive, concerns over growth momentum in the US and China has dampened investors' confidence. Although the macroeconomic impact on global trade and capital flows as a result of China's decision to increase the flexibility of its exchange rate regime remains to be seen, Asian markets would likely benefit due to improved competitive trade position and increased capital inflows on currency appreciation prospects. Amid elevated volatility, the Fund registered a negative return during the quarter. Negative contribution from Consumer Discretionary and Financials in Hong Kong/ China, and Information Technology in China and Taiwan outweighed positive contribution from in Korea and Materials in China. The Fund would continue to focus on risk-adjusted returns in stock selection and a more dynamic cash management strategy. Malaysia 4.0% Singapore 5.1% Taiwan 11.2% Hong Kong 12.0% India 12.3% Thailand 1.6% Indonesia 1.3% 3.0 % Australia 17.5% China 16.5% South Korea 15.5% 基金總值 ( 百萬 ) Fund Size (Million) 李龍光及投資隊伍 Vincent LEE and Team 成立日期 Inception Date 2006 年 10 月 3 日 (3 October 2006) 單位價格 NAV 基金風險指數 Fund Risk Indicator 27.16% 基金開支比率 Fund Expense Ratio 1.74% 3 個月 3 Months N/A 不適用 年度至今 Year-To-Date N/A 不適用 1 年 1 Year 年 3 Years 年 5 Years - - 成立至今 Since Inception SAMSUNG ELECTRONICS CO LTD 3.7% 2 BHP BILLITON LTD 3.5% 3 INFOSYS TECHNOLOGIES LTD 2.7% 4 CIMB GROUP HOLDINGS BHD 2.5% 5 ITC LTD 2.4% 6 COMMONWEALTH BANK OF AUSTRALIA 2.2% 7 中國建設銀行 CHINA CONSTRUCTION BANK-H 2.1% 8 LARSEN & TOUBRO LIMITED 2.0% 9 新鴻基地產 SUN HUNG KAI PROPERTIES 2.0% 10 利豐 LI & FUNG LTD 1.9% 為成立日 (2006 年 10 月 3 日 ) 至 2006 年年終表現 Since inception (3 October 2006) to end BOC-Prudential China Equity Fund 基金類別 - 股票基金 ( 中國 ) FUND DESCRIPTOR - Equity Fund (China) 中銀保誠中國股票基金為一股票基金, 旨在向投資者提供長期的資本增長, 其持有的非現金資產最少 70% 將投資於傘子單位信託的中國股票子基金及 / 或由投資經理管理並與股票相關的核准緊貼指數集體投資計劃 投資經理現時的意向是在一般情況下, 有關子基金將主要投資於其活動及業務與中華人民共和國的經濟發展有密切聯繫的公司的香港上市股票和與股票相關證券 ( 包括認股權證和可換股證券 ) 此子基金的投資可以接觸到中華人民共和國的證券市場 此子基金亦可投資於在中國內地及香港以外的證券交易所上市 / 掛牌的證券, 該等證券可於紐約 倫敦或新加坡的證券交易所上市, 例如美國預托證券及全球預托證券等證券, 條件是該等證券是由其活動及業務與中華人民共和國的經濟發展有密切聯繫的公司發行的 基金經理可按情況隨時調整投資項目的地理分佈 投資範圍或包括現金 定期存款 貨幣市場或定息證券 中銀保誠中國股票基金的風險程度一般被視為非常高風險 The BOC-Prudential China Equity Fund is an equity fund which aims to provide investors with long term capital growth by investing at least 70% of the Fund's non-cash assets in the China equity sub-fund of the Umbrella Unit Trust and/or equity-related approved ITCIS managed by the Investment Manager. It is the current intention of the Investment Manager that the sub-fund will, under normal circumstances, invest primarily in Hong Kong listed equities and equity related securities (including warrants and convertible securities) of companies whose activities and business are closely related to the economic development of the People's Republic of China. The sub-fund may seek to gain exposure to the stock markets of the People's Republic of China. The sub-fund may also invest in other China related securities listed or quoted outside mainland China and Hong Kong if such securities are issued by companies whose activities and business are closely related to the economy development of the People's Republic of China. These securities may be listed on the stock exchanges in New York, London or Singapore, such as ADRs (American depository receipts) and GDRs (global depository receipts). The Investment Manager may adjust the geographic allocation of the investment as it deems appropriate from time to time. Where appropriate, cash, time deposits, money market or fixed income securities may be considered. The risk profile of the BOC-Prudential China Equity Fund is generally regarded as very high. 中國經濟於季內放緩 工業生產於 4 月及 5 月上升 17.2%, 低於 2010 年第 1 季錄得的 19.6% 固定投資增長放緩為經濟局部疲軟 (soft patch) 的主因 2010 年第 2 季出口仍然強勁, 實質消費維持彈力 通脹已重臨 5 月份消費者物價指數升至 3.1%, 突破了政府全年 3% 的目標 通脹於中國仍然是風險 地產價格因政府推出措施而下跌 ; 除非政府政策改變, 否則我們預期實質物業市場於秋季將維持疲弱 中國當局於 6 月份 G20 會議前恢復了人民幣匯率改革 這樣對人民幣升值預期有溫和的正面作用 : 市場在某程度上提高對人民幣於季內升值的預期 本基金於第 2 季下跌 持有物料股 能源股及工業股令本基金減值 對環球經濟復甦持續性及貨幣政策走勢的憂慮, 仍為短期內市場不明朗的主要因素 China's economy moderated this quarter. Industrial production grew 17.2% during April and May, down from 19.6% in 10Q1. Slowdown in fixed asset investment growth was the major reason behind the economic soft patch. In 10Q2, export growth remained strong, while real consumption stayed resilient. Inflation returned: May's CPI inflation was 3.1%, breaching government's full year target of 3%. Inflation remained a risk in China. Property prices fell against government measures' backdrop; we expect the physical property sector to stay weak in fall unless the government policy turns. The Chinese authorities revived the RMB exchange rate reform in June, just before the G20 meeting. This was mildly positive to RMB appreciation expectations: market expectations of RMB appreciation heightened somewhat during the quarter. The Fund fell in Q2. Our positions in Materials, and subtracted value. Concerns over the sustainability of the global economic recovery and the upcoming monetary policy directions in domestic market remain the major market uncertainties in the near term. Materials 5.5% Consumer Staple 2.7% 7.2% Consumer Discretionary 8.0% 10.6% Utilities Information Technology 1.4% 1.1% Health Care 0.9% 1.9% Financials 44.5% 16.2% 有關數據將於 2010 年第四季起刊登 2) 為成立日 (2007 年 10 月 15 日 ) 至 2007 年年終表現 基金總值 ( 百萬 ) Fund Size (Million) 1, 陳偉倫及投資隊伍 Alan CHAN and Team 成立日期 Inception Date 2007 年 10 月 15 日 (15 October 2007) 單位價格 NAV 基金風險指數 Fund Risk Indicator - 基金開支比率 Fund Expense Ratio 1.71% 3 個月 3 Months N/A 不適用 年度至今 Year-To-Date N/A 不適用 1 年 1 Year 年 3 Years 年 5 Years - - 成立至今 Since Inception 中國建設銀行 CHINA CONSTRUCTION BANK-H 8.6% 2 中國工商銀行 IND & COMM BK OF CHINA - H 8.2% 3 中國銀行 BANK OF CHINA LTD - H 7.1% 4 中國人壽 CHINA LIFE INSURANCE CO-H 6.8% 5 中國海洋石油 CNOOC LTD 6.1% 6 中國移動 CHINA MOBILE LTD 4.8% 7 中國平安 PING AN INSURANCE GROUP CO-H 4.6% 8 中信銀行 CHINA CITIC BANK - H 2.7% 9 中國神華能源 CHINA SHENHUA ENERGY CO - H 2.4% 10 中國石油天然氣 PETROCHINA CO LTD-H 2.4% The figure will be shown from the fourth quarter of Since inception (15 October 2007) to end

5 BOC-Prudential Hong Kong Equity Fund 基金類別 - 股票基金 ( 香港 ) FUND DESCRIPTOR - Equity Fund (Hong Kong) 中銀保誠香港股票基金為一股票基金, 旨在爭取長期的資本增長, 其持有的非現金資產最少 70% 將投資於傘子單位信託的香港股票子基金及 / 或由投資經理管理並與股票相關的核准緊貼指數集體投資計劃 在一般情況下, 有關子基金將主要投資於在香港經營或與香港經濟具直接或間接關係之上市公司股票 投資範圍或包括現金 定期存款 貨幣市場或定息證券 中銀保誠香港股票基金為風險程度相對較高之投資組合 The BOC-Prudential Hong Kong Equity Fund is an equity fund which aims to provide investors with long term capital growth by investing at least 70% of the Fund's non-cash assets in the Hong Kong equity sub-fund of the Umbrella Unit Trust and/or equity-related approved ITCIS managed by the Investment Manager. Under normal circumstances, the sub-fund will invest mainly in the listed equity securities of companies operating in Hong Kong, or linked either directly or indirectly to the Hong Kong economy. Where appropriate, cash, time deposits, money market or fixed income securities may be considered. The risk profile of the BOC-Prudential Hong Kong Equity Fund is generally regarded as high. 受惠於貨物及服務外貿復甦, 香港經濟增長的正面動力持續 由於企業開始擴張產能以應付需求上升, 私人投資亦增加 受惠於就業市場及個人收入增長前景漸趨明朗, 私人消費穩定改善 私人租金及食物成本上升, 核心通脹繼續向上 2010 年第 2 季的市場表現頗為波動 中國企業第 1 季業績優於預期的正面動力, 被香港政府提高物業銷售要求而引起的物業市場不確定性, 以及工資成本上漲和歐洲主權債務問題等因素所削弱 中期而言, 資金外流及中國以至環球可能出現雙底的憂慮, 將繼續困擾市場 Driven by recovery in external trade (both for merchandise and services), positive momentum in Hong Kong's economic growth continued. Private investment also rose, as businesses started expanding capacity to meet higher demand. Steady improvement in private consumption benefited from brighter employment and personal income growth prospects. Core inflation continued to edge up, on rising private rental and higher food prices. The market was fairly volatile during 10Q2. Positive momentum from the better than expected 10Q1 results from Chinese companies, was being mitigated by uncertainties in the Hong Kong property market as government raised property sales requirements; rising labor cost and the Europe's sovereign debt problem. In the medium term, fears of liquidity outflow, possibility of double dips both global and in China would continue to haunt the market. Consumer Staple Utilities 3.9% Information Technology 5.7% 6.7% 3.5% Materials 3.4% 7.1% Consumer Discretionary 9.6% Unit Trust 1.9% Health Care 0.6% 2.2% 10.6% Financials 44.8% 唐曼儀及投資隊伍 Mandy TONG and Team 基金總值 ( 百萬 ) Fund Size (Million) 2, 成立日期 Inception Date 2003 年 4 月 15 日 (15 April 2003) 單位價格 NAV 基金風險指數 Fund Risk Indicator 28.69% 基金開支比率 Fund Expense Ratio 1.72% 3 個月 3 Months N/A 不適用 年度至今 Year-To-Date N/A 不適用 年 1 Year 年 3 Years 年 5 Years 成立至今 Since Inception 匯豐控股 HSBC HOLDINGS PLC 7.5% 2 中國移動 CHINA MOBILE LTD 5.5% 3 中國建設銀行 CHINA CONSTRUCTION BANK-H 5.1% 4 中國工商銀行 IND & COMM BK OF CHINA - H 3.9% 5 新鴻基地產 SUN HUNG KAI PROPERTIES 3.0% 6 中國海洋石油 CNOOC LTD 2.9% 7 中國人壽 CHINA LIFE INSURANCE CO-H 2.8% 8 騰訊控股 TENCENT HOLDINGS LTD 2.6% 9 中國銀行 BANK OF CHINA LTD - H 2.5% 10 和記黃埔 HUTCHISON WHAMPOA LTD 2.1% 為成立日 (2003 年 4 月 15 日 ) 至 2003 年年終表現 Since inception (15 April 2003) to end BOC-Prudential Japan Equity Fund 基金類別 - 股票基金 ( 日本 ) FUND DESCRIPTOR - Equity Fund (Japan) 中銀保誠日本股票基金為一股票基金, 旨在尋求長期的資本增長, 主要投資於傘子單位信託的日本股票子基金 在一般情況下, 有關子基金將主要投資於其業務與日本的經濟發展和增長有緊密關連的公司的上市股票及股票相關證券 ( 包括認股權證 可換股證券 美國預托證券 環球預托證券 ) 投資範圍或包括現金 定期存款 貨幣市場或定息證券 中銀保誠日本股票基金為風險程度相對較高之投資組合 The BOC-Prudential Japan Equity Fund is an equity fund which aims to achieve long term capital growth by investing primarily in the Japan equity sub-fund of the Umbrella Unit Trust. Under normal circumstances, the sub-fund will invest primarily in listed equities and equity related securities (including warrants, convertible securities, ADRs (American depository receipts) and GDRs (global depository receipts)) of companies whose activities are closely related to the economic development and growth of the Japan economy. Where appropriate, cash, time deposits, money market or fixed income securities may be considered. The risk profile of the BOC-Prudential Japan Equity Fund is generally regarded as high. 受惠於出口反彈, 日本第 1 季經濟增長持續 貨運至亞洲及美國領漲, 但歐洲方面則出現放緩, 顯示歐洲的債務危機可能已影響需求 企業投資及情緒改善, 刺激市場憧憬就業市場改善及本地需求轉強 經濟增長加快, 將有利政府處理公共債務的問題 然而, 日圓可能進一步升值, 尤其是兌歐元, 將可能威脅日本出口商的競爭力 新任首相的政策變動及歐債危機的憂慮, 將可能繼續令日本經濟持續復甦的前景蒙上陰影 主要受消費股及金融股下跌拖累, 本基金於第 2 季錄得負回報 然而, 成功篩選健康護理股有助抵銷部份損失 展望將來, 內部與外部宏觀政策的可見性 日圓走勢及企業盈利將繼續成為股市的焦點 本基金將維持審慎股票篩選及靈活現金管理的核心策略 Japanese economy continued to grow in the first quarter, thanks to rebound in exports. Both Asia and the US led the expansion while growth in shipments to Europe slowed, signaling the region's debt crisis might already be affecting demand. Improved corporate investment and sentiment have fueled expectation on a better job market and stronger domestic demand. That said, faster economic growth would be easier for the government to tackle the nation's public debt. However, possibility of further rising Yen, in particular against Euro, might threaten the competitiveness of Japanese exporters. Policy change by the new Prime Minister and the European debt crisis would likely continue to overshadow the prospect of a sustained recovery in Japan. The Fund registered a negative return during Q2 largely due to the decline in Consumer Discretionary and Financials sectors. However, successful stock selection in Health Care helped to offset some negatives. Looking ahead, visibility in macro policies internally and externally, Yen movement, and corporate earnings would continue to be the focal points for the equity market. Prudent stock selection and dynamic cash management would remain as the Fund's core strategy. Health Care 5.1% Consumer Staple 6.0% Materials 7.9% Information Technology 13.0% Utilities 3.6% 3.3% 1.1% Financials 16.1% 4.0% 20.0% Consumer Discretionary 19.9% 基金總值 ( 百萬 ) Fund Size (Million) 成立日期 Inception Date 2006 年 10 月 3 日 (3 October 2006) 單位價格 NAV 基金風險指數 Fund Risk Indicator 16.91% 基金開支比率 Fund Expense Ratio 1.77% 3 個月 3 Months N/A 不適用 年度至今 Year-To-Date N/A 不適用 1 年 1 Year 年 3 Years 年 5 Years - - 成立至今 Since Inception TOYOTA MOTOR CORP 4.0% 2 MITSUBISHI UFJ FINANCIAL GROUP 3.2% 3 CANON INC 3.2% 4 HONDA MOTOR CO LTD 2.7% 5 TOKYO ELECTRIC POWER CO INC 2.2% 6 SUMITOMO MITSUI FINANCIAL GR 2.1% 7 SONY CORP 2.0% 8 MITSUBISHI CORP 1.9% 9 EAST JAPAN RAILWAY CO 1.8% 10 NOMURA HOLDINGS INC 1.6% 為成立日 (2006 年 10 月 3 日 ) 至 2006 年年終表現 Since inception (3 October 2006) to end

6 BOC-Prudential Bond Fund 中銀保誠債券基金為一債券基金, 主要投資於傘子單位信託的環球債券子基金, 旨在提供穩定的收入來源及長期的資本增值 在一般情況下, 有關子基金將投資於一個投資級 ( 經穆迪投資服務公司評為 Baa2 級或以上或強積金指引 III.1 所述的其他核准信貸評級機構的評級 ) 債券投資組合 該等債券以多種主要的世界性貨幣報價 主要的世界性貨幣包括但不限於港元 美元 英鎊 歐羅及日圓 中銀保誠債券基金為低至中等風險程度之投資組合 The BOC-Prudential Bond Fund is a bond fund which seeks to provide a stable income stream and long term capital appreciation by investing primarily in the global bond sub-fund of the Umbrella Unit Trust. Under normal circumstances, the sub-funds will invest in a portfolio of investment grade (rated Baa2 or better by Moody's or other approved credit rating agency as stated in MPF Guidelines III.1) bonds. Overall, bonds will be denominated in various major world currencies. Major world currencies include but not limit to HK Dollar, US Dollar, British Sterling, Euro and Japanese Yen. The risk profile of the BOC-Prudential Bond Fund is generally regarded as low to medium. 儘管環球債券孳息率下跌, 本基金於第 2 季僅錄得輕微負回報 歐洲主權債務問題導致信貸息差擴闊, 持有企業債券削弱本基金表現 貨幣兌美元貶值亦帶來損失 雙底衰退出現的機會仍不大, 而低息環境將維持一段時間 金融動盪情況一旦回穩, 強勁的需求將繼續支持優質企業債券 我們將尋找機會增持優質的亞洲企業及金融債券 The Fund posted a small negative return in Q2 despite lower global bond yields. Exposure to corporate bonds hurt performance as credit spreads widened on European sovereign debt woes. Currency depreciation against US dollar also contributed to the negative performance. Odds of a double dip recession remain remote and low interest rate environment will prolong for an extended period. Strong demand will continue to support high quality corporate bonds once the financial turbulence settles down. We would look for opportunities to accumulate good quality Asian corporate and financials. 2.1% Consumer Discretionary 2.1% 7.8% Supranational 11.3% Financials 18.5% Utilities 0.4% 0.3% 11.4% Government 46.1% 基金總值 ( 百萬 ) Fund Size (Million) 劉杰翔及投資隊伍 Chris LAU and Team 成立日期 Inception Date 2003 年 4 月 15 日 (15 April 2003) 單位價格 NAV 基金風險指數 Fund Risk Indicator 5.66% 基金開支比率 Fund Expense Ratio 1.56% 3 個月 3 Months N/A 不適用 年度至今 Year-To-Date N/A 不適用 1 年 1 Year 年 3 Years 年 5 Years 成立至今 Since Inception 基金類別 - 債券基金 ( 環球 ) FUND DESCRIPTOR - Bond Fund (Global) EUROPEAN INVT BK 1.4% S/A 20JUN % 2 CAISSE AMORT DET 3.75% A 25OCT % 3 DEUTSCHLAND REP 6.5% A 04JUL % 4 DEV BANK JAPAN 1.75% S/A 17MAR % 5 JPN FIN MUNI ENT 1.35% S/A 26NOV % 6 BK NED GEMEENTEN 5.25% A 31JAN % 7 DEV BANK JAPAN 2.3% S/A 19MAR % 8 JAPAN GOVT 10-YR 1.9% S/A 20JUN2014# % 9 TREASURY 4.75% S/A 07SEP % 10 JAPAN GOVT 10-YR 1.3% S/A 20MAR2019# % 為成立日 (2003 年 4 月 15 日 ) 至 2003 年年終表現 (2 Since inception (15 April 2003) to end BOC-Prudential MPF Conservative Fund^ ^ 基金類別 - 貨幣市場基金 ( 香港 ) FUND DESCRIPTOR - Money Market Fund (Hong Kong) 中銀保誠強積金保守基金主要投資於存款及債務證券, 投資組合之平均到期日不多於九十日 根據強制性公積金計劃 ( 一般 ) 規例附表 1 第 16 條以有效貨幣風險計算, 中銀保誠強積金保守基金必須持有總值相等於該成分基金的總市值的港元貨幣投資項目 中銀保誠強積金保守基金為一非常低風險之投資組合, 而其目標為獲取較港元儲蓄戶口存款利率為高的投資回報 The BOC-Prudential MPF Conservative Fund will be invested in deposits and debt securities with an average portfolio maturity of not exceeding 90 days and will have a total value of Hong Kong dollar currency investments equal to the total market value of the constituent fund, as measured by the effective currency exposure in accordance with section 16 of Schedule 1 of the Mandatory Provident Fund Schemes (General) Regulation. The risk profile of the BOC-Prudential MPF Conservative Fund is generally regarded as very low. The BOC-Prudential MPF Conservative Fund aims at achieving a return higher than the interest rate in Hong Kong dollar savings account. 由於貨幣市場孳息率處於極低水平, 本基金價格於第 2 季持平 持有優質的港元企業債券優化了投資組合 展望將來, 貨幣市場利率將可能維持在極低水平, 因此, 本基金將維持現時投資組合的期滿日, 並找尋機會增持優質短期企業票據 The Fund price remained flat in Q2 as money market yields maintained at extremely low levels. Exposure to high quality HKD corporate bonds optimizes the portfolio mix. Going forward, money market rates are likely to remain extremely low. The Fund, therefore, would maintain the current maturity profile and look for opportunities to add exposure to shortdated high quality corporate papers. Bond 17.8% 82.2% 劉杰翔及投資隊伍 Chris LAU and Team 基金總值 ( 百萬 ) Fund Size (Million) 5, 單位價格 NAV 基金風險指數 Fund Risk Indicator 0.40% 基金開支比率 Fund Expense Ratio 0.88% 基金指標 基金指標 Cumulative Annualized 累積回報 * (%) 年率化回報 * (%) Return Return Cumulative Annualized Benchmark Return* Benchmark Return* 3 個月 3 Months 0.00 N/A 不適用 0.00 N/A 不適用 年度至今 Year-To-Date 0.00 N/A 不適用 0.00 N/A 不適用 1 年 1 Year 年 3 Years 年 5 Years 成立至今 Since Inception 基金指標 實際回報 * (%) Actual Benchmark Return* COM BK AUSTRALIA 3.905% S/A 24DEC % 2 IND BK OF KOREA H+0.6% Q 24MAR % 3 AGR BK CHINA(HK) 0.72% A 03FEB % 4 IND & COMM BK/HK 0.62% Q 25FEB % 5 EXP-IMP BK KOREA 2.27% A 04AUG % 6 BK OF CHINA/HK 0.88% A 29JUN % 7 DAH SING BANK 0.82% A 17MAR % 8 EXP-IMP BK KOREA 2.3% Q 03AUG % 9 EXP-IMP BK KOREA 1.7% A 24SEP % 10 IND BK OF KOREA 5% A 12OCT % ^ 由 2009 年 9 月 30 日起, 中銀保誠保本基金已改名為中銀保誠強積金保守基金 * 訂明儲蓄利率被採用為基金指標 本計劃成員應留意 : 投資中銀保誠強積金保守基金並不等於將資金存入銀行或接受存款公司, 亦未必可按認購值贖回投資項目 另外, 中銀保誠強積金保守基金並不受香港金融管理局監管 ^ With effect from 30 September 2009, BOC-Prudential Capital Preservation Fund has been renamed to BOC-Prudential MPF Conservative Fund. The Fund Risk Indicator is shown as an annualized standard deviation based on the monthly rates of return of the fund over the past 3 years to the reporting date. Fund Expense Ratio (FER) as of financial year ended 31 March The purpose of FER is to provide a measure of the total level of expenses incurred in investing through a fund, including the costs incurred at lower level collective investment schemes but not including those expenses paid directly by the scheme member. * Prescribed Savings Rate is used as the benchmark index. Members in the Scheme should be informed that the investment in the BOC- Prudential MPF Conservative Fund is not the same as placing funds on deposit with a bank or deposit taking company and that there is no obligation to redeem the investment at the subscription value and that the BOC-Prudential MPF Conservative Fund is not subject to the supervision of the Hong Kong Monetary Authority. 05