3rd Quarter To be environmental friendly, electronic version can be downloaded from our website.

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1 With effect from 1 October 2015, the Management fees of BCOM Asian Dynamic Equity (CF) Fund, BCOM Dynamic Equity (CF) Fund and BCOM China Dynamic Equity (CF) Fund have been reduced to 1.655% p.a. of NAV, 1.635%* p.a. of NAV and 1.635%* p.a. of NAV respectively. For details of the fees and charges, please refer to the Principal Brochure. * Aggregate of constituent fund and underlying fund level 1. The BCOM Joyful Retirement MPF Scheme ( 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 BCOM Stable Growth (CF) Fund, and such constituent fund may not necessarily be suitable for you. 5. Please do not solely rely on this fund fact sheet. For further details including the product features, investment policies, investment objectives, charges and risks involved, please refer to the Principal Brochure of the Scheme. 3rd Quarter 2015 The investment objective of the Fund is to obtain a return that is higher than the prescribed savings rate 2. At latest FOMC meeting in September, the Fed decided to keep the interest rate on hold between 0% 0.25%. The Fed Chair, Janet Yellen, cited the global slowdown and low inflation levels as the primary reasons for the Fed s decision. Dovish comment from Fed dragged down both short-term and long-term rate. For example, 3-month HIBOR dropped from 0.42% to 0.40% in the month. Short-term rate was weak and the liquidity in was ample, dragging the fixed deposit rate. In the end of Q3, most banks offered less than 1% to fixed deposit with 6-month tenor or shorter. As the Chinese economy was still weak, and the Fed would possibly raise fed fund rate in modest pace, the upside of fixed deposit rate was limited in foreseeable future. Fees and charges of 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. There is no guarantee on the capital value and return on investment made in this fund. Investment 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$ HK$ % 0.19% 0.26% 1. Chong Hing Bank (Deposit) 2. China Merchants Bank (Deposit) 3. China Construction Bank (Deposit) 4. Fubon Bank (Deposit) 5. CHN Everbright HK FD 6. Wing Lung Bank (Deposit) 7. Public Bank (Deposit) 8. AGR (Deposit) 9. ICBC (Deposit) 10. Shanghai Commercial Bank (Deposit) 01/12/ % 1.21% 1.13% 0.55% 1.23% 0.57% 0.05% 0.14% 0.08% 0.14% 0.09% 0.03% 0.15% 1.08% 2.32% 2.75% 1.15% 0.05% 0.46% 1.12% 3.61% 7.5% 7.4% 7.2% 7.1% 7.1% 6.9% 6.3% To be environmental friendly, electronic version can be downloaded from our website.

2 3rd Quarter 2015 The investment objective is to achieve long term capital growth. In mid-august, the People s Bank of China surprisingly announced reforms to its daily CNY (onshore RMB) mid-point fixing mechanism. Under the new mechanism, the CNY was expected to be more market-determined. RMB (especially offshore) plummeted sharply within few days after the announcement. Investors were worried that RMB s depreciation manifested the Chinese economy was much weaker than expected. Thus, stocks dropped drastically. Moreover, a series of disappointing data in Q3 raised concerns around the health of China's economy, thus the stocks performed weak throughout the quarter. Hang Seng Index lost 20.59% in Q3, closing at Although the outlook of Chinese economy was still gloomy, the low valuation of Hong Kong stock market had already reflected such factor to a certain extent. PE ratio of Hang Seng Index, which was very rarely below 8 times over the last 40 years, was currently around 9 times, thus we are not too pessimistic in this regard. The Fed kept the interest rate on hold between 0% 0.25% in the FOMC meeting in mid-sept. The Fed Chair, Janet Yellen, cited the global slowdown and low inflation levels as the primary reasons for the Fed s decision. Dovish comment from Fed dragged down the bond s yield, but we believed the interest rate was still in long-term uptrend. HK$751.4 HK$ % -0.54% 0.47% 1.82% 1.83% 1. HK Government Bond 1.47% 02/19 2. HK Government Bond 2.93% 01/20 3. LINKFIN 3.73% 01/17 4. Chong Hing Bank (Deposit) 5. CCBL Funding Plc 3.2% 11/15 6. Bank of China/Luxembourg 3.50% 05/17 7. Export Import Bank China 3.35% 06/17 8. Agricultural Development Bank China 3.50% 01/17 9. HKCGAS Finance Ltd 1.4% 04/ Citi HKD -1.51% 0.33% 0.35% 4.63% -3.66% 1.54% 2.54% -5.73% 10.17% 10.64% -0.17% 1.26% 3.68% 2.51% -0.99% Bank Deposits 18.7% 18.0% 63.3% 1.65% 5.6% 4.7% 4.4% 4.4% 3.7% 3.5% 3.4% 3.2% 3.2% 3.1% 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. 31 Dec, and in no event shall the Guaranteed Rate of Return be lower than 1% p.a. The fund includes a pre-announcement mechanism. Please refer to the Principal Brochure of BCOM Joyful Retirement MPF Scheme for further information and details. Where participation in the Fund is 60 months or less, 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 2014 is 1% p.a. The objective of the Fund is to achieve steady growth over the long term through investment in a portfolio of global bonds. Following agreement in July of a third Greek bailout government bond markets focused on the timing of the first hike in US interest rates. Strong US jobs data increased speculation that the US Federal Reserve (Fed) might hike interest rates in September. However, following a significant increase in the volatility of commodity and emerging markets the Fed choose not to hike, albeit while still leaving themselves the option to raise rates later this year. Government bonds rallied as a result, while corporate bonds came under pressure. According to data from Merrill Lynch, Bunds returned 1.8%, Gilts returned 3.3% and US Treasuries returned 1.9% (Local currency total returns). HK$ HK$ % Dollar Bloc 27.3% Europe 32.8% Cash & Others 5.9% 2.64% 19.0% Other Asia 2.1% -0.18% Japan 11.6% 1.36% 1. Japan Government Bond 2.3% 03/26 2. Bonos Y Oblig Del Estado 5.85% 01/22 3. Canadian Government Bond 09/17 4. US Treasury Note/Bond 1% 08/19 5. Gilts - United Kingdom 4.25% 06/32 6. Irish Treasury 3.4% 03/24 7. Gilts - United Kingdom 1.75% 01/17 8. Buoni Poliennali Del Tes 06/25 9. Japan Government Bond 2.5% 09/ Government Bond Float 06/ % 2.71% -2.50% 4.42% 2.98% 0.10%ˆ Others 1.3% 1.48% 4.1% 3.3% 2.6% 2.5% 1.8% 1.8% ˆ

3 3rd Quarter 2015 The investment objective of the Fund is to achieve a long-term return in excess of Hong Kong price inflation as measured by the Consumer Price Index Type A. It was another volatile quarter for global equities as markets fretted about the extent of the economic slowdown in China and the rest of the emerging world, and what that might mean for global growth. The third quarter was broadly positive for global bonds, as commodity price weakness and fears over global economic growth led investors to seek out perceived safe-havens. Global government bond yields were almost universally lower in the third quarter. Investment grade corporate bonds inched into positive territory, although high yield bonds struggled. The outlook for equity markets remains finely balanced. While there are a number of factors that provide cause for concern, company fundamentals generally remain robust and recent volatility provides attractive entry points for companies with solid fundamentals that have been unduly sold off. In our last quarterly outlook, we noted that the Greek crisis had affected sentiment more than economic fundamentals, and this has continued to be the case in Q3. However, we also noted that China s gradual but persistent economic deterioration, and the volatility which had begun to harry markets by the end of Q2, could yet become more significant issues for bond markets in This sentiment has since been reflected by both Fed Chair Janet Yellen and BoE Governor Mark Carney. HK$366.9 HK$ % 1.78% -3.98% 1.20% 1.94% 3.35% 5.13% 5.05% 4.82% 1.78% 1. HSBC Holdings Plc 2. Tencent Holdings Ltd 3. China Mobile Ltd 4. US Treasury Note/Bond 1.375% 06/18 5. US Treasury Note/Bond 3.125% 11/41 6. China Construction Bank Corp 7. AIA Group Ltd 8. HK Government Bond 0.55% 12/22 9. Government Bond 1.32% 12/ Industrial & Commercial Bank of China -4.14% 0.96% 5.18% 11.03% -5.15% 8.75% 21.08% % 13.40% 10.21%ˆ Europe 9.9% Japan 6.4% Cash 8.2% US 9.6% Asia (ex HK ex Japan) 6.9% 14.8% 44.2% 1.1% 1.0% 1.0% 0.8% 0.8% 0.8% 0.7% 0.7% ˆ The investment 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). Please refer to the Commentary on BCOM Stable Growth (CF) Fund. HK$263.0 HK$ % 1.80% -5.12% 2.24% 2.72% 3.83% 2.77% 7.48% 6.79% 4.99% 4.60% 4.77% 5.46% -5.35% 1.20% 8.72% 14.10% -8.02% 10.54% 31.02% % 17.09% 13.98% Europe 14.1% Japan 8.9% US 13.7% Cash 6.6% Asia (ex HK ex Japan) 9.6% 25.9% 2 1. HSBC Holdings Plc 2. Tencent Holdings Ltd 3. China Mobile Ltd 4. China Construction Bank Corp 5. AIA Group Ltd 6. Industrial & Commercial Bank of China 7. China Life Insurance Co Ltd 8. China Pacific Insurance Group Co Ltd 9. US Treasury Note/Bond 1.375% 06/ CK Hutchison Holdings Ltd 1.6% 0.7% 0.6% 0.6% ˆ

4 3rd Quarter 2015 The Fund aims to maximize long term overall returns by investing primarily in global equities. Global equities declined in the third quarter of Although developed markets still outperformed the emerging economies, all regions were adversely impacted by a few major events throughout the quarter: the tumbling stock market and unexpected Yuan depreciation in China; the slump in commodity prices; the Volkswagen emission scandal; and the uncertain US Federal Reserve (US Fed) policy outlook. The MSCI All-Country Index was down by 9.9% (in USD terms), with Asia being the region with the worst impact. China remained a big risk factor for equity investors in the third quarter of Starting from the end of June, the correction in China s equity market was a key negative catalyst as the Shanghai Composite Index fell more than 30% in only three weeks. Officials in China rolled out steps to prevent a full-blown stock market crash, but they were unable to calm investors. Then, in August, the People s Bank of China (PBoC) surprisingly depreciated the renminbi (RMB), which led to a slump in emerging market currencies. In the US, media stocks suffered a sell-off as viewers shifted from cable TV to internet-based services. The Nasdaq Biotech Index suffered a seven-day sell-off as the market was concerned about a potential drug price regulation proposed by presidential candidate Clinton. Weak metal prices slammed the global mining sector. HK$ % HK$ % 16.18% 16.97% % 11.20% Other 2.0% Other Asia 9.0% North American 20.0% Japan 13.0% 11.14% Net Liquidity 2.0% Europe 15.0% 1.87% -8.33% 2.51% 2.06% 1.80% 39.0% 1. Industrial and Commercial Bank of China H 2. CK Hutchison Holdings Ltd 3. China Mobile Ltd 4. Bank of China Ltd H 5. Cheung Kong Property Holdings Ltd 6. Ping An Insurance (Group) Co of China Ltd H 7. Roche Holdings-Genusschein 8. Tencent Holdings Ltd 9. Sony Corp 10. China Construction Bank H 31.68% %22.97% 7.78%ˆ 4.3% 4.0% 3.6% 3.4% 2.9% 2.4% 2.3% ˆ The objective of the Fund is to achieve capital growth over the long-term by investing in Asian equity markets. After a difficult month for global equities in August, September did not offer much reprieve for investors. Risk assets continued to decline amid a delayed Fed rate hike, weak economic data in China, and an ongoing decline in commodity prices. Absolute performance in the third quarter of 2015 was the worst since the third quarter of On a related note, emerging markets relative performance versus developed markets was the worst since the third quarter of Investors took a risk-off approach selling emerging markets equities and buying U.S. dollars. In the third quarter, Emerging Asia equity funds had redemptions of US$13.7 billion. Central bankers in Asia for the most part stayed out of the markets and allowed the currency markets to adjust to this new reality. As a result, every Emerging Asia currency and equity market was weaker in the third quarter. Korea was down 11.8% for the quarter, dragged down by the cyclical sectors (industrials, materials, and energy), as well as a 6.3% depreciation of the currency. In Taiwan, the central bank tried to be supportive and cut rates 12.5bp to 1.75% while the currency depreciated 7%. However, the weakening outlook for technology, especially memory chips and handset demand, pulled that market down 16.4%. Recent weakness in the China stock market is mainly due to investors concern on China's macroeconomic growth prospects and further RMB depreciation. The uncertainty over China s economic growth will likely linger, therefore, we remain cautious on China until we can see a clear sign of growth stabilization. We may see a technical rebound in the near term as the current valuation is cheap and the government continued to launch policy measures, i.e. first home down payment reduction and tax cut for small vehicles. HK$ HK$ % -1.30% 0.82% 3.24% 12.11% 2.01% -9.24% -0.42% 24.31% % 18.07% 62.61% % 37.02% 8.13%ˆ Taiwan 20.0% Singapore Malaysia 0.4% Thailand C ash & Time Deposits China 2 % Korea India 19.5% Indonesia 15.9% 0.1% 1. Taiwan Semiconductor Manufacturing Co Ltd 2. Tencent Holdings Ltd 3. China Mobile Ltd 4. China Construction Bank Corp-H 5. Samsung Electronics Co Ltd 6. CK Hutchison Holdings Ltd 7. Fubon Financial Holding Co Ltd 8. Infosys Ltd - SP ADR 9. Korea Electric Power Corp 10. Aurobindo Pharma Ltd 4.3% 3.3% 3.0% 1.9% 1.9% 1.8% 1.6% ˆ

5 3rd Quarter 2015 The investment objective is to provide investment results that closely correspond to the performance of the Hang Seng Index. RMB turned weak after the People s Bank of China surprisingly announced reforms to its daily CNY (onshore RMB) mid-point fixing mechanism in mid-august. Investors were concerned that RMB s depreciation manifested the Chinese economy was much weaker than expected. Thus, stocks plummeted in Q3. Hang Seng Index lost 20.59% in Q3, closing at Although the market sentiment was pessimistic, the low valuation should provide support to stock market. Moreover, the draft of China's 13th 5-year Plan would be unveiled at the 5th Plenum of CPCCC meeting in late October, the Plan may involve some stimulus packages expected to be positive to stock markets. Furthermore, in the latest FOMC meeting, we saw the Fed was more dovish than expected, it improved the market sentiment. HK$ HK$ /09/ % 2.28% 0.53% -6.07% 3.57% 2.01% 1.03% 1.66% 3.28% -9.50% 3.94% 4.99% 24.41% % 5.05% 4.96%ˆ Utilities 5.2% Consumer Goods 3.6% Conglomerates 6.2% Consumer Services Energy 6.3% Telecommunications 9.0% Information Technology 1 Industrials 0.4% Financials 44.5% Properties & Construction % 1. Tencent Holdings Ltd 2. HSBC Holdings Plc 3. China Mobile () Ltd 4. AIA Group Ltd 5. China Construction Bank Corp 6. Industrial & Commercial Bank of China Ltd 7. CK Hutchison Holdings 8. Bank of China Ltd 9. Exchange & Clearing Ltd 10.2% 9.8% 8.2% 6.3% 4.8% 2.9% 2.9% 10. Ping An Insurance (Group) Co of China, Ltd Hang Seng Index performance is calculated as a total return with dividend reinvested, net of PRC withholding tax. ˆ The objective of the Fund is to achieve capital growth over the long-term by investing mainly in equity markets. In the third quarter, the Hang Seng Index was down 19.79%. Utilities, telecommunication services and industrials were the top performing sectors, while the materials, energy and financials lagged during the quarter. PMI rose to 45.7 in September, up from 44.4 in August, but still indicating a contraction in the private sector. Inflationary pressures look contained amid the softening global commodity prices. The final reading of China s Sep Markit PMI was revised up slightly from 47.0 to 47.2, but still the lowest reading since Q The official PMI was better than expected at 49.8 in September, up from 49.7 in August. The marginal improvement was mainly due to large-sized firms, as small and medium-sized enterprises have to wait longer to feel the impact of policy easing than large firms. Uncertainty will likely remain for s external environment in the 4th quarter. The recovery of external demand from developed market may not be enough to offset the slowdown in demand from China. Meanwhile, s domestic consumption, which has been resilient in 1H15, may be impacted by financial market volatility beginning in the second half. Therefore, we expect to see that s economic growth continues to slow down. Recent weakness on China stock market is mainly due to investors concern on China's macroeconomic growth prospects and further RMB depreciation. The uncertainty over China s economic growth will likely linger for a while, therefore we remain cautious on China until we can see a clear sign of growth stabilization. HK$ Materials 1.0% Information Technology 7.9% Industrials 8.1% Health Care 1.1% HK$ /10/07 Telecommunication Cash & Time Consumer Services Discretionary Deposits 6.8% 7.4% Utilities 2.8% 9.1% 15.73% 1.93% Consumer Staples Financials 51.9% -8.64% 2.24% 9.46% 24.64% %16.60% -6.90% 3.83% 1.39% -1.33% Energy 63.84% % -6.09%ˆ 1. HSBC Holdings Plc 7.5% 2. Tencent Holdings Ltd 5.3% 3. AIA Group Ltd 4.7% 4. China Mobile Ltd 4.4% 5. CK Hutchison Holdings Ltd 4.3% 6. China Construction Bank Corp-H 3.7% 7. Sun Hung Kai Properties Ltd 8. Industrial & Comm Bank of China Ltd-H 9. Cheung Kong Property Holdings Ltd 2.5% 10. Power Assets Holdings Ltd 2.4% ˆ

6 3rd Quarter 2015 The objective of the Fund is to achieve long term capital growth by investing mainly in Greater China-related equities. The third quarter has been very tough for Greater China equities. The Shanghai Composite posted a 28.6% quarterly loss, closing off on 30 September 2015 more than 40% from its 12 June 2015 record high. Fear spread over to the equity market, leading to decline of lesser extent, but still erasing the gains accumulated over the past one year. The corrections in Chinese equity market were related to the miscommunications by the Chinese government, including the badly timed Renminbi (RMB) depreciation, which led to rising fear of a currency war by China. The authority s interventions in the onshore equity market to halt 50% of the stocks from trading were also interpreted by investors as a step back in financial reform progress. Misleading policies, together with weak macro-economic data, have led to significant capital outflows from the Chinese equity markets, especially listed H-shares, which are freely accessible by international investors. On the other hand, policymakers in China have been steadily rolling out many different stimulus measures, including interest rate cuts, reserve requirement ratio (RRR) cuts, targeted infrastructure spending and favourable property policies. HK$ HK$ % 15/11/ % -5.73% 4.75% 0.14% -8.50% 3.17% 13.68% 15.63% % 1.39%ˆ Net Liquidity 4.0% Taiwan 23.0% 20.0% China 53.0% 1. Industrial and Commercial Bank of China H 2. Ping An Insurance (Group) Co of China Ltd H 3. Exchanges and Clearing Ltd 4. Tencent Holdings Ltd 5. China Mobile Ltd 6. Taiwan Semiconductor Manufacturing Co Ltd 7. Sun Hung Kai Properties Ltd 8. PCCW Ltd 9. China Merchants Bank Co Ltd H 10. Advantech Co Ltd 5.4% 5.0% 4.7% 4.2% 4.1% 3.8% 3.4% 3.1% 3.1% 2.8% ˆ The objective of the Fund is to achieve capital growth over the long-term by investing mainly in China-related equities. In the 3rd quarter, MSCI MPF China Index was down 22.84%. Telecommunication Services, Health Care and Utilities were the top performing sectors, while Energy, Materials and Financials sectors lagged during the quarter. The final reading of the Sep Markit PMI was revised up slightly from 47.0 to 47.2, but still the lowest reading since Q The official PMI was better than expected at 49.8 in September, up from 49.7 in August. The marginal improvement was mainly due to large-sized firms, as small and medium-sized enterprises have to wait longer to feel the impact of policy easing than large firms. Fixed investment, industrial production, Industrial profits and import growth were weaker than consensus in August, while retail sales and export growth remained stable. CPI increased to 2.0% YoY driven by food prices, while PPI widened to -5.9%, pointing to an accelerating de-capacity process. Recent weakness on China stock market is mainly due to investors concern on China's macroeconomic growth prospects and further RMB depreciation. The uncertainty over China s economic growth will likely linger for a while, therefore we remain cautious on China until we can see a clear sign of growth stabilization. We may see some technical rebound in the near term as the current valuation is very cheap and government continued to launch policy measures i.e. 1st home down payment reduction and tax cut for small vehicles. In term of sectors, we gradually added sectors such as property and auto which will benefits from the recent supporting measures. HK$ HK$ % 1.93% -7.82% 4.12% -0.75% 0.71% 01/06/ % 7.69% 5.15% 19.81% % 8.51% 66.54% %ˆ Utilities Cash & Time Deposits 5.4% 2.4% Telecommunication Services 11.3% Materials Information Technology 12.2% Financials Industrials 41.0% 9.3% Health Care Consumer Discretionary 7.3% Consumer Staples 1.3% Energy 7.2% 1. Tencent Holdings Ltd 9.3% 2. China Mobile (HK) Ltd 9.2% 3. China Construction Bank Corp-H 8.4% 4. Industrial & Comm Bank of China-H 6.1% 5. Bank of China Ltd-H 6. Ping An Insurance Group Co of China Ltd-H 3.1% 7. China Petroleum & Chemical Corp-H 3.1% 8. China Life Insurance Co Ltd-H 2.8% 9. China Taiping Insurance Holdings Co Ltd 2.3% 10. China Overseas Land & Investment Ltd 2.2% ˆ 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 Hong Kong dollar savings account with deposit amount of $120,000. 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. Other sources: Bank of Communications Trustee Limited Issued by: Bank of Communications Trustee Limited