FIDELITY RETIREMENT SERVICES

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1 FIDELITY RETIREMENT SERVICES Performance Update MARKET REVIEW AND OUTLOOK JUNE Major Market Indices Overseas investors continue to exert a dominant influence on the Japanese market. Nevertheless, Japanese shares look attractive against a number of valuation measures and the fact that the prospective dividend yield now exceeds long-term interest rates could attract domestic buyers cqpb=tçêäç=bìêçéé eçåö=hçåö=e~åö=péåö jp`f=^`=m~åáñáå=éñ=g~é~å=éñ=eçåö=hçåö Source: Micropal, as of May 31, 25, in USD. káââéá=oor=píçåâ=^îéê~öé `áíá=tçêäç=dçîéêåãéåí=_çåç pcm=rmm=`çãéçëáíé Among the larger markets, Hong Kong was the only one to finish the month lower, with the Hang Seng Index declining by.3. Interest-rate sensitive sectors underperformed, as the territory s monetary authorities reacted to speculative currency trading by pushing prime rates higher and broadening the trading band of the Hong Kong and US dollars. Asia Pacific equities generally posted gains over the month. Confidence in the region s stock markets improved in light of benign inflation data, which suggested that earlier fears of sharply higher interest rates were overstated. Investors were also encouraged by an upward revision to US economic growth for the first quarter of the year. The Korean market staged a sharp rebound, with the weighted index rising by 6.5 in May. Technology sectors were amongst the best performers during a month in which Intel, the US chip giant, upgraded its first quarter profile figures and reported rising demand for a number of key products. In Taiwan, the TWSE Index returned 3.3. Technology stocks led the way, as news of the launch of ground-breaking processor technology cheered investors. China continues to dominate the near-term outlook. Speculation over a revaluation of its currency is likely to have ramifications for other economies, most notably that of Malaysia. We have also yet to see whether austerity measures to control mainland China s property market will have broader economic implications. Japanese equities made modest gains during May, lagging most other developed markets. Despite the release of better-than-expected first-quarter GDP growth and consensus-beating corporate results, investors remained concerned about the sustainability of economic growth and company profits. A recovery in US technology stocks supported their Japanese counterparts in the electrical-machinery and precision-instruments sectors. In contrast, commodity shares performed poorly. Economic data were generally positive in May. First-quarter real GDP expanded at an annualised rate of 5.3, supported by growth in consumption and capital investment. Unemployment dropped to a six-year low of 4.4 and both wages and consumer confidence improved. Despite a renewed rise in oil prices above $5 per barrel during May, equities in the US ended higher, thanks in part to generally positive economic news, particularly on inflation. The economy benefited from stronger consumer spending and improved trade abroad. The Commerce Department also revealed that orders for durable goods rose in April by the greatest amount in five months. The US stock market is likely to continue being influenced by a number of factors, notably oil prices, economic growth and inflation data. Consumer confidence and a strong housing market remain key supports for the recovery, despite recent hikes in interest rates. European equities surged in May, with investors cheered by increasing levels of cross-border corporate activity, particularly in the financial sector. The Italian bank Unicredito and its German counterpart HVB announced that they were in talks to merge. The German stock market also received a boost from the government s decision to hold an early election, amid speculation that a new administration would prove more capable of introducing businessfriendly reforms. In the UK, stocks advanced, with the FTSE All Share returning 3.9. However, there were a number of signs that the economy was slowing. Quarter-on-quarter growth estimates for the first three months of 25 were revised down from.6 to.5. The focus for investors has recently shifted from weak economic data to more positive developments. This includes the growing possibility of a cut in interest rates by the European Central Bank to stimulate growth, as European business confidence has fallen to a 21-month low. All the major bond markets gained in May, with investors in the US encouraged by signs of quieter inflation, while European fixed-income securities benefited from further indications of economic weakness in both the UK and the Continent. US government bonds (treasuries) rose by 1.2. Concerns that high oil prices would slow future growth also helped treasuries. Prices for European government bonds climbed by 1.1 in May, amid further poor unemployment and economic growth data. Some investors believed that the ECB would be forced to lower rates before the end of the year, sparking a bond rally. UK government bonds (gilts) strengthened as well, rising by 1.7 amid signs of stagnating house prices and weaker retail sales. Japanese government bonds were almost flat in May achieving a very marginal gain of only.4. Fidelity Retirement Hotlines For MPF members For ORSO members With HSBC Institutional Trust Services (Asia) Limited as administrator With other administrators Fidelity Website WHERE 2 MILLION INVESTORS PUT THEIR TRUST

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3 FIDELITY ADVANTAGE PORTFOLIO FUND As of May 31, 25 "#$&'!"#"$&'( Hong Kong Equity Fund "# Fund Manager : Ignatius Lee Fund Size = : HK$13.6M"# Fund Price & Cumulative Performance = Class Performance =(HK$) " = " 3/6/23 HK$77.89 "# /6/23 HK$ /6/23 HK$ Fund Asset Allocation = 2.29 " Top 5 Holdings = HSBC Holdings Plc (HK) 9.49 Hutchison Whampoa Ltd Cheung Kong Holdings Ltd Sun Hung Kai Properties Ltd " Petro China Co. Ltd. CL H 5.86 "#$&'()* Global Equity Fund "# Fund Manager : Pek Ng Fund Size = : US$34.42M"# Fund Price & Cumulative Performance = Class "# Performance =(US$) " = " 3/6/23 US$ /6/23 US$ /6/23 US$ Fund Asset Allocation = "#$ Top 5 Holdings = Exxon Mobile Corp General Electric Co Pfizer Inc Microsoft Corp Wal Mart Stores Inc Growth Fund Fund Manager : Pek Ng Fund Size = : US$336.56M"# Fund Price & Cumulative Performance = Class "# Performance =(US$) " = " 16/1/1995 US$ /1/1995 US$ /3/22 US$ Fund Asset Allocation ="# ~ë=çñ= PNLMPLOMMR Top 5 Holdings ="# ~ë=çñ= PNLMPLOMMR "#$ 2.61 " HSBC Holdings Plc (HK) 2.81 Hutchison Whampoa Ltd Cheung Kong Holdings Ltd Sun Hung Kai Properties Ltd " Petro China Co. Ltd. CL H 1.43 "#$&'()* Balanced Fund Fund Manager : Pek Ng Fund Size = : US$684.2M"# Fund Price & Cumulative Performance ="#$& Performance =(US$) Class " "# = " 16/1/1995 US$ /1/1995 US$ /3/22 US$ Fund Asset Allocation ="# ~ë=çñ= PNLMPLOMMR Top 5 Holdings ="# ~ë=çñ= PNLMPLOMMR " "#$ HSBC Holdings Plc (HK) 2.25 Hutchison Whampoa Ltd Cheung Kong Holdings Ltd Sun Hung Kai Properties Ltd " Petro China Co. Ltd. CL H 1.15 "#$&'()* Stable Growth Fund "# Fund Manager : Pek Ng Fund Size = : US$182.11M"# Fund Price & Cumulative Performance = Class "# Performance =(US$) " = " 31/5/1997 US$ /5/1997 US$ /3/22 US$ Fund Asset Allocation = " Top 5 Holdings = HSBC Holdings Plc (HK) 1.57 Germany Repub /4/ Hypobk Esse /11/8 Regs Hutchison Whampoa Ltd "#$ 9.48 France OAT 3.5 4/25/ Investment involves risks. Past performance is no guarantee of future returns. Please refer to the Explanatory Memorandum of Fidelity Advantage Portfolio Fund or the Principal Brochure of Fidelity Retirement Master Trust for details. Unless otherwise stated, all performance data are from Fidelity Investments, NAV to NAV. Investment in the Fidelity Advantage Portfolio Fund is not available to the general investing public. Investment in the Fidelity Advantage Portfolio Fund is available only to ORSO and MPF retirement benefit schemes, their related Approved Pool Investment Funds, institutions, high-net-worth individuals, or those individuals who have recently been or still are members of an ORSO or MPF retirement benefit scheme. If you are an individual retail investor who is not a current member of an ORSO or MPF retirement benefit scheme wishing to invest your accrued benefits and want to invest in Fidelity managed funds, please contact Fidelity for further details about our other ranges of investment funds, which are available to the general investing public.

4 ORSO "# Capital Stable Fund "# Fund Manager : Pek Ng Fund Size = : US$247.91M"# Fund Price & Cumulative Performance = Class "# Performance =(US$) " = " 16/1/1995 US$ /1/1995 US$ /3/22 US$ Fund Asset Allocation = "#$ 9.75 " Top 5 Holdings ="# ~ë=çñ= PNLMPLOMMR Germany Repub /4/ Hypobk Esse /11/8 Regs 1.75 France OAT 3.5 4/25/ France OAT 8.5 4/25/ Depfa ACS MTN /2/ Hong Kong Bond Fund "# Fund Manager : Andrew Wells Fund Size = : HK$16.56M"# Fund Price & Cumulative Performance ="#$& Class Performance =(HK$) " = " 3/6/23 HK$ "# /6/23 HK$ /6/23 HK$ Fund Asset Allocation = 22.1 " Hong Kong Top 5 Holdings ="# ~ë=çñ= PNLMPLOMMR Hong Kong /18/ Hong Kong Govt /22/ Hong Kong /17/ Hong Kong 6.8 7/3/ Hong Kong 4.5 5/27/ World Bond Fund "# Fund Manager : Andrew Wells Fund Size = : US$1.26M"# Fund Price & Cumulative Performance = Class Performance =(US$) " = " 3/6/23 US$ "# /6/23 US$ /6/23 US$ Fund Asset Allocation = " Global Top 5 Holdings ="# ~ë=çñ= PNLMPLOMMR Germany Repub /4/ Hypobk Esse /11/8 Regs 3.33 France OAT 3.5 4/25/ France OAT 8.5 4/25/ Depfa ACS MTN /2/ US Dollar Money Fund "# Fund Manager : Andrew Wells Fund Size = : US$165.18M"# Fund Price & Cumulative Performance = Class "# Performance =(US$) " = " 8/3/1995 US$ /3/1995 US$ /3/22 US$ Fund Asset Allocation = USD Fixed Deposits "# USD Money Market Instruments "#$ US Interest Rate & Bond Yield ="#$& 9 US Treasury 8 1-Year Benchmark Bond 7 "#$ US Treasury 2 3-month Discount Rate 1 "# Source "Thomson Financial Datastream HK Dollar Money Fund "# Fund Manager : Andrew Wells Fund Size = : HK$377.2M"# Fund Price & Cumulative Performance = Class "# Performance =(HK$) " = " 24/6/1998 HK$ /6/1998 HK$ /3/22 HK$ Fund Asset Allocation = 4.41 HKD Fixed Deposits "# HKD Money Market Instruments "#$ Hong Kong Interest Rate = Hong Kong Deposit 3-month - Middle Rate "#$&' Source "Thomson Financial Datastream "#$&'()*+,-./1) :;<=>?&@ABC:;DEFGHI)JK&@AB$LMN@A4OP&QR:;ST4,UVWXYZ$ "#$&'("#)*+,-"#./12"#$&' :;<=>'89:;?@AB(CDEF"#&'?GH"#I?.J"#KL2MNOPQMRS6 "#$&!"'()*+,-./123)*4567"#$&!"89:'(;<=>?@8ABCD)*EFGHI8J&;KLMFG;NOPQRS)*TU "#$&'()*+,-&./

5 FIDELITY RETIREMENT MASTER TRUST As of May 31, 25 "#$!"#"$&'( Hong Kong Equity Fund "# Fund Manager : Ignatius Lee Fund Size = : HK$814.17M"# Fund Price & Cumulative Performance =!" Performance = " HK$ Fund Asset Allocation = 2.29 " Top 5 Holdings = HSBC Holdings Plc (HK) 9.49 Hutchison Whampoa Ltd Cheung Kong Holdings Ltd Sun Hung Kai Properties Ltd " Petro China Co. Ltd. CL H 4.62 "#$&'()* Global Equity Fund "# Fund Manager : Pek Ng Fund Size = : HK$156.55M"# Fund Price & Cumulative Performance = 3/6/23!" Performance = " HK$ Fund Asset Allocation = " Other Asia Pacific Equities "#$ Top 5 Holdings = Exxon Mobile Corp General Electric Co Pfizer Inc Microsoft Corp Wal Mart Stores Inc Growth Fund Fund Manager : Pek Ng Fund Size = : HK$1,338.23M"# Fund Price & Cumulative Performance =!" Performance = " HK$ Fund Asset Allocation = "#$ " Top 5 Holdings = HSBC Holdings Plc (HK) 2.81 Hutchison Whampoa Ltd Cheung Kong Holdings Ltd Sun Hung Kai Properties Ltd " Petro China Co. Ltd. CL H 1.43 "#$&'()* Balanced Fund Fund Manager : Pek Ng Fund Size = : HK$1,49.24M"# Fund Price & Cumulative Performance =!" Performance = " HK$ Fund Asset Allocation = " "#$ Top 5 Holdings = HSBC Holdings Plc (HK) 2.26 Hutchison Whampoa Ltd Cheung Kong Holdings Ltd Sun Hung Kai Properties Ltd " Petro China Co. Ltd. CL H 1.15 "#$&'()* Stable Growth Fund "# Fund Manager : Pek Ng Fund Size = : HK$759.52M"# Fund Price & Cumulative Performance =!" Performance = " HK$ Fund Asset Allocation = 4.63 " "#$ 9.71 Top 5 Holdings = HSBC Holdings Plc (HK) 1.58 Germany Repub /4/ Hypobk Esse /11/8 Regs 1.3 Hutchison Whampoa Ltd France OAT 3.5 4/25/

6 MPF " Capital Stable Fund "# Fund Manager : Pek Ng Fund Size = : HK$57.66M"# Fund Price & Cumulative Performance =!" Performance = " HK$ Fund Asset Allocation = " "#$ Top 5 Holdings ="# ~ë=çñ= PNLMPLOMMR Germany Repub /4/ Hypobk Esse /11/8 Regs 1.75 France OAT 3.5 4/25/ France OAT 8.5 4/25/ Depfa ACS MTN /2/ Hong Kong Bond Fund "# Fund Manager : Andrew Wells Fund Size = : HK$22.96M"# Fund Price & Cumulative Performance =!" Performance = " Fund Asset Allocation = 22.1 " Top 5 Holdings ="# ~ë=çñ= PNLMPLOMMR Hong Kong /18/ Hong Kong Govt /22/ Hong Kong /17/ /6/23 HK$ Hong Kong Hong Kong 6.8 7/3/ Hong Kong 4.5 5/27/ World Bond Fund "# Fund Manager : Andrew Wells Fund Size = : HK$65.38M"# Fund Price & Cumulative Performance =!" Performance = " Fund Asset Allocation =.9 " Top 5 Holdings ="# ~ë=çñ= PNLMPLOMMR Germany Repub /4/ Hypobk Esse /11/8 Regs 3.33 France OAT 3.5 4/25/ /6/23 HK$ Global France OAT 8.5 4/25/ Depfa ACS MTN /2/ Capital Preservation Fund Fund Manager : Andrew Wells Fund Size = : HK$731.28M"# Fund Price & Cumulative Performance =!" Performance = " Fund Asset Allocation = 4.41 HKD Fixed Deposits "# Hong Kong Interest Rate = Hong Kong Deposit Call - Middle Rate "#$& 3 HK$ HKD Money Market Instruments "#$ Source!"Thomson Financial Datastream Investment involves risks. Past performance is no guarantee of future returns. Please refer to the Explanatory Memorandum of Fidelity Advantage Portfolio Fund or the Principal Brochure of Fidelity Retirement Master Trust for details. Unless otherwise stated, all performance data are from Fidelity Investments, NAV to NAV. "#$&'()*+,-./1) :;<=>?&@ABC:;DEFGHI)JK&@AB$LMN@A4OP&QR:;ST4,UVWXYZ$