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1 MPF Monthly Investment Report Master Trust

2 Fidelity - your trusted retirement investment partner Fidelity started Defined Contribution pension solution in Hong Kong in 1989 and we have served Hong Kong s ORSO (Occupational Retirement Schemes Ordinance) since In 0, we extended our retirement product offerings to cover MPF members with a range of MPF funds. Today, we are the largest provider of ORSO Member Choice Defined Contribution schemes in Hong Kong* and also the largest pure investment manager among the top 10 MPF services providers. With our dedicated team of professionals and award-winning services, we aim to offer comprehensive retirement investment solutions to our investors for all their different life stages. The best of Fidelity s expertise would take you through every step of retirement planning and management, starting from enrolment, planning for savings and growth, managing pre-retirement investments, and assisting with each step to retirement and beyond (ORSO) ORSO* Investment Performance Through a rigorous process of research and monitoring, we are committed to delivering consistent and outstanding investment performance. This is the kind of dedication that has helped us win the following industry accolades: Best MPF Group over 3 years Mixed Assets 1 Best Hong Kong MPF Schemes Provider 2 Best MPF Group over 3 years Equity 3 Best Overall Fund Management Firm Asia (for 5 consecutive years) 4 Investment Choice Fidelity offers a comprehensive range of over pension and retail funds across all major asset classes and regions managed by both Fidelity and third party managers. Investment Guidance & Education Fidelity s dedicated investment specialist, targeted education materials and online planning tools offer professional guidance and education to actively help you define, evaluate and reach your retirement investment goals every step of the way. Convenience Investment guidance and premium service are accessible from our investor centre conveniently located at Level 21, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong. Also, with our onestop online portal, accessing and managing your account is possible 24 hours a day from anywhere * Towers Watson Manager Watch, as at 30/12/ /12/2011 Towers Watson MPF Performance Book, as at 30/12/2011.MPF Performance Book30/12/2011 Asia Asset Management Best of the Best Country Awards: Hong Kong Best Client Servicing MPF (2010, 2011).(2010, 2011) 1 Lipper Fund Awards 2012 in Hong Kong AsianInvestor Investment Performance Awards (2010, 2011). AisanInvestor(2010, 2011) 3 Lipper Fund Awards 2011 in Hong Kong Thomson Reuters Extel Asia Pacific Survey (6, 7, 8, 9, 2010). Thomson Reuters Extel(6, 7, 8, 9, 2010) Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited.FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment FIL Limited

3 Contents For Master Trust, please note: You should consider your own risk tolerance level and financial circumstances before making any investment choices. If you have any doubts 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. The MPF Conservative Fund under the Master Trust does not guarantee the repayment of capital. You should not invest based on this document alone and should read the Principal Brochure of Master Trust for further information. Fidelity SaveEasy Funds are not savings deposits and involve investment risks and this product may not be suitable for everyone. Investors should also consider factors other than age and review their own investment objectives. 1-2 Market Review 3 Performance Summary Master Trust Fund Fact Sheets Target-Date Funds Fidelity SaveEasy 2020 Fund Fidelity SaveEasy 2025 Fund Fidelity SaveEasy 2030 Fund Fidelity SaveEasy 2035 Fund Fidelity SaveEasy 2040 Fund Equity Funds 4-18 Master Trust - Fund Fact Sheets 19 Glossary Asia Pacific Equity Fund Global Equity Fund Hong Kong Equity Fund Lifecycle Funds Balanced Fund Capital Stable Fund...13 Growth Fund...14 Stable Growth Fund...15 Bond Funds Hong Kong Bond Fund...16 World Bond Fund Money Market Funds MPF Conservative Fund * Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives. * Fees and charges of MPF conservative funds can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. MPF Conservative Fund under the Master Trust uses method (i) and, therefore, its unit prices / NAV / fund performance have incorporated the impact of fees and charges. () ()()

4 Market Review 1 Asia Pacific (ex. Japan) positive macroeconomic developments, as the monetary board cut interest Japan investors remained net sellers of Japanese stocks, whereas domestic sustained the steepest decline. health care, telecommunication services and consumer staples held up United States investors were cautious and most defensive sectors outperformed cyclicals. Continental Europe approval of a billion bailout for troubled Spanish banks did little and materials, as well as defensive health care and consumer staples companies. United Kingdom Emerging Markets stock markets. met with a muted response. Bond was positive. Source: Monthly Market Review (July), as at 31/7/2012 the risk factors). FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity, Fidelity Worldwide Investment, the

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6 Performance Summary Fund Summary Master Trust As at 31/7/2012 Name of Fund Currency Fund Performance % 3 Months YTD 1 Year 3 Years 5 Years 10 Years Total Return % Target-Date Funds Fidelity SaveEasy 2020 Fund 2020 Fidelity SaveEasy 2025 Fund 2025 Fidelity SaveEasy 2030 Fund 2030 Fidelity SaveEasy 2035 Fund 2035 Fidelity SaveEasy 2040 Fund ~ ~ ~ ~ ~ Equity Funds Asia Pacific Equity Fund Global Equity Fund Hong Kong Equity Fund Lifecycle Funds Balanced Fund Capital Stable Fund Growth Fund Stable Growth Fund Bond Funds Hong Kong Bond Fund World Bond Fund Money Market Funds MPF Conservative Fund* * Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives. * Fees and charges of MPF conservative funds can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. MPF Conservative Fund under the Master Trust uses method (i) and, therefore, its unit prices / NAV / fund performance have incorporated the impact of fees and charges. Source: Fidelity, NAV to NAV, based on denominated currency Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further details including the risk factors. This material is issued by FIL Investment Management (Hong Kong) Limited.

7 Master Trust - Fidelity SaveEasy 2020 Fund 2020 As of 31/7/2012 Fund Descriptor Mixed Assets Fund - Global with initial maximum equities %, as the fund draws closer to its applicable target year, it will have greater exposure to bonds and cash. % Investment Objective The Fund aims to achieve long term capital growth for investors to 2020, to invest typically in a wide range of investments covering markets throughout the world, initially with a greater exposure to equities and thereafter, as the year 2020 is approached, greater exposure to bonds and cash, and to maintain an asset allocation appropriate to achieve a combination of income and long term capital growth as the year 2020 approaches whilst managing the volatility of returns in the short term Fund Details Fund Manager Pek Ng Launch Date 27/10/8 Unit NAV Fund Size HK$ HK$77.41M Risk Indicator (3-Year Standard Deviation) 16.91% Year 2011 Fund Expense Ratio % Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing a country's budget deficit. US equities declined the least, followed by those in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The manager decreased the overall allocation to equities from overweight to underweight and raised the exposure to bonds and cash to overweight amid uncertainties in Europe and slower growth expectations. Within equities, the position in Europe was lowered as markets are likely to remain volatile over the short to medium-term. Meanwhile, the manager retained a bias towards US equities as companies continue to have healthy balance sheets and high net cash balances. arise from a tough macroeconomic backdrop. Similarly, the stake in Japanese equities was retained as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the contained inflation and strong fiscal stance in the region allows central banks to stimulate their economies if needed. Fund Performance % -4.27% -9.56% 10.58% % N/A N/A -9.56% 3.41% % 1 N/A N/A 0.54% -0.36% % (%) /0802/0906/0910/0902/6/1010/2/1106/1110/1102/6/12 Top 10 Holdings HSBC HOLDINGS PLC 3.11% CHINA MOBILE LTD 2.43% AIA GROUP LTD 1.79% TENCENT HOLDINGS LIMITED 1.69% CNOOC LTD 1.62% CHINA CONSTRUCTION BANK CORP H SHRS H 1.19% APPLE INC 1.13% CHINA OVERSEAS LAND & INVESTMENT LTD 1.04% INDUSTRIAL & COM BK OF CHINA H SHRS H 0.95% PING AN INSURANCE CO LTD H SHRS H 0.95% TOTAL 15.90% Fund Annual Performance % % % 8~ 7.96% Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 31.76% JAPANESE EQUITY FUNDS 11.54% ASIA PACIFIC EQUITY FUNDS* * 12.68% AMERICAS EQUITY FUNDS 19.07% EUROPEAN EQUITY FUNDS 16.46% GLOBAL BOND FUNDS 8.67% HONG KONG BOND FUNDS 0.01% CASH & OTHERS -0.19% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 4

8 Master Trust - Fidelity SaveEasy 2025 Fund 2025 As of 31/7/2012 Fund Descriptor Investment Objective Fund Details Fund Manager Launch Date Unit NAV Fund Size Risk Indicator (3-Year Standard Deviation) 17.53% Year 2011 Fund Expense Ratio % Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing a country's budget deficit. US equities declined the least, followed by those in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The manager decreased the overall allocation to equities from overweight to underweight and raised the exposure to bonds and cash to overweight amid uncertainties in Europe and slower growth expectations. Within equities, the position in Europe was lowered as markets are likely to remain volatile over the short to medium-term. Meanwhile, the manager retained a bias towards US equities as companies continue to have healthy balance sheets and high net cash balances. arise from a tough macroeconomic backdrop. Similarly, the stake in Japanese equities was retained as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the contained inflation and strong fiscal stance in the region allows central banks to stimulate their economies if needed. Fund Performance 6.48% -4.49% % 10.47% % N/A N/A % 3.37% % 1 N/A N/A 0.49% -0.54% % (%) /0802/0906/0910/0902/6/1010/2/1106/1110/1102/6/12 Top 10 Holdings HSBC HOLDINGS PLC 3.28% CHINA MOBILE LTD 2.56% AIA GROUP LTD 1.89% TENCENT HOLDINGS LIMITED 1.78% CNOOC LTD 1.71% CHINA CONSTRUCTION BANK CORP H SHRS H 1.26% APPLE INC 1.19% CHINA OVERSEAS LAND & INVESTMENT LTD 1.09% INDUSTRIAL & COM BK OF CHINA H SHRS H 1.01% PING AN INSURANCE CO LTD H SHRS H 1.00% TOTAL 16.77% Fund Annual Performance % % % 8~ 8.06% Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 33.50% JAPANESE EQUITY FUNDS 12.11% ASIA PACIFIC EQUITY FUNDS* * 13.39% AMERICAS EQUITY FUNDS 20.12% EUROPEAN EQUITY FUNDS 17.57% GLOBAL BOND FUNDS 3.51% HONG KONG BOND FUNDS 0.01% CASH & OTHERS -0.21% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. 1 This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

9 Master Trust - Fidelity SaveEasy 2030 Fund 2030 As of 31/7/2012 Fund Descriptor Mixed Assets Fund - Global with initial maximum equities %, as the fund draws closer to its applicable target year, it will have greater exposure to bonds and cash. % Investment Objective The Fund aims to achieve long term capital growth for investors to 2030, to invest typically in a wide range of investments covering markets throughout the world, initially with a greater exposure to equities and thereafter, as the year 2030 is approached, greater exposure to bonds and cash, and to maintain an asset allocation appropriate to achieve a combination of income and long term capital growth as the year 2030 approaches whilst managing the volatility of returns in the short term Fund Details Fund Manager Pek Ng Launch Date 27/10/8 Unit NAV Fund Size HK$ HK$66.13M Risk Indicator (3-Year Standard Deviation) 17.77% Year 2011 Fund Expense Ratio % Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing a country's budget deficit. US equities declined the least, followed by those in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The manager decreased the overall allocation to equities from overweight to underweight and raised the exposure to bonds and cash to overweight amid uncertainties in Europe and slower growth expectations. Within equities, the position in Europe was lowered as markets are likely to remain volatile over the short to medium-term. Meanwhile, the manager retained a bias towards US equities as companies continue to have healthy balance sheets and high net cash balances. arise from a tough macroeconomic backdrop. Similarly, the stake in Japanese equities was retained as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the contained inflation and strong fiscal stance in the region allows central banks to stimulate their economies if needed. Fund Performance % -4.69% % 10.32% % N/A N/A % 3.33% % 1 N/A N/A 0.38% -0.73% % (%) /0802/0906/0910/0902/6/1010/2/1106/1110/1102/6/12 Top 10 Holdings HSBC HOLDINGS PLC 3.33% CHINA MOBILE LTD 2.60% AIA GROUP LTD 1.92% TENCENT HOLDINGS LIMITED 1.81% CNOOC LTD 1.74% CHINA CONSTRUCTION BANK CORP H SHRS H 1.28% APPLE INC 1.21% CHINA OVERSEAS LAND & INVESTMENT LTD 1.12% INDUSTRIAL & COM BK OF CHINA H SHRS H 1.03% PING AN INSURANCE CO LTD H SHRS H 1.02% TOTAL 17.06% Fund Annual Performance % % % 8~ 7.96% Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 34.06% JAPANESE EQUITY FUNDS 12.43% ASIA PACIFIC EQUITY FUNDS* * 13.72% AMERICAS EQUITY FUNDS 20.43% EUROPEAN EQUITY FUNDS 17.85% GLOBAL BOND FUNDS 1.70% CASH & OTHERS -0.19% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 6

10 Master Trust - Fidelity SaveEasy 2035 Fund 2035 As of 31/7/2012 Fund Descriptor Mixed Assets Fund - Global with initial maximum equities %, as the fund draws closer to its applicable target year, it will have greater exposure to bonds and cash. % Investment Objective The Fund aims to achieve long term capital growth for investors to 2035, to invest typically in a wide range of investments covering markets throughout the world, initially with a greater exposure to equities and thereafter, as the year 2035 is approached, greater exposure to bonds and cash, and to maintain an asset allocation appropriate to achieve a combination of income and long term capital growth as the year 2035 approaches whilst managing the volatility of returns in the short term Fund Details Fund Manager Pek Ng Launch Date 27/10/8 Unit NAV Fund Size HK$ HK$71.53M Risk Indicator (3-Year Standard Deviation) 17.90% Year 2011 Fund Expense Ratio % Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing a country's budget deficit. US equities declined the least, followed by those in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The manager decreased the overall allocation to equities from overweight to underweight and raised the exposure to bonds and cash to overweight amid uncertainties in Europe and slower growth expectations. Within equities, the position in Europe was lowered as markets are likely to remain volatile over the short to medium-term. Meanwhile, the manager retained a bias towards US equities as companies continue to have healthy balance sheets and high net cash balances. arise from a tough macroeconomic backdrop. Similarly, the stake in Japanese equities was retained as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the contained inflation and strong fiscal stance in the region allows central banks to stimulate their economies if needed. Fund Performance % -4.68% % 10.51% % N/A N/A % 3.39% % 1 N/A N/A 0.46% -0.64% % (%) /0802/0906/0910/0902/6/1010/2/1106/1110/1102/6/12 Top 10 Holdings HSBC HOLDINGS PLC 3.39% CHINA MOBILE LTD 2.64% AIA GROUP LTD 1.95% TENCENT HOLDINGS LIMITED 1.84% CNOOC LTD 1.77% CHINA CONSTRUCTION BANK CORP H SHRS H 1.30% APPLE INC 1.22% CHINA OVERSEAS LAND & INVESTMENT LTD 1.13% INDUSTRIAL & COM BK OF CHINA H SHRS H 1.04% PING AN INSURANCE CO LTD H SHRS H 1.04% TOTAL 17.32% Fund Annual Performance % % % 8~ 7.95% Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 34.59% JAPANESE EQUITY FUNDS 12.53% ASIA PACIFIC EQUITY FUNDS* * 13.89% AMERICAS EQUITY FUNDS 20.69% EUROPEAN EQUITY FUNDS 18.06% GLOBAL BOND FUNDS 0.43% CASH & OTHERS -0.19% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives. 7 Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

11 Master Trust - Fidelity SaveEasy 2040 Fund 2040 As of 31/7/2012 Fund Descriptor Mixed Assets Fund - Global with initial maximum equities %, as the fund draws closer to its applicable target year, it will have greater exposure to bonds and cash. % Investment Objective The Fund aims to achieve long term capital growth for investors to 2040, to invest typically in a wide range of investments covering markets throughout the world, initially with a greater exposure to equities and thereafter, as the year 2040 is approached, greater exposure to bonds and cash, and to maintain an asset allocation appropriate to achieve a combination of income and long term capital growth as the year 2040 approaches whilst managing the volatility of returns in the short term Fund Details Fund Manager Pek Ng Launch Date 27/10/8 Unit NAV Fund Size HK$ HK$183.43M Risk Indicator (3-Year Standard Deviation) 17.95% Year 2011 Fund Expense Ratio % Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing a country's budget deficit. US equities declined the least, followed by those in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The manager decreased the overall allocation to equities from overweight to underweight and raised the exposure to bonds and cash to overweight amid uncertainties in Europe and slower growth expectations. Within equities, the position in Europe was lowered as markets are likely to remain volatile over the short to medium-term. Meanwhile, the manager retained a bias towards US equities as companies continue to have healthy balance sheets and high net cash balances. arise from a tough macroeconomic backdrop. Similarly, the stake in Japanese equities was retained as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the contained inflation and strong fiscal stance in the region allows central banks to stimulate their economies if needed. Fund Performance % -4.77% % 10.67% % N/A N/A % 3.44% % 1 N/A N/A 0.39% -0.61% % (%) /0802/0906/0910/0902/6/1010/2/1106/1110/1102/6/12 Top 10 Holdings HSBC HOLDINGS PLC 3.40% CHINA MOBILE LTD 2.66% AIA GROUP LTD 1.96% TENCENT HOLDINGS LIMITED 1.85% CNOOC LTD 1.78% CHINA CONSTRUCTION BANK CORP H SHRS H 1.31% APPLE INC 1.23% CHINA OVERSEAS LAND & INVESTMENT LTD 1.14% INDUSTRIAL & COM BK OF CHINA H SHRS H 1.05% PING AN INSURANCE CO LTD H SHRS H 1.04% TOTAL 17.42% Fund Annual Performance % % % 8~ 8.46% Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 34.80% JAPANESE EQUITY FUNDS 12.45% ASIA PACIFIC EQUITY FUNDS* * 14.08% AMERICAS EQUITY FUNDS 20.81% EUROPEAN EQUITY FUNDS 18.03% CASH & OTHERS -0.17% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 8

12 As of 31/7/2012 Fund Descriptor Equity Fund - Asia Pacific with maximum equities % % Investment Objective The Fund aims to focus investment into the equity markets of Asia Pacific, to produce returns that are related to those achieved on the major stock market indices of Asia Pacific, to have the flexibility to invest in bonds in a limited manner, and to manage the volatility of returns in the short term. Fund Details Fund Manager David Urquhart Launch Date 07/08/6 Unit NAV HK$ Fund Size HK$1,308.92M Risk Indicator (3-Year Standard Deviation) 20.43% Year 2011 Fund Expense Ratio 1.66% 2011 Fund Performance % -6.66% % 15.86% 4.13% % N/A N/A % 5.03% 0.81% % 1 N/A N/A -0.07% -0.44% 12.92% % (%) /06 08/07 08/08 08/09 08/10 08/11 Fund Annual Performance % % % % % 6~ 18.95% Fund Commentary^ Concerns about weakening growth in China dominated Furthermore, the ongoing debt crisis in the eurozone, subsided and central banks in the region (China and 8.1% Iluka ResourcesBoart Longyear United Tractors 7-11CP All Hankook Tire Top 10 Holdings SAMSUNG ELECTRONICS CO LTD 7.20% AUSTRALIA & NZ BANKING GRP 5.66% BHP BILLITON LTD 4.00% CHINA OVERSEAS LAND & INVESTMENT LTD 2.97% WESTPAC BANKING CORP LTD 2.94% TENCENT HOLDINGS LIMITED 2.93% HYUNDAI MOTOR CO 2.85% OIL SEARCH LTD 2.48% CHINA CONSTRUCTION BANK CORP H SHRS H 2.41% INDUSTRIAL & COM BK OF CHINA H SHRS H 2.21% TOTAL 35.65% Industry Breakdown 33.8% Financials 14.4% Technology 9.8% Oil & Gas 9.4% Industrials 8.8% Consumer Goods 6.4% Consumer Services 5.5% Basic Materials 11.9% Others* / / Geographical Breakdown CHINA 21.8% KOREA (SOUTH) 20.8% AUSTRALIA 18.6% HONG KONG 7.4% THAILAND 7.1% TAIWAN 6.9% INDIA 5.6% CASH & OTHERS 11.8% ^asof30/6/ /6/2012 / / 9 Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

13 Master Trust - Global Equity Fund As of 31/7/2012 Fund Descriptor Equity Fund - Global with maximum equities % % Investment Objective The Fund aims to focus investment into the global equity markets, to produce returns that are related to those achieved on the major world stock market indices, to have the flexibility to have limited investment into bonds, and to manage the volatility of returns in the short term. Fund Details Fund Manager Pek Ng Launch Date 02/07/3 Unit NAV HK$ Fund Size HK$1,073.05M Risk Indicator (3-Year Standard Deviation) 18.13% Year 2011 Fund Expense Ratio 1.62% 2011 Fund Performance % -4.05% -5.03% 21.15% % % N/A N/A -5.03% 6.60% -3.42% % 1 N/A N/A 2.54% 4.71% 6.26% % (%) /03 07/04 07/05 07/06 07/07 07/08 07/09 07/10 07/11 07/12 Fund Annual Performance % % % % % % % % 3~ 14.10% Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing a country's budget in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. The manager decreased the exposure to Europe as markets are likely to remain volatile over the short to medium-term given the headwinds surrounding the sovereign debt crisis and sluggish growth prospects. Meanwhile, the manager increased the allocation to US equities due to an improvement in the country's economic environment. US companies continue to have healthy balance sheets and high net cash balances. This should a tough global macroeconomic backdrop. Similarly, the stake in Japanese equities was enhanced as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the contained inflation and strong fiscal stance in the region allows central banks to stimulate their economies if needed. Top 10 Holdings APPLE INC 3.16% JPMORGAN CHASE & CO 1.45% CVS CAREMARK CORP 1.44% EXXON MOBIL CORP 1.41% BERKSHIRE HATHAWAY INC CL B 1.38% PFIZER INC 1.21% GOOGLE INC A 1.16% CHEVRON CORP 1.14% OCCIDENTAL PETROLEUM CORP 1.06% WAL-MART STORES INC 1.04% TOTAL 14.45% Industry Breakdown 19.5% Financials 13.5% Technology 12.9% Consumer Goods 11.4% Industrials 10.5% Oil & Gas 9.6% Consumer Services 9.6% Health Care 13.0% Others* * Others may include cash, account payables, account receivables and/or other industries. / / Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 2.29% JAPANESE EQUITY FUNDS 7.09% ASIA PACIFIC EQUITY FUNDS* * 14.28% AMERICAS EQUITY FUNDS 53.54% EUROPEAN EQUITY FUNDS 22.98% CASH & OTHERS -0.18% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 10

14 Master Trust - Hong Kong Equity Fund As of 31/7/2012 Fund Descriptor Equity Fund - Hong Kong with maximum equities % % Investment Objective The Fund aims to focus investment into the equity markets and companies of Hong Kong and Greater China, to produce returns that are related to those achieved on the major stock market indices of Hong Kong, to have the flexibility to invest in bonds in a limited manner, to accept a high level of return volatility in the short term. Fund Details Fund Manager Stephen Ma Launch Date 01/12/0 Unit NAV HK$ Fund Size HK$3,845.79M Risk Indicator (3-Year Standard Deviation) 20.82% Year 2011 Fund Expense Ratio % Fund Commentary^ Hong Kong equities were weighed down by global developments, including uncertainty emanating from the eurozone crisis, doubts over the sustainability of the US recovery and the intensifying economic slowdown in China. Stocks regained some lost ground towards the end of the quarter as eurozone leaders agreed to relax conditions for recapitalising banks and on expectations of further policy easing in China. Moreover, measures taken by China through Closer Economic Partnership Arrangement (CEPA) to further liberalise the trade and service activities between the city and mainland China were well received by investors. The portfolio marginally outperformed the index over quarter. Favourable stock selection in the energy and consumer discretionary sectors drove relative returns. The underweight in selected coal names helped as lower coal prices dampened earnings outlook for the miners. The underweight in fashion retailer Esprit, which slid due to management issues, and not holding casino operator Wynn Macau, which witnessed slowdown in revenues, helped returns. Robust positioning in telecommunications eclipsed weakness in selected industrials holdings. performance. Esprit Fund Performance % -5.15% % -2.60% 0.77% % % N/A N/A % -0.87% 0.15% 10.42% 6.73% 1 N/A N/A -1.50% -7.03% 0.67% 50.22% 62.57% (%) /00 12/02 12/04 12/06 12/08 12/10 Top 10 Holdings HSBC HOLDINGS PLC 9.08% CHINA MOBILE LTD 7.65% AIA GROUP LTD 5.65% CNOOC LTD 4.23% TENCENT HOLDINGS LIMITED 4.15% PING AN INSURANCE CO LTD H SHRS H 3.00% CHEUNG KONG HLDGS LTD 2.97% BANK OF CHINA LTD H SHRS H 2.94% BANK OF CHINA HONG KONG LTD 2.91% CHINA CONSTRUCTION BANK CORP H SHRS H 2.80% TOTAL 45.38% Industry Breakdown 51.7% Financials 8.2% Telecommunications 8.2% Oil & Gas 8.1% Consumer Goods 8.0% Industrials 5.5% Technology 3.3% Utilities 7.0% Others* Fund Annual Performance % % % % % % % % % % % 0~ 5.76% Geographical Breakdown CHINA 52.4% HONG KONG 43.8% SINGAPORE 2.2% CASH & OTHERS 1.6% May include cash, account payables and account receivables. ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / * Others may include cash, account payables, account receivables and/or other industries. / / 11 Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

15 Master Trust - Balanced Fund As of 31/7/2012 Fund Descriptor Mixed Assets Fund - Global with around 70% in equities (bias towards Hong Kong) and 30% in bonds and cash. 70% 30% Investment Objective The Fund aims to build capital value over the long term, to provide a degree of asset diversification within a predominately equity portfolio, to manage the volatility of returns in the short term, and to maintain a broad geographic diversification with a bias towards Hong Kong. Fund Details Fund Manager Pek Ng Launch Date 01/12/0 Unit NAV HK$ Fund Size HK$2,389.41M Risk Indicator (3-Year Standard Deviation) 13.60% Year 2011 Fund Expense Ratio % Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing a country's budget deficit. US equities declined the least, followed by those in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The manager decreased the overall allocation to equities from overweight to underweight and raised the exposure to bonds and cash to overweight amid uncertainties in Europe and slower growth expectations. Within equities, the position in Europe was lowered as markets are likely to remain volatile over the short to medium-term. Meanwhile, the manager retained a bias towards US equities as companies continue to have healthy balance sheets and high net cash balances. This should allow them to tide over any difficulties that may arise from a tough macroeconomic backdrop. Similarly, the stake in Japanese equities was retained as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the contained inflation and strong fiscal stance in the region allows central banks to stimulate their economies if needed. Fund Performance % -3.31% -7.22% 11.98% 1.55% % 71.61% N/A N/A -7.22% 3.84% 0.31% 7.35% 4.74% 1 N/A N/A 0.55% 1.13% 6.48% 31.46% 39.22% (%) /00 12/02 12/04 12/06 12/08 12/10 Top 10 Holdings HSBC HOLDINGS PLC 2.43% CHINA MOBILE LTD 1.90% AIA GROUP LTD 1.41% GERMANY GOVT 1.75% 07/04/ % 07/04/ % TENCENT HOLDINGS LIMITED 1.33% CNOOC LTD 1.28% CHINA CONSTRUCTION BANK CORP H SHRS H 0.94% JAPAN GOVT % 12/20/ % 12/20/ % FRANCE OAT 3% 04/25/2022 3% 04/25/ % APPLE INC 0.89% TOTAL 13.37% Fund Annual Performance % % % % % % % % % % % 0~ 1.99% Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 24.91% JAPANESE EQUITY FUNDS 8.88% ASIA PACIFIC EQUITY FUNDS* * 10.30% AMERICAS EQUITY FUNDS 15.12% EUROPEAN EQUITY FUNDS 12.23% GLOBAL BOND FUNDS 23.03% HONG KONG BOND FUNDS 1.13% MONEY MARKET INSTRUMENTS 4.58% CASH & OTHERS -0.18% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 12

16 Master Trust - Capital Stable Fund As of 31/7/2012 Fund Descriptor Mixed Assets Fund - Global with around 30% in equities (bias towards Hong Kong) and 70% in bonds and cash. 30% 70% Investment Objective The Fund aims to produce a positive return over the long term, to focus investment towards less volatile assets of bonds and cash whilst retaining some equity exposure, to ensure that the risk to the capital base is limited in the short term, and to maintain a broad geographic diversification with a bias towards Hong Kong. Fund Details Fund Manager Pek Ng Launch Date 01/12/0 Unit NAV HK$ Fund Size HK$1,053.26M Risk Indicator (3-Year Standard Deviation) 7.68% Year 2011 Fund Expense Ratio % Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing a country's budget deficit. US equities declined the least, followed by those in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The manager decreased the overall allocation to equities from overweight to underweight and raised the exposure to bonds and cash to overweight amid uncertainties in Europe and slower growth expectations. Within equities, the position in Europe was lowered as markets are likely to remain volatile over the short to medium-term. Meanwhile, the manager retained a bias towards US equities as companies continue to have healthy balance sheets and high net cash balances. arise from a tough macroeconomic backdrop. Similarly, the stake in Japanese equities was retained as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the contained inflation and strong fiscal stance in the region allows central banks to stimulate their economies if needed. Fund Performance % -1.52% -2.56% 12.92% 15.04% 75.35% 69.83% N/A N/A -2.56% 4.13% 2.84% 5.78% 4.64% 1 N/A N/A 0.67% 3.44% 9.09% 26.63% 33.18% (%) /00 12/02 12/04 12/06 12/08 12/10 Top 10 Holdings GERMANY GOVT 1.75% 07/04/ % 07/04/ % JAPAN GOVT % 12/20/ % 12/20/ % FRANCE OAT 3% 04/25/2022 3% 04/25/ % USTN 0.875% 01/31/ % 01/31/ % GERMANY GOVT 0.25% 12/13/ % 12/13/ % ITALY GOVT 3% 06/15/2015 3% 06/15/ % USTN 0.25% 03/31/ % 03/31/ % CANADA GOVT 1.5% 09/01/ % 09/01/ % JAPAN GOVT % 02/15/ % 02/15/ % NETHERLAND GOVT 0.75% 04/15/ % 04/15/ % TOTAL 20.63% Fund Annual Performance % % % % % % % % % % % 0~ 2.34% Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 10.92% JAPANESE EQUITY FUNDS 3.94% ASIA PACIFIC EQUITY FUNDS* * 5.11% AMERICAS EQUITY FUNDS 7.18% EUROPEAN EQUITY FUNDS 4.31% GLOBAL BOND FUNDS 57.15% HONG KONG BOND FUNDS 1.94% MONEY MARKET INSTRUMENTS 9.61% CASH & OTHERS -0.16% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / 13 Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

17 Master Trust - Growth Fund As of 31/7/2012 Fund Descriptor Mixed Assets Fund - Global with around 90% in equities (bias towards Hong Kong) and 10% in bonds and cash. 90% 10% Investment Objective The Fund aims to build real wealth over the long term, to focus investment into the global equity markets, to have the flexibility to invest in global bonds, to manage the volatility of returns in the short term, and to maintain a broad geographic diversification with a bias towards Hong Kong. Fund Details Fund Manager Pek Ng Launch Date 01/12/0 Unit NAV HK$ Fund Size HK$3,402.49M Risk Indicator (3-Year Standard Deviation) 16.75% Year 2011 Fund Expense Ratio % Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing followed by those in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The manager decreased the overall allocation to equities from overweight to underweight and raised the exposure to bonds and cash to overweight amid uncertainties in Europe and slower growth expectations. Within equities, the position in Europe was lowered as markets are likely to remain volatile over the short to medium-term. Meanwhile, the manager retained a bias towards US equities as companies continue to have healthy balance sheets and high net cash balances. This should allow tough macroeconomic backdrop. Similarly, the stake in Japanese equities was retained as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the allows central banks to stimulate their economies if needed. Fund Performance % -4.35% -9.69% 10.89% -6.13% % 66.63% N/A N/A -9.69% 3.51% -1.26% 7.87% 4.47% 1 N/A N/A 0.37% -0.32% 4.72% 32.36% 40.24% (%) /00 12/02 12/04 12/06 12/08 12/10 Top 10 Holdings HSBC HOLDINGS PLC 3.04% CHINA MOBILE LTD 2.37% AIA GROUP LTD 1.75% TENCENT HOLDINGS LIMITED 1.67% CNOOC LTD 1.60% CHINA CONSTRUCTION BANK CORP H SHRS H 1.19% APPLE INC 1.12% CHINA OVERSEAS LAND & INVESTMENT LTD 1.04% INDUSTRIAL & COM BK OF CHINA H SHRS H 0.95% SAMSUNG ELECTRONICS CO LTD 0.94% TOTAL 15.67% Fund Annual Performance % % % % % % % % % % % 0~ 1.54% Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 31.07% JAPANESE EQUITY FUNDS 11.94% ASIA PACIFIC EQUITY FUNDS* * 13.19% AMERICAS EQUITY FUNDS 19.03% EUROPEAN EQUITY FUNDS 16.08% GLOBAL BOND FUNDS 6.21% HONG KONG BOND FUNDS 0.07% MONEY MARKET INSTRUMENTS 2.60% CASH & OTHERS -0.19% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 14

18 Master Trust - Stable Growth Fund As of 31/7/2012 Fund Descriptor Investment Objective Fund Details Fund Manager Launch Date Unit NAV Fund Size Risk Indicator (3-Year Standard Deviation) 10.51% Year 2011 Fund Expense Ratio % Fund Commentary^ After rising for two consecutive quarters, the MSCI World Index declined in US dollar terms. Concerns about mounting credit problems in Greece, Spain and Italy, coupled with weak economic data from China and the US dampened sentiment. However, equities recovered some ground towards the end of the quarter as a pro-bailout government was elected in Greece and European leaders agreed to several measures to help debt strapped countries. Of particular importance was the move towards recapitalising banks without increasing a country's budget deficit. US equities declined the least, followed by those in the UK, Pacific ex Japan, Japan, Europe ex UK and emerging markets. Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The manager decreased the overall allocation to equities from overweight to underweight and raised the exposure to bonds and cash to overweight amid uncertainties in Europe and slower growth expectations. Within equities, the position in Europe was lowered as markets are likely to remain volatile over the short to medium-term. Meanwhile, the manager retained a bias towards US equities as companies continue to have healthy balance sheets and high net cash balances. This should allow them to tide over any difficulties that may arise from a tough macroeconomic backdrop. Similarly, the stake in Japanese equities was retained as corporate earnings are on a clear recovery trend and shareholder returns are improving. Asia Pacific/Hong Kong equities were held at a slight overweight. Whilst growth slows, the contained inflation and strong fiscal stance in the region allows central banks to stimulate their economies if needed. Fund Performance 4.37% -2.41% -4.75% 13.13% 9.09% 91.29% 73.23% N/A N/A -4.75% 4.20% 1.75% 6.70% 4.82% 1 N/A N/A 0.65% 2.54% 8.24% 29.91% 37.30% (%) /00 12/02 12/04 12/06 12/08 12/10 Top 10 Holdings GERMANY GOVT 1.75% 07/04/ % 07/04/ % HSBC HOLDINGS PLC 1.74% JAPAN GOVT % 12/20/ % 12/20/ % FRANCE OAT 3% 04/25/2022 3% 04/25/ % USTN 0.875% 01/31/ % 01/31/ % GERMANY GOVT 0.25% 12/13/ % 12/13/ % ITALY GOVT 3% 06/15/2015 3% 06/15/ % USTN 0.25% 03/31/ % 03/31/ % CHINA MOBILE LTD 1.37% CANADA GOVT 1.5% 09/01/ % 09/01/ % TOTAL 15.90% Fund Annual Performance % % % % % % % % % % % 0~ 2.09% Fund Allocation by Asset Class HONG KONG EQUITY FUNDS 17.87% JAPANESE EQUITY FUNDS 6.43% ASIA PACIFIC EQUITY FUNDS* * 7.64% AMERICAS EQUITY FUNDS 11.15% EUROPEAN EQUITY FUNDS 8.41% GLOBAL BOND FUNDS 41.30% HONG KONG BOND FUNDS 2.79% MONEY MARKET INSTRUMENTS 4.60% CASH & OTHERS -0.19% * May include investments in Japan and Hong Kong. May include cash, account payables and account receivables. 1 This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

19 Master Trust - Hong Kong Bond Fund As of 31/7/2012 Fund Descriptor Bond Fund - Hong Kong Investment Objective The Fund aims to invest in world bond markets with a focus on HK dollar denominated bonds and issuers, to produce returns that are related to those achieved on the major bond market indices, to limit the volatility of returns in the short term in HK dollar market terms, and to minimize currency volatility by implementing a hedged strategy (where investments are made other than in ). ( ) Fund Details Fund Manager Bryan Collins Launch Date 08/07/3 Unit NAV HK$ Fund Size HK$414.22M Risk Indicator (3-Year Standard Deviation) 2.46% Modified Duration Fund 4.69 Year Yield to Maturity 2.01% Year 2011 Fund Expense Ratio % Fund Commentary^ In Hong Kong, GDP growth slowed sharply to 0.4% yearon-year in the first quarter of 2012 from 3.0% reported in the previous quarter due to deteriorating exports. Meanwhile, China unveiled policy measures to enhance economic cooperation with Hong Kong. On a positive of the second quarter, even as the unemployment rate and inflation declined slightly over the same period. In the US, the Federal Reserve (Fed) kept interest rates unchanged, but extended its Operation Twist programme. Fed Chairman Ben Bernanke acknowledged that the US economy had slowed and reiterated that the bank was prepared to do what was needed to help the American economy, especially the labour market, grow. In China, the central bank lowered its key interest rate by 0.25%, the ease over the period. Meanwhile, the pace of economic the quarter, mainly due to the long duration stance in the credit, losses arising from widening credit spreads were more than offset by the yield enhancements and extra carry as a result of the overweight position in BBB and A rated securities. Overall, the fund remains underweight in US treasuries. The exposure to government agency debt was lowered over the quarter. The fund's average rating was maintained at A- as of the end of June %20.4% 0.25% % BBBA A- Fund Performance % 1.62% 4.50% 13.29% 24.17% % N/A N/A 4.50% 4.25% 4.43% % 1 N/A N/A 2.32% 6.49% 10.83% % (%) /03 08/04 08/05 08/06 08/07 08/08 08/09 08/10 08/11 Top 10 Holdings HK GOVT 2.93% 01/13/ GB1 2.93% 01/13/ GB1 7.13% HK GOVT 2.46% 08/04/ % 08/04/ % HK GOVT 3.32% 02/25/ % 02/25/ % HK GOVT FRN HKCPI 06/22/ % HK GOVT FRN HKCPI 07/28/20/ % SPI ELECT&GAS EMTN 4.125% 03/16/ % HK GOVT 2.07% 11/03/ % 11/03/ % HONG KONG AIR AUT 5.1% 04/13/ % 04/13/ % COMMONWEALTH BK OF AUSTRALIA 5.09% 06/27/2014 FXCD 1.27% KFW (GOVT GTD) 2% 05/21/ % TOTAL 24.26% Industry Breakdown 42.6% Financial 23.0% Treasury 14.0% Industrial 10.8% Utility 9.7% Supras & Agencies -0.1% Others* * Others may include cash, account payables, account receivables and/or other industries. / / Fund Annual Performance % % % % % % % % 3~ -4.68% Currency Breakdown HONG KONG DOLLAR 86.9% US DOLLAR 9.9% CHINESE YUAN 2.9% OTHERS 0.3% S&P/Moody s Credit Rating AAA/Aaa 3.0% AA/Aa 40.8% A 37.3% BBB/Baa 3.4% Others* * 15.5% * Others may include cash, account payables, account receivables and/ or not rated. / / ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 16

20 Master Trust - World Bond Fund As of 31/7/2012 Fund Descriptor Bond Fund - Global Investment Objective The Fund aims to focus investment into the bond markets of the world, to produce returns that are related to those achieved on the major bond market indices, and to limit the volatility of returns in the short term. Fund Details Fund Manager Rick Patel Launch Date 08/07/3 Unit NAV Fund Size HK$ HK$441.50M Risk Indicator (3-Year Standard Deviation) 5.18% Modified Duration Fund 6.20 Year Yield to Maturity 1.66% Year 2011 Fund Expense Ratio 1.65% 2011 Fund Commentary^ Global government bonds outperformed investment grade corporate and high-yield bonds as risk aversion returned to markets. The eurozone sovereign debt crisis continued to rattle markets, pushing investors towards the safety of government debt such as German bunds and UK Gilts. Meanwhile, borrowing costs in Spain soared, crossing the 7% mark, after its sovereign rating was downgraded by both Standard & Poor's and Moody's. Moreover, Cyprus joined Greece, Ireland, Portugal and Spain in seeking a bailout from the European Union and the International Monetary Fund. However, risk sentiment improved in June after the pro-bailout party won the re-election in Greece, thus easing the threat of a disorderly Greek exit. Furthermore, positive announcements from the eurozone summit buoyed market sentiment as European leaders reached an agreement to stabilise the region's banks. In the US, the Federal Reserve extended its Operation Twist programme. The move will put downward pressure on longer term interest rates. Global credit spreads widened marginally over the quarter. However, performance increased and balance sheets remained healthy. The fund outperformed the index over the quarter owing to the underweight stance in government bonds of Spain and Italy. Holdings in defensive credit names such as British America Tobacco, Kraft Foods and Altria also enhanced returns. The exposure to government bonds was increased amid rising risk aversion. Within credit, the exposure to banks and energy was reduced. Conversely, holdings in the defensive consumer non-cyclical and utility sectors were increased. 7% 6 Altria Fund Performance % 0.39% 2.73% 16.17% 25.89% % N/A N/A 2.73% 5.12% 4.71% % 1 N/A N/A 1.60% 6.88% 12.73% % (%) /03 08/04 08/05 08/06 08/07 08/08 08/09 08/10 08/11 Top 10 Holdings GERMANY GOVT 1.75% 07/04/ % 07/04/ % JAPAN GOVT % 12/20/ % 12/20/ % FRANCE OAT 3% 04/25/2022 3% 04/25/ % USTN 0.875% 01/31/ % 01/31/ % GERMANY GOVT 0.25% 12/13/ % 12/13/ % ITALY GOVT 3% 06/15/2015 3% 06/15/ % USTN 0.25% 03/31/ % 03/31/ % CANADA GOVT 1.5% 09/01/ % 09/01/ % JAPAN GOVT % 02/15/ % 02/15/ % NETHERLAND GOVT 0.75% 04/15/ % 04/15/ % TOTAL 36.01% Industry Breakdown 81.8% Treasury 7.5% Financial 5.5% Industrial 2.6% Quasi/Sov/Supra/ Agncy /// 0.6% Utility 2.0% Others* Fund Annual Performance % % % % % % % % 3~ 2.59% Currency Breakdown US DOLLAR 37.6% EUROPEAN MONETARY UNIT (EURO) 36.2% JAPANESE YEN 9.9% UK POUND 7.4% CANADIAN DOLLAR 5.1% OTHERS 3.8% S&P/Moody s Credit Rating AAA/Aaa 40.3% AA/Aa 36.2% A 6.8% BBB/Baa 15.1% Others* * 1.6% * Others may include cash, account payables, account receivables and/ or not rated. / / ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / * Others may include cash, account payables, account receivables and/or other industries. / / 17 Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

21 Master Trust - MPF Conservative Fund As of 31/7/2012 Fund Descriptor Money Market Fund - Hong Kong Investment Objective The Fund aims to provide a positive return each month equal to or better than the savings account rate, to focus investments in short term instruments, to invest only into securities, and to ensure that there is minimal risk to the capital. Fund Details Fund Manager Bryan Collins Launch Date 01/12/0 Unit NAV HK$ Fund Size HK$1,833.12M Risk Indicator (3-Year Standard Deviation) ( ) 0.01% Year 2011 Fund Expense Ratio % Fund Commentary^ The yield on three-month Hong Kong Interbank Offer Rate (HIBOR) rose marginally over the quarter. In the US, government bonds outperformed investment grade corporate and high-yield bonds over the quarter. Slowing economic growth in the US and China, along with concerns over the worsening eurozone debt crisis, led to increased demand for the relative safety of US debt. Meanwhile, the Federal Reserve (Fed), kept interest rates unchanged, but extended its Operation Twist programme. Fed Chairman Ben Bernanke acknowledged that the US economy had slowed and reiterated that the bank was prepared to do what was needed to help the American economy, especially the labour market, grow. In Hong quarter of 2012 from 3.0% reported in the previous quarter due to deteriorating exports. Meanwhile, China unveiled policy measures to enhance economic cooperation with Hong Kong. On a positive note, exports growth rebounded the same period. The portfolio is exposed to treasury bills, bills were increased, whilst the position in commercial paper was lowered % 20.4% Fund Performance % 0.00% 0.00% 0.02% 2.31% 7.38% 10.30% N/A N/A 0.00% 0.01% 0.46% 0.71% 0.84% 1 N/A N/A 0.00% 0.00% 0.26% 3.28% 3.93% (%) /00 12/02 12/04 12/06 12/08 12/10 Top 10 Holdings CSFBAU CP 09/10/ % HONG KONG T-BILL91 Q1219 8/ % OCBC SYDNEY CP 08/13/ % HONG KONG MORTG 08/24/ % HONG KONG MORTG 08/21/ % HONG KONG MORTG 10/11/ % HONG KONG MORTG 10/17/ % RABOA CP 10/18/ % HONG KONG MORTG 08/28/ % ING BANK CP 08/01/ % TOTAL 55.45% Fund Annual Performance % % % % % % % % % % % 0 ~ 0.36% Fund Allocation by Asset Class MONEY MARKET INSTRUMENTS 99.86% CASH & OTHERS 0.14% May include cash, account payables and account receivables. Fees and charges of MPF conservative funds can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. MPF Conservative Fund under the Master Trust uses method (i) and, therefore, its unit prices / NAV / fund performance have incorporated the impact of fees and charges. ( ) ( ) ( ) ^asof30/6/ /6/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 18

22 Bond Fund - Hong Kong Fund Manager Bryan Collins Launch Date 08/07/3 Unit NAV HK$ Fund Size HK$285.40M Modified Duration Fund Benchmark : Citigroup WGBI 4.85 Year 4.74 Year Yield to Maturity 2.23% 2010 A- as at the end of June % 5 7.5% A- (%) Equity Fund - Hong Kong with maximum equities % % volatility in the short term. Fund Manager Stephen Ma Launch Date 01/12/0 Unit NAV HK$ Fund Size HK$3,931.81M 2010 Intime Department Store (%) /00 12/02 12/04 12/06 12/08 HSBC HOLDINGS PLC 8.01% CHINA MOBILE LTD 7.25% INDUSTRIAL & COM BK OF CHINA H 4.65% H CHINA CONSTRUCTION BANK CORP H SHRS 4.11% H AIA GROUP LTD 3.69% BELLE INTERNATIONAL HOLDINGS LTD 3.65% TENCENT HOLDINGS LIMITED 3.09% LINK REIT 2.88% HUTCHISON WHAMPOA LTD 2.74% PETROCHINA CO LTD H SHRS H 2.74% TOTAL 42.81% CHINA 56.1% HONG KONG 35.3% TAIWAN 2.5% SINGAPORE 1.8% CASH & OTHERS 4.3% May include cash, account payables and account receivables. The MSCI World Index generated marginally positive returns in the April June period. Encouraging corporate earnings supported markets in April, but signs of slowing manufacturing activity, coupled with concerns about the debt situation in Greece and the registered the most signicant gains, whilst emerging Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information markets including declined the the risk most. factors. Defensive FIL sectors, such Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, as Fidelity health Worldwide care and Investment, consumer the staples beneted from Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. investors risk aversion. Meanwhile, energy stocks FidelityFidelity Worldwide InvestmentFIL lagged Limited as oil prices fell. Returns in US dollar terms FidelityFidelity Worldwide InvestmentFidelity Worldwide InvestmentFFIL Limited were supported by its depreciation against the euro, 90 08/03 08/04 08/05 08/06 08/07 08/08 08/09 08/10 08/11 HK GOVT 2.93% 01/13/ GB1 5.45% 2.93% 01/13/ GB1 HONG KONG GOVT 3.32% 02/25/ % 3.32% 02/25/2026 SPI ELECT&GAS EMTN 4.125% 03/16/ % HK GOVT 2.64% 06/10/ Y % 2.64% 06/10/ Y1906 HONG KONG AIR AUT 5.1% 04/13/ % 5.1% 04/13/2016 HK GOVT 1.61% 12/10/ Y % 1.61% 12/10/ Y1812 HK GOVT 4.85% 06/27/ Y % 4.85% 06/27/ Y1706 CLP POWER HK FIN 4.35% 01/30/ % % 01/30/2015 HK GOVT 4.33% 12/07/ % 4.33% 12/07/2015 WESTPAC BK EMTN 5.165% 10/10/ % TOTAL 20.57% 45.9% Financials 22.1% Treasury 14.7% Industrials 11.5% Utility 5.9% Supras & Agencies -0.1% Others* * * Others may include cash, account payables, account receivables and/or other industries. // 12/ % Financials 10.2% Consumer Goods 9.8% Telecommunications 7.8% Industrials 6.6% Oil & Gas 5.5% Consumer Services 4.8% Basic Materials 13.2% Others* * * Others may include cash, account payables, account receivables and/or other industries. // Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL FidelityFidelity Worldwide InvestmentFidelity Worldwide InvestmentFFIL Limited Fund HONG KONG DOLLAR 91.1% US DOLLAR 5.7% EUROPEAN MONETARY UNIT (EURO) 1.8% CHINESE YUAN 1.4% AAA/Aaa 2.1% AA/Aa 40.9% A 43.1% BBB/Baa 2.4% BB/Ba 1.2% Others* * 10.3% * Others may include cash, account payables, account receivables and/ or not rated. // ^ as of 30/06/ /06/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Fund Equity Fund - Global with maximum equities % ^ as of 30/06/ /06/2011 % 1 This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current The Fund aims to focus investment into the global / equity markets, to produce returns that are related to those achieved on the major world stock market indices, to have the flexibility to have limited investment into bonds, and to manage the volatility of returns in the short term. / Fund Manager Pek Ng Launch Date 02/07/3 Unit NAV HK$ Fund Size HK$936.36M 2010 the position in Japan was trimmed. 464 (%) /03 08/04 08/05 08/06 08/07 08/08 08/09 08/10 08/11 APPLE INC 2.10% EXXON MOBIL CORP 1.62% CHEVRON CORP 1.48% JPMORGAN CHASE & CO 1.46% GOOGLE INC A 1.37% CVS CAREMARK CORP 1.28% PFIZER INC 1.16% PROCTER & GAMBLE CO 1.05% ROYAL DUTCH SHELL PLC A SHRS 1.04% A CITIGROUP INC 1.03% TOTAL 13.59% 18.5% Financials 12.1% Industrials 12.4% Technology 10.4% Oil & Gas 12.0% Consumer Goods 9.6% Consumer Services 8.8% Health Care 16.2% Others* * * Others may include cash, account payables, account receivables and/or other industries. // Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Master Trust for further information including the risk factors. FIL FidelityFidelity Worldwide InvestmentFidelity Worldwide InvestmentFFIL Limited Fund HONG KONG EQUITY FUNDS 2.16% JAPANESE EQUITY FUNDS 8.56% ASIA PACIFIC EQUITY FUNDS* * 14.03% AMERICAS EQUITY FUNDS 49.47% EUROPEAN EQUITY FUNDS 25.93% CASH & OTHERS -0.15% * May include investments in Japan and Hong Kong. ^ as of 30/06/ /06/ This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current / / Glossary 1. Fund Performance Investment performance of a fund is calculated on NAV to NAV basis. 2. Performance Since Launch The return since the initial launch of a fund. 3. Dollar Cost Averaging Return This is the return achieved through saving the same amount at the end of each month, comparing the total contributions with their current value and expressing the gain or loss as a percentage. 4. The cumulative performance is the gain or loss generated from an investment fund to date over a specified period of time. 5. Annual Performance The annual return of an investment fund for a calendar year. 6. Top 10 Holdings A list of top 10 largest underlying securities holdings asa%ofthefund.informationisupdatedona calendar quarterly basis. 7. Geographical/Currency Breakdown Breakdown of portfolio investments by country or currency. Information is updated on a calendar quarterly basis. 8. Industry Breakdown Breakdown of portfolio investments by industry group. Information is updated on a calendar quarterly basis. 9. Unit NAV The price or value of one unit of the fund calculated by dividing the Net Asset Value by the total number of units outstanding. 10. Fund Size It is the total value of the funds portfolio less liabilities as at reporting date of fund factsheet. 11. Risk Indicator Risk Indicator is measured by the annualised standard deviation of the funds monthly ratesofreturnoverthepast3 years to the reporting date of the fund factsheet. For funds with less than 3 years of performance history, the risk indicator figure will not be available. Standard Deviation is a measure of the historical performance fluctuation of a mutual fund or portfolio, usually computed using 36 monthly returns. This is to measure how the monthly fund performance movements are away from the average performance. The greater the degree of dispersion, the greater the risk. Modified Duration serves as a 16 As of 31/8/2011 Fund Descriptor Investment Objective The Fund aims to invest in world bond markets with a focus on HK dollar denominated bonds and issuers, to produce returns that are related to those achieved on the major bond market indices, to limit the volatility of returns in the short term in HK dollar market terms, and to minimise currency volatility by implementing a hedged strategy (where investments are made other than in ). Fund Details Risk Indicator (3-Year Standard Deviation) 3.00% Year 2010 Fund Expense Ratio 1.70% Fund Commentary^ In ation in Hong Kong continued to rise against a backdrop of high food prices and housing rentals. Retail sales grew for the third consecutive month, boosted by tourism from mainland China and rising wages. Exports also surged by 10.1% in May from a year earlier due to resilient demand within the region, notably China. US interest rates, to which Hong Kong s interest rates are tied, remained stable during the period. In contrast, the quarter witnessed a further round of monetary tightening by other central banks, which either increased rates or took other measures to cap rising prices. In particular, the People s Bank of China raised its reserve requirement ratio three times during the period by half a percentage point each. Renminbi deposits in Hong Kong rose by 7.5% in May to RMB billion. The fund performed in-line with its benchmark. Credit selection, particular within the banking sector, was a key contributor, whilst the term structure positioning detracted from relative performance. Overall, the fund remains underweight in government bonds, whilst the bias towards nancials was maintained, as was the overweight stance in industrials and utilities. The fund s average rating was maintained at Master Trust - Hong Kong Equity Fund As of 31/8/2011 Fund Performance Fund Descriptor Investment Objective The Fund aims to focus investment into the equity markets and companies of Hong Kong and Greater China, to produce returns that are related to those achieved on the major stock market indices of Hong Kong, to have the fl exibility to invest in bonds in a limited manner, and to accept a high level of return Fund Details Risk Indicator (3-Year Standard Deviation) 25.98% Year 2010 Fund Expense Ratio 1.71% Fund Commentary^ China and Hong Kong equities ended the quarter in negative territory. Continued tightening by the Chinese government, persistent uncertainties regarding the European sovereign debt crisis and the end of the second round of quantitative easing in the US triggered broad risk aversion in the global markets. In China, rising inflation and tighter monetary policy to rein in prices remained the dominant themes. Financials was the worst performing sector, hurt by the restrictive monetary policy. Industrials and materials ended lower, whilst consumer staples, telecommunications and utilities performed strongly. In Hong Kong, the government s property policy, aimed at cooling the residential property market hurt the performance of Hong Kong property developers with exposure to residential markets. The portfolio underperformed its benchmark. An underweight position in telecommunications, including China Unicom and China Mobile detracted from performance. Similarly, an underweight stance in utilities, particularly CLP Holdings undermined gains following market risk aversion, which boosted its stock price. However, I believe its earnings growth is limited. On a positive note, the overweight holding in Intime Department Store benefited from buoyant consumer spending and robust sales growth. Elsewhere, the overweight stance in real estate company The Link Real Estate Investment Trust (REIT) buoyed returns following its acquisition of retail space in Nan Fung Plaza. Fund Performance % % 2.65% 14.76% 58.06% % % N/A N/A 2.65% 4.70% 9.59% 10.55% 8.13% 2 1 N/A N/A -9.33% 12.96% 14.72% 78.40% 81.92% 3 Annual Performance Top 10 Holdings Industry Breakdown Master Trust - Hong Kong Bond Fund % 2.85% 2.85% 13.84% 21.51% 14.38% N/A N/A 2.85% 4.42% 3.97% 1.66% 1 N/A N/A 3.56% 7.63% 11.83% 15.62% Top 10 Holdings Industry Breakdown Annual Performance % % % % % % % 3 ~ -4.68% Currency Breakdown S&P/Moody s Credit Rating Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. FidelityFidelity Worldwide InvestmentFIL Limited guide to the sensitivity of a bond or fixed-income portfolios price to interest rate changes. It follows the concept that interest rates and bond prices move in opposite directions. For example: if interest rates rise 1%, the price of a bond with a duration of 5 years will generally fall by 5%. 13. Yield to Maturity The expected rate of return on a bond investment if it is held to maturity and expressed as an annual rate. 14. S&P / Moody s Credit Rating Standard & Poors / Moodys are the independent financial credit rating agencies. A bond rating system provided by Standard & Poors (S&P) is to rate the quality of bonds AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade. 15. Latest Fund Expenses Ratio (where applicable) The total cost of the funds expenses expressed as a percentage of its net asset value. 16. Fund Allocation by Asset Class The structure of a portfolio - namely the allocation of specific portions of it across different asset classes; that is, equities, bonds and cash / % % % % % % % % % % 0 ~ 5.76% Geographical Breakdown 10 Master Trust - Global Equity Fund As of 31/8/2011 Fund Descriptor Investment Objective Fund Details Risk Indicator (3-Year Standard Deviation) 23.79% 15 Year 2010 Fund Expense Ratio 1.70% Fund Commentary^ end of the second round of quantitative easing (QE2) in the US subsequently dampened investor sentiment. Markets rose steeply in the last week of the quarter after Greece managed to avoid an immediate debt default and upbeat manufacturing data from the US buoyed sentiment. At a regional level, Europe ex-uk 11 the yen and sterling. As of the end of the quarter, the manager increased the allocation to Asia Pacic equities as the region has largely continued to grow, unhindered by the scal and monetary challenges facing the developed world. Whilst ination remains a concern, consumption and investment continue to underpin a shift in economic activity away from external towards domestic demand drivers. Holdings in Europe were also raised in view of relatively inexpensive valuations; a still loose monetary policy in the developed world; and as economic and earnings growth continue to support equities against major macro headwinds. In contrast, whilst retaining an overweight exposure, holdings in the US were decreased as the end of QE2 is likely to impact investor sentiment and cause volatility. Elsewhere, / Fund Performance % % 11.67% -8.08% -2.57% 45.99% N/A N/A 11.67% -2.77% -0.52% 4.74% 1 N/A N/A -6.19% 10.50% 0.05% 6.82% Top 10 Holdings Industry Breakdown Annual Performance % % % % % % % 3 ~ 14.10% Fund Allocation by Asset Class May include cash, account payables and account receivables. Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. FidelityFidelity Worldwide InvestmentFIL Limited %55% / / AAAA-AAABBB