Allianz Global Investors MPF Plan Allianz Greater China Fund All investment involves risks. You should consider all the risks associated with Allianz

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1 Allianz Global Investors MPF Plan Allianz Hong Kong Fund All investment involves risks. You should consider all the risks associated with Allianz Hong Kong Fund (the Constituent Fund ): The Constituent Fund s Investments are concentrated in a single stock market (Hong Kong, including Mainland Chinese securities listed in Hong Kong) and are likely to be more volatile than funds with a broader range of investments. Investment Objective To achieve long-term capital growth by investing primarily in Hong Kong equities, including Chinese securities listed in Hong Kong. Fund Descriptor Equity Fund investing primarily in Hong Kong equities, including Chinese securities listed in Hong Kong. Portfolio Analysis Utilities % Materials % Consumer Staples 4% Energy 4% Telecommunication Services 4% Industrials 6% Consumer Discretionary 8% Real Estate % Top 0 Holdings,, TENCENT HOLDINGS LTD CHINA 9% HSBC HLDGS PLC HONG KONG 8% BANK OF CHINA LTD H CHINA 6% AIA GROUP LTD HONG KONG 6% CHINA CONSTRUCTION BANK H CHINA 4% CHINA MERCHANTS BANK CO LTD H CHINA 4% HONG KONG EXCHANGES AND CLEARING LTD HONG KONG 4% PING AN INSURANCE (GROUP) CO OF CHINA LTD H CHINA % BRILLIANCE CHINA AUTOMOTIVE CHINA % SUN HUNG KAI PROPERTIES LTD HONG KONG % Fund Details Health Care % Cash And Others % Financials 4% Information Technology 4% Inception Date 08/004 08/004 08/004 NAV per Unit HKD59.0 HKD64.00 HKD65.9 Fund Size HKD,678.04m, Risk Indicator 7.4% Fund Expenses Ratio* * Performance Overview Since inception Indexed Performance / / 6.67% Cumulative Month.57%.56%.5% Months 7.9% 7.44% 7.44% Year.55%.86% 4.04% 5 Years % 4.0% 4.87% 0 Years % 46.59% 48.9% Since inception 9.5% 6.67% 5.7% Annualised Year.55%.86% 4.04% 5 Years % 7.% 7.5% 0 Years 0.79%.90% 4.0% Since inception 0.8%.4%.59% Calendar Year 0 5.5% 5.6% 5.80% % 5.% 5.8% % -6.0% -5.90% % 0.86%.08% 07.55%.86% 4.04% Manager s Comments In December, Hong Kong stocks rose with the Hang Seng Index gaining another.6% in HKD terms. Following the rise in interest rates by the US Fed, the Hong Kong Monetary Authority also tightened policy slightly. In terms of sector, consumer goods led the market by rising 5.6%. On the other hand, industrial goods, notably the smartphone component makers, dropped 7.7% over the past month due to the weaker-than-expected smartphone demand. After the southbound inflows through the Stock Connect scheme hit a record high in mid-november, the flows into the Hong Kong market has been moderating before the yearend. Selectively, we saw some profit-taking in the previous winners..6% 5.6% 7.7% The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct

2 Allianz Global Investors MPF Plan Allianz Greater China Fund All investment involves risks. You should consider all the risks associated with Allianz Greater China Fund (the Constituent Fund ): The Constituent Fund invests mainly in Greater China region equities with remaining in short term fixed-interest securities and/or cash Investment Objective To achieve long term capital growth by investing primarily in the equity markets of Hong Kong and Taiwan; or companies that derive a predominant portion of their revenue and/or profits from Greater China region which includes Mainland China, Hong Kong, Macau and Taiwan. / Fund Descriptor Equity Fund investing primarily in equity markets of Hong Kong and Taiwan, or companies that derive a predominant portion of their revenue/profits from Greater China region (including the Mainland China, Hong Kong, Macau and Taiwan). / Portfolio Analysis Energy % Utilities % Telecommunication Services 4% Consumer Staples 5% Real Estate 6% Industrials 8% Consumer Discretionary 0% Top 0 Holdings,, TENCENT HOLDINGS LTD CHINA 9% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD TAIWAN 7% BANK OF CHINA LTD H CHINA 6% CHINA CONSTRUCTION BANK H CHINA 6% CHINA MERCHANTS BANK CO LTD H CHINA 4% SUN HUNG KAI PROPERTIES LTD HONG KONG 4% AIA GROUP LTD HONG KONG 4% HONG KONG EXCHANGES AND CLEARING LTD HONG KONG % GLOBALWAFERS CO LTD TAIWAN % CHINA EVERBRIGHT INTERNATIONAL LTD CHINA % Fund Details Cash And Others % Financials % Information Technology 9% Inception Date /0 0/0 0/0 NAV per Unit HKD5.9 HKD0.58 HKD9.5 Fund Size HKD8.87m 8.87 Risk Indicator 7.59% Fund Expenses Ratio* * Performance Overview Since inception Indexed Performance / / / Cumulative Month.8%.4%.4% Months 8.04% 8.06% 8.% Year.00%.60%.56% 5 Years 5 5.% 5.5% 5.7% 0 Years 0 N/A N/A N/A Since inception 69.7% 0.87% 96.87% Annualised Year.00%.60%.56% 5 Years % 8.8% 8.79% 0 Years 0 N/A N/A N/A Since inception 8.9%.09%.46% Calendar Year % 4.6% 4.4% %.70%.75% % -6.4% -6.% 06.58%.65%.74% 07.00%.60%.56% 0.87% Manager s Comments In December, the strong technology rally in Greater China continued to unwind, given weaker-than-expected smartphone demand. In particular, previous leaders, especially the smartphone component makers led the correction in December. However, previous laggards benefited from fund rotation. Consumer sectors and healthcare stocks performed particularly well. On balance, MSCI Golden Dragons Index returned by.9% in USD terms in December and finished 07 with 44% positive returns. MSCI.9% 07 44% The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct

3 Allianz Global Investors MPF Plan Allianz Asian Fund All investment involves risks. You should consider all the risks associated with Allianz Asian Fund (the Constituent Fund ): The Constituent Fund s investments are concentrated in stock markets in Asia ex Japan and are likely to be more volatile than funds with a broader range of investments. Investment Objective To achieve long term capital growth by investing primarily in Asian equities, principally Hong Kong, Singapore, South Korea, Taiwan, Thailand and Malaysia, but not including Japan. Fund Descriptor Equity Fund investing primarily in Asian equities, principally Hong Kong, Singapore, South Korea, Taiwan, Thailand and Malaysia, but not including Japan. Portfolio Analysis Philippines % Thailand % Malaysia % Indonesia % Cash And Others % India 4% Singapore 4% Hong Kong 9% Taiwan 6% Top 0 Holdings,, TENCENT HOLDINGS LTD CHINA 0% SAMSUNG ELECTRONICS CO LTD SOUTH KOREA 7% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD TAIWAN 6% BANK OF CHINA LTD H CHINA 5% AIA GROUP LTD HONG KONG 4% SHINHAN FINANCIAL GROUP CO LTD SOUTH KOREA 4% PING AN INSURANCE (GROUP) CO OF CHINA LTD H CHINA % CHINA MERCHANTS BANK CO LTD H CHINA % CENTRAL PATTANA THAILAND % LARGAN PRECISION CO LTD TAIWAN % Fund Details Other Equities % Australia % China % South Korea 8% Inception Date 08/004 08/004 08/004 NAV per Unit HKD54.79 HKD59.9 HKD59.86 Fund Size HKD,74.80m,74.80 Risk Indicator.4% Fund Expenses Ratio* * Performance Overview Since inception Indexed Performance / / Cumulative Month.0%.07%.06% Months 8.7% 8.5% 8.5% Year 9.4% 40.00% 9.57% 5 Years % 54.95% 54.7% 0 Years % 4.5% 4.9% Since inception 65.7% 94.60% 99.07% Annualised Year 9.4% 40.00% 9.57% 5 Years % 9.5% 9.% 0 Years 0.47%.68%.7% Since inception 0.0% 0.78% 0.87% Calendar Year 0.95%.%.5% % 5.09% 5.09% % -9.84% -9.77% 06.78% 4.9% 4.5% % 40.00% 9.57% 94.60% Manager s Comments Equity markets in Asia rose over December, with investor sentiment continuing to be buoyed by optimism over the health of the global economy. On balance, ASEAN markets outperformed their more developed counterparts. Indonesia was the strongest ASEAN market. Credit rating agency Fitch unexpectedly upgraded Indonesia s credit rating during the month, citing its resilience to external shocks, economic stability and conservative fiscal management. Chinese equities rallied modestly, helped by economic data that pointed to solid domestic growth and healthy global demand. On the contrary, profit-taking in select technology stocks continued to weigh on performance in South Korea and Taiwan. Japanese equities extended their rally in December and ended the year with the strongest annual performance in local terms since 0. Strong corporate earnings, US tax reform progress and accommodative policies from the Bank of Japan supported the stock market. 0 The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct

4 Allianz Global Investors MPF Plan Allianz Oriental Pacific Fund All investment involves risks. You should consider all the risks associated with Allianz Oriental Pacific Fund (the Constituent Fund ): The Constituent Fund invests mainly in Asia Pacific region equities with remaining in debt securities or convertible debt securities. Investment Objective To achieve long-term capital appreciation and income by investing in debt securities, convertible debt securities and equities of companies in the Asia Pacific region including, but not limited to, Japan, Korea, China, Australia, Taiwan and Hong Kong. Fund Descriptor Mixed Assets Fund 50% to 00% (depending on market conditions) investing in equities of companies in the Asia Pacific region (including, but not limited to, Japan, Korea, China, Australia, Taiwan and Hong Kong), with remaining in debt securities or convertible debt securities. 50% 00% Portfolio Analysis Fixed Income % Cash And Others % Singapore % Australia 4% New Zealand 5% Hong Kong 0% Taiwan 4% Japan 6% Top 0 Holdings,, KOH YOUNG TECHNOLOGY INC SOUTH KOREA 8% EO TECHNICS CO LTD SOUTH KOREA 7% MAINFREIGHT LTD NEW ZEALAND 4% CHINA CONSTRUCTION BANK H CHINA 4% AVICHINA INDUSTRY & TECHNOLOGY CO LTD H CHINA % MGM CHINA HOLDINGS LTD HONG KONG % WIN SEMICONDUCTORS CORP TAIWAN % ASPEED TECHNOLOGY INC TAIWAN % NISSHA CO LTD JAPAN % STARPHARMA HLDGS LTD AUSTRALIA % Fund Details Malaysia % Other Equities % South Korea 5% China 8% Inception Date 0/0 0/0 0/0 NAV per Unit HKD4.5 HKD7.4 HKD7.54 Fund Size HKD.48m.48 Risk Indicator.94% Fund Expenses Ratio* * Performance Overview Since inception Indexed Performance Manager s Comments..07 / / 8.80% Cumulative Month.4%.7%.44% Months 0.7% 0.70% 0.87% Year 4.09%.76% 4.08% 5 Years % 45.00% 45.64% 0 Years 0 N/A N/A N/A Since inception 6.00% 8.80% 8.60% Annualised Year 4.09%.76% 4.08% 5 Years 5 7.6% 7.7% 7.8% 0 Years 0 N/A N/A N/A Since inception 8.0% 0.5% 0.% Calendar Year %.6%.4% % -4.79% -4.70% % -.9% -.88% % -.5% -.4% %.76% 4.08% Equity markets in Asia-Pacific rose over December, with investor sentiment continuing to be buoyed by optimism over the health of the global economy. On balance, ASEAN markets outperformed their more developed counterparts. Indonesia was the strongest ASEAN market. Credit rating agency Fitch unexpectedly upgraded Indonesia s credit rating during the month, citing its resilience to external shocks, economic stability and conservative fiscal management. Chinese equities rallied modestly, helped by economic data that pointed to solid domestic growth and healthy global demand. On the contrary, profit-taking in select technology stocks continued to weigh on performance in South Korea and Taiwan. Meanwhile, as hopes of stronger Chinese demand for raw materials helped lift returns in Australia, it was partly offset by a weak performance in the financials and utilities sectors. Japanese equities extended their rally in December and ended the year with the strongest annual performance in local terms since 0. Strong corporate earnings, US tax reform progress and accommodative policies from the Bank of Japan supported the stock market. 0 The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct

5 Allianz Global Investors MPF Plan Allianz Growth Fund All investment involves risks. You should consider all the risks associated with Allianz Growth Fund (the Constituent Fund ): The Constituent Fund invests in stocks with high growth potential. The price of such stocks may be subject to sudden and substantial price movements and may be volatile in response to economic cycles. Investment Objective To maximise long term overall returns by investing primarily in global equities. Fund Descriptor Mixed Assets Fund Global equities and fixed-interest securities expected to invest 90% of its assets in equities and 0% in fixed-interest securities. 90% 0% Portfolio Analysis Cash And Others % Fixed Income % Other Asia Equities 0% Hong Kong/China Equities Japan Equities % / 6% North America Equities 9% Top 0 Holdings,, TENCENT HOLDINGS LTD CHINA 4% HSBC HLDGS PLC HONG KONG % BANK OF CHINA LTD H CHINA % AIA GROUP LTD HONG KONG % CHINA MERCHANTS BANK CO LTD H CHINA % PING AN INSURANCE (GROUP) CO OF CHINA LTD H CHINA % SAMSUNG ELECTRONICS CO LTD SOUTH KOREA % CHINA CONSTRUCTION BANK H CHINA % BRILLIANCE CHINA AUTOMOTIVE CHINA % TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD TAIWAN % Fund Details Europe Equities 9% Inception Date 0/00 0/00 /000 NAV per Unit HKD7.7 HKD8.58 HKD9. Fund Size HKD,87.98m,87.98 Risk Indicator.06% Fund Expenses Ratio* *.4.4. Performance Overview Since inception Indexed Performance / / 57.0% Cumulative Month.56%.58%.5% Months 6.% 6.% 6.00% Year 8.68% 8.94% 8.67% 5 Years 5 9.5% 40.9% 40.56% 0 Years 0.4% 4.77% 5.8% Since inception 5.5% 57.0% 6.5% Annualised Year 8.68% 8.94% 8.67% 5 Years % 7.0% 7.05% 0 Years 0.04%.4%.7% Since inception 5.6% 5.75% 5.80% Calendar Year % 7.7% 6.9% % -.% -.06% % -4.70% -4.68% %.0%.% % 8.94% 8.67% Manager s Comments Global equities rallied over December, with the US and UK markets touching fresh peaks. Stocks were boosted by optimism over the health of the global economy and by news that the US Senate had approved the most sweeping overhaul of the nation s tax system in more than three decades. At the sector level, energy and materials outperformed, whilst utilities, healthcare and information technology stocks retreated. 0 The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct

6 Allianz Global Investors MPF Plan Allianz Balanced Fund All investment involves risks. You should consider all the risks associated with Allianz Balanced Fund (the Constituent Fund ): The Constituent Fund is expected to invest 70% of its assets in global stock markets and 0% of its assets in fixed income securities. The assets held by the Constituent Fund are subject to interest rate risk. If interest rate rises, their value may decline substantially. The Constituent Fund faces potential default risk from its counterparties, such as bond issuers and depository banks. Investment Objective To achieve a high level of overall return over the long term by investing in a diversified portfolio of global equities and fixed-interest securities and is expected to invest 70 per cent of its assets in equities and 0 per cent in fixed interest securities. 70% 0% Fund Descriptor Mixed Assets Fund Global equities and fixed-interest securities expected to invest 70% of its assets in equities and 0% in fixed-interest securities. 70% 0% Portfolio Analysis Other Asia Equities 8% Japan Equities 0% North America Equities 5% Europe Equities 5% Top 0 Holdings,, TENCENT HOLDINGS LTD CHINA 4% HSBC HLDGS PLC HONG KONG % BANK OF CHINA LTD H CHINA % AIA GROUP LTD HONG KONG % CHINA MERCHANTS BANK CO LTD H CHINA % PING AN INSURANCE (GROUP) CO OF CHINA LTD H CHINA % SAMSUNG ELECTRONICS CO LTD SOUTH KOREA % CHINA CONSTRUCTION BANK H CHINA % BRILLIANCE CHINA AUTOMOTIVE CHINA % MITSUBISHI UFJ FINANCIAL GROUP JAPAN % Fund Details Cash And Others % Hong Kong/China Equities / 9% Fixed Income 0% Inception Date 0/00 0/00 /000 NAV per Unit HKD5.78 HKD5.95 HKD6.4 Fund Size HKD,0.5m,0.5 Risk Indicator 9.6% Fund Expenses Ratio* *.4.4. Performance Overview Since inception Indexed Performance % 0% / / 9.67% Cumulative Month.5%.7%.7% Months 4.87% 4.90% 4.7% Year.7%.88%.58% 5 Years 5.96%.40% 0.06% 0 Years % 7.44% 5.49% Since inception 8.5% 9.67% 4.87% Annualised Year.7%.88%.58% 5 Years 5 6.0% 5.9% 5.40% 0 Years 0.4%.45%.0% Since inception 5.8% 5.% 5.4% Calendar Year 0.%.0%.89% % -.8% -.55% 05 -.% -.6% -.9% 06.5%.8%.0% 07.7%.88%.58% Manager s Comments Global equities trended higher and outperformed bonds in December. Economic data indicated that the global economy was in robust health. As widely expected, the US Federal Reserve raised interest rates by 5 bps to a range of.5%-.50%, and maintained its forecasts for three further increases in 08, followed by two in 09. In Europe and Japan, rates remained on hold, although the European Central Bank raised its growth and inflation forecasts. 5.5%.50% The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct

7 Allianz Global Investors MPF Plan Allianz MPF Core Accumulation Fund All investment involves risks. You should consider all the risks associated with Allianz MPF Core Accumulation Fund (the Constituent Fund ) including: The Constituent Fund or its underlying fund(s) may subject to various risk (including, but not limited to, country and region risk, concentration risk, risk of interest rate changes, counterparty risk, liquidity risk and general market risk). The Constituent Fund or its underlying fund(s) may invest in emerging markets and be subject to a higher degree of liquidity risk, market risk and political risk due to regulatory, political and/or economic environment. Past performance information presented is not indicative of future performance...07 / Investment Objective To provide capital growth by investing in a globally diversified manner. Fund Descriptor Mixed Assets Fund Global Target Global equity 60%; Fixed-interest Securities 40% 60% 40% Portfolio Analysis Hong Kong/China Equities / 4% Other Asia Equities 4% Japan Equities 5% Europe Equities % Top 0 Holdings Cash And Others % Fixed Deposits % North America Equities 5% Fixed Income % FIXED DEPOSITS HONG KONG % APPLE INC UNITED STATES % MICROSOFT CORP UNITED STATES % FACEBOOK INC UNITED STATES % TENCENT HOLDINGS LTD CHINA % JOHNSON & JOHNSON UNITED STATES % AMAZON.COM INC UNITED STATES % US TREASURY N/B.50% 5/0/046 UNITED STATES % JPMORGAN CHASE & CO UNITED STATES % US TREASURY N/B.875% 5//046 UNITED STATES % Performance Overview Since inception Indexed Performance Cumulative Annualised Class A A Class B B Class T T Reference Portfolio Month 0.65% 0.7% 0.7% 0.96% Months.7%.90%.90%.56% Year N/A N/A N/A N/A 5 Years 5 N/A N/A N/A N/A 0 Years 0 N/A N/A N/A N/A Since inception 9.0%.00%.00% 9.74% Class A A Class B B Class T T Reference Portfolio Year N/A N/A N/A N/A 5 Years 5 N/A N/A N/A N/A 0 Years 0 N/A N/A N/A N/A Since inception N/A N/A N/A N/A Reference Portfolio % 9.74% 7 The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. The Constituent Fund will invest all its assets in two or more Approved Pooled Investment Funds ( APIFs ) of the Allianz Global Investors Choice Fund and/or index-tracking collective investment scheme(s) as allowed under the MPF Regulation. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. # If the Constituent Fund and/or the Reference Portfolio has/have not attained the relevant investment track record for the above stated period, relevant returns will be shown as N/A. Annualised performance will be available year after the inception date of the Constituent Fund. N/A The Allianz MPF Core Accumulation Fund is an investment option under the Default Investment Strategy (DIS) arrangement. Allianz MPF Members Direct Allianz MPF Employers Direct

8 Performance Overview (continued) Calendar Year Class A A Class B B Class T T Reference Portfolio %.00%.00% 9.74% Fund Details Inception Date 04/07 04/07 04/07 NAV per Unit HKD0.9 HKD.0 HKD.0 Fund Size Risk Indicator HKD6.70m 6.70 Fund Expenses Ratio* * N/A N/A N/A N/A Manager s Comments US equities rallied strongly over the quarter. Share prices were buoyed by better-than-expected third-quarter earnings, renewed merger and acquisition activities, and optimism over the prospects for a tax reform. Euro-zone equities retreated slightly in December (in EUR terms), lagging many other regions as political risks continued to weigh on investor sentiment. Global government bonds underperformed equities in December. US government bonds recorded slightly positive returns in December, as the 0-year Treasury yield closed at.40% whilst euro-zone bonds sold off, with the 0-year German bund yield rising back above 0.4% on the back of strong economic data and potential increase of German long-end government debt supply..4% 0.4% Calculated from respective inception dates. Risk Indicator will be available after the Constituent Fund has attained a -year track record. * Fund Expense Ratio (FER) will be available after the Constituent Fund has attained a -year track record. This fund factsheet only covers scheme-related information on Constituent Fund level. For more information about the DIS arrangement and age-based de-risking mechanism, please refer to our prospectus or website ( ( Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors

9 Allianz Global Investors MPF Plan Allianz Stable Growth Fund All investment involves risks. You should consider all the risks associated with Allianz Stable Growth Fund (the Constituent Fund ): The Constituent Fund is expected to invest 50% of its assets in global stock markets and 50% of its assets in fixed income securities. The assets held by the Constituent Fund are subject to interest rate risk. If interest rate rises, their value may decline substantially. The Constituent Fund faces potential default risk from its counterparties, such as bond issuers and depository banks. Investment Objective To achieve a stable overall return over the long term by investing in a diversified portfolio of global equities and fixed-interest securities and is expected to invest 50 per cent of its assets in equities and 50 per cent in fixed interest securities. 50% 50% Fund Descriptor Mixed Assets Fund Global equities and fixed-interest securities expected to invest 50% of its assets in equities and 50% in fixed-interest securities. 50% 50% Portfolio Analysis Cash And Others 5% Other Asia Equities 6% Japan Equities 8% North America Equities 0% Europe Equities % Top 0 Holdings,, TENCENT HOLDINGS LTD CHINA % HSBC HLDGS PLC HONG KONG % BANK OF CHINA LTD H CHINA % AIA GROUP LTD HONG KONG % CHINA MERCHANTS BANK CO LTD H CHINA % PING AN INSURANCE (GROUP) CO OF CHINA LTD H CHINA % SAMSUNG ELECTRONICS CO LTD SOUTH KOREA % US TREASURY N/B.50% 5/0/046 UNITED STATES % US TREASURY N/B.875% 5//046 UNITED STATES % CHINA CONSTRUCTION BANK H CHINA % Fund Details Fixed Deposits % Fixed Income 8% Hong Kong/China Equities / % Inception Date 0/00 0/00 /000 NAV per Unit HKD.4 HKD.7 HKD4.45 Fund Size HKD96.99m Risk Indicator 6.97% Fund Expenses Ratio* * Performance Overview Since inception Indexed Performance % 50% / /.47% Cumulative Month 0.90% 0.9% 0.9% Months.54%.60%.58% Year 7.9% 7.79% 8.0% 5 Years %.8%.55% 0 Years % 8.49% 8.50% Since inception 6.0%.47% 9.67% Annualised Year 7.9% 7.79% 8.0% 5 Years 5.8% 4.0% 4.5% 0 Years 0.9%.54%.54% Since inception 4.67% 4.84% 4.99% Calendar Year 0 7.% 7.44% 7.6% % -.60% -.69% % -.9% -.40% 06.47%.54%.85% % 7.79% 8.0% Manager s Comments US equities rose modestly over December. Both large- and small-cap indices touched fresh highs, buoyed by optimism that tax reform would boost company profits. The US Senate approved plans for USD.5 trillion in tax cuts, the most sweeping overhaul of the US tax system in more than three decades. Equity markets in the Pacific ex Japan rose over December, but returns at a country level were mixed. On the other hand, euro-zone equities retreated slightly in December (in EUR terms), lagging many other regions as political risks continued to weigh on investor sentiment..5 0 The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct

10 Allianz Global Investors MPF Plan Allianz Capital Stable Fund All investment involves risks. You should consider all the risks associated with Allianz Capital Stable Fund (the Constituent Fund ): The Constituent Fund is expected to invest 0% of its assets in global stock markets and 70% of its assets in fixed income securities. The assets held by the Constituent Fund are subject to interest rate risk. If interest rate rises, their value may decline substantially. The Constituent Fund faces potential default risk from its counterparties, such as bond issuers and depository banks. Investment Objective To provide investors with capital preservation combined with steady capital appreciation over the long term by investing in a diversified portfolio of global equities and fixed-interest securities and is expected to invest 0 per cent of its assets in equities and 70 per cent in fixedinterest securities. 0% 70% Fund Descriptor Mixed Assets Fund Global equities and fixed-interest securities expected to invest 0% of its assets in equities and 70% in fixed-interest securities. 0% 70% Portfolio Analysis Fixed Deposits 5% Japan Equities 5% North America Equities 6% Europe Equities 7% Cash And Others 7% Hong Kong/China Equities / % Top 0 Holdings,, TENCENT HOLDINGS LTD CHINA % US TREASURY N/B.50% 5/0/046 UNITED STATES % BANK OF CHINA LTD H CHINA % US TREASURY N/B.875% 5//046 UNITED STATES % HSBC HLDGS PLC HONG KONG % BUONI POLIENNALI DEL TES.60% 0/06/06 ITALY % BUONI POLIENNALI DEL TES.45% 5//04 ITALY % AIA GROUP LTD HONG KONG % JAPAN (GOVT OF) (0 YEAR ISSUE) (SER 57) 0.0% 0/06/06 JAPAN % KFW SER MTN 4.00% 6/0/09 GERMANY % Fund Details Other Asia Equities 4% Fixed Income 5% Inception Date 0/00 0/00 /000 NAV per Unit HKD9.07 HKD9.7 HKD0.6 Fund Size HKD56.90m Risk Indicator 5.00% Fund Expenses Ratio* * Performance Overview Since inception Indexed Performance % 70% / / Cumulative Month 0.66% 0.58% 0.5% Months.50%.8%.% Year.4%.49%.7% 5 Years 5.0%.8%.% 0 Years 0.09%.99%.98% Since inception 9.80% 98.% 04.07% Annualised Year.4%.49%.7% 5 Years 5.0%.5%.5% 0 Years 0.0%.7%.7% Since inception.99% 4.% 4.7% Calendar Year 0.0%.9%.0% % -0.70% -0.65% % -.97% -.7% % 0.99%.00% 07.4%.49%.7% 98.% Manager s Comments US government bonds recorded slightly positive returns in December, as the 0-year Treasury yield closed at.4%. At FOMC s December meeting, the US Fed raised interest rates by 5 bps to a range of.5%-.50% and maintained its forecasts for three further increases in 08, followed by two in 09. Euro-zone bonds sold off slightly in December, with the 0-year German bund yield rising back above 0.4% on the back of strong economic data and potential increase of German long-end government debt supply. Global equities rallied with the US and UK markets touching fresh highs..4% 5.5%.50% % The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct

11 Allianz Global Investors MPF Plan Allianz MPF Age 65 Plus Fund 65 All investment involves risks. You should consider all the risks associated with Allianz MPF Age 65 Plus Fund (the Constituent Fund ) including: The Constituent Fund or its underlying fund(s) may subject to various risk (including, but not limited to, country and region risk, concentration risk, risk of interest rate changes, counterparty risk, liquidity risk and general market risk). The Constituent Fund or its underlying fund(s) may invest in emerging markets and be subject to a higher degree of liquidity risk, market risk and political risk due to regulatory, political and/or economic environment. Past performance information presented is not indicative of future performance. Investment Objective Performance Overview / To provide capital growth by investing in a globally diversified manner. Since inception 0 Reference Portfolio Fund Descriptor Mixed Assets Fund Global Target Global Equity 0%; Fixed-interest Securities 80% 0% 80% Portfolio Analysis Indexed Performance %.69% Japan Equities % Other Asia Equities % Fixed Deposits % Hong Kong/China Equities / % Europe Equities 4% Cash And Others 4% North America Equities % Top 0 Holdings Fixed Income 7% FIXED DEPOSITS HONG KONG % US TREASURY N/B.50% 5/0/046 UNITED STATES % US TREASURY N/B.875% 5//046 UNITED STATES % BUONI POLIENNALI DEL TES.60% 0/06/06 ITALY % BUONI POLIENNALI DEL TES.45% 5//04 ITALY % JAPAN (GOVT OF) (0 YEAR ISSUE) (SER 57) 0.0% 0/06/06 JAPAN % KFW SER MTN 4.00% 6/0/09 GERMANY % JAPAN (GOVT OF) SER 44.50% 0/0/0 JAPAN % SINOPEC GROUP OVERSEAS 0 (REG S).65% 7/0/00 CHINA % FRANCE (GOVT OF).75% 5//04 FRANCE % Cumulative Annualised Class A A Class B B Class T T Reference Portfolio Month 0.9% 0.9% 0.9% 0.5% Months.58%.54%.54%.8% Year N/A N/A N/A N/A 5 Years 5 N/A N/A N/A N/A 0 Years 0 N/A N/A N/A N/A Since inception.90% 5.0% 5.0%.69% Class A A Class B B Class T T Reference Portfolio Year N/A N/A N/A N/A 5 Years 5 N/A N/A N/A N/A 0 Years 0 N/A N/A N/A N/A Since inception N/A N/A N/A N/A The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. The Constituent Fund will invest all its assets in two or more Approved Pooled Investment Funds ( APIFs ) of the Allianz Global Investors Choice Fund and/or index-tracking collective investment scheme(s) as allowed under the MPF Regulation. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. # If the Constituent Fund and/or the Reference Portfolio has/have not attained the relevant investment track record for the above stated period, relevant returns will be shown as N/A. Annualised performance will be available year after the inception date of the Constituent Fund. N/A The Allianz MPF Age 65 Plus Fund is an investment option under the Default Investment Strategy (DIS) arrangement. 65 Allianz MPF Members Direct Allianz MPF Employers Direct

12 Performance Overview (continued) Calendar Year Class A A Class B B Class T T Reference Portfolio 07.90% 5.0% 5.0%.69% Fund Details Inception Date 04/07 04/07 04/07 NAV per Unit HKD0.9 HKD0.5 HKD0.5 Fund Size Risk Indicator HKD0.7m 0.7 Fund Expenses Ratio* * N/A N/A N/A N/A Manager s Comments US equities rallied strongly over the quarter. Share prices were buoyed by better-than-expected third-quarter earnings, renewed merger and acquisition activities, and optimism over the prospects for a tax reform. Euro-zone equities retreated slightly in December (in EUR terms), lagging many other regions as political risks continued to weigh on investor sentiment. Global government bonds underperformed equities in December. US government bonds recorded slightly positive returns in December, as the 0-year Treasury yield closed at.40% whilst euro-zone bonds sold off, with the 0-year German bund yield rising back above 0.4% on the back of strong economic data and potential increase of German long-end government debt supply..4% 0.4% Calculated from respective inception dates. Risk Indicator will be available after the Constituent Fund has attained a -year track record. * Fund Expense Ratio (FER) will be available after the Constituent Fund has attained a -year track record. This fund factsheet only covers scheme-related information on Constituent Fund level. For more information about the DIS arrangement and age-based de-risking mechanism, please refer to our prospectus or website ( ( Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors

13 Allianz Global Investors MPF Plan Allianz Absolute Return Fund All investment involves risks. Absolute Return is the name of the Constituent Fund only and refers to the investment objective to achieve an absolute return performance target not related to an index. Such a description is a performance target only and absolute positive returns are not guaranteed. You should consider all the risks associated with Allianz Absolute Return Fund (the Constituent Fund ): The Constituent Fund is expected to adopt a dynamic asset allocation strategy. Depending on market conditions the Constituent Fund may invest from 0% to 50% of its assets in stock markets and from 50% to 00% in fixed interest securities and cash. The assets held by the Constituent Fund are subject to interest rate risk. If interest rate rises, their value may decline substantially. The Constituent Fund faces potential default risk from its counterparties, such as bond issuers and depository banks. Investment Objective To achieve absolute return, a performance target not related to an index, and long-term capital preservation with minimized short-term volatility by investing in a diversified portfolio of global equities and fixed-interest securities. To adopt a dynamic asset allocation strategy in order to achieve optimal return under evolving market conditions. Fund Descriptor Mixed Assets Fund adopt a dynamic asset allocation strategy and investing in a diversified portfolio of global equities (up to 50%) and fixed-interest securities. 50% Portfolio Analysis Fixed Deposits % Cash And Others % Equities 7% Top 0 Holdings,, HSBC HLDGS PLC HONG KONG 4% TREASURY BILL UCP 5/0/08 UNITED STATES % UNITED OVERSEAS BANK LTD EMTN (REG S) VAR 9/09/04 SINGAPORE % CRCC YUPENG LTD (REG S) VAR PERP 8/0/049 CHINA % STATE ELITE GLOBAL LTD SER EMTN (REG S).5% 0/0/00 CHINA % HONGKONG BK/AMH-FEX TSY, HK.00% 0/0/08 HONG KONG % OVERSEA-CHINESE BANKING CORP. LTD. SER REGS VAR 5/0/04 SINGAPORE % COMMONWEALTH BANK AUST (REG S) VAR 0/0/06 AUSTRALIA % CHINA CONSTRUCTION BANK ASIA SER EMTN (REG S) VAR 0/08/04 CHINA % HUARONG FINANCE (REG S) VAR PERP CHINA % Fund Details Other Bonds % USD Bonds 67% Inception Date 08/004 08/004 08/004 NAV per Unit HKD.07 HKD.70 HKD4.08 Fund Size HKD56.m 56. Risk Indicator.4% Fund Expenses Ratio* * The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. With respect to Allianz Absolute Return Fund, Absolute Return is the name of the Constituent Fund only and refers to the investment objective to achieve an absolute return performance target not related to an index. Such a description is a performance target only and absolute positive returns are not guaranteed. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Performance Overview Since inception Indexed Performance % 50% 50% 00% / / 58.00% Cumulative Month 0.44% 0.4% 0.4% Months.54%.50%.47% Year 6.56% 6.6% 6.64% 5 Years 5.%.0%.4% 0 Years 0 7.% 9.65% 0.59% Since inception 5.80% 58.00% 60.5% Annualised Year 6.56% 6.6% 6.64% 5 Years 5.5%.48%.55% 0 Years 0.44%.6%.70% Since inception.8%.47%.60% Calendar Year 0.58%.6%.68% 04.7%.%.% % -0.95% -0.84% 06.0%.4%.% % 6.6% 6.64% Manager s Comments Global government bonds underperformed equities in December, as investors favoured riskier assets given improving global economy and senate approval of the US tax reform. The US yield curve continued to flatten, with short-dated yields rising more than longer dated ones. For most markets, the 0-year bond yields rose slightly in December, although UK gilts proved to be the exception with yields falling modestly. In general, corporate bonds outperformed government bonds. Allianz MPF Members Direct Allianz MPF Employers Direct

14 Allianz Global Investors MPF Plan Allianz MPF Conservative Fund All investment involves risks. The Allianz MPF Conservative Fund is not subject to the supervision of the Banking Supervision Department of the Hong Kong Monetary Authority in Hong Kong. Subscribing for Units in the Allianz MPF Conservative Fund is not the same as placing monies on deposit with a bank or deposit-taking company. The Investment Manager has no obligation to redeem Units in the Allianz MPF Conservative Fund at the price at which they were originally issued. Investment Objective To provide a convenient and easily realisable medium of investment for investors who require a level of income combined with a high degree of capital protection by investing in HK dollar denominated bank deposits and other high quality HK dollar denominated fixed interest and other monetary instruments. Fees and charges of an MPF conservative fund can be deducted from either (i) the assets of the fund or (ii) members account by way of unit deduction. The Allianz MPF Conservative Fund uses method (i) and, therefore, its unit prices/nav/fund performance quoted have incorporated the impact of fees and charges. / / Fund Descriptor Money Market Fund Hong Kong Portfolio Analysis Fixed Income 4% Cash And Others 0% Top 0 Holdings,, UNITED OVERSEAS BANK LTD. 0.90% 5/0/08 4% CHONG HING BANK LTD, HKG.5% 0/0/08 % BANK OF COMMUNICATIONS.0% 08/0/08 % BANK OF COMMUNICATIONS.0% 05/0/08 % INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED.55% 8/06/08 % CHINA CONSTRUCTION BANK (ASIA) CORP LTD.00% 8/04/08 % BANK OF COMMUNICATIONS.00% /0/08 % INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED.40% 9/0/08 % PUBLIC BANK (HONG KONG) LIMITED 0.90% 5/0/08 % OCBC WING HANG BANK HONG KONG 0.75% /0/08 % Fund Details Fixed Deposits 86% Inception Date 0/00 0/00 /000 NAV per Unit HKD6.57 HKD6.548 HKD Fund Size HKD945.77m Risk Indicator 0.00% Fund Expenses Ratio* * Performance Overview Since inception Indexed Performance Calendar Year..07 / 0.9% Cumulative Month 0.00% 0.00% 0.00% Months 0.00% 0.00% 0.00% Year 0.0% 0.0% 0.0% 5 Years % 0.08% 0.% 0 Years 0.9%.7%.64% Since inception 0.% 0.9%.0% Annualised Year 0.0% 0.0% 0.0% 5 Years 5 0.0% 0.0% 0.0% 0 Years 0 0.4% 0.4% 0.6% Since inception 0.58% 0.58% 0.68% 0 0.0% 0.0% 0.0% % 0.05% 0.08% % 0.0% 0.0% % 0.0% 0.0% % 0.0% 0.0% Manager s Comments HKD traded weaker against the USD, approaching 7.8 in August. Partly to defend the HKD which was trading close to the weaker end of the undertaking, the Hong Kong Monetary Authority announced the issuance of additional exchange fund bills in August and September. Hong Kong short term interest rates were stable from July to September. However, further Fed interest rate rise expectation, along with a few HK IPOs which locked up liquidity towards the end of October led the aggregate balance to decline to below HKD 00 billion. Tighter liquidity caused the -month HKD HIBOR surge to.%, a level last seen in late 008. Nonetheless, ample liquidity in HK allowed interest rates to continue trading lower than its US counterpart ,000.% 008 The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in an Approved Pooled Investment Fund ( APIF ). Information reflected the underlying investment via investing in an APIF. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct

15 Allianz Global Investors MPF Plan Allianz RMB Money Market Fund All investment involves risks. You should consider all the risks associated with Allianz RMB Money Market Fund (the Constituent Fund ): This Constituent Fund is not subject to the supervision of the Banking Supervision Department of the Hong Kong Monetary Authority in Hong Kong. Subscribing for Units in this Fund is not the same as placing monies on deposit with a bank or deposit-taking company. The Investment Manager has no obligation to redeem Units in this Constituent Fund at the price at which they were originally issued. The Constituent Fund is subject to foreign exchange risk as most of the assets or investments held in the relevant Approved Pooled Investment Fund(s) ( APIF(s) ) are denominated in RMB. There may only be a limited pool of RMB instruments available for investment, and the relevant APIFs may have to allocate a significant portion of the portfolio s RMB assets in RMB negotiated term deposits until suitable securities are available in the market. The Constituent Fund is also exposed to various risks which include Chinese RMB currency risk, China Market risk, risk of limited pool of investments, liquidity risk, credit risk, downgrading risk and taxation risk. any investment choices. When you are in doubt as to whether a certain constituent fund is..07 / / Investment Objective To seek income and capital gains over the long run, by investing 60% - 70% of its assets in an APIF, Allianz Choice RMB Money Market Fund, and invest 0% - 40% of its assets in another APIF, Allianz Choice HK$ Cash Fund. Both APIFs are the sub-funds of Allianz Global Investors Choice Fund. Ranges of asset allocation are for indication only and are subject to market conditions. 60% 70% 0% 40% Fund Descriptor Money Market Fund China Portfolio Analysis RMB Fixed Income % HKD Fixed Income % Cash And Others 0% HKD Fixed Deposits 0% Top 0 Holdings THE BANK OF EAST ASIA LTD, HKG 4.00% 9/05/08 % OVERSEA CHINESE BANKING CORP LTD.65% 6/0/08 % BK OF COMMUNICATIONS/HK SER FXCD (REG S) (BR) 4.40% //08 % UNITED OVERSEAS BANK LTD..40% /0/08 % CHONG HING BANK LTD, HKG.90% 4/05/08 % INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LIMITED.40% 08/0/08 % CHONG HING BANK LTD, HKG.70% 7/0/08 % BANK OF CHINA/HONG KONG (REG S) SER FXCD (BR) 4.00% 8/09/08 % SHANGHAI COMMERCIAL BANK GROUP.50% 6/0/08 % WING LUNG BANK, HONG KONG 4.00% 7/06/08 % Fund Details RMB Fixed Deposits 55% Inception Date 0/0 0/0 0/0 NAV per Unit HKD5.05 HKD5.06 HKD5.08 Fund Size HKD54.08m Risk Indicator.79% Fund Expenses Ratio* *...8 Performance Overview Since inception Indexed Performance Cumulative Month.07%.07%.07% Months.6%.6%.6% Year 6.06% 6.06% 6.05% 5 Years 5 N/A N/A N/A 0 Years 0 N/A N/A N/A Since inception 0.% 0.40% 0.5% Annualised Year 6.06% 6.06% 6.05% 5 Years 5 N/A N/A N/A 0 Years 0 N/A N/A N/A Since inception 0.08% 0.09% 0.% Calendar Year 0 0.5% 0.60% 0.60% % -0.66% -0.66% % -.60% -.47% % -.74% -.74% % 6.06% 6.05% Manager s Comments After the US Fed hiked rates by 5 bps in mid-december, the People s Bank of China followed to hike rates for open-market operations (OMO) and medium-term lending facilities (MLF) in response. This is also to serve the long-term need of deleveraging. The 5-bps increase is smaller than market expectations, suggesting that monetary policy will not be tightened significantly due to an expected economic slowdown or already high market rates. On the other hand, there are a few developments in relation to RMB internationalisation, including Russia s plan to issue RMB-denominated Russian government bonds and Pakistan s move to consider using RMB as it trades with China. On the currency front, the offshore RMB appreciated against the USD by.5% during the month. According to statistics published by the Hong Kong Monetary Authority, renminbi deposits in Hong Kong expanded by.5% to RMB 559. billion at the end of November. The total renminbi remittance for cross-border trade settlement amounted to RMB billion in November, compared with RMB 4.5 billion in October %.5% 5,59 4,405 0, % The performance is calculated on NAV-to-NAV basis, with net income reinvested, in HKD. All figures are shown as at/or referenced using the last business day of the month unless otherwise indicated. / The Constituent Fund will invest all its assets in two APIFs. Top 0 Holdings do not include cash and others which represent cash at call, account receivable and account payable. Risk Indicator is shown as an annualised standard deviation based on the monthly rates of return of the Constituent Fund over the past years. Calculated from respective inception dates. * The FER is for the year ended 0 June 07 (latest financial year) Past performance information presented is not indicative of future performance. Issuer Allianz Global Investors Asia Pacific Limited Source Allianz Global Investors Allianz MPF Members Direct Allianz MPF Employers Direct