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1 Sun Life Rainbow MPF Scheme 永明彩虹強積金計劃 季報 Quarterly Update 第二季 nd Quarter 06 截至 As at 0/06/06

2 重要事項 Important Note 永明彩虹強積金計劃 ( 本計劃 ) 是一項強制性公積金計劃 投資涉及風險, 並非本計劃下的所有投資選擇均適合所有人 投資回報不獲保證, 閣下的投資 / 累算權益或須蒙受重大的損失 閣下在作出任何投資選擇前, 應先考慮個人可承受的及財務狀況 在選擇基金時, 如閣下對某基金是否適合自己存有疑問 ( 包括是否符合閣下的投資目標 ), 閣下應尋求財務及 / 或專業意見, 並須考慮個人情況而作出最適合自己的基金選擇 年滿 65 歲或年滿 60 歲提早退休的成員可 ( 按照受託人在遵守 強積金條例 和 強積金規例 的前提下可能不時確定的方式和條件 ) 申請分期提取強積金權益 詳情請見本計劃之主要推銷刊物第.0 部分 權益的提取 由 06 年 5 月 7 日起, 永明彩虹強積金計劃已進行若干重組, 如更改 若干成分基金之投資政策及基金名稱的變動 有關重組 若干成分基金之投資政策及基金名稱變動的詳情, 請參閱本計劃最新版本之主要推銷刊物或致電我們的退休金服務熱線 查詢 請不要只依賴此刊物提供的資料而投資, 並應細閱有關的主要推銷刊物, 以獲取有關詳情包括風險因素 Sun Life Rainbow MPF Scheme (the Scheme ) is a mandatory provident fund scheme. Investment involves risks and not all investment choices available under the Scheme would be suitable for everyone. There is no assurance on investment returns and your investments/accrued benefits may suffer significant loss. You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of funds, you are in doubt as to whether a certain fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose the fund(s) most suitable for you taking into account your circumstances. Members reaching 65th birthday or early retiring on reaching age 60 may apply (in such form and on such conditions as the Trustee may from time to time determine but subject to the Mandatory Provident Fund Schemes Ordinance and Regulation) for payment of the MPF Benefits in instalments. Please refer to.0 "Withdrawal of Benefits" of the Principal Brochure of the Scheme for further details. With effect from 7 May 06, certain restructuring has taken place in relation to the Sun Life Rainbow MPF Scheme, such as the change of investment manager, the certain changes of the investment policy and the names of constituent funds. For more details about the restructuring, the certain changes of the investment policy and the names of the constituent funds, please refer to the latest Principal Brochure of the Scheme or call our Pensions Service Hotline You should not invest based on this material alone and you should read the Principal Brochure carefully for further details including risk factors. 市場回顧 Market Review 香港 / 大中華股市 英國脫歐事出突然, 事件對金融市場所引發的影響需若干年才能完全掌握 季內, 恆生指數徘徊於一個較大的波幅區, 到季末時錄得約 % 的正回報 市場預期美國聯儲局會暫緩加息, 助地產分類指數跑贏整體大市 中國 A 股市場在過去一季中輕微下跌, 滬深 00 指數以本地貨幣計下跌約 % 市場對年內推行深港通抱有期望, 淡化了中國股市未能納入 MSCI 新興市場指數的負面衝擊 市場成交量等數據反映投資者對市場的信心似慢慢恢復 台灣股市在去季輕微上升, 因估計蘋果手機的銷售會高於預期, 消息帶動科技股造好, 為大市帶來支持 亞洲股市 亞洲 ( 日本除外 ) 股市在第 季錄得輕微的正增長 大部分市場在英國脫歐消息後快速反彈, 顯示出投資者的信心偏強, 風險胃納趨升 亞洲的央行普遍傾向寬鬆政策, 而投資者正留意會否有新的刺激措施 短期而言, 預期股票市場的波幅將維持偏高, 但脫歐問題可能驅使投資者的焦點轉向亞洲市場 Hong Kong Equity/Greater China Equity The Brexit vote caught global financial markets by surprise, with implications not fully known for years. Over the quarter, the Hang Seng Index traded within a wide range and finished with approximately % return. Market expectations the Fed would delay raising interest rates propelled the properties sub-index outperforming the broader index. China A share market was slightly down over the last quarter, with the CSI00 Index losing about % in local currency term. The market reacted mildly to the failure of China stocks being included in the MSCI Emerging Market Index, helped by rising expectations of Shenzhen-Hong Kong Stock Connect launching within this year. Investor sentiment towards market seem improving, as suggested by market turnover and other data. Taiwan equity market was slightly positive for the quarter. Estimates of orders for Apple s iphone kept ratcheting higher, benefitting technology stocks and supported the broader market. Asia Equity Asia ex Japan equities finished the second quarter in marginally positive territory. Most markets were fast to recover from early losses triggered by Brexit result, suggesting strong investor confidence and rising risk appetite. Asian central banks generally maintained an easing stance, with investors looking out for new stimulus measures. In the near term, equity markets are expected to remain volatile, but impacts from Brexit may turn investors attention to Asian markets.

3 環球股市儘管英國脫歐公投在季未造成大幅波動, 環球股市在第 季仍錄得微升 美國股市繼續領先其他成熟市場 季內重大宏觀事件是 脫歐派 在 6 月 日的公投之中勝出, 令英國放棄其歐盟成員國身份 公投結果出人意表, 並觸發投資者的避險情緒 環球股市廣泛下跌, 避險資產如黃金 美國國庫債券 德國國債以至日本國債等價格大幅上升 不過, 隨着投資者開始衡量公投結果對環球經濟和市場的即時影響, 和央行可能會放寬貨幣政策以作回應, 悲觀市場情緒很快消退, 環球股市強力回升 美國宏觀數據顯示該國經濟平穩, 其中非農就業職位及零售銷售持續增長 同時, 由於對包括英國公投等外圍發展的關注, 令聯儲局在加息的行動上按兵不動 經濟持續增長加上市場預期聯儲局加息步伐趨向緩慢, 減少了投資者對美國股市的顧慮, 讓美股表現繼續領先其他成熟市場 環球債券第 季度, 受環球市場避險情緒升溫, 避險資產需求增加的帶動下, 發達國家主權債券表現強勁 6 月底時, 英國脫歐公投結果出乎市場意料, 加劇市場波動 與此同時, 我們認為美國 5 月份就業數據遠差於市場預期, 基本上排除了聯儲局 7 月加息的可能性 季末, 英國及美國 0 年期國庫債券孳息跌至 0.87% 及.7%, 接近紀錄低位 德國 0 年及以下年期國債利率, 和日本 5 年及以下年期國債利率跌至負值 歐洲邊陲國家債券表現參差, 西班牙 0 年期國債息率跟隨大市下跌, 而同年期意大利和葡萄牙債息率卻輕微上升 港元債券美國 0 年期國庫債券孳息在季度內下降了 0 個基點至.7%, 而香港 0 年期政府債券息率則下跌 6 個基點至.0% 由於流動性充裕, 個月銀行同業拆息率於季內大致不變 期內, 港元靠近 美元兌 7.75 至 7.85 港元的強方兌換區間, 並維持窄幅上落, 緩解首季度的貶值壓力 港元貨幣市場在 6 月的聯邦公開市場委員會會議, 聯儲局表示, 鑑於就業數據疲弱和環球市場的不確定性, 未來數月政策利率沒有進一步的舉動 英國投票決定離開歐盟, 這意外的結果帶來了巨大的市場波動, 並促使美國國債顯著上升 英國脫歐衝擊可能進一步延後聯儲局加息及導致全球經濟放緩 市場人士預期發達國家和亞洲將採取更寬鬆貨幣政策 由於流動性充裕, 個月銀行同業拆息率於季內大致不變 人民幣貨幣市場中國官方製造業採購經理人指數及新增訂單萎縮, 顯示需求持續疲弱 5 月固定資產投資放緩至單位數增長, 為近 5 年來首次 雖然英國脫歐對中國經濟的直接影響可能有限, 但通過金融市場的潛在影響仍然值得關注 美匯指數轉強和風險溢價上升, 短期內可能對人民幣匯率構成壓力 Global Equity Global equity markets moved up slightly in the second quarter despite huge volatility caused by concerns over Brexit late in the quarter. US equity market remained the strongest among developed markets. During the quarter, the key macro-economic incident was the victory of Leave camp in the UK referendum held on June on its EU membership. The results were largely unexpected and stroked risk aversion among investors. Widespread selloff was seen in global equities markets, whereas prices of safe heaven assets like Gold, US Treasuries, German Bunds and JGBs, all shot up. Still, the adverse market sentiment dissipated quickly and equities market bounced back strongly as investors started to weigh the immediate impact of the referendum on global economy and market and possibility for central banks to react by further easing. US macro data showed resilience in its economy with non-farm payroll employment and retail sales kept growing. At the same time, the Fed is kept at bay with its rate hike on concerns over developments in external economies, e.g. the UK referendum. Combination of growing economy and easing expectation for Fed rate hike has reduced investors concerns for US equities, helping US equities continued to stand out among developed markets. Global Bond Developed market sovereign bonds performed strongly in the second quarter, driven by surging demand for safe haven assets amid global risk off sentiment. The surprise outcome of the UK s EU membership referendum has led to further spike in market volatility in late June. Meanwhile, we believe that the weaker-than-expected job report in the US for May has basically ruled out the possibility of rate hike in July by the Federal Reserve. 0-year government bond yields in the UK and the US closed at 0.87% and.7% respectively at end of June, nearing all-time lows. German Bunds with maturities of up to 0 years and Japanese government bonds (JGBs) with maturities up to 5 years were all negative yielding. The picture was mixed for European peripheral bonds in the quarter, with Spanish 0- year yield dropped alongside the market whereas Italian and Portuguese 0-year yields edged up slightly. Hong Kong Dollar Bond 0-year US Treasury yield fell by 0 basis points to.7% over the quarter whereas the yield of 0-year Hong Kong government bond yield fell by 6 basis points to.0%. -month HIBOR rate was largely unchanged over the quarter as a result of ample liquidity. Hong Kong dollar traded in a tight range close to the strong side of per US dollar range throughout the second quarter, relieving depreciation pressure from the first quarter. Hong Kong Dollar Money Market At the June Federal Open Market Committee meeting, the US Fed signaled no further move in policy rates for several months on the back of soft job data and uncertainties in global markets. UK s surprise vote to leave the EU has brought about huge market volatility and triggered a massive rally in US Treasury. Brexit shock is likely to further delay any Fed rate hike and lead to slower growth of the global economy. Market participants are now expecting further monetary policy easing in developed markets and Asia. -month HIBOR rate was largely unchanged over the quarter as a result of ample liquidity. RMB Money Market China official manufacturing PMI data and new orders shrank, suggesting demand remains anemic. Fixed asset investment decelerated to singledigit growth in May, which is the first time in 5 years. Although the direct impact of Brexit on China s economy may be limited, the potential impact via financial markets remains concerning. A stronger USD index and rising risk premium could weaken the RMB exchange rate in the near term. 以上 市場回顧 資料均由提供 The above Market Review information are provided by.

4 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金保守基金 Sun Life MPF Conservative Fund Market Forecast 不適用 ^^ N/A^^ 0//000,6.9 投資目標 Investment Objective 此基金尋求向成員提供穩定的資本增值, 同時將基礎資本的風險減至最低, 但概不保證可償還資本 This fund seeks to provide members with a regular increase in value, with minimal risk to the underlying capital but with no guarantee of repayment of capital. 副 Sub-investment Manager A 類 Class A.0 B 類 Class B.05 貨幣市場基金 香港 Money Market Fund Hong Kong 景順投資管理有限公司 Invesco Hong Kong Limited A 類 Class A 0.8% Fund Expense Ratio B 類 Class B 0.8% Risk Indicator 0.0% /0 0/0 0/05 0/07 0/09 0/ 0/ 0/5 永明強積金保守基金 B 類 Sun Life MPF Conservative Fund Class B Fund Performance Months A 類 Class A 0.00% 0.00% 0.0% 0.0% 0.0%.% 0.% 0.0% 0.0% 0.0% 0.% 0.6% B 類 Class B 0.00% 0.00% 0.00% 0.0% 0.0%.68% 0.5% 0.00% 0.0% 0.0% 0.6% 0.6% A 類 Class A 0.00% 0.00% 0.00% 0.0% 0.0% 0.%.69% 0.0% 0.00% 0.0% 0.0% 0.0% B 類 Class B 0.00% 0.00% 0.00% 0.0% 0.0% 0.8%.86% 0.0% 0.0% 0.0% 0.00% 0.0% 儘管英國脫歐和半年度年結的流動性需要, 貨幣市場保持平靜 藉增持較長期票據, 投資組合的平均到期日依然靠近上限 投資組合繼續受惠於陡峭的貨幣市場曲線 在信貸方面, 投資組合傾向於本地銀行及新加坡銀行, 因其經風險調整後的回報較佳 Money market remained calm despite Brexit and semi-annual end liquidity need. Average maturity of the portfolio remains close to maximum limit through adding to longer tenor paper. The portfolio continued benefiting from the steep money market curve. On the credit front, the portfolio has shifted to local banks and Singaporean banks on better risk-adjusted return. 現金及存款 Cash & Deposit 87.% 貨幣市場工具 Money Market Instruments 0.6% 港元債券 HKD Bonds.% Top 0 Holdings 7 Shanghai Commercial Bank T/D 0.% 0-Jul-06.9% Agricultural Bank of China HK 0.7% -Sep-06.9% Public Bank T/D % 0-Sep-06.6% Public Bank T/D 0.95% 9-Sep-06.6% Sumitomo Mitsui HK T/D.5% 5-Nov-06.% Sumitomo Mitsui HK T/D 0.8% 7-Sep-06.% Bank of Communication T/D 0.0% 06-Jul-06.8% Wing Lung Bank T/D 0.68% -Sep-06.7% United Overseas Bank T/D 0.85% 5-Dec-06.7% Shanghai Commercial Bank T/D 0.% 06-Jul-06.7% 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 而景順投資管理有限公司亦同時獲委任為此成分基金的副 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund; and Invesco Hong Kong Limited has also been appointed as the sub-investment manager of this Constituent Fund. For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme. 永明強積金保守基金並不提供償還本金的保證 強積金保守基金的收費可 ( 一 ) 透過扣除資產淨值收取 ; 或 ( 二 ) 透過扣除成員帳戶中的單位收取 本基金採用方式 ( 一 ) 收費, 故所列之單位價格 / 資產淨值 / 已反映收費之影響 The Sun Life MPF Conservative Fund provides no guarantee of repayment of capital. The fees and charges of a MPF Conservative Fund can be deducted from either (i) the assets of the fund or (ii) member s account by way of unit deduction. This fund uses method (i) and, therefore, unit prices/nav/fund performance quoted have incorporated the impact of fees and charges.

5 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金港元債券基金 Sun Life MPF Hong Kong Dollar Bond Fund Market Forecast 中立預測 Neutral 0//000,607.9 A 類 Class A.956 B 類 Class B.67 投資目標 Investment Objective 此基金尋求向成員提供高於從銀行存款和貨幣市場證券所獲得的回報 This fund seeks to provide members with a return in excess of that achievable from bank deposits and money market securities. 50 債券基金 香港 Bond Fund Hong Kong A 類 Class A.78% Fund Expense Ratio B 類 Class B.58% Risk Indicator.0% /0 0/0 0/05 0/07 0/09 0/ 0/ 0/5 永明強積金港元債券基金 B 類 Sun Life MPF Hong Kong Dollar Bond Fund Class B Fund Performance Months A 類 Class A.70%.06%.05% 7.07% 6.% 7.6% 9.56%.05%.0%.0%.7%.6% B 類 Class B.80%.%.6% 7.7% 7.% 0.%.67%.6%.5%.0%.67%.5% A 類 Class A.0% 0.9%.08%.8%.9% 9.% 5.9%.%.0% -.%.0%.9% B 類 Class B.5% 0.9%.7%.9%.7% 0.% 7.8%.6%.0% -.95%.%.69% 由於債券利率持續向下, 基金於第 季度錄得正回報 年 0 年, 及更長年期的美國國債息率下跌, 孳息曲線變得平坦 港元債券孳息曲線亦出現類似情況, 但幅度較為輕微 在當前的低利率甚至負利率的環境下, 我們傾向積極管理組合的存續期, 並通過企業債券以尋求較佳收益率 The fund registered a positive return in the second quarter as yields continued to sink. Yields of -year, 0-year and longer-dated US Treasury fell, and the yield curve flattened. Yield curve of Hong Kong dollar bond moved in a similar manner but with smaller magnitude. Under the prevailing low-to-negative interest rate environment, we intend to actively manage portfolio duration and seek better yields through the use of corporate bonds. 港元債券 HKD Bonds 88.0% 美元債券 USD Bonds 9.% 現金及其他 ^ Cash and Others^.6% Top 0 Holdings 7 Hong Kong Science & Tech Park.% -Jul-0.5% Hang Seng Bank.75% 6-Oct-07.% US Government Bond % 0-Sep-06.0% Hong Kong Government Bond.95% -Feb-05.7% Bank of China (HK).97% -Apr-09.6% Wells Fargo % 05-Jun-05.5% US Government Bond.65% 5-May-06.% DBS Group.% 9-Apr-06.% National Australia Bank.7% 7-May-06.% Export-Import Bank of Korea.57% -May-08.% 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此成分基金之若干投資政策亦作出變動, 包括但不限於在基礎基金層面建立一個投資組合管理基金架構 即成分基金資產可投資於不同的基礎基金, 並由不同的管理 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple underlying funds managed by various investment managers). For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

6 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金人民幣及港元基金 Sun Life MPF RMB and HKD Fund Market Forecast 中立預測 Neutral 0/06/ 副 Sub-investment Manager A 類 Class A.0089 B 類 Class B.000 貨幣市場基金 中國內地及香港 Money Market Fund Mainland China and Hong Kong 景順投資管理有限公司 Invesco Hong Kong Limited A 類 Class A.5% Fund Expense Ratio B 類 Class B.9% Risk Indicator.% 投資目標 Investment Objective 此基金是透過主要投資於以人民幣及港元計價的貨幣市場及債務工具, 以尋求達致長期總回報 This fund seeks to achieve long-term total returns through investments primarily in a portfolio of money market and debt instruments denominated in RMB and HKD / / 06/ / 06/ / 06/5 /5 06/6 永明強積金人民幣及港元基金 B 類 Sun Life MPF RMB and HKD Fund Class B Fund Performance Months A 類 Class A 0.% -.6% -.06% -.8% 不適用 N/A 不適用 N/A 0.89% -.06% -0.6% 不適用 N/A 不適用 N/A 0.% B 類 Class B 0.6% -.5% -.0% -.69% 不適用 N/A 不適用 N/A.00% -.0% -0.57% 不適用 N/A 不適用 N/A 0.5% A 類 Class A -0.65% -0.7% -.0% -.9% 不適用 N/A 不適用 N/A -.6% 不適用 N/A.59%.% -0.79% -.% B 類 Class B -0.6% -0.70% -.0% -.86% 不適用 N/A 不適用 N/A -.5% 不適用 N/A.5%.8% -0.7% -.6% 基金於第 季錄得負回報, 主要受人民幣貶值所致 藉着增持較長期票據, 投資組合的平均到期日依然靠近上限 投資組合繼續受惠於陡峭的貨幣市場曲線 在信貸方面, 投資組合傾向於本地銀行及新加坡銀行, 因其經風險調整後的回報較佳 鴿派的央行和疲弱的增長前景均利好離岸人民幣和港元利率 不過, 匯率卻可能在強美元的環境下受壓 The fund returned negatively in the second quarter, mainly driven by depreciation of the RMB. Average maturity of the portfolio remains close to maximum limit through adding to longer tenor paper. The portfolio continued to be benefited from the steep money market curve. On the credit front, the portfolio has shifted to local banks and Singaporean banks on better risk-adjusted return. Dovish central banks and weak growth outlook are bullish for both CNH and HKD rates. However, currencies would be under pressure in a strong US dollar environment. 現金及存款 ( 人民幣 ) Cash & Deposit (RMB).5% 現金及存款 ( 港元 ) Cash & Deposit (HKD) 9.6% 債券 ( 人民幣 ) Bonds (RMB).% 貨幣市場工具 ( 港元 ) Money Market Instruments (HKD) 6.5% Top 0 Holdings 7 Air Liquide Finance % 9-Sep-06 5.% Baosteel Group.75% 0-Dec-06.9% OCBC Wing Hang Bank T/D 0.55% 07-Jul-06.8% Bank of East Asia HK T/D 0.8% 07-Sep-06.8% United Overseas Bank T/D.905% 9-Aug-06.6% Starway Assets Enterprises.% -Jan-07.0% Industrial & Commercial Bank of China.5% 9-Nov-06.9% Bestgain Real Estate.05% 6-Dec-06.9% Shanghai Commercial Bank T/D % 5-Jul-06.6% OCBC Wing Hang Bank T/D 0.55% 0-Jul-06.5% 5 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 而景順投資管理有限公司亦獲委任為此成分基金的副 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund; and Invesco Hong Kong Limited has also been appointed as the sub-investment manager of this Constituent Fund. For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

7 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金環球債券基金 Sun Life MPF Global Bond Fund Market Forecast 中立預測 Neutral 0/0/ A 類 Class A B 類 Class B.009 投資目標 Investment Objective 此基金尋求向成員提供高於從銀行存款和貨幣市場證券所能獲得的回報 This fund seeks to provide members with total return usually in excess of that achievable from bank deposits and money market securities. 0 債券基金 環球 Bond Fund Global A 類 Class A.80% Fund Expense Ratio B 類 Class B.60% Risk Indicator.9% /0 0/ 0/ 0/ 0/ 0/5 0/6 永明強積金環球債券基金 B 類 Sun Life MPF Global Bond Fund Class B Fund Performance Months A 類 Class A 8.%.8% 8.6%.70% -.0% 不適用 N/A -0.7% 8.6% 0.89% -0.6% 不適用 N/A -0.06% B 類 Class B 8.5%.5% 8.8%.% -.05% 不適用 N/A 0.9% 8.8%.0% -0.% 不適用 N/A 0.% A 類 Class A.89%.6% 5.8%.65%.% 不適用 N/A 0.95%.09% -0.8% -.8% -.56% -.9% B 類 Class B.9%.8% 5.8%.96%.9% 不適用 N/A.60%.9% 0.0% -.99% -.7% -.7% 由於債券息率普遍走低, 基金於第 季度錄得正回報 在環球輔助貨幣政策的背景下, 低利率甚至負利率的環境可能維持一段較長時間, 尋求利息收益的活動可能會繼續 基金盡量避免負孳息的歐元和日圓債券, 而選擇高質素的短期信貸以尋求較佳收益率 儘管市場價格反映美國聯邦儲備局在 06 年加息的機會甚低, 但我們對美國經濟穩步增長和通脹逐漸上升仍保持警惕 The fund posted positive return in the second quarter on broadly lower bond yields. Supportive monetary policies globally means the low-to-negative yield environment could persist for an extended period, and search-for-yield activities may continue. The fund tries to avoid exposure to Euro and Yen bonds that are trading at negative yields, and seeks better yields through selective use of high grade short-term credits. Despite market pricing in low probability of US rate hike in 06, we remain mindful of the US economy growing steadily and inflation is gaining ground. 美元債券 USD Bonds.% 歐洲債券 European Bonds 6.8% 日本債券 Japanese Bonds.5% 港元債券 HKD Bonds.8% 亞洲債券 Asian Bonds.% 其他債券 Other Bonds.0% 現金及其他 ^ Cash and Others^.% Top 0 Holdings 7 US Government Bond % 5-Aug-05.5% Japan Government Bond.9% 0-Mar-05.% US Government Bond 0.875% 5-May-09.% US Government Bond 0.65% -Aug-07.% US Government Bond.65% -Jul-00.0% Italy Government Bond.5% 0-Mar-00.7% Rabobank.85% -Apr-07.6% Spain Government Bond.75% 0-Apr-09.5% IBRD.75% -May-0.% US Government Bond 0.875% 5-Jul-08.% 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此成分基金之若干投資政策亦作出變動, 包括但不限於在基礎基金層面建立一個投資組合管理基金架構 即成分基金資產可投資於不同的基礎基金, 並由不同的管理 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple underlying funds managed by various investment managers). For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme. 6

8 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金平穩基金 Sun Life MPF Stable Fund Market Forecast 不適用 ^^ N/A^^ 0//000 投資目標 Investment Objective 此基金尋求向成員提供穩定的資本增值 This fund seeks to provide members with steady capital appreciation.,90.0 A 類 Class A.9 B 類 Class B.9685 混合資產基金 環球股票投資最高 50% Mixed Assets Fund Global Maximum equity investments 50% A 類 Class A.79% Fund Expense Ratio B 類 Class B.59% Risk Indicator.9% /0 0/0 0/05 0/07 0/09 0/ 0/ 0/5 永明強積金平穩基金 B 類 Sun Life MPF Stable Fund Class B Fund Performance Months A 類 Class A 5.%.%.70% 0.8%.80% 6.9% 9.%.70%.9%.6%.9%.5% B 類 Class B 5.5%.8%.9%.50%.9% 9.88% 96.85%.9%.70%.6%.%.% A 類 Class A.0%.6%.%.5% 7.% 7.9% 6.7% -.5% 7.05%.%.0% -0.77% B 類 Class B.07%.8%.%.8% 7.88% 8.7% 9.% -.% 7.7%.6%.59% -0.57% 季內, 本基金錄得.8% 升幅 (B 類表現 ) 投資組合持有的各基金均錄得正回報 受美國加息預期降溫 信貸息差收窄等有利因素推動, 加上季末英國脫歐公投結果帶動資金流向主要已發展國家主權債, 利好組合內的債券部份錄得優異升幅 至於組合的股票部份, 環球股票基金和亞洲股票基金受惠於選股得宜, 兩者都錄得強勁升幅 The fund gained.8% during the latest quarter (Class B performance). All funds within the portfolio registered positive return. The bond portion benefited from easing expectation on US rate hike, tightening credit spread and capital flows to major developed countries sovereign issues in respond to UK s Brexit referendum. As for equity portion of the investment portfolio, both the global equity fund and the Asian equity fund posted strong returns thanks to superior stock selection. 環球債券 Global Bonds 7.7% 港元債券 HKD Bonds 5.6% 亞洲債券 Asian Bonds.% 環球股票 Global Equities.% 香港股票 Hong Kong Equities 0.0% 亞洲股票 Asian Equities.% 其他股票 Other Equities.% 其他債券 Other Bonds 0.% 定期存款 Fixed Deposits 0.% 現金及其他 ^ Cash and Others^.5% Top 0 Holdings 7 US Government Bond % 5-Aug-05.% Unilever Plc.6% Japan Government Bond.9% 0-Mar-05.6% US Government Bond 0.875% 5-May-09.5% Henkel Ag & Co KGaA.5% US Government Bond 0.65% -Aug-07.% US Government Bond.65% -Jul % Berkshire Hathaway 0.8% Italy Government Bond.5% 0-Mar % Rabobank.85% -Apr % 7 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此成分基金之若干投資政策亦作出變動, 包括但不限於在基礎基金層面建立一個投資組合管理基金架構 即成分基金資產可投資於不同的基礎基金, 並由不同的管理 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple underlying funds managed by various investment managers). For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

9 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金均衡基金 Sun Life MPF Balanced Fund Market Forecast 不適用 ^^ N/A^^ 0//000,0.5 A 類 Class A.6 B 類 Class B.758 混合資產基金 環球股票投資最高 70% Mixed Assets Fund Global Maximum equity investments 70% A 類 Class A.80% Fund Expense Ratio B 類 Class B.59% Risk Indicator 6.09% 投資目標 # Investment Objective # 此基金尋求向成員提供中至長線的穩健資本增值 This fund seeks to provide members with moderate capital appreciation over the medium to long term /0 0/0 0/05 0/07 0/09 0/ 0/ 0/5 永明強積金均衡基金 B 類 Sun Life MPF Balanced Fund Class B Fund Performance Months A 類 Class A.89%.5%.0%.9% 6.57% 60.66%.6%.0%.%.%.86%.9% B 類 Class B.99%.50%.%.87% 7.7% 6.9% 7.58%.%.%.% 5.07% 5.% A 類 Class A.8%.%.%.9% 9.0%.6% 9.05% -.79% 0.8% 6.8%.9% -0.5% B 類 Class B.5%.6%.0%.70% 9.96%.58% 5.7% -.59% 0.59% 6.50%.69% -0.% 季內, 本基金錄得.50% 升幅 (B 類表現 ) 投資組合持有的各基金均錄得正回報 受美國加息預期降溫 信貸息差收窄等有利因素推動, 加上季末英國脫歐公投結果帶動資金流向主要已發展國家主權債, 利好組合內的債券部份錄得優異升幅 至於組合的股票部份, 環球股票基金和亞洲股票基金受惠於選股得宜, 兩者都錄得強勁升幅 The fund gained.50% over the latest quarter (Class B performance). All funds within the portfolio registered positive return. The bond portion benefited from easing expectation on US rate hike, tightening credit spread and capital flows to major developed countries sovereign issues in respond to UK s Brexit referendum. As for equity portion of the investment portfolio, both the global equity fund and the Asian equity fund posted strong returns thanks to superior stock selection. 環球債券 Global Bonds 7.% 環球股票 Global Equities.7% 香港股票 Hong Kong Equities 5.% 港元債券 HKD Bonds.% 亞洲債券 Asian Bonds 8.6% 亞洲股票 Asian Equities 7.6% 其他股票 Other Equities.9% 其他債券 Other Bonds 0.% 定期存款 Fixed Deposits 0.% 現金及其他 ^ Cash and Others^ 6.% Top 0 Holdings 7 Unilever Plc.9% Henkel Ag & Co KGaA.6% US Government Bond % 5-Aug-05.5% Berkshire Hathaway.% Colgate-Palmolive Company.% 長和 CK Hutchison Holdings Ltd.% Japan Government Bond.9% 0-Mar-05.% Waters Corp.% US Government Bond 0.875% 5-May-09.% Oversea Chinese Bank Corp.% 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此成分基金之若干投資政策亦作出變動, 包括但不限於在基礎基金層面建立一個投資組合管理基金架構 即成分基金資產可投資於不同的基礎基金, 並由不同的管理 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple underlying funds managed by various investment managers). For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme. 8

10 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金增長基金 Sun Life MPF Growth Fund Market Forecast 不適用 ^^ N/A^^ 0//000,559.7 A 類 Class A.008 B 類 Class B.685 混合資產基金 環球股票投資最高 90% Mixed Assets Fund Global Maximum equity investments 90% A 類 Class A.79% Fund Expense Ratio B 類 Class B.59% Risk Indicator 8.06% 投資目標 ~ Investment Objective ~ 此基金務求向成員提供中至長線的顯著資本增值 This fund seeks to provide members with significant capital appreciation over the medium term to longer term /0 0/0 0/05 0/07 0/09 0/ 0/ 0/5 永明強積金增長基金 B 類 Sun Life MPF Growth Fund Class B Fund Performance Months A 類 Class A.59%.7% 0.68% 5.89%.70% 7.89% 0.08% 0.68% 5.0%.0% 5.75% 5.9% B 類 Class B.69%.78% 0.88% 6.59%.9% 78.% 6.85% 0.88% 5.5%.% 5.96% 5.69% A 類 Class A.08%.%.5%.%.7% 9.50% 6.% -5.9%.68% 0.%.7% -0.6% B 類 Class B.%.6%.5%.75%.% 0.9% 65.8% -5.7%.9% 0.5%.9% -0.6% 季內, 本基金錄得.78% 升幅 (B 類表現 ) 投資組合持有的各基金均錄得正回報 受美國加息預期降溫 信貸息差收窄等有利因素推動, 加上季末英國脫歐公投結果帶動資金流向主要已發展國家主權債, 利好組合內的債券部份錄得優異升幅 至於組合的股票部份, 環球股票基金和亞洲股票基金受惠於選股得宜, 兩者都錄得強勁升幅 The fund gained.78% in the latest quarter (Class B performance). All underlying funds in the portfolio registered positive return. The bond portion benefited from easing expectation on US rate hike, tightening credit spread and capital flows to major developed countries sovereign issues in respond to UK s Brexit referendum. As for equity portion of the investment portfolio, both the global equity fund and the Asian equity fund posted strong returns thanks to superior stock selection. 環球股票 Global Equities 8.% 香港股票 Hong Kong Equities.5% 環球債券 Global Bonds.7% 亞洲股票 Asian Equities.8% 港元債券 HKD Bonds 7.7% 亞洲債券 Asian Bonds.% 其他股票 Other Equities.% 其他債券 Other Bonds 0.% 定期存款 Fixed Deposits 0.% 現金及其他 ^ Cash and Others^ 8.% Top 0 Holdings 7 Unilever Plc.7% Henkel Ag & Co KGaA.% Berkshire Hathaway.8% 長和 CK Hutchison Holdings Ltd.8% Colgate-Palmolive Company.6% Waters Corp.% Oversea Chinese Bank Corp.% 領展 The Link Reit.% Unicharm Corp.% Merck KGaA.% 9 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此成分基金之若干投資政策亦作出變動, 包括但不限於在基礎基金層面建立一個投資組合管理基金架構 即成分基金資產可投資於不同的基礎基金, 並由不同的管理 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple underlying funds managed by various investment managers). For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

11 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金環球股票基金 Sun Life MPF Global Equity Fund Market Forecast 正面預測 Positive 0/0/008,7. A 類 Class A.098 B 類 Class B.0675 股票基金 環球股票 Equity Fund Global Equities A 類 Class A.05% Fund Expense Ratio B 類 Class B.85% Risk Indicator.7% 投資目標 Investment Objective 此基金尋求透過投資於環球股票以達致長期的資本增值 This fund seeks to achieve long-term capital appreciation through investments in global equities /08 0/09 0/0 0/ 0/ 0/ 0/ 0/5 0/6 Fund Performance Months 永明強積金環球股票基金 B 類 Sun Life MPF Global Equity Fund Class B A 類 Class A -.85% -0.57% -.0% 5.68% 5.95% 不適用 N/A.98% -.0%.86%.6% 不適用 N/A 0.59% B 類 Class B -.7% -0.5% -.8% 6.% 7.0% 不適用 N/A 6.75% -.8%.06%.7% 不適用 N/A 0.79% A 類 Class A.% -.7% -.9% -6.%.8% 不適用 N/A.69% -.67% 8.0% 6.99%.08% -.79% B 類 Class B.8% -.5% -.8% -5.96%.7% 不適用 N/A.69% -.5% 8.5% 7.%.8% -.60% 基金於第 季錄得輕微負回報 季內, 環球股票市場經歷了好些波動 首先是投資者對美國聯儲局在 6 月份加息的預期升溫, 引致資金流出股市 季末時又因為英國脫歐公投結果出人意表, 再次觸發環球股市下跌 不過, 隨着美國聯儲局重申其加息的行動仍採取審慎態度, 而英倫銀行亦表示會在有需要時放寬貨幣政策以支持英國經濟, 環球股市波動過後得以回穩 The fund returned slightly negative in the second quarter. Bouts of volatility occurred in global equity markets. Early declines in equity market was caused by rising expectation for the US Fed to lift interest rate at the June Federal Open Market Committee meeting. Then near quarter end, there was another spate of selloff caused by the unexpected outcome for UK s Brexit referendum. Global equity market managed to recover with the Fed reaffirmed its cautious stance in lifting the interest rate and the Bank of England expressed readiness for further easing monetary policy to support UK economy when needed. 北美洲股票 North American Equities.% 香港股票 Hong Kong Equities.5% 歐洲股票 European Equities 7.% 亞洲股票 Asian Equities 0.7% 日本股票 Japanese Equities 0.6% 現金及其他 ^ Cash and Others^.8% Top 0 Holdings 7 騰訊控股 Tencent Holdings Ltd.% 友邦保險 AIA Group Ltd.9% 中國移動 China Mobile Ltd.% 香港交易所 Hong Kong Exchanges and Clearing Ltd.% Johnson & Johnson 0.9% 長實地產 CK Property Holdings Ltd 0.8% 工商銀行 Industrial & Commercial Bank of China H 0.8% 中國海洋石油 CNOOC Ltd 0.8% 北京首都機場 Beijing Capital Intl Airport Co Ltd H 0.8% 港鐵公司 Mass Transit Railway Corporation 0.8% 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此成分基金之若干投資政策亦作出變動, 包括但不限於在基礎基金層面建立一個投資組合管理基金架構 即成分基金資產可投資於不同的基礎基金, 並由不同的管理 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple underlying funds managed by various investment managers). For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme. 0

12 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金亞洲股票基金 Sun Life MPF Asian Equity Fund Market Forecast 正面預測 Positive 0/0/008,.9 A 類 Class A.75 B 類 Class B.667 投資目標 Investment Objective 此基金尋求為成員提供長期的資本增值 This fund seeks to provide members with long term capital growth. 60 股票基金 亞洲 ( 日本除外 ) Equity Fund Asia ex Japan A 類 Class A.0% Fund Expense Ratio B 類 Class B.8% Risk Indicator.59% /08 0/09 0/0 0/ 0/ 0/ 0/ 0/5 0/6 永明強積金亞洲股票基金 B 類 Sun Life MPF Asian Equity Fund Class B Fund Performance Months A 類 Class A 0.6%.89% -.6% 9.70% 0.% 不適用 N/A.75% -.6%.% 0.0% 不適用 N/A.67% B 類 Class B 0.7%.9% -.5% 0.7%.% 不適用 N/A 6.67% -.5%.% 0.% 不適用 N/A.87% A 類 Class A.0%.7%.9% -.95%.0% 不適用 N/A 5.6% -5.% 5.%.%.0% -0.5% B 類 Class B.08%.9%.8% -.68%.7% 不適用 N/A 6.% -.95% 5.%.57%.5% -0.7% 亞洲 ( 日本除外 ) 股市在過去一季錄得輕微升幅 印度市場的表現最為突出, 印度孟買指數在過去一季升幅大於 7% 另一方面, 韓國市場的表現較為遜色, 韓國綜合指數在上季下跌超過 % 季內, 我們的亞洲股票組合受惠於印度股票的偏高份額 Asia ex Japan market finished the quarter marginally positive. Indian market significantly outperformed, with the Sensex Index gaining more than 7% in the quarter. On the other hand, Korean stock market underperformed and the KOSPI index was down by more than %. Our Asian equity portfolio benefited from overweight exposures in Indian equities. 中國 China 9.8% 香港 Hong Kong 6.9% 南韓 South Korea 6.9% 印度 India.0% 台灣 Taiwan 9.7% 新加坡 Singapore 5.9% 印尼 Indonesia 5.% 泰國 Thailand.8% 菲律賓 Philippines.% 馬來西亞 Malaysia.% 現金及其他 ^ Cash and Others^.% Top 0 Holdings 7 騰訊控股 Tencent Holdings Ltd 5.% 友邦保險 AIA Group Ltd.9% Samsung Electronics Co Ltd.7% 中國平安 Ping An Insurance Group Co Of China Ltd H.% Singapore Exchange Ltd.9% C.P. ALL.7% Infosys Ltd.6% Telekomunikasi Indonesia.% Singapore Telecommunications Ltd.% 中國人壽 China Life Insurance Co H.0% 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此成分基金之若干投資政策亦作出變動, 包括但不限於在基礎基金層面建立一個投資組合管理基金架構 即成分基金資產可投資於不同的基礎基金, 並由不同的管理 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple underlying funds managed by various investment managers). For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

13 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金大中華股票基金 Sun Life MPF Greater China Equity Fund Market Forecast 正面預測 Positive 0/0/008,58. A 類 Class A B 類 Class B 0.97 投資目標 Investment Objective 此基金尋求透過投資於香港 中國及台灣相關股票, 以達致長期的資本增值 This fund seeks to achieve long-term capital appreciation through investments in Hong Kong, China and Taiwan-related securities. 60 股票基金 大中華 Equity Fund Greater China A 類 Class A.06% Fund Expense Ratio B 類 Class B.85% Risk Indicator 8.7% /08 0/09 0/0 0/ 0/ 0/ 0/ 0/5 0/6 永明強積金大中華股票基金 B 類 Sun Life MPF Greater China Equity Fund Class B Fund Performance Months A 類 Class A -.08% 0.8% -0.60%.70% -6.% 不適用 N/A -.0% -0.60%.% -.8% 不適用 N/A -0.5% B 類 Class B -.99% 0.88% -0.%.% -5.7% 不適用 N/A -.67% -0.%.% -.08% 不適用 N/A -0.% A 類 Class A.% 0.09% -0.95% -6.69% -.5% 不適用 N/A.6% -.5%.06% 6.7%.65% -6.97% B 類 Class B.5% 0.0% -0.87% -6.% -.05% 不適用 N/A.5% -.0%.0% 6.9%.85% -6.78% 季內, 我們的大中華股票基金錄得正回報 中國大陸的經濟有回穩的跡象, 最新的服務業經理採購指數回升至 50 水平以上 香港股市做好, 受惠於投資者對深港通推出的預期升 台灣方面, 蔡英文宣誓成為新總統, 但她要面對資金 ( 向中國 ) 流走 出口疲弱, 和房地產價格偏高等問題 The Greater China equity portfolio recorded positive return over the quarter. China s economy showed signs of stabilizing with the latest Services PMI rising above the 50-mark. Shares in Hong Kong benefited from rising anticipation of the launch of Shenzhen-Hong Kong Stock Connect. Taiwan's Tsai Ing-wen sworn in as new President but she is confronted with various challenges including investment outflow (to China), weakening exports and excessive property prices. 金融 Financials 0.7% 資訊科技 Information Technology 7.% 工業 Industrials 5.6% 消費 Consumer.% 電訊 Telecommunications 7.7% 公用事業 Utilities 5.6% 能源 Energy.9% 原材料 Materials.0% 健康護理 Health Care 0.7% 現金及其他 ^ Cash and Others^.% Top 0 Holdings 7 騰訊控股 Tencent Holdings Ltd 8.9% 友邦保險 AIA Group Ltd 5.7% 中國移動 China Mobile Ltd 5.5% 香港交易所 Hong Kong Exchanges and Clearing Ltd.8% 中國海洋石油 CNOOC Ltd.% Taiwan Semiconductor Manufacturing Company Ltd.7% 長和 CK Hutchison Holdings Ltd.6% 長實地產 CK Property Holdings Ltd.5% 中國光大國際 China Everbright International Ltd.% 工商銀行 Industrial & Commercial Bank of China H.% 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此成分基金之若干投資政策亦作出變動, 包括但不限於在基礎基金層面建立一個投資組合管理基金架構 即成分基金資產可投資於不同的基礎基金, 並由不同的管理, 以及成分基金可能投資於台灣有關證券 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple underlying funds managed by various investment managers), and the inclusion of Taiwan-related securities in the portfolio. For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

14 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明富時強積金香港指數基金 Sun Life FTSE MPF Hong Kong Index Fund Market Forecast 正面預測 Positive 0//0. A 類 Class A B 類 Class B 股票基金 香港 Equity Fund Hong Kong A 類 Class A.07% Fund Expense Ratio B 類 Class B.07% Risk Indicator 不適用 N/A 投資目標 Investment Objective 此基金尋求向成員提供於扣除費用和開支前緊貼富時強積金香港指數表現的投資回報 This fund seeks to provide members with investment results that, before fees and expenses, closely track the performance of the FTSE MPF Hong Kong Index / 06/ / 06/5 /5 06/6 永明富時強積金香港指數基金 B 類 Sun Life FTSE MPF Hong Kong Index Fund Class B * 資料來源 : 富時國際有限公司 Index Source: FTSE International Limited. 富時強積金香港指數 * FTSE MPF Hong Kong Index* Fund Performance Months A 類 Class A -.% 0.56% -9.9% 不適用 N/A 不適用 N/A 不適用 N/A -9.98% -9.9% 不適用 N/A 不適用 N/A 不適用 N/A -.0% B 類 Class B -.% 0.56% -9.9% 不適用 N/A 不適用 N/A 不適用 N/A -9.98% -9.9% 不適用 N/A 不適用 N/A 不適用 N/A -.0% A 類 Class A.0% 0.8% -0.99% 不適用 N/A 不適用 N/A 不適用 N/A -7.8% 不適用 N/A 不適用 N/A -0.8%.85% -7.5% B 類 Class B.0% 0.8% -0.99% 不適用 N/A 不適用 N/A 不適用 N/A -7.8% 不適用 N/A 不適用 N/A -0.7%.8% -7.5% 基金經理評論 6 Manager s Commentary 6 第 季度市場的表現起伏, 月 5 月與 6 月的表現較為穩定, 分別錄得 +0.7% -0.8% 及 +0.67% (B 類表現, 下同 ) 06 年上半年總回報錄得 -.% 於第 季度, 基金中帶來最大正面貢獻的個股為騰訊控股 中國建設銀行及友邦保險集團 季內對投資組合表現造成最大拖累的是長江和記實業 保險業巨頭中國人壽及平安保險 Following volatile market performance in the first quarter, the months of April, May and June delivered more stable returns of +0.7%, -0.8%, and +0.67% (Class B performance, and the same applies below) respectively. This concluded the first half of 06 with a total return of -.%. Among the top positive contributing stocks in the fund during the second quarter were Tencent Holdings, China Construction Bank, and AIA Group. The biggest detractors from portfolio performance over the quarter were CK Hutchison, and insurance giants China Life and Ping An Insurance. 投資組合分布 6 Portfolio Allocation 6 金融 Financials 7.8% 資訊科技 Technology 0.0% 工業 Industrials 9.6% 消費品 Consumer Goods 6.% 電訊 Telecommunications 5.5% 公用事業 Utilities 5.% 石油與天然氣企業 Oil & Gas 5.% 消費服務 Consumer Services.7% 原材料 Materials.% 健康護理 Healthcare.5% 其他 Others.0% 現金及現金等價物 Cash & Cash Equivalent.% 6,7 Top 0 Holdings 6,7 騰訊控股 Tencent Holdings Ltd 8.7% 匯豐控股 HSBC Holdings PLC 8.% 友邦保險 AIA Group Ltd 5.% 中國移動 China Mobile Ltd.% 中國建設銀行 China Construction Bank H.% 工商銀行 Industrial & Commercial Bank of China H.8% 長和 CK Hutchison Holdings Ltd.% 中國銀行 Bank of China Ltd H.% 香港交易所 Hong Kong Exchanges and Clearing Ltd.% 中國平安 Ping An Insurance Group Co Of China Ltd H.6% 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此基金將繼續僅投資於一項由貝萊德資產管理北亞有限公司管理的核准緊貼指數集體投資計劃 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. This Constituent Fund continues to invest solely in the approved indextracking collective investment schemes managed by BlackRock Asset Management North Asia Limited. For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme. 富時強積金香港指數 ( 指數 ) 中的所有權利均歸富時國際有限公司 ( 富時集團 ) 所有 FTSE 是倫敦證券交易所集團公司的商標, 由富時集團根據授權使用 永明富時強積金香港指數基金 ( 指數基金 ) 由永明信託有限公司 ( 受託人 ) 獨家開發 該指數由富時集團或其代理機構計算 富時集團及其許可方與指數基金無關, 也不對指數基金進行贊助 提供建議 推薦 認同或宣傳, 也拒絕對任何人承擔因 (a) 使用 依賴指數或指數中的任何錯誤, 或 (b) 投資於或經營指數基金導致的任何責任 富時集團不會對基金獲得的結果或受託人使用指數目的之適當程度而作出任何明示或隱含聲明 預測 保證或陳述 All rights in the FTSE MPF Hong Kong Index (the Index ) vest in FTSE International Limited ( FTSE ). FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. The Sun Life FTSE MPF Hong Kong Index Fund (the Fund ) has been developed solely by Sun Life Trustee Company Limited (the Trustee ). The Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the Fund and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by the Trustee.

15 永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/06/06 永明強積金香港股票基金 Sun Life MPF Hong Kong Equity Fund Market Forecast 正面預測 Positive 0//000 5,00.0 投資目標 Investment Objective 此基金務求向成員提供長線的資本增值 This fund seeks to provide members with long term capital appreciation. A 類 Class A.8 B 類 Class B.09 股票基金 香港 Equity Fund Hong Kong A 類 Class A.77% Fund Expense Ratio B 類 Class B.57% Risk Indicator.80% Fund Performance Months /0 0/0 0/05 0/07 0/09 0/ 0/ 0/5 永明強積金香港股票基金 B 類 Sun Life MPF Hong Kong Equity Fund Class B A 類 Class A -.75% -0.6% -.8% 7.5%.60%.% 8.% -.8%.9%.0% 9.% 9.79% B 類 Class B -.65% -0.58% -.67% 8.00%.7% 9.5% 0.9% -.67%.60%.6% 9.56% 9.99% A 類 Class A.9% 0.0% -.00% -.08%.5%.6%.57% -0.9%.5% 9.75% 0.5% 0.8% B 類 Class B.% 0.% -0.9% -.80%.99% 5.80% 9.8% -0.76%.9% 9.97% 0.5% 0.58% 香港股市經歷了動盪的一季, 股價徘徊在較大的區域間 預期市場短期內因英國脫歐而引起的不明朗因素會持續波動 在這種市況下, 現金流較大的企業, 和業務集中在中港或亞洲的企業預期應有較優的表現 Hong Kong equity market had a bumpy quarter, with share prices oscillating within an extended range. Market is expected to stay volatile in the short term with concerns on potential impact of Brexit. Against such a backdrop, companies with steady cash flow and with business primarily focused on Hong Kong, China and Asia are expected to fare better. 金融 Financials 9.% 消費 Consumer 9.0% 工業 Industrials.9% 資訊科技 Information Technology.% 公用事業 Utilities 0.% 健康護理 Health Care 5.% 電訊 Telecommunications.6% 能源 Energy.% 原材料 Materials 0.9% 現金及其他 ^ Cash and Others^.5% Top 0 Holdings 7 長和 CK Hutchison Holdings Ltd 6.% 騰訊控股 Tencent Holdings Ltd 6.% 友邦保險 AIA Group Ltd.9% 領展 The Link Reit.7% 怡和集團 Jardine Matheson Holdings.% 中華煤氣 Hong Kong & China Gas.% 牛奶國際 Dairy Farm International.0% 港鐵公司 Mass Transit Railway Corporation.9% 招商銀行 China Merchants Bank Co Ltd H.9% 新奧能源 ENN Energy Holdings.8% 由 06 年 5 月 7 日起, 已獲委任為此成分基金的 此成分基金之若干投資政策亦作出變動, 包括但不限於在基礎基金層面建立一個投資組合管理基金架構 即成分基金資產可投資於不同的基礎基金, 並由不同的管理 有關此成分基金的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 Since 7 May 06, has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple underlying funds managed by various investment managers). For more detail about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

16 備註 Remarks. 部份, 對相關投資市場作出未來之展望, 共有三個評級 : For Market Forecast, the forecasts a year outlook with respect to the relevant investment market(s). There are three ratings: 正面預測 Positive 中立預測 Neutral 負面預測 Negative The Market Forecast is not the forecast of the fund performance of each constituent fund and neither the indicative of future performance. 並不是對每項成分基金之表現作預測, 更不代表將來的表現. 旨在讓計劃成員據以估算成分及相關基金投資的開支總額, 計劃成員須直接支付的開支除外 以百分率顯示有關基金截至每年 月 日財政年度的收費 Fund Expense Ratio is to provide a measure of the total level of expenses incurred in investing through the constituent and underlying funds except expenses paid directly by the scheme member. The Fund Expense Ratio outlines the fees & charges of relevant fund in term of percentage for the scheme financial year ended as at December each year.. 此數字是根據基金過往之按月回報率所計算的年度標準差, 並準確至小數後兩個位 一般來說, 年度標準差數值越大, 成分基金的風險 / 波幅也將相對較高 The figure shows the annualized standard deviation based on the monthly rates of return of the fund over the past three years, and correct to decimal places. Generally, the greater the annualized standard deviation, the more volatile/risky the constituent fund.. 各項成分基金均由管理 之資料, 累積回報 年率化回報 平均成本法回報之累積回報及年度回報亦由永明資產管理 ( 香港 ) 有限公司提供 以資產淨值對資產淨值計算, 已扣除所有費用 The constituent funds are managed by. The fund performance information of the cumulative return, annualized return, cumulative return of dollar cost averaging return and the calendar year return are also provided by. The performance data are derived on a NAV-to-NAV basis, net of all charges. 5. 平均成本法回報的計算是在指定期內將最終資產淨值比較總投資金額得出 ; 方法是在每月最後一個交易日定額投資同一基金內, 以當時基金價格 ( 每單位資產淨值 ) 購入適量基金單位, 總投資金額則等於在指定期間內每月供款的總額 ; 而最終資產淨值則由在指定期內所購得的基金單位總數乘以該期間最後一個交易日的基金價格 ( 每單位資產淨值 ) 而得出 平均成本法之累積回報只提供以作參考, 惟數據僅作舉例用途 資料來源 : The Dollar Cost Averaging Return is calculated by comparing the total contributed amount over the specified period with the final NAV (net asset value). A constant amount is used to purchase fund units at the prevailing fund price (NAV per unit) on the last trading day of every month over the specified period. The total contributed amount is the sum of all such monthly contributions. The final NAV is arrived by multiplying the total units cumulated over the specified period with the fund price (NAV per unit) on the last trading day of such period. The cumulative returns of Dollar Cost Averaging is provided for reference, and the figures are for illustrative purposes only. Source:. 6. 永明富時強積金香港指數基金之基金經理評論 投資組合分佈 資料由該基礎核准緊貼指數集體投資計劃的 - 貝萊德資產管理北亞有限公司提供 The information of Manager's Commentary, Portfolio Allocation and the Top 0 Holdings of the Sun Life FTSE MPF Hong Kong Index Fund are provided by BlackRock Asset Management North Asia Limited, the investment manager of the underlying approved index-tracking collective investment scheme. 7. 內列出基金投資組合內的十大證券 ( 不包括現金及其他 ) 基金投資組合可能持有少於十項證券 Top 0 Holdings lists out the largest 0 security holdings (not including cash and others) of the fund portfolio. The fund portfolio may have less than 0 security holdings. ^ 現金及其他 指通知現金, 及類似應付款項和應收款項的營運項目 ( 如適用 ) Cash and Others denotes cash at call, and operating items such as account payables and account receivables (where relevant). ^^ 人生階段基金將不設有任何 投資者應定期評估其風險 / 回報取向 No Market Forecast is assigned to this Lifestyle fund. Investors should review their own risk/return profile regularly. 由 06 年 5 月 7 日 ( 生效日 ) 起, 若干成分基金之投資目標已作出變動 有關若干成分基金之最新投資目標的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 如計劃成員欲索取有關若干成分基金在生效日前之投資目標的資料, 請致電永明退休金服務熱線 With effect from 7 May 06 (the "Effective Date"), the investment objectives of certain constituent funds have been changed. For more details of the latest investment objectives of relevant constituent funds, please refer to the latest Principal Brochure of the Scheme. In the event a scheme member may wish to obtain the information of investment objectives of certain constituent funds published before the Effective Date, please call our Pension Services Hotline on 由 06 年 5 月 7 日 生效日 ( ) 起, 前稱永明 RCM 強積金穩定資本基金已經結束, 其剩餘資產已轉移至與其投資目標相若的成分基金 ; 即永明首域強積金平穩基金進行基金整合 而該基金現稱為永明強積金平穩基金 如計劃成員欲索取有關成分基金最新投資目標的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 如計劃成員欲索取有關成分基金在生效日前之投資目標的資料, 請致電永明退休金服務熱線 With effect from 7 May 06 (the "Effective Date"), the former constituent fund namely Sun Life RCM MPF Capital Stable Fund had been terminated and the remaining assets of this constituent fund had been consolidated with the constituent fund with similar investment objective namely Sun Life First State MPF Stable Income Fund; which currently has been renamed as the Sun Life MPF Stable Fund. For more details of the latest investment objectives of relevant constituent fund, please refer to the latest Principal Brochure of the Scheme. In the event a scheme member may wish to obtain the information of investment objectives of relevant constituent funds published before the Effective Date, please call our Pension Services Hotline on # 由 06 年 5 月 7 日 生效日 ( ) 起, 前稱永明 RCM 強積金穩定增長基金已經結束, 其剩餘資產已轉移至與其投資目標相若的成分基金 ; 即永明首域強積金均衡基金進行基金整合 而該基金現稱為永明強積金均衡基金 如計劃成員欲索取有關成分基金最新投資目標的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 如計劃成員欲索取有關成分基金在生效日前之投資目標的資料, 請致電永明退休金服務熱線 With effect from 7 May 06, the former constituent fund namely Sun Life RCM MPF Stable Growth Fund had been terminated and the remaining assets of this constituent fund had been consolidated with the constituent fund with similar investment objective, namely Sun Life First State MPF Balanced Portfolio Fund; which currently has been renamed as Sun Life MPF Balanced Fund. For more details of the latest investment objectives of relevant constituent fund, please refer to the latest Principal Brochure of the Scheme. In the event a scheme member may wish to obtain the information of investment objectives of relevant constituent funds published before the Effective Date, please call our Pension Services Hotline on ~ 由 06 年 5 月 7 日 ( 生效日 ) 起, 前稱永明 RCM 強積金均衡基金已經結束, 其剩餘資產已轉移至與其投資目標相若的成分基金 ; 即永明首域強積金增長基金進行基金整合 而該基金現稱為永明強積金增長基金 如計劃成員欲索取有關成分基金最新投資目標的詳細資料, 請參閱本計劃最新版本之主要推銷刊物 如計劃成員欲索取有關成分基金在生效日前之投資目標的資料, 請致電永明退休金服務熱線 With effect from 7 May 06, the former constituent fund namely Sun Life RCM MPF Balanced Fund had been terminated and the remaining assets of this constituent fund had been consolidated with the Constituent fund with similar investment objective, namely Sun Life First State MPF Progressive Growth Fund; which currently has been renamed as the Sun Life MPF Growth Fund. For more details of the latest investment objectives of relevant constituent fund, please refer to the latest Principal Brochure of the Scheme. In the event a scheme member may wish to obtain the information of investment objectives of relevant constituent funds published before the Effective Date, please call our Pension Services Hotline on 重要事項 Important Notes 投資附帶風險, 過去業績並不代表將來表現 投資回報可升可跌, 因貨幣變動及市況, 均可能影響投資價值 不同貨幣的匯率, 亦可改變單位價值 投資於新興市場與已發展市場比較, 可能會涉及較高風險, 並通常對價格變動較為敏感 而永明強積金人民幣及港元基金所持的部分資產投資於人民幣貨幣市場及債務工具, 因此此成分基金的投資回報可能會受人民幣匯率的波動而帶來負面影響, 以及受中國政府訂定的外匯監控政策及匯款限制 您應在作出任何投資決定前, 查閱本計劃的主要推銷刊物及有關的市場推廣資料, 以獲取有關詳情及風險因素 Investment involves risks and past performance is not indicative of future performance. Investment return may rise as well as fall due to market condition and currency movement which may affect the value of investments. The value of units may vary due to changes in exchange rates between currencies. Emerging markets may involve a higher degree of risk than in developed markets and are usually more sensitive to price movements. The return of Sun Life MPF RMB and HKD Fund may be adversely affected by movements in RMB exchange rates as well as foreign exchange controls and repatriation restrictions imposed by the Chinese government as the fund invests part of its assets in RMB denominated money market and debt instruments. You are advised to read the Principal Brochure and the relevant marketing materials of the Scheme for further details and risk factors prior to making any investment decision. 香港永明金融有限公司 ( 於百慕達註冊成立 ) 香港九龍廣東道 5 號港威大廈永明金融大樓 0 樓 Sun Life Hong Kong Limited (Incorporated in Bermuda) 0/F, Sun Life Tower, The Gateway, 5 Canton Road, Kowloon, Hong Kong 永明退休金服務熱線 Sun Life Pension Service Hotline:8 888 傳真 Fax: 永明金融集團成員之一總公司設於加拿大多倫多 A member of the Sun Life Financial group of companies. Head Office in Toronto, Canada. 客戶服務 : 卓譽金融服務有限公司香港九龍紅磡德豐街 8 號海濱廣場一座 0 樓 Customer Service: BestServe Financial Limited 0/F, One Harbourfront, 8 Tak Fung Street Hung Hom, Kowloon, Hong Kong 由香港永明金融有限公司刊發 Issued by Sun Life Hong Kong Limited