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

Sun Life Rainbow MPF Scheme 永明彩虹強積金計劃 季報 Quarterly Update 第三季 rd Quarter 06 截至 As at 0/09/06

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 8 888 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 8 888. 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 港股在 06 年的第 季大幅上升, 恆生指數和恆生國企指數分別上漲約 % 和 0% 中國內地的資金流入以及深港通得到官方確認的消息支持大市上升 中國 A 股市場季度也錄得不俗的升幅, 滬深 00 指數以本地貨幣計有多於 % 的升幅 經濟數據顯示中國的經濟轉趨穩定, 為中國及香港的股市帶來支持 官方製造業採購經理指數 (PMI) 在 9 月升至 50., 為 0 年 0 月以來的高位 非製造業 PMI 環比上漲至 5.7, 穩固在擴張區 反過來, 中國房地產過熱卻為市場帶來不明朗因素 台灣股市以當地貨幣計算增長超過 5% 回報主要由科技股和外國投資者入市所帶動 亞洲股市 在過去的一季, 亞洲 ( 日本除外 ) 股市表現強勁,MSCI 亞洲 ( 日本除外 ) 指數在錄得超過 9% 的季度升幅 回報受惠於持續的環球量化寬鬆以及資金流入亞洲地區 隨著對中國經濟硬著陸的憂慮日趨減少, 區內的商業信心逐漸回復 亞洲區內央行大多維持擴張性貨幣政策, 澳洲和新西蘭更降低基準利率至紀錄新低水平以刺激經濟增長 Hong Kong Equity/Greater China Equity Hong Kong equities posted strong gains in the third quarter of 06. Hang Seng Index and Hang Seng China Enterprise Index surged for about % and 0% respectively. Fund inflows from China and official confirmation on Shenzhen-Hong Kong Stock Connect supported the rally. China A shares market also registered decent gains over the quarter, with the CSI00 Index increased more than % in local currency term. Economic data revealed China s economy is stabilizing, which is supportive of China and Hong Kong stock markets. The official manufacturing Purchasing Managers Index (PMI) rose to 50. in September, which is the highest reading since Oct 0. Non-manufacturing PMI edged up to 5.7, remain solidly in expansionary zone. Conversely, the overheating China real estate market poses a major uncertainty. Taiwan stock market gained for more than 5% in local currency term. The return was mainly driven by technology stocks and foreign investors buying. Asia Equity Over the last quarter, Asia ex Japan equities performed strongly, with the MSCI Asia ex Japan Index posting quarterly return in excess of 9%. The return was driven by continued global monetary easing and fund inflows into the region. With fear of a China economic hard-landing receding, business confidence has been slowly building up within the region. Asian central banks mostly maintain expansionary monetary policies, with Australia and New Zealand further reduced their benchmark interest rates to new record-low levels in attempt to spur economic growth.

環球股市 06 年第 季, 環球股市大幅上揚, 以摩根士丹利所有國家世 界指數 (MSCI AC World Index) 作為參考, 季度升幅高達 5.%, 是自 0 年第 季以來表現最好的一季 香港股票 ( 包括中資 股份及本地企業 ) 在主要已發展市場之間表現尤其突出, 恒生 指數和恒生國企指數升幅分別高達.% 和 0.0% 季內, 多項 困擾市場的宏觀不利因素都有所改善 這包括中國經濟增長 回穩 英國公投脫歐未有對其經濟帶來嚴重的即時影響 美 國聯儲局在季內加息機會下降 上述轉變引致投資者避險情 緒消退, 促使資金流向股票 企業信貸等風險資產, 支持環 球股市表現 期內, 不同行業和地區股市之間的相對表現出 現明顯轉變 季內, 美股雖錄得升幅, 但未能延續其領先地 位, 表現顯著落後於歐洲 日本 亞洲和中港股市 同時, 必需消費品 健康護理和公用事業等對經濟表現敏感度較低 行業股份表現也落後於週期性較明顯的金融業 原材料業 等 香港股市受惠於中國經濟表現改善, 季內錄得強勁升幅 近月國內樓市回暖, 房地產開發活動回升, 帶動固定資產投 資增長速度在第 季回穩 加上工業增加值和零售消費保持穩 定增長, 令投資者對中國經濟增長前景作出重估, 驅動企業 股價表現 環球債券環球債券市場於第 季表現参差 市場對中央銀行政策的預期 改變, 使成熟市場利率走勢分歧 英倫銀行公布一系列刺激 措施, 其中包括 7 年來首次減息及購買資產, 以支持英國脫歐 後之經濟發展 伸延寬鬆政策使英國債息下跌,0 年期英國 國債孳息下降 點子至 0.75% 0 年期德國國債孳息輕微上升 至 -0.%, 主要是期內歐洲央行決定維持貨幣政策不變 美國 方面, 聯儲局主席耶倫在傑克森霍爾經濟研討會表示, 加息 理據在近幾個月有所加強 聯邦基金期貨顯示, 月份加息 的可能性從 6 月底時的 0% 上升至 60%, 促使季內 0 年期美國 國債息率上揚 點子至.6% 另一方面, 追逐收益活動持續, 使期內信貸息差收窄, 讓投資級別企業債券跑贏成熟市場政 府債券 港元債券美國 0 年期國庫債券孳息在季度內上升 個基點至.6%, 而香 港 0 年期政府債券息率則下降 個基點至 0.9% 由於流動性充 裕, 個月銀行同業拆息率於季內大致平穩 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 人民幣貨幣市場中國經濟增長在今年上半年一直保持穩定 季內主要活動進 一步加強, 而且較市場預期為佳 政策進一步寬鬆的機會率 隨之下降 另一方面, 美元走強的預期繼續為人民幣匯率帶 來壓力 中國人民銀行重啟 天或 8 天逆回購操作, 而非通 常的 7 天期限, 這樣可能會引起在岸資金成本增加 港元貨幣市場聯儲局主席耶倫在傑克森霍爾會議指出, 就業市場及經濟活 動表現穩固, 並確認加息可能性加強 美國國債孳息曲線走 平, 季內兩年期國債孳息上升 8 點子, 而 0 年國債孳息上升 點子 相同年期的香港政府債券表現優於美國國債, 孳息 率分別上升 8 點子和下降 點子 美國貨幣市場改革, 導致 倫敦銀行同業拆息大幅上升 由於香港銀行體系流動資金充 裕, 故短期香港銀行同業拆息未有跟隨上升 Global Equity Global equities rallied strongly in the third quarter of 06. Taking MSCI AC World Index as a proxy, global equities moved up by 5.%. It was the index s best quarterly performance since the fourth quarter of 0. Hong Kong equities (including Chinese names and local counters) were top performers among major developed markets. Hang Seng Index and Hang Seng China Enterprise Index rose by.% and 0.0% respectively. Risk appetite revived and capital streamed to risky assets like equites and credits as several macro-economic factors that had clouded the market before improved during the quarter. These include China economy shown signs of stabilization, Briton decision for UK to leave EU did not result in severe immediate economic impact and the likelihood for US Fed to raise interest rate within the quarter subsided. Rotation in relative performance among different sectors and regions was obvious. US equities moved higher in the quarter, but were no longer the best performers instead lagging behind Europe, Japan, Asia and Hong Kong China equites by some distance. Besides, industry sectors that are less sensitive to economic cycles such as consumer staples, healthcare and utilities fell behind cyclical sectors like financials and materials. Benefited from improvements in Chinese economy, Hong Kong equities jumped up in the quarter. Mainland housing market heat up again in recent months and real estate development activities became more buoyant. It led to fixed asset investment growth stabilizing in the third quarter. Steady growth in industrial value added and retail sales, coupled with investors re-rating the prospect of Chinese economy helped drive share prices higher. Global Bond Global bond markets posted mixed performance in the third quarter. Interest rates diverged across developed markets as expectations on central banks policies varied. The Bank of England unleashed a package of stimulus, including first interest rate cut in seven years and asset purchases, intended to bolster UK s economy after the Brexit vote. The extension of policy easing pushed bond yields lower, with yield of 0-year Gilt falling bps to 0.75%. 0-year German Bund yield was marginally higher at -0.% as the European Central Bank left monetary policy unchanged during the period. In the US, Federal Reserve Chair Janet Yellen stated the case for rate hike had strengthened in recent months at the Jackson Hole Economic Symposium. According to Fed Fund futures, probability of interest rate hikes in December has risen to 60% from 0% at the end of June and drove 0-year Treasury yield up by bps to.6% in the quarter. On the other hand, search-for-yield activities continued and drove credit spread tighter in the quarter, with investment grade corporate bonds outperforming developed market government bonds. Hong Kong Dollar Bond 0-year US Treasury yield rose by basis points to.6% over the quarter whereas the yield of 0-year Hong Kong government bond fell by basis points to 0.9%. -month HIBOR rate was stable over the quarter as a result of ample liquidity. Hong Kong dollar traded in a tight range close to the strong side of 7.75-7.85 per US dollar range throughout the third quarter. RMB Money Market China economic growth in the first half of the year has been steady. Major activities further strengthened in the quarter and surprised the market on the upside. Hence, the odds of policy easing further diminished. On the other hand, expectation of a stronger US dollar continued to put pressure on RMB exchange rate. The People s Bank of China resumed the use of - or 8-day reverse repurchase agreement instead of the usual 7-day term, which might cause an increase in cost of funding onshore. HKD Money Market Fed Chair Yellen s speech at Jackson Hole highlighted a solid labour market and economic activity, and confirmed the chance for raising interest rates has strengthened. US Treasury yield curve flattened with the -Year moved up 8 bps in the quarter, while 0-Year up by bps. Hong Kong Government bonds of the same tenors outperformed the US with yields up 8 bps and down bps respectively. LIBOR surged sharply in view of US money market reform. Front-end HIBOR did not follow given ample liquidity in Hong Kong banking system. 以上 市場回顧 資料均由提供 The above Market Review information are provided by.

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 永明強積金保守基金 Sun Life MPF Conservative Fund Market Forecast 不適用 ^^ N/A^^ 0//000,569.6 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% 5 0 05 00 95 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%.66% 0.% 0.0% 0.0% 0.0% 0.6% 0.6% B 類 Class B 0.0% 0.0% 0.0% 0.0% 0.0%.0% 0.5% 0.0% 0.0% 0.0% 0.0% 0.6% 0 0 0 0 05 A 類 Class A 0.00% 0.00% 0.00% 0.0% 0.0% 0.%.65% 0.0% 0.00% 0.0% 0.0% 0.0% B 類 Class B 0.0% 0.00% 0.0% 0.0% 0.0% 0.8%.8% 0.0% 0.0% 0.0% 0.00% 0.0% 保守基金分配更多資金予 至 6 個月到期的債券, 把握了貨幣市場曲線陡峭的 優勢 在信貸方面, 投資組合轉為增持海外銀行, 因為風險調整回報更佳 香港經濟仍然受中國經濟放緩影響 基於香港與內地在金融和經濟上不斷整 合, 香港經濟的前景仍然面對挑戰 較為正面的是, 深港通預計可刺激資金 流入香港, 為港幣帶來支持 The Conservative Fund has increased allocation to -6 month tenor and took advantage of steepening money market curve. On the credit front, the portfolio has shifted to more foreign banks on better risk-adjusted return. Hong Kong economy remains vulnerable to China slowdown. The outlook for Hong Kong remains challenging given increased financial and economic integration with the Mainland. On a positive note, the Shenzhen-Hong Kong Stock Connect is expected to spur capital inflow into Hong Kong and lend support to the HKD currency. 現金及存款 Cash & Deposit 9.9% 貨幣市場工具 Money Market Instruments 6.% 港元債券 HKD Bonds 0.8% Top 0 Holdings 7 Agricultural Bank of China HK T/D 0.9% -Mar-07 5.7% Sumitomo Mitsui HK T/D.08% 7-Mar-07.6% ICBC Asia T/D 0.65% 0-Oct-06.% OCBC Wing Hang Bank T/D 0.5% -Oct-06.% Public Bank T/D 0.9% 0-Dec-06.0% Public Bank T/D 0.95% 9-Dec-06.0% Wing Lung Bank T/D 0.6% -Dec-06.8% Dah Sing Bank T/D 0.85% 7-Feb-07.8% Sumitomo Mitsui HK T/D.5% 5-Nov-06.7% United Overseas Bank T/D 0.85% 5-Dec-06.% 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 details 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.

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 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//000,70.6 A 類 Class A.985 B 類 Class B.0 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 00 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.9% 0.%.9% 7.6%.0%.% 9.85%.9%.% 0.86%.%.% B 類 Class B.06% 0.6%.% 7.8% 5.% 5.9%.0%.%.5%.06%.%.% 0 0 0 0 05 A 類 Class A.0% -0.0%.5%.76%.6% 8.7% 5.9%.%.0% -.%.0%.9% B 類 Class B.07% 0.0%.55%.07%.68% 9.8% 7.85%.6%.0% -.95%.%.69% 港元債券基金於第 季度錄得正回報 年 0 年, 及更長年期的美國國債息 率上揚, 孳息曲線變得平坦 香港政府債券孳息曲線並未有跟隨,0 年期息 率更錄得下跌 另一方面, 追逐收益活動持續, 使期內信貸息差收窄 鑑於 美國就業增長穩固和通脹逐漸上升, 我們對聯儲局短期內加息的可能性保持 警惕 The Hong Kong Dollar Bond Fund registered gain in the third quarter. Yields of -year, 0-year and longer-dated US Treasury picked up, and the yield curve flattened. Yield curve of Hong Kong government bond did not move in the same way as 0-year rate was even lower in the period. On the other hand, search-for-yield activities continued and drove credit spread tighter in the period. Given solid employment growth and inflation gaining ground in the US, we are mindful of the possibility of interest rate rise by the US Federal Reserve in the near term. 港元債券 HKD Bonds 9.6% 美元債券 USD Bonds 5.9% 現金及其他 ^ Cash and Others^.5% 7 Top 0 Holdings 7 Hong Kong Government Bond.68% -Jan-06.6% Hong Kong Government Bond 0.67% -May-08.% Hong Kong Science & Tech Park.% -Jul-0.% Bank of China (HK).97% -Apr-09.6% Wells Fargo % 05-Jun-05.5% National Australia Bank.7% 7-May-06.% DBS Group.% 9-Apr-06.% Hang Seng Bank.75% 6-Oct-07.% Export-Import Bank of Korea.57% -May-08.% IFC Dev.0% 6-Mar-00.% 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 details about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 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 0/06/0 05. 副 Sub-investment Manager A 類 Class A.008 B 類 Class B.0095 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 0 0 00 98 06/ / 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 0.07% -0.06% -.76% -.8% 不適用 N/A 不適用 N/A 0.8% -.76% -0.77% 不適用 N/A 不適用 N/A 0.9% B 類 Class B 0.% -0.05% -.7% -.% 不適用 N/A 不適用 N/A 0.95% -.7% -0.7% 不適用 N/A 不適用 N/A 0.% 0 0 0 0 05 A 類 Class A -0.7% 0.00% -0.6% -.8% 不適用 N/A 不適用 N/A -.57% 不適用 N/A.59%.% -0.79% -.% B 類 Class B -0.6% 0.00% -0.6% -.7% 不適用 N/A 不適用 N/A -.6% 不適用 N/A.5%.8% -0.7% -.6% 人民幣及港元基金於第 季度錄得下跌, 主要是人民幣匯率恢復下行趨勢 由 於憂慮對人民幣進一步疲軟, 投資組合維持略低比重於人民幣 基金繼續尋 求機會增持長期港元債券, 並乘著貨幣市場曲線變陡, 伺機投資 人民幣將 自 06 年 0 月 日起納入國際貨幣基金組織的特別提款權籃子 此舉將可能推 動全球市場對人民幣的長期需求 央行不太偏鴿派的語調可能引發全球利率 下行趨勢扭轉 在強美元的背景下, 人民幣匯率可能繼續受壓 The RMB and HKD Fund returned negatively in the third quarter as RMB currency resumed its downtrend. The portfolio maintained an underweight position in RMB on concerns of further weakness of the currency. It continues to look for opportunities to add long-dated Hong Kong dollar paper and ride on the steepening money market curve. The inclusion of the RMB in the IMF s SDR basket will become effective on October 06. The move may drive long term demand for RMB globally. Less dovish tone from central banks might trigger global rates downtrend to reverse. The backdrop of strong US dollar is likely to continue putting pressure on RMB exchange rate. 現金及存款 ( 人民幣 ) Cash & Deposit (RMB) 6.% 現金及存款 ( 港元 ) Cash & Deposit (HKD) 7.7% 債券 ( 人民幣 ) Bonds (RMB) 6.9% 貨幣市場工具 ( 港元 ) Money Market Instruments (HKD) 9.% Top 0 Holdings 7 Sinochem Offshore Cap.55% -May-07.% Baosteel Group.75% 0-Dec-06.9% OCBC Wing Hang Bank T/D 0.5% -Oct-06.7% United Overseas Bank T/D.5% 9-Nov-06.5% Agricultural Bank of China 0.88% 6-Jan-07.% ICBC Asia T/D.% -Nov-06.% Bank of East Asia HK T/D 0.6% 07-Dec-06.0% Industrial & Commercial Bank of China.5% 9-Nov-06.9% Bestgain Real Estate.05% 6-Dec-06.9% Starway Assets Enterprises.% -Jan-07.9% 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 details about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 永明強積金環球債券基金 Sun Life MPF Global Bond Fund Market Forecast 中立預測 Neutral 0/0/00 67. A 類 Class A 0.99 B 類 Class B.0059 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.% 05 00 95 90 0/0 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 7.8% -0.9% 6.58% 0.8% -.05% 不適用 N/A -0.76% 6.58% 0.7% -0.8% 不適用 N/A -0.% B 類 Class B 7.98% -0.5% 6.79%.% -.08% 不適用 N/A 0.59% 6.79% 0.8% -0.6% 不適用 N/A 0.09% 0 0 0 0 05 A 類 Class A.6% -0.08%.%.%.6% 不適用 N/A 0.5%.09% -0.8% -.8% -.56% -.9% B 類 Class B.70% -0.07%.%.%.76% 不適用 N/A.9%.9% 0.0% -.99% -.7% -.7% 環球債券基金於第 季度錄得負回報, 主要是美國國債利率抽升拖累了美國政 府債券 宏觀方面, 主要中央銀行政策立場似乎出現轉變 日本央行決定從 擴大貨幣供應的硬性目標, 轉為針對控制國債孳息曲線 新目標是保持 0 年 期政府債券收益率在零水平附近, 取代過往設定固定購買規模 在歐元區, 歐洲央行預計區內經濟將穩步復甦, 決定既維持政策利率不變, 亦不延長債 券購買計劃的期限 美國維持穩固就業增長及工資錄得不俗升幅, 而通脹正 在上升 聯儲局對於今年底前進行加息持開放態度 The Global Bond Fund generated negative return in the third quarter as rising US Treasury yields weighted on US government bonds. On the macro front, there seems to be changes in policy stance among major central banks. The Bank of Japan decided moving away from a rigid target of money supply expansion, while focusing on yield curve control. The new target is to keep the yield of 0-year government bonds around zero instead of setting a fixed amount of purchase from the past. In Eurozone, the European Central Bank kept its policy rates unchanged and decided against extending the duration of its existing bond purchase program as the central bank expects economic recovery in the region to proceed at a steady pace. The US maintains solid employment growth along with decent wage increase, while inflation is gaining ground. The Federal Reserve remains open on the prospect of hiking interest rates later this year. 美元債券 USD Bonds 0.8% 歐洲債券 European Bonds.% 港元債券 HKD Bonds 0.% 日本債券 Japanese Bonds 0.% 亞洲債券 Asian Bonds 8.% 其他債券 Other Bonds.9% 現金及其他 ^ Cash and Others^ 5.7% 7 Top 0 Holdings 7 US Government Bond % 5-Aug-05.0% US Government Bond 0.875% 5-May-09.9% Japan Government Bond.9% 0-Mar-05.5% US Government Bond.65% -Jul-00.7% Hong Kong Treasury Bill -Mar-07.7% Hong Kong Treasury Bill -Feb-07.5% Italy Government Bond.5% 0-Mar-00.5% Hong Kong Treasury Bill 5-Jan-07.5% Rabobank.85% -Apr-07.5% Thailand Government Bond.5% 6-Jun-07.% 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 details 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 0/09/06 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.,69.5 A 類 Class A.9 B 類 Class B.005 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.0% 50 00 50 00 50 0/0 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 7.%.68% 8.% 9.6% 9.77%.6% 9.% 8.%.00%.67%.7%.9% B 類 Class B 7.7%.7% 8.5% 9.9% 0.98% 7.08% 00.5% 8.5%.0%.88%.9%.8% 0 0 0 0 05 A 類 Class A.% 0.6%.8% 5.0% 8.7% 8.% 8.% -.5% 7.05%.%.0% -0.77% B 類 Class B.9% 0.8%.8% 5.7% 8.9% 9.58% 0.88% -.% 7.7%.6%.59% -0.57% 季內, 平穩基金錄得正回報 受助於投資者風險胃納快速回升和強大資金流 入風險資產, 環球股票市場在 7 月和 8 月強力躍升, 其後於 9 月份橫行 基金組 合內的股票部份是升幅的主要來源 不過, 亞洲股票較保守的策略, 和在必 需消費品行業持重倉影響了基金的相對表現 投資組合的固定收益部份亦錄 得正面但輕微的升幅 亞洲債券和港元債券的升值被環球政府債券的損失抵 銷了一部份 During the quarter, the Stable Fund made a positive return. Helped by rapid revival in investor risk appetite and strong capital flow to risky assets, global equity markets rallied strongly in July and August and then sideway in September. Equity portion of the portfolio contributed most of the gains to the fund. But, conservative positioning in Asian equity and overweighting in consumer staples industry hurt the fund s relative performance. Fixed income portion of the portfolio contributed positively albeit small gain. Positive performance in Asian region bond and the Hong Kong dollar bond was partially offset by loss in global sovereign bond exposure. 環球債券 Global Bonds 9.0% 港元債券 HKD Bonds 6.0% 亞洲債券 Asian Bonds.8% 環球股票 Global Equities.9% 香港股票 Hong Kong Equities.% 亞洲股票 Asian Equities 8.8% 其他股票 Other Equities.0% 其他債券 Other Bonds 0.8% 現金及其他 ^ Cash and Others^ 6.% Top 0 Holdings 7 US Government Bond % 5-Aug-05.7% US Government Bond 0.875% 5-May-09.6% Unilever PLC.5% Henkel Ag & Co KGaA.5% Japan Government Bond.9% 0-Mar-05.% 騰訊控股 Tencent Holdings Ltd.% US Government Bond.65% -Jul-00.0% Berkshire Hathaway 0.9% Italy Government Bond.5% 0-Mar-00 0.8% Rabobank.85% -Apr-07 0.8% 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 details about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 永明強積金均衡基金 Sun Life MPF Balanced Fund Market Forecast 不適用 ^^ N/A^^ 0//000,77.7 A 類 Class A.676 B 類 Class B. 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 5.77% 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. 50 00 50 00 50 0/0 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 7.57%.55% 9.65%.8% 0.8% 58.% 6.76% 9.65%.66% 5.5%.7% 5.0% B 類 Class B 7.7%.60% 9.87%.05%.5% 6.6%.% 9.87%.86% 5.7%.9% 5.0% 0 0 0 0 05 A 類 Class A.% 0.68% 5.00% 6.00%.0%.9% 5.0% -.79% 0.8% 6.8%.9% -0.5% B 類 Class B.7% 0.69% 5.0% 6.%.58% 6.5% 5.79% -.59% 0.59% 6.50%.69% -0.% 季內, 均衡基金錄得正回報 受助於投資者風險胃納快速回升和強大資金流 入風險資產, 環球股票市場在 7 月和 8 月強力躍升, 其後於 9 月份橫行 基金組 合內的股票部份是升幅的主要來源 不過, 亞洲股票較保守的策略, 和在必 需消費品行業持重倉影響了基金的相對表現 投資組合的固定收益部份亦錄 得正面但輕微的升幅 亞洲債券和港元債券的升值被環球政府債券的損失抵 銷了一部份 During the quarter, the Balanced Fund made a positive return. Helped by rapid revival in investor risk appetite and strong capital flow to risky assets, global equity markets rallied strongly in July and August and then sideway in September. Equity portion of the portfolio contributed most of the gains to the fund. But, conservative positioning in Asian equity and overweighting in consumer staples industry hurt the fund s relative performance. Fixed income portion of the portfolio contributed positively albeit small gain. Positive performance in Asian region bond and the Hong Kong dollar bond was partially offset by loss in global sovereign bond exposure. 香港股票 Hong Kong Equities.6% 環球股票 Global Equities 8.% 環球債券 Global Bonds 7.% 亞洲股票 Asian Equities 5.% 港元債券 HKD Bonds 0.0% 亞洲債券 Asian Bonds 8.% 其他股票 Other Equities.% 其他債券 Other Bonds 0.% 現金及其他 ^ Cash and Others^ 6.9% Top 0 Holdings 7 騰訊控股 Tencent Holdings Ltd.% Unilever PLC.7% Henkel Ag & Co KGaA.7% 友邦保險 AIA Group Ltd.5% 長和 CK Hutchison Holdings Ltd.% Berkshire Hathaway.% US Government Bond % 5-Aug-05.0% US Government Bond 0.875% 5-May-09.0% Colgate-Palmolive Company 0.9% Unicharm Corp 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 details about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme. 8

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 永明強積金增長基金 Sun Life MPF Growth Fund Market Forecast 不適用 ^^ N/A^^ 0//000,86.5 A 類 Class A.8 B 類 Class B.557 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 7.69% 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. 00 50 00 50 00 50 0/0 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 8.9%.6%.5%.99%.6% 7.6% 8.%.5%.6% 7.5% 5.67% 5.6% B 類 Class B 8.55%.68%.76%.68%.70% 77.% 5.57%.76%.67% 7.67% 5.88% 5.8% 0 0 0 0 05 A 類 Class A 5.55% 0.9% 6.% 6.9%.7%.% 67.05% -5.9%.68% 0.%.7% -0.6% B 類 Class B 5.6% 0.96% 6.% 7.5%.75%.76% 70.5% -5.7%.9% 0.5%.9% -0.6% 季內, 增長基金錄得正回報 受助於投資者風險胃納快速回升和強大資金流 入風險資產, 環球股票市場在 7 月和 8 月強力躍升, 其後於 9 月份橫行 基金組 合內的股票部份是升幅的主要來源 不過, 亞洲股票較保守的策略, 和在必 需消費品行業持重倉影響了基金的相對表現 投資組合的固定收益部份亦錄 得正面但輕微的升幅 亞洲債券和港元債券的升值被環球政府債券的損失抵 銷了一部份 During the quarter, the Growth Fund made a positive return. Helped by rapid revival in investor risk appetite and strong capital flow to risky assets, global equity markets rallied strongly in July and August and then sideway in September. Equity portion of the portfolio contributed most of the gains to the fund. But, conservative positioning in Asian equity and overweighting in consumer staples industry hurt the fund s relative performance. Fixed income portion of the portfolio contributed positively albeit small gain. Positive performance in Asian region bond and the Hong Kong dollar bond was partially offset by loss in global sovereign bond exposure. 香港股票 Hong Kong Equities 0.% 環球股票 Global Equities 5.0% 亞洲股票 Asian Equities 6.5% 環球債券 Global Bonds 7.% 港元債券 HKD Bonds.8% 亞洲債券 Asian Bonds.% 其他股票 Other Equities.7% 其他債券 Other Bonds 0.% 現金及其他 ^ Cash and Others^ 0.% Top 0 Holdings 7 騰訊控股 Tencent Holdings Ltd.8% Unilever PLC.% Henkel Ag & Co KGaA.% 友邦保險 AIA Group Ltd.9% 長和 CK Hutchison Holdings Ltd.9% Berkshire Hathaway.5% Colgate-Palmolive Company.% Unicharm Corp.% Waters 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 details about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 永明強積金環球股票基金 Sun Life MPF Global Equity Fund Market Forecast 正面預測 Positive 0/0/008,570. A 類 Class A.6 B 類 Class B.57 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.78% 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. 60 0 80 0 0/08 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.% 6.% 6.58%.5% 0.7% 不適用 N/A.6% 6.58%.6% 7.07% 不適用 N/A.9% B 類 Class B.% 6.9% 6.79%.%.% 不適用 N/A.57% 6.79%.6% 7.9% 不適用 N/A.9% 0 0 0 0 05 A 類 Class A 5.% 0.87%.% -0.79% 7.8% 不適用 N/A 8.% -.67% 8.0% 6.99%.08% -.79% B 類 Class B 5.0% 0.90%.% -0.50% 7.9% 不適用 N/A 9.% -.5% 8.5% 7.%.8% -.60% 環球股票基金在 06 年第 季錄得逾 6% 升幅, 為過去 年來最佳季度回報 環 球股市表現強勁固然是驅動基金回報的因素, 投資組合維持對中港股票持重 倉也對有正面貢獻 最近中國各地方政府紛紛推出樓市調控措施以 防樓市失控, 事情受投資者關注 但過往經驗顯示, 政策生效需時, 而且對 經濟的即時影響有限 我們目前仍維持對中港股市的正面看法, 亦會保持警 惕市況的轉變 The Global Equity Fund gained over 6% during the third quarter of 06, being the best quarterly performance in the past years. Buoyant global equity market performance helped drive the fund return. The portfolio s overweight positions in Hong Kong and China market also contributed positively to fund performance. Recently, there are concerns about policy actions taken by local governments in China to rein in housing market. Past experience suggests that it could take some time for the effect to be felt and the immediate impact to economy is often limited. At the moment, we maintain a positive view on Hong Kong China market and will remain vigilant as market conditions changes. 北美洲股票 North American Equities.7% 香港股票 Hong Kong Equities.% 歐洲股票 European Equities 7.% 亞洲股票 Asian Equities 0.% 日本股票 Japanese Equities 0.% 現金及其他 ^ Cash and Others^.% Top 0 Holdings 7 騰訊控股 Tencent Holdings Ltd.% 友邦保險 AIA Group Ltd.% 中國移動 China Mobile Ltd.7% 長實地產 CK Property Holdings Ltd.0% 香港交易所 Hong Kong Exchanges and Clearing Ltd 0.9% 中國平安 Ping An Insurance Group Co Of China Ltd H 0.9% Johnson & Johnson 0.8% 港鐵公司 Mass Transit Railway Corporation 0.8% 北京首都機場 Beijing Capital Intl Airport Co Ltd H 0.7% 中芯國際 Semiconductor Manufacturing Intl Corp 0.7% 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 details about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme. 0

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 永明強積金亞洲股票基金 Sun Life MPF Asian Equity Fund Market Forecast 正面預測 Positive 0/0/008,80. A 類 Class A.50 B 類 Class B.77 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.6% 0 80 0 0/08 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 9.78% 9.%.07%.9% 8.60% 不適用 N/A 5.0%.07%.9% 6.75% 不適用 N/A.65% B 類 Class B 9.9% 9.7%.0%.87% 0.00% 不適用 N/A 7.7%.0%.% 6.96% 不適用 N/A.86% 0 0 0 0 05 A 類 Class A 9.76%.% 9.%.5% 9.6% 不適用 N/A.96% -5.% 5.%.%.0% -0.5% B 類 Class B 9.8%.6% 9.%.8% 0.0% 不適用 N/A 6.5% -.95% 5.%.57%.5% -0.7% 亞洲股票基金在過去一季錄得多於 9% 的增幅, 強勁的香港股票市場為投資回 報貢獻良多 另一方面, 去季表現突出的印度市場今季比較遜色 在今年的 最後一季, 區內市場預期將持續波動, 國際事件如美國的總統選舉以及聯儲 局的議息結果等可能影響市場走勢 The Asian Equity Fund finished the quarter with more than 9% in return. The rallying Hong Kong stock market was a key contributor to the performance. On the other hand, previous strong performer such as Indian market underperformed. In the coming quarter, regional markets are expected to remain volatile, with external events such as U.S. Presidential Election and the Fed s rate decisions likely to steer market directions. 中國 China.% 南韓 South Korea 8.5% 香港 Hong Kong 6.% 印度 India 0.0% 台灣 Taiwan 9.0% 泰國 Thailand 6.% 新加坡 Singapore 5.7% 印尼 Indonesia.7% 菲律賓 Philippines.% 馬來西亞 Malaysia.% 現金及其他 ^ Cash and Others^.0% Top 0 Holdings 7 騰訊控股 Tencent Holdings Ltd 5.9% Samsung Electronics Co Ltd.6% 友邦保險 AIA Group Ltd.6% 中國平安 Ping An Insurance Group Co Of China Ltd H.% Taiwan Semiconductor Manufacturing Company Ltd.% 中國聯通 China Unicom Hong Kong Ltd.8% Telekomunikasi Indonesia.8% Singapore Telecommunications Ltd.8% Central Pattana.% Infosys Ltd.% 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 details about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 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 0/0/008,7.7 A 類 Class A.060 B 類 Class B.0806 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.% 0 80 0 0/08 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 6.% 0.96% 0.6% 5.0% 8.86% 不適用 N/A 6.0% 0.6%.77% 6.79% 不適用 N/A 0.7% B 類 Class B 6.60%.0% 0.86% 6.05% 0.6% 不適用 N/A 8.06% 0.86%.98% 7.00% 不適用 N/A 0.9% 0 0 0 0 05 A 類 Class A 0.66%.7% 9.%.98% 8.% 不適用 N/A.6% -.5%.06% 6.7%.65% -6.97% B 類 Class B 0.7%.9% 9.%.8% 8.98% 不適用 N/A 5.6% -.0%.0% 6.9%.85% -6.78% 在過去一季, 大中華股票強勁, 錄得超過 0% 的回報 中國的經濟展 現回穩的現象 官方製造業採購經理指數升至 0 年 0 月以來的最高水平, 8 月份的工業生產按年增長 6.% 台灣方面, 中央銀行進一步削減基準利率以 刺激經濟加快增長 展望來季, 相信中國政府會維持支持性的政策方向 但 過熱的中國房地產市場需要密切留意 The Greater China Equity Fund recorded strong gains over the latest quarter, returning in excess of 0%. China economy is showing signs of stabilizing. Official manufacturing Purchasing Managers Index rose to the highest reading since Oct 0, industrial production grew 6.% year on year in August. In Taiwan, in an effort to boost economic growth, the central bank further lowered its benchmark interest rate. In the coming quarter, supportive policies from China government are expected to remain in place. However, the overheating property market in mainland China would be one of the major concerns. 金融 Financials 0.% 資訊科技 Information Technology 8.6% 工業 Industrials.% 消費 Consumer.0% 電訊 Telecommunications 8.% 公用事業 Utilities.6% 能源 Energy.% 原材料 Materials 0.8% 健康護理 Health Care 0.7% 現金及其他 ^ Cash and Others^ 8.% Top 0 Holdings 7 騰訊控股 Tencent Holdings Ltd 8.0% 友邦保險 AIA Group Ltd 5.9% 中國移動 China Mobile Ltd 5.% 香港交易所 Hong Kong Exchanges and Clearing Ltd.7% 中國平安 Ping An Insurance Group Co Of China Ltd H.5% Taiwan Semiconductor Manufacturing Company Ltd.% 中芯國際 Semiconductor Manufacturing Intl Corp.6% 長實地產 CK Property Holdings Ltd.5% 中國光大國際 China Everbright International Ltd.% 港鐵公司 Mass Transit Railway Corporation.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 ], 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 details about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 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 9.6 A 類 Class A.0076 B 類 Class B.0076 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. 0 0 0 00 90 80 70 / 06/ / 06/5 /5 06/6 永明富時強積金香港指數基金 B 類 富時強積金香港指數 * Sun Life FTSE MPF Hong Kong Index Fund Class B FTSE MPF Hong Kong Index* * 資料來源 : 富時國際有限公司 Index Source: FTSE International Limited. Fund Performance Months A 類 Class A 7.%.9%.8% 不適用 N/A 不適用 N/A 不適用 N/A 0.76%.8% 不適用 N/A 不適用 N/A 不適用 N/A 0.7% B 類 Class B 7.%.9%.8% 不適用 N/A 不適用 N/A 不適用 N/A 0.76%.8% 不適用 N/A 不適用 N/A 不適用 N/A 0.7% 0 0 0 0 05 A 類 Class A.9%.85% 9.9% 不適用 N/A 不適用 N/A 不適用 N/A.% 不適用 N/A 不適用 N/A -0.8%.85% -7.5% B 類 Class B.9%.85% 9.9% 不適用 N/A 不適用 N/A 不適用 N/A.% 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 上半年市場表現跌宕起伏, 而第 季度各月連續錄得正回報 本基金於 7 月 8 月及 9 月分別錄得 +.5% +5.5% 及 +.7% (B 類表現, 下同 ) 的回報, 令整體年 初至今回報達到 +7.% 於第 季度, 基金中帶來最大回報的個股為滙豐控股 騰訊控股及友邦保險集團 季內對投資組合表現造成最大拖累的個股為中國 石油 阿里健康資訊技術及中國旺旺控股 Following volatile market performance during the first half of the year, Q has delivered consistent positive returns each month. The fund returns for July, August and September were +.5%, +5.5%, and +.7% (Class B performance, and the same applies below) respectively, bringing the overall year-to-date return to +7.%. Among the top positive contributing stocks in the fund during the third quarter were HSBC Holdings, Tencent Holdings and AIA Group. The biggest detractors from portfolio performance over the quarter were Petrochina, Alibaba Health Information Technology, and Want Want China Holdings. 投資組合分布 6 Portfolio Allocation 6 金融 Financials 8.5% 資訊科技 Technology 0.% 工業 Industrials 9.6% 消費品 Consumer Goods 6.% 電訊 Telecommunications 5.% 公用事業 Utilities.9% 石油與天然氣企業 Oil & Gas.6% 消費服務 Consumer Services.8% 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.0% 6,7 Top 0 Holdings 6,7 騰訊控股 Tencent Holdings Ltd 9.0% 匯豐控股 HSBC Holdings PLC 8.6% 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.9% 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.7% 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 details 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.

永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 0/09/06 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 7,5.7 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.7665 B 類 Class B.909 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 5.07% Fund Performance Months 600 500 00 00 00 00 0 0/0 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 6.00%.8%.80%.60% 5.5% 5.6% 76.65%.80%.7% 8.79% 9.7% 0.7% B 類 Class B 6.6%.%.0%.7% 5.88% 57.7% 90.9%.0%.9% 9.00% 9.9% 0.57% 0 0 0 0 05 A 類 Class A 0.%.6% 9.00% 5.66%.% 5.50% 58.5% -0.9%.5% 9.75% 0.5% 0.8% B 類 Class B 0.9%.8% 9.% 5.97%.0% 7.7% 6.0% -0.76%.9% 9.97% 0.5% 0.58% 在過去一季, 香港股票強勁, 錄得大於 % 的升幅 香港股市的優異表現, 主要受惠於市場對中國政策的正面反應和官方確定滬港通將通行的消息 金融類和地產類表現最為突出, 另一方面因避險情緒減退, 致使公用類股份表現較失色 展望來季, 宏觀的風險因素如美國的總統選舉 聯邦公開市場委員會的會議 ( 將在 月和 月舉行 ) 以及關於利率決定的言論等預計為市場帶來波動 在這市況下, 質素優良 現金流穩定, 和業務集中在中港和亞洲的企業預期有較優的表現 Over the last quarter, the Hong Kong Equity Fund performed strongly, logging over % in return. The strong performance of the Hong Kong stock market was driven by positive policy sentiment from China and official confirmation of the launch of Shenzhen Hong Kong Stock Connect. Financial sector and properties sector outperformed; on the other hand receding risk-off sentiment led to utilities sector underperformed. In the coming quarter, macro risk factors such as U.S. Presidential Election, FOMC meetings (in November and December) and rhetoric on rate decision are expected to drive up market volatility. Against such a backdrop, companies with good quality, steady cash flow and with business primarily focused on Hong Kong, China and Asia are expected to fare better. 金融 Financials 0.9% 消費 Consumer 9.0% 工業 Industrials.% 資訊科技 Information Technology.% 公用事業 Utilities 9.% 健康護理 Health Care.% 電訊 Telecommunications.5% 能源 Energy.9% 原材料 Materials 0.8% 現金及其他 ^ Cash and Others^.% Top 0 Holdings 7 騰訊控股 Tencent Holdings Ltd 7.0% 長和 CK Hutchison Holdings Ltd 6.0% 友邦保險 AIA Group Ltd.8% 領展 The Link Reit.% 申洲國際 Shenzhou International Group Ltd.9% 怡和集團 Jardine Matheson Holdings.8% 招商銀行 China Merchants Bank Co Ltd H.8% 牛奶國際 Dairy Farm International.6% 中華煤氣 Hong Kong & China Gas.5% 匯豐控股 HSBC Holdings PLC.% 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 details about this Constituent Fund, please refer to the latest Principal Brochure of the Scheme.

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 8 888 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 8 888. 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 8 888 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 8 888. # 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 8 888 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 8 888. ~ 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 8 888 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 8 888. 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:8 889 www.sunlife.com.hk 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