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JF Pooled Pension Services (852) 2978-7588 JF 集成退休金服務

JF Pooled Pension Services (852) 2978-7588 JF 集成退休金服務. Hong Kong Baptist University 1998 Superannuation Fund Guidance Notes on Members’ Investment Choice 成員投資摘要 September 2004 二零零四年九月. Agenda 目錄. Your investment options 您的投資選擇 Investment review & outlook 投資回顧及展望 Other services 其他服務

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JF Pooled Pension Services (852) 2978-7588 JF 集成退休金服務

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  1. JF Pooled Pension Services (852) 2978-7588JF集成退休金服務 Hong Kong Baptist University 1998 Superannuation Fund Guidance Notes on Members’ Investment Choice成員投資摘要September 2004二零零四年九月

  2. Agenda目錄 • Your investment options您的投資選擇 • Investment review & outlook投資回顧及展望 • Other services其他服務 • Details of the new structure 新架構之簡介

  3. Your investment options 您的投資選擇 2

  4. Structure架構 Hong Kong Baptist University 1998 Superannuation Scheme香港浸會大學1998公積金計劃 JF Asset ManagementJF資產管理有限公司 Investment options offered by other fund managers由其他基金經理提供的投資選擇 JF SAR American Fund – Pension Portfolio JF宜安美洲基金 – 退休基金組合 JF SAR Hong Kong Fund – Pension Portfolio JF宜安香港基金 – 退休基金組合 JF SAR American Fund JF宜安美洲基金 JF SAR Hong Kong Fund JF宜安香港基金

  5. JF SAR American Fund (16 Aug 2004)JF宜安美洲基金(二零零四年八月十六日) Portfolio Structure組合結構 Launch Date 成立日期 September 1998 一九九八年九月 Fund Size 基金總值 US$109 million 美元109百萬 Long-term Target Return 投資目標 Maximize long term capital growth 爭取長遠資產增值 Short Term Volatility 短期波幅 High 高

  6. JF SAR Hong Kong Fund (16 Aug 2004) JF宜安香港基金 (二零零四年八月十六日) Portfolio Structure組合結構 Launch Date 成立日期 September 1998 一九九八年九月 Fund Size 基金總值 HK$1,394 million港元1,394百萬 Long-term Target Return 投資目標 Maximize long term capital growth 爭取長遠資產增值 Short Term Volatility 短期波幅 High 高

  7. Investment review & outlook 投資回顧及展望 6

  8. Total Returns in HKD總回報(以港元計算) Market returns (31 Jul 2004)市場表現(二零零四年七月三十一日) 2Q 2004二零零四年第二季 % YTD 2004年初至七月 % EQUITIES 股票 World 環球 FTSE World Hong Kong 香港 Hang Seng Japan 日本 Tokyo SE (TOPIX) Australia 澳洲 Australia ASX All Ordinary AC Pac ex JP ex HK 亞太區除日本及香港 MSCI AC Pacific ex JP ex HK UK 英國 FTSE 100 Germany 德國 DAX 30 France 法國 CAC 40 Europe 歐洲 FTSE World Europe USA 美國 S&P 500 Composite Source 資料來源：Thomson Datastream

  9. Performance (31 Jul 2004)基金表現(二零零四年七月三十一日) JF SARJF SAR American Fund Excess HK Fund 90% FTSE Excess Pension Portfolio FTSE Return Pension Portfolio World HK + Return 宜安美洲基金World US#跑贏指數幅度宜安香港基金 10% HSBC Price^ 跑贏指數幅度 % % % % % % Inception to 31 Dec 2002 -18.1 -18.2 +0.1 -14.2 -18.8 +4.6 2003 +21.9 +28.4 -6.5 +44.1 +39.7 +4.3 2004 1Q +1.0 +1.9 -0.9 +1.9 +4.7 -2.8 2Q +1.3 +1.6 -0.3 -4.3 -4.5 +0.2 Jul -2.4 -3.3 +0.9 +1.0 +1.1 -0.1 YTD Jul -0.1 0.0 -0.1 -1.5 +1.1 -2.6 Inception to 31 Jul 2004 -0.3 +5.0 -5.3 +21.7 +14.7 +7.0 (Cumulative) Inception to 31 Jul 2004 -0.1 +2.2 -2.4 +9.1 +6.2 +3.0 (Annualised) #Benchmark market index of JF SAR American Fund ^ Benchmark market Index of JF SAR Hong Kong Fund Inception date: 26 Apr 2002 Excess returns beyond 1 year are calculated geometrically. Please note that past performance is not indicative of future performance. The price of unit and income from the fund may go down as well as up. 請注意投資收益及價格可跌可升。基金過往表現並不保證日後回報。

  10. Investment Outlook投資展望 • Economic activity is set to decelerate over the next 12 months.預期經濟活動會在未來12個月內放緩。 • US consumption will be tested over the next few quarters as supports wane - the labour market is critical.隨著支持減少，美國消費將於未來數季面臨考驗，尤以勞工市場最為關鍵。 • The price of oil is a major concern - the risks are on the upside.油價趨升，成為後市的主要隱憂所在。 • US earnings have begun to decelerate - our preference remains for other regions.美國盈利增長開始減慢，我們較為看好其他地區。 • We believe China will achieve a soft landing, but history suggests this will be difficult to achieve.我們相信中國經濟可達致軟著陸，但歷史卻顯示，過程將並不容易。 • We retain our preference for equities over bonds.我們繼續看好股票多於債券。

  11. Other services 其他服務 10

  12. Contact us如有疑問，歡迎與我們聯絡 Hotline Services 電話熱線 2978 7588 Monday - Friday (9:00 am – 5:30 pm) 星期一至星期五 (9:00 am – 5:30 pm) E-mail 電子郵件 JFPPS@jfam.com Where Can You Find the Unit Price? 從哪裏可找到單位價？ • South China Morning Post • 南華早報 • Hong Kong Economic Times • 經濟日報 • JF Funds Website • JF網頁 • (http://www.jffunds.com/)

  13. JF internet websiteJF網頁 Pension Services JF Provident Funds JF SAR Funds Link to AIA-JF http://www.jffunds.com/

  14. You are welcome to visit our Investment Centre請親臨JF投資理財中心 Central (Walkway Level, Jardine House)中環 (怡和大廈行人天橋側) Opening hours 辦公時間： Mon – Fri: 8:30am – 7:00pm Sat: 8:30am – 1:00pm

  15. Details of the new structure 新架構之簡介 14

  16. Change of structure架構之改變 Current Structure 現行架構 New Structure 新架構 Hong Kong Baptist University 1998 Superannuation Scheme香港浸會大學1998公積金計劃 Hong Kong Baptist University 1998 Superannuation Scheme香港浸會大學1998公積金計劃 JF Asset ManagementJF資產管理有限公司 JF Asset ManagementJF資產管理有限公司 JF SAR American Fund JF宜安美洲基金 (Class A) JF SAR Hong Kong Fund JF宜安香港基金 (Class A) JF SAR American Fund – Pension Portfolio JF宜安美洲基金 – 退休基金組合 JF SAR Hong Kong Fund – Pension Portfolio JF宜安香港基金 – 退休基金組合 JF SAR American Fund JF宜安美洲基金 JF SAR Hong Kong Fund JF宜安香港基金

  17. Treatment of your holdings現有資產之安排 • On the transfer date, your holdings in the JF SAR American Fund – Pension Portfolio and the JF SAR Hong Kong Fund – Pension Portfolio will be redeemed and the proceeds will be allotted into the units of the JF SAR American Fund – Class A and the JF SAR Hong Kong Fund – Class A. 閣下現持有之JF宜安美洲基金 – 退休基金組合及JF宜安香港基金 – 退休基金組合之結餘將於轉移時以市值被贖回，並會被分配到JF宜安美洲基金(A類別)及JF宜安香港基金(A類別)的單位內。 • The above-mentioned transactions will be dealt at the Net Asset Value of the funds. 以上提及之交易會以資產淨值計算。 • After the transfer, the amount/balance of your holdings will remain unchanged, but the number of units you have in different funds and the unit price (NAV) of the funds will be different. 資產轉移後，閣下之投資結餘將維持不變，但閣下所持有之基金單位及其單位價格(資產淨值)會以新架構基金的市值計算。

  18. Economies of scale 經濟效益 Greater flexibility (daily valuation, unit price and other information on website, etc) 靈活性更大 (每日估價及網頁上可瀏覽價格及其他資料等等) No impact on fees 收費不受影響 Benefits of the new structure新架構之益處

  19. JF Asset Management (JFAM) forms a key part of JPMorgan Fleming Asset Management and is the descriptive name used for all JF asset management companies in Asia ex-Japan. The brand name JPMorgan Fleming Asset Management covers the asset management activities of JPMorgan Chase & Co. globally. This document is issued by JF Asset Management Limited which is regulated by the Hong Kong Securities and Futures Commission. Any forecasts or opinions expressed are JF Asset Management Limited’s own at the date of this document and may be subject to change. The value of investments and the income from them may fluctuate and your investment is not guaranteed. Past performance is not necessarily a guide to future performance and investors may not get back the full amount invested. Exchange rates may cause the value of underlying overseas investments to go down or up. Investments in emerging markets may be more volatile than other markets and the risk to your capital is therefore greater. Also, the economic and political situations may be more volatile than in established economies and these may adversely influence the value of investments made. Issued by JF Asset Management Limited, 21st Floor, Chater House, 8 Connaught Road Central, Hong Kong.

  20. Performance of underlying funds (31 Jul 2004)基金表現(二零零四年七月三十一日) JF SAR ExcessJF SAR 90% FTSE Excess American Fund FTSE Return HK Fund World HK + Return 宜安美洲基金World US跑贏指數幅度宜安香港基金 10% HSBC Price 跑贏指數幅度 % % % % % % 1999 +16.4 +20.6 -4.2 +57.3 +59.1 -1.8 2000 -6.7 -8.3 +1.6 -4.6 -7.5 +2.9 2001 -9.4 -12.8 +3.4 -15.7 -19.5 +3.8 2002 -22.9 -22.3 -0.6 -10.7 -18.1 +7.4 2003 +22.4 +28.4 -6.0 +45.0 +39.7 +5.3 2004 1Q +0.8 +1.9 -1.1 +1.8 +4.7 -2.9 2Q +1.3 +1.6 -0.3 -4.3 -4.5 +0.2 Jul -2.3 -3.3 +1.0 +1.1 +1.1 0.0 YTD Jul -0.3 0.0 -0.3 -1.5 +1.1 -2.6 Please note that past performance is not indicative of future performance. The price of unit and income from the fund may go down as well as up. 請注意投資收益及價格可跌可升。基金過往表現並不保證日後回報。

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