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Marsh & McLennan Mercer

July 2007

Your investment manager Allianz Global Investors

Company background
experienced and financially stable

Asset management arm of Allianz Group

One of the top 3 largest* asset management company globally

A research driven investment manager of Allianz Global Investors Over 23 years of local experience Well recognized retirement investment specialist in Hong Kong

Managing well over USD1.76 trillion** of assets under management (AUM)

* Sources: Pensions & Investments / Independent consultant (as at 31 December 2005) ** As at 31 March 2007

Performance and fund choices

Your selection
5 Lifestyle Funds

RCM Growth Fund


90% Equity/10% Fixed Income

Tailor-made investment choices with different risk vs return Investment choices according to individual investment strategy

RCM Balanced Fund


70% Equity / 30% Fixed Income

RCM Stable Growth Fund


50% Equity / 50% Fixed Income

Return

RCM Capital Stable Fund


30% Equity / 70% Fixed Income

RCM HK$ Liquidity Fund


100% HK Dollar

Risk

Allianz Global Investors Choice Fund


3 year performance RCM
% p.a. industry median* % p.a.

ranking

RCM Growth Fund RCM Balanced Fund RCM Stable Growth Fund RCM Capital Stable Fund
* Source: Mercer HK Investment Choice Survey, Mar 2007

20.9 16.6

16.9 14.7

1/8 3/11

12.7 9.0

10.7 7.2

1/8 1/8

Fund performance is calculated in HK$ on NAV-to-NAV basis, net of fees (as of end Mar 2007) Investment involves risk. Past performance is not indicative of future performance. Please refer to the prospectus for further information

RCM Growth Fund (Ordinary A)


Objective
To provide capital growth with controlled levels of risk through global diversification

Portfolio
Others 1% Fixed Income 2% Liquidity 4% Japan 12% Other Asia 14% Hong Kong 26%

Suitable for relatively high risk investors Cumulative performance


YTD 3 months 1 year Since Feb 2001
Europe 18% North America 23%

RCM
8.48% 9.10% 26.23% 108.76%
Source: RCM, as at 31 May, 2007 Source: RCM, as at 31 May, 2007

Holdings

Investment involves risk. Past performance is not indicative of future performance. Please refer to the prospectus for further information.

Bond / Cash 10%

Equity 90%

RCM Balanced Fund (Ordinary A)


Objective
To achieve above average return by investing in a diversified portfolio of global equities and fixed-interest

Portfolio
Liquidity 5% Japan 10% Other Asia 11% Fixed Income 21%

Suitable for above average risk investors


Europe 14% Hong Kong 21%

Cumulative performance
YTD 3 months 1 year Since Feb 2001

North America 18%

RCM
6.11% 6.60% 20.32% 90.11%
Source: RCM, as at 31 May, 2007 Source: RCM, as at 31 May, 2007

Holdings

Investment involves risk. Past performance is not indicative of future performance. Please refer to the prospectus for further information.

Bond / Cash 30%

Equity 70%

RCM Stable Growth Fund (Ordinary A)


Objective
To achieve a stable overall return by investing in a diversified portfolio of global equities and fixed-interest

Portfolio
Liquidity 5% Japan 7% Other Asia 8% Europe 9% Fixed Income 43%

Suitable for medium risk investors

North America 13%

Cumulative performance
YTD 3 months 1 year Since Feb 2001

Hong Kong 15%

RCM
4.70% 4.63% 15.47% 75.18%
Source: RCM, as at 31 May, 2007 Source: RCM, as at 31 May, 2007

Holdings

Investment involves risk. Past performance is not indicative of future performance. Please refer to the prospectus for further information.

Bond / Cash 50%

Equity 50%

RCM Capital Stable Fund (Ordinary A)


Objective
To minimize the risk of capital loss whilst providing some opportunity for capital growth by investing in a diversified portfolio of global equities and fixed-interest securities

Portfolio
Japan 4% Other Asia 5% Liquidity 5% Europe 6% North America 8%

Suitable for relatively low risk investors


Hong Kong 9% Fixed Income 63%

Cumulative performance
YTD 3 months 1 year Since Feb 2001

RCM
3.29% 2.73% 10.84% 62.72%
Source: RCM, as at 31 May, 2007 Source: RCM, as at 31 May, 2007

Holdings

Investment involves risk. Past performance is not indicative of future performance. Please refer to the prospectus for further information.

Bond / Cash 70%

Equity 30%

RCM HK$ Liquidity Fund (Ordinary Class)


Objective
To achieve a rate of return comparable to the HK$ bank savings rate whilst maintaining stability of the principal amount invested

Portfolio
Fixed Income 5%

Suitable for conservative investors


Cash & deposits 95%

Cumulative performance
YTD 3 months 1 year Since Feb 2001

RCM
1.54% 0.93% 3.88% 12.87%
Source: RCM, as at 31 May, 2007 Source: RCM, as at 31 May, 2007

Holdings

Investment involves risk. Past performance is not indicative of future performance. Please refer to the prospectus for further information.

Cash 100%

Market review and strategy

Bond and equity markets over the past 18 months


135 130 125 120 115 110 105 100 95

MSCI World

Citigroup WGBI Unhedged

Source: Datastream, as at 31 May 2007

Performance of major asset classes


Index 2006
% (in USD terms)

2007 Jan May


% (in USD terms)
9.34 7.83 2.91 1.51 5.02 10.13 8.98 0.64 1.06

Dow Jones Industrials Nasdaq Hang Seng Index Nikkei 225 MSCI AC Far East MSCI AC Europe MSCI World Citigroup European WGBI Index Citigroup US WGBI Index

16.29 9.52 33.79 5.91 11.80 30.33 17.95 11.80 3.12

Source: Datastream, as of 31 May 2007

Market outlook (May 07)


Global

Global GDP growth will moderate in 2007 but remain solid. reports so far have been ok, but this years earnings growth may be adjusted down from a high to a low single digit number continue to look for equities to outperform other asset classes.

Earnings

We

Our

strategy is aimed at reducing risk by focusing on higher yielding stocks with growing cash flows or turnaround situations

Market outlook (May 07)


US
Consumer

demand and tentative signs of stabilization in the housing market should engineer a soft landing. backdrop, together with growing corporate profits, will prove positive for equities. makers will look to data to decide next move. Inflation remains a key concern.

This

Policy

Market outlook (May 07)


Europe
European

economy.

growth remains positive but will moderate along with the global

Equity

markets remain reasonably valued and will continue to benefit from ongoing corporate restructuring. Bank of England will likely hike rates at least once more to fight inflation.

The

Market outlook (May 07)


Asia

US

and China slowdowns will lead to some deceleration in Asian economies but domestic fundamentals remain strong. are positive on Asian stocks although valuations look less attractive than last year. earnings outlook in Japan remains supportive for stocks, but is also likely to slow down.

We

The

Market outlook (May 07)


Bond
Bonds US:

are expected to remain within a relatively tight trading.

Inflation concern and healthy labour market should keep the Fed on hold. Expect rates to stabilize at 4.0% as renewed strength of the euro has tightening impact on the economy.

Eurozone:

Investment strategy

Global equity investment

North America

Japan

Europe

Hong Kong

Other Asia

+
+ Overweight

Underweight

0 Benchmark Neutral

Source: RCM, as at 31 May, 2007

Investment strategy

Global equity investment

Energy

Basic Materials

Industrial

Consumer Cyclical

Consumer Non-Cyclical

Healthcare

Financial

Technology

Telecommunications

Utilities

+
+ Overweight

+
0 Benchmark Neutral

Underweight

Source: RCM, as at 31 May, 2007

Member benefits

A New Personal Investment Program for all relevant employees

Special Voluntary Contributions (SVC)


Flexible and cost effective

additional personal investment switching / subscription fee

no

start

with minimum of HK$500 per month or HK$1000 lump sum flexibilities

direct debit from bank account (no need to go through payroll) flexible withdrawal (free withdrawal up to 4 times a year)

* For further enquiry, please contact Allianz Global Investors Members Direct: 2500 1633

8 fund choices available from Allianz Global Investors MPF Plan


RCM Hong Kong Fund RCM Asian Fund RCM Growth Fund

Potential Return

RCM Balanced Fund


equity funds

RCM Stable Growth Fund RCM Capital Stable Fund RCM Absolute Return Fund # RCM Capital Preservation Fund

core funds

more conservative options

tia Poten

l Risk

Investment involves risk. Please refer to the prospectus for further information. # Members should be aware that whilst this Constituent Fund aims to achieve absolute positive returns, there may be circumstances under which this is not possible. Therefore, the absolute positive returns are not guaranteed.

Member services

Member communication
member briefing and consultation providing investment advice, timely
market update & investment education

Member Briefing

Investment Centre

Members web service


www.allianzglobalinvestors.com.hk
Investment aids

Online indices display of major world markets Comprehensive fund information Pension Client / ORSO Funds

Timely market updates and release of articles providing investment insights How much I need to retire? => Retirement calculator

Members web service


www.allianzglobalinvestors.com.hk
Select Fund
Literature and publication including fund fact sheets and prospectuses

Summary display of YTD, 3 months, 1 year, 3 year and 5 year performance

Historical prices download up to 5 years

Member communication
Quarterly newsletter Investor Choice Member Update
Market

news and investment insights

Interview

with fund manager and investment professionals stories and case studies, such as, Asset reallocation strategies Invest with a Peace of Mind Bring home the Bacon Leveraging SVC Program

Theme

This material has been prepared for the personal use of the recipient or addressee for information purposes only. Every form of perusal, publication, duplication, transmission and passing on of the contents of this material by or for persons other than the intended recipients is impermissible and unauthorized. This material has not been prepared for the purposes of and does not constitute investment, legal or tax advice. While we believe that the information is correct at the date of this presentation, no warranty of representation is given to this effect and no responsibility can be accepted by us to any intermediaries or end users for any action taken on the basis of this information. Past performance is not indicative of future results. No representation is being made that any individual account will or is likely to achieve profits or losses similar to those shown nor is any representation being made that any individual account will or is likely to achieve the level of accuracy of past projections.

Communication channels

Allianz Global Investors Investment Hotline : 2238 8000 money@allianzgi-ap.com www.allianzglobalinvestors.com.hk

Email : Website :

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