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

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

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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

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Your investment options 您的投資選擇

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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 PortfolioJF 宜安美洲基金 –

退休基金組合

JF SAR Hong Kong Fund –

Pension PortfolioJF 宜安香港基金 –

退休基金組合

JF SAR American FundJF 宜安美洲基金

JF SAR Hong Kong Fund

JF 宜安香港基金

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JF SAR American Fund (16 Aug 2004)

JF 宜安美洲基金 ( 二零零四年八月十六日 )

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

Portfolio Structure組合結構

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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 )

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

Portfolio Structure組合結構

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Investment review & outlook 投資回顧及展望

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Market returns (31 Jul 2004)

市場表現 ( 二零零四年七月三十一日 )

EQUITIES 股票 YTD 2004年初至七月

%

2Q 2004二零零四年第二季

%

Source 資料來源： Thomson Datastream

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 CompositeTotal Returns in HKD總回報 ( 以港元計算 )

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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 FundInception date: 26 Apr 2002Excess 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。

JF SAR JF SARAmerican 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

% % % % % %

Performance (31 Jul 2004)

基金表現 ( 二零零四年七月三十一日 )

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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。

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Other services 其他服務

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E-mail電子郵件 JFPPS@jfam.com

Monday - Friday (9:00 am – 5:30 pm)星期一至星期五 (9:00 am – 5:30 pm)

2978 7588

Where Can You Find the Unit Price?從哪裏可找到單位價？

Hotline Services電話熱線

• South China Morning Post南華早報

Contact us如有疑問，歡迎與我們聯絡

• Hong Kong Economic Times經濟日報

• JF Funds WebsiteJF 網頁(http://www.jffunds.com/)

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JF internet websiteJF 網頁

http://www.jffunds.com/

JF Provident Funds

Pension Services

JF SAR Funds

Link to AIA-JF

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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 – 7:00pmSat: 8:30am – 1:00pm

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Details of the new structure新架構之簡介

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Change of structure架構之改變

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 SAR American Fund –

Pension PortfolioJF 宜安美洲基金 –

退休基金組合

JF SAR Hong Kong Fund –

Pension PortfolioJF 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

Current Structure 現行架構 Hong Kong Baptist

University1998 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 SAR American FundJF 宜安美洲基金

(Class A)

JF SAR Hong Kong FundJF 宜安香港基金

(Class A)

New Structure 新架構

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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。

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Benefits of the new structure新架構之益處

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

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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.

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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。

JF SAR Excess JF SAR 90% FTSE ExcessAmerican 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% % % % % %

Performance of underlying funds (31 Jul 2004)

基金表現 ( 二零零四年七月三十一日 )