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MPF MonthlyInvestment ReportFidelity RetirementMaster Trust28-02-2014

Contents For Fidelity Retirement Master Trust, please note: You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in yourselection of funds, you are in doubt as to whether a certain fund is suitable for you (including whether it is consistent with yourinvestment objectives), you should seek financial and/or professional advice and choose the fund(s) most suitable for you taking intoaccount your circumstances. The MPF Conservative Fund under the Fidelity Retirement Master Trust does not guarantee the repayment of capital. You should not invest based on this document alone and should read the Principal Brochure of Fidelity Retirement Master Trust forfurther information including the risk factors. Fidelity SaveEasy Funds are not savings deposits and involve investment risks and this product may not be suitable for everyone.Investors should also consider factors other than age and review their own investment objectives. 1-2Market Review3Performance Summary4-19Fidelity Retirement Master Trust -Fund Fact Sheets20GlossaryFidelity Retirement Master Trust – Fund Fact Sheets Index Tracking Funds †Fidelity Hong Kong Tracker Fund ..................................................................... 4SaveEasy Funds Fidelity SaveEasy 2020 Fund 2020 ............................................................... 5Fidelity SaveEasy 2025 Fund 2025 ............................................................... 6Fidelity SaveEasy 2030 Fund 2030 .. ... .......................................................... 7Fidelity SaveEasy 2035 Fund 2035 ............................................................... 8Fidelity SaveEasy 2040 Fund 2040 ............................................................... 9Equity Funds Asia Pacific Equity Fund . ........................................................................................10Global Equity Fund . ...............................................................................................11Hong Kong Equity Fund . ........................................................................................12Lifecycle Funds Balanced Fund . ............................................................................................................13Capital Stable Fund ..............................................................................................14Growth Fund ................................................................................................................15Stable Growth Fund ..............................................................................................16Bond Funds Hong Kong Bond Fund ..........................................................................................17World Bond Fund .. ................................................................................................18Money Market Funds MPF Conservative Fund *....................................................................................19† The index tracking fund under the Fidelity Retirement Master Trust is subject to market risk of the sector or market tracked by therelevant index, tracking error risk, passive management risk, early termination risk, etc. Please refer to the “Risk Factors” section in thePrincipal Brochure of Fidelity Retirement Master Trust for further information. Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investorshould also consider factors other than age and review their own investment objectives. * Fees and charges of MPF conservative funds can be deducted from either (i) the assets of the fund or (ii) members' account byway of unit deduction. MPF Conservative Fund under the Fidelity Retirement Master Trust uses method (i) and, therefore, its unitprices / NAV / fund performance have incorporated the impact of fees and charges. The purchase of a Unit in the MPFConservative Fund is not the same as placing funds on deposit with a bank or deposit-taking company. ()()()

Market ReviewAsia Pacific (ex. Japan)will roll out supportive economic policies at an upcoming annual parliamentarysession. All sectors ended in positive territory. Information technology (IT) andhealth care were among the best performers. Materials and energy trackedof strong gains in the IT and energy sectors. Real estate stocks, however, fellFebruary, whilst manufacturing activity weakened further. In Hong Kong, propertystocks gained in light of a recovery in secondary market transaction volumes,and investment. Furthermore, the unemployment rate fell to a 16-year low inrose as the government unveiled a three-year economic innovation plan aimedin the Taiwanese manufacturing sector slowed in February after reaching astocks boosted the Australian market. Retail sales pointed to a further pick-uplong-term average levels and business conditions improved to an almost threeyearhigh. However, worries about future economic conditions hurt consumersentiment and the jobless rate increased to a 10-year high.Upbeat earnings in the consumer and property sectors as well as solidremittance by overseas workers buoyed the Philippines market. Indonesianforeign investors remained net sellers amid continued political tensions, whichhurt the domestic economy.JapanEurope weighed on sentiment. However, the continued underperformance ofdeclines, followed by materials and consumer discretionary. Real estate stocks,of higher shareholder returns. Larger companies outperformed their smallerpeers, as increased risk avoidance drove a reversal from the previous month.High dividend yield stocks also garnered interest. Overseas investors were netthe yen traded within a relatively narrow range against the US dollar, closingthe month at ¥102/$. Against the euro, the yen declined moderately to around¥141/€.United Statesdisappointing economic data as being weather-related. Federal Reserve (Fed)may be behind the recent economic weakness in the country. Testifying beforemessaging company WhatsApp. Elsewhere, Tesla Motors surged after itupbeat 2014 outlook.on the heels of a string of disappointing economic news, from weak payrollgrowth to sluggish retail sales and industrial production.Continental EuropeHowever, escalating political tensions in Ukraine curbed further gains in themarket. At a sector level, utilities and health care generated strong returnswhilst telecommunications lagged. The energy and materials sectors alsoperformed well, tracking oil and commodity prices higher. Meanwhile, smalland mid-cap companies outperformed their larger peers and value stocks didbetter than growth companies. Macroeconomic data released during the monthwas positive. The Economic Sentiment Indicator (ESI) for the eurozone continuedmain interest rate unchanged at 0.25%.United KingdomIn keeping with the market trend, most sectors ended in positive territory. Oildefence sector was the weakest performer. This was mainly due to a sharp fall inrates at 0.5%.Emerging MarketsEmerging markets rose in February. Optimism around the approval of a bill toa provocative move by North Korea to test its missile capabilities. Meanwhile,slowed the pace of interest rate increases, signalling that it may end themonetary tightening measures that have hampered consumption and economicMiddle East and Africa (EMEA) region rose. South African stocks surged on theRussian natives, threatened peace and stability in Europe.On the economic front, Thai economic growth decelerated sharply, compoundingthe problems for a government that is struggling to deal with political protests.growth slowed in 2013, indicating weak domestic demand. Meanwhile, RussianBondoutperforming government bonds over the month. High yield corporate bondswas the best performing asset class, helped by the ongoing spread tighteningas investors searched for yield. US Treasuries posted positive returns as weaker-tension in Ukraine as well as the weakness in US economic data. However,Spanish and Italian government bonds posted positive returns as the prospectindicators disappointed. For instance, the unemployment rate in the eurozonemarket hard currency bonds.1Source: Monthly Market Review (February), as at 28/02/2014FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services.Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Fidelity, Fidelity WorldwideInvestment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. The material is issued by FIL Investment Management (Hong Kong)Limited.

21222116 1332121101012201324211021141120131.0%+2.8%412Best BuyMacysHome DepotJC PenneyFacebookWhatsAppTesla Motors20143.2%2.4%2320130.3% 0.1%Ifo25020.25% FresnilloHerradura11.9%3,7500.5%220131212013110.4%11.9%2%112%1Monthly Market Review220140228FidelityFidelity Worldwide InvestmentFIL LimitedFidelityFidelity Worldwide InvestmentFidelity Worldwide InvestmentFFIL Limited2

Performance Summary Fidelity Retirement Master Trust As at 28/02/2014Name of Constituent FundCurrencyYTD3 Months3Fund Cumulative Performance %1 Year 3 Years 5 Years 10 Years1 3 5 10Annual Performance %2009 2010 2011 2012 2013Index Tracking Funds Fidelity Hong Kong Tracker Fund††HKD-2.13 -4.95 - - - - - - - - 7.36~SaveEasy Funds Fidelity SaveEasy 2020 Fund2020Fidelity SaveEasy 2025 Fund2025Fidelity SaveEasy 2030 Fund2030Fidelity SaveEasy 2035 Fund2035Fidelity SaveEasy 2040 Fund2040HKDHKDHKDHKDHKD-0.23 0.29 12.09 14.15 109.82 --0.31 0.28 12.77 14.76 114.57 --0.38 0.20 12.87 14.75 116.08 --0.46 0.13 12.58 14.53 116.77 --0.46 0.13 12.78 14.88 118.14 -42.51 10.68 -14.73 16.93 16.5243.84 11.11 -15.35 17.57 17.5444.34 11.38 -15.72 17.86 17.8444.72 11.55 -15.84 18.10 17.6244.96 11.70 -15.76 18.24 17.72Equity Funds Asia Pacific Equity FundGlobal Equity FundHong Kong Equity FundHKDHKDHKD1.36 0.01 0.28 9.39 133.58 -1.17 3.42 20.91 26.27 132.25 75.87-2.13 -3.36 2.74 1.18 93.48 134.8775.22 11.88 -16.86 20.85 3.9231.36 12.09 -10.91 16.59 24.9363.64 10.40 -22.31 20.65 7.70Lifecycle Funds Balanced FundCapital Stable FundGrowth FundStable Growth FundHKDHKDHKDHKD0.11 0.48 10.02 13.52 89.39 93.821.09 1.05 5.25 10.68 51.94 60.44-0.38 0.22 12.39 14.62 109.71 108.730.62 0.75 7.62 12.58 71.11 78.4333.45 9.47 -10.61 14.15 12.7217.55 6.30 -2.65 8.54 4.5641.73 10.95 -14.52 16.74 17.2325.40 8.12 -6.52 11.50 8.60Bond Funds Hong Kong Bond FundWorld Bond FundHKDHKD0.79 0.11 -2.11 5.93 12.82 20.522.34 1.75 1.60 10.38 30.41 34.700.75 3.55 5.00 3.96 -3.365.74 4.49 5.08 5.26 -2.20Money Market Funds MPF Conservative Fund**HKD0.00 0.00 0.00 0.00 0.02 7.320.02 0.01 0.00 0.00 0.00† The index tracking fund under the Fidelity Retirement Master Trust is subject to market risk of the sector or market tracked by the relevant index, tracking error risk, passive management risk, earlytermination risk, etc. Please refer to the “Risk Factors” section in the Principal Brochure of Fidelity Retirement Master Trust for further information. Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their owninvestment objectives. * Fees and charges of MPF conservative funds can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. MPF Conservative Fund under the Fidelity RetirementMaster Trust uses method (i) and, therefore, its unit prices / NAV / fund performance have incorporated the impact of fees and charges. The purchase of a Unit in the MPF Conservative Fund is not thesame as placing funds on deposit with a bank or deposit-taking company. ~ Since launch date to the end of launch year Source: Fidelity, NAV to NAV, based on denominated currency Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further details including the risk factors. Thismaterial is issued by FIL Investment Management (Hong Kong) Limited. 3

Fidelity Retirement Master Trust - Fidelity Hong Kong Tracker Fund † †As of 28/02/2014Fund Descriptor Equity Fund - Hong KongInvestment Objective The Constituent Fund aims to achieve long-term capitalgrowth by investing all or substantially all of the fundassets into the Tracker Fund of Hong Kong (“TraHK”).The TraHK’s investment objective is to provide investmentresults that closely correspond to the performance ofthe Hang Seng Index of Hong Kong. The manager ofTraHK (State Street Global Advisors Asia Limited) seeksto achieve the investment objective of TraHK by investingall, or substantially all, of TraHK’s assets in the sharesin the constituent companies of the Hang Seng Index insubstantially the same weightings as they appear in theHang Seng Index # .TraHK TraHKTraHKTraHK # TraHKFund Details Launch Date 28/06/2013Unit NAV HK$10.507Fund Size HK$35.98MRisk Indicator (3-Year Standard Deviation)–Year 2012 Fund Expense Ratio –2012Fund CommentaryNot AvailableFund Performance Cumulative Performance Price Index(%)1151101051009506/13 07/13 08/13 09/13 10/13 11/13 12/13 01/14 02/14Top 10 Holdings HSBC HOLDINGS PLC 14.93%TENCENT HOLDINGS LIMITED 9.38%AIA GROUP LTD6.16%CHINA CONSTRUCTION BANK CORP H SHRS H 6.05%CHINA MOBILE LTD 6.00%INDUSTRIAL & COM BK OF CHINA H SHRS H 4.36%BANK OF CHINA LTD H SHRS H 3.49%CNOOC LTD 3.07%HUTCHISON WHAMPOA LTD 3.01%GALAXY ENTERTAINMENT GROUP 2.43%TOTAL 58.88%YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance-2.13% -4.95% - - - - 5.07%Annualised PerformanceN/A N/A - - - - -Dollar Cost Averaging Return 1 1N/A N/A - - - - -0.06Fund Annual Performance2013~ 7.36%~ Since launch date to the end of launch yearIndustry Breakdown 44.5% Financials 10.1% Information Technology9.5% Energy 9.0% Properties and Construction6.8% Telecommunications5.7% Consumer Services4.5% Utilities 9.9% Others* * Others may include cash, account payables, accountreceivables and/or other industries. / / †The index tracking fund under the Fidelity Retirement Master Trust is subject tomarket risk of the sector or market tracked by the relevant index, tracking errorrisk, passive management risk, early termination risk, etc. Please refer to the “RiskFactors” section in the Principal Brochure of Fidelity Retirement Master Trust forfurther information.# The Hang Seng Index measures the performance of largest and most liquidcompanies listed on the Main Board of the Stock Exchange of Hong KongLimited and is compiled by adopting free float-adjusted market capitalisation weightedmethodology. Details of the index methodology and further information in relation tothe Hang Seng Index are available at www.hsi.com.hk. As for other important newsof the Hang Seng Index, Hang Seng Indexes Company Limited will also makeannouncements through press releases and at www.hsi.com.hk. Please also refer toAppendix II of the Principal Brochure of Fidelity Retirement Master Trust for furtherinformation on the Hang Seng Index including the disclaimer of the index provider. www.hsi.com.hk www.hsi.com.hk II1 This is the return achieved through investing the same amount atthe end of each month, comparing the total contributions with theircurrent value and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 4

Fidelity Retirement Master Trust - Fidelity SaveEasy 2025 Fund 2025 As of 28/02/2014Fund Descriptor Mixed Assets Fund - Global and initially with a greaterexposure to equities and thereafter, as the year 2025 isapproached, greater exposure to bonds and cash. 2025 Investment Objective The Constituent Fund aims to achieve long term capitalgrowth for investors to 2025, and to invest typically in awide range of investments covering markets throughoutthe world, initially with a greater exposure to equitiesand thereafter, as the year 2025 is approached, greaterexposure to bonds and cash. The Constituent Fund alsoaims to maintain an asset allocation appropriate toachieve a combination of income and long term capitalgrowth as the relevant target year approaches whilstmanaging the volatility of returns in the short term. 2025 2025 Fund Details Fund Manager Pek Ng Launch Date 27/10/2008Unit NAV Fund Size HK$20.140HK$115.58MRisk Indicator (3-Year Standard Deviation)15.51%Year 2012 Fund Expense Ratio20121.67%Fund Commentary^ Global equities advanced over the quarter. The US Federal Reserveannounced a modest reduction in the pace of monthly bondpurchases starting 2014, but tempered its impact by signallingthat short-term interest rates could remain near-zero for longerthan it had previously suggested. Meanwhile, positive economicdata from China and early signs of recovery in Europe aidedstock markets. US equities rose and European markets advancedon strong economic data releases in the region. The Japanesemarket ended the year at its highest level since August 2008. AsiaPacific equities also rose. Meanwhile, bond markets saw somethe further recovery in peripheral Europe. The region is expectedto return to growth in 2014. Equities have risen sharply in recentmonths, but valuations remain attractive compared to long-termaverages and other asset classes. The exposure to US equities wasalso increased, largely due to broadening economic growth. Thegas, which is a low-cost source of energy. Meanwhile, the exposureto Japan was reduced. Following the aggressive monetary stimulus,investors await the more challenging implementation of “structural”reforms that will further support Japan’s economic revival.economies. However, the exposure to the region was reduced inanticipation of market volatility in the shorter term. The allocationto global bonds was lowered in favour of US dollar money marketsecurities.2014200882014Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance-0.31% 0.28% 12.77% 14.76% 114.57% - 101.40%Annualised PerformanceN/A N/A 12.77% 4.70% 16.50% - 14.00%Dollar Cost Averaging Return 1 1N/A N/A 7.46% 18.67% 28.06% - 32.00%Cumulative Performance Price Index(%)2001801601401201008010/08 10/09 10/10 10/11 10/12 10/13Top 10 Holdings HSBC HOLDINGS PLC 3.55%TENCENT HOLDINGS LIMITED 2.98%AIA GROUP LTD 1.72%INDUSTRIAL & COM BK OF CHINA H SHRS H 1.53%CHINA CONSTRUCTION BANK CORP H SHRS H 1.39%HUTCHISON WHAMPOA LTD 1.25%BANK OF CHINA LTD H SHRS H 1.00%CHINA PETROL & CHEM CORP H H 0.88%CHINA LIFE INSURANCE CO H SHRS H 0.86%TOYOTA MOTOR CORP 0.83%TOTAL 15.99%Fund Annual Performance2013 17.54%2012 17.57%2011 -15.35%2010 11.11%2009 43.84%2008~ 8.06%~ Since launch date to the end of launch yearFund Allocation by Asset Class HONG KONG EQUITY FUND 32.50%JAPANESE EQUITY FUND 11.58%ASIA PACIFIC EQUITY FUND* * 12.56%AMERICAS EQUITY FUND 20.31%EUROPEAN EQUITY FUND 20.36%GLOBAL BOND FUND 2.84%CASH & OTHERS # # -0.15%* May include investments in Japan and Hong Kong.#May include cash, account payables and account receivables.^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / Fidelity SaveEasy Funds are not savings deposits and involveinvestment risks. This product may not be suitable for everyone.Investor should also consider factors other than age and review theirown investment objectives.Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 6

Fidelity Retirement Master Trust - Fidelity SaveEasy 2030 Fund 2030 As of 28/02/2014Fund Descriptor Mixed Assets Fund - Global and initially with a greaterexposure to equities and thereafter, as the year 2030 isapproached, greater exposure to bonds and cash. 2030 Investment Objective The Constituent Fund aims to achieve long term capitalgrowth for investors to 2030, and to invest typically in awide range of investments covering markets throughoutthe world, initially with a greater exposure to equitiesand thereafter, as the year 2030 is approached, greaterexposure to bonds and cash. The Constituent Fund alsoaims to maintain an asset allocation appropriate toachieve a combination of income and long term capitalgrowth as the relevant target year approaches whilstmanaging the volatility of returns in the short term. 2030 2030 Fund Details Fund Manager Pek Ng Launch Date 27/10/2008Unit NAV Fund Size HK$20.238HK$139.58MRisk Indicator (3-Year Standard Deviation)15.76%Year 2012 Fund Expense Ratio20121.66%Fund Commentary^ Global equities advanced over the quarter. The US Federal Reserveannounced a modest reduction in the pace of monthly bondpurchases starting 2014, but tempered its impact by signallingthat short-term interest rates could remain near-zero for longerthan it had previously suggested. Meanwhile, positive economicdata from China and early signs of recovery in Europe aidedstock markets. US equities rose and European markets advancedon strong economic data releases in the region. The Japanesemarket ended the year at its highest level since August 2008. AsiaPacific equities also rose. Meanwhile, bond markets saw somethe further recovery in peripheral Europe. The region is expectedto return to growth in 2014. Equities have risen sharply in recentmonths, but valuations remain attractive compared to long-termaverages and other asset classes. The exposure to US equities wasalso increased, largely due to broadening economic growth. Thegas, which is a low-cost source of energy. Meanwhile, the exposureto Japan was reduced. Following the aggressive monetary stimulus,investors await the more challenging implementation of “structural”reforms that will further support Japan’s economic revival.economies. However, the exposure to the region was reduced inanticipation of market volatility in the shorter term. The allocationto global bonds was lowered in favour of US dollar money marketsecurities.2014200882014Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance-0.38% 0.20% 12.87% 14.75% 116.08% - 102.38%Annualised PerformanceN/A N/A 12.87% 4.69% 16.66% - 14.10%Dollar Cost Averaging Return 1 1N/A N/A 7.53% 18.89% 28.36% - 32.35%Cumulative Performance Price Index(%)2202001801601401201008010/08 10/09 10/10 10/11 10/12 10/13Top 10 Holdings HSBC HOLDINGS PLC 3.66%TENCENT HOLDINGS LIMITED 3.07%AIA GROUP LTD 1.78%INDUSTRIAL & COM BK OF CHINA H SHRS H 1.58%CHINA CONSTRUCTION BANK CORP H SHRS H 1.43%HUTCHISON WHAMPOA LTD 1.29%BANK OF CHINA LTD H SHRS H 1.03%CHINA PETROL & CHEM CORP H H 0.90%CHINA LIFE INSURANCE CO H SHRS H 0.89%TOYOTA MOTOR CORP 0.85%TOTAL 16.48%Fund Annual Performance2013 17.84%2012 17.86%2011 -15.72%2010 11.38%2009 44.34%2008~ 7.96%~ Since launch date to the end of launch yearFund Allocation by Asset Class HONG KONG EQUITY FUND 33.59%JAPANESE EQUITY FUND 11.85%ASIA PACIFIC EQUITY FUND* * 12.82%AMERICAS EQUITY FUND 20.85%EUROPEAN EQUITY FUND 20.69%GLOBAL BOND FUND 0.35%CASH & OTHERS # # -0.15%* May include investments in Japan and Hong Kong.#May include cash, account payables and account receivables.^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / Fidelity SaveEasy Funds are not savings deposits and involveinvestment risks. This product may not be suitable for everyone.Investor should also consider factors other than age and review theirown investment objectives.7Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

Fidelity Retirement Master Trust - Fidelity SaveEasy 2035 Fund 2035 As of 28/02/2014Fund Descriptor Mixed Assets Fund - Global and initially with a greaterexposure to equities and thereafter, as the year 2035 isapproached, greater exposure to bonds and cash. 2035 Investment Objective The Constituent Fund aims to achieve long term capitalgrowth for investors to 2035, and to invest typically in awide range of investments covering markets throughoutthe world, initially with a greater exposure to equitiesand thereafter, as the year 2035 is approached, greaterexposure to bonds and cash. The Constituent Fund alsoaims to maintain an asset allocation appropriate toachieve a combination of income and long term capitalgrowth as the relevant target year approaches whilstmanaging the volatility of returns in the short term. 2035 2035 Fund Details Fund Manager Pek Ng Launch Date 27/10/2008Unit NAV Fund Size HK$20.279HK$142.75MRisk Indicator (3-Year Standard Deviation)15.88%Year 2012 Fund Expense Ratio20121.66%Fund Commentary^ Global equities advanced over the quarter. The US Federal Reserveannounced a modest reduction in the pace of monthly bondpurchases starting 2014, but tempered its impact by signallingthat short-term interest rates could remain near-zero for longerthan it had previously suggested. Meanwhile, positive economicdata from China and early signs of recovery in Europe aidedstock markets. US equities rose and European markets advancedon strong economic data releases in the region. The Japanesemarket ended the year at its highest level since August 2008. AsiaPacific equities also rose. Meanwhile, bond markets saw somethe further recovery in peripheral Europe. The region is expectedto return to growth in 2014. Equities have risen sharply in recentmonths, but valuations remain attractive compared to long-termaverages and other asset classes. The exposure to US equities wasalso increased, largely due to broadening economic growth. Thegas, which is a low-cost source of energy. Meanwhile, the exposureto Japan was reduced. Following the aggressive monetary stimulus,investors await the more challenging implementation of “structural”reforms that will further support Japan’s economic revival.economies. However, the exposure to the region was reduced inanticipation of market volatility in the shorter term. The allocationto global bonds was lowered in favour of US dollar money marketsecurities.2014200882014Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance-0.46% 0.13% 12.58% 14.53% 116.77% - 102.79%Annualised PerformanceN/A N/A 12.58% 4.63% 16.73% - 14.14%Dollar Cost Averaging Return 1 1N/A N/A 7.39% 18.72% 28.26% - 32.28%Cumulative Performance Price Index(%)2202001801601401201008010/08 10/09 10/10 10/11 10/12 10/13Top 10 Holdings HSBC HOLDINGS PLC 3.69%TENCENT HOLDINGS LIMITED 3.10%AIA GROUP LTD 1.80%INDUSTRIAL & COM BK OF CHINA H SHRS H 1.59%CHINA CONSTRUCTION BANK CORP H SHRS H 1.45%HUTCHISON WHAMPOA LTD 1.30%BANK OF CHINA LTD H SHRS H 1.04%CHINA PETROL & CHEM CORP H H 0.91%CHINA LIFE INSURANCE CO H SHRS H 0.90%CHEUNG KONG HLDGS LTD 0.86%TOTAL 16.64%Fund Annual Performance2013 17.62%2012 18.10%2011 -15.84%2010 11.55%2009 44.72%2008~ 7.95%~ Since launch date to the end of launch yearFund Allocation by Asset Class HONG KONG EQUITY FUND 33.99%JAPANESE EQUITY FUND 11.89%ASIA PACIFIC EQUITY FUND* * 12.91%AMERICAS EQUITY FUND 20.46%EUROPEAN EQUITY FUND 20.35%GLOBAL BOND FUND 0.54%CASH & OTHERS # # -0.14%* May include investments in Japan and Hong Kong.#May include cash, account payables and account receivables.^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / Fidelity SaveEasy Funds are not savings deposits and involveinvestment risks. This product may not be suitable for everyone.Investor should also consider factors other than age and review theirown investment objectives.Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 8

Fidelity Retirement Master Trust - Fidelity SaveEasy 2040 Fund 2040 As of 28/02/2014Fund Descriptor Mixed Assets Fund - Global and initially with a greaterexposure to equities and thereafter, as the year 2040 isapproached, greater exposure to bonds and cash. 2040 Investment Objective The Constituent Fund aims to achieve long term capitalgrowth for investors to 2040, and to invest typically in awide range of investments covering markets throughoutthe world, initially with a greater exposure to equitiesand thereafter, as the year 2040 is approached, greaterexposure to bonds and cash. The Constituent Fund alsoaims to maintain an asset allocation appropriate toachieve a combination of income and long term capitalgrowth as the relevant target year approaches whilstmanaging the volatility of returns in the short term. 2040 2040 Fund Details Fund Manager Pek Ng Launch Date 27/10/2008Unit NAV Fund Size HK$20.496HK$413.19MRisk Indicator (3-Year Standard Deviation)15.93%Year 2012 Fund Expense Ratio20121.61%Fund Commentary^ Global equities advanced over the fourth quarter. The US FederalReserve announced a modest reduction in the pace of monthlybond purchases starting 2014, but tempered the impact bysignalling that short-term interest rates could remain near-zerofor longer than it had previously suggested. Meanwhile, positiveeconomic data from China and early signs of recovery in Europeaided stock markets. US equities rose for a fourth consecutivemonth in December and European markets advanced on the backof strong economic data releases in the region. The Japanesemarket ended the year at its highest level since August 2008.Asia Pacific equities also rose. Cyclicals performed better thandefensive sectors given rising investor risk appetite. The allocationto European equities was increased given the further recovery inperipheral Europe. The region is expected to return to growth in2014. Equities have risen sharply in recent months, but valuationsremain attractive compared to long-term averages and other assetclasses. The exposure to US equities was also increased, largelydue to broadening economic growth. The economy is expected tosource of energy. Meanwhile, the exposure to Japan was reduced.Following the aggressive monetary stimulus, investors await themore challenging implementation of “structural” reforms that willfurther support Japan’s economic revival. Improving growth inthe exposure to the region was reduced in anticipation of marketvolatility in the shorter term.201412200882014Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance-0.46% 0.13% 12.78% 14.88% 118.14% - 104.96%Annualised PerformanceN/A N/A 12.78% 4.73% 16.88% - 14.37%Dollar Cost Averaging Return 1 1N/A N/A 7.48% 18.94% 28.63% - 32.70%Cumulative Performance Price Index(%)2202001801601401201008010/08 10/09 10/10 10/11 10/12 10/13Top 10 Holdings HSBC HOLDINGS PLC 3.72%TENCENT HOLDINGS LIMITED 3.13%AIA GROUP LTD 1.82%INDUSTRIAL & COM BK OF CHINA H SHRS H 1.61%CHINA CONSTRUCTION BANK CORP H SHRS H 1.47%HUTCHISON WHAMPOA LTD 1.32%BANK OF CHINA LTD H SHRS H 1.05%CHINA PETROL & CHEM CORP H H 0.92%CHINA LIFE INSURANCE CO H SHRS H 0.91%CHEUNG KONG HLDGS LTD 0.87%TOTAL 16.82%Fund Annual Performance2013 17.72%2012 18.24%2011 -15.76%2010 11.70%2009 44.96%2008~ 8.46%~ Since launch date to the end of launch yearFund Allocation by Asset Class HONG KONG EQUITY FUND 34.37%JAPANESE EQUITY FUND 11.98%ASIA PACIFIC EQUITY FUND* * 13.01%AMERICAS EQUITY FUND 20.43%EUROPEAN EQUITY FUND 20.34%CASH & OTHERS # # -0.13%* May include investments in Japan and Hong Kong.#May include cash, account payables and account receivables.^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / Fidelity SaveEasy Funds are not savings deposits and involveinvestment risks. This product may not be suitable for everyone.Investor should also consider factors other than age and review theirown investment objectives.9Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

As of 28/02/2014Fund Descriptor Equity Fund - Asia PacificInvestment Objective The Constituent Fund aims to focus investment into theequity markets of Asia Pacific, to produce returns thatare related to those achieved on the major stock marketindices of Asia Pacific, to have the flexibility to invest inbonds in a limited manner, and to manage the volatilityof returns in the short term.Fund Details Fund Manager David UrquhartLaunch Date 07/08/2006Unit NAV HK$18.878Fund Size HK$1,891.10MRisk Indicator (3-Year Standard Deviation) 18.15%Year 2012 Fund Expense Ratio 1.58%2012Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance1.36% 0.01% 0.28% 9.39% 133.58% - 88.78%Annualised PerformanceN/A N/A 0.28% 3.04% 18.49% - 8.76%Dollar Cost Averaging Return 1 1N/A N/A 3.47% 10.40% 20.51% - 31.61%Cumulative Performance Price Index(%)200180160140120100806008/06 08/07 08/08 08/09 08/10 08/11 08/12 08/13Fund Annual Performance2013 3.92%2012 20.85%2011 -16.86%2010 11.88%2009 75.22%2008 -43.14%2007 34.54%2006~ 18.95%~ Since launch date to the end of launch yearFund Commentary^ SKSK HynixJaguar Land RoverCiputraDevelopmentQBEInsuranceTop 10 Holdings SAMSUNG ELECTRONICS CO LTD 5.73%TENCENT HOLDINGS LIMITED 5.72%AUSTRALIA & NZ BANKING GRP 4.82%BHP BILLITON LTD 4.15%WESTPAC BANKING CORP LTD3.93%SK HYNIX INC 3.33%LARGAN PRECISION CO LTD 2.57%CHINA CONSTRUCTION BANK CORP H SHRS H 2.51%HYUNDAI MOTOR CO 2.40%TECHTRONIC INDUSTRIES CO LTD 2.38%TOTAL 37.54%Industry Breakdown 30.7% Financials 17.7% Consumer Goods13.9% Technology 7.2% Consumer Services6.2% Oil & Gas5.6% Industrials 5.1% Health Care13.6% Others* Geographical Breakdown AUSTRALIA 22.4%CHINA 22.4%KOREA (SOUTH) 18.7%HONG KONG 8.0%TAIWAN 7.4%INDIA 6.8%SINGAPORE 5.0%CASH & OTHERS # # 9.3%# ^ as of 31/12/2013 31/12/20131 / Gadbury Group Limited / / / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 10

Fidelity Retirement Master Trust - Global Equity FundAs of 28/02/2014Fund Descriptor Equity Fund - GlobalInvestment Objective The Constituent Fund aims to focus investment into theglobal equity markets, to produce returns that are relatedto those achieved on the major world stock marketindices, to have the flexibility to have limited investmentinto bonds, and to manage the volatility of returns in theshort term.Fund Details Fund Manager Pek Ng Launch Date 02/07/2003Unit NAV HK$20.807Fund Size HK$1,734.93MRisk Indicator (3-Year Standard Deviation) 15.04%Year 2012 Fund Expense Ratio 1.55%2012Fund Commentary^ Global equities advanced over the fourth quarter. The USFederal Reserve announced a modest reduction in the paceof monthly bond purchases starting 2014, but temperedthe impact by signalling that short-term interest rates couldremain near-zero for longer than it had previously suggested.Meanwhile, positive economic data from China and early signsof recovery in Europe aided stock markets. US equities rose fora fourth consecutive month in December and European marketsadvanced on the back of strong economic data releasesin the region. The Japanese market ended the year at itsCyclicals performed better than defensive sectors given risinginvestor risk appetite. The allocation to European equities wasincreased given the further recovery in peripheral Europe. Theregion is expected to return to growth in 2014. Equities haverisen sharply in recent months, but valuations remain attractivecompared to long-term averages and other asset classes. Theexposure to US equities was also increased, largely due tobroadening economic growth. The economy is expected tocost source of energy. Meanwhile, the exposure to Japan wasreduced. Following the aggressive monetary stimulus, investorsawait the more challenging implementation of “structural”reforms that will further support Japan’s economic revival.Improving growth in global economies bodes well for Asiareduced in anticipation of market volatility in the shorter term.201412200882014Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance1.17% 3.42% 20.91% 26.27% 132.25% 75.87% 108.07%Annualised PerformanceN/A N/A 20.91% 8.09% 18.36% 5.81% 7.11%Dollar Cost Averaging Return 1 1N/A N/A 11.47% 26.56% 39.89% 43.26% 46.17%Cumulative Performance Price Index(%)2202001801601401201008007/03 07/05 07/07 07/09 07/11 07/13Top 10 Holdings JPMORGAN CHASE & CO 1.71%ORACLE CORP 1.67%CVS CAREMARK CORP 1.55%EXPRESS SCRIPTS HLDG CO 1.47%GOOGLE INC A 1.46%AMGEN INC 1.45%MYLAN INC 1.44%MICROSOFT CORP 1.41%ALIMENTATION COUCH CL B SUBVTG 1.35%SUNCOR ENERGY INC 1.29%TOTAL 14.80%Industry Breakdown 21.7% Financials 15.4% Consumer Goods14.4% Health Care14.1% Consumer Services11.4% Technology 9.0% Industrials 5.5% Oil & Gas8.5% Others* Fund Annual Performance2013 24.93%2012 16.59%2011 -10.91%2010 12.09%2009 31.36%2008 -44.48%2007 18.40%2006 16.82%2005 9.68%2004 12.02%2003~ 14.10%~ Since launch date to the end of launch yearFund Allocation by Asset Class HONG KONG EQUITY FUND 1.36%JAPANESE EQUITY FUND 7.85%ASIA PACIFIC EQUITY FUND* * 9.81%AMERICAS EQUITY FUND 54.41%EUROPEAN EQUITY FUND 26.71%CASH & OTHERS # # -0.14%* May include investments in Japan and Hong Kong.#May include cash, account payables and account receivables.^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / * Others may include cash, account payables, accountreceivables and/or other industries. / / 11Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

Fidelity Retirement Master Trust - Hong Kong Equity FundAs of 28/02/2014Fund Descriptor Equity Fund - Hong KongInvestment Objective The Constituent Fund aims to focus investment into theequity markets and companies in Hong Kong and GreaterChina that are listed in Hong Kong, to produce returnsthat are related to those achieved on the major stockmarket indices of Hong Kong, to have the flexibility toinvest in bonds in a limited manner, to accept a high levelof return volatility in the short term.Fund Details Fund Manager Stephen Ma Launch Date 01/12/2000Unit NAV HK$25.744Fund Size HK$4,875.82MRisk Indicator (3-Year Standard Deviation) 19.29%Year 2012 Fund Expense Ratio20121.65%Fund Commentary^ Hong Kong and Chinese equities rose over the quarter.Announcements following the government’s Third Plenarymeeting proved to be the biggest event during the period.The Chinese leadership announced a series of reforms aimedat moving towards a market-driven economy and improvingthe social welfare of citizens. Share prices rallied post theseannouncements as the depth and breadth of reforms surpassedexpectations. Against this backdrop, favourable stockselection in consumer discretionary and utilities contributed toperformance. The exposure to Macau-based casino operatorsadded value as their revenues continued to increase. Theposition in household durables manufacturer Haier Electronicsbenefited from Alibaba’s investment in its logistic business.Alternative energy rallied on policy support. Specifically,wind power producers China Longyuan Power and HuanengRenewables added value as the Chinese government outlinedreforms that are expected to foster clean energy usage.Elsewhere, the underweight stance in China Mobile addedvalue as the stock was hurt by increase in costs related to 4Glicense. Conversely, some underweight positions in banks andinsurance hurt returns. The manager is selectively increasing4GFund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance-2.13% -3.36% 2.74% 1.18% 93.48% 134.87% 157.44%Annualised PerformanceN/A N/A 2.74% 0.39% 14.11% 8.91% 7.40%Dollar Cost Averaging Return 1 1N/A N/A 3.42% 9.45% 14.35% 46.45% 84.97%Cumulative Performance Price Index(%)3503002502001501005012/00 12/02 12/04 12/06 12/08 12/10 12/12Top 10 Holdings HSBC HOLDINGS PLC 9.00%TENCENT HOLDINGS LIMITED 6.96%AIA GROUP LTD 5.30%INDUSTRIAL & COM BK OF CHINA H SHRS H 4.00%HUTCHISON WHAMPOA LTD 3.63%CHINA CONSTRUCTION BANK CORP H SHRS H 3.32%BANK OF CHINA LTD H SHRS H 3.07%CHINA LIFE INSURANCE CO H SHRS H 2.66%CHEUNG KONG HLDGS LTD 2.54%GALAXY ENTERTAINMENT GROUP 2.18%TOTAL 42.66%Industry Breakdown 43.2% Financials 10.2% Consumer Goods9.4% Oil & Gas9.4% Industrials 8.5% Technology 8.0% Consumer Services3.1% Utilities 8.2% Others* Fund Annual Performance2013 7.70%2012 20.65%2011 -22.31%2010 10.40%2009 63.64%2008 -45.79%2007 54.54%2006 36.36%2005 8.46%2004 17.79%2003 36.28%2002 -16.27%2001 -18.11%2000~ 5.76%~ Since launch date to the end of launch yearGeographical Breakdown CHINA 56.4%HONG KONG 36.8%SINGAPORE 1.2%CASH & OTHERS # # 5.6%#May include cash, account payables and account receivables.^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / * Others may include cash, account payables, accountreceivables and/or other industries. / / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 12

Fidelity Retirement Master Trust - Balanced FundAs of 28/02/2014Fund Descriptor Mixed Assets Fund - Global with around 70% in equitiesand 30% in bonds and cash.70%30%Investment Objective The Constituent Fund aims to build capital value over thelong term, to provide a degree of asset diversificationwithin a predominately equity portfolio, to manage thevolatility of returns in the short term, and to maintain abroad geographic diversification with a bias towardsHong Kong.Fund Details Fund Manager Pek Ng Launch Date 01/12/2000Unit NAV HK$20.996Fund Size HK$3,104.64MRisk Indicator (3-Year Standard Deviation)12.01%Year 2012 Fund Expense Ratio20121.57%Fund Commentary^ Global equities advanced over the quarter. The US FederalReserve announced a modest reduction in the pace of monthlybond purchases starting 2014, but tempered its impact bysignalling that short-term interest rates could remain near-zerofor longer than it had previously suggested. Meanwhile, positiveeconomic data from China and early signs of recovery in Europeaided stock markets. US equities rose and European marketsadvanced on strong economic data releases in the region.The Japanese market ended the year at its highest level sinceAugust 2008. Asia Pacific equities also rose. Meanwhile, bondmarkets saw some outflows. The allocation to European equitieswas increased given the further recovery in peripheral Europe.The region is expected to return to growth in 2014. Equities haverisen sharply in recent months, but valuations remain attractivecompared to long-term averages and other asset classes. Theexposure to US equities was also increased, largely due tobroadening economic growth. The economy is expected to benefitfrom the growing output of shale gas, which is a low-cost sourceof energy. Meanwhile, the exposure to Japan was reduced.Following the aggressive monetary stimulus, investors await themore challenging implementation of “structural” reforms that willfurther support Japan’s economic revival. Improving growth inglobal economies bodes well for Asia Pacific economies. However,the exposure to the region was reduced in anticipation of marketvolatility in the shorter term. The allocation to global bonds waslowered in favour of US dollar money market securities. 2014 2008 8 2014 Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance0.11% 0.48% 10.02% 13.52% 89.39% 93.82% 109.96%Annualised PerformanceN/A N/A 10.02% 4.32% 13.62% 6.84% 5.76%Dollar Cost Averaging Return 1 1N/A N/A 6.06% 14.64% 22.88% 40.10% 63.06%Cumulative Performance Price Index(%)220200180160140120100806012/00 12/02 12/04 12/06 12/08 12/10 12/12Top 10 Holdings HSBC HOLDINGS PLC 2.67%TENCENT HOLDINGS LIMITED 2.24%GERMANY GOVT 1.75% 04/07/2022 1.75% 04/07/20221.30%AIA GROUP LTD 1.29%GERMANY OBL 168 1% 22/02/2019 1.29%INDUSTRIAL & COM BK OF CHINA H SHRS H 1.15%CHINA CONSTRUCTION BANK CORP H SHRS H 1.05%HUTCHISON WHAMPOA LTD 0.94%HONG KONG T-BILL #91 07/05/2014 0.84%BANK OF CHINA LTD H SHRS H 0.75%TOTAL 13.52%Fund Annual Performance2013 12.72%2012 14.15%2011 -10.61%2010 9.47%2009 33.45%2008 -32.70%2007 23.49%2006 18.77%2005 8.31%2004 12.81%2003 26.67%2002 -8.08%2001 -12.84%2000~ 1.99%~ Since launch date to the end of launch yearFund Allocation by Asset Class HONG KONG EQUITY FUND 24.39%JAPANESE EQUITY FUND 9.08%ASIA PACIFIC EQUITY FUND* * 9.46%AMERICAS EQUITY FUND 15.93%EUROPEAN EQUITY FUND 15.69%GLOBAL BOND FUND 19.15%HONG KONG BOND FUND 0.88%HK$ MONEY FUND 5.57%CASH & OTHERS # # -0.15%* May include investments in Japan and Hong Kong.#May include cash, account payables and account receivables.^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / 13Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

Fidelity Retirement Master Trust - Capital Stable FundAs of 28/02/2014Fund Descriptor Mixed Assets Fund - Global with around 30% in equitiesand 70% in bonds and cash.30%70%Investment Objective The Constituent Fund aims to produce a positive returnover the long term, to focus investment towards lessvolatile assets of bonds and cash whilst retaining someequity exposure, to ensure that the risk to the capitalbase is limited in the short term, and to maintain a broadgeographic diversification with a bias towards HongKong.Fund Details Fund Manager Pek Ng Launch Date 01/12/2000Unit NAV HK$18.857Fund Size HK$1,282.62MRisk Indicator (3-Year Standard Deviation)6.64%Year 2012 Fund Expense Ratio20121.56%Fund Commentary^ Global equities advanced over the quarter. The US Federal Reserveannounced a modest reduction in the pace of monthly bondpurchases starting 2014, but tempered its impact by signallingthat short-term interest rates could remain near-zero for longerthan it had previously suggested. Meanwhile, positive economicdata from China and early signs of recovery in Europe aidedstock markets. US equities rose and European markets advancedon strong economic data releases in the region. The Japanesemarket ended the year at its highest level since August 2008. AsiaPacific equities also rose. Meanwhile, bond markets saw somethe further recovery in peripheral Europe. The region is expectedto return to growth in 2014. Equities have risen sharply in recentmonths, but valuations remain attractive compared to long-termaverages and other asset classes. The exposure to US equities wasalso increased, largely due to broadening economic growth. Thegas, which is a low-cost source of energy. Meanwhile, the exposureto Japan was reduced. Following the aggressive monetary stimulus,investors await the more challenging implementation of “structural”reforms that will further support Japan’s economic revival.economies. However, the exposure to the region was reduced inanticipation of market volatility in the shorter term. The allocationto global bonds was lowered in favour of US dollar money marketsecurities.2014200882014Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance1.09% 1.05% 5.25% 10.68% 51.94% 60.44% 88.57%Annualised PerformanceN/A N/A 5.25% 3.44% 8.73% 4.84% 4.90%Dollar Cost Averaging Return 1 1N/A N/A 3.74% 7.97% 13.97% 28.12% 42.74%Cumulative Performance Price Index(%)2001801601401201008012/00 12/02 12/04 12/06 12/08 12/10 12/12Top 10 Holdings GERMANY GOVT 1.75% 04/07/2022 1.75% 04/07/20223.64%GERMANY OBL 168 1% 22/02/2019 3.60%USTN 1.5% 31/12/2018 1.5% 31/12/20181.99%FRANCE OAT 3% 25/04/2022 3% 25/04/20221.63%HONG KONG T-BILL #91 07/05/2014 1.58%BUONI POLIEN DEL 2.75% 15/11/2016 1.46%USTN 0.25% 15/08/2015 0.25% 15/08/20151.45%GERMANY GOVT 1.75% 15/02/2024 1.75% 15/02/20241.32%POLAND GOVT BOND 2.5% 25/07/2018 1.28%FRANCE BTAN 1% 25/07/2017 1.20%TOTAL 19.15%Fund Annual Performance2013 4.56%2012 8.54%2011 -2.65%2010 6.30%2009 17.55%2008 -14.31%2007 13.58%2006 10.22%2005 0.92%2004 8.76%2003 16.58%2002 2.58%2001 -6.23%2000~ 2.34%~ Since launch date to the end of launch yearFund Allocation by Asset Class HONG KONG EQUITY FUND 10.14%JAPANESE EQUITY FUND 4.36%ASIA PACIFIC EQUITY FUND* * 4.37%AMERICAS EQUITY FUND 7.94%EUROPEAN EQUITY FUND 7.59%GLOBAL BOND FUND 53.54%HONG KONG BOND FUND 1.64%HK$ MONEY FUND 10.56%CASH & OTHERS # # -0.14%* May include investments in Japan and Hong Kong.#May include cash, account payables and account receivables.^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 14

Fidelity Retirement Master Trust - Growth FundAs of 28/02/2014Fund Descriptor Investment Objective Fund Details Fund Manager Launch Date Unit NAV Fund Size Risk Indicator (3-Year Standard Deviation)14.82%Year 2012 Fund Expense Ratio20121.58%Fund Commentary^ Global equities advanced over the quarter. The US Federal Reserveannounced a modest reduction in the pace of monthly bondpurchases starting 2014, but tempered its impact by signallingthat short-term interest rates could remain near-zero for longerthan it had previously suggested. Meanwhile, positive economicdata from China and early signs of recovery in Europe aidedstock markets. US equities rose and European markets advancedon strong economic data releases in the region. The Japanesemarket ended the year at its highest level since August 2008. AsiaPacific equities also rose. Meanwhile, bond markets saw somethe further recovery in peripheral Europe. The region is expectedto return to growth in 2014. Equities have risen sharply in recentmonths, but valuations remain attractive compared to long-termaverages and other asset classes. The exposure to US equities wasalso increased, largely due to broadening economic growth. Thegas, which is a low-cost source of energy. Meanwhile, the exposureto Japan was reduced. Following the aggressive monetary stimulus,investors await the more challenging implementation of “structural”reforms that will further support Japan’s economic revival.economies. However, the exposure to the region was reduced inanticipation of market volatility in the shorter term. The allocationto global bonds was lowered in favour of US dollar money marketsecurities.Fund Performance Cumulative Performance-0.38% 0.22% 12.39% 14.62% 109.71% 108.73% 114.03%Annualised PerformanceN/A N/A 12.39% 4.65% 15.96% 7.64% 5.91%Dollar Cost Averaging Return 1 1N/A N/A 7.18% 18.09% 27.33% 45.17% 71.98%Cumulative Performance Price Index(%)220200180160140120100806012/00 12/02 12/04 12/06 12/08 12/10 12/12Top 10 Holdings HSBC HOLDINGS PLC 3.35%TENCENT HOLDINGS LIMITED 2.83%AIA GROUP LTD 1.61%INDUSTRIAL & COM BK OF CHINA H SHRS H 1.45%CHINA CONSTRUCTION BANK CORP H SHRS H 1.32%HUTCHISON WHAMPOA LTD 1.17%BANK OF CHINA LTD H SHRS H 0.93%TOYOTA MOTOR CORP 0.86%CHINA PETROL & CHEM CORP H H 0.84%CHINA LIFE INSURANCE CO H SHRS H 0.81%TOTAL 15.17%Fund Annual Performance2013 17.23%2012 16.74%2011 -14.52%2010 10.95%2009 41.73%2008 -40.63%2007 28.02%2006 22.98%2005 12.31%2004 14.69%2003 31.58%2002 -13.12%2001 -16.44%2000~ 1.54%~ Since launch date to the end of launch year Fund Allocation by Asset Class HONG KONG EQUITY FUND 30.45%JAPANESE EQUITY FUND 11.99%ASIA PACIFIC EQUITY FUND* * 12.53%AMERICAS EQUITY FUND 19.83%EUROPEAN EQUITY FUND 19.79%GLOBAL BOND FUND 2.25%HONG KONG BOND FUND 0.06%HK$ MONEY FUND 3.26%CASH & OTHERS # # -0.16%* May include investments in Japan and Hong Kong. #May include cash, account payables and account receivables. 1 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited Source: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

Fidelity Retirement Master Trust - Stable Growth FundAs of 28/02/2014Fund Descriptor Mixed Assets Fund - Global with around 50% in equitiesand 50% in bonds and cash.50%50%Investment Objective The Constituent Fund aims to generate a positive returnover the long term, to broadly diversify the portfolio asto asset type as between equities and bonds, to limitthe volatility of returns in the short term, and to maintaina broad geographic diversification with a bias towardsHong Kong.Fund Details Fund Manager Pek Ng Launch Date 01/12/2000Unit NAV HK$20.222Fund Size HK$2,255.92MRisk Indicator (3-Year Standard Deviation)9.26%Year 2012 Fund Expense Ratio20121.57%Fund Commentary^ Global equities advanced over the quarter. The US FederalReserve announced a modest reduction in the pace of monthlybond purchases starting 2014, but tempered its impact bysignalling that short-term interest rates could remain near-zerofor longer than it had previously suggested. Meanwhile, positiveeconomic data from China and early signs of recovery in Europeaided stock markets. US equities rose and European marketsadvanced on strong economic data releases in the region.The Japanese market ended the year at its highest level sinceAugust 2008. Asia Pacific equities also rose. Meanwhile, bondmarkets saw some outflows. The allocation to European equitieswas increased given the further recovery in peripheral Europe.The region is expected to return to growth in 2014. Equities haverisen sharply in recent months, but valuations remain attractivecompared to long-term averages and other asset classes. Theexposure to US equities was also increased, largely due tobroadening economic growth. The economy is expected to benefitfrom the growing output of shale gas, which is a low-cost sourceof energy. Meanwhile, the exposure to Japan was reduced.Following the aggressive monetary stimulus, investors await themore challenging implementation of “structural” reforms that willfurther support Japan’s economic revival. Improving growth inglobal economies bodes well for Asia Pacific economies. However,the exposure to the region was reduced in anticipation of marketvolatility in the shorter term. The allocation to global bonds waslowered in favour of US dollar money market securities.2014200882014Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance0.62% 0.75% 7.62% 12.58% 71.11% 78.43% 102.22%Annualised PerformanceN/A N/A 7.62% 4.03% 11.34% 5.96% 5.46%Dollar Cost Averaging Return 1 1N/A N/A 4.92% 11.40% 18.74% 34.91% 53.94%Cumulative Performance Price Index(%)2001801601401201008012/00 12/02 12/04 12/06 12/08 12/10 12/12Top 10 Holdings GERMANY GOVT 1.75% 04/07/2022 1.75% 04/07/20222.57%GERMANY OBL 168 1% 22/02/2019 2.54%HSBC HOLDINGS PLC 1.91%TENCENT HOLDINGS LIMITED 1.59%USTN 1.5% 31/12/2018 1.5% 31/12/20181.40%FRANCE OAT 3% 25/04/2022 3% 25/04/20221.15%BUONI POLIEN DEL 2.75% 15/11/2016 1.03%USTN 0.25% 15/08/2015 0.25% 15/08/20151.03%GERMANY GOVT 1.75% 15/02/2024 1.75% 15/02/20240.93%AIA GROUP LTD 0.91%TOTAL 15.06%Fund Annual Performance2013 8.60%2012 11.50%2011 -6.52%2010 8.12%2009 25.40%2008 -23.90%2007 18.54%2006 14.42%2005 4.59%2004 10.84%2003 21.67%2002 -2.54%2001 -9.59%2000~ 2.09%~ Since launch date to the end of launch yearFund Allocation by Asset Class HONG KONG EQUITY FUND 17.28%JAPANESE EQUITY FUND 6.85%ASIA PACIFIC EQUITY FUND* * 6.88%AMERICAS EQUITY FUND 11.94%EUROPEAN EQUITY FUND 11.70%GLOBAL BOND FUND 37.83%HONG KONG BOND FUND 2.15%HK$ MONEY FUND 5.51%CASH & OTHERS # # -0.14%* May include investments in Japan and Hong Kong.#May include cash, account payables and account receivables.^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 16

Fidelity Retirement Master Trust - Hong Kong Bond FundAs of 28/02/2014Fund Descriptor Bond Fund - Hong KongInvestment Objective The Constituent Fund aims to invest in world bondmarkets with a focus on HK dollar denominated bondsand issuers, to produce returns that are related to thoseachieved on the major bond market indices, to limit thevolatility of returns in the short term in HK dollar marketterms, and to minimize currency volatility by implementinga HKD hedged strategy (where investments are madeother than in HKD). ( ) Fund Details Fund Manager Bryan CollinsLaunch Date 08/07/2003Unit NAV HK$11.553Fund Size HK$473.93MRisk Indicator (3-Year Standard Deviation) 2.86%Modified Duration Fund 4.33 YearYield to Maturity 2.52%Year 2012 Fund Expense Ratio20121.56%Fund Commentary^ In Hong Kong, third quarter GDP growth missed forecastsdue to lacklustre private consumption and investment.The unemployment rate was steady at 3.3% for the sixthstraight month in November. Retail sales growth acceleratedunexpectedly in the same month following weaker-thananticipatedgrowth in October. Meanwhile, exports growth waseconomy improved, the Federal Reserve (Fed) said that it willreduce its monthly bond purchases by $10 billion beginningin January. However, the Fed signalled that interest rates areunlikely to increase until well after the unemployment ratedeclines to 6.5%. In China, GDP growth accelerated as stimulusmeasures supported domestic demand. Recent data pointedto continued stabilisation in the economy. China unveiled boldreforms measures, including a pledge to ease its one-childpolicy and boost private investment, to drive the next phase ofeconomic growth. The fund generated positive returns over thequarter. The short duration position (ensuring that the portfoliois less sensitive to interest rate changes than the index) in HongKong supported performance as yields rose amid worriesunderweight holding in banks as well as favourable selectionin utilities added value. Meanwhile, adverse selection inconsumer cyclical issues hurt performance. The fund increasedits overall short duration position by lowering the exposure toHong Kong government bonds. Within credit, the fund turnedunderweight in banks and increased the allocation to theenergy and transportation sectors. The fund’s average ratingwas maintained at A- as of the end of December 2013.113.3%10201411006.5%201312A-Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance0.79% 0.11% -2.11% 5.93% 12.82% 20.52% 15.53%Annualised PerformanceN/A N/A -2.11% 1.94% 2.44% 1.88% 1.37%Dollar Cost Averaging Return 1 1N/A N/A -0.18% 0.44% 3.69% 12.25% 12.74%Cumulative Performance Price Index(%)120115110105100959007/03 07/05 07/07 07/09 07/11 07/13Top 10 Holdings HK GOVT IBOND 22/06/2015 22/06/201511.68%HK GOVT IBOND 24/06/2016 24/06/20168.41%HK GOVT 1.1% 17/01/2023 1.1% 17/01/20236.40%URBAN RENEWAL AUTH 1.64% 11/05/2020 RGS 3.21%HK GOVT IBOND 28/07/2014 28/07/20142.83%URBAN RENEWAL AUTH 1.75% 02/08/2019 2.07%CHINA DEV BK HK BR 2.625% 03/04/2020 2.02%HK GOVT 1.51% 24/02/2027 1.51% 24/02/20272.02%URBAN RENEW 2.92% 27/01/2021 1.37%SPI ELECT&GAS EMTN 4.125% 16/03/2020 1.31%TOTAL 41.32%Industry Breakdown 30.6% Financial 34.4% Treasury 12.1% Industrial 14.9% Quasi/Sov/Supra/Agncy///6.6% Utility 1.4% Others* * Others may include cash, account payables, accountreceivables and/or other industries. / / Fund Annual Performance2013 -3.36%2012 3.96%2011 5.00%2010 3.55%2009 0.75%2008 5.41%2007 3.10%2006 3.22%2005 -2.53%2004 -0.07%2003~ -4.68%~ Since launch date to the end of launch yearCurrency Breakdown HONG KONG DOLLAR 87.4%US DOLLAR 5.5%CHINESE YUAN 7.1%S&P/Moody’s Credit Rating AAA/Aaa 9.5%AA/Aa 41.9%A 27.2%BBB/Baa 7.7%Others* * 13.7%* Others may include cash, account payables, account receivables and/or not rated. / / ^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / 17Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

Fidelity Retirement Master Trust - World Bond FundAs of 28/02/2014Fund Descriptor Bond Fund - GlobalInvestment Objective The Constituent Fund aims to focus investment into thebond markets of the world, to produce returns that arerelated to those achieved on the major bond marketindices, and to limit the volatility of returns in the shortterm.Fund Details Fund Manager Rick PatelLaunch Date 08/07/2003Unit NAV Fund Size HK$13.870HK$538.28MRisk Indicator (3-Year Standard Deviation) 3.98%Modified Duration Fund 5.99 YearYield to Maturity 1.76%Year 2012 Fund Expense Ratio 1.56%2012Fund Commentary^ Fixed income markets had another volatile quarter amidconcerns that the US Federal Reserve (Fed) will taper itsmonetary policy. Overall, corporate bonds outperformedgovernment bonds as credit spreads tightened. High yieldwas the best performing asset class as investors continuedtheir search for yield. US Treasuries and other governmentbonds such as UK government bonds (Gilts) and Germanbunds fell over the quarter as global economic data remainedstrong. As the US economy improved, the Fed said that it willreduce its monthly bond purchases by $10 billion beginning inJanuary 2014. However, the Fed signalled that interest ratesare unlikely to increase until well after the unemploymentrate declines to 6.5%. As a result, the rise in bond yields hasbeen moderate. Meanwhile, the European Central Bankunexpectedly lowered its benchmark interest rate by 0.25%.Elsewhere, emerging market hard currency debt generatedmarginally positive returns over the quarter on the back ofcoupon income. However, emerging market local currencygovernment bonds generated negative returns as the US dollarstrengthened and local yields rose in line with US Treasuries.The fund delivered positive returns over the quarter. In credit,did favourable selection in the technology and communicationssector. Meanwhile, the fund’s interest rate strategies hurtperformance. For instance, the long duration position (whereinthe portfolio is more sensitive to interest rate changes than theindex) in USD disappointed as US Treasuries posted losses.Overall, the fund’s short duration position was increased overthe period. Within credit, the overweight stance in banks andconsumer non-cyclical was increased, whilst the exposure to thecommunications and energy sectors was reduced.201411006.5%0.25%Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance2.34% 1.75% 1.60% 10.38% 30.41% 34.70% 38.70%Annualised PerformanceN/A N/A 1.60% 3.35% 5.45% 3.02% 3.12%Dollar Cost Averaging Return 1 1N/A N/A 2.10% 3.55% 8.58% 19.17% 20.26%Cumulative Performance Price Index(%)1401351301251201151101051009507/03 07/05 07/07 07/09 07/11 07/13Top 10 Holdings GERMANY GOVT 1.75% 04/07/2022 1.75% 04/07/20226.82%GERMANY OBL 168 1% 22/02/2019 6.74%USTN 1.5% 31/12/2018 1.5% 31/12/20183.72%FRANCE OAT 3% 25/04/2022 3% 25/04/20223.05%BUONI POLIEN DEL 2.75% 15/11/2016 2.73%USTN 0.25% 15/08/2015 0.25% 15/08/20152.72%GERMANY GOVT 1.75% 15/02/2024 1.75% 15/02/20242.47%POLAND GOVT BOND 2.5% 25/07/2018 2.40%FRANCE BTAN 1% 25/07/2017 2.24%USTN 0.875% 31/01/2017 0.875% 31/01/20172.05%TOTAL 34.94%Industry Breakdown 72.1% Treasury 8.0% Financial 7.7% Industrial 2.0% Securitised 1.4% Quasi/Sov/Supra/Agncy///8.8% Others* Fund Annual Performance2013 -2.20%2012 5.26%2011 5.08%2010 4.49%2009 5.74%2008 1.20%2007 5.52%2006 2.96%2005 -5.14%2004 5.99%2003~ 2.59%~ Since launch date to the end of launch yearCurrency Breakdown EUROPEAN MONETARY UNIT (EURO) 41.0%US DOLLAR 33.0%JAPANESE YEN 10.4%UK POUND 7.1%CANADIAN DOLLAR 2.0%OTHERS 6.5%S&P/Moody’s Credit Rating AAA/Aaa 23.1%AA/Aa 34.7%A 15.0%BBB/Baa 19.2%Others* * 8.0%* Others may include cash, account payables, account receivables and/or not rated. / / ^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theend of each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / * Others may include cash, account payables, accountreceivables and/or other industries. / / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited 18

Fidelity Retirement Master Trust - MPF Conservative Fund**As of 28/02/2014Fund Descriptor Money Market Fund - Hong KongInvestment Objective The Constituent Fund aims to provide a positive returneach month equal to or better than the HKD savingsaccount rate, to focus investments in HKD short terminstruments, to invest only into HKD securities, and toensure that there is minimal risk to the capital.Fund Details Fund Manager Bryan CollinsLaunch Date 01/12/2000Unit NAV HK$11.030Fund Size HK$2,056.44MRisk Indicator (3-Year Standard Deviation) ( )0.00%Year 2012 Fund Expense Ratio2012 0.23%Fund Commentary^ reduce its monthly bond purchases by $10 billion beginningbonds outperformed both government and investment gradedue to lacklustre private consumption and investment.HIBOR201411006.5%1113.3%10Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance0.00% 0.00% 0.00% 0.00% 0.02% 7.32% 10.30%Annualised PerformanceN/A N/A 0.00% 0.00% 0.00% 0.71% 0.74%Dollar Cost Averaging Return 1 1N/A N/A 0.00% 0.00% 0.00% 2.12% 3.46%Cumulative Performance Price Index(%)1121101081061041021009812/00 12/02 12/04 12/06 12/08 12/10 12/12Top 10 Holdings HONG KONG T-BILL #91 07/05/2014 14.96%HONG KONG GOV T-BILL #91 09/04/2014 8.89%NATIXIS BANQUES CP 0.13% 17/03/2014 8.06%HONG KONG T-BILL #91 16/04/2014 8.06%HONG KONG T-BILL #90 02/04/2014 6.91%HONG KONG T-BILL #91 30/04/2014 6.90%HONG KONG T-BILL #91 28/05/2014 6.90%CSFB CP 11/03/2014 5.75%HONG KONG T-BILL #91 23/04/2014 5.75%BNPSA CD 0% 24/04/2014 5.06%TOTAL 77.24%Fund Annual Performance2013 0.00%2012 0.00%2011 0.00%2010 0.01%2009 0.02%2008 1.05%2007 2.52%2006 2.50%2005 1.01%2004 0.02%2003 0.01%2002 0.18%2001 2.22%2000~ 0.36%~ Since launch date to the end of launch yearFund Allocation by Asset Class HK$ MONEY FUND 99.77%CASH & OTHERS # # 0.23%#May include cash, account payables and account receivables.* Fees and charges of MPF conservative funds can be deducted fromperformance have incorporated the impact of fees and charges. The ( ) ( ) ( ) ^ as of 31/12/2013 31/12/20131 This is the return achieved through investing the same amount at theGadbury Group Limited / Gadbury Group Limitedin HKD. / 19Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited

Bond Fund - Hong Kong ( ) Fund Manager Bryan CollinsLaunch Date 08/07/2003Unit NAV HK$11.865Fund Size HK$441.93MModified Duration Fund 4.65 YearYield to Maturity 1.73%2011Equity Fund - Hong KongFund Manager Stephen Ma Launch Date 01/12/2000Unit NAV HK$23.713Fund Size HK$4,281.97M2011Equities in Hong Kong advanced after the US FederalReserve announced a third round of quantitativeeasing to spur growth. Shares prices gained tractionas investors anticipated further monetary easingin China. On the macroeconomic front, China'ssecond quarter GDP growth slowed further to7.6% year-on-year, its slowest pace in three years,whilst Hong Kong shrank during the same periodover the previous quarter. In view of increasedliquidity, Hong Kong authorities introduced furthermeasures to clamp down speculation in the propertysector. The portfolio generated positive returns butunderperformed the index during the quarter. Theoverweight exposure to defensive stocks such asChina Mobile dampened performance as slowerWithin financials, the position in Ping An Insurancewas hurt by a slowdown in the insurance sector. On apositive note, solid earnings lifted the high convictionposition in miniature acoustic component supplierAAC Technologies. Shares in Tencent, China's largestinternet company by market capitalisation posted ain advertising and revenue.7.6%Price Index(%)3503002502001501005012/00 12/02 12/04 12/06 12/08 12/10HSBC HOLDINGS PLC 9.97%CHINA MOBILE LTD 4.51%AIA GROUP LTD 4.45%CHINA CONSTRUCTION BANK CORP H SHRS4.04% H BANK OF CHINA LTD H SHRS H 3.68%TENCENT HOLDINGS LIMITED 3.59%INDUSTRIAL & COM BK OF CHINA H SHRS3.12% H CNOOC LTD 2.78%HUTCHISON WHAMPOA LTD 2.54%CHEUNG KONG HLDGS LTD 2.37%TOTAL 41.05%51.5% Financials 11.4% Industrials 8.2% Oil & Gas7.6% Consumer Goods5.1% Telecommunications5.0% Technology 4.5% Consumer Services6.7% Others* / / ~ Since launch date to the end of launch yearCHINA 54.2%HONG KONG 42.7%SINGAPORE 2.2%CASH & OTHERS # # 0.9%# May include cash, account payables and account receivables.Fidelity RetirementStock markets rose over the quarter as statements frommonetary authorities raised expectations of coordinatedaction to boost liquidity. Early in September, the EuropeanCentral Bank (ECB) announced a new bond purchaseprogramme aimed at suppressing Italy and Spain'sshort-term borrowing costs. Subsequently, the FederalReserve (Fed) initiated a third round of quantitativeeasing (QE3), whilst the Bank of Japan (BoJ) expandedand extended its asset purchase programme. However,as concerns over the eurozone debt crisis and slowinggrowth resurfaced, stocks came under pressure and lostsome ground. This was exacerbated by the geopoliticalInvestment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information tension including between the Japan risk factors. and China. FIL Pacific ex JapanLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, equities Fidelity advanced Worldwide the Investment, most, followed the by Europe ex UK,Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited.emerging markets, the UK and the US, whilst Japanese Fidelity Fidelity Worldwide Investmentequities FIL Limited declined. Elsewhere, the cyclical financials,FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited energy and materials sectors outperformed. The managerreduced the underweight allocation to European equitiesas valuations are attractive, whilst the central bank'srecent liquidity-boosting measures are likely to supportmarkets. Elsewhere, the exposure to Asia Pacific andHong Kong equities was enhanced in view of positivedomestic growth trends, sound sovereign balance sheetsPrice Indexand healthy reserves. This was funded by decreasing(%)the position in Japanese equities, which are likely to120be hampered by weak exports. The manager retainsa majority allocation to the US as economic data is115Fund improving and as companies continue to have healthy110balance sheets and high net cash balances.10591009590~ Since launch date to the end of launch year08/03 08/04 08/05 08/06 08/07 08/08 08/09 08/10 08/11 08/12HK GOVT 2.93% 01/13/2020 10GB2001HONG KONG DOLLAR 86.2%6.75% 2.93% 01/13/2020 10GB2001US DOLLAR 10.0%HK GOVT FRN HKCPI 07/28/20/14 4.76% CHINESE YUAN 3.8%HK GOVT FRN HKCPI 06/22/2015 4.41%HK GOVT 2.46% 08/04/20213.43% 2.46% 08/04/2021HK GOVT 3.32% 02/25/20262.31% 3.32% 02/25/2026URBAN RENEW AUTH 1.75% 08/02/2019 2.18%SPI ELECT&GAS EMTN 4.125% 03/16/2020 1.43% AAA/Aaa 5.4%HONG KONG AIR AUT 5.1% 04/13/20161.26% AA/Aa 43.9% 5.1% 04/13/2016A 34.5%COMMONWEALTH BK OF AUSTRALIA 5.09%1.19%06/27/2014 FXCDBBB/Baa 2.5%CLP POWER HK FIN 4.35% 01/30/2015Others* * 13.7%1.15% - 4.35% 01/30/2015* Others may include cash, account payables, account receivables and/TOTAL 28.87% or not rated. / / 32.7% Financial 25.1% Treasury 18.3% Industrial 11.9% Supras & Agencies11.5% Utility 0.5% Others* / / ^ as of 30/9/2012 30/9/20121 This is the return achieved through saving the same amount at the endof each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited Fund Equity Fund - Global^ as of 30/9/2012 30/9/2012 1 This is the return achieved through saving the same amount at the endof each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group LimitedThe Fund aims to focus investment into the global equity markets, to produce / returns that are related to thoseGadbury Group Limited achieved on the major world stock market indices, to havethe flexibility to have limited investment into bonds, and toSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,manage the volatility of returns in the short term.in HKD. / Fund Manager Pek Ng Launch Date 02/07/2003Unit NAV HK$16.221Fund Size HK$1,173.71M2011Price Index(%)2202001801601401201008007/03 07/04 07/05 07/06 07/07 07/08 07/09 07/10 07/11 07/12APPLE INC 2.97%EXXON MOBIL CORP 2.09%CVS CAREMARK CORP 1.41%JPMORGAN CHASE & CO 1.40%BERKSHIRE HATHAWAY INC CL B 1.16%PFIZER INC 1.14%GOOGLE INC A 1.10%PEPSICO INC 1.07%SAMSUNG ELECTRONICS CO LTD 1.06%WELLS FARGO & CO 0.99%TOTAL 14.39%20.5% Financials 13.5% Consumer Goods12.8% Technology 11.0% Industrials 10.0% Oil & Gas9.9% Consumer Services9.2% Health Care13.1% Others* / / Fund ~ Since launch date to the end of launch yearHONG KONG EQUITY FUND 2.39%JAPANESE EQUITY FUND 5.20%ASIA PACIFIC EQUITY FUND* * 14.53%AMERICAS EQUITY FUND 51.71%EUROPEAN EQUITY FUND 26.37%CASH & OTHERS # # -0.20%* May include investments in Japan and Hong Kong.^ as of 30/9/2012 30/9/20121 This is the return achieved through saving the same amount at the endof each month, comparing the total contributions with their currentvalue and expressing the gain or loss as a percentage. Source:Gadbury Group Limited / Gadbury Group LimitedSource: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV,in HKD. / Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trust for further information including the risk factors. FILLimited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Fidelity, Fidelity Worldwide Investment, theFidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited. Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity Worldwide InvestmentFidelity Worldwide Investment F FIL Limited Glossary 1. Fund PerformanceInvestment performance of a fund is calculated on NAV to NAV basis.2. Performance Since LaunchThe return since the initial launch of a fund.3. Dollar Cost Averaging ReturnThis is the return achieved through investing the same amount at the end of eachmonth, comparing the total contributions with their current value and expressingthe gain or loss as a percentage.4. Cumulative PerformanceThe cumulative performance is the gain or loss generated from an investment fundto date over a specified period of time.5. Annual PerformanceThe annual return of an investment fund for a calendar year.6. Top 10 HoldingsA list of top 10 largest underlying securities holdingsas a % of the fund.7. Geographical/Currency BreakdownBreakdown of portfolio investments by country orcurrency.8. Industry BreakdownBreakdown of portfolio investments by industrygroup.9. Unit NAVThe price or value of one unit of the fund calculatedby dividing the Net Asset Value by the total numberof units outstanding.10. Fund SizeIt is the total value of the fundsportfolio less liabilities as atreporting date of fund factsheet.11. Risk IndicatorRisk Indicator is measuredby the annualised standarddeviation of the funds monthlyrates of return over the past 3years to the reporting date ofthe fund factsheet. For funds withless than 3 years of performancehistory, the risk indicator figurewill not be available. StandardDeviation is a measure ofthe historical performancefluctuation of a mutual fundor portfolio, usually computedusing 36 monthly returns. Thisis to measure how the monthlyfund performance movementsare away from the averageperformance. The greaterthe degree of dispersion, thegreater the risk.Modified Duration serves asa guide to the sensitivity of abond or fixed-income portfoliosprice to interest rate changes. Itfollows the concept that interestAs of 30/11/2012Fund Descriptor Investment Objective The Fund aims to invest in world bond markets with afocus on HK dollar denominated bonds and issuers, toproduce returns that are related to those achieved onthe major bond market indices, to limit the volatility ofreturns in the short term in HK dollar market terms, andto minimize currency volatility by implementing a HKDhedged strategy (where investments are made other thanin HKD).Fund Details Risk Indicator (3-Year Standard Deviation) 2.41%Cumulative PerformanceAnnualised Performance 11Fidelity Retirement Master Trust - Hong Kong Equity FundAs of 30/11/2012Fund Performance Fund Descriptor Investment Objective The Fund aims to focus investment into the equity marketsand companies of Hong Kong and Greater China, toproduce returns that are related to those achieved onthe major stock market indices of Hong Kong, to have theflexibility to invest in bonds in a limited manner, to accepta high level of return volatility in the short term.Fund Details Risk Indicator (3-Year Standard Deviation) 20.38%Year 2011 Fund Expense Ratio 1.74%Fund Commentary^ Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance17.14% 12.50% 18.37% 1.02% -11.34% 206.65% 137.13%Annualised PerformanceN/A N/A 18.37% 0.34% -2.38% 11.86% 7.46%2Dollar Cost Averaging Return 1 1N/A N/A 9.75% 2.98% 12.18% 59.64% 78.23%Cumulative Performance Top 10 Holdings Industry Breakdown * Others may include cash, account payables, accountreceivables and/or other industries.Fidelity Retirement Master Trust - Hong Kong Bond Fund91011YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 4.00% 0.93% 3.87% 11.25% 19.78% - 18.65%N/A N/A 3.87% 3.62% 3.67% - 1.84%Dollar Cost Averaging Return 1 N/A N/A 2.34% 6.23% 10.46% - 17.62% 1Annual Performance2011 5.00%2010 3.55%2009 0.75%2008 5.41%2007 3.10%2006 3.22%2005 -2.53%2004 -0.07%2003~ -4.68%Top 10 Holdings Currency Breakdown 12Year 2011 Fund Expense Ratio 13 1.65%7Fund Commentary^ In the second quarter of 2012, the Hong Kong economycontracted 0.1% quarter-on-quarter due to deterioratingexports. In fact, exports continued to contract in July fromthe year ago period before rising marginally in August.Retail sales growth was weaker-than-expected over theS&P/Moody’s Credit Rating the unemployment rate was unchanged at 3.2%. In theUS, the Federal Reserve (Fed) announced a third roundof quantitative easing in an effort to bring down longterminterest rates and spur economic growth. This wascombined with the extension of "Operation Twist". Thecentral bank also added that it would most likely hold thefederal funds rate near zero "at least through mid-2015".14In China, the central bank eased its monetary policynote, China announced an infrastructure investmentprogramme to support its faltering economic growth.Meanwhile, the pace of economic expansion slowedfurther to a three-year low of 7.6% year-on-year in thesecond quarter. The fund outperformed the index over thequarter. Within credit, an overweight stance coupled withfavourable selection in banks such as Westpac Bankingboosted performance as spreads tightened. Furthermore,the overweight position in utilities such as The Hong Kongand China Gas Company also enhanced returns. Theterm structure component detracted from performanceas spreads between the HKD and USD curves widened.The fund has recently reduced the exposure to riskiercredit in preparation for adding new issues. As such, theunderweight holding in government bonds was reducedover the period, whilst within credit, the overweightThe fund's average rating was maintained at A- as of theend of September 2012.20120.1%78783.2%20157.6%20129A- Cumulative Performance Industry Breakdown * Others may include cash, account payables, accountreceivables and/or other industries.Fidelity RetirementHotline(852) 2500 1666rates and bond prices move in opposite directions. For example: if interest ratesrise 1%, the price of a bond with a duration of 5 years will generally fall by 5%.13. Yield to MaturityThe expected rate of return on a bond investment if it is held to maturity andexpressed as an annual rate.14. S&P / Moody’s Credit RatingStandard & Poors / Moodys are the independent financial credit rating agencies.A bond rating system provided by Standard & Poors (S&P) is to rate the quality ofbonds AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is thelowest S&P credit rating that is still classified as investment grade.15. Latest Fund Expenses Ratio (where applicable)The total cost of the funds expenses expressed as a percentage of its net assetvalue.16. Fund Allocation by Asset ClassThe structure of a portfolio - namely the allocation of specific portions of it acrossdifferent asset classes; that is, equities, bonds and cash.84161631. 2. 3. /4. Annual Performance2011 -22.31%2010 10.40%2009 63.64%2008 -45.79%2007 54.54%2006 36.36%2005 5 8.46%2004 17.79%2003 36.28%2002 -16.27%2001 -18.11%2000~ 5.76%Geographical Breakdown Fidelity Retirement Master Trust - Global Equity FundAs of 30/11/2012Fund Descriptor Investment Objective Fund Details Risk Indicator (3-Year Standard Deviation) 17.97%Year 2011 Fund Expense Ratio 1.62%15Fund Commentary^ Hotline(852) 2500 16665. 6. 7. /Fund Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 3 1 3 5 10 Cumulative Performance14.88% 4.23% 14.75% 17.95% -16.61% - 62.21%Annualised PerformanceN/A N/A 14.75% 5.66% -3.57% - 5.27%Dollar Cost Averaging Return 1 1N/A N/A 6.52% 9.34% 14.41% - 17.29%Cumulative Performance Top 10 Holdings Industry Breakdown * Others may include cash, account payables, accountreceivables and/or other industries.Annual Performance2011 -10.91%2010 12.09%2009 31.36%2008 -44.48%2007 18.40%2006 16.82%2005 9.68%2004 12.02%2003~ 14.10%Fund Allocation by Asset Class 16# May include cash, account payables and account receivables.Fidelity RetirementHotline(852) 2500 1666108. 9. 10. 11. 333612. 1%55%13. 14. //AAAA-AAABBB-15. 16.

Fidelity Investor Hotline(852) 2629 2629Fidelity Websitewww.fidelity.com.hkInvestment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of Fidelity Retirement Master Trustfor further information including the risk factors. FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelityonly gives information about its products and services. Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol aretrademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited.Fidelity Fidelity Worldwide Investment FIL Limited FidelityFidelity WorldwideInvestmentFidelity Worldwide Investment F FIL Limited