The Hong Kong Polytechnic University MPF Member Briefing Sep 2017 - - PowerPoint PPT Presentation

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The Hong Kong Polytechnic University

MPF Member Briefing

Sep 2017

| 1 PolyU– MPF Member Briefing

PLEASE NOTE:

• The MPF Conservative Fund under the Fidelity Retirement Master Trust does not guarantee the repayment of
• capital. The purchase of a Unit in the MPF Conservative Fund is not the same as placing funds on deposit with a

bank or deposit-taking company.

• 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

• bjectives.
• You should consider your own risk tolerance level and financial circumstances before making any investment

choices or invest according to the Default Investment Strategy. When, in your selection of funds or the Default Investment Strategy, you are in doubt as to whether a certain fund or the Default Investment Strategy is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and make investment choices most suitable for you taking into account your circumstances.

• In the event that you do not make any investment choices, please be reminded that your contribution made and/or

benefits transferred into the Master Trust will unless otherwise provided in this Principal Brochure be invested in accordance with the Default Investment Strategy which may not necessarily be suitable for you.

• You should not invest based on this document alone and should read the Principal Brochure of Fidelity Retirement

Master Trust (including potential risks involved) for further information.

• Investment involves risks. You may suffer significant loss of your investments. Past performance is not indicative of

future performance.

F ide lity Re tire me nt Ma ste r T rust (“F RMT ”)

Contents

Fidelity Retirement Master Trust Investment performance Market review & outlook Member services Appendix

Fidelity Retirement Master Trust

| 4 PolyU– MPF Member Briefing

A dedicated partnership delivering a leading MPF solution

FIL Investment Management (Hong Kong) Limited HSBC Institutional Trust (Asia) Limited

• Scheme Sponsor
• Investment Manager1
• Trustee
• Custodian
• Administrator

1 Fidelity is the investment manager for all of the constituent funds under FRMT with the exception of the FRMT – Hong Kong Tracker Fund, which is managed by State Street Global

Advisors (SSgA).

| 5 PolyU– MPF Member Briefing

Fidelity Retirement Master Trust Different choices to cater for your risk appetite

^ Investors are reminded that the above only represents the target asset allocations of the Constituent Fund and the actual asset allocations will at times vary considerably from that shown above as market, political, structural, economic and other conditions change. For the actual asset allocations of each Constituent Fund, you may refer to the fund fact sheet of the relevant Constituent Fund which is available on the Fidelity Website. ~ Fidelity Hong Kong Tracker Fund is subject to market risk of the sector or market tracked by the relevant index, tracking error risk, passive management risk, early termination risk, etc. Please refer to the “Risk Factors” sub-section in the Principal Brochure of FRMT for further information. ◊ RMB Bond Fund is denominated in HKD only and not in RMB. The Constituent Fund is subject to RMB currency risk and exchange risk, risk of limited pool of investments, etc. Please refer to the “Risk Factors” sub-section in the Principal Brochure of FRMT for further information. ∆ 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. The MPF Conservative Fund under the FRMT 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 the same as placing funds on deposit with a bank or deposit-taking company + Risk/Return Rating is defined using a 5-point risk/return scale as 1 = Lowest risk/return, 2 = Low risk/return, 3 = Medium risk/return, 4 = High risk/return, 5 = Highest risk/return. The risk/return profile for each Constituent Fund is created by Fidelity, based on its in house analysis, after consideration of the “Risk Factors” described in the Principal Brochure of FRMT, prevailing market, political, structural, economic and other conditions, and the anticipated asset allocation of each Constituent Fund. The risk/return ratings are provided by Fidelity to investor for reference only and may be subject to change according to regular review (at least once a year) by Fidelity depending on the market conditions, without prior notice. Investor should always consider their individual risk and return profile. For the current risk/return rating of each Constituent Fund, please refer to the Fidelity Website.

| 6 PolyU– MPF Member Briefing

Fidelity Retirement Master Trust (FRMT) What is Default Investment Strategy (“DIS”)?

Note: The exact proportion of the portfolio in higher/lower risk assets or any point in lime may deviate from the target glide path due to market fluctuations. Note: The above allocation between the CAF and A65F is made at the point of annual de-risking and the proportion of the CAF and A65F in the DIS portfolio may vary during the year due to market fluctuations

| 7 PolyU– MPF Member Briefing

Fidelity Retirement Master Trust SaveEasy Funds

▲ The SaveEasy Funds will initially have greater exposure to underlying funds investing into equities (which risk/return rating is 5). However, as the SaveEasy Funds draw closer to the applicable target year, the SaveEasy Funds would have a greater exposure to underlying funds investing into bonds and cash (risk/return rating will move down to 2 gradually). As and when the SaveEasy Funds exposures change, the risk/return rating of the SaveEasy Funds would move lower down the risk/ return rating scale. Please refer to the sub-section headed “Risk and Return Profile” and the chart displaying the Fidelity SaveEasy Funds Asset Rolldown in the sub-section headed “SaveEasy Funds” in the Principal Brochure of FRMT for details. The Fidelity SaveEasy Funds Asset Rolldown Chart above provides a simple method for investors to view the indicative asset allocations and also the shift in their risk/return profile over the duration of the particular SaveEasy Fund. Investors are reminded that this is an indicative rolldown and at any particular point in time actual portfolios may vary considerably from that shown above as market, political, structural, economic and other conditions change. The actual asset allocations in respect of the SaveEasy Funds may change at the discretion of FIL Investment Management (Hong Kong) Limited (“Fidelity”) without unitholders’ approval, notice to unitholders or approval from the Securities and Futures Commission / Mandatory Provident Fund Schemes Authority.

* 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 own

investment objectives.

+ Risk/Return Rating is defined using a 5-point risk/return scale as 1 = Lowest risk/return, 2 = Low risk/return, 3 = Medium risk/return, 4 = High risk/return, 5 = Highest risk/return. The risk/return profile for

each Constituent Fund is created by Fidelity, based on its in house analysis, after consideration of the “Risk Factors” described in the Principal Brochure of FRMT, prevailing market, political, structural, economic and other conditions, and the anticipated asset allocation of each Constituent Fund. The risk/return ratings are provided by Fidelity to investor for reference only and may be subject to change according to regular review (at least once a year) by Fidelity depending on the market conditions, without prior notice. Investor should always consider their individual risk and return profile. For the current risk/return rating of each Constituent Fund, please refer to the Fidelity Website.

| 8 PolyU– MPF Member Briefing

Investing for long-term success Fidelity Retirement Master Trust 2014 2015 2016

The above awards are for reference only, it is not indicative of the actual performance of the constituent funds. The third party mark appearing in this material is the property of the respective owner and not by Fidelity. * The awards only represent Morningstar’s Best MPF Scheme Award Methodology (for details, please visit: awards.morningstar.com). The results are based on the quantitative and qualitative assessment of an MPF scheme as of respective calendar year. The quantitative assessment is based on 1-year, 3-year and 5-year risk-adjusted returns of each constituent fund. The qualitative assessment is based on product diversity, transparency and disclosure, and investor experience of each MPF scheme during respective calendar year. Source: Morningstar, Inc.

2017

Winning the award for 4 consecutive years

Morningstar Award 2017 Hong Kong Best MPF Scheme Award*

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Investing for long-term success Fidelity Retirement Master Trust

The above awards are for reference only, it is not indicative of the actual performance of the constituent funds. The third party mark appearing in this material is the property of the respective owner and not by Fidelity. ^ The awards only represent MPF Ratings’ assessment standard (for details, please visit: mpfratings.com.hk/media/award). The results are based on the quantitative and qualitative assessment of an MPF scheme . Quantitative assessment - including, but not limited to investment and performance (1 year, 3 years and 5 years), fees and charges (5 years); and qualitative assessment (full year) – including, but not limited to, governance and transparency, account administration efficiency, customer service standards, services to employers and members, use of technology, and member education and communication. Source: MPF Ratings Limited

5 Year Consecutive Gold Ratings for 2017 2017 Best New Innovators 2017 Best Communication and Education

MPF Ratings’ 2017 Scheme of the Year^

Investment performance

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FRMT performance vs median (as at 31 Aug 2017)

YTD (%) 1 Year (%) 3 Years (% p.a.) 5 Years (% p.a.) 10 Years (% p.a.) Index Tracking Funds Fidelity Hong Kong Tracker Fund Fund 30.03 24.41 6.58

• [Hong Kong Equity (Index Tracking)]

Median 30.08 24.63 6.71

• Equity Funds

Hong Kong Equity Fund Fund 30.79 25.07 7.17 10.01 4.55

[Hong Kong Equity]

Median 30.49 24.69 6.58 9.39 2.98 Asia Pacific Equity Fund Fund 24.98 18.91 4.75 8.49 4.96

[Asia ex Japan ex HK Equity]

Median 23.20 14.83 3.07 6.34 1.91 Global Equity Fund Fund 12.43 12.98 3.95 9.56 3.14

[Global Equity]

Median 12.61 14.85 3.95 9.13 2.33 Lifecycle Funds Growth Fund Fund 19.31 16.98 4.66 8.90 3.81

[Lifestyle>80-100% Equity]

Median 19.63 18.23 4.26 8.04 2.47 Balanced Fund Fund 16.06 13.05 3.72 7.13 3.75

[Lifestyle>60-80% Equity]

Median 16.25 13.69 3.56 6.36 2.90 Stable Growth Fund Fund 13.26 9.46 2.79 5.41 3.65

[Lifestyle>40-60% Equity]

Median 13.26 9.31 2.53 4.49 2.79 Capital Stable Fund Fund 9.97 5.62 1.63 3.49 3.23

[Lifestyle>20-40% Equity]

Median 10.00 5.35 1.46 2.69 2.44

Blue highlights represent funds that are in line with or outperform median. Source: Morningstar, net of fees, in HKD

| 12 PolyU– MPF Member Briefing

FRMT performance vs median (as at 31 Aug 2017)

YTD (%) 1 Year (%) 3 Years (% p.a.) 5 Years (% p.a.) 10 Years (% p.a.) Bond and Money Markets Funds Hong Kong Bond Fund Fund 4.74 0.16 1.99 1.32 2.83

[Hong Kong Dollar Bond]

Median 4.75 0.11 1.75 0.98 1.99 World Bond Fund Fund 5.87

• 0.15

0.32 1.00 2.86

[Global Bond]

Median 5.88 0.25

• 0.06

0.00 2.05 RMB Bond Fund Fund 6.12 2.52

• N/A

Median

• MPF Conservative Fund*

Fund 0.00 0.00 0.00 0.00 0.21

[MPF Conservation Fund]

Median 0.00 0.01 0.03 0.04 0.25 Default Investment Strategy Funds Core Accumulation Fund Fund

• N/A

Median

• Age 65 Plus Fund

Fund

• N/A

Median

• Blue highlights represent funds that are in line with or outperform median; yellow highlights represent funds with no relevant median for comparison purpose.

*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. The MPF Conservative Fund under the FRMT 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 the same as placing funds on deposit with a bank or deposit-taking company. Source: Morningstar, net of fees, in HKD

| 13 PolyU– MPF Member Briefing

FRMT performance vs median (as at 31 Aug 2017)

YTD (%) 1 Year (%) 3 Years (% p.a.) 5 Years (% p.a.) 10 Years (% p.a.) SaveEasy Funds Fidelity SaveEasy 2050 Fund Fund 20.64 18.32

• N/A

Median

• Fidelity SaveEasy 2045 Fund

Fund 20.60 18.27

• N/A

Median

• Fidelity SaveEasy 2040 Fund

Fund 20.75 18.51 5.10 9.48

• N/A

Median

• Fidelity SaveEasy 2035 Fund

Fund 20.65 18.39 5.06 9.39

• N/A

Median

• Fidelity SaveEasy 2030 Fund

Fund 20.35 18.10 4.97 9.34

• N/A

Median

• Fidelity SaveEasy 2025 Fund

Fund 19.39 17.06 4.71 9.10

• N/A

Median

• Fidelity SaveEasy 2020 Fund

Fund 16.61 14.17 4.20 8.49

• N/A

Median

• Yellow highlights represent funds with no relevant median for comparison purpose.

*Source: Morningstar, net of fees, in HKD

Market review & outlook

15 PolyU– MPF Member Briefing

Source: Fidelity International

• The PBoC continues to take pre-emptive steps in controlling financial risks; it is perceived to be

successful as interbank liquidity is tightened without spiking the overall economic stability.

• A steady CNY also helps to ease concern over the impact of capital outflow to the financial market.

Positive

• The US business cycle continues to mature, asset valuations are generally elevated, and

geopolitical risks are rising.

• Strong expansion will be difficult from here as higher rates have already impacted the lending

activities.

• Markets have largely priced out any chance of a tax reform this year, and even a diluted version of

the original plan, if passed by December, could be a surprise.

Neutral/ Positive

• In Europe, abating political risks, improving economic momentum, a healthier banking sector and a

dovish ECB have provided a welcome backdrop.

• However, a strong Euro has probably capped the upside to the market.

Neutral/ Positive

• The market continue to trade in narrow range while any further escalation of the North Korea affair

could see the yen moving higher and undermine the positive momentum in corporate earnings.

• On the domestic side, a drop in the support rate for Prime Minister Abe has also added to political

uncertainty.

Neutral/ Negative

• Consistent earnings growth among the Asian companies continues to support the Asian markets.
• Fading expectation in the ability of the US administration to roll out stimulative policy also helps to

relieve the USD strength in the short term and benefits the Asian economies.

Positive

• Global policy normalization could disrupt bond markets as the Fed plans to wind down its balance

sheet and the ECB looks to transition towards smaller asset purchases.

• However, the cyclical recovery that we are witnessing is not enough to justify meaningfully higher

yields, with structural issues such as debt overhang, ageing population and low productivity.

Negative

Market outlook (as at Sep 2017)

Hong Kong

• N. America

Japan Europe Bonds Asia Pacific

Member services

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Fidelity Online www.fidelity.com.hk

| 18 PolyU– MPF Member Briefing

Switching channels and cut-off time

• r

Fidelity Investor Hotline Form

• r

Fidelity Online

https://www.fidelity.com.hk 2629 2629 Mail or fax to HSBC Institutional Trust Services (Asia) Limited

Cut-off time:

4pm on every business day

Fund price:

SAME business day

| 19 PolyU– MPF Member Briefing

• Subscribe through Fidelity Online1
• View and download MPF statements/notices2
• Receive email and/or SMS notification alert once the documents are ready

1If MPF members have not registered for Fidelity Online yet, please visit Fidelity.com.hk and go to “Login | Activate” to activate before subscribing to the MPF e-Statement Service. 2Records will be stored up to three years for historicalstatements/notices

MPF e-Statement Service

• Member Benefit Statement
• Transfer Statement
• Transfer Confirmation
• Benefit Payment Statement
• Investment Switching

Statement

• Addendum to the Principal

Brochure

• Notice to Members and

Employers

• Fund Fact Sheets

Documents include:

Effective 3 Dec 2016

| 20 PolyU– MPF Member Briefing

Effective 3 Dec 2016

Smart Form Wizard Locate the right form at ease

1 2 3 4

“Resources”  “Forms & guides”  “MPF & ORSO” Scenarios base guiding you to the relevant forms for: 1.Consolidate my MPF 2.Make withdrawal 3.Update personal information 4.Manage my MPF after changing job

HM16-1202

| 21 PolyU– MPF Member Briefing

Fidelity MPF – Asset Consolidation Reward

From now until 31 Dec 2017

| 22 PolyU– MPF Member Briefing 1 The promotion period “Fidelity MPF - Asset Consolidation Reward” (“the promotion”) is valid from 1 July 2017 to 31 December 2017 (both days inclusive). 2 The promotion is applicable to all members of the Fidelity Retirement Master Trust. 3 A member shall only be regarded as an “eligible member” if he/she completes and submits the required form(s) to trustee of the Fidelity Retirement Master Trust (HSBC Institutional Trust Services (Asia) Limited) within the promotion period (based on postal stamp date), and successfully transfers MPF assets of HK$50,000 or above from other retirement scheme service providers to his/her Fidelity MPF account(s) on or before 31 January 2018. The eligible member is also required to retain the full amount of MPF assets transferred to his/her Fidelity MPF account(s) until 31 May 2018. The eligible member can receive bonus units rebate from HK$300 up to HK$1,500 (“rebate entitlement”). 4 The rebate entitlement will be calculated based on the net aggregate amount of MPF assets transferred to the member’s account(s) within Fidelity from

• ther retirement scheme service providers between 1 July 2017 to 31 December 2017 (both days inclusive). The net aggregate amount will take into

consideration of any benefit withdrawal request from the member during promotion period. 5 The promotion is considered independently from the previous promotion held between 31 December 2016 to 30 June 2017. Should there be any MPF assets transferred to Fidelity MPF account(s), the rebate entitlement will be calculated separately based on the Terms and Conditions of each promotion. 6 The rebate entitlement will be credited to the eligible members’ respective Contribution Account, existing Personal Account, and/or new Personal Account as member’s voluntary contribution on or before 31 May 2018 (“settlement date”). 7 The allocation of the rebate entitlement will follow the investment allocation instruction specified for voluntary contribution portion of the relevant account(s). If there is no investment allocation instruction specified for voluntary contribution portion, the allocation of the rebate entitlement will be invested into Default Investment Strategy as set out in the Principal Brochure of Fidelity Retirement Master Trust at the time of allocating the rebate entitlement. 8 FIL Investment Management (Hong Kong) Limited (“FIMHK”) will notify all eligible members in writing for the successful credit of the rebate entitlement in the month of May 2018. 9 All members must ensure the accuracy of personal particulars and instructions when completing the required form(s) to avoid any confusion and

• misunderstanding. FIMHK will not be responsible for any incomplete or incorrect forms/information received, which may cause a delay of processing or

disqualification of entitlement to the promotion. 10 FIMHK reserves the right to vary or cancel the promotion or to modify and/or change the related terms and conditions at any time without further notice. 11 In case of disputes, the decision of FIMHK shall be final and conclusive. 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. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International. 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. This material is issued by FIL Investment Management (Hong Kong) Limited.

Terms and Conditions

| 23 PolyU– MPF Member Briefing

Fidelity International – Hong Kong Facebook page

Search “Fidelity International – Hong Kong”

| 24 PolyU– MPF Member Briefing

Fidelity Website – www.fidelity.com.hk Fidelity Retirement Hotline – (852) 2629 2629

• 24-hour Interactive Voice Response System
• Member Service Hotline Centre

– Monday – Friday ， 9am to 6pm – Saturday，9am to 1pm

Fidelity Investor Centre

• Level 21, Two Pacific Place, 88 Queensway, Admiralty, Hong

Kong

• Monday – Friday, 9am to 6pm (by appointment)

Service channels

Appendix

| 26 PolyU– MPF Member Briefing

Calendar year performance – FRMT

2012 (%) 2013 (%) 2014 (%) 2015 (%) 2016 (%) Index Tracking Funds Fidelity Hong Kong Tracker Fund

• 7.36*

3.97

• 5.38

2.58 Equity Funds Hong Kong Equity Fund 20.65 7.70 3.07

• 4.89

0.69 Asia Pacific Equity Fund 20.85 3.92 4.09

• 6.55

5.12 Global Equity Fund 16.59 24.93 4.47

• 0.65

2.36 Lifecycle Funds Growth Fund 16.74 17.23 1.52

• 1.89

0.69 Balanced Fund 14.15 12.72 1.45

• 2.15

0.92 Stable Growth Fund 11.50 8.60 1.45

• 2.58

1.08 Capital Stable Fund 8.54 4.56 1.22

• 3.05

1.01 Bond and Money Market Funds RMB Bond Fund

• 4.78*

Hong Kong Bond Fund 3.96

• 3.36

3.93 1.49

• 0.88

World Bond Fund 5.26

• 2.20

2.15

• 3.91

1.65 MPF Conservative Fund# 0.00 0.00 0.00 0.00 0.00 SaveEasy Funds Fidelity SaveEasy 2050 Fund

• 2.97*
• 0.53

Fidelity SaveEasy 2045 Fund

• 2.14*

0.16 Fidelity SaveEasy 2040 Fund 18.24 17.72 1.57

• 1.83

0.82 Fidelity SaveEasy 2035 Fund 18.10 17.62 1.55

• 1.92

0.81 Fidelity SaveEasy 2030 Fund 17.86 17.84 1.47

• 1.85

0.81 Fidelity SaveEasy 2025 Fund 17.57 17.54 1.54

• 1.85

0.80 Fidelity SaveEasy 2020 Fund 16.93 16.52 1.58

• 1.38

1.15

*Since launch date to the end of launch year. #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. The MPF Conservative Fund under the FRMT 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 the same as placing funds on deposit with a bank or deposit-taking company. Source: Fidelity International, net of fees, in HKD

PolyU– MPF Member Briefing

Maximum: 2.55% Maximum: 2.13% Maximum:1.89% Maximum: 0.92% Minimum: 0.67% Minimum: 0.78% Minimum: 0.77% Minimum: 0.21% Average 1.56% Average 1.73% Average 1.34%

Average 0.58%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% Equity Fund Mixed Asset Fund Bond Fund MPF Conservative Fund

Compa rison of F und E xpe nse Ra tio

Remark: Fund Expense Ratio = Fund Total Expenditure / Fund Total Asset The above average FER figures for FIL’s MPF funds are taken as the sum of FER divided by the number of funds in that fund category Source: Mandatory Provident Fund Schemes Authority's website as at 30 Jun 2017

Average of FIL’s MPF Equity Funds: 1.37 % Average of FIL’s MPF Bond Funds: 1.41% Fidelity MPF Conservative Fund：0.41% Average of FIL’s MPF Mixed Assets Funds: 1.52%

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Member login https//www.fidelity.com.hk

| 29 PolyU– MPF Member Briefing

Activate your online account

Input your ID and last 4 digits of your mobile number

• Source : Fidelity International

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Asset allocation – FRMT (as at 31 August 2017)

Global Equity Fund Growth Fund Balanced Fund Stable Growth Fund Capital Stable Fund Fund (%) Bmk (%) Fund (%) Bmk (%) Fund (%) Bmk (%) Fund (%) Bmk (%) Fund (%) Bmk (%) Equities 100.18 100.00 95.33 90.00 75.39 70.00 55.23 50.00 35.08 30.00 Hong Kong 2.67 1.39 32.82 30.00 26.61 24.00 19.32 17.00 12.01 10.00 Americas 58.97 57.18 18.82 18.00 14.82 14.00 10.85 10.00 7.01 6.00 Europe 24.46 23.06 18.53 18.00 14.66 14.00 10.78 10.00 6.85 6.00 Japan 6.01 8.79 12.03 12.00 9.10 9.00 6.68 6.50 4.17 4.00 Asia Pacific* 8.07 9.59 13.13 12.00 10.20 9.00 7.60 6.50 5.04 4.00 Bonds 0.00 0.00 2.80 7.00 20.26 25.00 40.42 45.00 55.49 60.00 Cash

• 0.18

0.00 1.87 3.00 4.35 5.00 4.35 5.00 9.43 10.00

For details of bmk, please refer to appendix Percentages may not add up to 100% due to rounding. Source: Fidelity International * For Global Equity Fund, Asia Pacific may include exposure to other markets

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Asset allocation – FRMT (as at 31 August 2017)

Fidelity SaveEasy 2050 Fund Fidelity SaveEasy 2045 Fund Fidelity SaveEasy 2040 Fund Fidelity SaveEasy 2035 Fund Fund (%) Bmk (%) Fund (%) Bmk (%) Fund (%) Bmk (%) Fund (%) Bmk (%) Equities 100.12 100.00 100.13 100.00 99.89 99.30 99.51 97.80 Hong Kong 35.57 34.00 35.47 34.00 35.61 33.76 35.16 33.24 Americas 19.99 20.00 19.90 20.00 19.84 19.86 19.51 19.56 Europe 19.86 20.00 19.89 20.00 19.71 19.86 19.57 19.56 Japan 11.48 13.00 11.63 13.00 11.24 12.91 11.96 12.72 Asia Pacific 13.22 13.00 13.24 13.00 13.49 12.91 13.31 12.72 Bonds 0.00 0.00 0.00 0.00 0.26 0.70 0.64 2.20 Cash

• 0.12

0.00

• 0.13

0.00

• 0.15

0.00

• 0.15

0.00

For details of bmk, please refer to appendix Percentages may not add up to 100% due to rounding. Source: Fidelity International

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Asset allocation – FRMT (as at 31 August 2017)

Fidelity SaveEasy 2030 Fund Fidelity SaveEasy 2025 Fund Fidelity SaveEasy 2020 Fund Fund (%) Bmk (%) Fund (%) Bmk (%) Fund (%) Bmk (%) Equities 98.63 95.30 94.17 90.00 77.78 72.90 Hong Kong 34.57 32.40 32.92 30.60 27.18 24.78 Americas 19.10 19.06 18.34 18.00 15.16 14.58 Europe 19.43 19.06 18.71 18.00 15.21 14.58 Japan 12.41 12.39 11.67 11.70 9.59 9.48 Asia Pacific 13.12 12.39 12.53 11.70 10.64 9.48 Bonds 1.53 4.70 5.98 10.00 22.33 27.10 Cash

• 0.16

0.00

• 0.15

0.00

• 0.11

0.00

For details of bmk, please refer to appendix Percentages may not add up to 100% due to rounding. Source: Fidelity International

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FRMT important information

This document has been prepared by Fidelity for client reporting purposes only and may not be reproduced or circulated without consent from Fidelity. FIL Limited and its subsidiaries (including FIL Investment Management (Hong Kong) Limited, 富達基金(香港)有限公司) are commonly referred to as Fidelity or Fidelity International. This document is not a promotional

• material. It is not an invitation to subscribe for shares in a fund nor construed as an offer to buy or sell any securities.

Investment involves risks. This material contains general information only. It is not an invitation to subscribe for shares in a fund nor is it to be construed as an offer to buy or sell any financial instruments. The information contained in this material is only accurate on the date such information is published on this material. Opinions or forecasts contained herein are subject to change without prior notice. This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission. Fidelity Hong Kong Tracker Fund is subject to market risk of the sector or market tracked by the relevant index, tracking error risk, passive management risk, early termination risk, etc. Please refer to the “Risk Factors” sub-section in the Principal Brochure of Fidelity Retirement Master Trust for further information. The Hang Seng Index measures the performance of largest and most liquid companies listed on the Main Board of the Stock Exchange of Hong Kong Limited and is compiled by adopting free float-adjusted market capitalisation weighted

• methodology. Details of the index methodology and further information in relation to the Hang Seng Index are available at www.hsi.com.hk. As for other important news of the Hang

Seng Index, Hang Seng Indexes Company Limited will also make announcements through press releases and at www.hsi.com.hk. Please also refer to Appendix II of the Principal Brochure of Fidelity Retirement Master Trust for further information on the Hang Seng Index including the disclaimer of the index provider. 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 own investment objectives. Funds with exposure to RMB denominated debt securities issued or distributed outside mainland China, will subject to RMB currency risk, RMB exchange risk and risk of limited pool of investments. 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. The MPF Conservative Fund under the Fidelity Retirement Master 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 the same as placing funds on deposit with a bank or deposit-taking company. Risk/Return Rating is defined using a 5-point risk/return scale as 1 = Lowest risk/return, 2 = Low risk/return, 3 = Medium risk/return, 4 = High risk/return, 5 = Highest risk/return. The risk/return profile for each Constituent Fund is created by FIL Investment Management (Hong Kong) Limited (“Fidelity”) after consideration of the “Risk Factors” described in the Principal Brochure of Fidelity Retirement Master Trust, prevailing market, political, structural, economic and other conditions, and the anticipated asset allocation of each Constituent

• Fund. The risk/return ratings are provided by Fidelity to investor for reference only and may be subject to change according to regular review (at least once a year) by Fidelity

depending on the market conditions. Investor should always consider their individual risk and return profile. For the current risk/return rating of each Constituent Fund, please refer to the “Fund prices & performance” section on Fidelity Website. The On-going Costs Illustrations (for all Constituent Funds of the Master Trust except for the MPF Conservative Fund) that illustrate the on-going costs on contributions to Constituent Funds of the Master Trust and the Illustrative Example (for the MPF Conservative Fund) are distributed with the Principal Brochure. Before making any investment decisions concerning MPF investments, you should ensure that you have the latest version of these documents which can be obtained from the Trustee or the Investment Manager at their addresses stated in the Principal Brochure. Past performance is not indicative of future performance If investment returns are not denominated in HKD or USD, US/HK dollar-based investors will be exposed to exchange rate

• fluctuations. The Fund’s past holdings are not indicative of existing and future holdings. Reference in this material to specific securities is included for illustration only and should not be

construed as a recommendation to buy or sell the same. Performance of the security is not a representation of the Fund’s performance. The third party mark appearing in this material is the property of the respective owner and not by Fidelity.