March 3, 2004

1. Fidelity Retirement Services Investment Review March 3, 2004

2. Hong Kong Baptist University 1998 Superannuation Fund 1 High Growth Profile invests in Fidelity Advantage Portfolio Fund – Growth Fund Ordinary Class 2 Growth Profile invests in Fidelity Advantage Portfolio Fund – Balanced Fund Ordinary Class 3 Balanced Profile invests in Fidelity Advantage Portfolio Fund – Stable Growth Fund Ordinary Class

3. High Growth Profile High Growth Profile Assets as at 31 Jan 2004 - HKD 13,896,251.81 High Growth Profile invests in Fidelity Advantage Portfolio Fund – Growth Fund Ordinary Class Benchmark: A composite index consisting of 27% FTSE AW HK, 3% HSBC, 12% FTSE AW Japan, 12% FTSE AW Asia Pacific ex. Japan ex. HK, 18% FTSE AW North America, 18% FTSE AW Europe, 7% Salomon Smith Barney WGBI, and 3% 1-month HIBOR Source: Fidelity Investments, Ordinary Class, NAV to NAV, and in USD, as of Jan 31, 2004.

4. Growth Profile Growth Profile Assets as at 31 Jan 2004 - HKD 7,062,741.78 Growth Profile invests in Fidelity Advantage Portfolio Fund – Balanced Fund Ordinary Class Benchmark: A composite index consisting of 21.6% FTSE AW HK, 2.4% HSBC, 9% FTSE AW Japan, 9% FTSE AW Asia Pacific ex. Japan ex. HK, 14% FTSE AW North America, 14% FTSE AW Europe, 25% Salomon Smith Barney WGBI, and 5% 1-month HIBOR Source: Fidelity Investments, Ordinary Class, NAV to NAV, and in USD, as of Jan 31, 2004.

5. Balanced Profile Balanced Profile Assets as at 31 Jan 2004 - HKD 6,403,544.91 Balanced Profile invests in Fidelity Advantage Portfolio Fund – Stable Growth Fund Ordinary Class Benchmark: A composite index consisting of 15.3% FTSE AW HK, 1.7% HSBC, 6.5% FTSE AW Japan, 6.5% FTSE AW Asia Pacific ex. Japan ex. HK, 10% FTSE AW North America, 10% FTSE AW Europe, 45% Salomon Smith Barney WGBI, and 5% 1-month HIBOR Source: Fidelity Investments, Ordinary Class, NAV to NAV, and in USD, as of Jan 31, 2004.

6. High Growth Profile Growth Profile Balanced Profile Source: Fidelity Investments, Ordinary Units, NAV to NAV, in USD, at as 31/01/2004 Benchmark – Since 30/04/02 High Growth Profile invests in Fidelity Advantage Portfolio Fund – Growth Fund Ordinary Class Growth Profile invests in Fidelity Advantage Portfolio Fund – Balanced Fund Ordinary Class Balanced Profile invests in Fidelity Advantage Portfolio Fund – Stable Growth Fund Ordinary Class

7. High Growth Profile High Growth Profile invests in Fidelity Advantage Portfolio Fund – Growth Fund Ordinary Class Median: Survey median for the growth fund category is the median representative from the Mercer Hong Kong Investment Choice Universe Source: Mercer Hong Kong Investment Choice Survey, Mercer Investment Consulting, NAV to NAV, and in HKD, as of Dec 31, 2003.

8. Growth Profile Growth Profile invests in Fidelity Advantage Portfolio Fund – Balanced Fund Ordinary Class Median: Survey median for the balanced fund category is the median representative from the Mercer Hong Kong Investment Choice Universe Source: Mercer Hong Kong Investment Choice Survey, Mercer Investment Consulting, NAV to NAV, and in HKD, as of Dec 31, 2003.

9. Balanced Profile Balanced Profile invests in Fidelity Advantage Portfolio Fund – Stable Growth Fund Ordinary Class Median: Survey median for the stable growth fund category is the median representative from the Mercer Hong Kong Investment Choice Universe Source: Mercer Hong Kong Investment Choice Survey, Mercer Investment Consulting, NAV to NAV, and in HKD, as of Dec 31, 2003.

10. Investment Strategy Summary Source: Fidelity Investments, Jan 2004

11. Contact Fidelity Investments Hotline 2629-2666 Website www.fidelity.com.hk

13. Discounton sales charge for personal investment savings outside the Superannuation Fund Including both lump sum and monthly savings Free rollover arrangement when leaving the University Keep investing in the same profile under Saving Class Ask for a “Fidelity Rollover Pack - ORSO” Privileges for Hong Kong Baptist University Members Call Fidelity at 2629-2666

14. Investment involves risks. Past performance is no guarantee of future returns. Please refer to the Explanatory Memorandum of Fidelity Advantage Portfolio Fund for further details. Investment in the Fidelity Advantage Portfolio Fund is not available to the general investing public. Investment in the Fidelity Advantage Portfolio Fund is available only to ORSO and MPF retirement benefit schemes, their related Approved Pool Investment Funds, institutions, high net worth individuals, or those individuals who have recently been or still are members of an ORSO or MPF retirement benefit scheme. If you are an individual retail investor who is not a current member of an ORSO or MPF retirement benefit scheme but wish to invest your accrued benefits in Fidelity managed funds, please contact Fidelity for further details about our range of investment funds, which are available to the general public.

15. Appendix Fidelity Advantage Portfolio Fund (FAP) – Investment Objectives

16. High Growth Profile High Growth Profile invests in Fidelity Advantage Portfolio Fund – Growth Fund Ordinary Class Source: Fidelity Investments as of Dec 31, 2003.

17. Growth Profile Growth Profile invests in Fidelity Advantage Portfolio Fund – Balanced Fund Ordinary Class Source: Fidelity Investments as of Dec 31, 2003.

18. Balanced Profile Balanced Profile invests in Fidelity Advantage Portfolio Fund – Stable Growth Fund Ordinary Class Source: Fidelity Investments as of Dec 31, 2003.