Comparable Investment Return



|Comparable Investment Return |

|Investment Vehicles |Period |Investment Return |

|Performance of the Mandatory |1.4.2001 – 31.3.2006 |6.99% |

|Provident Fund System as a | |(annualized return for the 5 years) |

|whole | | |

|Investment Return of the |1994-2007 |7.00% |

|Exchange Fund | |(compounded annual investment return |

| | |for the 14 years) |

|Moody’s yield on seasoned all |1996-2006 |Moody’s AAA: 5.23%-7.62% |

|industries bonds |(11 years) |Moody’s BAA: 6.06%-8.37% |

|Equities |January 1987 – January |Hang Seng Index: 10.9%; |

| |2007 |S&P 500 Index: 8.6% |

| |(20 years) | |

| | |(compounded annual growth rate) |

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