智 者 獻 策 早 著 先 機

Masterminding your investment through the master’s mind

SHK MasterChoice Discretionary Portfolio Management Services*

Sun Hung Kai Financial is very pleased to have invited Look’s Asset Management Limited founded by Mr. Andrew Look, an illustrious investment adviser, as our financial adviser in our privileged discretionary portfolio investment management services.

Sun Hung Kai Financial (“SHKF”) is committed to serving investors looking for investment opportunities. We are proud to introduce SHK MasterChoice Discretionary Portfolio Management Services, managed by SHK Fund Management Limited (“SHK Fund Management”), a member company of SHKF, and have appointed Look’s Asset Management Limited (“Look’s Asset Management”), founded by Mr. Andrew Look, as our investment adviser for the services.

* SHK MasterChoice Discretionary Portfolio Management Services refer to the discretionary portfolio investment management services provided by SHK Fund Management Limited pursuant to the Discretionary Segregated Managed Account Agreement

What do SHK MasterChoice Discretionary Portfolio Management Services offer?

The investment manager, SHK Fund Management, will have complete discretion to manage the client’s account and make investment decisions on behalf of the client. Based on each client’s investment risk appetite and return objective, the investment manager will construct a tailored investment portfolio and will aim to

deliver absolute returns from both long and short investment opportunities available in the Greater China equity markets. To deliver absolute returns, the investment manager may also invest in index futures, exchange traded funds (ETF), sovereign and corporate bonds and other derivative products such as options, futures and warrants.

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新鴻基「名智」全權委託投資組合管理服務

由聲譽卓著的陸東所創立 之陸東資產管理有限公司擔任 投資顧問，新鴻基金融推出 嶄新獨家全權委託投資組合 投資管理服務，誠邀閣下專享。

新鴻基金融集團（「新鴻基金融」）一直 致力為投資者捕捉投資良機，現隆重推出新鴻基「名智」全權委託投資組合管理 服務，透過旗下的新鴻基投資管理有限 公司（「新鴻基投資管理」）管理，並委 任由陸東創立的陸東資產管理有限公司 （「陸東資產管理」）作為投資顧問。

* 新鴻基「名智」全權委託投資組合管理服務指新鴻基投資管理有限公司根據全權委託獨立管理 帳戶協議所提供之全權委託投資組合投資管理服務

新鴻基投資管理作為投資經理，將有 全權代表客戶管理其帳戶及作出投資 決定，並根據客戶的風險承擔能力和 投資回報目標，在大中華股票市場中 為投資者尋找包括長倉和短倉投資 機會，旨在為客戶建立一個以提供

絕對回報為目標的投資組合。此外， 投資經理亦會靈活投資於指數期貨、 交易所交易基金（ETF）、主權及企業 債券和其他衍生產品，如期權、期貨及 認股權證。

新鴻基「名智」全權委託投資組合管理服務可以為您提供 什麼服務？

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Key Features

Investing Wisely and Sensibly, Backed by Solid Market Analysis

What makes SHK MasterChoice Discretionary Portfolio Management Services unique is that whilst your investment portfolio is being managed by SHK Fund Management, Mr. Look will share his investment advice so as to allow the investment manager to further manage your portfolio.

A Tailor Made Investment Portfolio for Your Risk Appetite and Financial Goals

Based on your investment horizon, risk appetite and expected returns, we work together to determine your investment profile to meet your financial investment objectives. SHK Fund Management will construct your investment portfolio that suits your investment profile.

Aiming to Deliver Absolute Returns

We aim to achieve absolute returns from long and short investment opportunities available in the Greater China equity markets.

SHK Fund Management offers Exceptional Services with Full Transparency

SHK MasterChoice Discretionary Portfolio Management Services are exclusive services for our clients. You will have full transparency of your own account. Also a detailed monthly statement listing all the transactions made during the month, existing stocks and cash balance will be sent to you for your record. Additionally, regular commentaries explaining the market trend/performance will also be sent to you.

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主要特色

與智者同步 傲行投資市場

此服務的獨特之處，是當新鴻基投資管理為您管理財富之餘，陸東先生 亦會分享他的投資意見，以協助投資經理更有效地管理投資組合。

根據客戶的風險承擔能力和投資目標 度身訂造投資組合

我們會根據您心目中的投資年期、 風險承擔能力、回報期望，設計及 建立您的個人投資組合，從而達致您的投資目標。

致力提供絕對回報

我們致力於大中華區的股票市場內，為您尋找長倉及短倉的投資機會， 以尋求絕對回報。

新鴻基投資管理的卓越服務及充分的 透明度

新鴻基「名智」全權委託投資組合 管理服務是我們客戶獨享的一項 服務，您的資產跟其他客戶的資產是完全分開獨立處理的。此外，客戶 會收到詳盡的組合月結單，充分顯示戶口動態，當中列舉了該月所進行的交易記錄、持股以及現金結餘，帳戶狀況一目了然。再者，我們亦會定期為客戶提供市場評論。

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Andrew Look’s Investment ProcessOf the Eight-Step investment process, Mr. Look would look into stocks that are either undervalued or misinterpreted by the market. He does not simply recommend bargain stocks hoping that they would be re-rated, but rather explore stocks that would trigger a chance for re-rating.

Mr. Look’s investment process focuses on price risk and scale of return rather than going for the progression of momentum. He employs his proprietary quantitative models but only uses them to screen and narrow down conceivable investment products within the universe to back up fundamental arguments. He believes investing is both a science and an art – hence investing is not purely quantitative in nature but is highly qualitative analysis as well .

Look’s Eight-Step Investment Process

1. Sourcing ideas and identifying price misperceptions Employing a proprietary financial screening model which includes share price-implied medium term ROE model, index de-aggregation analysis model and

earnings yield gap model, to explore for the valued propositions.

2. Assessing fundamental values Conducting company visits for the sake of learning more of the corporate

culture, management style, thereby allowing the investment manager to build a financial model for the company.

3. Comparing with consensus view Comparing the funds with market consensus, looking for material differences.

4. Identifying and establishing solid thesis to disprove consensus Differences in opinions have to be firmly supported by solid arguments.

5. Assessing potential risks and rewards Analysing both the upside and the downside of the proposed investment idea.

6. Thorough due diligence Actively performing channel checks to understand the industry sector as

a whole concurs and supports their views.

7. Invest and monitor

8. Harvest and review

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Look’s Eight-Step Investment Process

陸東透過其投資流程八部曲，去尋找 被市場低估或被誤解的股份。他不會 純粹建議便宜的股份以博取重新估價，而是在建議投資前，他會發掘一些有 機會價值被重估（rerating）的股份。

陸東的投資流程著重計算股份回報及 風險，而非追逐股價走勢。他採用自己專有的定量分析（quantitative）模式， 用作篩選及收窄投資領域，以支持其 基本的論點。陸東同時亦相信投資是 科學及藝術的結合 ，因此投資不只是以定量分析（quantitative）為本，定性分析

（qualitative）也十分重要。

陸東投資流程

1. 尋找投資機會及市場錯價股份利用專有的財務計算篩選工具，如股價隱含的中期淨資產收益率模型

（share price-implied medium term ROE model）、指數市場波動分解模型 （index de-aggregation analysis model）、盈利收益率偏差模型

（earning yield gap model）等，以篩選出具投資價值股份的範圍。

2. 評估基本價值鎖定投資股份後，會專訪相關公司，以了解該公司的企業文化、

管理模式，從而讓投資經理構建該公司的財務模型。

3. 比較市場投資觀點以財務模型計算得出的結果與市場共識作比較，尋求異同。

4. 舉證反駁市場共識如與市場共識有差異，尋找有力的論據以支持投資觀點。

5. 風險評估及潛在回報分析投資建議的上升及下跌風險。

6. 客觀適當地評審主動地從不同的渠道及角度去審視、確認觀點與理據。

7. 投資及監察

8. 收成及檢討

陸東投資流程八部曲

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Andrew Look’s Investment Philosophy

陸東的投資理念

nBeing value investors but do not buy simply because a particular undervalued stock, more than value investing, looking for “trigger(s)” that lead to rerating.

nCompany growth is an important factor to consider but seeking the right price for growth is equally critical. The purpose of which is to identify gaps between market expectations and fundamentals.

nDo not act as a contrarian to stock(s) that is/are identified as most favorable, but whether it is the final pick or not is still very much rested with fundamental research and regular company visits.

nShould always be acute in calculating pricing risks but not savvy in pricing momentum.

nCash is a valuable and strategic asset class.

nDo not believe in over-diversification but believe in concentrating portfolios on the best investment ideas.

nDo not believe in financial leverage as a means to magnify an otherwise mediocre return profile.

nDo not invest in complicated and strange derivative products that are hard to understand and most importantly, they usually come with high counterparty risks.

nBelieves investment themes can be cyclical or event driven in nature and supported by fundamentals. Look’s Asset Management does not speculate, it invests.

nBelieves transparency is utmost important to allow better understanding of a company’s performance and financial stability. Look’s Asset Management will provide performance reviews and commentaries regularly.

n作為一個價值投資者，不會單純 尋找價值被市場低估的公司，而是比價值投資法多走一步，去發掘 一些有機會被市場重估價值

（rerating）的公司。

n不會忽略公司增長，而是尋找適當的 入市價格購入具增長潛力的股份，目標是要找出市場預期與公司基本因素差異所產生的投資機會。

n不作逆向投資，不會單純因其他 投資者棄之而去取之。而相信投資決策是應該根據基本研究及定期的公司專訪而決定。

n精於計算風險，但不偏好運用股價動力投資法。

n現金是一項具價值及策略性的資產 類別。

n集中於具優質投資意念的投資組合， 而非過於分散投資。

n不相信利用槓桿效應放大一些平凡的投資回報。

n不會投資於複雜及奇異的衍生工具， 原因是它們的運作模式難以理解， 亦有很高的交易對手風險

（counterparty risk）。

n相信投資的主題可以是週期性的、 或者個別事件誘發的，但最終要有基本原因支持；陸東資產管理重於投資，並不投機。

n相信高透明度是十分重要的， 讓我們更容易了解一間公司的表現及財務穩健，陸東資產管理並會 定期提供表現回顧及市場評論。

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* As at 31 December, 2010. 截至2010年12月31日。

Andrew Look has over 20 years of solid experience in equity research and investment, primarily covering Hong Kong and China stock markets. He was ranked the Best Hong Kong Strategist by Asiamoney in 2001 - 2003 and 2005 - 2007. And he was once the Head of Hong Kong Research, Strategy and Product of UBS from June 2000 till August 2008. Under his leadership, UBS was awarded The Best Hong Kong Research Team by Institutional Investor in 2002 - 2005. Look’s Asset Management manages and/or advises approximately US$319 million of assets*.

陸東擁有超過二十年的股票研究及投資經驗，主要投資於香港及中國股票市場。陸東於2001至2003年、 2005至 2007年獲《亞洲貨幣》雜誌評為香港「最佳策略師」。 由2000年6月至2008年8月，陸東為瑞銀集團之香港研究、策略與產品部門主管，在他的帶領下，瑞銀香港研究團隊於2002至2005年獲

《機構投資者》雜誌選為「最佳香港研究 隊伍」。陸東資產管理有限公司所 管理及 ／或提供意見的資產總值 約3.19億美元*。

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SHK MasterChoice Discretionary Portfolio Management Services

Key Features at a Glance

Currency Hong Kong Dollars (HK$)

Minimum Investment HK$2,000,000

Investment Manager SHK Fund Management Limited

Investment Adviser Look’s Asset Management Limited

Minimum Ongoing Holding Amount HK$1,000,000

Minimum Incremental Investment HK$250,000

For enquiries about SHK MasterChoice Discretionary Portfolio Management Services,please call (852) 2822 5001 or go to www.shkf.com/SHKMasterChoice.

ToGetStarted

Investment Objective

To achieve absolute returns through long and short investment in listed companies whose operations are focused mainly in Greater China, including the People’s Republic of China, Hong Kong and Taiwan markets. It is expected that the main investments of the Account will include, but not be limited to stocks listed in Hong Kong, Taiwan as well as China `A’ and ‘B’ shares. The Portfolio may also be invested in index futures, exchange traded funds and other derivative products such as options, futures and warrants. In order to deliver absolute returns and mitigate the downside risk of the portfolio, the investment manager may reallocate a significant proportion of the portfolio into global fixed income and cash instruments as well as to effect short sales.

There can be no assurance that the investment objective will be achieved.

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請立即 行動

新鴻基「名智」全權委託投資組合管理服務

重要特點一覽

計價幣別 港幣

首次投資最低金額 2,000,000港元

投資經理 新鴻基投資管理有限公司

投資顧問 陸東資產管理有限公司

最低戶口維持金額 1,000,000港元

最低額外投資金額 250,000港元

投資目標

透過於上市公司作出長、短倉投資，從而達致絕對回報；該等公司的業務主要集中於大中華區，包括中華人民共和國、 香港及台灣市場。預期帳戶的主要投資將包括但不限於香港上市股份、於中國證券交易所上市的中國「A」股及「B」股及 台灣上市股份。投資組合亦可投資於指數期貨、交易所買賣基金及其他衍生產品，如期權、期貨及認股證。為使投資組合帶來絕對回報及減低下跌風險，經理可將投資組合的重大部份重新分配至環球定息及現金工具，以及執行沽空。

務請注意，此服務不會保證投資可達成目標。

有關新鴻基「名智」全權委託投資組合管理服務之查詢及詳情，請致電（852）2822 5001或 瀏覽www.shkf.com/SHKMasterChoice。

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Risk Disclosure Statement and Disclaimer

Investment involves risk. The prices of securities and futures contracts in your portfolio and its net asset value may move down and up, sometimes dramatically. These price movements could mean that losses may be incurred as well as profits made, and there is the possibility that you may suffer significant loss in relation to your investment portfolio if the value of any securities or futures contracts in your portfolio/account suffers a significant or complete loss in its value. Investments in securities and/or futures contracts are not suitable for all types of investor. Before making any decision regarding the SHK MasterChoice Discretionary Portfolio Management Services (which refers to the discretionary portfolio investment management services provided by SHK Fund Management Limited pursuant to the Discretionary Segregated Managed Account Agreement), you are strongly advised to consider your own financial resources and circumstances and your ability to bear losses, in addition to consulting your own independent financial adviser. If you are in doubt, you should seek professional advice.

This document is intended only for Sun Hung Kai Financial clients and should not be passed to or relied upon by any other person. It relates to the SHK MasterChoice Discretionary Portfolio Management Services to be provided by SHK Fund Management Limited and is summary and not exhaustive. Nothing contained in this document should be construed as constituting any recommendation, offer, solicitation, advice or suggestion to any investor concerning particular securities or futures contracts. Prospective managed account clients should carefully read the terms of the agreement governing the SHK MasterChoice Discretionary Portfolio Management Services (i.e. the Discretionary Segregated Managed Account Agreement) for further details, in particular the risk factors set out therein.

This document is issued by SHK Fund Management Limited which is licensed for Types 1 (dealing in securities), 4 (advising on securities) and 9 (asset management) regulated activities under the Securities and Futures Ordinance of Hong Kong (with CE Number AAI432).

風險披露及免責聲明

投資涉及風險。閣下的投資組合內之證券及期貨合約價格以及資產淨值可升可跌，幅度有時頗大。此等價格之浮動可能招致虧損和收益，而閣下亦有可能蒙受因閣下的投資組合/帳戶內所投資的證券或期貨合約有重大損失或變成沒有價值而導致的損失。投資證券及/或期貨合約並非適合所有投資者。對新鴻基「名智」全權委託投資組合管理服務（指新鴻基投資管理有限公司根據全權委託獨立管理帳戶協議所提供之全權委託投資組合投資管理服務） 作出任何決定之前，我們強烈建議閣下考慮自己的財務資源和情況，以及承擔虧損的能力，並且諮詢閣下的獨立理財顧問。如閣下有任何疑問，閣下應尋求獨立專業意見。

本文件僅供新鴻基金融集團客戶之用，不得傳遞予其他人或被其他人所依賴。本文件涉及新鴻基投資管理有限公司所提供之新鴻基「名智」全權委託 投資組合管理服務，只屬摘要，並非詳盡無遺。本文件中包含的任何內容，不得視為就個別證券或期貨合約對任何投資者構成任何推薦、要約、 招攬、意見或建議。管理帳戶之潛在客戶應該仔細閱讀新鴻基「名智」全權委託投資組合管理服務的協議（即全權委託獨立管理帳戶協議）之條款， 以了解進一步的詳情，特別是其所載的風險因素。

本文件由新鴻基投資管理有限公司發放。新鴻基投資管理有限公司持有香港證券及期貨條例下所規管的第一類（證券交易）、第四類（就證券提供意見）及第九類（提供資產管理）受規管活動之牌照（中央編號 AAI432）。