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2019 Prospect

●A thorough review of Fund asset allocation and overall performance to improve the effectiveness of Fund investment

The Management Board is motivated to continue adjusting asset allocation and diversifying investments in accordance with economic developments. The Supervisory Board will deploy objective performance indicators and risk control standards to evaluate the management of the Fund and improve overall operation and performance.

●Enhancement of control processes of the Fund to ensure comprehensive auditing and monitoring functions

Urging the Management Board to implement comprehensive internal control is a priority for ensuring the security of Fund operation. The Supervisory Board will continue to monitor the Fund’s compliance with relevant regulations and protocols and conduct paper and on-site reviews to prevent any violation or error in Fund operation, ensuring comprehensive internal control.

● Cautious evaluation of investment risks and flexible adjustment to asset allocation

The Management Board will monitor economic and financial developments worldwide closely while adjusting investment strategies and portfolios with flexibility. Also, the Management Board will further promote risk management mechanisms to cautiously evaluate the risks and returns of each position to pursue stable long-term returns.

● Adequate research and amendment to relevant regulations to respond to pragmatic needs

The Management Board will continue to review, research, and amend relevant regulations to establish operation standards that better fulfill pragmatic needs to improve Fund utilization.

● Research and deliberation on additional investment positions to capture market opportunities

In light of the ever-changing economic environment, the Management Board will continue to research and deliberate on adding possible investment positions, establishing diversified mandates, and venturing into multiple regions and areas to expand the depth and width of the investment universe, diversify investment risks more effectively, and improve Fund performance.

● Improvement of auditing efficiency and full implementation of internal auditing

The Management Board will continuously review and amend current auditing standards and protocols for adjusting asset allocation, adding investment positions, and amending investment limitations. The Management Board will also enhance professional training and communication with the Financial Supervisory Commission to improve compliance with relevant regulations and ensure the security of Fund assets.

The pension system is an important link in the reform of the civil service system. The management quality of the Fund is closely associated with the rights and interests of retirees from the military, civil service and public schools. The staff members of the PSPFMB and the PSPFSB have the obligation to make active efforts and devote themselves to maximize their functions as prudent managers. Apart from responding to global economic developments and making timely adjustments to investment strategies, they must also enhance the performance of discretionary management to pursue long-term stable investment performance to achieve the goal of sustainable management.