Value Partners Asia Dividend Stocks Fund A UCITS-Compliant Fund1 NAV per unit : Class A USD - USD10.13 Fund size : USD50.9 million

31 March 2017

• Value Partners Asia Dividend Stocks Fund (the “Fund”) primarily invests in higher yielding debt and equity securities in the Asian region. • The Fund is subject to emerging market risks due to additional risks relating to political, social, economic and regulatory uncertainty which may make investments in emerging markets generally more volatile than investments in developed markets. The value of the Fund could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. • The Fund may invest directly in China A-Shares through the Renminbi Qualified Foreign Institutional Investors (RQFII) investment quota granted to the Manager and the -Hong Kong Stock Connect. Investors will be subject to certain risks including repatriation risk, custodial risk, broker risk, regulatory risk and risks associated with the Manager’s RQFII status. In addition, the RQFII policy and rules are relatively new and there may be uncertainty in implementation and such policy and rules are subject to change. All these may adversely impact the Fund. • In respect of the distribution classes for the Fund, the Manager currently intends to make monthly dividend distribution. However, the distribution rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the net asset value per share of the Fund. • You should not make investment decision on the basis of this material alone. Please read the prospectus for details and risk factors. • The Fund is not authorized by the Securities and Futures Commission in Hong Kong and its shares are not available to the general public in Hong Kong.

3 Investment objective Geographical exposure by listing

Value Partners Asia Dividend Stocks Fund 2 (the “Fund”) aims to Hong Kong 24% seek long-term capital appreciation through investing primarily in a South Korea 17% portfolio of higher yielding equity securities in the Asian region. The H Shares 15% Red Chips 10% Fund may also invest in higher yielding debt securities in the Asian Taiwan 8% region as the opportunity arises. Others 5% 5 2 Cash 4% Performance update Indonesia 4% Since launch (20 Jul 2015) Class A USD Index ^ Singapore 4% 1 month +1.9% +3.3% China A Shares 3% Bonds 3 months +12.7% +13.4% 2% India 2% 6 months +7.4% +6.2% Malaysia 2% YTD +12.7% +13.4%

1 year +16.0% +17.5% 3, 4 3 years N/A N/A Sector exposure Annualized Return# +0.8% +3.5% Information technology 17% # Annualized Volatility 16.4% 15.7% Real estate 16% Consumer discretionary 13% Since fund restructure Class A USD Index ^ Industrials 12% 1 month +1.9% +3.3% Banks 10% 3 months +12.7% +13.4% Utilities 7% 6 months +7.4% +6.2% Insurance 5% 5 YTD +12.7% +13.4% Cash 4% 1 year +16.0% +17.5% Telecom services 4% Energy 3% 3 years N/A N/A Others 3% Annualized Return# +18.5% +20.3% Bonds 2% # Annualized Volatility 12.2% 12.4% Consumer staples 2% Since 29 Mar 2016 +18.6% +20.5% Other financials 2%

Single year performance (5 years ending Mar) Apr 2020 - Apr 2019 - Apr 2018 - Apr 2017 - Apr 2016 - Mar 2021 Mar 2020 Mar 2019 Mar 2018 Mar 2017 Class A USD N/A N/A N/A N/A +16.0%

The Fund – Class A USD: Monthly performance from 29 Mar 2016 to 31 Mar 2017 2 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2016 N/A N/A +2.2% -2.2% -2.3% +4.0% +3.3% +3.0% +2.2% -2.0% -0.6% -2.1% +5.3% 2017 (YTD) +6.6% +3.8% +1.9% +12.7%

# Since inception ^ Index refers to MSCI AC Asia (ex-Japan) Index. 9th Floor, Nexxus Building, 41 Connaught Road Central, Hong Kong Hotline: Hong Kong (852) 2143 0688 | Singapore (65) 6718 0380 Email: [email protected] www.valuepartners-group.com Follow us on Value Partners Asia Dividend Stocks Fund | 31 March 2017

Top 10 securities holdings Fund facts Name Industry 4 % Manager: Value Partners Hong Kong Limited Samsung Electronics Co Ltd Technology, hardware & 4.4 Base currency: USD (Preference Shares) equipment Launch date: Class A USD – 17 Jul 20152 China Construction Banks 3.9 Class Z USD Unhedged – 24 Oct 2016 Bank Corporation Accumulation and distribution classes in different Longfor Properties Co. Ltd. Real estate 3.5 currencies are offered, please refer to Prospectus for PetroChina Co. Ltd. Energy 3.0 details. Korea Electric Power Corp Utilities 2.7 Dealing frequency: Daily, Cutoff time 11:59am Irish time Midea Group Co., Ltd. Consumer durables & apparel 2.4 Legal status: Authorized by the Central Bank of Ireland as an (Group) Insurance 2.3 undertaking for collective investment in transferable Co. of China, Ltd. securities pursuant to the European Communities China Overseas Land & Real estate 2.2 (Undertakings for Collective Investment in Investment Ltd. Transferable Securities) Regulations 20111 iShares MSCI India ETF Others 2.1 Depositary: HSBC Institutional Trust Services (Ireland) DAC Reporting: www.valuepartners-group.com and Financial Times Samsung Electronics Co Ltd Technology, hardware & 2.1 (Ordinary Shares) equipment These stocks constitute 29% of the fund. Fee structure Class A USD Class Z USD USD10,000 or Portfolio characteristics Minimum subscription USD10,000,000 equivalent 6 2017 Initial subscription fee Up to 5% of the issue price Price/earnings ratio 9.0 times Management fee 1.25% p.a. 0.75% p.a. Price/book ratio 1.1 times 15% over the benchmark index, Performance fee Dividend yield 4.0% MSCI AC Asia (ex-Japan) Yield to put/maturity N/A Redemption fee Currently nil

NAVs & codes Senior investment staff Class NAV ISIN Class A USD 10.13 IE00BWVFJ220 Chairman & Co-Chief Investment Officer: Cheah Cheng Hye Deputy Chairman & Co-Chief Investment Officer: Louis So Class Z USD Unhedged 10.76 IE00BWVFJ337 Deputy Chief Investment Officer: Renee Hung Senior Investment Director: Norman Ho, CFA Investment Directors: Gordon Ip, CFA; Kenny Tjan, CFA; Michelle Yu, CFA; Yu Xiao Bo Senior Fund Managers: Kelly Chung, CFA; Doris Ho; Glenda Hsia; Philip Li, CFA; Kai Mak

Recent corporate awards

Asset Management Awards 2016 7 Fund House of the Year – Hong Kong ~ AsianInvestor

Thomson Reuters Lipper Fund Awards 2016 7 Best Equity Group (Hong Kong) ~ Thomson Reuters

All fund information is as of 31 Mar 2017 unless stated otherwise. Source: HSBC Institutional Trust Services (Ireland) DAC and Bloomberg. 1. Value Partners Asia Dividend Stocks Fund is a sub-fund of Value Partners Ireland Fund Plc (the “Company”), an umbrella company with segregated liability between sub-funds authorized by the Central Bank of Ireland (“Central Bank”) as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. The Company is both authorized and supervised by the Central Bank. Authorization of the Company by the Central Bank shall not constitute a warranty as to the performance of the Company and the Central Bank shall not be liable for the performance or default of the Company. The authorization of the Company is not an endorsement or guarantee of the Company by the Central Bank. 2. The Fund is formerly known as Value Partners Asia ex-Japan Equity Fund. The Fund changed its name and investment objective with effective from 29 March 2016. Performance data in USD, NAV to NAV, with dividends reinvested, net of all fees. 3. Exposure refers to net exposure (long exposure minus short exposure). Due to rounding, percentages shown may not add up to 100%. 4. Classification is based on Global Industry Classification Standard (GICS). 5. Cash refers to net cash on hand excluding cash for collaterals and margins. 6. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Note that the manager’s internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 7. The award reflecting performance as at December 2015. No investor should subscribe to the Fund without having read the Prospectus, Supplement and Key Investor Information Documents (in English) which are available at www.valuepartners-group.com. Recipients of this marketing document who intend to subscribe for the Fund following publication of the Prospectus, Supplement and Key Investor Information Document are reminded that any such application may only be made on the basis of the information contained in the final Prospectus, Supplement and Key Investor Information Documents which may be different from the information contained in this marketing document which may be subject to updating, amendment and/or completion. No reliance may be placed for any purpose whatsoever on the information contained in this marketing document or on its completeness. No representation or warranty, express or implied, is given by the promoter of the Fund as to the accuracy of the information or opinions contained in this document and no liability is accepted for any such information or opinions. Investors should note that the Fund is not a guaranteed fund. Value of investment in the Fund can go down as well as up and return upon such investment will therefore necessarily be variable. Neither past experience nor the current situation are necessarily accurate guides to the future. Past performance may not be a reliable guide to future performance. Income may fluctuate in accordance with market conditions and taxation arrangements. Changes in exchange rates may have an adverse effect on the value price or income of the Fund. Investors should also be aware that the Fund may be subject to sudden and large falls in value, in which case investors could lose the total value of their initial investment. Investors should seek advice from a financial adviser before making any investment. In the event that you choose not to do so, you should consider whether the investment selected is suitable for you. For Singapore investors: The Fund is registered as a restricted foreign scheme in Singapore and will only be distributed to (i) institutional investors and (ii) accredited investors and certain other persons in Singapore in accordance with section 304 and 305 of the Securities and Futures Act. Value Partners Asset Management Singapore Pte Ltd, Singapore Company Registration No. 200808225G For Swiss Qualified Investors: The sales prospectus, the Articles of Association, the Key Investor Information Document (KIID) as well as the annual and semi-annual reports of the Fund are available free of charge from the Representative in Switzerland.

Swiss Representative: FIRST INDEPENDENT FUND SERVICES LTD., Klausstrasse 33, CH-8008 Zurich. VAEJ_Master+SG_201703 Swiss Paying Agent: NPB New Private Bank Ltd., Limmatquai 1, CH-8024 Zurich. FollowThis report hasus not on been reviewed by the Securities and Futures Commission of Hong Kong.Hotline Issuer: Value(852 Partners) 2143Hong Kong 0688 Limited. | www.valuepartners.com.hk 2

Value Partners Asia Dividend Stocks Fund Commentary / First Quarter 2017

 Value Partners Asia Dividend Stocks Fund (the “Fund”) primarily invests in higher yielding debt and equity securities in the Asian region.  The Fund is subject to emerging market risks due to additional risks relating to political, social, economic and regulatory uncertainty which may make investments in emerging markets generally more volatile than investments in developed markets. The value of the Fund could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost.  The Fund may invest directly in China A-Shares through the Renminbi Qualified Foreign Institutional Investors (RQFII) investment quota granted to the Manager and the Shanghai-Hong Kong Stock Connect. Investors will be subject to certain risks including repatriation risk, custodial risk, broker risk, regulatory risk and risks associated with the Manager’s RQFII status. In addition, the RQFII policy and rules are relatively new and there may be uncertainty in implementation and such policy and rules are subject to change. All these may adversely impact the Fund.  In respect of the distribution classes for the Fund, the Manager currently intends to make monthly dividend distribution. However, the distribution rate is not guaranteed. Distribution yield is not indicative of the return of the Fund. Distribution may be paid from capital of the Fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the net asset value per share of the Fund.  You should not make investment decision on the basis of this material alone. Please read the prospectus for details and risk factors.  The Fund is not authorized by the Securities and Futures Commission in Hong Kong and its shares are not available to the general public in Hong Kong.

Asian stocks have the best quarter since 2012

Asian stocks ended the first quarter of 2017 with the best quarterly gain in five years as reflation trades, expectations of a gradual rate hike in the US and improving global growth fueled fund flows into the region. The MSCI Asia ex-Japan Index rose 13.4% in the first three months of this year, delivering its best return since the same period in 2012.

With earnings in Asia ex-Japan continue to recover, the structural story in support of total returns through yield and growth remains intact and bodes well for the corporate dividend growth outlook. In fact, dividends have grown in Asia ex-Japan and Emerging Markets since the Global Financial Crisis in 2008. For instance, more companies in the region have reinstated dividends – a sign of management confidence towards improving future business outlook and profitability. Since 2000, Asia has led the chart with almost 35% of companies reinstating dividends, followed by Europe. Against this backdrop, Asian high- dividend plays are gaining traction among investors.

Confidence returning to China

In the first quarter of 2017, Hong Kong and China stocks delivered one of their best first-quarter performances underpinned by solid macro data, supportive southbound flows, corporate earnings upward revision and a stable Renminbi (“RMB”). The Hang Seng Index rose 9.9% (in USD) in the first three months of 2017 while the MSCI China Index and Shanghai Composite Index gained 12.9% and 4.7% (in USD), respectively.

Signs of confidence are returning to China. Indeed, first-quarter macro data this year continued to show that the world’s second-largest economy is gaining momentum with benign inflation pressure. Activity in China’s manufacturing sector picked up further in March 2017 with the official Purchasing Managers' Index (“PMI”) rose for the second consecutive month to 51.8, the highest since April 2012, supported by China’s increased efforts in providing fiscal stimulus which started in 2016, as well as improving domestic and export demand.

9th Floor, Nexxus Building, 41 Connaught Road Central, Hong Kong Hotline: (852) 2143 0688 Email: [email protected] www.valuepartners-group.com

Positive messages were also delivered at the 2017 National People’s Congress (“NPC”) in March. Presenting the government work report at the NPC, Premier Li Keqiang noted that growth stability and currency stability are the top priorities for the year. Amid the transition from a “pro-growth” stance in 2016 to “growth stability” in 2017, China set its growth target for 2017 at a more reasonable level at 6.5% and we believe this is achievable. With the recent macro improvement, this has also created more room for policymakers to tackle financial excesses and over capacity. Against this backdrop, China is expected to maintain a more prudent monetary policy and will focus on risk control measures, such as financial regulation strengthening and the speed up of supply-side reform. While deleveraging will constrain liquidity in the market, we believe these initiatives are positive to China over the long run.

From a market flow perspective, the southbound flows from mainland China into Hong Kong have been robust in the quarter and supported Chinese equities listed in Hong Kong. In our view, the southbound flows shall remain constructive over the long run, underpinned by attractive valuations of H-share companies, demand for currency diversification and the increasing launch of Stock Connect-related products in mainland China.

While RMB depreciation was a concern for many investors in 2016, People’s Governor Zhou Xiaochuan said at the NPC that the RMB will likely be broadly stable this year. Given China’s pledge to sustain the global status of RMB in the international monetary system, drastic RMB movement is unlikely in our view. In February 2017, China’s forex reserves rose the first time in eight months and returned to above US$3 trillion, signaling China’s first net capital inflow in more than two years. The turnaround, a result of tight capital outflow restrictions, economic recovery and higher domestic interest rates, has moderated investor concerns on China.

Korean stocks to test new high

In South Korea, the benchmark KOSPI continued its positive momentum in early 2017 and advanced further with a 4.4% gain in March, driven by foreign fund inflows fuelled by earnings upward revisions as well as appreciation of Korean Won against the US dollar. In the first quarter, Korea is one of the best- performing markets in Asia ex-Japan with a 15.1% gain. Despite the strong performance in the first quarter, Korea is still the most undervalued market in the region with a substantial discount. Meanwhile, the ouster of South Korean President Park Geun-hye removed a major source of uncertainty for Asia's fourth-largest economy even though the risk of a tactical pullback remains given the country’s heightened tension with China and potential trade tariffs under Donald Trump.

Portfolio strategy review

Asia ex-Japan market continued the gain in March 2017 with most indices closed in the positive territory. Value Partners Asia Dividend Stocks Fund (“the Fund”) rose 12.7% in the quarter while the reference index1 was up 13.4% in the same period.

In the first quarter, Hong Kong, China and Korea markets contributed the most to our portfolio. From a sector perspective, our stock picks in Korean technology component sector continued to gain momentum from both DRAM and NAND prices which were underpinned by tight supply and strong demand. Our financial exposures in banks and insurers also performed well in light of the rate hike in the US. In addition, our core exposures in China’s real estate names benefited from the sector’s strong contract sales in 2017, solid earnings announcement, as well as meaningful southbound flows to Hong Kong year-to-date.

On the detractor side, one of our Chinese energy holdings contributed to the drag as it reported declines in profit as suggested in previous guidance. We continue to hold the name as we expect earnings improvement will continue on the back of oil price recovery. A Chinese auto holding also added negative pressure to the portfolio as one of its joint venture brands delivered weaker-than-expected sales. Nevertheless, we decided to maintain the position as we see limited downside given its low valuation as compared to peers.

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Outlook

The first quarter of 2017 painted a positive picture for equity investor in Asia ex-Japan region as it is the first double-digit consensus earnings per share growth in the region since 2010. Despite the interest rate normalization in the US, the return of nominal growth bodes well for earnings outlook and is favourable to equity dividend growth, especially as we see better balance sheet (lower net debt) and cash flow (higher free cash flow) in Asian companies now as compared to the last rate hike cycle in 2004-2006.

In spite of the strong year-to-date outperformance, we remain constructive in the region. Currently, Asia ex-Japan stocks are trading at a 12-month forward price-to-earnings (“P/E”) ratio of 12.85 times, which is attractive compared to their global peers (12-month forward P/E of 15.96 times). Under this improving growth and reflationary environment, we will continue to uncover opportunities from both traditional stable high yield and cyclical high yield sectors.

Value investing back in fashion

Value investors like us are delighted to see that a rotation in favor of value style is under way in the equity market after a long winter which has lasted for more than five years. As of 31 March 2017, the growth style continued to outperform the value style in Asia-related stockmarkets based on annualized return for the past five years2. Yet, traits of value style are becoming more evident in the market as more companies are reporting cheap price-to-book ratios, as well as high dividend, earnings and cash flow yields. While it is yet to say that the value style has returned, we are closely watching out for opportunities in Asian value stocks, especially high-dividend value stocks in the region.

Value Partners Investment Team 19 April 2017

1. Index refers to MSCI AC Asia (ex-Japan) Index. 2. According to Morningstar data as of 31 March 2017, MSCI Asia ex-Japan Value Index delivered an annualized return of 3.7% for the past five years while MSCI Asia ex-Japan Growth Index gained 5.8%.

Value Partners Asia Dividend Stocks Fund is formerly known as Value Partners Asia ex-Japan Equity Fund. The Fund changed its name and investment objective with effect from 29 March 2016. Fund performance mentioned is referred to Value Partners Asia Dividend Stocks Fund. All performance figures are sourced from HSBC Institutional Trust Services (Ireland) Limited and Bloomberg (Data computed in US$ terms on NAV-to-NAV basis with dividends reinvested) as at 31 March 2017. Performance data is net of all fees. Individual stock performance is not indicative of fund performance.

The views expressed are the views of Value Partners Hong Kong Limited only and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. This material contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

Investors should note that the Fund is not a guaranteed fund. Value of investment in the Fund can go down as well as up and return upon such investment will therefore necessarily be variable. Neither past experience nor the current situation are necessarily accurate guides to the future. Past performance may not be a reliable guide to future performance. Changes in exchange rates may have an adverse effect on the value price or income of the Fund. Investors should also be aware that the Fund may be subject to sudden and large falls in value, in which case investors could lose the total value of their initial investment. Investors should refer to the Prospectus, relevant supplement and Key Investor Information Document of the Fund for further details and the risk factors in particular those involved in investing in emerging markets prior to the subscription of the shares of the Fund.

Neither the Company nor the Fund is authorized by the Hong Kong Securities and Futures Commission (“SFC”) and therefore shares of the Fund are not available to retail investors in Hong Kong. This document has not been reviewed by the SFC. Issuer: Value Partners Hong Kong Limited.

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Value Partners Asia Dividend Stocks Fund: 5 biggest holdings of securities as at 31 March 2017

Stock Industry Valuation Remarks (2017 Estimates) Banks Price: HKD6.25 China Construction Bank (“CCB”) ranks second in China in terms of assets and deposits. (Code: 939 HK) P/E: 5.8x Conservatively managed, CCB has controlled risk weighted asset growth and built up loan P/B: 0.8x loss provision buffers over the past two years. It is one of the best capitalized banks in the Market cap: Yield: 5.0% country. US$201.6 billion Korea Electric Power Utilities Price: KRW46,450.00 Korea Electric Power Corporation (“KEPCO”) is a state-owned integrated electric utility Corporation P/E: 4.8x company which is engaged in the generation, transmission and distribution of electricity in (Code: 015760 KS) P/B: 0.4x South Korea. As a monopoly operator of the country’s electricity transmission and Yield: 4.2% distribution system, KEPCO generates around 90% of the power consumed in Korea. Amid Market cap: government’s efforts to reduce state-owned enterprise’s debt, KEPCO is set to continue US$26.7 billion deleveraging and improving its profitability on the back of normalization in electricity tariffs. Besides, rising contribution from nuclear power plants will continue to reduce the company’s cost of power generation substantially, and likely to result in improvements in margins and earnings going forward. Longfor Properties Real estate Price: HKD12.78 Longfor Properties is a leading property developer in China which is also the first non-state (Code: 960 HK) P/E: 7.1x developer that has attained investment grade credit rating. With a sharp focus on P/B: 1.0x profitability instead of scale expansion, Longfor’s management has been building a sizable Market cap: Yield: 4.8% recurring income through a portfolio of shopping malls targeted at the middle class. Over US$9.6 billion the next few years, rental income of Longfor is expected to be strong enough to cover the developer’s interest expenses. PetroChina Energy Price: HKD5.69 PetroChina is China’s largest oil and gas producer and distributor which plays a dominant (Code: 857 HK) P/E: 19.6x role in the country’s oil and gas industry. It engages in a wide range of activities related to P/B: 0.8x oil and natural gas, including exploration, development, production and marketing. As Market cap: Yield: 2.2% China is expected to achieve moderate and stable economic growth, oil and gas demand in US$200.7 billion China is likely to continue its current upward trajectory. With the oil price hovering at a relatively low level, the company will also benefit as oil price recovers.

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Stock Industry Valuation Remarks (2017 Estimates) Samsung Electronics Electronics Price: Samsung Electronics is a global leading producer of semiconductors, display panels, (Code: 005935 KS) manufacturer KRW1,603,000.00 handsets, monitors, and TVs. Company earnings will continue to be driven by steady Preferred shares P/E: 6.8x growth in semiconductor demand alongside demand for big-data servers. Its continuous P/B: 1.1x investment in research and development to maintain its market leadership position will help Market cap: Yield: 2.1% it compete amid ongoing changes in the industry. US$36.7 billion

Note: The above investments made up 18% of Value Partners Asia Dividend Stocks Fund as at 31 March 2017. The stock prices are based on the closing of 31 March 2017.

Individual stock performance/yield is not necessarily indicative of overall fund performance.

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