Value Partners All China Equity Fund A Sub-Fund of Value Partners Ireland Fund ICAV A UCITS-Compliant Fund 1 NAV per unit : Class V USD Acc – USD14.87 Fund size : USD39.9 million December 2020 • Value Partners All China Equity Fund (The “Fund”) primarily invests in equities and equity-related securities issued by companies in, or companies that have their main operations in, or majority of their income derived from the People’s Republic of China (“PRC”). • The Fund primarily invests in PRC, therefore is subject to emerging market risks. Generally, investments in emerging markets are more volatile than investments in developed markets due to additional risks relating to political, social, economic and regulatory uncertainty. The value of the Fund can be extremely volatile and could go down substantially within a short period of time. It is possible that the entire value of your investment could be lost. • In respect of the distribution shares 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 of 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.

Investment objective Portfolio characteristics 3 Value Partners All China Equity Fund (the “Fund”) aims to provide As at 31 Dec 2020 capital appreciation by investing primarily in equities and equity- Price/earnings ratio 17.2 times related securities issued by companies in, or companies that have Price/book ratio 2.7 times their main operations in, or majority of their income derived from the Peoples Republic of China (“PRC”). Portfolio yield 1.7% The Fund MSCI China Performance update (Class V USD Acc) All Shares Index The Fund MSCI China Annualized volatility ^ 21.1% 17.7% (Class V USD Acc) All Shares Index 4 One month +6.4% +4.2% Geographical exposure Three months +19.2% +13.4% 46 Oshore China (Hong Kong isted) 37 Six months +35.4% +28.2% 37 Year-to-date +32.5% +33.4% China Ashares 42 One year +32.5% +33.4% 15 Oshore China (Foreign isted) Total return since launch +48.7% +50.9% 21

Annualized return since launch ^ +37.2% +38.8% 5 2 Cash 0 Top holdings The Fund SC China All Shares nde 2 Name Industry Market % Sector exposure 2, 4 Holdings Ltd Media & entertainment China 8.8 25 Alibaba Group Holding Ltd Retailing China 7.1 Consumer disretionary 26 Co Ltd Banks China 3.4 15 Finanials Meituan Retailing China 3.3 16 (Group) Insurance China 2.9 normation tehnology 13 Company of China Ltd 10 Co Ltd Food, beverage & tobacco China 2.7 12 Communiation series 14 Jiangsu Hengrui Medicine Pharmaceuticals, China 2.4 11 Co Ltd biotechnology & Consumer staples life sciences 9 CITIC Securities Co Ltd Diversified financials China 2.2 Health are 8 8 Co Ltd Food, beverage & tobacco China 2.2 ndustrials 7 Yum China Holdings Inc Consumer services China 1.9 8 These securities constitute 37% of the Fund. Real estate 3 3 aterials 2 4 Utilities 2 2 Cash 5 2 0 The Fund SC China All Shares nde

The Fund (Class V USD Acc) – Monthly performance Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2019 N/A N/A N/A N/A N/A N/A N/A N/A N/A +3.9% +0.6% +7.4% +12.2% 2020 -9.0% +2.1% -6.6% +5.8% -2.6% +9.6% +11.8% +6.4% -4.4% +5.0% +6.7% +6.4% +32.5%

^ Annualized return and volatility are calculated from inception based on published NAV. Volatility is a measure of the theoretical risk in terms of standard deviation; in general, the lower the number, the less risky the investment, and vice versa. 43rd Floor, The Center, 99 Queen’s 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 All China Equity Fund | December 2020

NAV & code Fund facts 6 Class NAV ISIN Bloomberg Manager: Value Partners Hong Kong Limited Class V USD Acc 14.87 IE00BFZ9G976 VACUVAU ID Base currency: USD Administrator: HSBC Securities Services (Ireland) DAC Top 5 active weights Depository: HSBC Continental Europe MSCI China Active Launch date: 2 Oct 2019 Name The Fund All Shares Index weight Class V USD Acc China Merchants Bank Co Ltd +3.4% +1.4% +2.0% Dealing frequency: Daily, cutoff time 11:59am Irish time Reporting: www.valuepartners-group.com CITIC Securities Co Ltd +2.2% +0.4% +1.8% Jiangsu Hengrui Medicine +2.4% +0.6% +1.8% Co Ltd Fee structure Kingdee International Software +1.8% +0.2% +1.6% Class A Class V Group Co Ltd AUD10,000/ CAD10,000/ Kingsoft Cloud Holdings Ltd +1.6% +0.1% +1.5% CHF1,000,000/ CHF10,000/ EUR1,000,000/ EUR10,000/ GBP1,000,000/ Bottom 5 active weights Minimum subscription: GBP10,000/ HKD8,000,000/ HKD80,000/ MSCI China Active SGD1,000,000/ Name The Fund RMB60,000/ All Shares Index weight USD1,000,000 Alibaba Group Holding Ltd +7.1% +9.4% -2.3% SGD10,000/ USD10,000 Baidu Inc +0.0% +1.3% -1.3% Initial subscription fee: Up to 5% of the issue price NIO Inc +0.0% +1.3% -1.3% Management fee: 1.5% p.a. 0.25% p.a. Industrial and Commercial +0.0% +1.1% -1.1% Ltd Performance fee: Nil Wuxi Biologics (Cayman) Inc +0.0% +0.9% -0.9% Redemption fee: Currently nil

Source: HSBC Institutional Trust Services (Ireland) DAC and Bloomberg, data as at the last valuation date of the month as stated above. Performance is calculated on NAV to NAV in base currency with dividend reinvested and net of fees. All indices are for reference only. Our portfolio disclosure policy can be obtained from the Investment Manager upon request to email [email protected]. 1. Value Partners All China Equity Fund is a sub-fund of Value Partners Ireland Fund ICAV (formerly Value Partners Ireland Fund plc), is an umbrella scheme with segregated liability between sub-funds authorised by the Central Bank of Ireland as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. The ICAV is authorised and supervised by the Central Bank. Authorisation by the Central Bank shall not constitute a warranty as to the performance of the ICAV and the Central Bank shall not liable for the performance or default of the ICAV. 2. Classification is based on Global Industry Classification Standard (GICS). 3. The profile is based on market consensus forecast as derived from FactSet and Bloomberg. Harmonic mean methodology is applied to calculate the forecast P/E ratio and P/B ratio. Portfolio yield is the weighted average of the total dividend yield of all securities in the portfolio. 4. Exposure refers to net exposure (long exposure minus short exposure). Derivatives e.g. index futures are calculated based on P/L instead of notional exposure. 5. Cash includes receivables and payables (except cash for collaterals and margins). 6. Each hedged share class will hedge the Fund’s base currency back to its currency of denomination on a best efforts basis. However, the volatility of the hedged classes measured in the Fund’s base currency may be higher than that of the equivalent class denominated in the Fund’s base currency. The hedged classes may be suitable for investors who wish to reduce the impact of changes in exchange rates between their local currency and the Fund’s base currency. Past Performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. This document does not constitute an offer to anyone, or a solicitation by anyone, to subscribe for shares of Value Partners Ireland Fund ICAV. Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell shares. Subscriptions for shares of the Fund can only be made on the basis of its latest Key Investor Information Document, prospectus and supplement together with the latest audited annual report (and subsequent unaudited semi-annual report, if published), copies of which can be obtained, free of charge, from www.valuepartners-group.com, your financial adviser or your regional contact. An investment in the Fund entails risks, which are fully described in the prospectus. For Swiss investors: This is a marketing document. The sales prospectus or the terms of contract or the Placement Memorandum, the Articles of Association or the Limited Partnership Agreement or the Trust deed as well as the annual and semi-annual reports of the Fund may be obtained free of charge from the Swiss Representative. In respect of the Shares distributed in Switzerland to Qualified Investors, place of performance and jurisdiction is at the registered office of the Representative. Switzerland Representative: FIRST INDEPENDENT FUND SERVICES LTD, Klausstrasse 33, CH-8008 Zurich. VPCE_Swiss_202012 FollowSwitzerland us Paying on Agent: NPB NEUE PRIVAT BANK AG, Limmatquai 1, CH-8024 Zurich. 2