Morningstar RatingTM1

As at 28-02-2013

Value Partners Classic Fund

NAV per unit : A Units - US$216.12 Fund size : US$1,539.15 million

28 March 2013

2 Pages

B Units - US$99.11

C Units - US$12.44 / HK$96.5667 2 (for reference only)

Please pay particular attention to the risk of investment in China and other markets in the Asian region and in companies with medium or small capitalization. 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. The fund may also invest in derivatives which can involve material risks, e.g. counterparty default risk, insolvency or liquidity risk, and may expose the fund to significant losses. You should not make investment decision on the basis of this material alone. Please read the explanatory memorandum for details and risk factors.

Investment objective
The fund aims to achieve consistent superior return and uses a bottom-up approach to invest in value stocks in the Asia Pacific region, particularly those in Greater China region, which the Manager believes are being traded at deep discounts to their intrinsic value.

Performance update
A Units
One month Year-to-date One year Three years Five years Since launch Annualized return Annualized volatility
+2,061.2%

Performance since launch

% 2800 2400 2000 1600 1200 800 400 0

Value Partners Classic Fund (A Units) Hong Kong Hang Seng Index

Hang Seng B Units Index -2.9% -2.9% -3.0% +2.1% -1.4% +2.0% +7.7% +12.6% +7.2% +12.3% +16.0% +10.7% +33.8% +16.2% +30.5% +2,061.2% +354.4% +891.1% +16.6% +7.9% +14.5% 22.4% 27.8% 23.4%

C Units -3.0% +2.1% +7.2% +12.5% N/A +24.4% +6.4% 20.9%

Annualized return and volatility are calculated from inception. 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. 3

Annual performance
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (YTD)

+354.4%

04/93 03/95 03/97 03/99 03/01 03/03 03/05 03/07 03/09 03/11 03/13

Index refers to Hang Seng Price Return Index up to 31 December 2004, thereafter it is the Hang Seng Total Return Index. Hang Seng Total Return Index includes dividend reinvestment whereas Hang Seng Price Return Index does not take into account reinvestment of dividends.

A Units +21.2% +83.6% +5.8% +15.9% +41.8% +41.1% -47.9% +82.9% +20.2% -17.2% +14.0% +2.1%

B Units +20.9% +83.1% +5.6% +15.6% +41.2% +40.4% -48.1% +82.0% +19.6% -17.6% +13.4% +2.0%

C Units N/A N/A N/A N/A N/A N/A N/A +7.7% +21.2% -17.6% +13.4% +2.1%
3

Value Partners Classic Fund (A Units): Monthly performance from 1 Jan 2002 to 28 Mar 2013
Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (YTD) Jan +8.9% +6.2% +2.9% +0.7% +9.2% +2.1% -14.0% -3.2% -5.8% -1.5% +7.8% +7.9% Feb +3.0% +4.9% +4.5% +3.4% +3.5% +2.5% +6.1% -0.2% +2.2% -1.6% +6.3% -2.5% Mar +5.6% +0.7% +0.1% -1.1% +6.7% +2.5% -9.5% +8.2% +7.1% +5.4% -5.7% -2.9% Apr +1.5% -2.2% -2.9% +0.3% +4.6% +5.0% +10.9% +8.2% +3.1% +3.5% +1.6% May +8.4% +9.3% -6.1% -1.2% -5.6% +3.7% -2.2% +20.1% -6.1% -1.3% -10.2% Jun -6.8% +4.5% -0.8% +4.0% -2.6% +4.8% -8.3% +1.3% +1.1% -3.2% -2.1% Jul -0.9% +9.8% -0.1% +1.6% +3.2% +12.6% -5.3% +11.5% +5.0% +2.8% -1.3% Aug -1.0% +6.9% -0.1% -0.1% +0.7% -7.4% -8.6% +0.1% +0.2% -7.5% +1.7% Sep -3.7% +6.3% +4.2% +3.1% +0.8% +10.5% -11.0% +2.5% +10.5% -19.8% +6.4% Oct +0.5% +8.5% +0.7% -1.9% +5.0% +8.9% -31.0% +7.5% +3.8% +15.3% +2.3% Nov +2.0% +1.4% +3.9% +3.8% +6.4% -9.6% +5.2% +5.9% -0.7% -7.8% +1.9% Dec +3.0% +6.5% +0.0% +2.5% +4.6% +1.6% +13.4% +2.2% -0.7% +1.0% +5.9%

Annual +21.2% +83.6% +5.8% +15.9% +41.8% +41.1% -47.9% +82.9% +20.2% -17.2% +14.0% +2.1%

9th Floor, Nexxus Building, 41 Connaught Road Central, Hong Kong Tel : (852) 2880 9263 Fax : (852) 2565 7975 Email : vpl@vp.com.hk Website : www.valuepartners.com.hk

Value Partners Classic Fund 28 March 2013

Top 10 securities holdings

Name PetroChina China Vanke Shenzhou International Group Shanghai Pharmaceuticals President Chain Store AIA Group Vinda International Yara International Bank of China Ping An Insurance Industry Energy Real estate Consumer durables & apparel Health care equipment & services Food & staples retailing Insurance Household & personal products Materials Banks Insurance
4

Portfolio characteristics
% 7.9 6.5 3.1 3.0 2.9 2.5 2.5 2.4 2.3 2.2 As at 28 March 2013 Price/earnings ratio Price/book ratio Dividend yield 2013 8 12.1 times 2.0 times 2.7%

Fund facts
Manager: Base currency: Trustee: Custodian: Launch date: Bloomberg and ISIN code: Value Partners Limited US$ Bank of Bermuda (Cayman) Limited HSBC Institutional Trust Services (Asia) Limited A Units - 1 April 1993 B Units - 15 May 1996 C Units - 15 October 2009 A Units - VLPARAI KY / KYG9316N1025 B Units - VLPARBI KY / KYG931701018 C Units - VLPARCI KY / KYG9316N1280

These stocks constitute 35% of the fund. The top ten securities holdings only include companies and/ or REITs the fund invested, excluding any index tracking fund or ETF.

Geographical exposure by listing 5

H Shares Hong Kong China B Shares Taiwan Singapore Red Chips Gold Others 6 Norway Philippines Cash 7 30% 29% 16% 8% 7% 6% 5% 3% 2% 2% -7%

A, B and C units are invested in the same fund, A and B units were no longer issued from 12 April 2002 and 15 October 2009 respectively. Only C units are currently available. Unit price is published daily in the South China Morning Post, the Hong Kong Economic Journal and the Hong Kong Economic Times.

Fee structure
Minimum subscription Minimum subsequent subscription Subscription fee Management fee Performance fee 9 Redemption fee Dealing day C Units US$10,000 or HK$ equivalent 2 US$5,000 or Nil Nil HK$ equivalent 2 Closed Closed up to 5% 0.75% p.a. 1.25% p.a. 1.25% p.a. 15% of profit (High-on-high principle) Nil Daily Daily Daily dealing redemption redemption Closed Closed A Units B Units

Short exposure includes: Hong Kong, -0.2%.

Sector exposure 4 5
Consumer discretionary Consumer staples Energy Health care Information technology Real estate Banks Insurance Gold Materials Industrials Other financials Utilities Others 6 Cash 7 19% 15% 12% 11% 10% 9% 9% 5% 5% 4% 3% 3% 2% 1% -7%

Value Partners Investment Team

Chairman & Co-Chief Investment Officer: Cheah Cheng Hye Deputy Chairman & Co-Chief Investment Officer: Louis So Deputy Chief Investment Officer: Renee Hung Investment Director: Norman Ho, CFA Senior Fund Managers: Eric Chow; Doris Ho; Ada Lau, CFA; Lien Ber Luen, CFA; Alan Wang, CFA; Michelle Yu, CFA

Recent awards
Fund of the Year Awards 2011 Outstanding Achiever Greater China Equity category 10 ~ Benchmark 2011 - Long-Term Performance Award (10 years) 11 ~ AsiaHedge Awards 2011

Total short exposure is -0.2%. Short exposure includes: Consumer staples, -0.2%.

1. 2013 Morningstar, Inc. All Rights Reserved (for A and B Units). 2. Investors should note that the base currency of C Units is in USD. The HKD is for reference only and should not be used for subscription or redemption purpose. Conversion to the base currency of C Units will normally take place at the prevailing rate (as determined by the Funds Trustee or Custodian) on the corresponding fund dealing day. Investor should be aware of possible risks resulting from fluctuations of exchange rates against USD. 3. Source: HSBC Institutional Trust Services (Asia) Limited and Bloomberg, in USD, NAV to NAV, with dividends reinvested. Performance data is net of all fees. 4. Classification is based on Global Industry Classification Standard (GICS). 5. Exposure refers to net exposure (long exposure minus short exposure). 6. Others include 0.002% cash for collaterals and margins. 7. Cash refers to net cash on hand excluding cash for collaterals and margins. 8. The profile is based on market consensus forecast as derived from S&P Capital IQ and Bloomberg. Note that the managers internal estimates may differ significantly from S&P Capital IQ and Bloomberg estimates. 9. Performance fee will only be charged if the NAV at the end of the financial year exceeds the high watermark, which is the all-time year-end high of the funds NAV. If in any one year, the fund suffers a loss, no performance fee can be charged in subsequent years until the loss is recovered fully (the high-on-high principle). 10. Class A Units of the fund selected as one of the top 100 funds based on fund size, track record, Morningstars Star rating and one year absolute ranking as at month end October 2011. 11. Value Partners Classic Fund is not authorized as a hedge fund by the Securities and Futures Commission (SFC) in Hong Kong according to the Code on Unit Trusts and Mutual Funds. SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Information in this report has been obtained from sources believed to be reliable but Value Partners Limited does not guarantee the accuracy or completeness of the information provided by third parties. This report has not been reviewed by the SFC. Issuer: Value Partners Limited.