Mr. CHEAH Cheng Hye, aged 57, is Chairman and Co-Chief Investment Officer (“Co-CIO”) of Value Partners. He is in overall charge of Value Partners’ operations, and is actively engaged in all aspects of the group’s activities, including investment research, fund management, business and product development and corporate management. He sets the Group's overall business and portfolio strategy. (Note: In July 2010, Mr. Louis SO Chun Ki was promoted to become Co-CIO of Value Partners, working alongside Mr. CHEAH.).

Mr. CHEAH has been in charge of Value Partners since he co-founded the firm in February 1993 with his partner, Mr. V-Nee YEH. Throughout the 1990s, he held the position of Chief Investment Officer and Managing Director of Value Partners, responsible for managing both the firm’s funds and the firm’s business operation. He led Value Partners to a successful listing on the Hong Kong Stock Exchange in 2007, the first and only asset management company listed in Hong Kong. Mr. CHEAH has more than 30 years of investment experience, and is considered one of the leading practitioners of value-investing in Asia and beyond. Value Partners and he personally have received numerous awards.

Mr. CHEAH was named in October 2010 by AsianInvestor as one of the Top-25 Most Influential People in Asian Hedge Funds. In 2009, he was named by AsianInvestor as one of the 25 Most Influential People in Asian Asset Management. He was also named as “Capital Markets Person of the Year” by FinanceAsia in 2007, and he was voted the "Most Astute Investor" in the Asset Benchmark Survey, in October 2003.

Prior to starting Value Partners, Mr. CHEAH worked at Morgan Grenfell Group in Hong Kong, where, in 1989, he founded the Company's Hong Kong/China equities research department, with the position of Head of Research and proprietary trader for the firm. Prior to this, he was a financial journalist with the Asian Wall Street Journal and Far Eastern Economic Review, where he reported on business and finance news across East and Southeast Asia markets.

Mr. Jimmy CHAN is Chief Executive Officer of Value Partners, responsible for business development, strategic investments and partnerships, and external relations, particularly for the expansion of the Group’s business in Mainland China and into international markets.

Mr. CHAN has over 20 years of investment, corporate finance and business management experience, and a long track record of building businesses in China. Previously, he was the Chief Executive (North China) of KaiLong REI Investment, a leading international real estate asset management company focused on the China real estate market. Before joining KaiLong REI, he was a partner of Deloitte Touche Tohmatsu, where he led its Corporate Finance Advisory Practice and Life Sciences & Healthcare Practice in China. He built the Corporate Finance Advisory Practice into the largest of its kind amongst the Big Four firms in China. Prior to joining Deloitte, he was Chief Financial Officer at a prominent private Hong Kong group engaged in property development, investment and retailing.

Mr. CHAN is 48 and he graduated with a Bachelor’s degree in Social Sciences from the University of Hong Kong in 1984. He became a Fellow of the Associate of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accounts in 1988 and 1997, respectively.

Ms. Renee HUNG is Deputy Chief Investment Officer of Value Partners, responsible for the overall management of the investment management team. She also holds a leadership role in the Group’s investment process, and commands a high degree of responsibility for portfolio management.

Ms. HUNG has extensive experience in the investment industry, with a solid track record in research and portfolio management. She joined Value Partners as an Analyst in April 1998, and was promoted to Fund Manager and then Senior Fund Manager in 2004 and 2005, respectively. In March 2009, she was again promoted to her current role of Deputy Chief Investment Officer.

Ms. HUNG is 36 and she graduated from the University of California in Los Angeles in the U.S.A. with a degree in Applied Mathematics in 1997.

Mr. Louis SO is Co-Chief Investment Officer (“Co-CIO”) of Value Partners, responsible for the daily operations and overall management of the firm’s investment management team. He holds a leadership role in the Group’s investment process, including a high degree of responsibility for portfolio management.

Mr. SO has extensive experience in the investment industry, with a solid track record in research and portfolio management. He joined Value Partners in May 1999 as an Analyst and was promoted to the role of Fund Manager, then Senior Fund Manager, and again as Deputy Chief Investment Officer in 2004, 2005 and 2009, respectively. He was most recently promoted to the role of Co-CIO in July 2010.

Mr. SO is 35 and he graduated from the University of Auckland in New Zealand with a degree in Commerce in 1997, and from the University of New South Wales in Australia with a Master’s degree in Commerce in 1998.

Mr. Timothy TSE is Deputy Chief Executive Officer and Chief Financial Officer of Value Partners. Mr. TSE joined the Group in January 2007 as Finance Director, and was promoted to Chief Financial Officer in January 2009. Then, in July 2010, he was promoted to Deputy Chief Executive Officer.

Prior to joining Value Partners, Mr. TSE worked in PricewaterhouseCoopers and KPMG, where he gained detail knowledge of the investment management industry, and a strong combination of financial expertise, capital markets experience and strategic perspective, particularly in the Greater China Region, including Hong Kong, mainland China and Taiwan.

Mr. TSE is 35 and he graduated from The Chinese University of Hong Kong with a Bachelor's degree in Business Administration in 1997. He became a CFA charterholder in 2001 and a Fellow of the Hong Kong Institute of Certified Public Accountants in 2009.

Dr. Michael Shih-ta CHEN was appointed as an Independent Non-executive Director of Value Partners Group Limited on 22 October 2007 and is the Chairman of the Company’s Remuneration Committee and a member of its Audit Committee.

Dr. CHEN is currently the Executive Director of the Harvard Business School Asia Pacific Research Center, the first international research office established by the Harvard Business School in Asia. Prior to joining the Center in October 2005, Dr. CHEN worked in both the private and public sectors. Previously, Dr. CHEN served as Head of the Risk Management Unit of the Private Sector Operations Department of the Asian Development Bank, Head of International Private Banking in Hong Kong of Standard Chartered Bank, and as a Regional Director of National Westminster Bank. He has also served on the boards of Asian Development Bank investee companies and has taught and written cases for various educational entities and universities.

Dr. CHEN is 65 and he graduated with a BA (Honors) Degree in Economics from the University of California, Berkeley in the U.S.A., received an MBA from Harvard University in the U.S.A. in 1972 and obtained a PhD in Economics from Cornell University in the U.S.A. in 1973.

Mr. LEE Siang Chin was appointed as an Independent Non-executive Director of Value Partners Group Limited on 22 October 2007, and is the Chairman of the Company’s Audit Committee and a member of its Remuneration Committee.

Mr. LEE is a Director of the Social Security Organization of Malaysia and a member of its investment panel. Mr. LEE also serves as an Independent Non-executive Director for AmInvestment Services Bhd, AmFutures Sdn Bhd, Uni.Asia Life Assurance Bhd, AmFraser Securities Pte. Ltd. and Star Publications (Malaysia) Berhad, a company listed on the Malaysian Stock Exchange. Mr. LEE had previously served as Chairman and Managing Director of Surf88.com Sdn Bhd, and AmSecurities Sdn Bhd, respectively, and has worked in corporate finance of leading investment banks in London, Sydney and Kuala Lumpur. Mr. LEE has held various public offices, and had served as a board member of the Kuala Lumpur Stock Exchange and President of the Association of Stock Broking Companies in Malaysia.

Mr. LEE is 62 and he became a member of the Malaysian Institute of Certified Public Accountants in 1975, and a Fellow of the Institute of Chartered Accountants in England and Wales in 1979.

Mr. Nobuo OYAMA was appointed as an Independent Non-executive Director of Value Partners Group Limited on 22 October 2007, and he is a member of the Company’s Audit and Remuneration Committees.

Mr. OYAMA is the founder and Managing Director of Asiavest Co. Ltd., an independent investment research and advisory firm in Tokyo, Japan. He is also Director and Chief Financial Officer of Yappa Corporation, Japan. He has over 30 years of experience in offshore treasury operations for Japanese institutional investors across Japan, United Kingdom and Hong Kong, and he has worked for Nichimen and Sojitz.

Mr. OYAMA is 57 and he received a Bachelor’s degree in Economics from the Kobe University in Japan, and was awarded a Master’s degree in Business Administration from Asia University, Tokyo, Japan, in 2010. He became a Chartered Member of the Security Analysts Association of Japan (CMA®) in 2009.

Mr. William CHOW is a Managing Director of Value Partners, where he holds a leadership role in the Company’s exchange traded funds (ETFs) business.

Mr. CHOW has extensive experience in the ETF industry, with a solid track record in product development and strategy as well as ETF portfolio management. Previously, he was the Senior Portfolio Manager at Blackrock North Asia Ltd, participating in iShares ETFs portfolio management. He was also the Lead Portfolio Manager of a number ETFs established under iShares including iShares FTSE A50 China Index ETF (one of the largest ETFs in Asia). Prior to joining iShares, he spent four years at State Street Global Advisors Asia Ltd (“SSgA”), as a Portfolio Manager and was responsible for various institutional equity index, asset allocation and currency hedging strategies, as well as managing ETFs such as the Tracker Fund of Hong Kong. Before joining SSgA, Mr. CHOW worked for UBS AG.

Mr. CHOW is 35 and he graduated with a Master’s degree in Science in Operational Research from the London School of Economics and Political Science (UK) in 1999, and a Bachelor’s degree in Engineering (Hons) in Civil Engineering from the University College London (UK) in 1998.

Mr. Norman HO is an Investment Director of Value Partners, where he holds a leadership role in the Company’s investment process, including a high degree of responsibility for portfolio management.

Mr. HO has extensive experience in the fund management and investment industry, with a focus on research and portfolio management. Mr. HO was promoted to Investment Director in July 2010, and participate in the Company’s investment management and lead the investment management team’s development. He joined Value Partners in November 1995. Prior to that, he was an executive with Dao Heng Securities Limited and had started his career with Ernst & Young.

Mr. HO is 44 and he graduated with a Bachelor’s degree in Social Science (majoring in Management Studies) from the University of Hong Kong in 1989. He became a CFA charterholder in 1996.

Mr. Raymond TAM is a Director and Head of Sales of Value Partners, where he leads the Company’s sales and client services operations.

Mr. TAM has extensive experience in the industry, especially in Hong Kong and Asia Pacific. Previously, he served as Vice President at BlackRock (formerly Merrill Lynch Investment Managers) and was responsible for sales and marketing of both retail and institutional (pension business) channels. Prior to that, he worked at JF Asset Management, where he was responsible for direct sales and fund distribution.

Mr. TAM is 36 and he graduated from the University of Western Ontario in Canada, with a Bachelor’s degree in Economics in 1996.

Ms. Rebecca WOO is Chief Compliance Officer of Value Partners, where she oversees the Company’s compliance functions.

Ms. WOO has broad experience in the industry, particularly with regard to compliance functions and scope, expertise in regulatory statutes, and other related functions. She first joined Value Partners in October 2002 as a Compliance Manager, and in May 2004 she was promoted to the role of Compliance Director. In January 2008 she was again promoted to the role of Chief Compliance Officer. Prior to that, she was a senior associate of PricewaterhouseCoopers.

Ms. WOO is 34 and she graduated from The Chinese University of Hong Kong with a Bachelor’s degree in Business Administration in 1998. Ms. WOO became a member of the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants in 2002, and she became a CFA charterholder in 2003.