Mr. CHEAH Cheng Hye, aged 56, is the Co-Founder of Value Partners with business partner Mr. YEH V-Nee in February 1993 and has served as the Group's Chief Investment Officer from the start. In July 2010, he and Mr. Louis SO assumed the roles of Co-Chief Investment Officers. During the 1990s, Mr. CHEAH served as Managing Director, in charge of the Group's business and corporate activities.

The investment team of the Group is headed by Mr. CHEAH, who develops new investment and product ideas. He is also responsible for setting and constantly reviewing the Group's overall portfolio strategy and investment approach.

Mr. CHEAH also serves as the Group's Executive Chairman, with overall responsibility for Value Partners' business and strategy.

As one of the pioneers of value investing in Asia, Mr. CHEAH was named as Capital Markets Person of the year by FinanceAsia in 2007 and was voted the "Most Astute Investor" in the Asset Benchmark Survey, October 2003. Prior to founding Value Partners, Mr. CHEAH worked at Morgan Grenfell Group in Hong Kong, where he founded the firm's Hong Kong equities research department in 1989 and acted as its head, and also carried out proprietary trading at Morgan Grenfell. Prior to that, he was a financial journalist with the Asian Wall Street Journal and Far Eastern Economic Review, where he covered business and finance across the East and Southeast Asia markets.

Mr. CHAN Sheung Lai, aged 47, joined the Group in January 2010 as a Managing Director of Value Partners Limited, a principal subsidiary of the Company, and is responsible for business and corporate management. In July 2010, Mr. CHAN was promoted to the role of Chief Executive Officer. He has 20 years of investment banking and corporate management experience. He was previously the Chief Executive (Beijing and Northern Region, China) of KaiLong REI Investment, a real estate investment and asset management firm in China. 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.

Mr. CHAN 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. HUNG Yeuk Yan Renee, aged 35, is the Deputy Chief Investment Officer of the Group. She is responsible for the overall management of the investment management team and holds a leadership role in the Group's investment process, including a high degree of responsibility for portfolio management. Ms. HUNG joined the Group in April 1998 as an analyst and was promoted to Fund Manager and Senior Fund Manager in 2004 and 2005, respectively. She was further promoted to Deputy Chief Investment Officer in March 2009. She graduated from the University of California in Los Angeles in USA in December 1997 with a degree in Applied Mathematics.

Mr. SO Chun Ki Louis, aged 34, is the Co-Chief Investment Officer of Value Partners Group, sharing this leading role with Chairman and Co-Chief Investment Officer Mr. CHEAH Cheng-Hye. Together, they are developing new investment and product ideas, setting and constantly reviewing the Group's overall portfolio strategy and investment approach.

Mr. SO joined the Group in May 1999 as an analyst and was promoted to Fund Manager and Senior Fund Manager in 2004 and 2005, respectively. He was further promoted to Deputy Chief Investment Officer in March 2009, and was then promoted again to his current role as the Co-Chief Investment Officer in July 2010.

Mr. SO graduated from the University of Auckland with a degree in Commerce in April 1997 and from the University of New South Wales with a Master's degree in Commerce in October 1998.

Mr. TSE Wai Ming, aged 34, is the Group's Deputy Chief Executive Officer & Chief Financial Officer. He 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 his contributions at Value Partners, Mr. TSE spent more than eight years at Transaction Services Group of KPMG and Financial Services Group of PricewaterhouseCoopers. He graduated in December 1997 from The Chinese University of Hong Kong with a Bachelor's degree in Business Administration. He became a CFA charterholder in September 2001 and a Fellow of the Hong Kong Institute of Certified Public Accountants in February 2009.

Dr. CHEN Shih Ta Michael, aged 64, was appointed as an Independent Non-executive Director of the Company 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 Harvard Business School Asia Pacific Research Center in October 2005, Dr. CHEN worked in both the private and public sectors. Dr. CHEN previously 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. Dr. CHEN 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 graduated with a BA (Honors) Degree in Economics from the University of California, Berkeley in U.S.A. in June 1966, and received an MBA from the Harvard University in U.S.A. in June 1972 and a PhD in Economics from the Cornell University in U.S.A. in August 1973.

Mr. LEE Siang Chin, aged 61, was appointed as an Independent Non-executive Director of the Company 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 Organisation 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 and AmFraser Securities Pte. Ltd.

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 became a member of the Malaysian Institute of Certified Public Accountants in June 1975 and a Fellow of the Institute of Chartered Accountants in England and Wales in January 1979.

Mr. OYAMA Nobuo, aged 56, was appointed as an Independent Non-executive Director of the Company on 22 October 2007 and is a member of the Company's Audit and Remuneration Committees. Mr. OYAMA is the founder and Managing Director of Asiavest Co., Ltd. which is an independent investment research and advisory firm in Tokyo, 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 worked for Nichimen and Sojitz. Mr. OYAMA received a Bachelor's degree in Economics from the Kobe University in Japan in March 1976 and became a registered member of the Japan Association for Financial Planners in December 2006. He became a Chartered Member of the Security Analysts Association of Japan (CMA®) in August 2009.

Mr. CHOW Wai Chiu William, joined Value Partners in February 2010 and has a leadership role in the firm's ETF (Exchange Traded Fund) business development and operations. Mr. CHOW has extensive experience in ETFs. He was previously the Senior Portfolio Manager at Blackrock North Asia Ltd, participating in iShares ETFs product development. He was also the Lead Portfolio Manager of a number ETFs established under iShares. 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 holds a Master's degree in Science in Operational Research from the London School of Economics and Political Science (UK), and a Bachelor's degree in Engineering (Hons) in Civil Engineering from the University College London (UK).

Mr. HO Man Kei holds a leadership role in the Company's investment process, including a high degree of responsibility for portfolio management. He was promoted to the role of Investment Director from Senior Fund Manager in July 2010. As Investment Director, Mr. HO is deeply involved in Value Partners' investment operations, helping the team reach ever greater success and client satisfaction. He joined the Group in November 1995. Previously, he was an executive with Dao Heng Securities Limited and had started his career with Ernst & Young. Mr. HO is a graduate of the University of Hong Kong, where he received a Bachelor's degree in Social Science in December 1989, majoring in Management Studies. He became a CFA charterholder in October 1996.

Mr. TAM Raymond Hin Tat joined the Group in April 2008. He is in charge of the sales and marketing and client services functions and is also involved in business development. He previously served as Vice President at BlackRock (formerly Merrill Lynch Investment Managers) since 2000. Prior to that, he worked at JF Asset Management, where he was responsible for direct sales and fund distribution. Mr. TAM graduated from the University of Western Ontario in Canada with a Bachelor's degree in Economics.

Ms. WOO Lai Nga is the Chief Compliance Officer of the Group and oversees the compliance functions. She first joined the Group in October 2002 as Compliance Manager. She was promoted to Compliance Director in May 2004 and was further promoted to Chief Compliance Officer in January 2008. She also oversees the risk management, legal and internal audit teams of the Group. Prior to that, she was a senior associate of PricewaterhouseCoopers. Ms. WOO graduated from The Chinese University of Hong Kong with a Bachelor's degree in Business Administration in December 1998. She became a member of the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants in February 2002 and June 2002 respectively. Ms. WOO became a CFA charterholder in September 2003.