China New Balance Opportunity Fund

Morningstar Rating TM
China Southern Dragon Dynamic Fund Class I USD and Class I HKD ^

All information as of 30 April 2017

Risk Disclosure CIES Eligible#

The China New Balance Opportunity Fund (the "Sub-Fund") is a sub-fund of the China Southern Dragon Dynamic Fund (the "SICAV"), which is an open-ended
investment company domiciled in Luxembourg and primarily invests in equity securities which have substantial exposure to Greater China. The value of the Sub-
Fund can be volatile and could go down substantially and you may lose entire amount of your investment.
Some of the assets of the Sub-Fund are denominated in RMB. Unitholders will be exposed to movements of the exchange rate between the currency of the class of
Shares they invest in and RMB. RMB is not a freely convertible currency. There can be no assurance that RMB will not depreciate.
The Sub-Fund invests in Mainland China so it may be subject to emerging market risk and concentration risk.
Unitholders of certain classes may incur a performance fee notwithstanding the Unitholder may have suffered a loss in the investment in the Shares. The
performance fee may create an incentive for the Manager to make investments for a Sub-Fund, which are riskier than would be the case in the absence of a fee
based on the performance of a Sub-Fund.
The Manager may, at its discretion, pay dividends out of capital. Payment of dividends out of capital or effectively out of the capital amounts to a return or withdrawal
of part of an investors original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the
capital or effectively out of the capital of the sub-fund may result in an immediate reduction of the NAV per Unit.
Investor should not invest in the Sub-Fund solely based on this material alone.
# The Hong Kong Dollar class of the Sub-Fund is one of the eligible collective investment schemes for the Hong Kong Capital Investment Entrant Scheme (CIES).
^ Class I USD and Class I HKD five star. Morningstar, Inc. All Rights Reserved. Morningstar RatingTM as at 30 April 2017.

Investment Objective Cumulative Performance(%)1

To achieve medium to long-term capital appreciation by participating in Since
Share Class 1 Month 6 Month 1 Year 3 Year
the economic growth in the Greater China region. Inception3
Class I USD
0.74 5.99 24.09 45.93 112.76
Acc
Class A USD
Fund Information 0.71 7.93 26.20 47.95 73.78
Acc
Legal Structure Luxembourg SICAV (UCITS) Index2 2.66 9.87 23.35 27.41 20.38

1
Manager CSOP Asset Management Limited Calendar Year Performance(%)

Fund Size USD 183.69 million Share Class 20113 2012 2013 2014 2015 2016 2017YTD
Class I USD
Base Currency USD Acc -7.66 34.94 30.59 1.47 11.90 0.57 14.50
Class A USD
Share Class Currency RMB4, USD, HKD Acc - 5.02 25.78 0.00 12.72 -0.48 17.28

2 -19.75 23.11 3.95 8.28 -7.64 1.10 15.94

Dealing Frequency Daily Index
160%
Management Company Lemanik Asset Management S.A.
120%
Administrator/Depositary Citibank Europe plc, Luxembourg Branch 80%
40%
0%
-40%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Class I - USD Index

Share Class Information

Inception Bloomberg Minimum Subscription Management Performance Last
Share Class NAV ISIN Code
Date Code Investment Fee Fee Fee Distribution
Class I USD-Acc 212.76 21-Jan-11 LU0562028620 CHNEBAO LX 1,000,000 Up to 5% 1% p.a. -
20% with
Class I HKD-Acc 181.75 07-Dec-12 LU0744789644 CHNEBHI LX 8,000,000 Up to 5% 1% p.a. performance -
Class I USD-Dis 86.23 25-Nov-15 LU1033681468 CSCNIUD LX 1,000,000 Up to 5% 1% p.a. over 8% 10.625
hurdle rate
Class I HKD-Dis 135.65 26-Jan-16 LU1033681542 CHNEIHD LX 8,000,000 Up to 5% 1% p.a. -
Class A USD-Acc 173.78 05-Dec-12 LU0708185235 CHNEBUA LX 5,000 Up to 5% 2% p.a. Not Applicable -
Class A USD-Dis 130.33 26-Sep-14 LU1033680908 CHSNBAU LX 5,000 Up to 5% 2% p.a. Not Applicable 0.976
Class A HKD-Acc 180.69 7-Dec-12 LU0744789560 CHNEBHA LX 40,000 Up to 5% 2% p.a. Not Applicable -
Class A HKD-Dis 141.56 10-Jun-14 LU1033681039 CNBOADH LX 40,000 Up to 5% 2% p.a. Not Applicable 2.467
Footnote:
1. NAV to NAV performance with dividends reinvested.
2. The Fund uses MSCI China Index (total return in USD) for performance comparison only, not for benchmark, Bloomberg Ticker: MXCN Index; the index is changed from MSCI China Index (total return in HKD) to MSCI
China Index (total return in USD) since Jan 2017 to avoid pegged exchange rate fluctuation; index return is since 21 January 2011.
3. Calculated since the inception date of each share class.
4. Not available for public distribution in Hong Kong.
5. Ex-dividend Date: 17 March 2016; dividend will be paid in the relevant share class currency per unit and paid out of capital (per share). Please refer to the Investment Managers website for dividend composition.
6. Ex-dividend Date: 27 October 2014; dividend will be paid in the relevant share class currency per unit and paid out of capital (per share). Please refer to the Investment Managers website for dividend composition.
7. Ex-dividend Date: 16 December 2015; dividend will be paid in the relevant share class currency per unit. Please refer to the Investment Managers website for dividend composition.

CSOP Asset Management Limited ; 2801-2803 Two Exchange Square, 8 Connaught Place, Central, Hong Kong SAR;
Tel: (852) 3406-5688 ; Website: www.csopasset.com; Email: investorservice@csopasset.com
 China New Balance Opportunity Fund
Morningstar Rating TM
China Southern Dragon Dynamic Fund Class I USD and Class I HKD

All information as of 30 April 2017

CIES Eligible#
Portfolio Characteristics Top 5 Holdings
Cash Equity Exposure8 100.73%* Security Name Sector % of NAV
Large Cap 66.43% Alibaba Group Holding Ltd Information Technology 9.74
Mid Cap 28.90%
Tencent Holdings Ltd Information Technology 9.71
Small Cap 5.40% Hong Kong Exchanges and
Financials 6.71
Clearing
Standard Deviation (Annualized)9 22.27%
Galaxy Entertainment Group Ltd Consumer Discretionary 5.91
Sharpe Ratio9,10 0.62
Sands China Ltd Consumer Discretionary 5.68
Beta9,11 85%

Alpha9,11 (Annualized) 10.44% Sector Allocation

*The total equity exposure is slightly over 100% which is due to trade settlements cross
the month end. There is no leverage tool being taken by the portfolio.
Information Technology 41.56%

Country Allocation* Consumer Discretionary 33.52%

Financials 9.73%
Utilities 5.47%
-1% Industrials 5.00%
30% HK
Energy 2.39%
US
Health Care 2.13%
71% Cash and others^ Consumer Staples 0.93%
Cash and others -0.73%

^The negative cash and others item is due to unsettled transactions cross the month end. The payables and receivables are included in this item that is the main reason why showing
a total negative value and there is no leverage tool being taken by the portfolio.

Managers Comment
Fund Performance
The Funds net asset value increased by 0.74% this month and 112.76% since inception, while MSCI China Index increased by 2.66% and 20.38%
respectively.
Investment Review

The market rose mildly in April, as the Hang Seng Index was up 2.1%, and the MSCI China Index was up 2.7%. Good earnings resulted in good
performance. Many blue chip companies reported promising 2016 full year results or 1Q17 results over the past month, as a lot of traditional sectors
benefited from last years supply side reform, and new economy sectors continued to thrive in Chinas consumption upgrade trend.

The Southbound flows from Stock Connect also helped to drive up the valuation of HK market. Leaders in technology and auto sectors continued to
see record high P/E multiples, and property sector is also a pleasant surprise year-to-date. We are still strong believers of Hong Kong market
becoming a Greater China onshore market in the long run, as China-only investors will eventually take up more than 50% of market share in HK
Exchanges trading volume. Currently, the southbound flow accounts for only 8-10% of the daily trading volume. There is still plenty of room to grow.

On the global macro front, the Fed continued to massage market expectations that they will start tapering soon, and the non-farm payroll results was
quite mixed. However, the S&P continued to edge higher approaching the end of April. In Europe, the French election was moving towards the
direction that the market would like to see, as the winning candidate Macron is leaning towards an Europe integration. It has been a relatively quiet
month.

We are still overweight in internet, Macau gaming, and technology sectors. Chinas mobile game industry is entering its best era, as Tencents
flagship game is earning a record high RMB 100m per day in 1Q17, and smaller players like IGG are producing global hit titles. The Macau gaming
companies all reported better than expected results, and the gross gaming revenue outlook is promising in the coming quarter. Chinas smartphone
component suppliers are now in the center of stage, as they continue to win market share from Japanese and Taiwanese players, while the
smartphone OEMs are also quickly closing up their quality gap with Apple and Samsung. We believe these sectors will consistently deliver solid
earnings growth in the foreseeable future.

Footnote:
8. Definition of market capitalization: Large Cap: 60bn HKD; Mid Cap: 10bn x 60bn HKD; Small Cap:10bn HKD
9. Calculated based on USD I-Acc Share Class, since inception
10. Risk-free rate is 12month US Treasuries yield
11. Benchmark for calculation: MSCI China Index (total return)

CSOP Asset Management Limited ; 2801-2803 Two Exchange Square, 8 Connaught Place, Central, Hong Kong SAR;
Tel: (852) 3406-5688 ; Website: www.csopasset.com; Email: investorservice@csopasset.com
 China New Balance Opportunity Fund
Morningstar Rating TM
China Southern Dragon Dynamic Fund Class I USD Acc ^

All information as of 30 April 2017

Disclaimer CIES Eligible#

The current document is intended for information purposes only and shall not to be used as an offer to buy and/or sell shares.
Investment involves risk. Investors should read the Hong Kong prospectus, the Product Key Facts Statement and the key investor information document (KIID) (if applicable) for further details
including the risk factors. Future performance and the capital value of the Sub-Fund are not guaranteed. The value of units may rise as well as fall, past performance figures presented are not an
indicative for future performance.
In Switzerland, the Representative is ACOLIN Fund Services AG, Affolternstrasse 56, 8050 Zrich, whilst the Paying agent is NPB Neue Privat Bank AG, Limmatquai 1/am Bellevue, CH-8022
Zurich. The basic documents of the Sub-Fund such as the prospectus, the key investor information document (KIID), the articles of association as well as the semi-annual and annual reports may
be obtained free of charge at the office of the Swiss Representative.
The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming shares.
The Fund is authorized by the Hong Kong Securities and Futures Commission (SFC). SFC authorization is not a recommendation or endorsement of the Sub-fund nor does it guarantee the
commercial merits of a product or its performance. It does not mean the product is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.
This material has not been reviewed by SFC in Hong Kong.
Issuer: CSOP Asset Management Limited

CSOP Asset Management Limited ; 2801-2803 Two Exchange Square, 8 Connaught Place, Central, Hong Kong SAR;
Tel: (852) 3406-5688 ; Website: www.csopasset.com; Email: investorservice@csopasset.com

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^ II MorningstarTM^2017430

(%)1

1 6 1 3 3
I - 0.74 5.99 24.09 45.93 112.76

A - 0.71 7.93 26.20 47.95 73.78

2 2.66 9.87 23.35 27.41 20.38

(%)1

20113 2012 2013 2014 2015 2016

1.84 I - -7.66 34.94 30.59 1.47 11.90 0.57 14.50

A - - 5.02 25.78 0.00 12.72 -0.48 17.28

2 -19.75 23.11 3.95 8.28 -7.64 1.10 15.94
4 160%

120%
80%
Lemanik
40%
Citibank Europe plc, Luxembourg Branch 0%
-40%

I -

ISIN

I - 212.76 2011121 LU0562028620 CHNEBAO LX 1,000,000 5% 1% -

I - 181.75 2012127 LU0744789644 CHNEBHI LX 8,000,000 5% 1% -

8%
I - 86.23 20151125 LU1033681468 CSCNIUD LX 1,000,000 5% 1% 20% 10.625

I - 135.65 2016126 LU1033681542 CHNEIHD LX 8,000,000 5% 1% -

A - 173.78 2012125 LU0708185235 CHNEBUA LX 5,000 5% 2% -

A - 130.33 2014926 LU1033680908 CHSNBAU LX 5,000 5% 2% 0.976

A - 180.69 2012127 LU0744789560 CHNEBHA LX 40,000 5% 2% -

A - 141.56 2014610 LU1033681039 CNBOADH LX 40,000 5% 2% 2.467

:
1.
2. MSCIMXCN Index20171MSCIMSCI
2011121
3. .
4.
5. 2016317()
6. 20141027()
7. 20151216

; 82801-2803
:(852) 3406-5688; : www.csopasset.com; : investorservice@csopasset.com

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2017430

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8 100.73%* (%)

66.43% 9.74

28.90% 9.71
5.40%
6.71
() 9 22.27%
5.91
9,10 0.62
5.68
Beta9,11 85%

Alpha9,11 () 10.44%
41.56%
*100% 33.52%
* 9.73%
5.47%
-1% 5.00%
30%
2.39%

2.13%
71% ^
0.93%
^ -0.73%
^

0.74112.76MSCI2.6620.38

2.1MSCI2.7
201620171

50%8%-10%

20171
1IGG

:
8. - 600100 x 600100
9. I
10. 12
11. MSCI

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: (OBU) OBU
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ACOLINStadelhoferstrasse 18, CH8001 ZurichNPB Neue Privat Bank AG, Limmatquai 1/am Bellevue, CH-8022 Zurich
KIID

; 82801-2803
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^ II MorningstarTM^2017430

(%)1
1 6 1 3 3
I - 0.74 5.99 24.09 45.93 112.76

A - 0.71 7.93 26.20 47.95 73.78

2 2.66 9.87 23.35 27.41 20.38

(%)1
20113 2012 2013 2014 2015 2016

1.84 I - 0.57 14.50

-7.66 34.94 30.59 1.47 11.90

A - -0.48 17.28
- 5.02 25.78 0.00 12.72

4 2 -19.75 23.11 3.95 8.28 -7.64 1.10 15.94
160%

120%
Lemanik 80%

Citibank Europe plc, Luxembourg Branch 40%

0%
-40%

I -

ISIN

I - 212.76 2011121 LU0562028620 CHNEBAO LX 1,000,000 5% 1% -

I - 181.75 2012127 LU0744789644 CHNEBHI LX 8,000,000 5% 1% -

8%
I - 86.23 20151125 LU1033681468 CSCNIUD LX 1,000,000 5% 1% 20% 10.625

I - 135.65 2016126 LU1033681542 CHNEIHD LX 8,000,000 5% 1% -

A - 173.78 2012125 LU0708185235 CHNEBUA LX 5,000 5% 2% -

A - 130.33 2014926 LU1033680908 CHSNBAU LX 5,000 5% 2% 0.976

A - 180.69 2012127 LU0744789560 CHNEBHA LX 40,000 5% 2% -

A - 141.56 2014610 LU1033681039 CNBOADH LX 40,000 5% 2% 2.467

:
1.
2. MSCIMXCN Index 20171MSCIMSCI
2011121
3.
4.
5. 2016317
6. 20141027
7. 20151216

; 82801-2803
:(852) 3406-5688; : www.csopasset.com; : investorservice@csopasset.com

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2017430

#

8 100.73%* (%)

66.43% 9.74

28.90% 9.71
5.40%
6.71
() 9 22.27%
5.91
9,10 0.62
5.68
Beta9,11 85%

Alpha9,11 () 10.44%
41.56%
*100%
33.52%
* 9.73%
5.47%
-1% 5.00%
30%
2.39%

2.13%
71% ^ 0.93%
^ -0.73%
^

0.74%112.76%MSCI China2.66%20.38%

2.1MSCI2.7
201620171

50%8%-10%

20171
1IGG

:
8. - 600100 x 600100
9. I
10. 12
11. MSCI

; 82801-2803
:(852) 3406-5688; : www.csopasset.com; : investorservice@csopasset.com

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()

: (OBU) OBU
OBU
ACOLINStadelhoferstrasse 18, CH8001 ZurichNPB Neue Privat Bank AG, Limmatquai 1/am Bellevue, CH-8022 Zurich
KIID

; 82801-2803
:(852) 3406-5688; : www.csopasset.com; : investorservice@csopasset.com