The following are the key investment policies of the Company and its subsidiaries (together the "Group") in respect of surplus cash reserves:

1. Low risk - The Group should pursue only low risk investments with the best credit ratings among its class to reduce counter-party risks and possibilities of any defaults;

2. Liquidity - The investments should be actively traded in the market; there must be sufficient buyers and sellers and the market must have good liquidity so that the investments can be disposed of in an orderly manner without causing significant price volatility;

3. Best yield - High return or high yield investment is preferable, subject to satisfying the above two criteria;

4. No holding of equity investment - The Group prefers not participating in listed equity investments as we believe our investors can do so by themselves. In case of Equity Linked Investments (EDI), any equity shares received as a result of the EDI should be disposed of within one week from the date of receipt of such shares, even though it may result in a loss on disposal;

5. Low sovereignty risk - No investments should be made in any countries at war or considered politically unstable; and

6. Duration - Investment commitment or investment duration in any event should not exceed one year.