The Trustee shall abide to the following investment restrictions and policies:

a) The Trustee may invest in short, medium and long -term fixed income and money market listed securities with a debt rating that is no less than B from Moody's Investors Service, Inc., ("Moody's") or no less than B- from Standard & Poor's ("S&P") or the equivalent as determined by the appointed Investment Manager.

b) The Trustee may invest up to 100% of Trust Fund in transferable stocks, fixed income securities and money market instruments listed or not-listed traded or dealt on a Recognised Market, or valuated in accordance with International Financial Standards.

c) The Trustee may invest up to 100% of Trust Fund in money market instruments other than those mentioned in paragraph (a) above provided that the issue or issuer of such instruments is itself regulated for the purpose of protecting investments and savings, and provided that they are:

• issued or guaranteed by a central, regional or local authority or central bank of a Member State of the OECD, the European Central Bank, the European Union ("EU"), or the European Investment Bank;
• issued by an issuer, any securities of which are dealt in on a Recognised Market;
• issued or guaranteed by an EU credit institution;
• issued or guaranteed by a credit institution authorised in the remaining Member States of the European Economic Area ("EEA") (Norway, Iceland, Liechtenstein);
• issued or guaranteed by a credit institution authorised by a signatory state, other than an EU Member State, or a Member State of the EEA, to the Basle Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan, United States);

d) The Trustee may invest up to 100% of Trust Fund into securities and money market instruments issued from the same body or related company to the Trustee.

e) The Trustee may invest up to 100% of Trust Fund in collective investment undertakings that are exchange traded funds ("ETFs"). The ETFs will be located in a Member State of the OECD. The ETFs shall predominately represent investments that are similar to the Fund's other investments. The ETFs will operate on the principle of risk spreading, will not be leveraged and the units or Shares will, at the request of the holders thereof, be repurchased or redeemed by the ETF directly or indirectly out of its assets.

f) The Trustee may also enter into repurchase agreements collateralised by the securities, reverse repurchase agreements and security-lending agreements for the purpose of efficient portfolio management.

g) The Trustee may invest up to 10% of Trust Fund in recently issued transferable securities provided that the terms of issue include an undertaking that application will be made for admission to official listing on or for trading or dealing on any Recognised Market within one year. In the event that any such securities are not so admitted within one year of issue, the Trustee must adopt as a priority objective, the sale of such securities, taking due account of the interests of Beneficiaries.

h) The Trustee may invest up to 100% of Trust Fund in collective investment undertakings of the open-ended type as long as those collective investment undertakings are not themselves invested in other collective investment funds and as long as concentration is no more than 20% of Trust Fund in any single collective investment undertaking. Where the collective investment undertaking in which the Trustee invests is an umbrella fund, this restriction shall apply to each sub-fund separately.

i) The Trustee may invest up to 100% of Trust Fund in deposits with credit institutions provided that they are repayable on demand or have the right to be withdrawn or will mature in no more than 12 months and provided that the credit institution falls into one of the following categories: an EU credit institution, or a credit institution authorised in the remaining Member States of the EEA (Norway, Iceland, Liechtenstein), or a credit institution authorised by a signatory state, other than an EU Member State, or a Member State of the EEA, to the Basle Capital Convergence Agreement of July 1988 (Switzerland, Canada, Japan, United States).

j) The Trustee may invest up to 20% of Trust Fund in financial derivative instruments including equivalent cash-settled instruments, dealt in on a Recognised Market, and financial derivative instruments that are over-the counter ("OTC") derivatives provided that:

• the underlying assets consist of instruments referred to financial indices, interest rates, foreign exchange rates or currencies and
• the financial derivative instruments do not expose the Trust Fund to risks that it could not otherwise assume; and
• the financial derivative instruments do not cause the Trustee to diverge from the present investment objectives; and
• the counterparties to OTC derivatives are credit institutions of a kind listed under paragraph (9) or are investment firms, authorised in accordance with the Investment Services Directive in an EEA Member State; and
• the counterparty to an OTC derivative has a minimum credit rating of A2/P2 or equivalent, or alternatively, an unrated counterparty will be acceptable where the Trust Fund is indemnified against losses suffered as a result of a failure by the counterparty, by an entity that has and maintains a rating of A2/P2; and
• the risk exposure to the counterparty does not exceed the limits of 10% in case the counterparty is a credit institution referred to in paragraph (9) and in any other case, 5% of Trust Fund; and
• the Trustee is satisfied that the counterparty will value the transaction at least daily and will close out the transaction at the request of the Trustee at fair value; and
• the Trustee has systems in place to ensure that valuations of OTC derivatives are reliable and the valuation provided by the counterparty must be verified independently at least weekly.

k) The Trustee may acquire real and personal property that is required for the purpose of ORIENT TRUST;

l) The Trustee shall not make uncovered sales of transferable securities, money market instruments or other financial instruments referred to in previous paragraphs.

m) The Trustee may invest in collective investment undertakings with which the Trustee is linked by common management or control or by substantial direct or indirect holdings provided that the said collective investment undertaking has investment policies consistent with the present investment policies. No such investment may be made unless the manager of the relevant collective investment undertaking has agreed to waive any subscription, conversion or redemption fees that it might otherwise be entitled to charge for its own benefit in respect of such investment. Where a commission (including a rebated commission) is received by the Manager or Investment Manager by virtue of an investment in any other collective investment undertaking, this commission must be paid into the property of the Trust Fund.

n) Trustee shall acquire physical commodities, precious metals or certificates representing them.

o) The Trustee shall invest in alternative strategies including funds of hedge funds. Alternative strategies are defined as venture and seed capital, real estate, and hedge funds strategies with the exception of single managers.

p) The Trustee may borrow money from Trust Fund, in accordance with given powers to the Trustee

q) If the limits set out in the previous paragraphs are exceeded for reasons beyond the control of the Trustee, or as a result of the exercise of subscription rights, the Trustee must adopt as a priority objective for the sales transactions of the Trust Fund the remedying of that situation, taking due account of the interests of the Beneficiaries. The Settlor may, with the Custodian's approval, permit the Trustee to derogate from the investment restrictions in the previous paragraphs, including the restriction that not more than 50% of the assets of Trust Fund be invested in the securities of a single issuer, and for a period of up to six months from the date of the authorisation of the relevant Fund, provided that the Trustee otherwise observes the principle of risk diversification.