IEI-Anchor Pension Managers

• IEI-Anchor complies with all regulatory provisions and requirements for the management of market and counterparty risks. Where there are differences between the company's policies and regulatory provisions/ requirements, the latter shall take precedence. • All material market and counterparty risks that the company is exposed to in the course of its investment/trading business are identified, measured, and managed using appropriate policies and controls to protect the company from losses arising from the crystallization of these risks. Material risk for the purpose of this policy is any risk (either market or counterparty) that could result in a financial loss either directly or indirectly irrespective of the size of the loss. • The Risk Management Committee (RMC) on behalf of the Board of Directors maintains oversight over the risk management process and ensures that IEI-Anchor's risk exposure is within tolerable risk limits. • The RMC in conjunction with the Board is responsible for determining IEI-Anchor's risk appetite. • All trading activities are governed by defined risk limits. The RMC is responsible for setting risk limits on counterparties, exposures, specific traded products/instruments and geographies. • IEI-Anchor relies on internal and/or external risk ratings in controlling exposures to counterparties and financial instruments. Whilst the company appreciates that an issue (financial instrument) could have a better risk rating than an issuer (counterparty) through credit enhancement, the company WILL NOT INVEST in that issue if the corresponding counterparty risk rating is worse than the minimum counterparty risk rating. • The RMC establishes and enforces other operating limits and practices that maintain exposures within levels consistent with internal policies. • Executive Management ensures that appropriate policies and procedures are established to control and limit the company's risk exposure in line with the defined risk appetite.