“Core Income Generating Activities” includes, in respect of banking business:

(a) raising funds, managing risk including credit, currency and interest risk;

(b) taking hedging positions;

(c) providing loans, credit or other financial services to customers;

(d) managing regulatory capital;

(e) preparing regulatory reports and returns.

“Core Income Generating Activities” includes, in respect of distribution and service centre business:

(a) transporting and storing goods;

(b) managing stocks;

(c) taking orders;

(d) providing consulting or other administrative services.

“Core Income Generating Activities” includes, in respect of insurance business:

(a) predicting and calculating risk;

(b) insuring or re-insuring against risk;

(c) providing insurance business services to clients.

“Core Income Generating Activities” includes, in respect of fund management business:

(a) taking decisions on the holding and selling of investments;

(b) calculating risks and reserves;

(c) taking decisions on currency or interest fluctuations and hedging positions;

(d) preparing relevant regulatory or other reports for government authorities and investors.

“Core Income Generating Activities” includes, in respect of finance or leasing business:

(a) agreeing funding terms;

(b) identifying and acquiring assets to be leased (in the case of leasing);

(c) setting the terms and duration of any financing or leasing;

(d) monitoring and revising any agreements;

(e) managing any risks;

“Core Income Generating Activities” includes, in respect of headquarters business:

(a) taking relevant management decisions;

(b) incurring expenditures on behalf of affiliates;

(c) co-ordinating group activities.

“Core Income Generating Activities” includes, in respect of shipping business:

(a) managing the crew (including hiring, paying and overseeing crewmembers);

(b) hauling and maintaining ships;

(c) overseeing and tracking deliveries;

(d) determining what goods to order and when to deliver them;

(e) organising and overseeing voyages.

“Core Income Generating Activities” includes, in respect of intellectual property business:

(a) where the business concerns intellectual property assets such as patents, research and

development;

(b) where the business concerns non-trade intangible assets such as brand, trademark and customer data, marketing, branding and distribution.