“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.