Authorised Signatures for Bank Accounts and Financial Institutions

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1 Authorised Signatures for Bank Accounts and Financial Institutions 1. HSBC Bank Accounts BusinessVantage Account: Fixed Deposit: GBP Savings Account: Date of effective: 24 April 2008 Name of authorised signers and Signing arrangement Group A Mr. Douglas C. Oxley Group B Mr. Phillip Baldwin Ms. Lau Tsui Mei (Louisa) For amount over HK$100,000, any two from Group A signing jointly For amount up to and including HK$100,000, any two from Group A signing jointly or any one from Group A and one from Group B signing jointly 2. TTG (HK) Limited Date of effective: 24 April Man AHL Guarantee Futures Limited - Man MGS Access Limited - Schroder Investment Management (Hong Kong) Limited - Franklin Templeton Investments (Asia) Limited - Man AHL Guarantee Futures 3 Limited Name of authorised signers Mr. Douglas C. Oxley Signing Arrangement Any two of the above signers jointly.

2 3. Manulife Provident Fund Trust Company Limited Date of effective: 24 April 2008 Name of authorised signers Mr. Douglas C. Oxley Mr. Phillip Baldwin Signing Arrangement Any one of the above signers 4. EPS Company (Hong Kong) Limited Date of effective: 19 February 2009 Name of authorised signers and signing arrangement Group A Mr. Douglas Oxley Group B Mr. Phillip Baldwin Singing with the Institute s stamp by (1) any two Group A signatories jointly OR (2) by any one Group A signatory signing jointly with the Group B signatory.

3 Expenditure Approval Policy 1. Expenditure Approval Schedule on Budgeted and Unbudgeted Expenditure: Amount HK$ 0 - HK$500 Not exceeding HK$5,000 Budgeted Expenditure Manager / Chief Representative Director Unbudgeted Expenditure Any one of Honorary Officers together with the Director Membership or Director Education & Examinations or Director - Professional Development may approve and authorise; Not exceeding HK$20,000 Director Any one of Honorary Officers together with the Chief Executive may approve and authorise; HK$20,000 HK$100,000 Chief Executive Any two of Honorary Officers may approve and authorise; Exceeding HK$100,000 Any two of Honorary Officers may approve and authorise. The Council approval is required. Any two Honorary Officers may authorise. Notes: a) Structure for the approval and subsequent authorisation of Institute expenditures, i.e. whether arising from operation or contracts for goods and services. Institute personnel should not both approve and then authorise the actual payment (i.e. by signing a cheque or debit authorisation; approval and authorisation should be effected by separate persons.) b) List of Honorary Officers (2008) President Mrs. Natalia Seng Vice-President Mr. Maurice Ngai Vice-President Mrs. April Chan Treasurer Mr. Douglas C. Oxley c) If the expenditure is exceeding the budget, any one of Honorary Officers may approve and authorise.

4 2. List of Expenses Items for reference Expense Items Amount HK$ Approved by 1. Administration & Operation Expenses 1.1 Electricity, fuel, postage, transportation, Manager or above maintenance fee, stationery, newspaper & magazines, consumable stores 1.2 Rent, building management fee, government fee ,000 Director (contract signed by CE or Office Bearers) 1.3 Bank charge & interest expense Over 20,000 CE 1.4 Trip expenses 2. Staff Expenses 2.1 Salaries Any Honorary Officers 2.2 Incentive bonus Any Honorary Officers 2.3 Annual bonus & salary review Any Honorary Officers 2.4 MPF / Contribution Any Honorary Officers 2.5 Recruitment advertisements & training Any CE 3. Professional, Promotion and PR Expenses 3.1 Audit, legal & professional fee 0 100,000 CE 3.2 Entertainment, promotion & advertising Manager or above ,000 Directors Over 20,000 CE 4. Acquisition of Fixed Assets 4.1 Land and properties Any The Council 4.2 Leasehold improvement, office equipment and 0 100,000 CE furniture Over 100,000 Honorary Officers 5. Disposal of Fixed Assets 5.1 Disposal of land and properties Any The Council 5.2 Leasehold improvement, office equipment and 0 100,000 CE furniture Over 100,000 Honorary Officers

5 Subject: Expenditure Procedures Date: 29 August Forms Page: 1 of 2 Form No. A002 A003 A004 A006 A007 A008 A011 Form Name Printed Matters Stationery Expense Claim Trip Advance Petty Cash Advance Payment Requisition Fixed Assets Requisition 2. Fare 2.1. Expense Claim Form (# A004) is required for the claim of local travelling expenses on behalf of the Institute Please attach original receipt if available and obtain proper approval from the superior (Manager or above) before forwarding it to Accountant All staff must use public transportation means instead of taxi except under special situations (i.e. in urgency, with clients, inaccessibility, etc) 3. Reimbursement & Entertainment Expense 3.1. Expense Claim Form (# A004) is required when expenses paid on behalf of the Institute (e.g. parking fee and telephone fee) OR Entertainment expense made during business purpose Please complete, attach original receipt and obtain proper approval from the superior (Manager or above) before forwarding it to Accountant Accountant will notify each individual once the cheque is ready Please apply for reimbursement within one month after the expenditures are made. 4. Payment Requisition 4.1. Payment Requisition Form (# A008) is required for the payment with prior approval of quotation or invoice from the superior (Manager or above) Please attach original quotation, invoice and/or delivery note and obtain proper approval from the superior (Manager or above) before forwarding it to Accountant Please note that before placing any order or starting any project, it is necessary to acquire quotations or prepare a budget for your superior s approval. Payment Requisition will not be handled if there is no prior approval For the payment over HK$1,000.00, three quotations from different companies are required for price comparison Please refer to Payment Approval Policy for details.

6 Subject: Expenditure Procedures Date: 29 August 2008 Page: 2 of 2 5. Petty Cash Advance 5.1. Petty Cash Advance Form (# A007) is required when services/products performed or delivered but does not go through the normal payment procedures (i.e. no invoice) Please complete, obtain proper approval from the superior (Manager or above) and submit the form to Accountant Please return invoices, delivery note or relevant documents to Accountant once the payment is settled. 6. Printed Matters 6.1. Please complete Printed Matters Application Form (# A002), attach sample and obtain proper approval from the superior (Manager or above) before forwarding it to Administration Department for processing The normal processing time takes at least 1 week. Ordered printed matters will be delivered once they are ready. 7. Stationery 7.1. Administration Department is responsible for keeping and distributing of general stationery to colleagues upon their requests For any special stationery not kept in the Store Room, colleagues should place order with the Administrative Officer one week ahead Administrative Officer fills in the Stationery Order Form (# A003) and passes it to Accountant for approval before placing order with supplier When the goods arrive HKICS office, Administrative Officer verifies the price and quantity shown on the invoice against the Stationery Order Form Administrative Officer passes the invoice and the Stationery Order Form to Accounts Department. for settlement.. 8. Fixed Assets Requisition 8.1. Requisition Form (# A011) is required for the request of fixed assets (e.g. computer software and hardware, electrical appliances, office furniture, etc) Please complete, obtain proper approval from the superior (Manager or above) and submit the form to Administration Department together with information (i.e. quotation, catalogue) about the requested items if available For the items over HK$1,000.00, three quotations from different companies are required for price comparison Please refer to Payment Approval Policy for details. 9. Trip Advance 9.1. All staff must submit a Trip Advance Form (# A006) before going for a trip and obtain proper approval from the superior (Manager or above); 9.2. Please complete an Expense Claim Form (# A004) after the trip and obtain proper approval from the superior (Manager or above);

7 9.3. Please refer to Payment Approval Policy for details.