Jade Road Investments Ltd (JADE) NPV

The Company has the flexibility to invest across Asia, across sectors and across the capital structure of companies. Furthermore, given the long-term nature of the Company investment horizon, a more flexible Investing Policy should enable the Investment Manager to navigate changes in the relative attractiveness of various financing asset classes in Asia through economic cycles and, potentially, geopolitical shifts which may increase the sovereign risk associated with specific countries relative to others within the region.

The investment adviser will be paid a fixed fee of USD350,000 for its services in connection with the orderly disposal and management of the Legacy Portfolio and supporting the Company in its operations.HCIL will also be entitled to an incentive fee of 20%calculated as a percentageof the net proceeds received by the Company.

It is not intended that dividends will be paid to Shareholders. However, the Directors may pay dividends in the future depending on the availability of distributable reserves, cash resources and the working capital requirements of the Company.

Withana Suresh

Mr. Withana was most recently Global Head of Special Situations and Co-Head of Asia at Tikehau Capital, the listed investment management company with approximately €10 billion in assets. Previously he was the co-founder and Chief Investment Officer at Harmony Capital Partners which deployed US$275 million in Asian special situations investments. Prior to that, he was a Director of the Global Special Situations Group at Mizuho International Plc in London and Vice President, Investment Banking at Merrill Lynch International. In total, he has accumulated 23 years of experience, including over 13 years of special situations investing primarily focused on Asia.

John CroftChairman, Hugh Trenchard, Lee Lam, Charles Crocker