Investing Policy

 
TIDMTIL 
 
Tembusu Investments Limited 
                          ('Tembusu' or the 'Company') 
 
                                Investing Policy 
 
30 November 2009 
 
Further  to  the  changes  to  the AIM Rules for Companies  affecting  investing 
companies which came into effect on 1 June 2009 (the "AIM Rules"), the Company's 
re-stated investing policy, in line with new the definition of Investing  Policy 
under the new AIM Rules, is set out below: 
 
Investing Policy 
 
The  Company's Investing Policy is to focus on identifying and acquiring  quoted 
and   unquoted  financial  services  businesses  based  in  Asia,  though  other 
geographical  areas  will be considered should appropriate  opportunities  occur 
which  could  benefit  the  Company. By actively investing  in  businesses  with 
complementary  areas  of expertise, which may for example include  real  estate, 
mortgage financing and other such activities, the Directors believe that  it  is 
possible  to  generate  considerable opportunities  for  the  cross  selling  of 
services  between  the different operations and countries.  The  Directors  also 
intend  to  continue  to  make minority investments in such  financial  services 
businesses  where  it would be a passive investor, but where  those  investments 
provide the opportunity for enhancing the growth prospects of the Company. 
 
In   regards  to  the  acquisitions  that  the  Company  expects  to  make,  the 
Directors may adopt earn-out structures, with specific performance targets being 
set  for  the  sellers  of the businesses acquired, and  with  suitable  metrics 
applied. 
 
The  Company may invest by way of outright acquisition or by the acquisition  of 
assets,     including    the    intellectual    property,    of    a    relevant 
business,  partnerships  or  joint venture arrangements.  Such  investments  may 
result  in  the Company acquiring the whole or part of a company (which  in  the 
case of an investment in a company may be private or listed on a stock exchange, 
and  which  may be pre-revenue), and such investments may constitute a  minority 
stake in the company or project in question. The Company's investments may  take 
the form of equity, joint venture debt, convertible instruments, licence rights, 
or other financial instruments as the Directors deem appropriate. 
 
The Company will be both an active and a passive investor and the Directors will 
place   no   minimum  or  maximum  limit  on  the  length  of  time   that   any 
investment may be held. 
 
There  is  no  limit  on  the  number of projects into  which  the  Company  may 
invest, nor the proportion of the Company's gross assets that any investment may 
represent  at  any  time  and the Company will consider  possible  opportunities 
anywhere in the world. 
 
There are no borrowing limits in the Articles of Association of the Company. The 
Directors  do  not  intend  to  acquire any cross-holdings  in  other  corporate 
entities that have an interest in the Ordinary Shares. 
 
There are no restrictions in the type of investment that the Company might  make 
nor on the type of opportunity that may be considered other than set out in this 
Investing Policy. 
 
As  the  Company's  ordinary shares are traded on AIM this provides  a  facility 
for  shareholders to realise their investment in the Company. In  addition,  the 
Directors  may  consider from time to time other means of  facilitating  returns 
to  shareholders including dividends, share repurchases, demergers,  schemes  of 
arrangement or liquidation. 
 
For further information, contact: 
 
Tembusu Investments Limited 
Jonathan  Rowland, Chairman            Tel:      + 44 (0)20 7087 7970 
 
Blomfield Corporate Finance Ltd        Tel:       + 44 (0)20 7444 0800 
Alan MacKenzie 
Ben Jeynes