1 Subjects: “...Sales tax, tariffs & customs duties...”

2 “... traditional sale channels continue to predominate, there is increasing diversity in distribution. Risks...”

3 “... and data collection suggesting that only 10 percent of point-of-sale and person-to-person transactions...”

4 “... authorized for sale in HKSAR are substantially invested in foreign assets and significantly invested...”

5 “... of savings products, including sales of policies to Mainland Chinese visitors (MCVs), although these have...”

6 “... by raising the likelihood of investor runs and asset fire sales. This contributes to volatility in asset...”