CIC maintains a methodical, disciplined, and effective decision-making framework for overseas investment and investment management. Decision-making bodies at different levels have clear divisions of responsibility with coherent interlinkages. Investment decisions are made with due consideration to both efficiency and compliance.

At present, investment decisions at different levels and for different asset classes are implemented by four committees:

? the Asset Allocation and Investment Policy Committee

? the Public Market Investment Committee

? the Non-Public Market Investment Committee

? the Dynamic Asset Allocation Committee

CIC has issued pertinent rules in order to further enhance the efficiency and quality of decision-making and clarify the authority and accountability in relation to investment management.

Pursuant to guidelines set by the Board of Directors and the Executive Committee, the Asset Allocation and Investment Policy Committee, the Public Market Investment Committee, the Non-Public Market Investment Committee, and the Dynamic Asset Allocation Committee formulate investment strategies, policies, and performance and risk targets, and also devise or revise investment management systems and procedures accordingly. These committees convene regularly (and on an ad hoc basis when necessary) to review investment proposals and take independent investment decisions.

Investment Portfolio Risk Management