Selling out the integrity of the debt market to a foreigner is Treason! The rape continues......

CRAEDOR, BRAHMAL AND SYED ZAID

Market observers have known for a while that Syed Zaid has special relationships which have allowed many individuals to escape the normal questioning by the SC. There have been special circumstances granted to Brahmal Vasudevan owner of Creador.

The first was Mr DYI who was allowed to list with a lower free float spread. The free float requirement was not imposed on Mr DYI at listing. This impacts not only the usual investors applying for the IPO shares but also the allocation for bumiputra investors. The question was why. Additionally, when Creator was about to do a placement of the Mr DYI shares in 2021, Brahmal himself personally bought the Mr DYI shares ahead of the placement by Craedor. All market participants know that the placement price is the 5day market average, and it is normal practice for companies to push their share price ahead of a placement. The purchases by Brahmal before the placement done by Creador is a clear sign of insider trading.

Then we move to CTOS. CTOS has been acquiring a stake in RAM. They are still below the 20 percent limit. The reason for the 20% limit imposed by BNM when RAM was first set up was to ensure that no one single party would control Rating Agency Malaysia. Under Syed Zaid, this has now been changed. Creator via Oscar Matrix owns 19% of RAM. CTOS owns 15% of RAM. Creator also owns a significant shareholding in CTOS Combined this works out to 34%, already in breach of the existing 20% rule. However, Syed Zaid has ruled that CTOS ownership via Creador and Oscar Matrix via Creador are not related individuals. However, the end beneficiary or the end person of influence Is Brahmal Vasudevan. For Related Party definition, the issue is always on how the group votes, and has voted int he past. Another group in the mix, is DragonLife Solutions which is owned by Tengku Zafruls travelling mate, Tunku Ali. What is a crown prince doing owning Rating Agency Malaysia?

The issue is that ratings are a way of pricing debt. And most insurance companies and banks will invest their balance sheets into Debt papers. If the rating of the debt papers are compromised, then the entire insurance and banking portfolios are under extreme risk of default.

The proposed removal of the 20% limit on shareholding tomorrow is to pave the way for yet another Brahmal strategy of first collecting the shares from the various companies, DragonLife. He is then likely to sell Oscar matrix (and dragon life) to CTOS. The likelihood is that the assets will be sold of RAM and the cash will balloon. CTOS as a major shareholder of RAM (which will end up to be 53%) will control the Board of RAM. RAM also has Kamrudin Taib who sits on HSBC Board. HSBC also owns a 3.5% stake in RAM. Chris Long, SC’s lawyer also sits on RAM, as well as another crony, David Fong. With the ownership of 53% of RAM, CTOS will demand a large dividend to be paid. Once Brahmal has received the fat dividend paid to CTOS< the move will likely to exit CTOS from RAM by selling to the foreigner sitting at 19% of RAM, S&P. What is the likelihood that a foreigner would own a Rating Agency of Malaysia? This is treason to sell out the integrity of the debt market to a foreigner.

Brhamal, Zafrul and Syed Zaid all walk away and leave a colossal road of damage that they created by removing the 20% safe guard that was deliberately put in place by BNM years ago.

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NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN that the Thirty-First Annual General Meeting (“31st AGM”) of RAM Holdings Berhad (“the Company”) will be held at the broadcast venue at the Boardroom, Level 8, Mercu 2, KL Eco City, No. 3, Jalan Bangsar, 59200 Kuala Lumpur, Malaysia, on Thursday, 9 June 2022 at 11.00 a.m. to transact the following businesses. The AGM will be conducted as a hybrid meeting via Microsoft Teams, whereby members are allowed to participate through live streaming, communicate verbally and/or by text, as well as cast online votes.

1. To receive the Audited Financial Statements of the Company for the financial year ended 31 December 2021 and the Reports of the Directors and Auditors thereon.

2. To approve a single-tier final dividend of 70 sen per share in respect of the financial year ended 31 December 2021.

3. To re-elect YBhg Tan Sri Amirsham Bin A Aziz who retires by rotation in accordance with Clause 23.13 of the Company’s Constitution and being eligible, has offered himself for re-election.

4. To approve the payment of Directors’ fees to the Non-Executive Directors for an amount up to RM330,000/- for the financial year ending 31 December 2022.

5. To approve the payment of Directors’ remuneration (excluding Directors’ fees) to the Non-Executive Directors up to an amount of RM333,000/- for the period from 10 June 2022 until the next Annual General Meeting of the Company to be held in year 2023.

6. To re-appoint Messrs Ernst & Young PLT as Auditors of the Company and to authorise the Directors to fix their remuneration for the ensuing year.

SPECIAL BUSINESS To consider and, if deemed fit, pass the following special resolution:

1. Proposed Amendments to the Constitution of the Company THAT the proposed amendments to the Company’s Constitution by CTOS Digital Berhad (“CTOS”), as set out in the Annexure attached to this Notice of Meeting be and are hereby approved AND THAT the Directors and Secretaries of the Company be and are hereby authorised to assent to any modifications, variations and/or amendments as may be re- quired by the relevant authorities and to do all acts things and take all steps as may be considered necessary or expedient to give full effect to the proposed amendments.

2. To transact any other ordinary business of which due notice shall have been given.

By Order of the Board Nazela Binti Ahmad (SSM PC No. 202008003864) (MIA 5934) Tia Hwei Ping (SSM PC No. 202008001687) (MAICSA 7057636) Company Secretaries Kuala Lumpur 18 May 2022 (Please refer to Explanatory Note A) Ordinary Resolution 1 Ordinary Resolution 2 Ordinary Resolution 3 (Please refer to Explanatory Note B) Ordinary Resolution 4 (Please refer to Explanatory Note C) Ordinary Resolution 5 Special Resolution (Please refer to Explanatory Note D)

Explanatory Note A The Audited Financial Statements in Agenda 1 is intended for discussion only as the provision of Section 340(1)(a) of the Companies Act, 2016 does not require a formal approval of the shareholders and hence is not put forward for voting. Explanatory Note B Ordinary Resolution 3 – Payment of Directors’ Fees If passed, it will give approval to the Company to make the payment on a quarterly basis. Explanatory Note C Ordinary Resolution 4 – Payment of Directors’ Remuneration The proposed Directors’ remuneration (excluding Directors’ fees) consists of allowances and other benefits payable to Non-Executive Directors. In determining the estimated amount payable, the Board considered various factors including the number of scheduled meetings for the Board and Board Committees as well as the number of Non-Executive Directors involved in these meetings. If passed, payment will be made by the Company on a monthly basis and/or as and when incurred. Explanatory Note D Special Business – Proposed Amendments to the Constitution of the Company For Special Business, the detailed information on the Proposed Amendments to the Constitution of the Company by CTOS is set out in the Annexure attached to this Notice of Meeting. Notes Relating to Hybrid AGM The Company will conduct the 31st AGM as a hybrid meeting. Kindly refer to the attached Administrative Guide for the 31st AGM for more information. Notes Relating to Proxy

1. A member of the Company entitled to attend and vote at the AGM is entitled to appoint a proxy to attend and vote in his stead. A proxy may but need not be a member of the Company. There shall be no restriction as to the qualification of the proxy.

2. The proxy form or other instruments of appointment must be deposited at the Registered Office of the Company located at Level 8, Mercu 2, KL Eco City, No. 3, Jalan Bangsar, 59200 Kuala Lumpur not later than forty-eight (48) hours before the time fixed for holding the meeting or at any adjournment thereof.

3. The instrument appointing a proxy shall be in writing under the hand of the appointor or his/her attorney duly authorised in writing or if the appointor is a corporation, either under its Common Seal or under the hand of a duly authorised officer or attorney.

4. If the proxy form is returned without any indication as to how the proxy shall vote, the proxy will vote or abstain as he thinks fit.

NOTICE OF ANNUAL GENERAL MEETING

ANNEXURE TO NOTICE OF ANNUAL GENERAL MEETING SPECIAL RESOLUTION – AMENDMENTS PROPOSED BY CTOS DIGITAL BERHAD Existing Provision 1. 12.1 Conditions for Transfer of Shares 12.1.1 No Member (which expression, for the purpose of this Clause shall include any related corporation) shall hold, in aggregate, more than twenty per cent (20%) (or such other lower percentage as may be stipulated by the SC and any Relevant Authority) of the paid-up share capital (including interest in shares) of the Company (“Prescribed Limit”). Proposed New Provision Rationale As per CTOS requisition notice of resolution dated 12 May 2022. Amendments are in bold italics. 12.1 12.1.1 Conditions for Transfer of Shares No Member (which expression, for the purpose of this Clause shall include any related corporation) shall hold, in aggregate, more than twenty per cent (20%) (or such other lower percentage as may be stipulated by the SC and any Relevant Authority) of the paid-up share capital (including interest in shares) of the Company (“Prescribed Limit”) unless the prior approval of the SC and/or any Relevant Authority (if required) has been obtained in accordance with the law, regulations and guidelines from time to time imposed by the SC and/or any Relevant Authority for that member to hold interest in shares in excess of the Prescribed Limit. Subject to the restrictions of these Clauses, and the prior approval of the SC and/ or any Relevant Authority having been obtained (if required), any Member may transfer all or any of his shares but every transfer must be in writing and in the usual common form or in such other form as the Directors may approve and must be left at the Office accompanied by the certificate of the shares to be transferred and such other evidence (if any) as the Directors may require to prove the title of the intending transferor, PROVIDED ALWAYS that no share shall be transferred if the transfer shall result in a Member holding more than the Prescribed Limit unless the prior approval of the SC and/ or any Relevant Authority (if required) has been obtained in accordance with the law, regulations and guidelines from time to time imposed by the SC and/or any Relevant Authority for that member to hold interest in shares in excess of the Prescribed Limit. 2. 12.1.2 Subject to the Clauses, and the prior approval of any Relevant Authority having been obtained (if required), any Member may transfer all or any of his shares but every transfer must be in writing and in the usual common form or in such other form as the Directors may approve and must be left at the Office accompanied by the certificate of the shares to be transferred and such other evidence (if any) as the Directors may require to prove the title of the intending transferor, PROVIDED ALWAYS that no share shall be transferred if the transfer shall result in a Member holding more than the Prescribed Limit. 12.1.2 restrictions of these

ANNEXURE TO NOTICE OF ANNUAL GENERAL MEETING Existing Provision Proposed New Provision Rationale 3. 12.1.3If,asaresultofanindirectacquisitionof12.1.3If,asaresultofanindirectacquisitionofAs per CTOS shares in the Company (whether by way of any merger, consolidation, amalgamation, takeover or combination, howsoever effected, including by way of a contract providing for the sharing of the assets, liabilities, profits and losses), a Member having obtained the prior approval of the SC or any Relevant Authority (if required), holds interest in shares in excess of the Prescribed Limit, the Member shall take steps to divest its shares in the Company in excess of the Prescribed Limit within twelve (12) months from the date the Member’s holding of interest in shares first exceeds the Prescribed Limit. If, after the expiry of twelve (12) months the Member continues to hold interest in shares in excess of the Prescribed Limit, the excess shares shall not confer any right to vote at any general meeting of the Company, but shall confer all other rights, benefits and privileges attached to the excess shares. For the avoidance of doubt, upon the divestment of the excess shares to an existing or a new Member, the excess shares shall thereafter, subject to the restrictions of these Clauses, confer the right to vote at any general meeting of the Company, provided that the said existing or new Member (which expression, for the purpose of this Clause shall include any related corporation) to which the excess shares is divested shall not hold more than the Prescribed Limit. shares in the Company (whether by way of requisition notice of any merger, consolidation, amalgamation, takeover or combination, howsoever effected, including by way of a contract providing for the sharing of the assets, liabilities, profits and losses), a Member having obtained the prior approval of the SC or any Relevant Authority (if required), holds interest in shares in excess of the Prescribed Limit or comes to hold shares in excess of the Prescribed Limit, the Member shall take steps to divest its shares in the Company in excess of the Prescribed Limit within twelve (12) months from the date the Member’s holding of interest in shares first exceeds the Prescribed Limit. If, after the expiry of twelve (12) months the Member continues to hold interest in shares in excess of the Prescribed Limit, the excess shares shall not confer any right to vote at any general meeting of the Company, but shall confer all other rights, benefits and privileges attached to the excess shares. For the avoidance of doubt, upon the divestment of the excess shares to an existing or a new Member, the excess shares shall thereafter, subject to the restrictions of these Clauses, confer the right to vote at any general meeting of the Company, provided that the said existing or new Member (which expression, for the purpose of this Clause shall include any related corporation) to which the excess shares is divested shall not hold more than the Prescribed Limit unless the prior approval of the Securities Commission and/or any Relevant Authority (if required) has been obtained to hold interest in shares in excess of the Prescribed Limit. resolution dated 12 May 2022. Amendments are in bold italics.

ANNEXURE TO NOTICE OF ANNUAL GENERAL MEETING Existing Provision Proposed New Provision 4. 16.3 WhenToBeOfferedToExistingMembers 16.3 WhenToBeOfferedToExistingMembers Rationale As per CTOS requisition notice of resolution dated 12 May 2022. Amendments are in bold italics. Subject to Clause 12.1, new shares shall be offered, in the first instance, to such Members as are under these Clauses then entitled to receive notices from the Company, in proportion as nearly as the circumstances admit to the number of existing shares held by them respectively. Such offer shall be made by notice specifying the number of shares offered and limiting a time within which the offer, if not accepted will be deemed to be declined and after the expiration of such time or on the receipt of an intimation from the Member to whom such notice is given that he declines to accept the shares offered, the Directors may dispose of the same in such manner as they think most beneficial to the Company and further if owing to the proportion which the number of new shares bear to the number of shares held by Members entitled to such offer as aforesaid or from any other cause any difficulty shall arise in apportioning the new shares or any of them in the manner aforesaid, the Directors may in like manner dispose of the shares in respect of which such difficulty arises, PROVIDED ALWAYS that no Member (which expression, for the purpose of this Clause shall include any related corporation) shall hold more than the Prescribed Limit, as defined in Clause 12.1.1. Subject to Clause 12.1, new shares shall be offered, in the first instance, to such Members as are under these Clauses then entitled to receive notices from the Company, in proportion as nearly as the circumstances admit to the number of existing shares held by them respectively. Such offer shall be made by notice specifying the number of shares offered and limiting a time within which the offer, if not accepted will be deemed to be declined and after the expiration of such time or on the receipt of an intimation from the Member to whom such notice is given that he declines to accept the shares offered, the Directors may dispose of the same in such manner as they think most beneficial to the Company and further if owing to the proportion which the number of new shares bear to the number of shares held by Members entitled to such offer as aforesaid or from any other cause any difficulty shall arise in apportioning the new shares or any of them in the manner aforesaid, the Directors may in like manner dispose of the shares in respect of which such difficulty arises, PROVIDED ALWAYS that no Member (which expression, for the purpose of this Clause shall include any related corporation) shall hold more than the Prescribed Limit, as defined in Clause 12.1.1 unless the prior approval of the SC and/or any Relevant Authority (if required) has been obtained to hold interest in shares in excess of the Prescribed Limit.

ANNEXURE TO NOTICE OF ANNUAL GENERAL MEETING

ANNEXURE TO NOTICE OF ANNUAL GENERAL MEETING

ANNEXURE TO NOTICE OF ANNUAL GENERAL MEETING

ADMINISTRATIVE GUIDE 31ST ANNUAL GENERAL MEETING OF RAM HOLDINGS BERHAD ADMINISTRATIVE GUIDE DATE : TIME : BROADCAST VENUE : MODE OF MEETING Thursday, 9 June 2022 11.00 a.m. Boardroom, Level 8, Mercu 2, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia Even though the Company will conduct the forthcoming Annual General Meeting (“AGM”) in a hybrid manner, members and proxies are strongly encouraged to participate remotely via live streaming and online voting. Members/Proxies attending virtually via Microsoft Teams will not be allowed to be present at the Broadcast Venue for the meeting. The Broadcast Venue is strictly for the purpose of complying with Section 327(2) of the Companies Act, 2016 which requires the Chairman of the Meeting to be present at the main venue of the meeting. Kindly ensure that you are connected to the internet at all times in order to participate and vote when our virtual AGM has commenced. Therefore, it is your responsibility to ensure that connectivity for the duration of the meeting is maintained. Kindly note that the quality of the live webcast is dependent on the bandwidth and stability of the internet connection of the participants. DIGITAL COPIES OF ANNUAL GENERAL MEETING DOCUMENTS As part of our commitment to reduce paper usage, the following documents are available on our website at www.ram.com.my:

1. Annual Report 2021

2. Notice of the Thirty-First AGM, Proxy Form and Administrative Guide

Should you require a printed copy of the above documents, you may submit your request through telephone/fax/email or write in to our Office: RAM Holdings Berhad Address : Any request for the printed documents will be posted to you as soon as practicable from the date of receipt of your request. ENTITLEMENT TO PARTICIPATE AND VOTE Only a member whose name appears on the Register of Members as at 18 May 2022 shall be eligible to participate and vote at the AGM or appoint a proxy to participate and vote in his stead. APPOINTMENT OF PROXY The appointment of a proxy may be made in the following manner: 1. By electronic means via email Level 8, Mercu 2, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia +603 3385 2488 General Line : Fax Number : Email : nazela@ram.com.my +603 3385 2582 The proxy form must be sent via email to nazela@ram.com.my

2. In hardcopy form The proxy form must be deposited at the Registered Office of the Company located at Level 8, Mercu 2, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia All proxy forms must be deposited with the Company not later than forty-eight (48) hours before the time fixed for holding the meeting i.e., latest by Tuesday, 7 June 2022 at 11.00 a.m. REMOTE PARTICIPATION AND VOTING

1. Participants will be able to view a live stream AGM, pose questions (relevant to the proposed resolutions) and submit votes in real time via mobile phones, tablets, or computers.

2. Members must provide their representatives’ full name, identity card number and a valid email address for registration.

3. The Microsoft Teams access link will be emailed at least twenty-four (24) hours before the commencement of the meeting. The link is unique and should not be forwarded/ shared with others. Participants can login from 10.30 a.m. on 9 June 2022.

4. Participants are to type in their full name to join the meeting. Upon joining, they will be required to turn on their camera for verification purposes.

5. During each voting session, a voting screen (as below) will prompt. Indicate your vote for the resolution tabled and submit. Laptop/personal computer: Smart mobile phone/tablet: The voting screen will appear at “chat conversion” screen.

6. Upon completion of the voting session, the Chairman will declare whether the resolution has been carried.

SUBMISSION OF QUESTIONS Participants may submit questions before the AGM via text message to nazela@ram.com.my no later than 11.00 a.m. on Wednesday, 8 June 2022. The Board/Management will endeavour to respond to your question(s) during the meeting. Should there be time constraint, the responses will be emailed to you at earliest possible after the AGM. RECORDING Strictly no recording of the proceedings during the AGM. ADMINISTRATIVE GUIDE

ADMINISTRATIVE GUIDE ENQUIRY If you have any enquiries prior to the AGM, please contact the following during office hours from Monday to Friday (8.30 a.m. to 5.30. p.m.):- RAM Holdings Berhad Address : General Line : Fax Number : Email : Contact person : Level 8, Mercu 2, KL Eco City, No. 3 Jalan Bangsar, 59200 Kuala Lumpur, Malaysia +603 3385 2488 +603 3385 2582 nazela@ram.com.my Pn. Nazela Ahmad (+6012 280 2061) PERSONAL DATA POLICY By registering for the remote participation and electronic voting meeting and/or submitting the instrument appointing a proxy and/or representative, the member of the Company has consented to the use of such data for purposes of processing and administration by the Company (or its agents); and to comply with any laws, listing rules, regulations and/or guidelines. The member agrees that he/she will indemnify the Company in respect of any penalties, liabilities, claims, demands, losses, and damages as a result of the shareholder’s breach of warranty.

RAM HOLDINGS BERHAD [Registration No. 199001016426 (208095-U)] (Incorporated in Malaysia) PROXY FORM I/We Company No. of (Capital Letters) (Full Address) being a member/members of RAM Holdings Berhad (“the Company”), hereby appoint NRIC No. Email Address or, failing him/her, the Chairman of the Meeting as my/our proxy to vote for me/us and on my/our behalf at the Thirty-First Annual General Meeting of the Company to be held as a hybrid meeting at the broadcast venue at the Boardroom, Level 8, Mercu 2, KL Eco City, No. 3, Jalan Bangsar, 59200 Kuala Lumpur, Malaysia, on Thursday, 9 June 2022 at 11.00 a.m. and at any adjournment thereof, and vote as indicated below: No. Ordinary Resolution For Against 1 2 3 4 5 Special Resolution Please indicate with an “X” in the appropriate space how you wish your vote to be cast. Number of Shares Dated this day of 2022 To approve a single-tier final dividend in respect of the financial year ended 31 December 2021. To re-elect YBhg Tan Sri Amirsham Bin A Aziz as Director of the Company. To approve the payment of Directors’ fees to the Non-Executive Directors for an amount up to RM330,000/- for the financial year ending 31 December 2022. To approve the payment of Directors’ remuneration (excluding Directors’ fees) to the Non-Executive Directors up to an amount of RM333,000/- for the period from 10 June 2022 until the next Annual General Meeting of the Company to be held in year 2023. To re-appoint Messrs Ernst & Young PLT as Auditors of the Company and to authorise the Directors to fix their remuneration for the ensuing year. Special Business For Against Amendments to the Constitution proposed by CTOS. Notes:

1. As part of the initiatives to curb the spread of coronavirus disease (COVID-19), the Company will conduct the 31st AGM as a hybrid meeting. Kindly refer to the attached Administrative Guide for the 31st AGM for more information.

2. A member of the Company entitled to attend and vote at the AGM is entitled to appoint a proxy to attend and vote in his stead. A proxy may but need not be a member of the Company. There shall be no restriction as to the qualification of the proxy.

3. The proxy form or other instruments of appointment must be deposited at the Registered Office of the Company located at Level 8, Mercu 2, KL Eco City, No. 3, Jalan Bangsar, 59200 Kuala Lumpur not later than forty-eight (48) hours before the time fixed for holding the meeting or at any adjournment thereof.

4. The instrument appointing a proxy shall be in writing under the hand of the appointor or his/her attorney duly authorised in writing or if the appointor is a corporation, either under its Common Seal or under the hand of a duly authorised officer or attorney.

5. If the proxy form is returned without any indication as to how the proxy shall vote, the proxy will vote or abstain as he thinks fit.

Signature(s)/Common Seal of Member(s)

Media Statement Independence of RAM’s Operations Unaffected by Changes in Shareholdings We refer to the 3 June 2022 article by MalaysiaNow titled “Storm Brewing In Malaysian Debt Capital Market As New Entity Set To Take Control of RAM Rating Agency”. We would like to allay any fear or concerns that may be caused by the opinions expressed in the article, which we believe are unsubstantiated and formed without adequate knowledge of the credit rating industry and RAM’s operational structure. RAM Holdings Berhad (“RAMH”) and its wholly-owned subsidiary, RAM Rating Services Berhad (“RAM Ratings”) are strictly regulated by the Securities Commission Malaysia (“SC”). We are bound by and unceasingly adheres to the ethics of good governance, transparency and integrity set out in the SC’s Guidelines on the Registration of Credit Rating Agencies (“Guidelines”) and the Capital Markets and Services Act 2007. Our governance structure and its operational set-up are designed to allay the sort of concerns highlighted in the MalaysiaNow’s article. Regardless of past, present and future shareholding changes, the integrity and independence of the credit rating agency (“CRA”) have and will continue to be the bedrock of RAM Ratings’ operations – established to serve in the best interest of all bond market participants. Regulated under the Guidelines, these key safeguard measures undertaken in its day-to-day operations attest to these principles:

• Any change in shareholding structure which results in a party controlling 20% or more shares will require the approval of the SC. The SC would not grant approval to any party to exceed this limit, if it deems this to be detrimental to the best interest of the CRA and the bond market.

• The entire Board of RAMH and RAM Ratings comprise independent directors, with the exception of the Executive Director. All directors including its chief executive, deputy chief executive and members of the rating committee are subject to the approval of the SC. Furthermore, the tenures of directors and rating committee members are also subject to a maximum limit.

• Except for governance oversight, the Board does not participate in the operations of the CRA, which is the domain of its Chief Executive Officer and management staff.

• All rating actions by RAM Ratings are decided and assigned by an independent rating committee. The chairman and majority of the members that constitute the rating committee are external individuals with relevant expertise who do not participate in the operations of the CRA.

• The SC reviews the registration of a CRA on a regular basis and conducts its periodic examination on the compliance record of both RAMH and RAM Ratings. Both entities have continued to fulfil the requirements of the CRA registration. The Annual General Meeting to be held on 9 June 2022 will see RAMH shareholders voting on the proposed amendment to clause 12.1 of RAMH’s Constitution. Noteworthy that the proposed amendment is consistent with the wordings in paragraph 2.3 of the Guidelines. This will require 75% of shareholders’ approval. RAMH is confident that our credit rating operations at RAM Ratings will not be impacted and shall remain independent, regardless of the outcome of the vote. Given our 30-year track record, we believe bond market participants can attest to RAM Ratings’ independence and integrity in performing its mandate. We reiterate our commitment to the principles of good ethics, transparency and integrity that will remain core values of RAM Ratings’ operations, now and in the future. Thank you. Chris W.K. Lee Chief Executive Officer/Executive Director RAM Holdings Berhad