PIN A5.3.1

Subject to Rules A5.5.2 and A5.5.3, an Insurer's base non-cellular capital consists of the following capital instruments and equity reserves of the Insurer:

(a) paid-up ordinary shares, except for shares referred to in Rule A5.5.1(c);
(b) general reserves;
(c) retained earnings;
(d) current year's earnings after tax; and
(e) hybrid non-cellular capital (as defined in Rule A5.5.1).