We treat accumulated leave expected to be carried forward beyond twelve months, as long-term employee benefit for
measurement purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the
projected unit credit method at the year-end. Actuarial gains/losses are immediately taken to the statement of profit and loss
and are not deferred. We present the entire leave as a current liability in the balance sheet, since it does not have an unconditional
right to defer its settlement for 12 months after the reporting date.

Employee share based payments

Our employees (including senior executives) receive remuneration in the form of share based payment transactions, whereby
employees render services as consideration for equity instruments.

The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate
valuation model. That cost is recognized, together with a corresponding increase in share-based payment (“SAP”) reserves in
equity, over the period in which the performance and/or service conditions are fulfilled in employee benefits expense. The
cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to
which the vesting period has expired and our best estimate of the number of equity instruments that will ultimately vest. The
statement of profit and loss expense or credit for a period represents the movement in cumulative expense recognized as at the
beginning and end of that period and is recognized in employee benefits expense.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards,
but the likelihood of the conditions being met is assessed as part of our best estimate of the number of equity instruments that
will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached
to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions
are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or
performance conditions.

No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions
have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective
of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are
satisfied.

When the terms of an equity-settled award are modified, the minimum expense recognized is the expense had the terms had not
been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases
the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee as measured at the date
of modification. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of
the award is expensed immediately through profit or loss. The dilutive effect of outstanding options is reflected as additional
share dilution in the computation of diluted earnings per share, unless its anti-dilutive to our earnings in nature.

Shares allotted to Trust

We have created an employees’ benefit trust (“Trust”) for implementation of the schemes that are notified or may be notified
from time to time by us under the plan, providing share based payment to its employees. We allocated shares to Trust at the
time of formation of trust. We treat the Trust as its extension and these equity instruments are recognized at cost and deducted
from equity.

Leases

Our lease asset classes primarily consist of leases for land and buildings. We assess whether a contract contains a lease, at
inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an
identified asset, we assess whether: (i) the contract involves the use of an identified asset; (ii) we have substantially all of the
economic benefits from use of the asset through the period of the lease; and (iii) we have the right to direct the use of the asset.

At the date of commencement of the lease, we recognize a right-of-use (“ROU”) asset and a corresponding lease liability for
all lease arrangements in which it is a lessee, except for leases with a term of 12 months or less (short-term leases) and low
value leases. For these short-term and low-value leases, we recognize the lease payments as an operating expense on a straight-
line basis over the term of the lease. Certain lease arrangements include the options to extend or terminate the lease before the
end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be
exercised.

The ROU assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They
are subsequently measured at cost less accumulated depreciation and impairment losses. ROU assets are depreciated from the
commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. ROU
assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may
not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to
sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely

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