(1) Investment Grade

Credit Risk	Moody's	Standard & Poor's
Highest quality	Aaa	AAA
High quality	Aa	AA
Upper medium grade	A	A
Medium grade	Baa	BBB

(2) Non-Investment Grade

Credit Risk	Moody's	Standard & Poor's
Lower medium grade, somewhat speculative	Ba	BB
Low grade, speculative	B	B
Poor quality, may default	Caa	CCC
Most speculative	Ca	CC
No interest being paid or bankruptcy petition filed	C	C
In default	C	D

Disclaimer:
The price of bonds can and does fluctuate, and any individual bond may experience upward or downward movements. There is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling bonds. The holder of bonds bears the credit risk of the issuer and has no recourse to Taifook Securities Group Limited and its subsidiaries.