In these DVP Rules, unless there is something in the subject or context inconsistent therewith:—

A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

Amended on 25 February 201125 February 2011, 26 April 201326 April 2013 and 8 October 20188 October 2018.

These DVP Rules are issued by CDP pursuant to the CDP Clearing Rules.

Added on 3 October 20093 October 2009.

Unless expressly provided to the contrary, the interpretation or application of or any other matter in connection with these DVP Rules (including, without limitation, Directives, Regulatory Notices, Practice Notes or other notification issued by CDP) shall be determined by CDP, whose decision shall be final and binding on all parties.

Amended on 3 October 20093 October 2009.

In the interpretation of a Rule, a construction that would promote the purpose or object underlying the Rules (whether the purpose is expressly stated in the Rules or not) is to be preferred to a construction that would not promote that purpose or object.

Deleted on 3 October 20093 October 2009.

Headings are provided for ease of reference only and shall not affect the interpretation or construction of the provisions of these DVP Rules.

If these DVP Rules include an example of the operation of a Rule:

The order of precedence of the following instruments applicable to the CDP and Participants shall be (in descending order of precedence):

Amended on 3 October 20093 October 2009 and 26 April 201326 April 2013.

In the event of any conflict between the provisions of the aforesaid instruments, the provisions in an instrument with a higher level of precedence shall prevail over the provisions in an instrument with a lower level of precedence.

Added on 26 April 201326 April 2013.

The following persons shall be Participants in DVP Settlement:

Amended on 3 October 20093 October 2009.

The following persons are Eligible Persons:

Amended on 3 October 20093 October 2009.

An Eligible Person who meets the payment and settlement facility requirements in Rule 2.3 shall be eligible to apply for admission as a Principal in DVP Settlement.

Amended on 3 October 20093 October 2009.

An Eligible Person may apply to CDP for admission as a Principal in DVP Settlement in accordance with the procedures found in the DVP Procedures Handbook.

Amended on 3 October 20093 October 2009.

Notwithstanding that an Eligible Person is eligible to apply for admission as a Principal in DVP Settlement, admission as a Principal shall be subject to the absolute discretion of CDP and shall be subject to such additional requirements, undertakings, terms and conditions as CDP may, in its absolute discretion, deem fit.

Where CDP decides not to admit any person as Principal, it shall not be under any obligation to give any reason for its decision.

The payment facility requirements of Principals are that:

Refer to Annex A — Letter of Guarantee and Indemnity from Settlement Bank.

Amended on 3 October 20093 October 2009.

Subject to Rule 2.3.4, the settlement facility requirements of Principals are that the Principal has appointed one or more Depository Agents who:

Amended on 3 October 20093 October 2009.

Unless approved by CDP, the Principal may not appoint more than one Depository Agent to be its agent for the purposes of Rule 4.

Where the Principal is itself a Depository Agent, the Principal shall not be required to appoint another Depository Agent to be its agent for the purposes of Rule 4. In such case, any of the DVP Rules applicable to a Depository Agent shall be performed by the Principal in its capacity as Depository Agent.

Where the Principal is itself a Settlement Bank, the Principal shall not be required to furnish CDP with a Letter of Guarantee and Indemnity pursuant to Rule 2.3.1(b) if the Principal appoints itself to act as Settlement Bank to comply with Rule 2.3.1(a). In such case, any of the DVP Rules applicable to a Settlement Bank shall be performed by the Principal in its capacity as a Settlement Bank.

A Depository Agent may apply to CDP for admission to participate in DVP Settlement in accordance with the procedures found in the DVP Procedures Handbook.

Amended on 3 October 20093 October 2009.

Admission to participate in DVP Settlement as a Depository Agent acting as agent for a Principal shall be subject to the absolute discretion of CDP and shall be subject to such additional requirements, undertakings, terms and conditions as CDP may, in its absolute discretion, deem fit.

Where CDP decides not to admit any Depository Agent as agent for the Principal it shall not be under any obligation to given any reason for its decision.

Any Bank which meets the payment facility requirements of Settlement Banks under Rule 2.6.1 shall be eligible to participate as a Settlement Bank in DVP Settlement.

A Bank may apply to CDP for admission as a Settlement Bank in accordance with the procedures found in the DVP Procedures Handbook.

Amended on 3 October 20093 October 2009.

Notwithstanding that a Bank is eligible to participate as a Settlement Bank in DVP Settlement, admission as a Settlement Bank shall be subject to the absolute discretion of CDP and shall be subject to such additional requirements, undertakings, terms and conditions as CDP may, in its absolute discretion, deem fit.

The payment facility requirements of Settlement Banks are that:

Refer to Annex B — Letter of Guarantee and Indemnity from Clearing Bank.

Amended on 3 October 20093 October 2009 and 25 February 201125 February 2011.

Clearing Members' participation in DVP Settlement is mandatory under these DVP Rules. Clearing Members' participation in DVP Settlement shall be governed by the provisions of these DVP Rules in so far as they apply in relation to DVP Settlement.

Amended on 3 October 20093 October 2009.

The Clearing Bank's participation in DVP Settlement shall be effected by the Clearing Bank Deed that contains a covenant by the Clearing Bank that the Clearing Bank undertakes to CDP to be bound by and to observe and comply with the provisions of these DVP Rules in so far as they apply in relation to the Clearing Bank.

An instruction submitted for DVP Settlement shall not be eligible for DVP Settlement if there are no corresponding instructions for matching.

Amended on 3 October 20093 October 2009.

Subject to Rule 3.6, all matched and validated transactions accepted for DVP Settlement shall be novated to CDP in accordance with this Rule.

Amended on 3 October 20093 October 2009.

The transaction accepted for DVP Settlement shall (unless earlier cancelled in accordance with Rule 6) be novated to CDP immediately after the Cut-off Time for DVP Validation on the Settlement Day on which such transaction is due for settlement in DVP Settlement.

Amended on 3 October 20093 October 2009.

Upon the novation of a DVPT transaction to CDP:

Amended on 3 October 20093 October 2009.

Upon the novation of a FDVP transaction to CDP:

Amended on 3 October 20093 October 2009.

The obligations and rights under the novated contracts:

are owed by and to the parties as principals to each other notwithstanding that the receiving Principal or the delivering Principal may have acted as agent for another person submitting a DVP instruction.

Amended on 3 October 20093 October 2009 and 26 April 201326 April 2013.

The terms of the novated contracts are governed by these DVP Rules. In particular, each of the obligations to make payment is discharged by, and each of the entitlements to receive payment is satisfied by, net payment in accordance with these DVP Rules.

Notwithstanding that payment is settled on a net basis in DVP Settlement, the delivery of securities in DVP Settlement shall not be settled on a net basis.

CDP shall, pursuant to any novated contract which is due for settlement on any Settlement Day, make delivery of securities to the receiving Principal on that Settlement Day. CDP's obligation to make such delivery shall be discharged by crediting the securities to be delivered to the securities account or sub-account (the "Designated Securities Account") as specified by the receiving Principal when the receiving Principal is submitting a DVP instruction.

CDP shall, pursuant to any novated contract which is due for settlement on any Settlement Day, receive securities from the delivering Principal on that Settlement Day. CDP's entitlement to receive such securities shall be satisfied by debiting the securities to be received from the securities account or sub-account (the "Designated Securities Account") as specified by the delivering Principal when the delivering Principal is submitting a DVP instruction.

Amended on 3 October 20093 October 2009 and 26 April 201326 April 2013.

When the DVP instructions have been matched, CDP shall earmark, in the CDP Systems, the securities from the Designated Securities Account from which the delivery is to be effected. CDP shall be entitled to debit the earmarked securities on Settlement Day of the matched and validated transaction in DVP Settlement.

Amended on 3 October 20093 October 2009.

Neither the Settlement Bank of the Principal nor any other person shall have any right to or interest in the securities in the Designated Securities Account which have been earmarked for delivery pursuant to Rule 3.2.6.

Added on 22 April 201322 April 2013.

All payment obligations arising under the DVP transactions which are due for settlement on any Settlement Day shall be set off so that:

Amended on 3 October 20093 October 2009.

Any securities delivered or to be delivered by the Principal pursuant to a DVP transaction shall be delivered free from any interest of the Principal's client. The client shall not retain any equitable or legal interest in the securities debited from his securities account pursuant to a DVP transaction and shall not be entitled to trace nor claim any interest in the securities. The client's sole remedy in respect of such securities shall be against the Principal who delivered the securities.

Amended on 3 October 20093 October 2009.

The client shall look solely to his Principal for payment or delivery of any securities to be received by the client pursuant to a DVP transaction. CDP shall have no responsibility or liability to the client or to any person who is not a Participant, notwithstanding that CDP is counterparty to the novated contracts.

Amended on 3 October 20093 October 2009.

The Principal shall indemnify CDP on a full indemnity basis for any losses, damages, liabilities, costs, claims, actions and demands made by its clients against CDP arising in respect of the novated contracts.

Nothing in this Rule 3.4 shall preclude the Principal from claiming, subject to Rule 19, against CDP as a principal in respect of the novated contracts.

When a receiving Principal submits a DVP instruction which is matched and validated, the Principal warrants, represents and undertakes to CDP that it has sufficient funds to pay the purchase consideration and brokerage (if any) for the transaction or transfer to CDP on Settlement Day.

Amended on 3 October 20093 October 2009.

When a delivering Principal submits a DVP instruction which is matched and validated, the Principal warrants, represents and undertakes to CDP that it has sufficient securities to meet its delivery obligations pursuant to these DVP Rules on Settlement Day and that it has authorised CDP to earmark the said securities for delivery from its Designated Securities Account.

Amended on 3 October 20093 October 2009.

The Principal shall indemnify CDP against any losses, damages, liabilities, costs, claims, actions and demands which it may incur or which may be made against it as a result of or arising from the breach of the warranties, representations and undertakings of the Principal provided for in or given pursuant to these DVP Rules.

CDP shall be entitled to claim against the Principal for the indemnity provided for under Rule 3.5.3 without prejudice to any other rights or remedies which it may have under these DVP Rules or otherwise.

CDP shall not be under any obligation to, and shall not be liable to, any party for instructions which have been matched and validated, but which do not correspond to an actual trade transacted on SGX-ST.

Added on 3 October 20093 October 2009.

CDP shall not be under any obligation, and shall not be liable to any party, to ensure that DVPT instructions submitted correspond to an actual trade transacted on SGX-ST, before matching and validation takes place.

Added on 3 October 20093 October 2009.

Where CDP has paid money and/or delivered securities pursuant to DVPT instructions which do not correspond with an actual trade transacted on SGX-ST for the same or lesser number of securities, CDP shall be able to recover any loss or damage suffered by it from the Clearing Member or Principal who submitted such instructions.

Added on 3 October 20093 October 2009.

A Depository Agent appointed by its Principal under Rule 2.3.2 (hereinafter referred to as the "Depository Agent") shall be the Principal's attorney and shall be authorised in its name and on its behalf to execute and do all such acts and things which the Principal may or ought to do under the provisions of these DVP Rules and may generally in its name and on its behalf exercise all or any of the rights, powers, authorities and discretions conferred by or pursuant to these DVP Rules on the Principal.

The Depository Agent's Principal shall be liable to CDP and the Participants for all acts and omissions of its Depository Agent. As against CDP or any Participant, the Principal shall not be able to assert any lack of authority of the Depository Agent, regardless of whether the Participant had actual notice of such lack of authority.

No act or omission of, and in particular, no matching and validation of a DVP instruction or cancellation of a DVP transaction by the Depository Agent shall be invalid for lack of authority until the date the DA Termination Notice given by the Principal pursuant to Rule 4.5.1 takes effect.

Amended on 3 October 20093 October 2009.

The Principal shall procure that the Depository Agent observes and complies with the DVP Rules as if it were the Principal. The Depository Agent shall in turn undertake to the Principal to so observe and comply with the DVP Rules as if it were the Principal.

Unless otherwise provided to the contrary, all references to a "Principal" in these DVP Rules shall include references to the Depository Agent and vice versa.

All DVP instructions shall be submitted by the Depository Agent as agent for the Principal. Any reference in these DVP Rules to a DVP instruction submitted by the Principal shall mean that instruction so submitted by the Depository Agent as agent for the Principal.

Amended on 3 October 20093 October 2009.

All cancellation of DVP transactions (advance or otherwise) shall be submitted by the Depository Agent as agent for the Principal. Any reference in these DVP Rules to a DVP transaction (advance or otherwise) cancelled by the Principal shall mean that DVP transaction so cancelled by the Depository Agent as agent for the Principal.

Amended on 3 October 20093 October 2009.

All settlement instructions in DVP Settlement shall be made by the Depository Agent as agent for the Principal.

Amended on 3 October 20093 October 2009.

CDP shall be entitled (but shall not be obliged) to act only on submissions and cancellation of DVP instructions and/or transactions in DVP Settlement made by a Depository Agent to the exclusion of its Principal.

Amended on 3 October 20093 October 2009.

A Depository Agent shall be fully authorised, when submitting an instruction in DVP Settlement, to designate on behalf of its Principal, the Securities Account from which delivery of securities to or from CDP will be made pursuant to Rule 3.2.5.

Amended on 3 October 20093 October 2009.

The receipt by a Depository Agent of securities which CDP is obliged to deliver to its Principal shall be sufficient discharge to CDP of CDP's delivery obligations to its Principal. The delivery by a Depository Agent to CDP of securities which its Principal is obliged to deliver to CDP shall be sufficient discharge of the Principal's delivery obligations to CDP.

The Depository Agent shall be authorised by the Principal to communicate with CDP on all matters with regards to DVP Settlement.

All communications of the Principal with CDP in DVP Settlement shall be made through the Depository Agent and all communications of CDP with the Principal in DVP Settlement shall be made through the Depository Agent.

Amended on 3 October 20093 October 2009.

All statements to be given by CDP to the Principal pursuant to these DVP Rules shall be given to the Depository Agent. Any statement received by a Depository Agent shall be deemed to be received by its Principal.

Any reference to the Depository Agent in the statements to be given by CDP to any Participant pursuant to these DVP Rules shall include a reference to its Principal.

The Principal may terminate the Depository Agent as its agent for the purposes of these DVP Rules by notifying CDP by a written notice (the "DA Termination Notice") of the termination. The DA Termination Notice shall take effect on the same day in the week following the day of receipt by CDP of the said Notice but shall not affect any accrued rights or liabilities of the Principal to CDP. The Principal shall continue to be liable for all acts or omissions of the DA up to the date the DA Termination Notice takes effect.

A Depository Agent may not act for more than one Principal except with the written approval of CDP. CDP may give its approval on such terms and conditions as it may in its absolute discretion deem fit.

This Rule shall not apply to a Principal who is himself a DA.

A Principal and a qualifying Clearing Member of the Trading Member may, at any time before the Cut-off Time for DVP Validation on any Settlement Day, submit an instruction to cancel a DVP transaction. A DVP transaction that is due for settlement on a Settlement Day which is not cancelled by the Cut-off Time for DVP Validation for that Settlement Day shall be locked-in after the said Cut-off Time for DVP Validation and the rights and obligations as detailed in Rule 3 which arise as a result of the matching and validation become irrevocable.

Amended on 3 October 20093 October 2009.

Where a DVP transaction has been matched and validated in advance, the Principal and a qualifying Clearing Member of the Trading Member may submit an instruction to cancel the DVP transaction at any time before the Cut-off Time for DVP Validation on Settlement Day the due date of settlement for the DVP transaction.

Amended on 3 October 20093 October 2009.

A DVPT transaction shall be cancelled only if instructions for cancellation have been received from the Principal and the qualifying Clearing Member and matched, before the Cut-Off Time for DVP Validation.

Added on 3 October 20093 October 2009.

A FDVP transaction shall be cancelled only if instructions for cancellation have been received from the delivering Principal and the receiving Principal and matched, before the Cut-Off Time for DVP Validation.

Added on 3 October 20093 October 2009.

Where the DVP transaction has been cancelled, the instruction shall be deemed not to have been submitted by the Principal or qualifying Clearing Member of the Trading Member. No novation of the transaction shall be deemed to have occurred and the rights and obligations as detailed in Rule 3 shall not arise.

Amended on 3 October 20093 October 2009.

The transaction cancelled transaction will not be eligible for DVP Settlement.

Amended on 3 October 20093 October 2009.

CDP shall be entitled (but shall not be bound) to cancel all or any of the Principal's DVP transactions, including, transactions which have been matched and validated in advance in the following circumstances:

Amended on 3 October 20093 October 2009 and 22 April 201322 April 2013.

In cancelling any DVP transaction, CDP may require the Principal or the qualifying Clearing Member of the Trading Member for the transaction, or both, to undertake such action as may be necessary to facilitate or effect the cancellation. The Principal and the qualifying Clearing Member shall comply with such requirement.

Added on 22 April 201322 April 2013.

Where CDP has cancelled a DVP transaction, the instruction shall be deemed not to have been submitted for matching by the Principal or Clearing Member who qualified for the Trading Member. No novation of the transaction shall be deemed to have occurred and the rights and obligations as detailed in Rule 3 shall not arise.

Amended on 3 October 20093 October 2009.

The DVP transaction cancelled by CDP will not be eligible for DVP Settlement.

Amended on 3 October 20093 October 2009.

A DVPT transaction which has been cancelled, or a DVPT instruction which has not been matched or validated shall be settled through the qualifying Clearing Member's clearing account. Buying-in will be instituted against the short Clearing Member in accordance with the CDP Clearing Rules in the event that the Clearing Member failed to deliver the securities by the Cut-off Time for DVP Validation on the Settlement Date as a result of the cancellation, non-matching or non-validation of instructions.

Amended on 3 October 20093 October 2009.

Deleted on 3 October 20093 October 2009.

A FDVP transaction which has been cancelled, or a FDVP instruction which has not been matched or validated shall not be settled via DVP.

Amended on 3 October 20093 October 2009.

For the avoidance of doubt, no novation of a transaction shall be deemed to have occurred under these DVP Rules if the DVP instructions are not matched and/or validated, and the rights and obligations set out in Rule 3 shall not arise.

Added on 3 October 20093 October 2009.

The settlement of money obligations between CDP and the Principal shall be in accordance with these DVP Rules. The Principal shall do, or procure to be done, all things which may be necessary or prudent or required by CDP to give effect to these DVP Rules.

When a Principal submits a receiving instruction which is due for settlement on that Settlement Day, the total amount due to CDP upon matching and validation of such instruction shall be debited to the Principal's daily balance for that Settlement Day. When a Principal submits a delivery instruction which is due for settlement on that Settlement Day, the total amount due from CDP upon matching and validation of the delivery instruction shall be credited to the Principal's daily balance for that Settlement Day.

Amended on 3 October 20093 October 2009.

When a Principal submits a receiving instruction for matching and validating in advance, the total amount due to CDP upon matching and validation of such instruction shall be debited to from the Principal's daily balance for the Settlement Day of such instruction. When a Principal submits a delivery instruction for matching and validation in advance, the total amount due from CDP upon matching and validation of such instruction shall be credited to the Principal's daily balance for the Settlement Day of such instruction.

Amended on 3 October 20093 October 2009.

Throughout the Settlement Day up to the Cut-Off Time for DVP Validation, all debits and credits to the Principal's daily balance shall be set-off on a continuous basis as to arrive at a net balance, known as a net debit or net credit balance, at any particular point of time during the Settlement Day. Setting-off shall also be conducted on a consecutive basis so that transactions which are matched and validated first shall be set-off first. The final Net Debit Balance for that Settlement Day shall be referred to as the Net Debit Balance and the final net credit balance for that Settlement Day shall be referred to as the Net Credit Balance.

Amended on 3 October 20093 October 2009.

On any Settlement Day, the Net Debit Balance shall be payable to CDP and the Net Credit Balance shall be payable by CDP in accordance with these DVP Rules.

Amended on 25 February 201125 February 2011 and 26 April 201326 April 2013.

At the time as stated in the Timetable on each Settlement Day, CDP shall issue an electronic statement to the Principal's DA.

Amended on 3 October 20093 October 2009.

Save for manifest error, such statement shall be deemed binding and conclusive on the Principal as to the Net Debit Balance payable to CDP or the Net Credit Balance payable by CDP (as the case may be), on that Settlement Day.

Amended on 3 October 20093 October 2009.

The Principal's Settlement Bank may from time to time establish a limit on the net debit balance of the Principal. This limit shall be known as the Principal Net Debit Cap. The Principal Net Debit Cap may be adjusted at any time on a Settlement Day in accordance with Rule 8.4.1. The net debit balance and the total net debit balance of the Principal at any time on a Settlement Day shall not exceed the Principal Net Debit Cap applicable at that time.

Throughout the Settlement Day, the value of the Principal's transactions matched and validated in advance shall be added to the value of the Principal's other matched and validated transactions due for settlement on the Settlement Day and set-off on a continuous basis so as to arrive at a total balance, known as the total net debit or net credit balance, at any particular point of time during the Settlement Day.

Amended on 3 October 20093 October 2009.

The total net balance at any particular point of time during the Settlement Day shall be calculated by the following formula:

[(A - B) + (C - D)]

Amended on 3 October 20093 October 2009.

Validations of DVP instructions can only take place upon satisfaction of the following conditions:

Amended on 3 October 20093 October 2009.

Validations of DVP instructions prior to their Settlement Day can only take place upon satisfaction of the following conditions:

Amended on 3 October 20093 October 2009.

In order to cancel a matched and validated DVP transaction which is due on a Settlement Day, the following conditions must be satisfied:

Amended on 3 October 20093 October 2009.

In order to cancel a DVP transaction which has been matched and validated in advance,, the following conditions must be satisfied:

Amended on 3 October 20093 October 2009.

The Settlement Bank shall agree to abide by these DVP Rules as a condition of its participation in DVP Settlement. The Settlement Bank shall act as the paying and collecting agent for each Principal which it represents for the settlement of the Net Debit Balance or Net Credit Balance (as the case may be).

CDP shall be irrevocably authorised by the Principal to pay the Net Credit Balance to, and/or to receive the payment of the Net Debit Balance from, the Settlement Bank in accordance with these DVP Rules. CDP shall not be responsible or liable to the Principal for any delay or failure of the Settlement Bank to pay the Net Credit Balance to the Principal.

The Settlement Bank shall maintain such communications facilities and on-line access to CDP as may be required from time to time by CDP.

Deleted on 25 February 201125 February 2011.

Deleted on 25 February 201125 February 2011.

Deleted on 25 February 201125 February 2011.

Deleted on 25 February 201125 February 2011.

Added on 3 October 20093 October 2009 and deleted on 25 February 201125 February 2011.

The Settlement Bank shall, on behalf of all Principals which it represents, settle with CDP on a net-net basis on each Settlement Day. The aggregated Net Credit Balance of all Principals which settle through the Settlement Bank and which have Net Credit Balance(s) on that Settlement Day shall be set-off against the aggregated Net Debit Balance of all Principals which settle through the same Settlement Bank and which have Net Debit Balance(s) on that Settlement Day to achieve a single Net-Net Debit Balance payable by the Settlement Bank to CDP or a single Net-Net Credit Balance payable by CDP to the Settlement Bank for that Settlement Day.

Amended on 26 April 201326 April 2013.

The Settlement Bank shall subscribe to CDP's communications system for on-line access to monitor the Net Debit Balance or Net Credit Balance of each Principal which the Settlement Bank represents. The Settlement Bank shall be responsible for collecting the Net Debit Balances from, and paying the Net Credit Balances to, the Principals represented by the Settlement Bank.

CDP shall issue a Settlement Bank Net Money Settlement Statement to the Settlement Bank via SWIFT or any other mode of communication as CDP deems fit, at the time prescribed in the Timetable on each Settlement Day.

Amended on 3 October 20093 October 2009.

The Settlement Bank Net Money Settlement Statement shall contain the following details:

Amended on 26 April 201326 April 2013.

Unless otherwise notified by CDP to the Settlement Bank, settlement of the Net-Net Debit Balance or Net-Net Credit Balance for each Settlement Day between CDP and the Settlement Bank shall be effected by such time as set out in the Timetable on that Settlement Day, save that in the case of settlement in a foreign currency, if the Settlement Day is not a Common Banking Day, settlement shall be effected at the same time on the next Common Banking Day.

Payment of the Net-Net Debit Balance or the Net-Net Credit Balance shall not be considered to have been made to the intended recipient (i.e., CDP or the Settlement Bank) until the payment sum is irrevocably and unconditionally received, in immediately available funds, in such account of the intended recipient as is nominated by the intended recipient.

Such nomination shall, in the case of nomination by the Settlement Bank, be in writing to CDP, and in the case of nomination by CDP, be by way of circular or otherwise.

Added on 26 April 201326 April 2013.

Save for manifest error, for each Settlement Day, the Settlement Bank Net Money Settlement Statement shall be deemed binding and conclusive on the Settlement Bank as to the Net-Net Debit Balance payable by the Settlement Bank or the Net-Net Credit Balance payable by CDP (as the case may be) for that Settlement Day.

Amended on 26 April 201326 April 2013.

Notwithstanding:

the Settlement Bank shall pay to CDP the Net-Net Debit Balance or CDP shall pay to the Settlement Bank the Net-Net Credit Balance as stated in the Settlement Bank Net Money Settlement Statement in accordance with Rule 8.3.2A irrespective of any dispute between the Settlement Bank and CDP as to the amounts stated in any of those statements.

Any dispute shall be considered by CDP only after CDP has completed payment of Net-Net Credit Balances to Settlement Banks and Settlement Banks have completed payment of Net-Net Debit Balances to CDP for that Settlement Day. Any monies to be refunded or deducted shall be refunded or deducted free of interest to or from the relevant Settlement Bank by crediting or debiting the amount to or from that Settlement Bank's Net-Net Debit Balance or Net-Net Credit Balance (as the case may be) as soon as practicable after the dispute is resolved.

Amended on 26 April 201326 April 2013.

The receipt by a Settlement Bank of the Net-Net Credit Balance from CDP shall operate as a complete release and discharge on that Settlement Day:

Added on 25 February 201125 February 2011 and amended on 26 April 201326 April 2013.

The receipt by CDP of the Net-Net Debit Balance payable by a Settlement Bank shall operate as a complete release and discharge on that Settlement Day:

Added on 25 February 201125 February 2011 and amended on 26 April 201326 April 2013.

If CDP is of the opinion that payment of the Net-Net Debit Balances or Net-Net Credit Balances or both is unlikely to commence by the scheduled time stated in the Timetable, CDP shall inform Settlement Banks of the following matters:

CDP shall provide adequate time for Settlement Banks to make payment and and Settlement Banks shall effect payment by such time as stipulated by CDP.

Added on 25 February 201125 February 2011 and amended on 26 April 201326 April 2013.

The Settlement Bank may establish a Principal Net Debit Cap for each Principal which it represents and shall inform CDP of the amount through the on-line communications system in accordance with such procedures as may be established by CDP from time to time. The Settlement Bank, may on a real-time basis, increase or decrease the amount of the Principal Net Debit Cap for any Principal it represents at any time throughout the Settlement Day.

Where the Principal Net Debit Cap has been decreased by the Settlement Bank, any subsequent receiving instructions (advance or otherwise) that would have the effect of increasing the Net Debit Balance or total Net Debit Balance (as the case may be) to a value that exceeds the value of the decreased Principal Net Debit Cap shall not be matched and validated. However, any subsequent delivery instructions (advance or otherwise) submitted by the Principal shall be matched and validated. This would have the effect of reducing the Principal's net debit balance or the total net debit balance (as the case may be). Where the net debit balance or the total net debit balance (as the case may be) falls below the value of the decreased Principal Net Debit Cap, receiving instructions (advance or otherwise) submitted by the Principal shall continue to be matched and validated provided that the value of such transactions do not cause the net debit balance or the total net debit balance (as the case may be) to exceed the value of the decreased Principal Net Debit Cap.

Example 3: Assume that the Principal's Net Debit Cap is $1 million and that prior to the Principal Net Debit Cap being decreased by the Settlement Bank, the net debit balance is $600,000. Assume also that there are no instructions submitted to be matched and validated in this case. The Settlement Bank then decreases the Principal Net Debit Cap to $500,000. Thereafter, any further receiving instructions submitted by the Principal shall not be matched and validated. However, delivery instructions submitted by the Principal shall continue to be matched and validated. Assuming that the value of such affirmations is $300,000, this would have the effect of reducing the net debit balance to $300,000. In such an event, receiving instructions submitted by the Principal shall continue to be matched and validated provided that the aggregate value of such transactions does not cause the net debit balance to exceed $500,000.

Example 3A: Assume that the Principal in Example 3, prior to the Principal Net Debit Cap being decreased to $500,000 by the Settlement Bank, has a net debit balance of $600,000 and has submitted instructions to be matched and validated in advance with a net debit value of $200,000. His total net debit balance is therefore $800,000. After the Settlement Bank has decreased his Principal Net Debit Cap to $500,000, further receiving instructions (advance or otherwise) submitted by the Principal shall not be matched and validated. However delivery instructions (advance or otherwise) submitted by the Principal shall continue to be matched and validated.

If, assuming that the Principal's current Settlement Day DVP delivery instructions is a net credit value of $300,000 and the instructions matched and validated in advance is a net credit value of $100,000, this would have the effect of reducing the net debit balance to $300,000 and reducing the total net debit balance to $400,000.

In such an event, delivery instructions (advance or otherwise) submitted by the Principal shall continue to be matched and validated provided that the aggregate value of such transactions does not cause the total net debit balance to exceed $500,000; i.e. the aggregate of such transactions is limited to a net debit value of $100,000.

Amended on 3 October 20093 October 2009.

Where the Principal Net Debit Cap has been increased by the Settlement Bank, subsequent receiving instructions (advance or otherwise) submitted by the Principal that would have the effect of increasing the net debit balance or the total net debit balance (as the case may be) up to a value that equals the value of the increased Principal Net Debit Cap, shall be matched and validated.

Amended on 3 October 20093 October 2009.

In the event that the Settlement Bank desires to prevent a Principal from submitting further receiving instructions, the Settlement Bank may set the Principal Net Debit Cap to zero. When the Principal Net Debit Cap has been set to zero, any further instructions accepted for matching and validation shall be restricted to only delivery instructions. Whilst the Principal's net debit balance will be reduced by the subsequent matching and validation of delivery instructions, further receiving instructions submitted shall not be matched and validated.

Amended on 3 October 20093 October 2009.

Notwithstanding that at the time the Principal Net Debit Cap has been set to zero the Principal has a net credit balance, further receiving instructions submitted by the Principal shall not be matched and validated. In the event that the Settlement Bank does not desire to prevent the Principal from making further submissions for receiving instructions where the Principal has a net credit balance at the time of adjustment of the Principal Net Debit Cap, the Settlement Bank should set the Principal Net Debit Cap to a value above zero.

Amended on 3 October 20093 October 2009.

Where the Principal Net Debit Cap has been set to zero, any subsequent receiving instructions for matching and validating in advance submitted by the Principal shall not be accepted. Only subsequent delivery instructions submitted by the Principal shall be matched and validated. Rules 8.5.1 and 8.5.2 shall apply, mutatis mutandis, to subsequent submissions of receiving instructions.

Amended on 3 October 20093 October 2009.

The Settlement Bank's liability for a Principal under the Letter of Guarantee and Indemnity on any Settlement Day shall be the Net Debit Balance of the Principal on that Settlement Day, together with interest thereon.

The Settlement Bank's maximum liability for a Principal under the Letter of Guarantee and Indemnity at any time on a Settlement Day (exclusive of liability for a Block Trade affirmed in accordance with Rule 13) shall be a value that is equal to the highest positive value (together with interest thereon) derived from any of the following formulae; i.e.

(A - B) or [(A - B) + (C - D)] or (C - D)

Amended on 3 October 20093 October 2009.

Notwithstanding anything herein and subject to Rule 13.3.2, the maximum liability of the Settlement Bank for a Principal under the Letter of Guarantee at any time on a Settlement Day shall not exceed the Guaranteed Value. The Guaranteed Value shall be a value equal to the highest Principal Net Debit Cap fixed by the Settlement Bank for the Principal for the period beginning from the earliest Settlement Day for which transactions whose due date for settlement is the current Settlement Day could be matched and validated in advance and ending on the current Settlement Day together with all interest thereon.

Example 3B: Assume that on Settlement Day 1, the Principal Net Debit Cap stands at $2 million at 9.00 a.m. The Principal proceeds to submit a receiving instruction valued at $2 million for settlement on Settlement Day 2. Assume also that the earliest Settlement Day for which advance submission whose due date for settlement is on Settlement Day 2 is Settlement Day 1. The Settlement Bank then reduces the Principal Net Debit Cap to $1 million at 12 noon on Settlement Day 1 and the Principal Net Debit Cap remains unchanged at $1 million on Settlement Day 2.

Settlement Bank's Liability: The Principal's liability on Settlement Day 1 is zero and therefore the Settlement Bank's liability for the Principal under the Letter of Guarantee and Indemnity on Settlement Day 1 is zero. However, the Principal is liable on Settlement Day 2 to pay CDP $2 million. The Settlement Bank's liability for the Principal under the Letter of Guarantee and Indemnity on Settlement Day 2 is $2 million, notwithstanding that the Principal Net Debit Cap on Settlement Day 2 is $1 million. The Guaranteed Value for the purposes of Settlement Day 1 is $2 million, as this is the highest Principal Net Debit Cap for Settlement Day 1 and the Guaranteed Value for the purposes of Settlement Day 2 is also $2 million as this is the highest Principal Net Debit Cap for the period beginning from the earliest period for which advance submission due for settlement on Settlement Day 2 could be made (i.e. Settlement Day 1) and ending on the current Settlement Day (i.e. Settlement Day 2).

Amended on 3 October 20093 October 2009.

Upon any default of the Principal in payment of the Net Debit Balance, the Settlement Bank shall inform CDP by a written notice (the "Default Notice"). The Default Notice shall be delivered to CDP as soon as possible upon, and in no event later than one hour after the occurrence of the default. The Default Notice shall specify the name of the defaulting Principal and the amount of the default.

A Principal who is the subject of a Default Notice (the "defaulting Principal") shall be subject to such disciplinary action, including fines and suspension, as may be deemed appropriate by CDP.

CDP may also terminate the defaulting Principal's participation in DVP Settlement with effect from the date of receipt of the Default Notice in accordance with Rule 9.

Where the Settlement Bank has terminated any payment facilities granted to the Principal or where the Settlement Bank ceases to act as the Principal's agent for the purposes of DVP Settlement, the Settlement Bank shall notify CDP by a written notice (the "Termination Notice"). The Termination Notice shall be deemed to take effect on the same day in the week following the day of receipt by CDP of the said Notice but shall not affect any accrued rights or liabilities of the Settlement Bank to CDP. If the day on which the Termination Notice is deemed to take effect is a public holiday, then the Termination Notice shall be deemed to take effect on the following Settlement Day.

The Settlement Bank shall set the Principal Net Debit Cap of the Principal whom it is terminating to zero on the date of the issue of the Termination Notice, failing which the Settlement Bank shall be liable for all DVP transactions submitted by the Principal (advance or otherwise) up to the date on which the Termination Notice is to take effect.

Amended on 3 October 20093 October 2009.

CDP may at any time (without prejudice to its other rights or remedies), by notice in writing to the Principal, terminate, suspend or withhold the Principal's participation in DVP Settlement (such termination, suspension or withholding to take effect immediately upon issue of such notice unless otherwise specified in the notice) if:

Notwithstanding Rule 9.1.1, CDP may (without assigning any reason whatsoever) terminate the Principal's participation in DVP Settlement by giving at least thirty (30) days' prior written notice to the Principal.

The Principal shall inform CDP immediately in writing of the occurrence of any of the events mentioned in Rules 9.1.1(c) to 9.1.1(f) of these DVP Rules.

CDP shall, immediately upon the issue of a notice in writing to the Principal pursuant to this Rule 9.1 to terminate, suspend or withhold the Principal's participation in DVP Settlement, or upon the receipt of a notice in writing from the Principal pursuant to Rule 9.4, send a copy of the said notice to the Settlement Bank of the Principal.

CDP may, at any time (without prejudice to its other rights or remedies), by notice in writing to the Principal, terminate, suspend or withhold the Principal's participation in DVP Settlement (such termination, suspension or withholding to take effect immediately upon issue of such notice unless otherwise specified in the notice) if:

Amended on 8 September 20148 September 2014.

Any termination, suspension or withholding of the Principal's participation in DVP Settlement (howsoever occasioned) shall not affect any accrued rights or liabilities of any Participant nor shall it affect the coming into force or the continuance in force of any provision hereof which is expressly or by implication intended to come into or continue in force on or after such event.

Upon any termination, withholding or suspension of the Principal's participation in DVP Settlement, all liabilities and obligations owing to CDP shall become due and owing. Without prejudice to the generality of the foregoing, CDP shall immediately be entitled (but not bound) to:

Amended on 3 October 20093 October 2009.

Notwithstanding the termination, withholding or suspension of the Principal's participation in DVP Settlement, CDP's rights and authorities concerning onward deliveries pursuant to Rule 12.2 shall not be affected. CDP may continue to credit and debit the Principal's Designated Securities Accounts for such onward deliveries.

On termination of the Principal's participation in DVP Settlement (howsoever occasioned) or suspension of DVP Settlement pursuant to Rule 18, all outstanding amounts owing to CDP shall become due and payable and the Principal shall forthwith pay CDP the same.

The Principal may terminate its participation in DVP Settlement by giving at least thirty (30) days' prior written notice to CDP.

Upon any termination of the Principal, its Depository Agent shall also be terminated.

CDP may at any time (without prejudice to its other rights or remedies) by notice in writing to the DA, terminate, suspend or withhold the DA's participation in DVP Settlement (such termination, suspension or withholding to take effect immediately upon issue of such notice unless otherwise specified in the notice) if:

Notwithstanding Rule 9.5.2, CDP may (without assigning any reason whatsoever) terminate the DA's participation in DVP Settlement by giving at least thirty (30) days' prior written notice to the DA.

The DA shall inform CDP immediately in writing of the occurrence of any of the events mentioned in Rules 9.5.2(b) to 9.5.2(d) of these DVP Rules.

The DA may terminate its participation in DVP Settlement by giving at least thirty (30) days' prior written notice to CDP.

Any termination, suspension or withholding of the DA's participation in DVP Settlement (howsoever occasioned) shall not affect any accrued rights or liabilities of any Participant nor shall it affect the coming into force or the continuance in force of any provision hereof which is expressly or by implication intended to come into or continue in force on or after such event.

Upon any termination, withholding or suspension of the DA's participation in DVP Settlement:

The Clearing Bank shall agree to abide by these DVP Rules and shall enter into a Clearing Bank Deed with CDP.

Amended on 25 February 201125 February 2011.

On any Settlement Day, the Clearing Bank shall be liable, as principal and primary obligor, to pay to CDP the Net-Net Debit Balance or any shortfall in the Net-Net Debit Balance of any Settlement Bank who has defaulted in its payment obligations to CDP pursuant to Rule 8.3.4. Subject to Rule 13.3, the Net-Net Debit Balance of any Settlement Bank shall not exceed its SB Net Debit Cap.

Deleted on 25 February 201125 February 2011.

On each Settlement Day, CDP shall issue an Advice to Clearing Bank on the DVP Settlement Payment of each Settlement Bank for that Settlement Day and transmit the same to the Clearing Bank via SWIFT or any other modes of communication.

Amended on 3 October 20093 October 2009 and 25 February 201125 February 2011.

Where a Settlement Bank has defaulted on its payment obligations to CDP pursuant to Rule 8.3.4, CDP shall give the Clearing Bank a SB Default Notice. The Clearing Bank shall pay to CDP the Net-Net Debit Balance or any shortfall thereof, as set out in the SB Default Notice by such time on the same Settlement Day as agreed between CDP and the Clearing Bank.

Amended on 25 February 201125 February 2011.

Notwithstanding any manifest error in the SB Default Notice, the Clearing Bank shall pay the Net-Net Debit Balance as stated in the SB Default Notice or any shortfall thereof on behalf of the Settlement Bank to CDP by such time on the same Settlement Day as agreed between CDP and the Clearing Bank. Any disputes as to the amounts stated in the SB Default Notice may be considered by CDP only after CDP has completed payment of Net-Net Credit Balances to Settlement Banks and any monies to be refunded shall be refunded free of interest to the Clearing Bank on the next Settlement Day after the Settlement Day on which the dispute is resolved.

Amended on 25 February 201125 February 2011.

The Clearing Bank may establish an SB Net Debit Cap for each Settlement Bank and shall notify CDP of the amount at the time the Settlement Bank applies for admission in DVP Settlement as a Settlement Bank through the duly executed Letter of Guarantee and Indemnity given to CDP by the Clearing Bank under Rule 2.6.1.

The SB Net Debit Cap shall not be greater than the aggregate of all the Principal Net Debit Caps of the Principals represented by the Settlement Bank.

Subject to Rule 13.3, at any time during the Settlement Day, the aggregate of all the net debit balances of all the Principals represented by the Settlement Bank shall not exceed the SB Net Debit Cap.

A Settlement Bank who wishes to have its SB Net Debit Cap adjusted may apply to CDP in accordance with the procedures found in the DVP Procedures Handbook.

Added on 3 October 20093 October 2009.

Deleted on 3 October 20093 October 2009.

Deleted on 3 October 20093 October 2009.

Deleted on 3 October 20093 October 2009.

Deleted on 3 October 20093 October 2009.

Notwithstanding anything to the contrary in Rule 7.4, at any time during a Settlement Day, any receiving instruction submitted by a Principal that would have the effect of causing the aggregate of all the net debit balances of all the Principals represented by the Settlement Bank to exceed the SB Net Debit Cap shall not be matched and validated.

Amended on 3 October 20093 October 2009.

Rule 10.4.1 shall not apply to a Principal's submission of Block Trades for DVP Settlement.

Amended on 3 October 20093 October 2009.

Deleted on 25 February 201125 February 2011.

In the event that the Clearing Bank desires to withdraw credit, guarantee or payment facilities to the Settlement Bank, the Clearing Bank may set the SB Net Debit Cap to zero. When the SB Net Debit Cap has been set to zero, all subsequent instructions submitted by the Principals represented by the Settlement Bank which are matched and validated shall be restricted to delivery instructions. Rule 8.5 shall apply, mutatis mutandis, to subsequent submissions for delivery or receiving instructions (advance or otherwise) by all Principals represented by the Settlement Bank.

Amended on 3 October 20093 October 2009.

Where a Settlement Bank has defaulted on its payment obligations to CDP pursuant to Rule 8.3.4, CDP shall give notice to the Clearing Bank that the Settlement Bank has failed to pay the Net-Net Debit Balance or any part thereof (the "SB Default Notice"). The SB Default Notice shall specify the Settlement Bank who has defaulted and the amount of default. The SB Default Notice shall be delivered to the Clearing Bank as soon as possible upon, and in no event later than one (1) hour after, the occurrence of the default.

Amended on 25 February 201125 February 2011.

A Settlement Bank who is the subject of an SB Default Notice (the "defaulting SB") shall be subject to such disciplinary action, including fines and suspension, as may be deemed appropriate by CDP.

Without prejudice to Rule 11.2, CDP may, at any time, by notice in writing to the Settlement Bank, terminate, suspend or withhold the Settlement Bank's participation in DVP Settlement (such termination, suspension or withholding to take effect immediately upon issue of such notice unless otherwise specified in the notice) if:

Amended on 25 February 201125 February 2011.

Notwithstanding Rule 11.3.1, CDP may (without assigning any reason whatsoever) terminate the Settlement Bank's participation in DVP Settlement by giving at least thirty (30) days' prior written notice to the Settlement Bank.

The Settlement Bank shall inform CDP immediately in writing of the occurrence of any of the event mentioned in Rules 11.3.1(b) to (e) of these DVP Rules.

CDP shall, immediately upon the issue of a notice in writing to the Settlement Bank pursuant to this Rule 11.3 to terminate, suspend or withhold the Settlement Bank's participation in DVP Settlement, or upon the receipt of a notice in writing from the Principal pursuant to Rule 11.5, send a copy of the said notice to the Clearing Bank.

Where the Clearing Bank wishes to terminate the guarantee and indemnity provided to CDP in respect of the Settlement Bank under the Clearing Bank Deed, the Clearing Bank shall notify CDP by a written notice (the "SB Termination Notice"). The SB Termination Notice shall be deemed to take effect on the same day in the week following the day of receipt by CDP of the said Notice but shall not affect any accrued rights or liabilities of the Clearing Bank to CDP. If the day on which the SB Termination Notice is deemed to take effect is a public holiday, then the SB Termination Notice shall be deemed to take effect on the following Settlement Day.

Amended on 25 February 201125 February 2011.

The Clearing Bank shall request CDP, on the prescribed form for decrease in the SB Net Debit Cap, to set the SB Net Debit Cap of the Settlement Bank whom it is terminating to zero on the date of issue of the SB Termination Notice, failing which the Clearing Bank shall be liable to pay the Net-Net Debit Balance or any shortfall thereof to CDP on behalf of the said Settlement Bank up to the date on which the Termination Notice is to take effect.

The Settlement Bank may terminate its participation in DVP Settlement by giving at least thirty (30) days' prior written notice to CDP.

At the same time, the Settlement Bank shall also give written notice to the Principals for which its acts of its termination of participation in DVP Settlement.

Any termination, suspension or withholding of the Settlement Bank's participation in DVP Settlement (howsoever occasioned) shall not affect any accrued rights or liabilities of any Participant nor shall it affect the coming into force or the continuance in force of any provision hereof which is expressly or by implication intended to come into or continue in force on or after such event.

On termination of the Settlement Bank's participation in DVP Settlement (howsoever occasioned) or suspension of DVP Settlement pursuant to Rule 18, all outstanding amounts owing to CDP shall become due and payable and the Settlement Bank or the Clearing Bank, on behalf of the Settlement Bank shall forthwith pay CDP the same.

Without prejudice to Rule 9.2, upon termination or notice of termination of the Settlement Bank's participation in DVP Settlement, the Principals represented by the Settlement Bank so terminated shall appoint another Settlement Bank to be its agent for the purposes of making and receiving payments in DVP Settlement upon receipt of a written notice from CDP requiring them to do so. Pending the appointment of a substitute Settlement Bank, the Principal shall not submit further receiving instructions for DVP Settlement.

Amended on 3 October 20093 October 2009.

Pending appointment of a substitute Settlement Bank, the Clearing Bank shall be deemed to have been approved as the Settlement Bank of the Principal and to act as its paying and collecting agent for the purposes of settling its outstanding payment obligations in DVP Settlement. The Principal shall pay the Net Debit Balance to the Clearing Bank and shall receive the Net Credit Balance from the Clearing Bank. The Clearing Bank shall be responsible for paying the Net Credit Balance to the Principal on behalf of CDP.

All securities to be delivered by CDP to the Designated Securities Account or to be received by CDP from the Designated Securities Account pursuant to the DVP transactions (advance or otherwise) shall be fungible securities.

Amended on 3 October 20093 October 2009.

The securities to be delivered by CDP to the Designated Securities Account pursuant to a receiving instruction shall not be segregated or identifiable as securities formerly belonging to or under the control of any person.

Amended on 3 October 20093 October 2009 and 26 April 201326 April 2013

The securities to be delivered to CDP pursuant to a delivery instruction shall be delivered free of any interest of any person.

Amended on 3 October 20093 October 2009.

Securities which are to be delivered by CDP to a Principal pursuant to a receiving instruction and which have been earmarked for onward delivery on the same Settlement Day shall be credited and subsequently debited from the Designated Securities Account.

Amended on 3 October 20093 October 2009.

Deleted on 3 October 20093 October 2009.

CDP shall be irrevocably authorised by the Principal and its Depository Agent to credit and debit the Designated Securities Account for such onward deliveries referred to in Rules 12.2.1.

Amended on 3 October 20093 October 2009.

Neither the Settlement Bank of the Principal nor any other person shall have any prior right to or interest in the securities delivered to the Designated Securities Account which have been earmarked for onward delivery.

Where there is a conflict between this Rule and any other Rule in these DVP Rules, this Rule shall prevail.

A Block Trade shall mean a receiving instruction that in value is equal to or exceeds the sum of S$50 million or its equivalent in any other currency or such other sum or sums as may from time to time be specified by CDP.

Amended on 3 October 20093 October 2009.

Participants shall adhere to the timetable issued by CDP from time to time (the "Block Trade Timetable") for the sending of instructions for Block Trades under these Rules. The Block Trade Timetable applicable for the time being is found in the DVP Procedures Handbook.

Amended on 3 October 20093 October 2009.

Where a Principal wishes to submit a Block Trade, the Principal shall submit in accordance with the procedures found in the DVP Procedures Handbook.

Amended on 3 October 20093 October 2009.

Deleted on 3 October 20093 October 2009.

Deleted on 3 October 20093 October 2009.

The Block Trade shall not be eligible for DVP Settlement except only after CDP has marked the Block Trade pursuant to the procedures in the DVP Procedures Handbook.

Amended on 3 October 20093 October 2009.

The total amount due to CDP under the Block Trade submitted by the Principal in DVP Settlement (the "Block Trade Value") shall be debited to the Principal's daily balance for the Settlement Day which is the due date for settlement of the Block Trade and shall thus be taken into account for the purposes of computing the Net Debit or Net Credit Balance of the Principal for the said Settlement Day. However, the Block Trade Value shall not be taken into account for the purposes of determining whether the Principal's Net Debit Balance exceeds the Principal Net Debit Cap.

Example 4: Assume that a Principal's Principal Net Debit Cap is $10,000,000 and the SB Net Debit Cap is $100,000,000 and the Principal wishes to submit a Block Trade which is valued at $120,000,000 on a Settlement Day. At the time prior to the submission of the Block Trade the Principal's Net Debit Balance is $8,000,000. Where the procedure mentioned in the DVP Procedures Handbook for Block Trades submission has been followed, the Principal would be allowed by CDP to submit the Block Trade and the Block Trade Value of $120,000,000 would be debited to the Principal's Net Debit Balance, increasing the Net Debit Balance to $128,000,000. If the Principal does not submit any further receiving instructions for the Settlement Day, the Net Debit Balance of the Principal on the Settlement Day would be $128,000,000 payable to CDP.

Example 5: Assume that the Principal in Example 4, after submitting the Block Trade, intends to submit further receiving instructions. As his Principal Net Debit Cap is $10,000,000, the Principal is restricted to submitting receiving instructions that in aggregate amounts to $2,000,000 as his Net Debit Balance prior to these further submissions is $8,000,000.

Amended on 3 October 20093 October 2009 and 8 September 20148 September 2014.

The Settlement Bank's liability in respect of the Principal who has submitted a Block Trade on the due date of settlement of the Block Trade shall be the Guaranteed Value plus the Block Trade Value.

Amended on 3 October 20093 October 2009.

As the Block Trade Value has been taken into account for the purposes of computing the Net Debit or Net Credit Balance, the Block Trade Value will be included in the computation of the Net-Net Credit or Net-Net Debit Balance payable to or from the Settlement Bank. However, the Block Trade Value shall be excluded for the purposes determining whether the SB Net Debit Cap has been exceeded.

For the avoidance of doubt, it is hereby clarified that the Block Trade Value shall be taken into account for the purposes of computing the Net Debit or Net Credit Balance of the Principal and the Net-Net Debit or Net-Net Credit Balance of the Settlement Bank but shall not be taken into account for the purposes of determining whether any particular Principal's Principal Net Debit Cap or whether any particular Settlement Bank's SB Net Debit Cap has been exceeded.

The Participants shall abide by these DVP Rules and shall be bound by all the provisions hereof including the provisions prescribing the rights and remedies which CDP shall have with respect to securities held in the Designated Securities Accounts. Notwithstanding that the Participant may have ceased to be a participant, the Participant and its successors in title and assigns shall continue to be bound by these DVP Rules as to all matters and transactions occurring while the Participant was a participant.

CDP reserves the right in its absolute discretion to amend these DVP Rules at any time. Such amendment shall become effective on such date as may be specified in the written notice to be given to the Participant. The Participant shall be deemed, by continuing to participate in DVP Settlement at the time the amendment takes effect, to consent to and agree to be bound by the DVP Rules as amended.

The Participant will be bound by any amendment to these DVP Rules with respect to any transaction occurring subsequent to the time such amendment takes effect as fully as though such amendment were now a part of these DVP Rules, provided, however, that no such amendment shall affect the Participant's rights to cease to be a Participant.

CDP may from time to time issue Directives or Regulatory Notices relating to DVP Settlement and such Directives and Regulatory Notices shall be binding on the Participant and shall form part of these DVP Rules.

Amended on 3 October 20093 October 2009.

CDP may impose such fine or fines as it may deem appropriate on any Participant for any breach of these DVP Rules.

In addition to any fines imposed, CDP may issue a reprimand, whether publicly or privately, against the Participant or effect such sanctions or take such disciplinary action against the Participant as it may deem appropriate for any breach of these DVP Rules.

Amended on 3 October 20093 October 2009.

The Participant will pay to CDP such fees and charges for transactions in DVP Settlement based on CDP's fee schedules and such fines and default interest as may be imposed by CDP from time to time.

Amended on 3 October 20093 October 2009.

Fees, charges, fines and default interest chargeable by CDP to the Principal shall be charged to the Depository Agent who shall be jointly and severally liable for the same.

Any fees, charges, fines and default interest chargeable by CDP from time to time shall be exclusive of the Goods and Services Tax ("GST") levied under the Goods and Services Tax Act (Cap 117A). The Participant shall also pay the applicable GST.

CDP shall be entitled to charge interest on any Net Debit Balance or Net-Net Debit Balance or any part thereof that is payable for any Settlement Day and which is not received by CDP by the time stated in the Timetable of that Settlement Day.

Amended on 25 February 201125 February 2011.

The interest chargeable shall be at the rate specified in the DVP Procedures Handbook from the date such monies become payable to the date of full settlement to CDP.

Amended on 3 October 20093 October 2009.

The DA's books and records relating to the DVP transactions shall at all times during the DA's regular business hours (and at such other times as may be acceptable to the DA) be open to the inspection of the duly authorised employees or agents of CDP. The DA shall furnish CDP with all such information in respect of such DVP transactions as it may require from time to time.

Amended on 3 October 20093 October 2009.

CDP shall furnish the Participants with such advices, statements and reports at such times and in such form and manner as may be from time to time prescribed by it.

It shall be the responsibility of the Participant to promptly check and reconcile with its own records details of such advices, statements and reports and to promptly notify CDP in writing of any error or omission contained in such advices, statements and reports (in any event not later than the next Settlement Day). CDP reserves the right to rectify errors and omissions at any time.

CDP may in its absolute discretion consider a late request by a Participant to rectify an error or omission, as aforesaid.

Any advice, statement or report provided by CDP shall, in the absence of manifest error (and in any event after one Settlement Day of the availability of such advice, statement or report), be conclusive as to its subject matter. Except as otherwise agreed by CDP, the failure of any Participant to inform CDP of any error or omission in any advice, statement or report promptly (in any event within the next Settlement Day) shall constitute a waiver in favour of CDP by such Participant of any right to require rectification.

CDP shall be empowered to impose such suspensions or restrictions on the DVP Settlement as CDP in its absolute discretion deems advisable in the interest of maintaining a fair and orderly market or for the protection of investors or in the public interest.

No claim shall be made by any Participant against CDP for any suspensions or restrictions imposed on DVP Settlement pursuant to Rule 18.1.1.

Except as otherwise expressly provided in these DVP Rules, in the absence of negligence, wilful misconduct or fraud on its part, CDP shall not be liable to any Participant with respect to any action or omission by it or its employees, representatives or agents in connection with provision of the services and facilities in the DVP Settlement, and all other matters as contemplated in these DVP Rules.

CDP shall not be liable for any action taken or for any failure, hindrance or delay in the provision of services and facilities in DVP Settlement or the performance in whole or in part of its obligations under these DVP Rules if such action, failure, hindrance or delay arises out of causes beyond its reasonable control.

Such causes may include, but shall not be limited to, natural disasters, acts of God, industrial action, war, civil disturbances, riots, acts of a civil or military authority, embargoes, fires, floods, explosions, accidents, labour disputes, mechanical breakdowns, computer or system failures or other equipment, software failures, breakdown or sabotage, unavailability of or restrictions on any on-line communications system, communication media for whatever reason, interruptions (whether in whole or in part) of power supplies or other utility or service, any law, decree, regulation or order or directive of any government, competent authority or any court or tribunal, currency restrictions, war or terrorism, or the failure suspensions or disruption of any relevant stock exchange, clearance system or market and any other causes beyond CDP's reasonable control.

Amended on 3 October 20093 October 2009.

CDP shall have no liability for:

Under no circumstances shall CDP be liable to the clients of the Principal or other third parties.

The Principal shall indemnify CDP from and against all losses, damages, claims, costs, demands, expenses and liabilities of whatsoever nature arising out of or in connection with any claim made against it by any of the clients of the Principal.

CDP shall not be liable for any special, indirect or consequential losses or damages or for the loss of business, revenue, goodwill, bargain or loss of profit suffered by any Participant, even if CDP had been notified of the possibility of these damages being incurred.

Under no circumstances shall CDP's liability and the amount of damages recoverable from CDP for any consequential losses referred to under Rule 19.5 exceed 100% of the aggregate amount of the fees, charges, fines or default interest paid by the Participant in the calendar year the incident giving rise to the claim(s) in question occurs.

CDP shall have the authority to disclose the details of any information concerning a Principal and its DA and DVP transactions (advance or otherwise) if so required by any applicable law, decree, regulation or order of any government, court, tribunal, or other competent authority.

Amended on 3 October 20093 October 2009.

CDP shall have the authority to disclose the details of any information concerning a Principal and its DA, the Principal's DVP transactions (submitted for matching in advance or otherwise) and the Net Debit and Net Credit Balances of any Principal to the Settlement Bank representing the Principal and the Clearing Bank.

Amended on 3 October 20093 October 2009.

CDP shall have the authority to disclose the details of any information concerning the Settlement Bank's participation in DVP Settlement if so required by the Principal whom the Settlement Bank represents or by the Clearing Bank and if so required by any applicable law, decree, regulation, order or request of any government, court, tribunal, or other competent authority.

Without prejudice to Rule 20.2.1, CDP shall have the authority to disclose the Net-Net Debit or Credit Balances of the Settlement Bank to the Principals represented by the Settlement Bank, to the other Settlement Banks and to the Clearing Bank.

All notices, instructions requests, demands or other communications which are not required to be given in the instructions, or through SWIFT, or to be given on any other on-line communications system pursuant to these DVP Rules may be given in writing, by hand or by facsimile and shall be deemed to have been duly given or served if it is addressed to the respective parties hereto to the following addresses and numbers:-

Amended on 3 October 20093 October 2009.

Any notice, requests, demands or other communications shall be deemed to have been received:

Any party may by seven (7) days' notice served aforesaid change the address or facsimile number for service referred to in Rule 21.1.1 above.

The Participant shall notify CDP of the persons authorised (the "Authorised Signatories") to execute any of the prescribed forms pursuant to these DVP Rules on behalf of the Participant, or to give to CDP any of the notices, instructions, requests, demands or other communications pursuant to Rule 21.1.1.

Deleted on 8 September 20148 September 2014.

CDP shall not be liable for any losses, damages, claims, costs, demands, expenses and liabilities of whatsoever suffered or incurred by any Participant howsoever arising from any forgery of the Authorised Signatories' signatures or any alterations or forgery of the prescribed forms, notices, instructions, requests, demands or other communications which are made in writing pursuant to Rule 21.1.1 where such alterations or forgery cannot be easily detected or where the alteration or forgery is due to the Participant's negligence.

All submissions, instructions and communications to CDP in any system prescribed by the CDP for DVP Settlement, or through SWIFT, or through any other on-line communications system by the Participants shall be given in such manner and format and in accordance with such protocols, passwords and identification codes as may be established or prescribed by CDP from time to time in its user manuals or otherwise.

Amended on 3 October 20093 October 2009.

CDP shall not be obliged to act on any submission, instruction or communication given or purporting to be given to it by or on behalf of a Principal, Settlement Bank or Clearing Bank if such submission, instruction or communication does not, in the opinion of CDP, contain sufficient details for CDP to act upon it.

Amended on 3 October 20093 October 2009.

Participants shall ensure that only persons duly authorised by it may give affirmations, instructions or communications on its behalf in any system prescribed by the CDP for DVP Settlement, or through SWIFT, or through any other communications system or any other modes of submission of instructions and shall adopt the necessary security and control measures for such purpose.

Amended on 3 October 20093 October 2009.