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2.11.1 Reduction in Paid-Up Ordinary Share Capital or Paid-Up Irredeemable and Non-Cumulative Preference Share Capital

2.11.1.1 Each Clearing Member incorporated in Singapore, except in the case of a Bank Clearing Member, shall not reduce its paid-up ordinary share capital or paid-up irredeemable and non-cumulative preference share capital without the prior approval of the Clearing House.

Amended on 27 March 200627 March 2006, 10 August 200710 August 2007 and 29 December 201429 December 2014.