(1) The issuer must conduct an offering of securities for subscription or sale in Singapore. For the purposes of this Rule, an offering of securities for subscription or sale in Singapore is one pursuant to which securities allocated from the offering of securities for subscription or sale will be settled through and deposited with CDP ("Singapore Tranche").

(2) Unless the Exchange determines otherwise, the issuer must ensure that the allocation of securities to the Singapore Tranche is at least 15% in value of the global initial public offering of securities, or S$75 million, whichever is higher.

(3) In relation to the Singapore Tranche, the issue manager, underwriter, lead broker, distributor, or any of their connected clients or their discretionary managed portfolios (whether proprietary or not) must not be allocated or allotted more than 25% of the securities made available for placement by each of them respectively. This Rule does not apply to securities taken up pursuant to an underwriting or sub-underwriting agreement.

(4) The issuer must ensure that at least 5% in value of the Singapore Tranche, or S$50 million, whichever is lower, is reserved and made available for allocation to one or more designated retail brokers that are listed on the Exchange’s website ("Retail Broker Tranche"). Where there is insufficient demand from the Retail Broker Tranche, the issuer may reallocate the shortfall in demand from the Retail Broker Tranche to the rest of the Singapore Tranche.