The Clearing Rules may from time to time be altered or supplemented or repealed for the administration of CDP, for the admission and regulation of Clearing Members, for the creation and regulation of any class of membership and the rights and obligations attaching thereto, for the access to and regulation of business in CDP, for the resolution of disputes and for such other purpose as may be thought fit by CDP.

Failure or delay by CDP to enforce any of these Clearing Rules or the Clearing Directives will not be construed as a waiver of its rights.

CDP has the right at its absolute discretion to waive compliance with any provision of these Clearing Rules or the Clearing Directives.

The invalidity, illegality or unenforceability in whole or in part of any of the provisions of these Clearing Rules or the Clearing Directives shall not affect the validity, legality and enforceability of the remaining part or provisions of the rest of these Clearing Rules and the Clearing Directives.

These Clearing Rules and the Clearing Directives shall be governed by and construed in accordance with the laws of Singapore. Each of the Clearing Member and its Chief Executive Officer irrevocably submit to the exclusive jurisdiction of the Singapore courts.

Amended on 3 June 20193 June 2019.