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18.3.4 Terms of Options

(1) The Expiration Month and Exercise Price of each Series of Options shall be determined by SGX-ST at the time each Series of Options is first opened for trading.
(2) The Standard Quantity shall be designated by SGX-ST, and in the absence of such designation the Standard Quantity shall be 1,000 shares.
(3) Unless SGX-ST otherwise provides, Options shall expire in the months of March, June, September and December and a Series of Options of a given Expiration Month shall generally be opened for trading 3 to 6 months prior to such Expiration Month.
(4) The Exercise Price of each Series of Options shall be fixed at a price which is reasonably close to the price which the underlying securities are traded on SGX-ST at the time such Series of Options is first opened for trading.
(5) Additional Series of Options may be opened for trading as the market price of the underlying securities moves substantially from the initial Exercise Price or as determined by SGX-ST from time to time.