In addition to the minimum capital and financial requirements in Rule 2.07, every General Clearing Member incorporated in Singapore shall maintain a special reserve fund to which a sum of not less than 30% of the audited net profits of each year shall be transferred out of the net profits after due provision has been made for taxation, so long as the base capital less unappropriated profits in the latest audited accounts is less than S$15,000,000.

Amended on 27 March 200627 March 2006.

The special reserve fund for the time being set aside pursuant to this Rule 2.09 shall not be available for the declaration of dividends without the prior written approval of the Clearing House.

Amended on 27 March 200627 March 2006.