PART F. ADDITIONAL TERMS AND CONDITIONS GOVERNING INVESTMENT ACCOUNTS

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1 TERMS AND CONDITIONS GOVERNING ACCOUNTS PART F. ADDITIONAL TERMS AND CONDITIONS GOVERNING INVESTMENT ACCOUNTS 1. Currency Linked Investments and Structured Deposits 1.1 Interpretation For purposes of Part F Clause 1 of these Terms, unless the context otherwise requires: Alternate Currency means any currency other than the Base Currency as BOC may in its discretion offer to the Account Holder in respect of a particular CLI Base Currency means the currency of the Principal Amount as BOC may in its discretion specify in respect of a particular CLI CLI Account has the meaning ascribed to it in Part F Clause [1.3] below CLI/SD Terms means the terms set out in Part F. herein Confirmation means any additional terms and conditions applicable to a particular CLI or SD which are set out in a confirmation relating to such investment issued by BOC to the Account Holder Currency Linked Investment, CLI or CLIs means an investment offered by BOC under Part F Clause 1. where a Principal Amount is placed with BOC in a given Base Currency and (i) where such Principal Amount is repayable, and/or the amount of interest payable thereon is calculated, in whole or in part by reference to changes in currency exchange rate(s); and/or (ii) where such Principal Amount is repayable, and/or the amount of interest payable thereon, may be paid in the Alternate Currency and shall include, without limitation, over-the-counter derivatives, forwards or futures, options and/or any other investment as BOC may from time to time offer to the Account Holder or permit Extraordinary Event means any event which BOC in good faith believes to have a material adverse effect on any CLI or SD or a CLI Account or a SD Account and shall include without limitation any form of exchange control restriction or requirement of whatsoever nature affecting availability, convertibility, credit or transfers of currencies, commodities, securities, financial instruments or funds, any form of debt or other moratorium on jurisdictions, individuals or entities, any devaluation, redenomination or demonetisation of the underlying currencies, commodities, securities or instruments of any transaction and/or any form of restriction or requirement which in BOC s good faith opinion adversely alters or changes the rights or obligations which BOC in good faith undertook upon the establishment of such CLI or SD or CLI Account or SD Account General Terms and Conditions means the General Terms and Conditions Governing Accounts which has been previously provided to the Account Holder and also referred to as Part A. 1

2 Mandate means the mandate of the Account Holder as to the persons who are authorised to operate the CLI Account or SD Account under these CLI/SD Terms as specified in the application form or such other form from time to time prescribed by BOC Maturity Date means the final day of the minimum placement period of a CLI or an SD with BOC as BOC may in its discretion specify in the Confirmation in respect of that CLI or Term Sheet in respect of that SD under these CLI/SD Terms, provided always that if such a final day is not a Business Day, the Maturity Date will be adjusted to the succeeding Business Day Minimum Placement Amount shall be such amount as specified in the Term Sheet Placement Multiples shall be such amount as specified in the Term Sheet Principal Amount means the quantum of monies placed with BOC pursuant to these CLI/SD Terms for a particular CLI or SD SD Account has the meaning ascribed to it in Part F Clause [1.3] below Specified Currency in respect of an SD means the currency in which the SD may be placed with BOC, as specified in the Term Sheet Spot Rate at any given time means the exchange rate between the Base Currency and the Alternate Currency at that time as determined by BOC in accordance with the relevant Confirmation Structured Deposit, SD and/or SDs means any structured deposit as defined in the Financial Advisers (Structured Deposits Prescribed Investment Product and Exemption) Regulations of Singapore (for the time being in force and as may be from to time amended) but shall not include any dual currency investments as also there defined) which the Account Holder agree to place with BOC from time to time Term Sheet means the term sheet(s) issued by BOC to the Account Holder in respect of an SD 1.2 General The obligations of BOC under the CLI/SD Terms, the General Terms and Conditions, each Confirmation and/or each Term Sheet are conditional upon: (a) the Account Holder having opened, and at all times maintaining, a CLI Account and/or an SD Account with BOC; (b) the Account Holder not being in default or breach of any of the obligations owed to BOC, whether under the General Terms and Conditions, the CLI/SD Terms, each Confirmation or otherwise; and, (c) the Account Holder s acceptance and acknowledgement of the General Risk Disclosure Statement and Special Risk Disclosure Statement found at Part G herein issued by BOC in connection with the CLI and/or SD, and such other risk disclosure statement(s) as may be specified in each Confirmation, or any other relevant document furnished by BOC to the Account Holder in respect thereof. 1.3 CLI Account and SD Account 2

3 (a) The Account Holder shall duly complete and submit to BOC such application form as BOC may from time to time prescribe for the opening of any account for purposes of the investments in the CLI and/or SD offered by BOC from time to time (the CLI Account or SD Account where appropriate). (b) BOC shall, within (2) Business Days of its approval of the Account Holder s application for CLI and/or SD, send to the Account Holder a Confirmation setting out all the applicable additional terms and conditions as BOC may prescribe in respect of the CLI and/or SD. (c) A CLI Account or a SD Account may be opened in the name of a sole Account Holder (who is an individual of or above 21 years of age, an organisation, a sole proprietorship, a partnership or a corporation) or in the joint names of one or more Account Holders (who are individuals and each of whom are of or above 21 years of age). (d) The Account Holder shall not assign, charge, transfer, mortgage, pledge or otherwise encumber or permit to subsist any assignment, charge, transfer, mortgage, pledge or other encumbrance over the CLI Account and/or the SD Account or any of the Account Holder s rights or interests in any CLI and/or SD thereunder except in favour of, or with the prior written consent of, BOC. (e) The Account Holder shall also open and maintain a current account/savings account and/or a time deposit account with BOC (as BOC may prescribe in its discretion) for as long as any CLI(s) and/or SD(s) is/are invested or held with BOC. 1.4 CLI and SD (a) BOC may from time to time offer to the Account Holder such CLI and/or SD under the CLI/SD Terms as BOC may in its discretion deem fit. For the avoidance of doubt, BOC shall have the absolute discretion without prior notice to revise or prescribe the additional terms and conditions in respect of each CLI and/or SD, including but not limited to : (i) in relation to CLI(s), the Base Currency, the Alternate Currency, the minimum placement period, the minimum Principal Amount and the rate or yield in respect of such CLI, and whether or not interest is payable thereon; and (ii) in relation to SD(s), to revise or prescribe the additional terms and conditions in respect of each SD, including but not limited to the Specified Currency, minimum placement period, the minimum Principal Amount and the rate or yield in respect of such SD, and whether or not interest is payable thereon. (b) The Account Holder shall place in the CLI Account and/or SD Account : (i) the Principal Amount in the relevant Base Currency as specified or permitted by BOC for each such CLI; and/or (ii) the Principal Amount in the relevant Base Currency as specified or permitted by BOC for each such SD. Subject always to BOC s rights in Part F Clauses [1.9 and 1.10] below, the Principal Amount placed with BOC in respect of a given SD shall not be less than the Minimum Placement Amount (if specified in the Term Sheet applicable to that SD) and shall be in exact integer multiples of the Placement Multiple (if specified in the Term Sheet applicable to that SD). 3

4 (c) Each Principal Amount placed and maintained with BOC in the CLI Account shall constitute a separate CLI; (d) Interest (if any) accruing on a CLI or an SD shall be payable by BOC to the Account Holder as specified in the relevant Confirmation and/or Term Sheet for that CLI or SD. If interest is specified in the Confirmation and/or Term Sheet as accruing on a CLI or SD but the Confirmation and/or Term Sheet is silent as to the time of payment of the same, such interest shall be payable to the Account Holder by BOC on the Maturity Date of that CLI or SD in accordance with Part F Clause [1.6(b)] below. (e) The CLI or SD shall be payable by BOC to the Account Holder on its Maturity Date : (i) in relation to CLI(s), either in the Base Currency, the Alternate Currency or such other currency as may be stipulated in the Confirmation; and (ii) in relation to SD(s), only in the Specified Currency. (f) Any exchange rates determined by BOC for purposes of any CLI at a particular time, or during a particular period, shall be made by BOC in its sole discretion and in accordance with generally accepted practices in the relevant foreign exchange market, and each such determination shall be conclusive and binding on the Account Holder in the absence of manifest error. 1.5 Account Statements (a) BOC may send Statements of the CLI / SD Account to the Account Holder at monthly intervals or at such intervals as determined by BOC. (b) Notwithstanding the term above, the failure of BOC to provide a Statement of the CLI / SD Account for whatever reason shall not be deemed to be a representation or warranty that: (i) no transactions have been made during the month; or (ii) no sums are due under the CLI / SD Account. (c) The Account Holder agrees to verify the accuracy of any Statement of the CLI / SD Account that the Account Holder receives from BOC and to notify BOC within eight (8) calendar days from the date of the statement of any omission, debits or withdrawals wrongly made, or any inaccurate entries in the statement. After the eight (8) calendar days from the date of the statement, all entries made in the statement shall be deemed to be correct and shall be conclusive and binding evidence against the Account Holder. 1.6 Payments to Account Holder (a)the Account Holder shall nominate and notify BOC of an account into which the amounts (if any) to be paid by BOC to the Account Holder under any CLI and/or SD are to be credited, no later than two (2) Business Days prior to the Maturity Date, failing which BOC shall be entitled without prior notice to open Account(s) with BOC in the Account Holder s name for the purpose of enabling such crediting as BOC may in its discretion determine, or place such amounts into any of the Account Holder s Account(s) with BOC. 4

5 (a) The CLI and/or SD shall, on its Maturity Date, be paid by BOC to the Account Holder only at BOC s branch or office in Singapore where the Principal Amount is placed notwithstanding that the Base Currency, the Alternate Currency or other relevant currency (in relation to CLI) or the Specified Currency or other relevant currency (in relation to SD) in which payment is to be made may not be Singapore Dollars. (b) Notwithstanding any other term in these CLI/SD Terms, a CLI and/or SD, whether matured or otherwise, and whether in whole or in part, shall not be due or payable to the Account Holder unless and until the Account Holder has fully discharged all liabilities to BOC (whether under these CLI/SD Terms, the General Terms and Conditions, the Confirmations or otherwise, whether such liabilities be present or future, actual or contingent, primary or collateral, several or joint, whether as principal or surety and notwithstanding that such liabilities may not be expressed in the same currency and/or where such CLI and/or SD has been pledged, charged or any security or other interest is created in favour of BOC, the Account Holder shall not be entitled to withdraw the amount in the CLI Account and/or the SD Account and no part of the amount shall be repayable to the Account Holder or otherwise except with BOC s prior written consent which BOC may grant conditionally or unconditionally or withhold at BOC s discretion). (c) Subject to the other terms in these CLI/SD Terms, the Account Holder may instruct BOC to pay any amount or amounts from the CLI Account and/or SD Account to a beneficiary other than the Account Holder. Should BOC accede to such request at BOC s absolute discretion, the Account Holder undertake to keep BOC harmless and fully indemnified against any and all losses, claims, expenditures, damages, costs and expenses (including legal costs on a full indemnity basis) whatsoever which BOC may suffer or incur as a result of its compliance with such instructions. (d) BOC may in its absolute discretion effect any payment by way of cash or banker s draft or cheque or such other mode as may be convenient to it and is under no obligation to effect any payment in cash. (e) BOC reserves the right to effect any request for cash withdrawal in Singapore currency notes and is under no obligation to make any payment in foreign currency notes. Cash withdrawals of amounts denominated in any foreign currency shall be converted at BOC s prevailing rate of exchange and paid out in Singapore currency notes. 1.7 Premature Withdrawal (a) The Account Holder shall not be entitled to withdraw or submit a request to BOC for withdrawal of the whole or any part of the CLI and/or SD before the Maturity Date except with BOC s prior consent and on such terms as BOC may in its discretion impose. (b) Without prejudice to the generality of Part FE Clause [1.7(a)] above, if BOC permits the Account Holder to withdraw the whole or part of a CLI and/or SD with BOC prior to the Maturity Date ( Premature Withdrawal ), the Account Holder shall indemnify BOC against any costs, expenses, charges and losses referable to such Premature Withdrawal (including but not limited to any losses or costs incurred by BOC in unwinding corresponding or hedge positions and legal costs on a full indemnity basis) and shall also pay such administrative and other charges as BOC may impose, at its absolute discretion (collectively, the Premature Withdrawal Amount ). Upon Premature Withdrawal, the Account Holder shall only be entitled to receive the amount of the CLI or the Principal Amount of the SD less the Premature Termination Amount. In the event that the Premature Termination Amount exceeds the amount of the CLI or the Principal Amount of the SD at the time of the Premature Withdrawal, the deficit shall form a debt due and payable by the Account Holder to BOC. For the avoidance of doubt, upon 5

6 BOC s consent to the Premature Withdrawal, the Account Holder shall not be entitled to withdraw the Account Holder s request for Premature Withdrawal or to receive any other interest of payment after the date of such consent. (c) Unless otherwise agreed to and subject to such terms as may be stipulated by BOC, premature withdrawals of any CLI or SD shall only be made at the branch or sub-branches of BOC where the CLI Account and/or SD Account has/have been opened. (d) No partial premature withdrawal of the Principal Amount by the Account Holder or partial termination of SD will be permitted. Any such attempt shall be treated as a request for Premature Withdrawal of the entire SD. 1.8 Relationship between BOC and the Account Holder (a) BOC and/or its representatives may provide the Account Holder with information and express views in relation to the CLI and/or SD. Notwithstanding, BOC shall not act on a discretionary basis on the Account Holder s behalf and will only act on the Instructions of the Account Holder. In so doing, the Account Holder agrees that BOC s only responsibility is to endeavour to act on the Instructions in a timely manner as may be reasonable in the circumstances. Further, the Account Holder confirms that provision of information and expression of views does not constitute the giving of investment advice and BOC and/or its representatives shall have no liability in respect thereof. BOC may decline to act on such Instructions at its discretion and without giving any reason therefor. (b) The Account Holder further confirms that the Account Holder will make their own decision regarding any CLI and/or SD premised solely on their own assessment of risks and/or the assessment of their own independent professional advisors. BOC is under no duty or responsibility to supervise the CLI and/or SD entered into by the Account Holder and/or to make recommendations with respect to the purchase, sale or retention of the CLI and/or SD. BOC and/or its representatives accept no liability for any losses which the Account Holder may suffer as a result of or arising from any CLI and/or SD entered into by the Account Holder. (c) Without prejudice to the generality of Part F Clauses 1.8(a) and (b) above, the Account Holder acknowledges and agrees that, where BOC has previously agreed in writing to provide advice to the Account Holder or where advice is required to be given under applicable law, the following shall apply where applicable: (i) where the Account Holder is a person resident outside Singapore who is: A. an individual and who is not a citizen or a permanent resident of Singapore and who is not wholly or partly dependent on a citizen or permanent resident of Singapore; or B. in any other case, a person with no commercial or physical presence in Singapore; the Account Holder acknowledges and is aware that Sections 25 to 29, 32, 34 and 36 of the Financial Advisers Act (Cap. 110, Singapore) shall not apply to BOC and/or its representatives (where applicable) when providing such advisory services to the Account Holder; and (ii) in any other event or circumstance, the Account Holder acknowledges and is aware that, inter alia, Sections 25, 27, 28 and 36 of the Financial Advisers Act (Cap. 110), as well as the MAS Notice on 6

7 Recommendations on Investment Products (FAA-N01), MAS Notice on Appointment and Use of Introducers by Financial Advisers (FAA-N02), MAS Notice on Information to Clients and Product Information Disclosure (FAA-N03) and MAS Notice on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers (FAA-N07), shall not apply to BOC and/or its representatives when providing such advisory services to the Account Holder. 1.9 Extraordinary Events If there occurs in relation to the CLI Account and/or SD Account or transactions thereunder an Extraordinary Event, BOC shall have the sole and absolute discretion to determine any adjustments or action necessary in relation to such CLI Account and/or SD Account, such transaction or any or all transactions in view of the Extraordinary Event. Such adjustments or actions may include: (i) in relation to CLI(s), altering or varying the quantities of currencies, the Base Currency, the Alternate Currency, the exchange rates or specifications of one or more CLI(s), or terminating the transaction in question or some or all transactions, or the suspension or closure of the CLI Account or otherwise; and (ii) in relation to SD(s), altering or varying any interest payable under the SD, the underlying investment products, or formula or method of computation of any interest on the SD, the Specified Currency, the Tenor of the SD, or other specifications of one or more SD(s), or terminating the transaction in question or some or all transactions, or the suspension or closure of the SD Account or otherwise, provided always that BOC undertakes such action in good faith, any such adjustment or action shall be binding on the Account Holder and the Account Holder shall be liable for all losses, damages, costs, charges and/or expenses incurred on the Account or which the Account Holder is consequently liable for as a result of such adjustment or action. 1.10Variation BOC reserves the right to add to, alter, vary or modify any of the CLI/SD Terms at any time in its sole discretion upon notice to the Account Holder and the Account Holder agrees to be bound by such changes. The Account Holder shall be deemed to have agreed unconditionally to any amendment, variation or replacement to any term or condition if the Account Holder continues to place funds in the CLI Account and/or SD Account or continue to apply for any CLI and/or SD with BOC after the date of such notification. Terms Applicable only to CLI(s) 1.11Exchange Rate Risks (a) The Account Holder is aware that there are exchange rate risks, risks of disclosure and other foreign exchange transaction risks involved in the operation of the CLI Account. In particular, the Account Holder is aware of the following risks : (i) that earnings (if any) on CLI are dependent on prevailing exchange rates; and (ii) that bank charges and adverse exchange rate movements could erase interest earnings completely or reduce the Principal Amount placed with BOC, 7

8 and the Account Holder shall bear all such risks and all losses, damages, costs and expenses arising as a result therefrom. (b) Without prejudice to the generality of Part F Clause 1.11(a) above, BOC shall not in any way be liable to the Account Holder for any indirect or consequential losses or punitive or special damages (including but not limited to loss of profits). Terms Applicable only to SD(s) 1.12Early Termination of SD by BOC Where specified in the relevant Term Sheet and/or Confirmation in respect of a given SD, BOC shall be entitled to terminate that SD prior to its Maturity Date in accordance with the relevant Term Sheet and/or Confirmation of that SD. 2. Unit Trusts 2.1 Interpretation For purposes of Part F Clause 2 of these Terms, unless the context otherwise requires: CPF means the Central Provident Fund; Custodian means any person as may be appointed by BOC, subject to the Applicable Laws, from time to time to act as the custodian of Investments, including, where the context permits, its sub-custodian; Dealing Day, in relation to any Fund, means a day on which dealings take place in the Investments of such Fund; Fund means any investment company, unit trust, mutual fund or other collective investment schemes whose Investments may be offered to the public in Singapore for subscription or purchase and which are distributed by or made available through BOC; Fund Literature means the Prospectuses, explanatory memoranda, annual and/or bi-annual reports and accounts, notices, circulars and other promotional and advertising material, publications and statistical information relating to any Fund produced by the relevant Fund Representatives, or BOC; Fund Representative means the manager, issuer, adviser or agent of a Fund; Investment means any unit, sub-unit, share, stock or other securities in any Fund and, where the context so requires, any instrument evidencing ownership thereof or representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights and interest therein; Investment Account means the account opened and/or maintained by BOC for the Account Holder for the purposes of Investment through BOC pursuant to Part F Clause [2.2] below; Investment Application means any application to subscribe for, offer to purchase, or acceptance of any offer for the sale or subscription of, Investments described in these UT Terms; 8

9 Loss means any and all loss, damage, costs, charges, and/or expenses of whatsoever nature and howsoever arising including legal fees on a full indemnify basis, cost of funding and (whenused in relation to the Account Holder) any loss of the Investment including loss of opportunity which the Account Holder may suffer or incur; Payment means all payments, including subscription monies, taxes, fees, disbursements, charges, costs and expenses, due from the Account Holder in connection with the acquisition, holding, disposal, switching or redemption of Investments on the Account Holder s behalf, their registration in BOC s or the Custodian's name, and the services provided under these UT Terms; "Regular Savings Plan" means any scheme for regular purchases of Investments of any fund established by the Fund Representative of such Fund; Prospectus in relation to any Fund, means the most recently published version from time to time of the prospectus governing the relevant Fund provided by the Fund to BOC; SRS means thesupplementary Retirement Scheme operated byparticipating banks in Singapore, as modified, amended, supplemented or replaced from time to time; Sub-Custodian shall the same meaning ascribed to it in Part F Clause [2.11(c)] below; Trust Deed in relation to any Fund, means the trust deed constituting the Fund; and UT Terms means the provisions of this Part F Clause 2 and the General Conditions Terms and Conditions, where applicable. 2.2 Provision of Investment Services BOCmay, from time to time, agree to act on the Account Holder s Instructions for the holding, subscription, disposal or redemption of Investments, or any other Instructions which the Account Holder may wish or need to give to a relevant Fund or Fund Representative, all in accordance with these UT Terms. BOC may decline to act on such Instructions at its discretion and without giving any reason therefor. For avoidance of doubt, as between BOC and the Account Holder, the terms stated in Part F Clause 1.8 shall apply (as the case may be) as regards the Account Holder s Investments under Part F Clause Information on Funds (a) Fund Literature, Notices and Circulars: The Account Holder shall be responsible for obtaining from either BOC or the relevant Fund Representative up-to-date versions of the Fund literature that may exist as of that date of any transaction. BOC shall on the Account Holder s request put in place arrangements for Fund Literature to be made available to the Account Holder. (b) Reliance on Fund Literature: The Account Holder acknowledges and agree that their Investment in the Fund(s) is made only on the basis of information contained in the relevant Fund Literature. All other information or representations must be regarded as unauthorised and must not be relied on. BOC s distribution of the Fund(s) is not to be seen as a recommendation of the Fund by BOC. BOC accepts no responsibility for the Fund or its performance. The Account Holder further acknowledges and agrees that BOC shall have no liability whatsoever for any error, misstatement or omission in any Fund Literature or 9

10 any Loss suffered or incurred by the Account Holder in connection with any transaction entered into or steps taken or omitted to be taken by the Account Holder on the basis of the Fund Literature. (c) Trust Deed, Etc.: The Account Holder acknowledges that all Investments shall be issued, distributed, redeemed and switched pursuant to the provisions of the Trust Deed(s) constituting the relevant Funds (including any deeds supplemental thereto), copies of which may be purchased from the relevant Fund Representative at a fee as set out in the relevant Trust Deed(s), and undertake to be bound by the Trust Deed(s). The Account Holder further agrees to be bound by all the terms pursuant to which BOC and/or the Custodian effects each purchase, switching or redemption of any Investment. 2.4 Holding, Subscription, Disposal or Redemption of Investments Settled by Cash (a) Applicability : This Part F Clause [2.4] shall apply to all Investments (except those to be settled by CPF or SRS monies). Orders or requests for the subscription of Investments shall be settled by cheque, cashier s order, bank draft, bank transfer or cash. The date of payment shall be the date of clearance of such payment instrument (other than cash payments) and when full payment is received by BOC. (b) Orders : BOC acts as the Account Holder s agent for and on behalf of the Account Holder in placing orders or sending requests for the holding, subscription, switching, disposal or redemption of Investments upon receipt of a duly completed Investment Application and payment from the Account Holder of cleared funds, or acting on any of the Account Holder s other Instructions in relation to the Investments (as the case may be). (c) Order Aggregation : Applications for the holding, subscription, disposal or redemption of Investments by the Account Holder may be aggregated and consolidated with other applications either daily or from time to time by BOC and sent by BOC to the relevant Fund Representative. The Account Holder acknowledges and agrees that the allotment or distribution of any Investments, monies or other property issued pursuant to or arising from such order aggregation to or amongst the Account Holder and BOC and/or BOC s other customers shall be at BOC s absolute discretion. The Account Holder accepts that such allotment or distribution or actions by BOC may result in inequities and/or Loss and accept the risk thereof. (d) Cut-Off Time : In respect of subscription or redemption orders or switching or transfer or disposal instructions specified in any Investment Application received from the Account Holder by BOC on any Dealing Day before the cut-off time specified by BOC in its absolute discretion, BOC shall use reasonable endeavours to place such orders or instructions, whether on an aggregated and consolidated basis or otherwise, to the relevant Fund Representative for the same Dealing Day. Investment Applications received after the specified cut-off time shall be deemed to be an application received by BOC on the next Dealing Day and BOC shall be entitled, and use reasonable endeavours, to place or carry out such application or to contract out of such delayed orders or instructions on the next Dealing Day and such transaction shall be binding on the Account Holder. (e) Issue of investments : In respect of Investments placed by BOC herein, the relevant Investments will be issued to and registered in the name of BOC or the Custodian, who shall hold the Investments as custodian for the Account Holder and on the Account Holder s behalf and the Account Holder agrees and consents to the holding of the Investments as further set out in Part F Clause 2.11 below. (f) Income and Redemption Proceeds : The Account Holder shall, whether in the Investment Application or otherwise, give Instructions to BOC as to the crediting of any redemption proceeds and 10

11 other income and payments received by BOC on the Account Holder s behalf with respect to the Investments held pursuant to these UT Terms, failing which BOC shall be entitled to make payment of such proceeds, income or payment by way of a cheque made out to the Account Holder. The proceeds, income or payment will be net of any fees, charges or expenses incurred in connection with the redemption or any other sums owing by the Account Holder to BOC. BOC and/or the Custodian will not be required to ascertain, or otherwise be responsible for the adequacy of the redemption proceeds, income or payment received. (g) Statements : BOC will instruct the Fund Representative to send a confirmation note to the Account Holder after receiving an Instruction from the Account Holder with any necessary payment in relation to the holding, subscription, disposal, switching or redemption of Investments by the Account Holder. BOC may (but is not obliged to) instruct the Fund Representative to send monthly and/or quarterly Statements indicating, amongst other things, the number of Investments issued by the relevant Fund Representative and kept with BOC and/or the Custodian as custodian for the Account Holder. (h) Reinvestment : Without prejudice to Part F Clause 2.4(f) above, if no specific dividend instruction is given by the Account Holder to BOC, and if permitted by the terms of the relevant Fund, dividends declared by any relevant Fund Representative or Fund may be reinvested at the predetermined value of the units of the Fund(s) set by the Fund Representatives or the net asset value of units of the Fund(s) on the day the dividends are officially paid, as the case may be. The dividend instruction in the most recent Investment Application (if any) shall supersede all previous instructions from the Account Holder (whether or not contained in any Investment Application) and shall be applicable to all Investments. (i) Switching : Where the Account Holder instructs a switching of Investments, BOC will subscribe for Investments required by the Account Holder only after the confirmation and completion of the redemption of the relevant existing Investments which are being switched. (j) Acceptance of Instructions : The Account Holder acknowledges that any Fund Representative or Fund which receives any order in relation to the relevant Fund from BOC is not obliged to accept the order in part or whole. Neither BOC nor the Custodian shall be liable or responsible for any action, rejection or delay on the part of any Fund Representative or Fund in respect of any such order, including the allotment of the Investments, or for any Loss which the Account Holder may suffer or incur as a result of the foregoing. The Account Holder acknowledges and agrees that BOC s (or the Custodian's) responsibility is solely to implement Instructions given subject to these UT Terms. BOC and/or the Custodian shall have no responsibility or liability for ensuring that the relevant Fund Representative allots the Investments or for any Losses which the Account Holder may suffer or incur as a result of any refusal to accept or delay in accepting such order by the Fund Representative. The Account Holder acknowledges and agrees that BOC s (or the Custodian s) responsibility is solely to implement Instructions in the Investment Application. Without prejudice to the foregoing, the acceptance of any instructions from the Account Holder shall be subject to the prior approval of BOC and on such terms as BOC may specify. (k) Transfer : Unless otherwise provided in these UT Terms, the transfer of any Investment shall be subject to the prior approval of BOC and on such terms as BOC may specify provided always that BOC shall not be able to arrange the transfer of any Investments until all the Account Holder s liabilities to BOC under these UT Terms (including any outstanding fees and expenses payable) have been fully discharged. 11

12 (l) Disposal of Investments : If, at any time, for any reason, any Fund Representative instructs BOC or the Custodian, as registered holder of any Investment, to divest itself, transfer or otherwise dispose of any such Investments in accordance with the terms and conditions governing the operation of such Fund, BOC shall promptly seek Instructions as to how (subject to these UT Terms) the Account Holder wish to proceed. If no instructions are received within the time specified for receipt of the same and/or a satisfactory course of action cannot be agreed with the relevant Fund Representative within any time period specified for this purpose, BOC shall be entitled to redeem, or shall be entitled to procure the Custodian to redeem, the relevant Investments and pay the proceeds to the Account Holder by way of a cheque made out to the Account Holder or via such other means as BOC deems fit in its discretion. (m) Regular Savings Plan : If the Account Holder wishes to participate in any Regular Savings Plan offered by any of the Funds, the Account Holder shall instruct BOC as agent to place for and on the Account Holder s behalf an application to purchase Investments under such Regular Savings Plan with the appropriate relevant Fund Representatives. The provisions of this Clause Part F Clause 2.4(m) shall apply mutatis mutandis to any Investments acquired by the Account Holder under such Regular Savings Plan. The Account Holder must give at least sixty days' notice in writing to BOC to terminate any Instruction to purchase Investments on the Account Holder s behalf under any Regular Savings Plan. (n) Investments Not Registered in BOC s Name : Notwithstanding anything to the contrary in these UT Terms, BOC shall not be obliged to provide any of the services set out in these UT Terms in relation to any Investment that is not or not to be registered in the name of BOC or the Custodian. In the event that BOC agrees to assist the Account Holder in respect of any Investments which were not purchased through BOC, the Account Holder will not hold BOC responsible for any Loss howsoever resulting from such assistance. (o) Prices : The issue prices and redemption (realisation) prices are determined by the Fund Representatives or Funds in accordance with the relevant Trust Deed or prescribed procedures on Dealing Day. Any price or value given by BOC in respect of any Investment is not final and binding and is only indicative and BOC shall not be responsible or liable for the same. The Account Holder shall not hold BOC liable for any Losses whatsoever and howsoever arising from any use of or reliance on any such indicative information provided. 2.5 Acquisition and Redemption of Investments Settled by CPF / SRS Monies (a) Applicability : The provisions of this Part F Clause [2.5] shall apply to any investments in any Fund to be settled by CPF or SRS monies. (b) Order : BOC acts as the Account Holder s agent for and on behalf of the Account Holder in placing orders or sending requests for the holding, subscription, switching, disposal or redemption of Investments to be settled by CPF or SRS monies upon receipt of a duly completed Investment Application or in such other manner as may be prescribed by BOC and payment from the relevant CPF Board or SRS operator (as the case may be). (c) Responsibility : The Account Holder agrees that it is the Account Holder s sole responsibility to comply with all Applicable Laws in relation to the Investments (including ensuring that there are sufficient funds in the relevant CPF or SRS account for transactions in the Investments). The Account Holder acknowledges and agrees that BOC shall have no responsibility or obligation whatsoever to the Account Holder in respect of any dealing by the Account Holder in the Investments other than to communicate Investment Applications, applications for redemption or applications to participate in a 12

13 Regular Savings Plan to the appropriate Fund Representative. BOC is not obliged to maintain records of the Account Holder s holdings in the Investments. Subject to the foregoing provisions of this Part F Clause [2.4(c)] above, the provisions of Part F Clause [2.4] of these Terms, insofar as they are applicable to Investments to be settled by CPF or SRS monies (as the case may be), shall apply mutatis mutandis to any application for purchase or redemption of Investments by the Account Holder which is made through BOC pursuant to these UT Terms. (d) Income and Redemption Proceeds : Unless otherwise indicated by the Account Holder on the relevant Investment Application or in such other manner as may be prescribed by BOC, any redemption proceeds and other income and payments received (including dividends) by BOC on the Account Holder s behalf with respect to Investments held pursuant to these UT Terms will be credited to the Account Holder s CPF or SRS account. The redemption proceeds, income or payment will be net of any fees, charges or expenses incurred in connection with the redemption or any sums owing by the Account Holder to BOC. Neither BOC nor the Custodian will be under any duty to ascertain or bear any responsibility for the adequacy of the redemption proceeds, income or payment received. 2.6 Cancellation of Investments The Account Holder will have a right to cancel any agreement to purchase or subscribe for Investments in Funds constituted as unit trusts, in accordance with the Applicable Laws, and subject to the terms and conditions of the relevant Fund. 2.7 Payments, Fees and Charges (a) Payment for Investments : Unless otherwise herein expressly required, the Account Holder shall make prompt payments for Investments, on or before the due date of the transactions or upon demand by BOC, to be settled by cash in any manner permitted by BOC or in any manner deemed fit by BOC in its absolute discretion from time to time. (b) Fees, Charges and/or Costs : The Account Holder shall promptly pay to BOC all fees, charges and/or costs as BOC and/or the Custodian may in its absolute discretion impose from time to time in relation to Investments made. If the Investment Account is terminated, BOC shall be entitled to receive a proportionate amount of its fee calculated on a daily basis up to and including the date of termination together with full reimbursement of all out-of-pocket costs and expenses incurred by BOC up to the termination including any levies or fees incurred in the transfer of Investments pursuant to Clause 2.13(c) below. In the event that such fees, charges and/or costs are not paid by the Account Holder to BOC when due, BOC may, in its sole discretion : (i) debit the Account for such fees, charges and/or costs, notwithstanding that by doing so, it may result in the Account being overdrawn; (ii) redeem, sell or otherwise liquidate any or all Investments held with BOC or Custodian and set-off such proceeds from such Payment and any amounts due from the Account Holder (whether present or future, contingent, joint or otherwise) to BOC in settlement of such Payment or amount; (iii) consider the application for the Investment as having been cancelled; 13

14 (iv) grant the Account Holder credit for the relevant amount, with interest to be charged in accordance with Clause 2.7(c) below. The Account Holder shall immediately repay any such credit advanced by BOC on BOC s demand failing which BOC may take any of the other actions in this Clause 2.7; (v) in relation to a Regular Savings Plan, terminate the Account Holder participation in the Regular Savings Plan; or (vi) take such other action as BOC may consider necessary to preserve its rights and interests under these UT Terms; provided always that BOC may refuse to act for the Account Holder unless it has received payment in full for any Instruction which BOC has been requested to execute, and BOC reserves the right to recover any Losses incurred by BOC due to the insufficiency of monies, invalid payment or delay or default in payment from the Account Holder. (c) Interest: BOC shall be entitled to charge interest on any sum or payment due to BOC from the Account Holder at such rate and calculated and/or compounded in such manner as BOC may impose and determine from time to time and to debit any Account held by the Account Holder with BOC in respect of the interest due. 2.8 Currency, Deductions and Withholdings All Payments to be made by the Account Holder shall be in the currency in which they are due, in free and clear funds and free of deductions or withholdings. Where Payments are made in a currency other than that in which the relevant Investment is denominated, they shall be converted to the latter currency at the prevailing rate of exchange as determined by BOC in its absolute discretion. The Account Holder shall be liable for all Losses arising in connection with such conversion. If the Account Holder is required to effect any deductions or withholdings, then the amount due to BOC shall be increased by such amount as shall result in BOC receiving an amount equal to the amount BOC should have received in the absence of such deduction or withholding. 2.9 Taxes, Duties, Etc. Any taxes, duties, disbursements, costs and/or other expenses incurred by BOC or the Custodian in connection with the Investments shall be reimbursed by you. All interest, fees, commissions, and other charges of BOC are exclusive of any goods and services tax or any other applicable sales tax which shall be borne by, and separately charged, to the Account Holder. 2.10Payments by Funds The Account Holder acknowledges that BOC will normally be paid monies (by way of a commission, trailer commissions, discount or fees or otherwise) from the Fund or Fund Representative in connection with the issue of Investments to the Account Holder and other dealings with respect to any Fund. The Account Holder agree that BOC shall be entitled to retain such monies for its own benefit and shall have no obligation to account or to disclose to the Account Holder all or any part of the amount of such commissions, trailer commissions, discounts, fees or otherwise Custody of Investments 14

15 (a) Custody : This Part F Clause [2.11] shall not apply to Investments to be settled by CPF or SRS monies. In respect of all other Investments, they will be held in the name of BOC or the Custodian as custodian for and on the Account Holder s behalf. In doing so, the Account Holder acknowledges and accepts that BOC or the Custodian shall act as bare custodian of the Investments. Nothing in these UT Terms shall have the effect of constituting any of them as the Account Holder s fiduciary or otherwise with respect to the Investments, any relationship of trustee and beneficiary between BOC / Custodian and the Account Holder, or any further relationship other than as expressly contemplated in this Part F Clause [2.11]. (b) Custodian : For the purpose of these UT Terms, BOC shall be entitled at its absolute discretion to make such arrangements as it may think fit for the holding of the Investments in safe-custody, including the appointment of a Custodian. Provided that if BOC has exercised reasonable care and skill in the selection of any Custodian, BOC shall not be liable or responsible for any act or omission of the Custodian in connection with the Investments in its custody. If the Investments are registered in the name of the Custodian, BOC shall procure that the Custodian shall record and hold in a separate account in its books all Investments received and held by it from time to time for the Account and shall arrange for all such Investments to be held in safe-custody on such terms and in such manner as BOC may in its absolute discretion determine, and the foregoing shall be disclosed to the Account Holder. (c) Sub-Custodians : The Account Holder hereby acknowledges that BOC and the Custodian shall be entitled to appoint such persons as may be permitted under the Applicable Laws to act as (a) a subcustodian of any of the Investments held by BOC and/or the Custodian pursuant to these UT Terms; and/or (b) as an administrator to assist inthe performance of BOC s obligations pursuant to these UT Terms (a sub-custodian ) on such terms as BOC may, in its absolute discretion, consider appropriate provided that if BOC and/or the Custodian has exercised reasonable care and skill in the selection of any such sub-custodian, BOC and the Custodian shall not be liable or responsible for any act or omission of any such sub-custodian in connection with the Investments in its custody. (d) Voting Rights : BOC and the Custodian (which, for the purposes of this Clause shall not include a sub-custodian) will not exercise any voting rights in respect of the Investments held for the Account, except in accordance with Instructions received from the Account Holder. BOC shall, if required by such Instructions, use its reasonable efforts to procure the delivery by it or the Custodian to the Account Holder of all notices, proxies or proxy soliciting materials in relation to the Investments held pursuant to these UT Terms. (e) Custodian Fees : Where fees are payable to the Custodian and/or sub-custodian for custodial services rendered for the Investments, the Account Holder shall promptly pay such fees and in such manner as BOC may in its sole and absolute discretion impose and stipulate from time to time. (f) Tax Privileges : At the Account Holder s request, and subject to BOC being fully indemnified by the Account Holder and upon production of such evidence as BOC may require, BOC may, at its absolute and sole discretion, assist the Account Holder in securing any tax privileges to which the Account Holder may be entitled in connection with the investments JointHoldings (a) Account Holder : In the case of more than one person submitting a single Investment Application, unless otherwise agreed in writing by BOC : 15

16 (i) the term Account Holder, ''you", your or others hereunder shall refer to each such person jointly and severally, and the obligations and liabilities of each such person under these UT Terms shall be joint and several; (ii) any notice or communication addressed and sent by BOC to any of the Account Holder shall be deemed to have been addressed and sent to all of the Account Holder and where any of the Account Holder shall have received or is deemed to have received any such notice or communication, all of the Account Holder shall be deemed to have received the same; (i) neither of the Account Holder shall be discharged, nor shall the Account Holder s liability be affected by, any discharge, release time, indulgence, concession, waiver or consent at any time given or effected in relation to any one or more of the Account Holder making an Investment Application; and (ii) any Investment held by BOC or the Custodian for the Account will be beneficially owned by all of the Account Holder as joint tenants with right of survivorship. Subject to the Applicable Laws, on the death of any of the Account Holder, BOC or the Custodian will hold the Investment then held by it for the account of such deceased person, for the account of the survivor(s) (without prejudice to any right BOC / Custodian may have arising out of any lien, right of set-off, counter-claim or otherwise). (b) Default instructions : Unless the Account Holderotherwise specify in the Investment Application Form for the purchase of Investment, BOC shall be entitled to treat the Investment as being held on a joint-alternate basis. (c) Minor: Funds registered in joint names with a minor can be redeemed or transferred on the minor s parent s or guardian s Instruction to do so in the Investment Application. On or after the minor s 21st birthday, the parent / guardian may request that the Fund be transferred to the minor's name. In the event of the death of the parent / guardian, no Instruction may be accepted until the minor reaches 21 years old. BOC shall be entitled but not obliged to act solely on the Instructions of the legal guardian of the minor until the minor reaches 21 years old. BOC shall not be liable for all demands, claims, suits and actions whatsoever by the heirs, executors and / or administrators of the deceased parent / guardian Termination (a) Right of Termination: The Investment Account for the time being granted to the Account Holder by BOC under these UT Terms may be immediately terminated at BOC s discretion at any time and it may be cancelled by the Account Holder giving to BOC not less than fourteen days' notice in writing provided that there are no outstanding Investments in relation to the Investment Account at the time such notice is given. (b) Automatic Termination : The Investment Account for the time being granted to the Account Holder by BOC under these UT Terms shall terminate upon (a) the occurrence of any Termination Event set out in the General Terms and Conditions; and/or (b) the Account Holder s death or upon the legally recognised declaration of incapacity or incapability in respect of the Account Holder(provided the Account Holder is not one of two or more persons who submitted the relevant Investment Application jointly and severally), but all acts performed by BOC and/or the Custodian prior to receiving written notice of such events shall be valid and binding upon the Account Holder and the Account Holder s personal representatives or successors in title. 16