Account-Terms-and-Conditions.pdf

Terms and Conditions

THIS DOCUMENT states the terms of my Account(s) with you and of the Products and Services which you extend

to me under the Account(s).

DEFINITIONS

The words “I”, “me”, “my”, “we”, “us” and “our” refer to the person(s) who

opened the Account(s) (defined below) and if more than one person; in

the event of the death of anyone or more of such persons, the survivor

thereof; and in the event of the death of all such persons, the estate and

successors of the last surviving person and shall, where the context so

permits, include my Authorised Signatory(ies) (defined below).

The words “you”, “your”, “Citibank”, “Bank” refer to Citibank Singapore

Limited and its successors and any novatee, assignee, transferee or

purchaser of Citibank Singapore Limited’s rights and/or obligations

hereunder and any reference to “Citibank Singapore Limited” includes a

reference to such successor, novatee, assignee, transferee or purchaser.

Where the Account(s) is/are opened by more than one person or by a firm

or a corporate entity, “I”, “me” and “my” shall read as “we”, “us” and “our”.

“871(m) Tax” means any Tax imposed on payments or income treated as

dividends from sources within the United States under the 871(m) Rules.

“871(m) Transaction” means any transaction (or series of transactions)

that I have entered into (either directly or via a discretionary investment

mandate managed by you) or have been deemed to enter into (whether

for myself or on behalf of any other person) on or after 1 January 2017

that could be or will be subject to the 871(m) Rules, as determined by

you, acting reasonably and in good faith. For this purpose, if I enter into

a transaction and its material terms are later amended, I may be deemed

to have entered into a new transaction as of that later amendment.

“871(m) Rules” means Section 871(m) of the United States Internal

Revenue Code of 1986, as amended, the U.S. tax regulations thereunder

and any successor provisions.

“Account(s)” means one or more accounts (including but not limited to

base accounts and sub-accounts relating to deposits and investment

products) which I open and maintain with you (or which you open on my

behalf) from time to time (being of any type or category, and whether

opened in single or joint name(s) or in trust).

“Account(s) Opening Application” means the Account(s) opening

application form (including any addendum) prescribed by you from

time to time to be completed and signed by me for the opening of the

Account(s).

“Account Statement” in relation to any Account, means the statement

of account issued by you in respect of the Account.

“Agreement” includes any agreement entered into by me with you in

respect of my investment in any products (including derivative products).

“Alternative Financial Instrument” means a Financial Instrument

agreed between the Bank and me that may be repaid by the Bank as

the alternative to the Base Financial Instrument.

“Applicable RMB Terms and Conditions” refers to these Terms and

Conditions and all applicable terms and conditions imposed by Citibank

on Offshore RMB Products and Services.

“Applicable RMB Provisions” refers to any applicable agreement for

clearing and settlement of Offshore RMB entered into between Citibank

or other Citigroup Organization and any clearing bank or agent and any

applicable laws, rules, regulations, policies, circulars and guidelines

issued or imposed by any regulatory authority, government agency,

clearing or settlement bank or agent, custodian or professional body

governing Offshore RMB related activities and services, each as may

be amended, supplemented, replaced or updated from time to time.

“ATM” means an automated teller machine or card-operated machine,

whether belonging to you or other participating banks or financial

institutions, MasterCard Network or their affiliated networks, in respect

of which you have a subsisting arrangement to allow me to use my

Citibank ATM/Debit Card at such machine.

“ATM Limit” means the maximum limit permitted by you, in respect

of which the total of Cash Withdrawals made or obtained on any

calendar day must not exceed, or such other amount as you may at your

reasonable discretion from time to time prescribe for the purpose. You

reserve the right to impose separate ATM limits for (i) Citibank ATMs in

Singapore and (ii) for ATMs on the ATM5 network and (iii) ATMs located

overseas.

“ATM-PIN” means the ATM Personal Identification Number of my

Citibank ATM/Debit Card or Credit Card, which you may in your absolute

discretion allocate to me upon my request to utilise the ATM function

of the Citibank ATM/Debit Card or Credit Card, or such other number

as you may from time to time authorise.

“Authorised Signatory” refers to any person(s) authorised by me to

operate the Account(s) for and on my behalf pursuant to the power of

attorney granted under the Account(s) Opening Application, the Letter

of Authority (if applicable) and the Board Resolutions (if applicable) duly

signed by me and received by you or otherwise authorized by me in a

manner approved by you to operate the Account(s).

“Authority” means any competent regulatory, prosecuting, tax or

governmental authority in any jurisdiction, domestic or foreign.

“Available Balance” means, in relation to any Account, the aggregate of:

(i) the balance in such Account in my favour of immediately

available and freely transferable funds; and

(ii) where you have granted me an overdraft facility or line of credit in

respect of such Account, the limit of such overdraft facility or line

of credit notified by you to me less the total amount payable by

me to you with respect to such overdraft facility or line of credit.

“Base Financial Instrument” means the Financial Instrument in which

the Premium Account is placed or denominated as specified in the

confirmation relating thereto.

“Board Resolutions” means the board resolutions to be signed by us

(where we are a company) pursuant to the opening of our Account(s)

with you.

“Business Day” refers to any day on which banks are open for business

in Singapore other than Saturday, Sunday and gazetted public holidays

in Singapore and, for the purposes of my investment in any products,

refers to, in relation to a payment for any transaction, a day (other than

a Saturday or Sunday) on which commercial banks, securities

and futures markets, and foreign exchange markets are open for

business in the place(s).

(i) which may be specified in the Confirmation, and/or

(ii) where the accounts for me and you for payment for that

transaction in accordance with the relevant Agreement is

located.

Citibank Singapore Ltd

“Cash Withdrawal” means a disbursement of funds in any currency from

any Account out of the balance in my favour (whether or not in the form

of cash) made or obtained through or in connection with any Citibank

ATM/Debit Card.

“Charge Documents” means the memorandum of charge (or any other

document creating a charge or security interest) in such form as you may

require granted by me or any Third Party in your favor.

“Charged Property” means the deposits, securities and other assets

that are mortgaged, assigned and/or charged as specified in the Charge

Documents.

“CIN” means the Customer Identification Number as printed on my

Citibank ATM/Debit Card or Credit Card, or such other number as you

may from time to time authorise.

“Citibank” means Citibank Singapore Limited.

“Citibank ATM/Debit Card” means the card which you issue to me

that enables me to be identified by my CIN (defined above) and, where

I request for the ATM service, which will also enable me to execute

certain transactions at ATMs of Citibank Singapore Limited and certain

other participating financial institutions in Singapore and (if you at your

discretion allow international access in using the Citibank ATM/Debit

Card) Citibank, N.A. branches and its subsidiaries worldwide and which

will enable me to execute Citibank ATM/Debit Card Transactions, and

includes any card issued in renewal or replacement of such card.

“Citibank ATM/Debit Card Transaction” means any transaction carried

out using my Citibank ATM/Debit Card, the CIN Number and/or the

ATM-PIN, whether with or without my knowledge or authority (including

payment for any goods, services and/or benefits).

“Citigroup, Inc” means Citigroup, Inc, a corporation incorporated in the

United States of America.

“Citigroup Organisation” means any affiliate or subsidiary of Citigroup,

Inc.

“Close-Out Date” means a date on which you close-out and liquidate

outstanding Contracts or such date on which a close-out and liquidation

occurs automatically, in accordance with the terms of the relevant

Agreement.

“Collateral” refers to deposits and any and all of the investments

(including but not limited to any right, title and interest in all shares,

stocks, bonds, debentures, negotiable instruments, certificates of

deposit, unrated paper, commercial paper, loan stock, warrants, book

entry government securities, interests in unit trusts or mutual funds,

options or derivatives on securities, currencies, commodities, interest

rates or any index, indicator or benchmark, structured investments,

structured notes, securities or derivatives indexed to precious metals

and any other objects of value or other securities of any kind whatsoever,

whether represented by scrip or scripless, and whether marketable

or otherwise) from time to time standing to the credit of any of my

Account(s) or accounts of any third party or placed by any third party

with you as security for my Outstanding Indebtedness, together with

all my rights and interests and those of such third party, under each

authority, arrangement or contract for the sale, purchase, custody or

management of the investment, or in any transaction in connection

with any of my Account(s) or accounts of such third party, any and all

of my monies, securities and other property, and the proceeds thereof

and income and interest thereon, now or hereafter held or received by

or in transit to you or your nominee, whether for safekeeping, pledge,

transmission, collection or otherwise (including but not limited to

all rights relating to such investments which are deposited with, or

registered in the name of, any depositary, custodian, nominee, clearing

house or system, investment manager, chargee or other similar person or

their nominee, in each case whether or not on a fungible basis (including

rights against any such person)).

“Collected Amount” means an amount for or on account of, or which

represents, withholding, income tax, value added tax, tax on the sale

or disposition of any property, duties, or any other lawfully collected

amount.

“Confirmation” refers to any or all of the advice or confirmation which

will be issued by you as a record of the terms of the Account(s) or any

other Contract.

“Contract” means any contract concluded by me with or through you in

respect of the Account(s) or any other investment transaction (including

any derivative transaction and any transaction involving Securities)

pursuant to the terms of any relevant Agreement.

“Covenanted Amount” means, as of maturity date, the principal amount

or the outstanding principal balance of the Market Linked Account (such

amount being greater than the principal amount).

“Credit” refers to any commercial letter of credit which you agree to open

at my request subject to the section under these Terms and Conditions

entitled “Commercial Credit”.

“Credit Card” means a Citibank MasterCard issued by you as renewed

and/or replaced, and if more than one card or if a supplementary card

is issued, includes such other card(s).

“Credit Facility(ies)” means such credit or other facilities (other than

Credit) which you may in your discretion agree to make available to me

(whether solely or jointly with other overdraft, loan, leverage party(ies))

or to third party(ies) from time to time, whether under or pursuant to

these Terms and Conditions or governed by any other agreement, or

terms applicable thereto.

“Daily Transaction Amount” on any day means the total of all the

Citibank ATM/Debit Card Transactions effected without use of ATM-PIN

with respect to the Designated Account on that day.

“Daily Spending Limit” means the maximum limit permitted by you, and

communicated to me by you from time to time, in respect of which the

Daily Transaction Amount must not exceed at any time, or such other

amount as you may at your reasonable discretion from time to time

prescribe for the purpose.

“Designated Account” means the Account designated by me (and which

designation you have approved) for the time being for the purpose of

carrying out Citibank ATM/Debit Card Transactions.

“Equipment” means any electronic, wireless, communication,

transmission or telecommunication equipment, device or medium,

including without limitation, the Internet, any computer or mobile

phone, equipment, device, terminal or system or otherwise.

“Facilities” means such credit or other facilities which you may in your

discretion agree at my request to make available to me (whether solely

or jointly with one or more parties) or to third parties from time to time

including but not limited to call or term advances, overdrafts and those

facilities set out in your online portal

and any

increase in any such facilities.

“Financial Instrument” includes currencies, forwards (including

foreign exchange forwards), equities, bonds, interest rates, indices,

commodities (such as gold) and any other financial or money market

instrument which you may determine from time to time.

“Fund(s)” shall have the meaning ascribed to it by the section in these

Terms and Conditions entitled “Investment Funds”.

“Globe Deposit” means a time deposit offered in a currency as you may

in your discretion determine from time to time, and earns a fixed rate of

interest for the duration of the deposit.

“Held Balance” at any time means the total amount estimated by you

to be the amount of any and all Citibank ATM/Debit Card Transactions

effected or proposed to be effected on my Citibank ATM/Debit Card, but

which has not been debited from or credited to the Designated Account

(as the case may be).

“Indemnified 871(m) Taxes” means Taxes that are or should have been

paid, withheld or deducted by me in respect of payments to or income

of yours in connection with an Ineligible Transaction, including any Tax

on the sale or disposition of the Ineligible Transaction.

“Ineligible Transactions” means 871(m) Transactions that I am not

permitted to enter into or hold through one or more of my Accounts

with you.

“Law or Regulation” means the law or regulation of any jurisdiction,

domestic or foreign, or any agreement entered into with or between

Authorities.

“Letter of Authority” means the letter of authority executed by me

whereby I authorize one or more persons to operate and give instructions

in respect of the Account(s) for and on my behalf.

“Liabilities” or “Liability” means, except where otherwise provided,

liabilities or a liability (whether actual or contingent, primary or collateral

and/or several or joint).

“Malware” means computer viruses, bugs or other malicious, destructive

or corrupting software, code, agent, program or macros, and/or phishing

or social engineering schemes which utilise computer software or

telecommunications to obtain my personal data and/ or your passwords

for malicious or fraudulent purposes, including, without limitation,

through SQL injections, cross site scripting, worms, Trojan horses,

adware or spyware.

“Market Linked Account” has the meaning ascribed to it in paragraph

9.2 (“Market Linked Account”) under “Products” herein.

“MasterCard” means MasterCard International Incorporated.

“Monthly Spending Limit” means the maximum limit permitted by you,

and communicated to me by you from time to time, in respect of which

the Monthly Transaction Amount must not exceed at any time, or such

other amount as you may at your absolute discretion from time to time

prescribe for the purpose.

“Monthly Transaction Amount” on any day means the total of all the

Citibank ATM/Debit Card Transactions effected with respect to the

Designated Account since the first day of the calendar month of that day.

“Non-Resident Indian(s)” means any person of Indian origin, excluding

Pakistani and Bangladeshi citizens,

(i) who was a citizen of India or either of his parents were a citizen

of India or any of his grandparents were a citizen of India; or

(ii) a person who at any time held an Indian passport; or

(iii) a citizen of India who stays abroad for employment or for

carrying on any business or vocation or for any other purpose

in circumstances indicating an indefinite period of stay outside

India; or

(iv) a spouse of a person satisfying any of (i) through (iii) provided

that the Account(s) is/are opened jointly with such person.

“Obligations” is as defined in paragraph 18.1 (“Security for Repayment”)

under “Terms Applicable Generally” herein.

“Offshore RMB” refers to Renminbi that is traded in the offshore market

outside of Mainland China.

“Offshore RMB Products” refers to products which Citibank may from

time to time offer that involves or are denominated in Offshore RMB,

including but not limited to any derivatives, deposits, structured deposits,

structured notes, premium account/dual currency instruments, mutual

funds and bonds.

“Offshore RMB Services” refers to services which Citibank may from time

to time offer that are denominated in Offshore RMB or involve Offshore

RMB Products, including any transfers and withdrawals.

“Offshore RMB Products and Services” refer to Offshore RMB Products

and Offshore RMB Services as defined herein.

“OSD” means the Online Security Device which you will provide to me

(subject to conditions) to enable me to receive my OTP.

“OTP” means the one time use Personal Identification Number which

you will notify me of via the OSD to enable me to effect banking

transactions through Citibank Online®.

“Outstanding Indebtedness” means (a) all sums (whether principal,

interest, fee (including fees on a full indemnity basis), charges,

reasonable expenses, commission or otherwise) which are or at any

time may be or become due from or owing by me to you, or which I have

covenanted to pay or discharge, whether actually or contingently, under

or in connection with these Terms and Conditions, any Credit Facility(ies),

any Contract (including losses arising out of and/or in respect thereof),

any Charge Document or any other agreement, document or instrument

or arrangement between you and me or applicable to or binding on me,

(b) the Obligations and (c) all other Liabilities and moneys (whether

principal, interest, fee, commission or otherwise) which now are or at

any time hereafter may become due from or owing by, or be incurred

by, me to you, in whatever currency the same shall be denominated or

owing, whether alone or jointly or jointly with any other person and on

any account whatsoever, whether current or otherwise, and whether

present, future, actual or contingent, primary or collateral, secured

or unsecured, and whether as principal debtor, guarantor, surety or

otherwise howsoever, including (without limitation) interest and all

Liabilities in connection with Contracts and other foreign exchange

transactions, paying, accepting, endorsing or discounting any checks,

notes or bills, or under bonds, guarantees, indemnities, documentary or

other credits or any instruments whatsoever from time to time entered

into by or with you, for or at my request.

“Overdrawn Balance” in relation to any Account means the balance in

the Account in your favour, or where you have granted me an overdraft

facility or line of credit in respect of the Account, the balance in the

Account in your favour less the limit which you have notified to me of

such overdraft facility or line of credit.

“Payment Fund” means the monies kept in a separate suspense

account opened and maintained by you which have been paid by me

to you for such purposes as you deem fit and which you may deal with

in accordance with these Terms and Conditions, including without

limitation monies payable in respect of any Credit which you agree to

open at my request.

“Payment Infrastructure Provider” means a third party that forms part of

the global payment system infrastructure, including without limitation

communications, clearing or payment systems, intermediary banks and

correspondent banks.

“Point of Sale” means a point of sale at which the Citibank ATM/Debit

Card is used.

“Premium Account” is as defined in paragraph 9.1 (“Premium Accounts”)

under “Products” herein.

“Products” means those products listed under the general section in these

Terms and Conditions entitled “PRODUCTS” and such other products

which you may in your discretion agree to make available to me from time

to time, and the term “Product” shall be construed accordingly.

“Reference Currency” means, in relation to any calculation of the

Closing Gain and the Closing Loss upon any close-out and liquidation

of outstanding Contracts pursuant to paragraph 6 (“Close-out and

Liquidation) under “Miscellaneous” herein, the currency which shall be

chosen by you and to which such Closing Gain and Closing Loss shall

be converted.

“Renminbi” or “RMB” refers to Renminbi, the lawful currency of the

People’s Republic of China/Mainland China.

“Representatives” means your officers, directors, employees, agents,

representatives, professional advisers and Third Party Service Providers.

“Securities” means such unit trusts, collective investment schemes,

bonds, notes, preferred stock, structured products, equities and

other securities and products as are made available by you to me

for investment (whether by way of transactions for purchase, sale,

subscription, redemption, conversion, transfer, switching or otherwise

and whether issued by you or by third parties).

“Services” means those services listed under the general section in these

terms and conditions entitled “SERVICES” and such other services

which you may in your discretion agree to make available to me from

time to time, and the term “Service” shall be construed accordingly.

“Settlement Date” or “Value Date” refers to, in relation to any Contract,

the day specified in the Confirmation for payment of any amount

under the Contract or if such date is not a Business Day, it shall be the

immediately succeeding Business Day.

“Special Circumstance” is as defined in paragraph 19 (“Default in

Repayment”) under “Terms Applicable Generally” herein.

“Structured Note” means a note or certificate with an embedded option

and linked to an underlying asset (including but not limited to stocks,

bonds, market indices, credits, interest rates and commodities).

“Tax” means any present or future tax, levy, impost, duty, charge,

assessment or fee of any nature (including interest, penalties and

additions thereto) that is imposed by any government or other taxing

authority in respect of any payment or income other than a stamp,

registration, documentation or similar tax.

“Tax Amounts” means 871(m) Taxes that may be paid, withheld or

deducted by you.

“T-PIN” shall have the meaning ascribed to it by the section in these

Terms and Conditions entitled “Telephone Banking Service”.

“Terms and Conditions” means these Terms and Conditions as

amended, supplemented and/or replaced by you from time to time,

which Terms and Conditions shall be and deemed to be an integral part

of the terms under which any of my Account(s) is/are or will be opened

or established and shall be operated.

“Third Party” means such person other than me who is acceptable to

you and who has executed any Charge Documents or any guarantee

in your favour in respect of my Outstanding Indebtedness under the

Credit Facilities, Credit and my other obligations and Liabilities to you.

“Third Party Service Provider” means a third party selected by you or

any Citigroup Organisation or Representative to provide services and

who is not a Payment Infrastructure Provider. Examples of Third Party

Service Providers include technology service providers, business process

outsourcing service providers and call centre service providers.

“Time Deposit/Globe Deposit” means a time deposit offered in a

currency as you may in your discretion determine from time to time, and

earns a fixed rate of interest for the duration of the deposit.

“United States Person” or “U.S. Person” means any of the following:

(i) a United States citizen;

(ii) a United States resident; meaning:

a. a green card holder, or

b. an individual physically present in the United States for 31

days in the current calendar year and 183 days during the 3

year period that that includes the current year and the two

years immediately before that, counting:

i. all the days present in the US in the current year,

ii. 1/3 of the days present in the US in the first year before

the current year, and

iii. 1/6 of the days present in the US in the second year

before the current year; or

c. an individual designated a resident for U.S. tax purposes;

d. an individual with a U.S. mailing address or U.S. telephone

number.

(iii) a corporation partnership or entity organised or existing under

the laws of any state territory or possession of the United States;

(iv) an estate or trust of which any executor, administrator or trustee

is a United States Person;

(v) an agency or branch of a foreign entity located in the United

States;

(vi) a discretionary or non-discretionary account held by a fiduciary

for the benefit or account of a United States Person;

(vii) a non-U.S. partnership, corporation or entity owned or controlled

by a United States Person (ownership of 10% or more by a US

Person); or

(viii) a partnership, corporation or entity with a U.S. mailing address

or U.S telephone number.

“US dollars” refers to the lawful currency of the United States of America.

Any reference to a “time” of the day is to Singapore time unless otherwise

stated.

Words importing “persons” shall include firms and corporate entities.

TERMS APPLICABLE GENERALLY

1. Application Acceptance and Customer Instructions

1.1 You may accept or reject in whole or in part my application

to open any Account at your discretion. Your rejection or

cancellation of my application may be communicated to me by

any means, whether oral or otherwise, or through the omission

by you to issue a Confirmation. In either case, notification of

acceptance or rejection shall be served on me at such time

determined by you in accordance with your usual practice.

1.2 I shall send all my instructions to my relationship manager

or such other person authorised by you to receive such

instructions. You are entitled to accept instructions in respect

of any transaction concerning my Account(s) or any Contract,

Credit Facility or transaction involving Securities (including

those for their purchase, sale, redemption or conversion from

me or from any Authorised Signatory either in person or by

telephone (which need not have call-back procedure) or by

mail or by ordinary telex and/or facsimile transmission (if I have

requested for the Facsimile Banking service) or by the Internet

or ATM or by electronic mail or by any other electronic mode of

communication whatsoever and:

(a) you may rely on such instructions given by me or any

Authorised Signatory, or any person purporting to be me

or to be an Authorised Signatory which are referable to

me or any Authorised Signatory in accordance with your

prescribed verification procedure prevailing at that time;

(b) where I have authorised more than one Authorised Signatory

to operate my Account(s), you shall be entitled to act on

the instructions of any one or more of such Authorised

Signatories in accordance with the signing authority as

if they were my instructions unless you receive from me

instructions to the contrary;

manner as you may specify from time to time and you may in

your reasonable discretion and without notice refuse to act

on any such instructions until you receive such confirmation

satisfactory to you;

(d) you may require me to give written instructions (and any

other documentary evidence of authority) in the case where

the proceeds of any transactions (including placements) or

any funds in the Account(s) are to be credited or remitted

to any Citibank account not in my name or to another bank

account;

(e) in the case of telephone instructions you may ask questions

about me and about the particulars of my Account(s) to try

and verify my identity;

(f) I consent to you recording my telephone conversations with

you to provide evidence of instructions and other verbal

communications and for quality and training purposes;

(g) in the case of instructions given by facsimile for transactions

involving third party beneficiaries, you shall only be obliged

to act on such instructions;

(i) which involve such third party beneficiary(ies) as listed

in the Account Opening Application signed by me, or as

otherwise directed by me in writing from time to time;

and

(ii) which do not exceed the maximum limit as prescribed

in the Account Opening Application, or as otherwise

directed by me in writing from time to time; and

(h) you may refuse to act on any instructions given by me

(including those in respect of withdrawals, payments and

transfers) if you reasonably suspect fraudulent or other

criminal activity or you reasonably believe that by carrying

out the instruction you, any Citigroup Organisation or Third

Party Service Provider may violate a Law or Regulation or

another code or duty that applies to you or them.

1.3 If there is any irregular signature, ambiguity or conflict in my

instructions, you may, without me having any recourse against

you, choose not to act upon them unless and until the ambiguity

or conflict has been resolved to your satisfaction.

1.4 You can effect my instructions only during banking hours on

Business Days. In order to comply with my instructions you may

use the services of a correspondent bank at your sole discretion.

1.5 I may from time to time issue instructions to you to effect

transactions relating to Securities for the Account(s) provided

that I have submitted the necessary documentation, cleared

funds in the case of purchase of Securities, and also that my

instructions are in accordance with these Terms and Conditions

and with any applicable laws and any conditions of the issuers

of the Securities.

1.6 I also acknowledge that the security and control procedures

provided by you are designed to verify the source of

communication and not to detect errors in transmission and

content including discrepancies between names and account

numbers and that you, or any intermediary, may execute an

instruction by reference to account number only, even if the

name on the account is also provided. Nothing contained

herein shall require you to violate any applicable laws, rules or

regulations on the transfer of funds or data transmission.

1.7 I also agree that as long as you act in accordance with the

instructions pertaining to facsimile, mail, courier, telephone

and/or Equipment (as and where relevant), you shall have

no further duty to verify the content of any instruction or

communication or the identity of the sender or confirmer thereof,

if any, and I expressly agree to be bound by any instruction and

communications, whether or not authorized, sent in its name

and accepted by you.

1.8 You are authorised to treat as valid, accurate, authentic and

binding on me and to act on any instructions (whether oral or

written) purportedly given by me or any Authorised Signatory

which are referable to me in accordance with your prescribed

verification procedure at that time, except where you have

actual knowledge that the instructions are not given by me or

my Authorised Signatory, and you will have no obligation to

further investigate the authenticity or authority of person(s)

providing the instructions, and regardless of the circumstances

prevailing at the time of such instructions or the nature of the

transaction and notwithstanding any error, misunderstanding,

inaccuracy or incompleteness or lack of clarity in the terms of

such instructions, including but not limited to instructions given

or purported to be given by me to you pursuant to:-

(a) my use of the Telephone Banking service;

(b) my use of the Facsimile Banking service;

(d) my use of secure e-mail service through “Citibank Online”;

and

(e) more generally my use of Equipment to convey instructions

in a manner permitted by you, which will be given the same

effect as written and signed documentary communications

between myself and you in hard copy. I agree not to

dispute the validity, accuracy or authenticity of any

evidence of any instructions and communication effected

through Equipment, including such evidence in the form

of your computer records, transaction logs, magnetic

tapes, cartridges, computer printouts, copies of any

communication, or any other form of electronic information

storage. I further agree that the foregoing shall be binding

and conclusive evidence of such instructions effected by

the use of Equipment and communications received or

dispatched by you.

I ratify and confirm all the acts and deeds of my Authorised

Signatory in the exercise or purported exercise of my Authorised

Signatory’s powers, discretion and authority. I accept and

undertake full responsibility with regard to the appointment,

supervision, and retention of my Authorised Signatory. In the

event of any dispute over any of the instructions made by the

Authorised Signatory or over the Authorised Signatory’s powers,

discretion, or authority with regard to any Instruction (including,

where such Instruction constitutes the fraud, wilful misconduct,

recklessness or gross negligence of an Authorised Signatory),

I undertake and confirm that I shall take all legal actions

(including, without limitation any claim or petition) and pursue

and exhaust all legal rights, processes and remedies that are

available to me against such Authorised Signatory or any other

relevant person, before I proceed to take any form of legal actions

against you. I shall be fully responsible for mitigating any losses

that may have been caused by any unauthorised Instructions.

In the event that I have not taken all legal actions and have not

pursued or exhausted all legal rights, processes and remedies

that are available to me against the Authorised Signatory or

any other relevant person, I acknowledge that any form of legal

actions against you may be an abuse of process and may be liable

to be struck out. In such event, I agree to withdraw any form

of legal actions against you forthwith and indemnify, defend,

and hold you harmless against any actions, claims, damages,

losses, costs and expenses, taxes, any interest, penalty or

other demands or liabilities that you may incur or sustain in

connection with an unauthorised Instruction. Instructions from

my Authorised Signatory will only be accepted if the Instruction

is within the terms of the authorisation of the relevant Authorised

Signatory, as notified to you and, unless otherwise provided in

the Terms, the Instruction has been authorised by the required

number of Authorised Signatories, as notified to you. You shall

be entitled to act on the instructions of my Authorised Signatory

until you receive written notification of the revocation of the

appointment of my Authorised Signatory (whether by me or

by virtue of bankruptcy, liquidation, death, incapacity or other

legal disability of my Authorised Signatory or any other reason

whatsoever). In the absence of written notification, you may,

upon becoming aware of the bankruptcy, liquidation, death,

incapacity or other legal disability of my Authorised Signatory,

refuse to act on any such Instructions. I accept and undertake full

responsibility for all transactions arising out of any Instructions

provided in accordance with the Terms and I agree that I am

under an express duty to you to prevent any fraudulent, forged

or unauthorised instructions from being given.

1.9 You shall not be liable to me or to any third party for acting upon

any such instructions, except in the case of gross negligence,

bad faith or wilful default on your part.

1.10 In any event, you shall be entitled to (without liability to me)

withhold or block any payment, settlement, or transactions, or

to postpone any actions in any manner, in relation to the whole

or any part of the instructions of my Authorised Signatory for

the purposes of undertaking additional verification processes

(including, without limitation, verifying with any other person

duly authorised by me to provide such confirmations) to

determine the genuineness or validity of the instructions or the

authority of the Authorised Signatory, or any other processes

deemed necessary as determined by you from time to time. For

the avoidance of doubt, I acknowledge that you are not bound to

undertake any additional verification processes but may do so at

your sole and absolute discretion. I agree to indemnify, defend,

and hold you harmless against any actions, claims, damages,

losses, costs and expenses, taxes, any interest, penalty or other

demands or liabilities that you may incur or sustain in connection

with or arising from such verification.

2. Deposits

2.1 I shall make deposit(s) to the Account(s) in such manner as you

may prescribe from time to time. Receipt tickets for deposits

will be validated by your machine stamp, computer terminal or

authorised signatory.

2.2 If the amount indicated on the receipt ticket differs from that of

your later cash count, your count shall be final and conclusive.

2.3 Deposits established with the proceeds of checks will be value

dated after clearance.

2.4 All checks which are deposited are received by you as agent for

collection and you may either:-

(a) route any check for collection to the maker, drawee or other

payee for payment in cash, bank draft or otherwise; or

(b) refrain from presenting, demanding, collecting or giving

notice of non-payment or dishonour with respect to any

such check on any Saturday, Sunday or other holiday.

All checks may be charged to me at any time unless full and

final payment is received by you. I understand that you may

with reasonable notice impose varying charges relating to and

in connection with the foregoing.

2.5 All foreign currency check deposit(s) are subject to your hold

period and you shall be entitled to prohibit my withdrawal of

the same pending your actual receipt of funds.

2.6 In receiving checks for deposit, you act only as collecting agent

and are not responsible for the realisation of such checks and if

you do not receive payment of the amount of any check for any

reason, you are entitled to charge back or claim reimbursement

for such amount, including the amount of any check drawn on

you which cannot be paid for any reason and whether or not

such check is returned to me.

2.7 You may refuse to accept for collection checks drawn to the

order of third parties. I must make arrangements with you for

the confirmation of prior endorsements.

2.8 You may, at any time and at your sole discretion, discharge your

entire Liability with respect to the deposit(s) by mailing to me,

at my last known mailing address notified to you, a draft(s) or

in such form as you may determine to the order of the account

holder(s) in the amount of the principal and interest accrued, if

any, after deducting all Outstanding Indebtedness. In the case

where a deposit is made in more than one person’s name, the

draft(s) shall be made payable to all the holders of the deposit(s)

but mailed to the specific address indicated as the mailing

address for the Account(s).

2.9 In the event that I have drawn on any deposit in the Account(s)

when no actual payment has been received by you, I hereby

authorise you to reverse the credit entries and to take any other

necessary steps without notice to me and I agree that any such

reversal of entries and such action taken by you shall be binding

on me.

3. Withdrawals

3.1 Except by prior arrangement with you, I may not withdraw any

deposit(s) made to Account(s) until you have received actual

payment of the funds.

3.2 I may only draw on the Account(s) having a credit balance or

with overdraft or facilities granted by you to me pursuant to my

request (whether made orally, in writing or otherwise howsoever)

subject to your pre-approved limit, and I am not entitled to draw

on another Citigroup Organisation.

3.3 You are not obliged to act on any instructions given by me for the

withdrawal of the deposit(s) unless you receive such instructions

given to you by me in accordance with the section entitled

“Application Acceptance and Customer Instructions” in these

Terms and Conditions.

3.4 Notwithstanding paragraphs 3.1 to 3.3 above, withdrawals of

the deposit(s) and/or accrued interest, whether partially or fully,

before the maturity date may be effected only with your consent,

granted or refused at your absolute discretion and upon such

terms and conditions as you may impose in relation thereto,

including without limitation the requirement that a minimum

amount of the entire Account and interest be withdrawn or the

levy of an administrative or service charge or other fee of such

amount reasonably determined by you from time to time, which

may at your discretion be deducted from any payment due to you.

I understand that premature withdrawal could result in loss to

the principal amount deposited or placed in addition to loss of

interest (if any).

3.5 Withdrawal from foreign currency accounts shall be made only by

your drafts or telegraphic transfers in the currency of the account

at my request in writing or by authenticated cable. Such request

may be in the form of a sight draft drawn upon you. You may, at

your option, pay me in any such currency as may then be in local

circulation.

3.6 You may use such rate of exchange for currency conversion as

you deem fit when I instruct you to credit the Account(s) with

the Singapore dollar equivalent of any foreign currency deposit.

4. Bills of Exchange/Promissory Notes

If any bills of exchange, promissory notes or negotiable

instruments in respect of which I am liable to you as drawer,

acceptor, endorser or otherwise shall not be paid on the due date,

you shall be at liberty forthwith or at any time thereafter to debit

the Account(s) without prejudice to your rights and remedies

against me or any other parties under the said bills, promissory

notes or negotiable instruments or other documents, and

without prejudice to your rights to realise any other securities

or goods held by you in respect of or in connection with or as

security for such bills, promissory notes, negotiable instruments

or other documents.

5. Funds Transfer

5.1 The word “draft” used herein shall refer to bank drafts, cashier’s

orders, traveller’s checks and the expression “transferred funds”

shall refer to any money transferred from one Account to another

Account or to a third party account (whether or not opened and

maintained with you) pursuant to a cable transfer, SWIFT or

internal transfer application.

5.2 Encashment of the draft or payment of the transferred funds is

subject to any laws, rules and regulations of the country where

the draft is to be encashed or payment is to be made. Your

Liability in this respect shall not exceed in any case, the extent

to which payment may be allowed by such laws and regulations

in the currency in which the draft is drawn or transferred funds

are to be sent at the time payment instructions are received.

5.3 At my request, you may (but shall not be obliged to) refund or

to purchase from me the amount of the draft or the transferred

funds and in the case of drafts, upon your receipt of the drafts

duly endorsed by the applicant, at the then current demand

buying rate for the currency in question less costs, charges,

expenses and interest (where applicable) provided you are in

possession of the funds for which the payment instructions

were issued free from any exchange or other restrictions.

5.4 Unless otherwise expressly agreed in writing, you may at your

discretion convert into foreign values the funds received from the

applicant at your selling rate on the day such funds are received.

Your written statement that you have effected such conversion

shall be conclusive and binding on me (save in the case of your

manifest or clerical error).

5.5 Currency other than that of the country to which the remittance

is made shall be payable to the payee in the currency of the said

country at the buying rate of your correspondents or agents

unless the payee arranges with the paying correspondent or

agent to obtain payment in some other currency upon paying

all charges incurred or levied by your correspondent or agent in

connection therewith.

5.6 You may take your customary steps for issue of drafts or for

remittance according to these Terms and Conditions. You may

send any message relative to this transfer in explicit language,

code or cipher.

5.7 If any draft issued to me is lost, stolen or destroyed, you may

agree to issue at my cost and expense a replacement draft or

refund to me the purchase amount of such draft, provided that

I execute in your favour such indemnities against Liability for the

lost, stolen or destroyed draft as you may require, or place with

you such sums as determined by you which shall be refunded

to me if upon the expiry of the first draft issued to me, there has

been no encashment or payment on such first draft.

5.8 You will honour in accordance with the terms printed on the

reverse side of each draft.

5.9 In issuing traveller’s checks, you are acting only as an agent of

the actual issuer and the purchase and sale shall be governed

by the relevant purchase agreement between me and the actual

issuer of such traveller’s checks.

5.10 Transfers of funds from the Account(s) to third parties may

only be effected subject to such maximum limit and any other

conditions you may prescribe from time to time.

6. Statements/Confirmations

6.1 You will issue and send to me statements of account (as well as

Confirmations of any Contract I conclude with or through you in

respect of any investment transaction (including any derivative

transaction)) at monthly intervals or at such intervals as you may

deem fit, unless there is no credit balance and/or no activity in

the Account(s) in which case you may cease to send statements

or Confirmations, (other than Confirmations of Contracts that

I conclude in respect of any Investment transaction (including

any derivative transaction)) for accounts you deem to be inactive.

Such statements of account and Confirmations will be in

electronic format.

6.2 I agree to verify the correctness of (a) each statement of

account and Confirmation, and (b) accompanying checks or

vouchers, and to inform you within twenty-one (21) days from

the statement date thereof of any discrepancies, omissions or

debits wrongly made to or inaccuracies or incorrect entries in the

Account(s) and/or such confirmation as so stated and that at

the end of the said period of twenty one (21) days the Account(s)

as kept by you and such Confirmation issued by you shall be

conclusive evidence without further proof that (except as to

any alleged errors so notified and save in the case of manifest

error) the Account(s) and such confirmation is/are and the entries

therein are correct but subject always to your right to amend or

delete from time to time any details wrongly inserted by you.

Except as provided in this paragraph and except in cases of your

gross negligence, wilful default or fraud, you shall be free from

all claims in respect of the Account(s) and the particulars of the

transactions contained in such Confirmation, notwithstanding

any discrepancies, omissions or debits wrongly made to or

inaccuracies or incorrect entries in the Confirmation as so stated

whether made, processed or paid out as a result of forgery,

fraud, lack of authority, negligence or otherwise by any person

whatsoever.

6.3 Notwithstanding any statements of account, Confirmations

or notices sent by you to me, (a) you have the right upon giving

reasonable notice to me, to demand a refund in respect of any

over payment or wrongful credit into the Account; and (b) you

have the right at any time and without notice to me, to reverse

any entry and/or debit the Account in respect of any over

payment or wrongful credit into the Account.

6.4 In respect of Confirmations received in respect of a Contract:-

(a) A statement of account or Confirmation is only evidence

of an Account or Contract but not a document of title.

A Confirmation will normally be sent by you after the

execution of any Contract at your sole discretion. Each

Confirmation constitutes a supplement to and forms an

integral part of the Agreement.

(b) In the event of any conflict or inconsistency between

the provisions of any Confirmation and the Agreement,

the provisions of such Confirmation shall prevail for the

transaction contemplated thereby.

6.5 Any notice or demand or any certificate as to the amount due and

owing to you shall be conclusive and binding upon me if signed

by any one of your officers save in the case of your manifest or

clerical error. In particular and without limitation, where a rate

of exchange, price, index level, interest rate, interest amount, or

any other yield or amount is to be determined by you, each such

determination shall be conclusive and binding on me. You shall

make each such determination in good faith and in accordance

with generally accepted practices in the relevant market.

6.6 Your records of my instructions (whether maintained by you or

any relevant person authorised by you) are, in the absence of

manifest error, conclusive and binding evidence of the same

against me. I will not raise an objection to challenge the contents

of the relevant records of any instructions unless there is any

manifest error.

7. Individual Account/Joint Account(s)

7.1 If I am an individual, my executor(s) or administrator(s) shall be

the only persons recognised by you as my successor(s) in the

event of my death. Upon my death, you are entitled to retain

any investment held for, and any monies payable to me until

such time that my successor produces to you a grant of probate

or letters of administration issued by a competent court in

Singapore. In respect of fund units or fixed income securities

(including preferred stock) held in my sole name, only executor(s)

and administrator(s) of my estate shall be recognized as my

successors in the event of my death.

7.2 If any one or more of the Account(s) is/are opened in the standing

names of two or more persons (collectively, “Joint Account(s)”)

such persons shall be jointly and severally liable for all Liabilities

incurred on the Joint Account(s).

7.3 As part of customer risk profiling, the Joint Account holders will

confirm between them which individual’s investment objective

and risk tolerance, shall be reflected and assigned to the Joint

Account. This individual designated by the Joint Account

holders is deemed to be the “key account decision maker” and I

understand that your suitability assessment, investment advice

and recommendation for transactions in the Joint Account shall

be made in accordance with the key account decision maker’s

information as reflected in the Customer Investment Profile

maintained by you in respect of the Joint Account.

7.4 I understand that all investment advice and recommendations in

respect of the transactions in the Joint Account that is provided

by you individually to either the key account decision maker or

any other Joint Account holder (who may validly give instructions

on the Joint Account) shall be deemed to have been provided to

all of the Joint Account holders.

7.5 You may refuse to accept investment instructions from a

Joint Account holder, if such holder has not provided you with

the relevant information regarding his or her risk tolerance,

knowledge and experience. The key account decision maker’s

risk tolerance and knowledge and experience may be higher or

lower and more extensive and less extensive, respectively, than

the other account holders’ and this may impact the types of

products and services that the Joint Account may have access

to. I may change the individual that is designated as the key

account decision maker by contacting you and in such case a

new Customer Investment Profile is required to be completed

reflecting the new key account decision maker’s investment

objectives, risk tolerance, knowledge and experience with

respect to investment products.

7.6 Where joint applications are made for fund units or fixed income

securities (including preferred stock), the applicants shall

nominate one of their members to become the sole registered

holder for all purposes. In the absence of any such nomination,

the first-named applicant shall be deemed to have been so

nominated.

7.7 Your obligation to “notify” us of any matters under these Terms

and Conditions shall be discharged if you simply notify any one

of the Joint Account(s) holder(s).

7.8 Where the Joint Account(s) is/are operated with a single signing

authority:-

(a) both written and oral instructions from any one of the Joint

Account(s) holders will be accepted and will be binding on

the other Joint Account(s) holders;

(b) where new products and/or services are made available to

me/us from time to time, the signature(s) of the Authorised

Signatory(ies) set out in the Account Opening Form

signifying his/her/their acceptance of the new products

and/or services shall be binding on the other Joint Account

holders;

Account(s) holder, you receive contradictory instructions

from another Joint Account(s) holder or you receive

information relating to a dispute between the Joint Account

holders (whether actual or otherwise), you may immediately

thereafter only act on the mandate of all Joint Account(s)

holders of the Joint Account(s) at your absolute discretion;

(d) the rights and obligations of each of the Joint Account holders

under the Joint Account shall be joint and several;

(e) If any one of the Account(s) holders is made bankrupt,

the operation of the Joint Account(s) shall be made by the

signatures of the trustees in bankruptcy acting in the place

of the bankrupt Account(s) holder.

7.9 With respect to a Joint Account operated with a single signing

authority, the Joint Account holders shall be jointly and severally

liable for all or any Liabilities incurred in connection with:

(a) each Joint Account operated with a single signing authority

and opened jointly in the names of the Joint Account

holders; and

(b) each Account held individually in the name of each such

Joint Account holder, (each a “Relevant Account”) and

the Joint Account holders undertake to pay and settle all

Liabilities as and when they fall due or otherwise earlier

upon demand from you.

7.10 Where the Joint Account(s) is/are operated with joint signing

authority:-

(a) any written instructions may be given by the Account(s)

holders in one or more counterparts, all of which when taken

together shall constitute one and the same document;

(b) oral instructions will not be accepted;

Account shall be joint; and

(d) if any one of the Account(s) holders is made bankrupt,

the operation of the Joint Account(s) shall be made by the

signatures of the trustees in bankruptcy acting in the place

of the bankrupt Account(s) holder, and the signature(s) of

the other Account(s) holder(s).

7.11 If any one of the Joint Account(s) holders dies, you shall forthwith

be entitled to close the Joint Account(s), and the credit balance

in the Joint Account(s) and any securities held by you in the Joint

Account(s) shall be transferred to a new account(s) to be opened

by you in the name(s) of the survivors and if more than one

survivor, in their joint names provided that prior to such transfer

the Outstanding Indebtedness of any of us to you in Singapore

or elsewhere shall be first set-off from the said credit balance,

and provided that you are satisfied that any estate duties payable

by the estate of the deceased Account(s) holder have been duly

paid to the relevant authorities and that no adverse claims by

any party in relation to the balance standing to the credit of the

Joint Account(s) have arisen or are likely to arise, and such right

of operation by any such surviving Account(s) holders shall not

be affected by the death, insanity or other disability of any one

or more of the surviving Account(s) holders.

7.12 I and my estate, together with the other Joint Account(s) holders,

undertake to indemnify you and hold you harmless from and

against all reasonably incurred claims, costs, expenses, losses

and damages including those arising from (i) the aforesaid closing

of the Joint Account(s); (ii) the opening of the new Account(s);

(iii) all transfer of funds in connection with the Joint Account(s)

and/or new account(s); and (iv) any dispute between any of the

Joint Account(s) holder(s) and any personal representatives of

the deceased Joint Account(s) holder. You shall be entitled to

debit from the Joint Account(s) and/or the new Account(s) such

claims, costs, expenses, losses and damages with reasonable

notice.

8. Account(s) in the Name of a Company

8.1 In the case of any Account(s) opened in the name of a company,

you will allow changes of authorised signature(s). However, you

are not obliged to accept any change unless you are satisfied that

the change has been duly authorised by the Board of Directors of

the body corporate or by whatever act or deed is required under

the charter or constitution or governing laws of the company.

8.2 In the event of liquidation, insolvency or equivalent proceedings

of the company the funds credited to the Account(s) may only

be withdrawn by and the funds payable shall only be paid to the

liquidator in such mode of payment to be selected by you in your

sole discretion.

9. Change of Account Title

9.1 You may in your sole discretion, upon my written instructions,

allow for the addition of one or more names to my Account(s). If

so allowed, such Account(s) may be operated by these Account

holders upon their signing the Account Opening Application

and the signature cards. The new Account holders shall sign

all Charge Documents and/or guarantees where the monies in

these Accounts are security for the payment of the Liabilities of

any one or more of the Account holders.

9.2 You may, upon the written instructions of all the Account holders,

delete the name(s) of one or more of them from the Account(s) as

requested by them and at the Bank’s absolute discretion discharge

whatever security that have been provided to the Bank.

10. In-Trust-For

10.1 If my Account(s) is/are “in-trust for” someone else, I undertake

to operate such Account(s) solely for the benefit of the

beneficiary(ies). I may withdraw money or close the Account(s)

at any time. I shall indemnify you and hold you harmless from

and against any reasonable loss or Liability which you may incur

or suffer in respect of my operation of the Account(s) except for

your gross negligence, wilful default or fraud.

10.2 Upon my death or the death of any of the beneficiaries, you shall

be entitled to exercise your right to debit from the Account(s) any

obligations owed to you by me that I had undertaken as trustee

of such trust with reasonable notice.

10.3 Upon my death, you shall be entitled to do the following at your

sole discretion:-

(i) if the beneficiary(ies) are all of full age, you may close the

Account(s) and release the monies in such Account(s) to

the beneficiary(ies) equally, or open a new Account(s) in

the names of all the beneficiary(ies) and the new Account(s)

shall be operated in accordance with the instructions of all

the beneficiary(ies); or

(ii) if the beneficiary(ies) are not of full age, you may close the

Account(s), open a new Account(s) in the names of my

personal representative(s) in trust for the beneficiary(ies)

or release the monies in such Account(s) to my personal

representative(s) by way of a check, cashier’s order or

telegraphic transfer issued in favour of my personal

representative(s) in trust for the beneficiary(ies).

10.4 Upon the death of any of the beneficiary(ies), you may at your

sole discretion (i) close the Account(s) and open a new In-

Trust-For Account(s) which will be operated by me as trustee

for the benefit of the deceased beneficiary(ies)’ estate and the

surviving beneficiary(ies); or (ii) release a portion of monies

in such Account(s) (which is proportionate to the number of

beneficiaries) to the aforesaid personal representatives and

allow me to operate the Account(s) for the benefit of the surviving

beneficiary(ies).

10.5 You shall not be obliged to act on my instructions if it comes

to your attention or it appears to you that the assets in the

Account(s) are being utilised for my own personal use and/or

in breach of trust. I shall remain liable to indemnify you for all

losses, Liabilities or damages which you may suffer in the event

that you nonetheless permit such utilisation.

10.6 I covenant to indemnify you and hold you harmless from

and against all claims, costs, expenses, losses and damages

reasonably incurred or suffered by you at any time including

those arising from (i) the aforesaid closing of the Account(s);

(ii) the opening of the new Account(s); (iii) any dispute amongst

the beneficiary(ies); and (iv) any other dealings in respect of the

Account(s), between any of the beneficiary(ies) and any of my

personal representatives.

11. Beneficial Owner

I hereby confirm that I am the beneficial owner of the Account(s).

In the case of any Account(s) opened in the name of a company or

Account(s) opened ‘in-trust-for’ someone else, I undertake to provide

any information that you may require to identify the beneficial owner

of the company and/or the Account(s).

12. Assignment/Transfer

12.1 I agree that any part of my rights, obligations, or the balance

standing to the credit of the Accounts or any part of my rights,

obligations of any Contract or Credit Facility cannot in any way be

assigned, transferred or charged to any third party or otherwise

encumbered by way of security except with your prior written

consent and subject to such conditions as you may prescribe.

12.2 I hereby irrevocably agree to any novation of the agreement made

between us under these Terms and Conditions and under any

instrument(s) and any other agreement, document, assurance

and guarantee in connection therewith and with the Account(s)

or securing my obligations thereunder, and irrevocably agree

that you are entitled to and may assign or transfer absolutely to

a transferee all or some of your rights, title, interests, benefits,

obligations and Liabilities under these Terms and Conditions

and/or under any instrument(s) and/or any other agreement,

document, assurance and/or guarantee in connection therewith

and/or with the Account(s) and/or securing my obligations

thereunder.

12.3 I further irrevocably agree that any such novation, assignment

or transfer may be effected by you delivering to me a notice to

that effect whereupon:

(a) your assigned or transferred rights, title, interests and

benefits thereunder shall be transferred to and assumed

by the transferee;

(b) you shall thereafter be fully discharged and released from

your assigned or transferred obligations and Liabilities

thereunder;

obligations and Liabilities not so assigned or transferred;

(d) the transferee shall thereafter be bound by identical

rights, title, interests, benefits, obligations and Liabilities

thereunder which you have assigned or transferred; and

(e) any acknowledgement (including but not limited to

risk disclosure statements and acknowledgements),

information (including but not limited to information

provided in respect of risk profiling), instruction, order,

direction, mandate or authority given by me to you in

relation to the Account(s) or securing my obligations

thereunder maybe relied and acted upon by the assignee

or transferee as if given by me to the assignee or transferee

and shall, unless and until revoked or cancelled, apply and

have effect in relation thereto.

If all or any part of the Account(s) and/or interest accruing

thereto has been assigned, transferred, charged, encumbered

or otherwise dealt with, whether to or in favour of you or any

third party, I agree that I will not be entitled to withdraw all or

any part of the Account(s) and interest unless you otherwise

consent. Any consent granted by you under this paragraph may

be subject to fulfilment of such conditions as you may impose

in your absolute discretion from time to time.

I also hereby irrevocably undertake to execute and sign any

document (if any) which may be required to give effect to the

foregoing.

13. Charges/Commissions

13.1 You may debit my Account(s) with the full amount of any reasonably

incurred charges, fees (including without limitation legal fees and

stamp fees) payable for Services rendered by you whether in respect

of the Products listed in these Terms and Conditions or otherwise.

13.2 You may at any time at your sole and absolute discretion and upon

giving me written notice, amend or vary the prevailing rate and/

or amount of any charges or fees that I am liable for, which may

include the application of a negative rate of interest for any deposit

made with you or the payment of fees for the use of such Account(s)

including for deposits made with you that you may determine from

time to time.

13.3 I shall be liable to pay for any fees, commissions, charges and

expenses of any nature whatsoever which are payable in respect

of any investment(s) which you quote to or transact for me (the

“Charges”). I consent to your retaining for your benefit any Charges,

commissions, rebates and other forms of payment or benefit from

any party (including any Citigroup Organisation, broker, underwriter

or counterparty) in respect of my transactions unless prohibited by

any regulations, law, rules or legal process.

13.4 Subject to you providing me with reasonable notice a charge will be

levied if: (i) I fail to maintain the minimum balance required for the

Account(s) or (ii) if I close any of my Account(s) within six (6) months

of their opening.

13.5 You may, at your discretion and with reasonable notice to me,

modify the prevailing rate and/or amount of the Charges.

13.6 In respect of my use of Citibank Online and secure email, I agree to

bear all fees and charges incurred in connection with my gaining

access or any re-extension of my access to this Service.

14. Suspension of Account(s)

14.1 You may at your reasonable discretion suspend my operation

of the Account(s) at any time for any reason whatsoever;

including without limitation industrial actions, power failure,

computer breakdown or sabotage or any other event beyond

your reasonable control.

14.2 I agree that you may block any payment or transaction with

respect to the Account where such payment or transaction would

result in you, any Citigroup Organsiation or Third Party Service

Provider being in breach of Law or Regulation.

15. Closing of Accounts

15.1 You may at any time and at your reasonable discretion, without

notice to me and without liability or disclosing or assigning any

reasons to me, refuse to accept any deposit(s), limit the amount

that may be deposited, return all or any part of the deposit(s)

after deducting any Collected Amount, interest, charges and

fees due or funds required to be made by Law or Regulation, or

upon reasonable notice to me, terminate any of my Account(s)

and discharge your entire Liability.

15.2 If I choose to terminate any of my Account(s) held with you, I am

required to give you reasonable notice of termination or such

other period of notice which you may specify to me from time

to time.

15.3 On the termination of my Account(s):-

(a) you may discharge your entire Liability with respect to

my Account(s) by mailing to me a draft(s) or check(s) in

the currency(ies) of the Account(s) or in a currency(ies)

as determined by you without recourse to me as drawer,

payable to my order in the amount of the then credit

balance in the Account(s) after deducting my Outstanding

Indebtedness to you together with such other documents,

if any, as may be necessary to transfer to me such claims

as you may have on such funds, or, at your option, by

delivering to my Account(s) or (as the case may be) to a

Joint Account of all Account(s) holder(s) of the Account(s),

any Alternative Financial Instrument as selected by you in

your sole discretion; and

(b) you may, at my own cost and expense, transfer all my

Securities to me or such person as I may direct.

15.4 If you have effected a forward or any other transaction which

extends beyond the date of termination, you may either close

out or complete such transaction and retain sufficient funds

for this purpose. Any security interest or set-off contained in

an agreement shall not be discharged until all my Outstanding

Indebtedness have been discharged.

15.5 On the termination of my Account(s), I shall forthwith return

to you all unused checks issued to me, failing which I shall

indemnify you for any reasonable costs or expenses arising or

in connection thereto.

15.6 Upon the occurrence of any of the following events, you may

(without demand or notice) terminate the Account(s) and/

or realise all or any of my Contracts and other investment

transactions concluded directly or indirectly with or through

you to repay my Outstanding Indebtedness to you including all

interest, costs and expenses in connection with the recovery of

such indebtedness:-

(a) my failure to comply with any provision of these Terms and

Conditions or any other Agreement;

(b) any grounds exist for the presentation of a bankruptcy

petition against me;

(d) a receiver, trustee, custodian, judicial manager or similar

official is appointed or an encumbrancer takes possession

of me or the whole or any substantial part of my property

or undertaking;

(e) the institution or commencement by petition, application,

entry of an order for relief or otherwise of any bankruptcy,

insolvency, reorganisation, arrangement, composition of

debt, dissolution, liquidation or any similar proceeding

relating to me under any applicable law;

(f) the performance of any obligation of mine or yours under

these Terms and Conditions becomes illegal or impossible;

(g) it is required to comply with any Law or Regulation.

15.7 Subject to Clauses 15.2 and 15.3, on:

(i) the termination of my Account by you; or

(ii) your act of to closing my Account, pursuant to Clause 15.2

or otherwise, irrespective of whether I have accepted such act

of closure,

regardless of whether there is any debt owed by either party

and whether such debt has been released and discharged or

remains outstanding, the termination or your act of closing my

Account (as the case may be) shall be deemed as validly effecting

the closure of my Account. Any demand to reconstitute the

terminated Account or its records shall be made within [6] years

from the date of the termination of the Account by you or your act

of closing the Account (the “Limitation Period”). Any express or

implied right to demand us to reconstitute a terminated Account

or its records shall be waived by me as from the [6th] anniversary

of the date of the termination of the Account by you or your act

of closing my Account. I acknowledge that, in such event, any

debt owed by you shall be extinguished following the expiry of

the Limitation Period.

16. Termination of Account(s)

16.1 You may at your reasonable discretion transfer the amount owing

to me by you in my Account(s), after deducting my Outstanding

Indebtedness to you including all interest, costs and expenses

connected with the recovery of such indebtedness, to a suspense

account (not bearing interest), in the event that my Account(s)

shall remain inactive or dormant or a failure by me to furnish you

with instructions on such transfer upon your sending a notice

to me on such transfer.

16.2 If you have effected a forward or any other transaction which

extends beyond the date of termination, you may either close

out or complete such transaction and retain sufficient funds for

this purpose. Any security interest or set-off contained in an

agreement shall not be discharged until all my Liabilities have

been discharged.

16.3 The mere sale or redemption of all the Securities in the Account(s)

will not terminate the Account(s).

16.4 I may not issue any instructions to you for the purchase of

Securities after either party has issued a notice to terminate the

Account(s). Transactions instructed by me prior to the issuance

of a notice of termination shall be posted to the Account(s) and

shall be subject to paragraph 16.5 below notwithstanding the

issuance of a notice to terminate.

16.5 Unless the parties agree otherwise, you will upon termination of

my Account(s) and with reasonable notice to me, sell or redeem

all Securities, effect payment of all fees, costs and commissions,

and any and all amounts payable by me pursuant to these Terms

and Conditions or any other agreement/document related to the

Securities, close the Account(s), and make the balance available

to me, provided that no prior notice shall be required if a Special

Circumstance has occurred.

17. Payments

17.1 I shall pay to you on demand all of my Outstanding Indebtedness.

If any amount is not paid by me when due, I shall pay interest on

such monies from the date on which such monies become due

to the date of payment at such rate which you shall reasonably

determine from time to time.

17.2 All such monies and charges shall be payable by me in full without

any set-off or counterclaim or any restriction or condition, and

free and clear of and without deduction for any present or future

taxes (including present or future stamp or documentary taxes

or any other excise or property taxes, charges or similar levies),

levies, imposts, charges or withholdings, and all Liabilities with

respect thereof. If I am obliged by law to deduct or withhold any

sum from any payment to you, I shall increase the amount of the

payment so that the net amount received by you shall equal the

amount due to you.

17.3 In particular, all such monies and charges payable by me are

exclusive of any goods and services tax or other value added

tax (whether imposed in Singapore or any other jurisdiction)

which shall where applicable be paid by me in addition to any

sums otherwise payable, at the rate in force at the due time for

payment or such other time as is stipulated under the relevant

legislation.

17.4 If you are obliged by law to deduct or withhold any sum from any

payment payable by you to me, I authorise you to effect such

withholding and to pay the net sum over to me or to place such

sum in any of my Account(s) with you or such other account as

I shall instruct (unless at such time there shall be any monies

owing by me to you, in which case you shall be entitled to deduct

the amount of monies owing).

17.5 Except otherwise agreed, you may convert at such rate you

reasonably deem fit any payment received for any of my

Account(s) (in a currency different from that of such Account)

into the currency of that Account, and I shall bear the cost of

such conversion.

18. Security for Repayment

18.1 You may agree to:-

(a) at my request, grant and continue to grant Credit Facilities

to me or such person or persons (the “Borrower”); and/or

(b) accept or incur Liability (whether actual or contingent,

primary or collateral, several or joint) for the Borrower (such

Credit Facilities and Liability together with any and all

obligations and/or Liabilities owed by me to you from time

to time, whether certain or contingent, whether as principal

or as surety, joint or several, whether under these Terms

and Conditions or otherwise, collectively the “Obligations”,

which expression shall include interest, bank commission,

charges and all sums payable arising out of the Obligations).

I shall provide and furnish to you such security as you may

from time to time require as continuing security for the

payment and discharge of the Outstanding Indebtedness.

18.2 I warrant and represent that:-

(a) the documents and other records evidencing the Credit

Facilities are valid and enforceable and in the event of any

breach of this warranty and representation, your rights

hereunder shall remain unaffected and be of full force and

effect; and

(b) all necessary authorisations, approvals and consents for

my entry with you into any security arrangement and the

performance and observance of my obligations hereunder

have been obtained and are valid and subsisting.

18.3 When you accept or incur Liability for or at my request, you shall

have a banker’s lien on all funds, monies, securities, property and

other valuables belonging to me which are in your possession

or held by you on deposit or otherwise (including any securities,

property and valuables kept with you for safe custody) or held

by you in my Account(s).

18.4 In the event of any failure by me to make payment of any amount

due and owing to you hereunder, you may without notice to

me, apply any funds held by you for me towards satisfaction

or part payment of the amount owed. Furthermore, you may

without prior notice to me, sell any of my securities (whether in

scrip or scripless form), property or other valuables held by you

on deposit or otherwise, at public or private sale without any

judicial proceedings whatsoever, and retain from the proceeds

derived therefrom the total amount remaining unpaid, including

all costs, charges and expenses incidental to such sale, and I

shall be responsible to you for any deficiency whatsoever and

howsoever arising and I will pay on demand to you the amount

of any such deficiency.

18.5 Where you have granted me, or (where applicable) any Joint

Account holder with whom I hold a Joint Account that is operated

with a single signing authority, any Facilities on any Relevant

Account, you may block and/or otherwise restrict the use of any

one or all of the Relevant Account(s) for such amount as you

reasonably deem fit in order to secure any Liabilities incurred

under such Facilities as well as any interest payable on such

Liabilities (such amount being the “Earmarked Amount”). Neither

I nor any Joint Account holder will be able to withdraw any of the

Earmarked Amount, or be able to assign, charge, pledge, transfer,

or create any security interest or encumbrance or deal with the

Earmarked Amount in any manner whatsoever for so long as any

part of the Facilities remains outstanding. You shall further have

a banker’s lien on all funds, monies, securities, property and

other valuables belonging to me and/or (where applicable) such

Joint Account holder which are in your possession or held by you

in any Relevant Account on deposit or otherwise (including any

securities, property and valuables kept with you for safe custody

as well as the Earmarked Amount). Without prejudice to any of

the foregoing, I and (where applicable) such Joint Account holder

irrevocably authorise you to, at any time and from time to time in

your sole and absolute discretion and without notice to me and/

or (where applicable) such Joint Account holder, appropriate and

apply the Earmarked Amount (notwithstanding that any amount

on deposit may not have matured) or any part thereof towards the

settlement of all or any of the Liabilities (including the overdraft)

whether the same is due or contingent and whether I and/or

(where applicable) such Joint Account holder are or have been in

default or not. Any currency conversion which may be necessary

will be effected at your prevailing exchange rate.

18.6 As security for the Outstanding Indebtedness, including

without limitation any and all my obligations and/or Liabilities

under any Credit, I acknowledge your ownership in and right of

possession and disposal of (i) any and all shipping documents,

warehouse receipts, insurance policies or certificates and other

documents relating to drafts drawn under the Credit; (ii) any

and all property shipped under or in relation to the Credit or to

any drafts drawn thereunder (whether or not such documents,

goods or other property be released to or upon my order on trust

or bailee receipt); and (iii) the proceeds of each and all of the

foregoing, until such time as all my obligations and/or Liabilities

to you at any time existing under these Terms and Conditions,

or the Credit Facilities or otherwise, have been paid in full and

discharged. All or any of such property and/or documents and

the proceeds thereof, coming into your possession or your

correspondent’s possession, may be held and disposed of by

you as hereinafter provided, it being understood that neither the

establishment of the Payment Fund nor receipt by you or any of

your correspondents at any time of other security of whatsoever

nature, including cash, shall be deemed a waiver of any of your

rights or powers hereunder.

18.7 I shall not, for any period during which I am (or a third party

guaranteed by me is) indebted to you as a result of drawing

against any Credit Facilities extended to me by you, withdraw or

create any other security interest in or otherwise deal with any

of my assets pledged, placed, charged or mortgaged to you as

security for such Credit Facilities or to receive any other sums in

relation to or derived therefrom without your prior consent, such

consent to be given on such terms and conditions as you may at

your absolute discretion prescribe. You are hereby authorised to

reinvest the sums in the relevant investments as I may direct.

18.8 This security shall be a continuing security notwithstanding

any settlement of account or other matter whatsoever and is in

addition to and shall not prejudice any other security created or

now or hereafter held by you or any right or remedy you might

have in respect of the same. Nothing herein shall restrict the

operation of any general lien, statutory right of set-off or other

rights or remedies whatsoever which you may have under law

or otherwise.

19. Default in Repayment

19.1 If a balance shall be owing to you when the Account(s) shall

be closed, I shall, so long as the same or any part thereof shall

remain due, pay to you interest thereon at the same rate.

19.2 At any time after the happening of any one or more of the

following events (“Special Circumstance(s)”), any or all of the

Outstanding Indebtedness, including without limitation the

whole of any term advance (“Term Advance”) if it has been

made or any part thereof for the time being outstanding and

unpaid together with interest thereon and all other monies

arising therefrom, shall immediately become due and payable

without demand or notice, and full power, authority, and

absolute discretion are hereby given to you to (i) by notice to

me specify the relevant Special Circumstance(s) and declare

all Contracts and the obligations of the parties in connection

therewith be terminated as of the date specified in such notice,

and the Contracts and such obligations shall so terminate as

of such date (whether or not such Special Circumstance(s) is

continuing on such date, and/or (ii) debit the Account(s) (and

for that purpose to accelerate the maturity date of any such

Account(s) maintained by me with you) with the entire amount

due to you hereunder or under any Credit Facilities referred to

above and to sell, assign, and deliver all or any of the property

hereinbefore referred to at any broker’s board, or at public or

private sale, at your option, either for cash or on credit or for

future delivery, without assumption of any credit risk, and

without either demand, advertisement or notice of any kind:-

(a) upon the non-performance of any of my promises to pay

including, but without limitation my default in payment to

you on or for any Contract, Product or service of any one

or more of the instalments of any Term Advance and/or

interest thereon within the times aforesaid or in payment

of any other monies hereby covenanted to be paid;

(b) upon the non-payment of any of the other obligations or

Liabilities herein mentioned including if I or the issuer of the

Charged Property fail to pay the Outstanding Indebtedness

or any amount, whether of principal or interest on its due

date or on demand by you or if any other indebtedness

on my part or of the issuer of the Charged Property or the

Third Party, whether due to you or to third parties, shall

not be paid on its due date and in your opinion such event

has or could have a material adverse effect on my financial

condition or that of the issuer of the Charged Property;

stipulations, undertakings and covenants herein or in

respect of any Contract, the Credit Facilities or if I am in

default under any agreement with you or any other financial

institution;

(d) upon my or the Third Party’s failure to forthwith furnish

satisfactory additional cash, or security, or sums in respect

of any Contract, the Credit Facilities or any other terms

herein including these Terms and Conditions and the Charge

Documents;

(e) in the event of my death, insanity, failure in business,

dissolution or termination of existence;

(f) if I shall cease or threaten to cease to carry on my business;

(g) if legal proceedings suit or action of any kind whatsoever

(whether criminal or civil) be instituted against me,

the issuer of the Charged Property or the Third Party

whatsoever;

(h) where (i) grounds exist for the presentation of a bankruptcy

petition against me, the issuer of the Charged Property or the

Third Party; (ii) if there is an institution or commencement

by petition, application, entry of an order for relief or

otherwise of any bankruptcy, insolvency, reorganisation,

arrangement, composition of debt, dissolution, liquidation

or any similar proceeding relating to me, the issuer of the

Charged Property or the Third Party under any applicable

law;(iii) any creditor of mine takes action to recover money

or property belonging to me which is in your possession

or that of any other financial institution; (iv) if I, the Issuer

of the Charged Property or the Third Party shall make any

assignment for the benefit of the creditors of any such

person or shall enter into any arrangement or arrangement

with any such creditor by way of composition or otherwise

or take advantage of any insolvency law;

(i) if it shall become unlawful for me to observe and perform or

to fulfill any of my undertakings or obligations under these

Terms and Conditions or for you to exercise any of the rights

vested in you or otherwise and notice thereof has been given

to me, any Agreement, any Charge Document, any Contract,

and/or any Credit Facility(ies);

(j) if in your opinion, there is a material adverse change in

my financial condition or any other conditions which in

your opinion will materially affect my ability to perform

my obligations under these Terms and Conditions, any

Agreement, any Charge Document, any Contract, and/or

any Credit Facility(ies);

(k) if any warranty, representation, statement or declaration

made by me to you shall be untrue or incorrect in any respect

or ceases to be true or correct in any respect or if I shall be

in breach of any representations or warranties made to you;

(l) if a Judicial Manager, a receiver, trustee, custodian or similar

official is appointed in respect of me or any of my property

or assets or any part thereof at any time;

(m) if any of my funds or other property which may be in, or come

into, your possession or control, or that of any third party

acting on your behalf as aforesaid, should be attached or

distrained or should be or become subject to any mandatory

order of court or other legal process;

(n) if an event of default (howsoever described) or Special

Circumstance under any agreement, mortgage, indenture

or instrument which results in any of my indebtedness or

Liability becoming or being declared or capable of being

declared due and payable prior to the date on which it would

otherwise become due and payable or if I fail to duly pay

any amount under any such arrangement when due or on

demand;

(o) if I consolidate or amalgamate with, or merge into, or transfer

all or substantially all my assets to, another entity and at

the time of such consolidation, amalgamation, merger or

transfer, the resulting surviving or transferee entity fails to

assume all your obligations under the Agreement for any

reason whatsoever;

(p) if I am declared by the Minister to be a declared company

under the provisions of Part IX of the Companies Act (Cap.

50);

(q) if any of the foregoing events occurs in relation to (i) any

third party which now or hereafter has guaranteed or

provided security for or given an indemnity in respect of

any obligation or Liability of mine herein or (ii) if I am or

such third party is a corporate entity, any subsidiary or

holding company of mine or of any such third party or any

subsidiary of any such holding company; or any individual

now or hereafter liable as such third party shall commit an

act of bankruptcy, die or become of unsound mind;

(r) if I, the issuer of the Charged Property or the Third Party shall

suffer any distress or execution proceedings to be levied on

the property of any such person or; if any present or future

security on or over my or the Third Party’s assets become

enforceable;

(s) if it shall become unlawful for the issuer or manager of the

Charged Property to issue the Charged Property or to remit

funds to your security agents, or for your security agents to

enforce the Charge Documents on your behalf for any reason

whatsoever;

(t) if it becomes unlawful for me, the issuer or manager of the

Charged Property, your security agents or any other entity,

either on account of change of my residence or domicile or

for any other reason whatsoever, to remit the interest and/

or principal of any Credit Facility to you; and/or

(u) if the issuer or manager of any of the Charged Property is

unable to satisfy its Liability for any reason whatsoever,

including but not limited to its bankruptcy, insolvency,

sovereign moratorium on repatriation of foreign currency,

loss of certificates relating to the Charged Property or if any

event occurs which (in your opinion), might adversely affect

my ability to meet my obligations to you under these Terms

and Conditions or those relating to any Credit Facility.

19.3 At any sale or other disposition of property under these Terms

and Conditions, you may, at your discretion,purchase the whole

or any part of the property sold, free from any right of redemption

on my part, all such rights being also hereby waived and released.

In the event of any sale or other disposition of any of the property

aforesaid, after deducting all costs or expenses of every kind for

care, safekeeping, collection, sale, delivery or otherwise, you

may apply the residue of the proceeds of the sale(s) or other

disposition thereof, to the payment or reduction, either in whole

or in part, of all or any of my Outstanding Indebtedness without

prejudice to your rights as against me with respect to any and all

amounts which may be or remain unpaid on any of the aforesaid

Outstanding Indebtedness at any time.

20. Exemption from Liability

20.1 Neither you nor any Representative shall be liable as a result of

acting or failing to act in relation or pursuant to any agreement

except in the case of your gross negligence, wilful default or

fraud on your part or on the part of the Representative (as the

case maybe). In that event, your Liability in connection with any

investment shall not exceed the market value of the investment

at the time of such gross negligence, wilful default or fraud.

20.2 Without limiting the generality of the foregoing, you shall not be

responsible (except in the case of your gross negligence, wilful

default or fraud):-

(a) for acting, in good faith, or omitting to act, in good faith,

on my instructions given to you in accordance with your

prescribed verification procedure prevailing at the time

via the Telephone Banking service, Citibank Online,

secure e-mail or Facsimile Banking service and all written

instructions howsoever forwarded to you;

(b) if, for any reason beyond your control, the operation of any

one or more of my Account(s) or your ability to account to me

for any investment in it is restricted or otherwise affected;

hereunder or for any unavailability or diminution of funds

in respect of such investments;

(d) for any loss or damage caused by any delay or failure in any

transmission or communication facilities or lead times on

external clearing systems or price availability due to market

liquidity or time zone differences;

(e) if there is any delay caused or the funds and/or the

Alternative Financial Instrument credited to or debited from

any one or more of my Account(s) diminish in value due to

taxes, deductions, withholdings, imposts or depreciation or

become unavailable due to restrictions (howsoever arising)

on convertibility, transferability, requisitions, government

acts, orders, decrees and regulations, involuntary transfers,

distraint of any character, exercise of military or usurped

powers, acts of war or civil strife or other similar causes

beyond your control (whether in Singapore or in any place

which you have deposited or placed such funds);

(f) for any drawings made under any checks or for any loss or

damage I may suffer relating to the lost checks;

(g) for any checks paid or certified by you through any

circumstances beyond your reasonable control, and you

are entitled to debit the full amount of such checks so paid

or certified;

(h) for any mutilations of drafts or interruptions, errors,

omissions or delays in the electronic transmission, wire,

cable, mails, or on the part of any post authority, telegraph,

cable or wireless company, or any employee of such

authority or through any other cause;

(i) for your failure to meet my withdrawal demands of any

amounts on the Account(s) for any reason whatsoever

beyond your reasonable control;

(j) if I am unable to withdraw or realise investments from any

one or more of my Account(s) due to the restrictions referred

to in sub-paragraph (e) above;

(k) where I have invested in Fixed Income Securities (as defined

in the section in these Terms and Conditions entitled “Fixed

Income Securities”):-

(i) in the case of any purchase of Fixed Income Securities,

if the seller (or its agent) of the relevant Fixed Income

Securities fails to make good, valid or timely delivery

to you of the relevant Fixed Income Securities and

whether or not payment therefor by you on my behalf

has been made; or

(ii) in the case of any proceeds of sale arising from the sale

of Fixed Income Securities, if any payment to you by any

purchaser (or its agent) is not honoured by the banker

upon which that payment is drawn or otherwise not

good and valid payment by that purchaser, in which

event you shall also not be liable to pay me any such

proceeds of sale;

(l) except in the case of your gross negligence, wilful default

or fraud for any act or omission, bankruptcy or insolvency

of any agent, sub-agent, nominee, broker, custodian,

subcustodian, correspondent or counterparty employed

or used by you;

(m) for any discrepancies, irregularities, omissions or

inaccuracies in the handling and operation of my Account(s)

or in the particulars of the investment transactions

contained in the statement or Confirmation, whether the

same shall have been made, processed or paid out as a

result of forgery, fraud, lack of authority, negligence or

otherwise by any person whatsoever;

(n) for any loss or damage which I may directly or indirectly

suffer or incur resulting from or in connection with your

supplying me with any of your brochures, investment

reports or any other materials or your providing me with any

financial, market or investment information or suggestion;

(o) for any loss or delay caused by any act or order of any

government or government agency or as a result or in

consequence of any other cause whatsoever;

(p) for not acceding to my request for any Facilities including

an increase to any Facility; or

(q) for any loss or damage suffered or incurred by me or (where

applicable) any Joint Account holder (including any loss

of profits) howsoever or whatsoever arising from or in

connection with you blocking or otherwise restricting the

use of amount(s) in any one or all of the Relevant Account(s)

as and/or for the Earmarked Amount for so long as any part

of the Facilities remains outstanding, and/or appropriating

and applying the Earmarked Amount (notwithstanding that

it may not have matured) or any part thereof towards the

settlement of all or any of the Liabilities whether the same

is due or contingent and whether I and/or (where applicable)

such Joint Account holder are or have been in default or not.

21. Citibank, N.A. Branches, Subsidiaries or Affiliates

21.1 No branch, subsidiary or affiliate of Citibank, N.A. in Singapore

or any other jurisdiction(s) shall under any circumstances

whatsoever be liable to me in respect of your obligations and/or

Liabilities under these Terms and Conditions or for your failure to

meet my demands for withdrawal of funds from my Account(s).

21.2 You may effect transactions with or through counterparties,

brokers or agents used by any Citigroup Organisation and

approved by you from time to time. While you and/or any

Citigroup Organisation will choose the counterparties, brokers

or agents with reasonable care to ensure that such parties are

reliable, neither the Citigroup Organisation which compiled such

list nor you will have any responsibility for any acts, omissions

or insolvency of any such parties.

21.3 Where the counterparty in respect of any transaction is a branch

of Citibank Singapore Limited or a Citigroup Organisation, the

obligations of Citibank Singapore Limited or that Citigroup

Organisation will be payable at such branch and are subject to

the laws, regulations and governmental acts, orders and decrees

in effect where that branch is located. Neither the head office nor

any other branch, subsidiary or affiliate of Citibank Singapore

Limited or that Citigroup Organisation shall be responsible for

the payment of such obligations due to restrictions (including

force majeure) beyond the control of such branch which prevent

it from fulfilling its obligations under any transaction. In this

context, “restrictions” shall not include restrictions on payment

directly due to liquidation or insolvency.

21.4 I understand and agree that you may effect transactions for me

through the agency of and/or with a counterparty which is a

Citigroup Organisation or a person otherwise associated with

you even if a conflict of interest may arise. I also understand and

agree that you may effect transactions which you have a direct

or indirect material interest.

21.5 You may hold positions for yourself or other customer(s) which

may not be consistent with my positions.

22. Indemnity

I will indemnify and hold you, your employees and your nominees

or agents harmless promptly on a reasonable basis against all

acts, omissions, negligence, claims, proceedings, demands,

losses (direct or consequential), costs and expenses (including

all duties, taxes or other levies and legal fees) and other Liabilities

incurred or suffered by you (excluding taxation on your profits)

as a result of any default in repayment of my Liabilities or in

connection with the execution, performance or enforcement of

these Terms and Conditions or any other agreement including:-

(a) the operation of any of my Account(s) or the provision of

investment, any Contract, Charge Document, Agreement,

Credit Facility(ies), safekeeping or other services to me, in

particular but without limitation the Citibank Online, secure

e-mail service, Telephone Banking service, and Facsimile

Banking service;

(b) your lodging on my behalf scrip-based Securities for

scripless conversion;

securities market except where arising directly from your

gross negligence, wilful default or fraud;

(d) your crediting the Account(s) on my instructions with the

Singapore dollar equivalent of any foreign currency deposit;

(e) the enforcement, presentation and protection of your rights

under or in connection with these Term and Conditions,

any Contract, Charge Document, Agreement, Credit

Facility(ies), any other agreement and/or the Account(s);

(f) exercising your rights of sale, close-out, set-off, recovering

payment or taking other enforcement proceedings;

(g) your using any system or means of transmission,

communication, transportation or otherwise in carrying out

my instructions which results in the loss, delay, distortion

or duplication of such instructions;

(h) any breach of trust or other fiduciary obligation binding on

me;

(i) your acting or omitting to act on the basis of any information

or instructions (whether oral or written) given by me or by any

person(s) purporting to be my attorney, where you believed

in good faith after making reasonable enquiries that the

information or instructions (whether oral or written) were

given in excess of powers vested in me or the person(s)

purporting to be my attorney, or your omitting to act on the

basis of such instructions or information where you in good

faith believed that your so acting would result in a breach of

any duty imposed on you;

(j) your acting in good faith or omitting in good faith to

act (after making reasonable enquiries) on any oral or

written instructions (including facsimile, telephone,

telex and electronic mail instructions and instructions

for outward remittances) given or purported to be given

by me regardless of the circumstances prevailing at the

time of such instructions or the nature of the transaction

and notwithstanding any error, misunderstanding,

fraud, forgery or lack of clarity in the giving, receipt or the

contents of such instructions, including but not limited to

instructions given or purported to be given by me to you

pursuant to (i) my use of the Telephone Banking service, (ii)

my use of the Facsimile Banking service, (iii) the Citibank

Online, (iv) the secure e-mail service through Citibank

Online;

(k) my failure to pay or repay you on demand any sum due to

you (including all interest accrued thereon);

(l) any loss suffered by you due to any change in the existing

laws, regulations or governmental directives relating to

any provision of these Terms and Conditions any Contract,

Charge Document, Agreement, Credit Facility(ies), or any

other Agreement;

(m) the collection of any check, bill, note, draft, dividend,

warrant or other instrument which I present for collection,

or the guaranteeing of any endorsement or discharge on the

same in connection with the Account(s) or any transaction

thereunder;

(n) in the event that any sum due from me under any Credit

Facility, Contract or any order or judgment given or made

in relation thereto, has to be converted from the currency

in which the same is payable under such Credit Facility or

under such order or judgment (the “First Currency”) into

another currency (the “Second Currency”), any loss suffered

by you as a result of any discrepancy between (i) the rate

of exchange used to convert the sum in question from the

First Currency into the Second Currency, and (ii) the rate or

rates of exchange at which you may, in the ordinary course

of business, purchase the First Currency with the Second

Currency upon receipt of a sum paid to you in satisfaction,

in whole or in part, of any obligation hereunder. For the

purpose of this paragraph, “rate of exchange” means the

rate at which the person concerned is able, on the relevant

date, to purchase the First Currency in Singapore with the

Second Currency;

(o) me not having sufficient funds in the Account(s) to make

any payment or transfers or my inability to perform any

transaction due to limits set by you from time to time;

(p) any loss or damages arising from the access of any

information by third parties (including the police, courts,

central bank) if you receive official orders from them, and/

or cross-border information sharing;

(q) any lack of information or failure by me to provide timely,

clear, accurate, necessary and complete information;

(r) my breach of any one or more provisions of these Terms and

Conditions, any Contract, Charge Document, Agreement,

Credit Facility(ies), or any other Agreement.

23. Set-Off, Security Rights and Rights of Debit

23.1 The time and other cash deposits, Securities and other assets

in my Account(s) will serve as collateral for my Outstanding

Indebtedness to you.

23.2 You are entitled to combine and consolidate all my Account(s)

(regardless of the type or nature of the Account(s) and whether

held jointly by me or any one of us with any other person(s)) and

to set off any amount standing to the credit of any Account(s)

(whether matured or not, or whether there are any special

conditions relating to any account which have not been

satisfied) against my Outstanding Indebtedness, obligations,

and indebtedness owed by any one of us to you (whether actual

or contingent, liquidated or unliquidated, primary or collateral,

several or joint). This applies irrespective of the currency or

currencies in which the Account(s) is/are denominated and for

such purpose, you shall be authorized to effect any necessary

conversions at your prevailing exchange rate(s).

23.3 If I do not or am unable to pay or repay any sum demanded

by you or any of my Accounts are threatened by insolvency

proceedings or by any claims by third parties, I authorise you,

without prior notice to me, to realise at any time (whether at or

prior to maturity) any of my time or cash deposits, Securities and

other assets in my Account(s).

23.4 Any credit balance on my Account(s) including accounts with

the overseas branches and subsidiaries of Citibank, N.A. and

any Citigroup Organisation may be applied in satisfaction of

any sum then due and payable in respect of my Outstanding

Indebtedness. You are authorised to purchase with such monies

any other currencies to effect such application using the rate of

exchange at the date of set-off.

You shall not be obliged to exercise any of your rights under this

paragraph, which shall be without prejudice to and in addition

to any right of set-off, combination of accounts, lien, or other

right to which you are at any time otherwise entitled (whether

by operation of law, contract or otherwise). You shall also be

entitled to debit any of my Account(s) for outstanding interest(s)

or charge(s) incurred by you in the entering into of any Contract

or in the extension and use of Credit Facilities.

23.5 This security shall be a continuing security for the discharge in

full of my Outstanding Indebtedness that may now or hereafter

be payable to you. It shall not prejudice any other security or

rights which you may have.

23.6 In the case of Joint Account(s), you may set-off the Liabilities of

any Joint Account holder to you on any account in any overseas

branches or subsidiaries of Citibank, N.A. or any Citigroup

Organisation, whether as borrower, surety or otherwise against

the credit balance in the Joint Account(s) where the said sums

have been incurred by only one or some but not all of the Joint

Account holders, your rights under the preceding paragraph

shall also where the Joint Account is operated with a single

signing authority extend to credit balances to which each Joint

Account holder is singly or jointly entitled. For the avoidance of

doubt, where the Joint Account is operated with a single signing

authority, each of the Joint Account holders agrees that you

may set-off, combine, consolidate, retain, appropriate, apply

or otherwise utilise all or any amount in any of the Relevant

Account(s) against all or any Liabilities of such Joint Account

holders.

23.7 Notwithstanding any netting, off-setting, exchange, liquidation

or closing out of obligations under these Terms and Conditions,

I agree to pay to you upon your demand and indemnify you for

any amount owing to you in connection with any position which

would have been off-set under these Terms and Conditions,

but for any act, omission or insolvency on the part of any

counterparty to or broker or agent in respect of, any of the

relevant Contract.

23.8 You shall be entitled at any time and without notice to me, to

perform any of the following:

(a) appropriate, debit, earmark (including earmarking amounts

expected to be credited to the Account(s)) or withhold

such amounts from the balance(s) in the Account(s), that

a Citigroup Organisation confirms to you as owing to it

pursuant to any agreed terms between me and it, to pay

and discharge all or part of my liabilities to such Citigroup

Organisation;

(b) debit any sum from any of the Accounts where you are

notified of or you reasonably determine that the sum has

been credited into any of the Accounts due to a mistake,

error or omission; and/or

credit of any sum to any of the Accounts, and deal with the

sum as you reasonably deem fit, if you: (i) are notified of or

in good faith suspect that an Account has been used for

unlawful purposes; or (ii) deem it necessary or appropriate

in good faith to comply with applicable laws, regulations,

notices, requests or directives issued by any government or

regulatory body.

24. Citibank’s Payment Obligations

24.1 If in your opinion it would be contrary for you to make any

payment obligation to us as a result of restrictions on currency

convertibility, transferability, requisitions, government acts,

orders, decrees and regulations, involuntary transfers, distraint

of any character, exercise of military or usurped powers, acts of

war or civil strife, monetary union or exchange or other similar

causes beyond your reasonable control, you shall be deemed to

have satisfied such payment obligation by making payment in an

equivalent amount in any other currency as you reasonably deem

fit at your prevailing rates of exchange and/or in an Alternative

Financial Instrument as you may determine in your sole discretion.

In particular, following European Monetary Union, payment

obligations denominated in an affected European currency or

calculated by reference to rates applicable to an affected European

currency shall be discharged or calculated as the case may be as

if such affected European currency were the Euro.

24.2 Each party will make each payment of the amounts or delivery

of the assets as specified in each Confirmation and read in

conjunction with the Agreement on the Settlement Date.

However, you shall not be obliged to pay any amount or deliver

any asset under any Contract, including any expenses, costs and

fees involved in effecting such delivery, until I have duly delivered

to you any amount due and payable by me or any asset due to be

delivered by me on or before that date.

24.3 Your obligation to pay any amount and to deliver any assets due

under paragraph 24.2 is subject to (i) the condition precedent that

no occurrence or condition which constitutes (or which with the

passage of time or the giving of notice or both would constitute) a

Special Circumstance has occurred and is continuing; and (ii) each

other applicable condition precedent specified in the Agreement.

24.4 The amounts payable under the Account(s) shall be payable only

on the maturity date specified in the Confirmation(s) for each of

the Account(s) and I shall only withdraw the amount payable on

the said date. Interest on an Account or any renewed Account

shall be paid at your rate prevailing on the date of placement or

renewal (as the case may be) calculated and credited on such basis

and in accordance with such formula as you may select at your

reasonable discretion, subject to the specific terms of the relevant

Account provided that you shall not be obliged to pay any such

interest if I breach any warranty, declaration, term or condition

contained in the Agreement.

24.5 Unless you receive instructions at least two (2) Business Days

prior to the maturity of an Account and each successive maturity

thereof, the Account and all accrued interest may at your discretion

automatically be placed in the Account or otherwise renewed for

such tenor(s) and in such currency(ies) as you may reasonably

determine or select, subject to these Terms and Conditions. You

reserve the right not to accept or renew any Account.

25. Tax

25.1 I agree that you, any Citigroup Organisation or Third Party Service

Provider may withhold or deduct any Collected Amount which is

required to be withheld or deducted to comply with any Law or

Regulation from any payment to me, or to or from an Account. Any

Collected Amount shall be timely paid to the relevant Authority

in accordance with the relevant requirement. You will notify me

of any Collected Amount as soon as reasonably practicable. I

acknowledge that you will not be required to reimburse me for

any amount withheld or deducted by a Payment Infrastructure

Provider. Further, to the extent you or any Citigroup Organisation

or Third Party Service Provider pays or has paid from its own funds

or is or will become required to make a payment to an Authority

in respect of an amount that should have been, but was not, a

Collected Amount, I will indemnify you for such payment, plus

any interest and penalties thereon. I understand and agree that

you are not required to contest any demand made by an Authority

for such payment.

25.2 I agree that you, acting reasonably and in good faith, shall

determine the status of any transaction as an 871(m) Transaction

and the amount of any Indemnified 871(m) Taxes. To the extent

required by applicable law, you will notify me if you determine that

I have entered into an 871(m) Transaction.

25.3 I agree to promptly provide you with all information, certifications

and documents relating to any 871(m) Transaction or my tax status

or situation, in each case, as may be requested by you in order

for you to comply with your legal and regulatory obligations or

to determine the proper tax treatment in respect of any 871(m)

Transaction. I understand and acknowledge that the requested

information and documents may relate to transactions that I

have entered into, or will enter into, with persons other than

you. Except as required by applicable law, you may rely upon

the information that I provide, and I am responsible for any

omissions from, or errors in, the information that I provide.

25.4 With respect to accounts, products and services in connection

with the purchase, holding or custody of any derivative products,

Structured Notes, convertible bonds, market-linked instruments,

warrants or rights, all 871(m) Transactions will be considered

Ineligible Transactions. You intend that you will not enter into and

will reject any instructions or requests to hold, carry or accept a

transfer of any Ineligible Transaction.

25.5 I agree not to enter into any transaction or series or combination

of transactions which, based on my knowledge or understanding,

may constitute an Ineligible Transaction, using any Services. In

addition, I undertake to promptly notify you if I become aware

that a transaction or such series or combination of transactions

is or may be deemed to be an Ineligible Transaction and to instruct

any third party not to transfer or settle Ineligible Transactions into

my Account.

25.6 If you determine, acting reasonably and in good faith, that you

have entered into, hold, carry or have accepted transfer of an

Ineligible Transaction for me or on my behalf, you may at any

time, without notice (except to the extent required by applicable

law), terminate or otherwise dispose of the Ineligible Transaction

without liability and at my cost and expense and take any action,

exercise any rights or satisfy any liabilities arising in respect of the

Ineligible Transaction as you may deem advisable or expedient. I

understand and acknowledge that there is no assurance that you

will be able to effect such termination or disposal in a manner

that will avoid an obligation for me to pay Tax Amounts in respect

of an Ineligible Transaction.

25.7 I will be solely responsible for all Tax Amounts that may be

paid, withheld or deducted by you in connection with an

Ineligible Transaction and, to the extent required or permitted by

applicable law, I authorize you to pay, withhold or deduct such

Tax Amounts including by (a) withholding cash from amounts

that you would otherwise pay to me, (b) deducting cash from

any of my Account(s), and (c) selling, on my behalf, any property

or assets carried in my Account(s), in order to pay Tax Amounts,

and to the extent that the foregoing sources are unavailable or

insufficient to satisfy any such Tax Amounts, I agree to pay to

you, upon demand, the remaining unsatisfied Tax Amounts. I

acknowledge that Tax Amounts may be due with respect to an

871(m) Transaction even where (a) there is no corresponding

payment of cash to me or (b) there is a payment of cash by

me to another person. I acknowledge and agree that I will be

responsible for determining and paying any Tax Amounts not

paid by you and for filing all required tax and information returns

in connection with the Ineligible Transaction.

25.8 I understand and acknowledge that notwithstanding any other

provisions to the contrary, you do not have any obligation to

(a) determine or pay any Tax Amount on my behalf,

(b) reclaim, or contest any demand for, the payment of any Tax

Amount or

parties regarding the status of any transaction as an 871(m)

Transaction.

25.9 I agree to indemnify you for the full amount of any Indemnified

871(m) Taxes, whether or not they are correctly assessed,

including by increasing each payment that I make to you by the

amount necessary so that after making all required deductions

(including deductions applicable to additional sums payable

under this paragraph) you receive an amount equal to the sum

you would have received had no such deductions been made. In

addition, within 30 days of paying the relevant taxing authority, I

agree to provide you with an original or certified copy of a receipt

or other evidence sufficient in form and substance satisfactory

to you of such payment.

25.10 I agree to promptly indemnify, defend and hold you harmless

against any actions, claims, damages, losses, costs and

expenses (including the cost of retaining legal or other advisory

services), taxes (including any Tax Amounts) and any interest,

penalties or other sums in respect thereof and any other

demands or liabilities of whatsoever nature or description

that you may incur or sustain in connection with an Ineligible

Transaction, except to the extent of your own gross negligence

or willful misconduct.

25.11 I agree that I will be solely responsible for all investment decisions

that I make, including in cases where you have provided me

with investment advice, information or recommendations with

respect to a transaction that is determined to be an Ineligible

Transaction. You will not be liable in relation to such advice,

information or recommendations and give no representation,

warranty or guarantee as to the tax consequences of any

transaction.

25.12 I understand and acknowledge that the restrictions on Ineligible

Transactions described herein are imposed for the benefit of you

and your agents. Any rights conferred upon you herein shall be

in addition to and not in limitation of any of your rights under

these Terms and Conditions or any other agreement, document

or instrument or arrangement between you and I.

25.13 I acknowledge that withholding tax for income received from all

markets will be held at the domestic rate. Where my jurisdiction

of tax residence has a double tax treaty with a jurisdiction where

tax is withheld, I acknowledge that I will consult my own tax

advisers to assess how my personal tax position is affected.

25.14 If I have any questions about my tax position as a result of

opening an Account or effecting any transaction on the Account,

I understand that I should engage an independent tax adviser

as I consider appropriate.

25.15 The provisions contained herein shall survive the termination of

these Terms and Conditions.

26. Application of other Terms

Where Services or Products are made available on separate

terms, those terms shall be read in conjunction with these Terms

and Conditions. In the event of any conflict the specific terms

applicable to the relevant Services or Products shall prevail.

Duties under the E-Payment User Protection Guidelines

(a) I agree to observe the duties imposed on me under the

E-Payments User Protection Guidelines (“Guidelines”)

issued by the Monetary Authority of Singapore in connection

with my Account, which include:

(i) providing updated and accurate account contact

details for you to send me Citi Alerts in accordance with

my alert preferences;

(ii) enabling and monitoring Citi Alerts. In this regard, the

Guidelines state that “it is [my] responsibility to enable

transaction notification alerts, to opt to receive all

transaction notifications for all outgoing transactions

of (any amount) made from my Account, and to monitor

the transaction notifications sent to me”;

(iii) (aa) not voluntarily disclosing my Account access codes

to a third party (except as instructed by you), (bb) not

disclosing my Account access codes in a recognizable

way, and (cc) not keeping a record of my Account access

codes in a way that allows a third party to easily misuse

the access code;

(iv) protecting my login credentials to my Accounts, where

password, OTP or other credentials that are used to

authenticate my identity;

(v) where I use a device to access my Account, I should

(aa) update the device’s browser to the latest version

available; (bb) patch the device’s operating systems

with regular security updates provided by the operating

system provider; (cc) install and maintain the latest

antivirus software on the device, where applicable and

(dd) use strong passwords, such as a mixture of letters,

numbers and symbols;

(vi) report unauthorized transactions to you (via the

available reporting channels) as soon as practicable

after receipt of any Citi Alert for any unauthorized

transaction. Where such reporting is delayed, to provide

you with reasons for the delayed report;

(vii) provide you with information, upon your request, on

any unauthorized transactions within a reasonable

time; and

(viii) make a police report if requested by you in order to

facilitate your claims investigation process.

(b) I acknowledge that:

(i) you will send Citi Alerts to me via email and/or sms to

an email address and/or mobile number as provided

by me (according to my alerts preferences);

(ii) Citi Alerts will be sent real time, but I understand that

my receipt of Citi Alerts is subject to other conditions

not within your control including whether my internet

and/or mobile phone operator is able to support the

service;

(iii) Citi Alerts will contain information which would allow

me to identify the transaction as being an authorized

transaction or unauthorized transaction;

(iv) where a transaction is effected by way of internet

banking, any mobile phone application or device

arranged for by you for payment transactions, you will

provide an onscreen opportunity for me to confirm the

payment transaction and recipient credentials before

you execute any authorized payment transaction;

(v) I should report unauthorized or erroneous transactions

to your telephone banking service;

(vi) if a claim made by me in relation to any unauthorized

transaction is assessed by you to fall within the scope

of section 5 of the Guidelines, you will resolve such

claim in accordance with the liability framework set

out in section 5 of the Guidelines. If you assess the

claim to fall outside the scope of section 5 of the

Guidelines, you will resolve such a claim in a fair and

reasonable manner, including communicating the

claim resolution process and assessment to me in a

timely and transparent manner.

your duties under the Guidelines and in the event of any

inconsistency between the terms and conditions of this

agreement and the Guidelines, the Guidelines will prevail.

For the avoidance of doubt, the liability apportionment

set out in section 5 of the Guidelines do not apply to

transactions on debit cards issued by you in respect of my

Account. Section 5 of the Guidelines sets out the following

liability framework for unauthorized transactions:

(i) I am liable for the actual loss arising from an

unauthorized transaction where my recklessness was

the primary cause of the loss. Recklessness includes

the situation where I did not comply with the duties

set out in Clause 26(b) above and Section 3 of the

Guidelines. The actual loss that I am liable for in this

Clause 26(c)(i) is capped at any applicable transaction

limit or daily payment limit that you and I have agreed

to.

(ii) I will not be liable for any loss arising from an

unauthorized transaction if the loss arises from any

action or omission by you and does not arise from any

failure by me to comply with any of the duties set out

in Clause 26(b) above and Section 3 of the Guidelines.

(iii) I will not be liable for any loss arising from an

unauthorized transaction that does not exceed $1,000

if the loss arises from any action or omission by any

third party (other than you, your employees, your

agents, or your outsourcing providers providing your

services through my Account) and the loss does not

arise from my failure to comply with the duties set out

in Clause 26(b) above and Section 3 of the Guidelines.

The liability for losses set out in this Clause 26(c) shall

apply jointly to each account holder in a joint account.

For the purposes of clause 26(b) and (c):

(A) “unauthorized transaction” in relation to my Account, means

any payment transaction initiated by any person without my actual

or imputed knowledge and implied or express consent. For the

avoidance of doubt, where I knew of and consented to a payment

transaction, such a transaction is not an unauthorized transaction,

notwithstanding that I may not have consented to the payment

transaction; and

(B) “payment transaction” means an act, initiated by the payer or

payee, of placing, transferring or withdrawing money, irrespective

of any underlying obligations between the payer or payee, where the

act is initiated through electronic means and where money is received

through electronic means, and includes:

(i) the placing, transferring or withdrawing of money for

the purposes of making payment for goods or services;

and

(ii) the placing, transferring or withdrawing of money for

any other purpose.

SERVICES

1. Telephone Banking Service

1.1 I shall be allocated a Telephone Personal Identification Number

(“T-PIN”) which you shall notify to me.I shall not reveal my T-PIN

to any other party and shall take all steps to prevent discovery

of my T-PIN by any other party. In the event that my T-PIN is

disclosed or discovered by any other party, I shall immediately

change my T-PIN. I authorize you to follow all oral instructions

from me when identified by my correct CIN as printed on my

Citibank ATM/Debit Card and T-PIN and you shall not be liable

for acting upon such instructions in good faith.

1.2 You are authorised from time to time to accept oral instructions

from me or purporting to be from me, requesting additional

products and services to be made available to me. A statement

by you verifying your receipt of such a request shall constitute

conclusive evidence of such request unless disputed by me

within twenty one (21) days of the date of your verification advice,

except in the case of manifest or clerical error.

1.3 I consent to your recording of my telephone calls with you to

provide a record of instructions and I further consent that this

service will be extended to me in accordance with these Terms

and Conditions or such other Terms and Conditions which you

may notify me from time to time.

1.4 Instructions received through the Telephone Banking service

after 3.00 pm will processed the following Business Day.

Without prejudice to the generality of the section in these

Terms and Conditions entitled “Application Acceptance and

Customer Instructions”, you shall be entitled to require written

confirmation on my oral instructions (even where identified by

my CIN and T-PIN) and you may in your reasonable discretion

and without notice refuse to act on such oral instructions until

you receive such written confirmation satisfactory to you.

1.5 I may change my T-PIN from time to time, such instructions

to be identified by my CIN and T-PIN. You shall be entitled at

your absolute discretion to reject any number selected by me

as my substitute T-PIN without giving any reason therefor. You

will confirm or reject (as the case may be) my substitute T-PIN

either orally or electronically. My substitute T-PIN, if confirmed

by you, shall take effect from the time of such confirmation and

my use thereof shall be governed by this section. When selecting

a substitute T-PIN, I shall refrain from selecting any series of

consecutive or same or similar numbers or any series of numbers

which may easily be ascertainable or identifiable with me.

1.6 You shall be entitled at your absolute discretion to cancel the

use of my T-PIN and/or withdraw or vary this service (whether in

whole or in part) at any time with reasonable notice and without

giving any reason therefor.

2. Facsimile Banking Service

2.1 This service, if requested by me and permitted by you, shall

enable me to effect the operation of my Account(s), transactions,

dealings governed by the Terms and Conditions entitled

Investment Services Agreement or any other agreement via the

facsimile machine.

2.2 You may rely and act upon my instructions given via this service,

and such instructions so given shall be valid and binding on

me. I shall in all circumstances accept full responsibility for all

transactions and instructions effected under this service and all

the risks associated therewith.

2.3 You shall be entitled to verify my or my Authorised Signatory(ies)

instructions via the telephone or any other means given via this

service.

2.4 I shall fully indemnify you and hold you harmless on a reasonable

basis from and against all losses or proceedings whatsoever

arising out of or in connection with the provision of this service

to me, including without limitation any error, inaccuracy,

incompleteness or ambiguity in the instructions given by me

and/or my Authorised Signatory(ies) or any delay or failure in

any transmission or communication facilities (except for cases

arising out of your gross negligence, wilful default or fraud).

2.5 You shall not be liable for any loss or Liability whatsoever

arising out of or in connection with your taking instructions

from me and/or my Authorised Signatory(ies) via this service in

accordance with your prescribed verification procedure at that

time and acting upon them in good faith or any delay or failure in

any transmission or communication facilities (except for cases

arising out of your gross negligence, wilful default or fraud).

2.6 You may at your reasonable discretion and at any time with

reasonable notice (a) impose a fee for my use of this service; and

(b) modify, restrict, withdraw or suspend this service without

giving any reason therefor (save where suspension is required by

law in which case you may immediately do so without notice),

and you shall not be liable to me for any loss or damage I may

suffer as a result thereof.

3. Citibank ATM/Debit Card

3.1 You may send me my Citibank ATM/Debit Card by ordinary post

to the address you have on record for me. In the event I fail to

receive the card and unauthorized transactions occur on the

Account(s), I will not be liable for the balances arising therefrom

provided I have not acted fraudulently or negligently. You are not

liable for any loss or damage which I may suffer if I fail to receive

the Citibank ATM/Debit Card.

3.2 I must immediately sign on the Citibank ATM/Debit Card when

I receive it.

3.3 Regardless of any provision contained in these Terms and

Conditions (including any amendment to, addition to, or deletion

of these Terms and Conditions), if I do not agree to any provision

in these Terms and Conditions, I must not sign on, retain or use

the Citibank ATM/Debit Card, and shall return the Citibank ATM/

Debit Card cut in halves to you immediately. I am deemed to have

accepted and agreed to these Terms and Conditions (including

any amendment to, addition to, or deletion of these Terms and

Conditions) without reservation if I sign on, retain or use the

Citibank ATM/Debit Card.

3.4 The Citibank ATM/Debit Card remains your property at all times.

I must immediately return my Citibank ATM/Debit Card to you

upon your request which you may make at any time in your

absolute discretion, or if I no longer require the service.

3.5 My Citibank ATM/Debit Card may be used for the following

purposes:

(a) to obtain Cash Withdrawals;

(b) to carry out Citibank ATM/Debit Card Transactions, if I have

a Citibank ATM/Debit Card with the requisite functionality;

and/or

communicated to me from time to time.

3.6 Where I have a Citibank ATM/Debit Card which allows me to

make Citibank ATM/Debit Card Transactions under these Terms

and Conditions:

(a) if I use my Citibank ATM/Debit Card to purchase goods or

services by instalments or to make payments on a recurring

basis, I thereby authorize you to pay such instalments for

me as they become due and debit the amount paid by you

from the Designated Account or any other Account; and

(b) if my right to use my Citibank ATM/Debit Card is suspended

or the Designated Account is closed, you may at your

option and without prejudice to any of your rights and

remedies, stop paying the said instalments for me, or

debit the aggregate sum of the remaining instalments to

the Designated Account or any other Account or require

me to pay the same forthwith. I also agree to be bound by

any other specific terms and conditions governing such

recurring/instalment payment scheme. In the event of

conflict, such specific terms and conditions are to prevail

over the provisions of this paragraph 3.6 but only to the

extent necessary to give full effect to those terms and

conditions.

3.7 Where my Citibank ATM/Debit Card has the requisite Mastercard

functionality, I acknowledge and accept that if I choose to

make a Citibank ATM/Debit Card Transaction payment via

the Mastercard Network, I will be bound by the relevant rules

governing such transactions including but not limited to

rules governing chargeback and dispute resolution. Where

my Citibank ATM/Debit Card has any other card network

functionality, I acknowledge and accept that if I choose to make

a Citibank ATM/Debit Card Transaction payment via such other

networks, I will be subject to such limits on the Citibank ATM/

Debit Card Transaction amount as prescribed by such networks

or you and bound by the rules of such network governing such

transactions including but not limited to rules governing dispute

resolution.

3.8 I further acknowledge and accept that the privileges, rewards

and/or services would differ depending on which network

I choose to make a Citibank ATM/Debit Card Transaction

payment.

3.9 Unless otherwise notified in writing by you, my Citibank ATM/

Debit Card comes with a daily Point of Sale limit that is set

at S$2,000. This limit is shared between signature-based,

contactless payments (e.g. Mastercard

Contactless and

payments made using digital wallets) and Card Not Present

Transactions. I may choose to increase/decrease this limit upon

activation of my Citibank ATM/Debit Card. Notwithstanding the

limit that I set, the limit on my Citibank ATM/Debit Card will

remain subject to my available bank balance.

3.10 Where my Citibank ATM/Debit Card has MasterCard functionality

enabled, I acknowledge and accept that the Citibank ATM/Debit

Card carries risk of unauthorized signature-based, contactless

payments (e.g. Mastercard

Contactless and other payments

made using digital wallets) or Card Not Present Transactions.

3.11 Double Swiping is a term used to describe the act of a second

swipe of a payment card at a Point-of-Sale terminal after the

first swipe to obtain initial authorization from the bank. The

second swipe effectively exposes my Citibank ATM/Debit Card’s

magnetic stripe full track data to compromise. I acknowledge

and accept that double swiping the magnetic stripe of my

Citibank Debit Card on Point-of-Sale readers or electronic cash

registers increases the risk of skimming and/or cloning and hence

the theft of my sensitive payment card data.

3.12 Where my Citibank ATM/Debit Card incorporates the

Mastercard® contactless feature (“Mastercard Contactless

Card”), I acknowledge that the Mastercard Contactless

Card may be utilized for goods and services for amounts not

exceeding S$100 per transaction, or such amounts which

you may specify from time to time, by tapping or waving the

Mastercard Contactless Card at a Mastercard Contactless

reader/terminal without requiring any signature, ATM-PIN, or

other authentication on my part.

3.13 By accepting my Citibank ATM/Debit Card and using it in any

manner whatsoever (including using it in the conventional

manner of swiping the same at a magnetic strip reader or at a

chip reader or otherwise), I acknowledge to use the Citibank

ATM/Debit Card in accordance with and agree to be bound by

the terms and conditions contained herein.

3.14 The Citibank ATM/Debit Card is not transferable and may only be

used by the person to whom you issue the Citibank ATM/Debit

Card and whose name is embossed on the Citibank ATM/Debit

Card.

3.15 Upon my request to utilize the ATM function of the Citibank

ATM/Debit Card, you may in your absolute discretion issue an

ATM-PIN to me and the ATM-PIN may be sent to me by ordinary

post at my sole risk to the address you have on record for me.

I must not disclose my ATM-PIN to any person and must take

all care to prevent the ATM-PIN from being disclosed to any

other person. In the event that my ATM-PIN is disclosed to or

discovered by any other party, I shall immediately change my

ATM-PIN. I may change my ATM-PIN from time to time, and

you shall be entitled to reject any number selected by me as my

substitute ATM-PIN without giving any reason therefore. You are

entitled at your reasonable discretion to change or terminate my

use of the ATM-PIN at any time without giving me any reason

with reasonable notice.

3.16 I shall accept full responsibility for all transactions executed

with my Citibank ATM/Debit Card and effected by the use of

my ATM-PIN (except in the case of your gross negligence, wilful

default or fraud). You may debit my Account(s) with the amount

of any withdrawal or transfer in accordance with your record of

transactions.

3.17 In addition to the interests, charges and fees which you may

levy in connection with my Account(s), I agree to pay such other

interests, charges and fees at such rates and amounts and on

such basis as you may at your reasonable discretion prescribe

from time to time with reasonable notice to me in connection

with the issuance and/or use of my Citibank ATM/Debit Card.

3.18 All fees referred to in paragraph 3.17 above shall not in any event

be refundable. You may debit the amount of all fees, charges,

taxes and other amounts payable by me in connection with these

Terms and Conditions to such.

3.19 In the event that my Account (or any of them) is maintained

jointly for me and one or more other persons (referred to as “Joint

Account Holder” for the purpose of this condition):

(a) you may at your reasonable discretion issue any Citibank

ATM/Debit Card to each Joint Account Holder without

reference or notice to me (and such Citibank ATM/Debit

Card may or may not come with the functionality enabling

Citibank ATM/Debit Card Transactions, as you consider

appropriate);

(b) all references to “me” and “I” shall where the context allows

include each and every Joint Account Holder in whose name

the Account is maintained;

jointly and severally bound to observe, comply and perform

the duties and obligations in these Terms and Conditions;

(d) you shall be entitled to make arrangements with or release

any of the Joint Account Holders without thereby affecting

in any way the obligations or continued Liability of any other

of them;

(e) my Liabilities shall not be affected in any way by any dispute

or counterclaim or right of set-off which the Joint Account

Holders may have against each other or by the discharge

of any one of them for any reason or by the invalidity or

unenforceability of any of these Terms and Conditions in

relation to any of the Joint Account Holders or by the death,

disability, mental incapacity or bankruptcy of any of the

Joint Account Holders;

(f) you shall be entitled to act or rely on any communication,

request or instruction given or purported to be given by

any Joint Account Holder (whether with or without my

knowledge or authority) and I shall be bound by such

communication, request or instruction; and

(g) any Account Statement or notice relating to the use of any

Citibank ATM/Debit Card or any facilities or benefits relating

to the Citibank ATM/Debit Card or any amendment to these

Terms and Conditions dispatched to any Joint Account

Holder shall be deemed to have been dispatched and

received by each and every Joint Account Holder (including

myself) at the time when that Joint Account Holder receives

or is deemed to have received the same.

3.20 I must keep my Citibank ATM/Debit Card in a safe and secure

place and I must take all steps and precautions to prevent any

forgery, fraud, loss or theft in respect of or in relation to my

Citibank ATM/Debit Card, ATM-PIN, and CIN. I must ensure that

my ATM-PIN and/or my CIN are not disclosed to any third party

and ensure that my ATM-PIN is not kept with my Citibank ATM/

Debit Card.

3.21 In this respect, where I use the Citibank ATM/Debit Card with any

particular Equipment, and my acts or omissions in connection

with such Equipment have permitted, facilitated or resulted

in any Malware being deployed on such Equipment, and such

Malware has enabled forgery, fraud, loss or theft in respect of

or in relation to the card which is not due to any breach in your

security (such as through allowing a third party access to the

Citibank ATM/Debit Card), I shall be deemed not to have taken all

steps and precautions to prevent loss in respect of or in relation

to the card.

3.22 Other than use at ATMs, if I select to, I may use the Citibank

ATM/Debit Card in conjunction with other Equipment I have

selected. One example of such use is where I enter the number

of the Citibank ATM/Debit Card on a web site, without using

Equipment supported, controlled or managed by you. I must

not use the Citibank ATM/Debit Card with poorly configured or

inadequately maintained Equipment, as this may represent a

significant risk to both you and I.

3.23 I control use of the Citibank ATM/Debit Card through verification

of ATM-PIN or through another authentication mechanism.

Accordingly, where such Equipment permits a third party

sufficient access such that the third party is able to acquire my

ATM-PIN and otherwise satisfy your authentication mechanism

without any breach of your security, the third party may be able

to use the Citibank ATM/Debit Card as if they were me. In these

circumstances, there will be significant risks to both you and

I. Examples include use to carry out Cash Withdrawals, card

transactions and other functions as available from time to time,

which may include obtaining balance information or payment

details. I accept responsibility for all such risks where I use the

Citibank ATM/Debit Card with any Equipment other than an

ATM.

3.24 Where any of my Citibank ATM/Debit Card Transactions or the

adding/provisioning of my Citibank ATM/Debit Card into any

third party digital wallet has been authenticated by way of an OTP

sent to my registered mobile number with you or to my Citi Mobile

Token (where applicable) or by such other authentication methods

as allowed by Citibank, any transactions so authenticated will

be considered as authorised by me and I shall be liable for these

Citibank ATM/Debit Card Transactions and any Citibank ATM/

Debit Card Transactions made using the Citibank ATM/Debit

Card so added/provisioned in the third party digital wallet.

Accordingly, I agree to ensure that I will keep my OTP confidential

and not disclose my OTP to anyone. The Citibank ATM/Debit

Card Transactions referred to above include transactions at 3DS

merchants where “3DS” refers to the 3-Domain Secure protocol

which is used by banks to authenticate online card transactions.

Cardmembers can recognize the participating 3DS merchants by

the logo of the 3DS schemes such as Visa’s Verified-by-Visa and

MasterCard SecureCode.

3.25 Where I have stored my card-on-file with a merchant or

otherwise provided my Citibank ATM/Debit Card details to a

merchant for payment purposes (including recurring payments)

or where I have added my Citibank ATM/Debit Card details to any

digital checkout solution offered by a merchant/relevant card

association (including but not limited to Click to Pay) for payment

purposes, and my Citibank ATM/Debit Card details have been

tokenized by the relevant card association in connection with

the above, I acknowledge and agree that my Citibank ATM/Debit

Card can continue to be used for payment to such merchants in

accordance with my instructions to such merchants, even if my

Citibank ATM/Debit Card has been renewed/replaced close to

expiry or replaced due to it being damaged. Accordingly, I agree

to be liable for these Citibank ATM/Debit Card Transactions

notwithstanding any change in the expiry date of my Citibank

ATM/Debit Card. I acknowledge that I will need to check with

your merchant/digital checkout solution provider whether my

Citibank ATM/Debit Card details have been tokenized. If I do

not wish for my Citibank ATM/Debit Card to be charged by the

merchant as set out above, I will contact the relevant merchant/

digital checkout solution provider directly to remove my Citibank

ATM/Debit Card details.

3.26 If my Citibank ATM/Debit Card is lost, stolen or used by any other

person or my CIN or my ATM-PIN is disclosed to any other person,

I must:

(a) immediately notify you;

(b) immediately make a police report to the police of the country

where such loss, theft or disclosure occurred and/or furnish

to you a statutory declaration in such form as you will

specify and/or any other information you may require; and

disclosure within three (3) days after I have given you notice

and made a police report.

3.27 I am liable for all Cash Withdrawals and Citibank ATM/Debit

Card Transactions, whether they are effected as a result of the

unauthorized use of the Citibank ATM/Debit Card, the ATM-PIN

and/or the CIN or otherwise. However, if you are satisfied that such

loss, theft or disclosure is not due to my negligence or default and

that I have fully complied with these Terms and Condition, you may

agree at your absolute discretion to waive entirely or limit such

amount determined by you from time to time, my Liability for all

unauthorized Citibank ATM Card Transactions made after your

receipt of my notification to you under paragraph 3.24, provided

that such waiver or limitation shall not apply to Cash Withdrawals.

3.28 If the lost or stolen Citibank ATM/Debit Card is recovered, I must

immediately return to you the Citibank ATM/Debit Card cut in

half without using it. I must not use the CIN and/or the ATM-PIN

after reporting to you that the CIN and/or ATM-PIN has been

disclosed to a third party.

3.29 You shall be entitled to treat any request via mail, telephone,

facsimile, internet or other means of communication to any

merchant for the supply of goods and/or services to be charged

to the Designated Account, whether made or authorized by me

and whether a sales draft or voucher, receipt, charge slip or any

other document is signed by me, or otherwise, as a valid Citibank

ATM/Debit Card Transaction and you may debit the Designated

Account with the amount of such Citibank ATM/Debit Card

Transaction.

3.30 You may, in your reasonable discretion, issue me a replacement

Citibank ATM/Debit Card or a new ATM-PIN upon such terms

and conditions as you may deem fit.

3.31 You may from time to time arrange for or procure benefits,

discounts, retail rebates or programmes in conjunction with the

use of my Citibank ATM/Debit Card. Such benefits, discounts,

retail rebates or programmes may be subject to such terms

and conditions and restrictions as you may notify me, and you

may withdraw any such benefit, discount, retail rebates or

programme at any time and with notice to me.

3.32 I will not hold you responsible for goods or services supplied by

any merchant (whether introduced by you to me or otherwise) or

the quality or performance of any goods or services pursuant to

or in relation to any Cash Withdrawal and/or Citibank ATM/Debit

Card Transaction. If I have any complaint against any merchant, I

shall resolve such dispute with the merchant; my Liability owing

to you will not be affected by such dispute or any counterclaim

or right of set-off which I may have against such merchant. My

rights under these Terms and Conditions are not to be assigned

or otherwise disposed of.

3.33 I will not hold you liable in any way and I will have no claims

against you if my Citibank ATM/Debit Card is not accepted or

honoured by any merchant, bank, financial institution or any

other person for any reason. This shall include any unsuccessful

withdrawal of funds or any failure by me to access my Account(s)

with my Citibank ATM/Debit Card anywhere. I shall not hold you

liable in any way for any transactions effected through the use

of the Citibank ATM/Debit Card.

3.34 Notwithstanding any other terms and conditions of these Terms

and Conditions, you are not liable to me for any loss, damage,

inconvenience, embarrassment, cost and expense of any nature

which in any way may be suffered or incurred by me or by any

other person in respect of or in connection with the use or

attempted use of my Citibank ATM/Debit Card, the CIN or ATM-

PIN and/or these Terms and Conditions (whether in Singapore

or elsewhere), including, without prejudice to the generality of

the foregoing, any repossession of the Citibank ATM/Debit Card

or any request for its return; any malfunction or failure of any

machine or system of authorization or transmission link or ATM;

any damage or loss of the Citibank ATM/Debit Card; and any

inability to retrieve any data or information that may be stored

in the Citibank ATM/Debit Card howsoever caused (except for

cases arising out of your gross negligence, wilful default or fraud).

3.35 I agree that you have the discretion to use such agents,

contractors and/or correspondents as you deem fit to carry out

or procure any of the matters or transactions governed by or

contemplated in these Terms and Conditions, and save where

expressly provided in these Terms and Conditions, you are not

liable to me for any act, omission, negligence or wilful default

on the part of such agents, contractors and/or correspondents.

3.36 Without prejudice to the generality of the foregoing, you may:

(a) impose a daily limit of such amount as you may determine

from time to time with notice to me on the maximum

aggregate amount that can be withdrawn or transferred

from the Account(s) using the Citibank ATM/Debit Card

during any day or other period; and

(b) impose an expiry date on the Citibank ATM/Debit Card

(without any obligation on your part to renew the Citibank

ATM/Debit Card on expiry).

3.37 I will indemnify you and hold you harmless on a reasonable basis

from and against any loss, damage, Liability, cost and expense

(including legal costs) which you may reasonably incur or suffer

as a result of or in connection with any use or attempted use of

my Citibank ATM/Debit Card, the CIN or ATM-PIN and/or these

Terms and Conditions (except for those arising out of your gross

negligence, wilful default, or fraud), including, without prejudice

to the generality of the foregoing:

(a) my breach of any of my obligations under these Terms and

Conditions;

(b) the actual or attempted enforcement or protection of any

of your rights and remedies against me; and/or

has an effect on the Citibank ATM/Debit Card and/or these

Terms and Conditions and the same may be debited from

any Account and/or shall be paid by me on demand.

3.38 You may at your discretion from time to time with reasonable

notice to or request from me make the Citibank ATM/Debit Card

service available for the operation of any Account(s) which may

be operated using the Citibank ATM/Debit Card.

3.39 I accept your record of transactions as conclusive and binding

for all purposes, but nothing herein shall preclude you from

correcting any error or omission made in your records from time

to time. Should I dispute any transaction, I understand that you

may at your absolute discretion initially credit my Account(s) or

not debit my Account(s) in relation to the disputed transaction.

However, you shall be entitled to debit my Account(s) at any

time thereafter should you be subsequently satisfied that it is

appropriate to do so.

3.40 I must not use or attempt to use my Citibank ATM/Debit Card to

effect any Citibank ATM/Debit Card Transaction or obtain any

Cash Withdrawal if:

(a) the amount of the Citibank ATM/Debit Card Transaction

or Cash Withdrawal exceeds the Available Balance in the

relevant Account;

(b) the ATM Limit would be exceeded if the Cash Withdrawal

is effected;

Spending Limit if the Citibank ATM/Debit Card Transaction

is effected; or

(d) the Monthly Transaction Amount would exceed the Monthly

Spending Limit if the Citibank ATM/Debit Card Transaction

is effected.

You may also, at your discretion, refuse to authorize any Citibank

ATM/Debit Card Transaction or Cash Withdrawal that I wish to

effect even if such transaction would not cause my Monthly

Spending Limit or Daily Spending Limit to be exceeded.

3.41 If for any reason there is an Overdrawn Balance in any

Account, whether as a result of any Citibank ATM/Debit Card

Transaction and/ or Cash Withdrawal and whether with or

without your consent, I must immediately pay you the amount

of the Overdrawn Balance in such manner as you may in your

reasonable discretion direct and you may communicate this

direction to me by any reasonable means you deem fit.

3.42 You may assign a Held Balance for the purpose of any Citibank

ATM/Debit Card Transaction proposed to be effected on my

Citibank ATM/Debit Card. You may maintain any Held Balance

for such period as you consider appropriate.

3.43 You may at your reasonable discretion debit the Designated

Account with the amount of the Held Balance (or any part

thereof) whether or not such amount represents Citibank ATM/

Debit Card Transactions.

If you debit any amount to the Designated Account as aforesaid

and you subsequently determine that such amount (or any

part thereof) ought not be so debited, you will re-credit the

Designated Account with the appropriate sum free of any interest

(and if you have charged me any interest in respect of such sum,

you may at your reasonable discretion waive such interest).

3.44 Where my Citibank ATM/Debit Card is allowed by you to be

tagged to a foreign currency account permitted for use in any

and/or all foreign currency funds in the foreign currency account,

the Held Balance may be in foreign currency or Singapore dollar,

depending on the Citibank ATM/Debit Card Transaction.

3.45 Where my Citibank ATM/Debit Card is allowed by you to be

tagged to a foreign currency account permitted for use in

any and/or all foreign currency funds in the foreign currency

account, I may effect a Citibank ATM/Debit Card Transaction

only if there are sufficient funds in my foreign currency account.

Should that foreign currency account be insufficient to fully pay

for the Citibank ATM/Debit Card Transaction, you may at your

reasonable discretion choose to either:

(a) decline the Citibank ATM/Debit Card Transaction;

(b) redirect the transaction to my Designated Account; or

Account and credit it into my foreign currency account.

Any currency conversion which may be necessary will be

effected at your prevailing exchange rate (inclusive of bank

spread).The Monthly Spending Limit or the Daily Spending

Limit (as the case may be, and referred to as “Spending

Limit” in this clause) will apply to all Citibank ATM/Debit

Card Transactions however effected.

3.46 The Monthly Spending Limit or the Daily Spending Limit (as the

case may be, and referred to as “Spending Limit” in this clause)

will apply to all Citibank ATM/Debit Card Transactions however

effected. The Spending Limit set will apply to both my spending

in Singapore dollar and foreign currency if my Card is allowed by

you to be tagged to a foreign currency account permitted for use

in any and/or all foreign currency funds in the foreign currency

account. Where the Spending Limit is to apply to transactions

made in both Singapore dollar and foreign currency, the available

Spending Limit shall be at the Singapore dollar equivalent to that

Singapore dollar and foreign currency at the prevailing exchange

rate on the day the spending in foreign currency is made.

3.47 Nothing in these Terms and Conditions shall limit your right to

debit the Designated Account or any other Account with the

amount of any transaction (including any interests, charges,

fees, costs and expenses) regardless of whether such amount

is equal to the amount of the Held Balance.

3.48 The use of my Citibank ATM/Debit Card shall be immediately

terminated if all Accounts are closed for any reason whatsoever.

3.49 My Citibank ATM/Debit Card may not be used to effect any

Citibank ATM/Debit Card Transaction once the Designated

Account is closed, even if my other Account(s) remain in force.

3.50 You may in your reasonable discretion, with notice but without

any liability to me, terminate the use of my Citibank ATM/Debit

Card or my right to use the Citibank ATM/Debit Card to effect

Citibank ATM/Debit Card Transactions and/or Cash Withdrawals

whether or not I am in default of these Terms and Conditions.

3.51 If the use of my Citibank ATM/Debit Card is terminated for any

reason whatsoever, I must return to you the Citibank ATM/Debit

Card cut in halves.

3.52 Your rights and remedies under these Terms and Conditions shall

not be determined, affected or prejudiced by my bankruptcy,

insanity, death or other legal disability, and I or my representative

shall be bound to immediately return to you the Citibank ATM/

Debit Card cut in halves.

3.53 My obligations and Liabilities under these Terms and Conditions

will continue notwithstanding any termination of the use

of my Citibank ATM/Debit Card for any reason. In addition,

notwithstanding the closure of any or all of the Accounts, I shall

remain liable for the amount of any and all Cash Withdrawals

and/or Citibank ATM/Debit Card Transactions effected

through the use of my Citibank ATM/Debit Card (including

all fees, interests and charges relating to such Citibank ATM/

Debit Card Transactions and/or Cash Withdrawals) whether or

not such Cash Withdrawals and/or Citibank ATM/Debit Card

Transactions were debited from the Account(s) prior to closure

and the provisions of these Terms and Conditions shall apply in

respect of all such Cash Withdrawals and Citibank ATM/Debit

Card Transactions.

3.54 Without prejudice to any of your rights and remedies, you are

entitled, at any time in your reasonable discretion and without

giving any reason or notice, to refuse to approve or authorise any

proposed:

(a) Cash Withdrawal notwithstanding that the amount of the

proposed Cash Withdrawal does not exceed the Available

Balance or the ATM Limit would not be exceeded if such

Cash Withdrawal is effected; and/or

(b) Citibank ATM/Debit Card Transaction notwithstanding

that the amount of the proposed Citibank ATM/Debit Card

Transactions does not exceed the Available Balance in the

Designated Account or the Monthly Transaction Amount

would not exceed the Monthly Spending Limit if such

Citibank ATM/Debit Card Transaction is effected.

3.55 Without prejudice to and notwithstanding the other provisions

of these Terms and Conditions, you may allow or approve any

Citibank ATM/Debit Card Transaction and/or Cash Withdrawal,

even if:

(a) the amount of the Cash Withdrawal and/or Citibank ATM/

Debit Card Transaction exceeds the Available Balance in

the relevant Account; and/or

(b) the Monthly Spending Limit would be exceeded, as the

case may be, and you may debit the Designated Account

(or any other Account) with any amount due from me to

you (whether in respect of any Cash Withdrawal and/or

Citibank ATM/Debit Card Transaction, interest, fee, charge

or otherwise) even if an Overdrawn Balance would result in

any Account from such debiting.

3.56 Notwithstanding and without prejudice to the other provisions of

these Terms and Conditions, you are entitled at any time in your

reasonable discretion without giving me any notice or reason,

whether or not I am in default of these Terms and Conditions,

to:

(a) suspend my right to use the Citibank ATM/Debit Card

entirely or in respect of specified facilities;

(b) increase or decrease the ATM Limit and/or the Monthly

Spending Limit;

Card; and/or

(d) introduce, amend, vary, restrict, suspend, terminate or

withdraw all or any of the benefits, services, facilities and

privileges in respect of or in connection with my Citibank

ATM/Debit Card and/or the use of my Citibank ATM/Debit

Card, whether specifically relating to me or generally to all

or specific card members, and you shall not be liable to me

for any loss or damage suffered by me as a result of such

suspension or termination (except for in the case of your

gross negligence or wilful default).

3.57 Where I am issued with a Citibank ATM/Debit Card, the CIN may

or may not coincide with the number of any Account. In addition,

you may at my request or at any time without incurring any

Liability or giving any reason, and upon giving me notice, change

my CIN and issue a replacement Citibank ATM/Debit Card, and

you may, where applicable, continue to debit all Citibank ATM/

Debit Card Transactions on my new Citibank ATM/Debit Card to

the Designated Account. You may also continue to debit all Cash

Withdrawals on my new Citibank ATM/Debit Card to the relevant

Account. If you have given me such notice, I must immediately

return to you my Citibank ATM/Debit Card cut in halves. In

addition, in the event that another account maintained by me

with you is designated with your consent as the “Designated

Account” for the use of my Citibank ATM/Debit Card in place

of the Designated Account, such account shall be regarded as

the Designated Account for the purpose of these Terms and

Conditions with effect from such date as you may notify me.

3.58 I consent to (i) the collection, storage, communication, processing

and identification of my account balance information by any

means necessary for Citibank to maintain appropriate transaction

and account records; (ii) the release and transmission to and the

retention by the ATM networks of details of the Account(s), ATM-

PIN, transaction information and other information to enable my

use of the Citibank ATM/Debit Card at an ATM or Point of Sale

(whether in Singapore or elsewhere); and (iii) the compliance

by such ATM networks with the laws and regulations governing

the disclosure of information to which they are subject, and I

will promptly execute such documents as you may request in

connection with my use of the Citibank ATM/Debit Card at an

ATM or Point of Sale.

3.59 If any Cash Withdrawal or Citibank ATM/Debit Card Transaction

(including online and overseas) is denominated in US dollars, it

will be converted into Singapore dollars. If any Cash Withdrawal

or Citibank ATM/Debit Card Transaction is denominated in

foreign currencies other than US dollars, it will be converted

into US dollars before being converted into Singapore dollars.

The currency conversion will take place on the date on which

the transaction is received and recorded by you and will

be based on your prevailing exchange rate or an exchange

rate determined by MasterCard, depending on whether the

conversion is performed by us or MasterCard. Cash Withdrawals

from non-Citibank branded ATMs and Citibank ATM/Debit Card

Transactions denominated in foreign currencies will be subject to

an administrative fee of up to 2.5% on the converted Singapore

dollar amount, or such other rate as determined by you and

notified to me.

3.60 Notwithstanding paragraph 3.57, if I have chosen to convert my

Cash Withdrawal from a non-Citibank branded ATM or Citibank

ATM/Debit Card Transaction denominated in foreign currencies

into Singapore dollars via dynamic currency conversion (a service

offered at certain overseas ATMs and merchants), I acknowledge

that the process of conversion and the exchange rates applied

will be determined by the relevant ATM operator, merchant

or dynamic currency conversion service provider, as the case

may be. Such Cash Withdrawals and Citibank ATM/Debit Card

Transactions will be subject to an administrative fee of up to

2.5% on the converted Singapore dollar amount, which includes

1% fee by Mastercard.

3.61 All Citibank ATM/Debit Card Transactions processed outside

Singapore (i.e. without any currency conversion) will be subject

to an administrative fee of up to 2.5% on the total amount of

the transaction, which includes a 1% by Mastercard, which shall

be payable by me and debited from the Designated Account.

This includes but is not limited to any Citibank ATM/Debit Card

Transaction in Singapore dollars on overseas-based websites

and mobile applications.

3.62 Where you allow my Citibank ATM/Debit Card to be tagged to

a foreign currency account and used for any and/or all foreign

currency fund in the foreign currency account, foreign currency

transactions and Cash Withdrawals will be directly authorized

from the respective foreign currency account in the foreign

currency provided that there are sufficient funds in the relevant

foreign currency.

3.63 You will credit any Account with any refund in respect of any

Citibank ATM/Debit Card Transaction or any payment or other

credit due to me at such time as you may reasonably determine

in accordance with your usual practice after your receipt of the

amount of such refund, payment or credit in Singapore. If such

refund, payment or credit is received in a currency other than

Singapore dollars, you will convert it to Singapore dollars at

such time and rate of exchange as you may in your reasonable

discretion adopt in accordance with your usual practice. I agree

that I shall bear all exchange risks, reasonably incurred losses,

commission, fees and charges which may thereby arise.

3.64 All Cash Withdrawal and/or Citibank ATM/Debit Card

Transactions made with the Citibank ATM/Debit Card outside

Singapore constitute a payment by you to me and a remittance

to the country where the Cash Withdrawal and/or Citibank ATM/

Debit Card Transaction is effected, at such rate of exchange

as you from time to time deem fit. My right to effect any Cash

Withdrawal and/or Citibank ATM/Debit Card Transaction outside

Singapore is subject to the laws and regulations of Singapore

and that of the country in which the Cash Withdrawal and/or

Citibank ATM/Debit Card Transaction is effected or proposed

to be effected (including without limitation, any exchange

controls, regulations or limitations prevailing in such country). In

any event, I shall compensate you for all exchange risks, losses,

communications and other fees and charges which may thereby

be reasonably incurred.

3.65 I shall be liable for, and shall pay you, on demand, the balance

due to you on the Designated Account, including all charges to

the Designated Account in accordance with these Terms and

Conditions or any other agreement between me (whether alone

or jointly with any other person) and you.

4. Citibank Online

4.1 My access to and use of the Citibank Online shall be subject to

the Citibank Online User Agreement, and to such other terms

and conditions as you may at your absolute discretion determine

from time to time.

5. Electronic Statements / Electronic Advices

5.1 I agree that it is a condition of acquiring a product or service from

you that I use the Citibank Online Electronic Statement(s) Facility

(“eStatement(s)”) / Citibank Online Electronic Advice(s) Facility

(“eAdvice(s”) rather than receiving Statement(s) / Advice(s) in

paper format.

5.2 I agree that even where you provide to me one or more

Statement(s) / Advice(s) in paper format, you have not waived

your right to require my receiving eStatement(s) / eAdvice(s) as

a condition of providing a product or service.

5.3 I agree that by using eStatement(s) / eAdvice(s), I accept and

agree to be bound by all the terms and conditions governing

eStatement(s) / eAdvice(s), including without limitation all

the following paragraphs and to pay any fee associated with

the use of eStatement(s) / eAdvice(s). I shall abide by any and

all laws, rules, regulations and official issuances applicable

to eStatement(s) / eAdvice(s), now existing or which may

hereinafter be enacted, issued or enforced under any jurisdiction,

as well as such other terms and conditions governing the use

of other facilities, benefits or services you may from time to

time make available to me in connection with eStatement(s) /

eAdvice(s).

5.4 I understand that: (i) eStatement(s) allows me to use your online

viewing facility wherein you will provide through the medium

of my computer terminal the electronic form of the monthly

statement(s) of my Account(s) (“Statement(s)”), to allow

me to receive my Statement(s) online on statement date (as

determined by you) as well as allow me to transmit instructions

relating to eStatement(s); and (ii) eAdvices(s) allows me to receive

advices, notifications and communications in connection with

my Account(s) (“Advice(s)”) online from time to time, as may be

determined by you.

5.5 I agree that the use and storage of any information including,

without limitation, the password, account information,

transaction activity, account balance and any other information

relating to or arising from my Statements(s) / Advice(s), which

is available on my personal computer, or any other electronic

device to which I have access, is at my own risk and shall be my

sole responsibility.

5.6 I agree that the availability of the electronic form of my

Statement(s) on statement date (as determined by you) shall be

deemed the date of delivery of the monthly Statement(s) to me

and (ii) the delivery date of my Advice(s) shall be deemed to be

the date on which the electronic form of my Advice(s) is made

available to me.

5.7 I agree that you reserve the right to impose such fee(s) for the

use of eStatement(s) / eAdvice(s) from time to time at your

reasonable discretion with reasonable notice.

5.8 I agree that you have the discretion to make eStatement(s) /

eAdvice(s) available to me. Further you have the reasonable

discretion from time to time to modify, restrict, withdraw,

cancel, suspend or discontinue eStatement(s) / eAdvice(s) with

reasonable notice and I understand that by using eStatement(s)

/ eAdvice(s) after any modification or change has been effected,

I am deemed to have agreed to such modification or change.

5.9 I shall enroll in eStatement(s) / eAdvice(s) and shall provide

my email address(es). You have the reasonable discretion with

notice to reject any request for my enrollment in eStatement(s)

/ eAdvice(s).

5.10 I represent that I am the registrant on record of the email address

that I have provided to you for the purpose of, among other

things, the provision to me of my Statement(s) and Advice(s)

in electronic form. I agree that I will immediately advise you of

any changes to my said email address. I understand that the

provision of eStatement(s) / eAdvice(s) to me is subject always

to you having on record my current postal mailing address and

telephone contact number.

5.11 I acknowledge that where the electronic form of my monthly

Statement(s) / Advice(s) is sent to the email address that I have

provided to you in connection with eStatement(s) / eAdvice(s),

such Statement(s) can only be accessed/viewed using a

password (“Password”). I agree that I am responsible for keeping

the Password confidential, I shall not reveal the Password to any

unauthorized party and shall take all steps to prevent discovery

of the Password by any unauthorized party. In the event that the

Password is disclosed or discovered by any unauthorized party,

I shall immediately change the Password. You shall not be liable

for any losses, damages, expenses or costs arising out of or in

connection with the unauthorized use of the Password, including

the disclosure to any person of any of information relating to me

and/or my Account(s) (except in cases of your gross negligence,

wilful default or fraud).

5.12 Upon my enrollment to eStatement(s) / eAdvice(s), the paper

form of my Statement(s) / Advice(s) will cease to be delivered

to me on such date as may be determined by you. I agree to

accept and view in a timely manner, the electronic form of the

Statement(s) / Advice(s).

5.13 Cancellation of use of eStatement(s) / eAdvice(s) may be effected

by me or you. You reserve the right to decline to provide or to

cease to continue to provide a product or service to me where

either you or I cancel use of eStatement(s) Facility / eAdvice(s).

You reserve your right to reject or cancel my enrollment in

eStatement(s) / eAdvice(s). You shall, prior to canceling my

enrollment to eStatement(s) / eAdvice(s), give reasonable notice

of such cancellation through electronic or paper document,

which shall be sent to me at my last known email or other

address.

5.14 Upon cancellation of eStatement(s) / eAdvice(s), you shall

automatically generate the paper form of my Statement(s)

/ Advice(s) and send the same to my designated mailing

address on the next Statement / Advice date. Provided that

if my enrollment to eStatement(s) / eAdvice(s) is cancelled by

me, you are obliged to generate and send the paper form of

my Statement(s) / Advice(s) only after receipt of my notice of

cancellation, on the next statement / advice date.

5.15 I agree that you shall not be liable if I am unable to gain access to

the eStatement(s) / eAdvice(s) (except in cases arising out of your

gross negligence, wilful default or fraud). I understand that while

eStatement(s) / eAdvice(s) are available to me once effected,

twenty-four (24) hours a day, some or all of the services thereon

may not be available at certain times due to maintenance and/

or computer, telecommunication, electrical or network failure

or other causes beyond your control.

5.16 I agree that under no circumstances (save for cases arising out

of gross negligence, wilful default or fraud), shall you or anyone

involved in creating, producing, delivering or managing my

Statement(s)/Advice(s), be liable for any indirect, incidental,

special or consequential damages that may result from the use

of, or inability to use eStatement(s) / eAdvice(s) or out of the

breach of any warranty.

5.17 I agree that you shall use reasonable effort to ensure that

eStatement(s) / eAdvice(s) is secure and cannot be accessed by

unauthorized third parties. However, I acknowledge that you do

not warrant the timeliness, security, secrecy or confidentiality

of any information transmitted through any applicable internet

service provider, network system or such other equivalent

system in any jurisdiction via eStatement(s) / eAdvice(s) and I will

not hold you responsible for any losses suffered by me as a result

thereof (except for cases arising out of your gross negligence,

wilful default or fraud).

I also agree that any form of security breach, including third party

interception of my Statement(s) / Advice(s) and its contents

becoming known to third parties, shall not be considered as a

breach by you of banker-customer confidentiality, except for

your gross negligence, wilful default or fraud.

5.18 eStatement(s) / eAdvice(s) uses proprietary software of yours,

any affiliate or subsidiary of Citigroup Inc. and/or other software

suppliers. I agree that you have granted me a non-exclusive

license to use this software in connection with eStatement(s)

/ eAdvice(s) which allows me to use such software only for

its intended and lawful purposes. I agree that I shall not

disassemble, decompile, copy, modify, or reverse engineer any

such software or allow or assist anyone else to do so whether

directly or indirectly.

5.19 I am responsible for examining and viewing online the

Statement(s) / Advice(s) in a timely and prompt manner after

receipt. If I have not received or have difficulty viewing the

electronic form of the Statement(s) / Advice(s), I agree to

contact your 24-Hour CitiPhone Banking at +65 6224 5757. If I

experience any difficulty in accessing an electronically delivered

Statement(s) / Advice(s), I shall promptly inform you to enable

delivery through alternate means.

5.20 I agree that in the event of any error appearing in the Statement(s)

/ Advice(s), I shall notify you immediately of said error by sending

you a secured message via Citibank Online Secure Email or

calling your 24-Hour CitiPhone Banking at +65 6224 5757.

5.21 I agree that all my online communications including requests or

reports on any error in my Statement(s) / Advice(s) will be sent

online to you and all such communications shall contain the

following information: (a) name and account number; and (b)

details of the error. However, I shall not hold you responsible if

any of my online communication is not received by you, or in a

form readily understood by you so that you may act on it (except

for cases arising out of your gross negligence or wilful default

or fraud). Further I shall indemnify you and hold you harmless

from and against any losses you may incur or suffer arising from

my accessing or using any of the services from eStatement(s) /

eAdvice(s) (except for cases arising out of your gross negligence

or wilful default or fraud).

5.22 I agree that I shall remain fully liable for my contractual Liabilities

to you, irrespective of receipt or non-receipt, or intimation of,

my Statement(s) / Advice(s).

6. Remote Signature Services

6.1 In connection with Services or Products which may be made

available on separate terms, or where you require any forms,

notices, approvals, consents, disclosures, authorisations,

acknowledgements, contracts, instructions and other

documents to be entered into by me or my authorised signatory

(each a “Document” and collectively “Documents”) you may

at your discretion allow the authorisation or signing of those

Documents, electronically through a Citibank “one-time

password” system or other Citibank electronic signing system

(such systems collectively the “Remote Signature Services”).

6.2 I agree that in respect of each sign-up or Document authorised

or signed through the Remote Signature Services, and each

authorisation or signature collected through the Remote

Signature Services, where you (whether before or after the time

such sign up is recorded) verify:

(a) the identity of the user of the Remote Signature Services as

me or my authorised signatory; or

(b) the signature as being my signature or a signature of my

authorised signatory, through measures which fulfil your

internal requirements, such sign-up shall be deemed to me

having signed up to those separate terms in hard copy, to

have signed those Documents in hard copy, and to be my

signature and authorisation, for all intents and purposes. I

agree not to dispute or challenge such measures or require

you to take any further measures.

6.3 I agree that all records in electronic form maintained by you or on

your behalf in connection with the Remote Signature Services,

which fulfil your internal requirements, shall be deemed to be

valid, accurate and authentic, and given the same effect as

written and signed documentary communications between

myself and you in hard copy. I agree not to dispute their

validity, accuracy and authenticity and I agree that they shall

be conclusive evidence of the information and my agreement

to the relevant separate terms, save in the case of manifest or

clerical error.

6.4 I agree that using the Remote Signature Services does not

guarantee that you will provide me with the relevant Service and/

or Products. Instead, my application will be assessed according

to your application assessment procedures in the same way

that Product or Service application through other channels are

assessed.

PRODUCTS

1. Checking

1.1 I authorise you to release my name and account number to your

printer solely for the purpose of checkbook issuance.

1.2 Stop Payment Order:-

(a) You may at your absolute discretion elect to act upon my

instructions to countermand or stop payment of a check.

I can only request you to countermand or stop payment on

a check I have drawn if I agree:

(i) to indemnify you against any loss resulting from such

non-payment of the check;

(ii) that the check be certified for handling stop payment

orders;

(iii) to notify you promptly in writing if the check is recovered

or destroyed or if for any other reason this stop payment

order may be cancelled; and

(iv) that the stop payment order is cancelled six (6) months

after the date of request. These instructions shall

specify the serial number of the check, the date of

issue, the payee’s name (if any) and the amount, and

shall be valid for six (6) months from the date of such

instructions or such other period as you may prescribe.

The interest accrued on credit balances therein shall be at

such rate as determined, from time to time, by you.

(b) I shall give you notice:-

(i) if any check is recovered or destroyed or if the

instructions to countermand or stop payment are to

be cancelled; and

(ii) before issuance of a replacement check and to inscribe

on the face of such check the word “REPLACEMENT”

and a number and date different from the check

stopped.

1.3 You are entitled to debit the Account(s) (including any

Investment Account) with the amount previously credited in

relation thereto if any checks or drafts are dishonoured. You

may apply your prevailing selling rate on the date of debit when

charging back or claiming reimbursement where such previously

credited amount is in a currency other than Singapore dollars.

Dishonoured or returned checks or such other dishonoured

negotiable instruments may be returned to me by ordinary post

at my sole risk and expense. I shall reimburse you for any loss

which you suffer as a result of such dishonour of checks or other

dishonoured negotiable instruments.

1.4 I may draw on you checks in such currency as you may from

time to time allow and, unless otherwise agreed, on check forms

provided by you. You may refuse to honour any check where in

your opinion the signature differs from the specimen signature

furnished to you. You may also refuse to make a cash payment

on checks drawn on you where the word “Bearer” on the checks

presented for payment has been cancelled.

1.5 Any alteration on checks must be confirmed by the drawer’s full

signature. You may dishonour any check where the alteration is

confirmed by an incomplete signature or by initials only.

1.6 You may in your absolute discretion refuse to accept any check

(including without limitation any check drawn to the order of

third parties) or other financial instrument for deposit. I must

make prior arrangements with you for the confirmation of prior

endorsements.

1.7 You may mark any check as “good for payment” to another

financial institution, in which case the Account(s) will be debited

immediately with the amount of the marked check.

1.8 Upon receipt of a returned foreign currency check which was

not honoured by a drawee bank because of insufficiency of

funds, forgery, stoppage of payment or any other reason, your

prevailing selling rate on the date of return will be applied when

you charge back or claim reimbursement for such previously

credited amount.

1.9 I assume full responsibility for the genuineness, validity and

correctness of all signatures, endorsements and particulars

appearing on the checks (except in the case of manifest error,

fraud, forgery that does not arise due to my (including my agent’s

or representative’s) negligence or wilful default). All checks may

be charged to me at any time unless full and final payment is

received by you.

1.10. United States dollar Checks are drawn on you in Singapore and

may be sent to you in exchange for sight drafts drawn on Citibank

New York or for reimbursement by telegraphic transfer.

1.11. You may in your reasonable discretion elect to honour my check

and debit the Account(s) for payment notwithstanding such

debit may result in the Account exceeding its credit or overdraft

balance. Where you are presented with any check drawn by me

that, if honoured by you, will either cause the Account to become

overdrawn or increases the overdrawing, you shall be entitled to,

and I acknowledge and agree that you may, treat the receipt of

that check as a request from me for an overdraft or an increase

to an existing overdraft.

2. Time Deposit/Globe Deposit

2.1 I understand that deposit(s) in foreign currencies will be done

for value spot i.e. two (2) Business Days ahead, and thus

instructions to withdraw whether partially or in full, or to make

changes to the tenure or currency of the deposit must be given

two (2) Business Days prior to the maturity date of the deposit;

and accept that any deposit(s) to be made by me in foreign

currencies with you will be subject to such minimum amount

and such minimum tenure as may be prescribed by you from

time to time to be applicable to such currencies. Such deposit

may also be referred to as a “Globe Deposit.”

2.2 You will issue an Advice of Credit which is only evidence of

deposit and not a document of title. I understand that you

will thereafter send me monthly statements showing the total

amount standing to the credit of my Account(s) at the end of

the month. I will promptly inform you of any irregularities or

discrepancies in the contents of each Advice of Credit sent to me

and in any case within twenty-one (21) days from the date of the

Advice of Credit, failing which I shall be deemed to have accepted

and approved conclusively the contents of the Advice of Credit

and thereafter I shall not be entitled to raise any objections to

the Advice of Credit, save in the case of manifest or clerical error.

2.3 Unless you receive prior valid instructions from me at least two

(2) Business Days prior to the maturity date, you shall renew

the deposit(s) automatically together with all interest accrued

thereon for a like term upon maturity and upon each successive

maturity, on the Terms and Conditions herein.

2.4 You will pay me interest on my foreign currency deposit(s) for

such period of time and at such rates as may be specified by you

from time to time and such interest shall be calculated on a daily

basis or in accordance with such formula as you may decide.

2.5 Subject to paragraph 2.8 below, all withdrawals of deposit(s) must

be made by my written request to you by authenticated cable or by

such other method of communication approved by you. A withdrawal

of any deposit shall be effected only by way of your Checks, drafts

or telegraphic transfer in the currency of that deposit or such other

currency (as you in your discretion may permit and subject to such

terms and conditions as you deem fit). Such request may be in the

form of a Check drawn upon you, provided that it is worded on a

sight draft payable in the country where the funds are placed. If I fail

to specify the method of payment you may either issue a draft or

remit the funds telegraphically as you see fit in the currency of the

deposit(s).

2.6 Subject to paragraph 2.8 below, withdrawal of the deposit(s)

whether partially or in full before the maturity date may be

made only with your consent (which shall not be unreasonably

withheld) and upon such terms and conditions as you may in

your reasonable discretion impose from time to time (including

the minimum amount that may be allowed to be withdrawn by

me) and the accrued interest earned from the deposit(s) may, at

your reasonable discretion, be subject to the levy of a withdrawal

charge or the payment of a penalty by me to be calculated in

accordance with such formula as you may prescribe from time

to time and notify to me. I shall further indemnify you from any

reasonable costs and expenses incurred by you arising from or

in connection to the early withdrawal of the deposit(s).

2.7 I further agree and accept that in the event of partial withdrawal,

if the balance of the principal amount of my foreign currency

deposit(s), after taking into account my partial withdrawal, will

fall below the sum of US$50,000 or its equivalent or such other

minimum sum as you may from time to time prescribe and notify

to me, I shall be required to make a full withdrawal and no partial

withdrawal will be allowed.

2.8 If the deposit(s) is/are held by you as security for the performance

of any obligation or Liability to you, the amount thereof cannot

be withdrawn, assigned, transferred or in any way encumbered.

2.9 The deposit(s) is/are payable solely at Citibank Singapore

Limited, and no other branch or subsidiary of Citigroup, Inc.

shall be liable to repay the deposit(s).

3. Gold Account

3.1 I understand that gold investments will be in Loco London Gold.

All transactions will be made subject to the rules of the London

Gold Market (provided that I will not be entitled to exercise

any rights pursuant to such rules in conflict with these Terms

and Conditions). The gold to be sold or purchased shall be of

the specification acceptable on the London Gold Market. I

understand that you will not make any physical delivery of gold

to me at any time and I will not be permitted to make any physical

deposit or withdrawal of gold to or from my gold account. I also

understand that no wire transfer of gold to or from my gold

account shall be permitted.

3.2 The price quoted for all sale and purchase transactions will take

reference from the USD spot rates quoted by you to me from

available quotations on Reuter’s screen GOFO page or such related

screen as you reasonably deem equivalent (or if such rates are not

available on those screens, at your reasonable discretion, such

other quotation service or pricing method generally accepted

by the market) and subject to the availability of a firm bid/offer

price. I understand that any quote you provide may include a

spread or markup. You will effect any transaction only on receipt

of instructions from me or my authorized personnel. I understand

that the final terms of all transactions will be subject to the terms

contained in the Confirmation and that in any transaction, you may

be acting as counterparty in addition to being an executing agent

on my behalf.

3.3 You may reasonably refuse to accept instructions for the

execution of any transaction and shall not be liable for any loss

that may arise as a result thereof. You shall not be obliged to

carry out any buy transaction hereunder unless I have first made

available to you sufficient cleared funds to enable you to carry

out such transactions, including but not limited to, sufficient

cleared funds for the payment of the purchase price and related

fees and charges.

3.4 I shall promptly reimburse you for all taxes imposed and levies

charged in respect of or in connection with any contract or

transaction and shall indemnify and hold you harmless against

all such charges.

3.5 I understand that gold does not represent a deposit of money and

such an investment is subject to certain risks. There is no yield or

interest generated and a loss may be incurred due to fluctuations

in its price. I understand that you will not be liable for any loss

incurred on my part arising from termination of any transaction

by you due to any Market Disruption Event or Additional Market

Disruption Event as those terms are defined in the 1997 ISDA

Bullion Definitions (“ISDA”), or from any settlement of the

relevant gold contract made pursuant to the ISDA provisions

relating to any Market Disruption Event or Additional Market

Disruption Event.

4. Credit Facilities

4.1 You may at your discretion extend to me at my request Credit

Facilities in accordance with your policy and on such terms and

conditions as you may prescribe from time to time and up to

such limit and in such currency as you may in your sole discretion

determine. The Credit Facilities shall become available to me:

(a) when you have received in form and substance satisfactory

to you:

(i) the Charge Documents duly executed by me or the Third

Party, as the case may be, in your favor ; and

(ii) any other document necessary to give effect to or

perfect your security interest under the Charge

Documents, which you may reasonably request,

including without limitation guarantees from Third

Parties in your favour; and

(b) upon the following conditions being satisfied:

(i) all acts, conditions and things required to be done and

performed and to have happened prior to the execution

and delivery of the documents in paragraph 4.1(a)

above to constitute the same legal, valid and binding

obligations enforceable against me and/or the Third

Party in accordance with their respective terms shall

have been done, performed and have happened in due

compliance with all applicable laws;

(ii) all costs and expenses incurred by you in connection

with the Credit Facilities have been paid by me;

(iii) there is no material adverse change in my financial

condition or that of the Third Party which in your

opinion will affect my ability or that of the Third Party

to perform the respective obligations hereunder and/

or under the Charge Documents;

(iv) no event of default (however described) or Special

Circumstance has occurred and is continuing and no

event has occurred which, with the giving of notice

and/or lapse of time, constitutes an event of default

(however described) or Special Circumstance; and

(v) any other condition which you may reasonably impose.

I agree and acknowledge that you reserve your right to

withdraw any offer of the Credit Facilities to me at any

time notwithstanding the fulfilment of the above terms

and conditions, without assigning any reasons whatsoever

and/or to review the Credit Facilities at your sole discretion

at any time.

4.2 Where requested by you, I shall pay a front-end commitment

fee upon accepting each Credit Facility.

4.3 Where any Credit Facility is extended jointly to more than one

person, all obligations and Liabilities of such persons under the

relevant Credit Facility shall be joint and several. Any instructions

relating to such Credit Facility (including, without limitation,

requests for rollovers, prepayment and termination of such

Credit Facility) by any one such person shall be deemed to be

jointly and severally given or made and shall be binding on all

such persons.

4.4 Interest on Credit Facilities shall be paid by me at the rate(s)

specified by you in your sole discretion and after giving

reasonable notice of such rate(s). Such interest shall be paid in

arrears and shall be debited from the Account(s) when it is due.

4.5 Unless otherwise agreed to by you, the payment of each and

every sum at any time due from me under the relevant Credit

Facility shall be made in the currency in which the relevant Credit

Facility is made available.

4.6 Subject to your approval, I may prepay the whole or any part

of the Outstanding Indebtedness at any time by giving two (2)

Business Days’ Written Notice of such prepayment at such cost

and charges as you may in your absolute discretion deem fit.

4.7 Unless otherwise indicated by you, any amount whether of

interest or principal which is not paid on its due date or on

demand (as the case may be) shall carry interest at the rate of

six per cent. (6%) per annum above the interest rate applicable

to the relevant Credit Facility from the date of default up to and

including the date of actual payment (before as well as after

judgment).

4.8 The Charged Property and the Account(s) shall be charged and

shall continue to remain charged to you unless and until the

Outstanding Indebtedness is fully discharged and paid to you.

The amount(s) remitted towards any coupon payment on, or on

the maturity of, the Charged Property and all dividends, interest,

monies, entitlements and other distributions, allotments and

accretions whatsoever received in respect of the Charged

Property (inclusive of any interest earned on application monies)

shall first be appropriated towards payment of the interest

accrued on the Credit Facilities regardless of whether an event

of default (however described) or Special Circumstance under

these Terms and Conditions or under the Charge Documents

has occurred. Any balance shall be booked in a deposit for a

tenor as you may reasonably deem fit in your absolute discretion

and at the same time shall earn interest at the time deposit rate

prevailing from time to time. These deposits and the interest

accrued thereon shall remain charged in your favour as security

for the Outstanding Indebtedness.

4.9 In the event that the value of the Charged Property and/or the

Account(s) falls below a specified percentage determined by you

(in your sole and absolute discretion) of the principal amount

under the relevant Credit Facility (“Security Requirement”) or is

downgraded according to your internal rating system:

(a) I shall, notwithstanding any terms in the Charge Documents,

within the time period (which will be determined at your sole

discretion) of your giving me notice (which notice may be

written or oral), deposit with you such additional Securities

(as defined in the Charge Documents) and/or sums as you

may require to ensure that the Security Requirement is met,

and such additional Securities (as defined in the Charge

Documents) and/or sums shall be charged to you as security

for the Outstanding Indebtedness; or

(b) you may reduce the principal amount of the relevant Credit

Facility to ensure that the Security Requirement is met.

notice shall include notice by mail, telephone, facsimile

transmission or electronic mail.

4.10 I hereby represent and warrant, for your benefit that:

(a) all necessary consents have been obtained by me and the

Third Party for the execution of the Charge Documents and

the acceptance of the Credit Facilities and they constitute

my legal, valid and binding obligations enforceable in

accordance with their respective terms;

(b) to the best of my knowledge, no steps have been taken or

are being taken to appoint a receiver over my assets and no

circumstances exist for the presentation of a bankruptcy or

winding-up petition against me;

which has or could have a material adverse effect on my

financial position;

(d) no event of default (however described) or Special

Circumstance has occurred and is continuing and no event

has occurred which with the giving of notice and/or the

lapse of time might constitute an event of default (however

described) or Special Circumstance; and

(e) each of the representations and warranties above shall

survive and continue to have full force and effect and to be

true and correct until the Outstanding Indebtedness is fully

paid and discharged to you.

4.11 If at any time it is or will become unlawful or contrary to any

law or directive of any agency of any country for you to make,

fund or allow to remain outstanding all or part of the Credit

Facilities, to carry out all or any of your other obligations under

the Credit Facilities and/or to charge or receive interest at the

rate(s) applicable, upon your notifying me of the nature and

circumstances of the illegality:

(i) the relevant Credit Facility shall be cancelled forthwith; and/

(ii) I shall repay the Outstanding Indebtedness on such date as

you shall certify in your opinion to be necessary to comply

with the relevant law(s) or directive(s) together with accrued

interest thereon and any other sum(s) then due to you under

the Credit Facilities.

4.12 If any change in any applicable law, regulation, directive or

guideline in Singapore will subject you to any tax, deduction or

withholding of any nature with respect to the Credit Facilities,

you shall notify me and I shall pay to you on demand such

amount as will compensate you for any additional costs which

you will have to incur in making, maintaining or funding the

Credit Facilities or any loss suffered by you as a result of any

reduction in the amount of payment received by you hereunder.

4.13 The Outstanding Indebtedness shall:

(a) be repayable on demand by you at any time; and/or

(b) become immediately due and payable without any demand

or notice of any kind, all of which are expressly waived by

me upon the occurrence of any one or more of the Special

Circumstances.

Upon the occurrence of any Special Circumstance, you shall

forthwith cancel the relevant Credit Facility and be entitled to

enforce your rights under the Charge Documents with reasonable

notice to me and/or the Third Party (without prejudice to any

other rights to which you are at any time otherwise entitled,

whether by operation of law, contract or otherwise), to treat

the agreement for the granting of the relevant Credit Facility to

me as terminated and to apply any credit balance standing to

any of my accounts with you or with any Citibank, N.A. branch

or subsidiary anywhere in the world in whatever currency

towards the whole or partial satisfaction of the Outstanding

Indebtedness.

4.14 I hereby covenant with you that any of my indebtedness now

or hereafter incurred to other financial institutions or any other

person shall be subordinated to my Outstanding Indebtedness

to you.

4.15 I undertake to ensure that the Credit Facilities (and other

Account(s)) shall not be overdrawn, even temporarily, save

where you in your absolute discretion otherwise allow, or by prior

arrangement, and such arrangement shall be subject to these

Terms and Conditions and/or such other terms and conditions

as you shall determine.

5. Automatic Overdraft

5.1 Where you receive:

(a) a cheque drawn by me; or

(b) any payment or withdrawal instruction request made

in respect of my Account, including any debit card

transactions;

that would, if honoured and/or effected (as the case may be) by

you, either cause my Account to become overdrawn or increase

the overdrawing, you shall be entitled to treat the receipt of the

cheque or such instructions as a request from me for an overdraft

or an increase in an existing overdraft.

5.2 Where you receive my request for an overdraft or an increase to

an existing overdraft, I understand and agree that an overdraft

facility in Singapore dollar or any foreign currency may be made

available to me at your discretion up to the limit from time to

time and for such period determined by you by reference to the

value of my time deposits, cash accounts or any other assets of

any nature held by you as security for my obligation to you, as

you may select in your discretion. The amount of such limit and

the period will be notified to me from time to time.

5.3 I agree to pay you on demand with reasonable notice interest

on the overdraft utilised by me calculated at your rate(s) as

determined by you in your sole discretion, such interest to be

computed daily and charged at the end of each month. Interest

charged shall be reflected by an increase in the overdraft amount

utilised.

5.4 I agree to pay on demand all amounts of credit utilised by me,

all interest, fees and bank charges whatsoever and amounts for

which I might become liable to pay to you for any reason whether

alone or jointly, in the currency in which the overdraft facility is

extended.

5.5 For the avoidance of doubt, the terms and conditions set out

in paragraph 4 (“Credit Facilities”) under “Products” shall be

applicable to overdraft facilities made available under the above

paragraphs 5.1 to 5.4.

5.6 I undertake to ensure that the Account shall not be overdrawn,

even temporarily, save where you in your discretion have agreed

to my request for an overdraft or an increase to an existing

overdraft and such arrangement shall be subject to these Terms

and Conditions and/or such other terms and conditions as you

shall reasonably determine.

6. Commercial Credit

6.1 In the event where you agree to open at my request from time to

time, one or more Credit, I agree that at least one (1) Business Day

before the date on which any Credit is to be established, I will,

if you so require, place with you a sum (“Sum”) (to be credited

into the Payment Fund) equivalent to not less than the aggregate

of the face value of the Credit, the minimum commission

payable by me in respect of the Credit and an amount to cover

communication and other expenses.

6.2 The Sum is to be held by you free of interest for the purpose of

satisfying all expenses incurred in connection with the Credit,

the commission payable to you and also any payments which you

may have to make to the beneficiary of the Credit. I shall not be

entitled to demand the return of the Sum or the balance thereof,

if any, until one (1) month after the Credit has expired, has been

cancelled with the beneficiary’s consent or has been satisfied

by payment of all drawings made by the beneficiary thereunder.

I shall not, in any event, be entitled to demand more than the

return of the balance of the Sum remaining after all deductions

therefrom authorised by these Terms and Conditions have been

made.

6.3 Upon presentation of all drafts drawn or purported to be drawn

pursuant to the Credit, you may pay the amount(s) thereof out of

the Sum and if the face value of the Credit shall be in a currency

other than that of the Sum, you may convert the Sum into the

currency of the Credit at the current exchange rates prevailing

at your counters in Singapore on the date of actual payment. If

the Sum or the balance thereof is insufficient to satisfy all such

drafts in full, I shall pay the difference to you on your demand.

6.4 Except so far as otherwise expressly stated, all credits will be

subject to the Uniform Customs & Practice For Documentary

Credits (1993 Revision) International Chamber of Commerce

(Publication No. 500) and any modification thereof for the

time being in force. I will comply with any and all governmental

exchange regulations now or hereafter applicable to the

purchase of foreign exchange relative to drafts drawn under the

Credit, or purporting to be so drawn, and will indemnify and hold

you harmless from any failure to so comply.

6.5 I shall pay to you a cancellation fee of such amount as you may

from time to time stipulate if the Credit is cancelled within two

(2) weeks of being established. Any and all commission, fees and

expenses which may be paid or incurred by you in connection

with the Credit may be deducted from the Sum with reasonable

notice to me.

6.6 Save where I give you written instructions to the contrary with

regard to, and prior to the opening of, the Credit:-

(a) you and/or any of your correspondents may receive

and accept as “Bills of Lading” relative to the Credit any

document(s) issued or purporting to be issued by or on behalf

of any carrier which acknowledge(s) receipt of property for

transportation, whatever the specific provisions of such

document(s), the date of each such document shall be

deemed the date of shipment of the property mentioned

therein, and any such bill of lading issued by or on behalf

of an ocean carrier may be accepted by you and/or your

correspondents as an “Ocean bill of lading” whether or not

the entire transportation is by water;

(b) part shipment(s), and/or shipment(s) in excess of the

quantity called for in the Credit, may be made and you and/

or your correspondents may honour the relative drafts;

stated periods, and the shipper fails to ship in any

designated period, shipment of subsequent instalments

may nevertheless be made in their respective designated

periods and you and/or your correspondents may honour

the relative drafts;

(d) you and/or any of your correspondents may receive and

accept as documents of insurance under the Credit either

insurance policies or insurance certificates which need not

be for an amount of insurance greater than the amount paid

by you under or relative to the Credit; and

(e) you and/or any of your correspondents may receive, accept

or pay as complying with the terms of the Credit, any drafts

or other documents, otherwise in order, which may be

signed by, or issued to, the administrator or executor of, or

the trustee in bankruptcy of, or the receiver for any of the

property of the party in whose name the Credit provides that

any drafts or other documents should be drawn or issued.

6.7 I shall procure promptly any essential import, export or other

licences for the import, export or shipping of any and all

property shipped under or pursuant to or in connection with

the Credit and to comply with any and all foreign and domestic

governmental regulations in regard to the shipment of any and

all such property or the financing thereof, and to furnish such

certificates in that respect as you may at any time require,

and to keep the property covered by insurance satisfactory to

you, issued by insurers acceptable to you, and to assign the

policies or certificates of insurance to you, or to make the loss or

adjustment, if any, payable to you, at your option, if demanded

with evidence of acceptance by the insurers of such assignment.

6.8 I shall, at any time and from time to time, on demand, for the

purpose of covering my Liabilities under these Terms and

Conditions and under any Credit, make such cash payment(s)

to you as you may reasonably require. Any cash paid pursuant

to this paragraph shall be added to the Sum and held by you in

accordance with these Terms and Conditions. Neither you nor

any of your correspondents shall be responsible for:-

(a) the use which may be made of the Credit or for any acts or

omissions of the beneficiary(ies) in connection therewith;

(b) the existence, character, quality, quantity, condition,

packing, value or delivery of the property purporting to be

represented by documents;

or value of the property from that expressed in documents;

(d) the validity, sufficiency or genuineness of documents, or of

any endorsement(s) thereon, even if such documents should

in fact prove to be in any or all respects invalid, insufficient,

inaccurate or incomplete;

(e) the time, place, manner or order in which shipment is made;

(f) partial or incomplete shipment, or failure or omission to

ship any or all of the property referred to in the Credit;

(g) the character, adequacy, validity or genuineness of any

insurance;

(h) the solvency or responsibility of any insurer, or for any other

risk connected with insurance;

(i) any deviation from instructions, delay, default or fraud

by the shipper and/or any other(s) in connection with the

property or the shipping thereof;

(j) the solvency, responsibility or relationship to the property

of any party issuing any documents in connection with the

property;

(k) delay in arrival, or failure to arrive, of either the property or

any of the documents relating thereto;

(l) delay in giving, or failure to give, notice of arrival or any other

notice;

(m) any breach of contract between the shipper(s) or vendor(s)

and the consignee(s) or buyer(s), respectively;

(n) failure of any draft to bear any reference or adequate

reference to the Credit or failure of documents to accompany

any draft at negotiation, or failure of any person to surrender

or to take up the Credit or to send forward documents apart

from drafts as required by the terms of the Credit, each of

which provisions, if contained in the Credit itself, it is agreed

may be waived by you; or

(o) errors, omission, interruptions or delays in transmission or

delivery of any messages, by mail, cable, telegraph, wireless

or otherwise whether or not they may be in cipher.

6.9 The word “property” as used herein includes goods and

merchandise, as well as any and all documents relative thereto,

including securities, funds, chooses in action, and any and all

other forms of property, whether real, personal or mixed and any

right or interest of mine therein or thereto.

6.10 In the event of any change or modification with respect to:-

(a) the amount or duration of the Credit;

(b) the time or place of shipment of any relative property;

maturity of any drafts, acceptances or other documents;

and/or

(d) any of the other terms or provisions of the Credit, such being

done at my request, these Terms and Conditions shall be

binding upon me in all respects with regard to the Credit as

changed or modified, inclusive of any action taken by you

or any of your correspondents relative thereto.

6.11 You shall not be responsible for any act, error, neglect or

default, omission, insolvency or failure in business of any of

your correspondents (save for your gross negligence, wilful

default or fraud), and that the happening of any one or more of

the contingencies referred to above shall not affect, impair or

prevent the vesting of any of your rights or powers hereunder.

Without prejudice to the foregoing, it is agreed that any action,

inaction or omission taken or suffered by you, or by any of your

correspondents, under or in connection with the Credit or the

relative drafts, documents or property, if in good faith, and in

conformity with such foreign or domestic laws, customs or

regulations as you or any of your correspondents may deem to

be applicable thereto, shall be binding upon me and shall not

place you or any of your correspondents under any resulting

Liability to me.

7. Minor Account/Citibank International Junior Account

7.1 A “Minor Account” is an Account held by me jointly with a child

in such manner as you may permit from time to time. A Minor

Account may also be referred to as a “Citibank International

Junior Account.”

7.2 I shall specify in the application for the opening of the Minor

Account the child (the “Child”) whose name is to be included in

the Minor Account at your discretion.

7.3 There shall only be one Child named in a Minor Account at any

time unless you otherwise agree.

7.4 I shall not change the Child named in a Minor Account during the

existence of the Minor Account. You are not obliged to accept

any change in the name of the Child unless you are satisfied

that it is only a change in the name and is supported by legal

documentation to your satisfaction.

7.5 I hereby acknowledge and declare that the Minor Account is

not a trust account. The monies in the Minor Account are my

property and I shall be fully entitled to operate the Minor Account

as I think fit. When the Child has attained the age of 15 (or such

other age as may be determined by you), I may request you to

provide, and you may, at your sole discretion, provide the Child

with a Citibank ATM/Debit Card and ATM-PIN unless otherwise

restricted due to applicable laws.

7.6 No investment products, overdraft, checking or Credit Facilities

are or will be made available through the Minor Account.

7.7 Where I have requested you to provide, and you have agreed

to provide, the Child above the age of 15 with a Citibank ATM/

Debit Card and an ATM-PIN, I hereby declare that the Child is

duly authorised by me to give instructions pertaining to the

Minor Account on my behalf and you are entitled to accept and

rely on instructions in respect of any transaction concerning

the Minor Account from the Child as if such instructions were

issued by me on the terms and subject to the conditions set

out in the Terms and Conditions. Such authorisation shall

continue until you receive written notice from me that I have

revoked the authorisation given to the Child, which I may do at

any time, and at my/our sole and absolute discretion. I further

consent to you recording the Child’s telephone conversations

with you to provide evidence of instructions and other verbal

communications.

7.8 For and in consideration of your agreement to include the

Child’s name in the Minor Account and (where applicable) in

consideration of your issuing the Child with a Citibank ATM/Debit

Card and/or ATM-PIN at my/our request, I hereby undertake to

indemnify you and hold you harmless, on a reasonable basis,

from and against any and all claims and to reimburse you upon

demand for any and all payments, losses, costs, expenses

(including legal fees incurred by you on a full indemnity basis)

and damages which you may suffer, sustain, make, or be required

to make to any person, resulting from, in connection with or

pursuant to the carrying out of any instructions given by my Child

or by me (except for those arising out of your gross negligence,

wilful default or fraud). This indemnity shall be binding on my

legal personal representatives.

7.9 I undertake that, immediately upon the Child attaining the age

of 21, I shall obtain the ratification by the Child of all actions

and transactions effected on or with the Minor Account prior

thereto. I further undertake to procure the Child to execute such

ratification document(s) as may be provided by you (“Ratification

Document(s)”). Until such Ratification Document(s) has been

signed by the Child and received by you, you are not obliged to act

on any instructions given by me or the Child for the withdrawal

of the monies in the Minor Account.

7.10 I further undertake that immediately upon the Child attaining

the age of 21, I will instruct you to close the Minor Account and

to open another account with you, (a) in my sole name, (b) in

the joint names of myself and the Child, or (c) in the Child’s

sole name. The opening of the other account shall be at your

discretion, and in the case of (b) and (c) as aforesaid, shall be

subject to my procuring the Child’s execution of the Ratification

Documents.

7.11 If I fail to procure the Child’s execution of the Ratification

Documents and/or give instructions to close the Minor Account

within 45 days of the Child turning 21, you are hereby authorised

to close the Minor Account on my behalf, open a new Account(s)

in my name or release the monies in the Minor Account to me by

way of a Check, cashier’s order or telegraphic transfer issued in

favour of me.

7.12 If I am the sole adult holder of the Minor Account, in the event

of my death, you shall be entitled to close the Minor Account

and to pay the balance of monies therein to my legal personal

representatives. If there are 2 adult holders of the Minor Account,

in the event of the death of either one of us, you shall forthwith

be entitled to close the Minor Account and the credit balance

shall be transferred to a new Minor Account to be opened by you

in the name of the surviving adult holder and the Child. These

provisions shall also continue to apply to the new Minor Account

opened pursuant hereto.

8. Foreign Exchange Products

Forward Contracts

8.1 A “Forward Contract” is an agreement to take (i.e. by the buyer)

or to make (i.e. by the seller) delivery of the underlying asset

on a certain date at a predetermined price. Instead of taking

delivery, parties may subsequently decide to net settle the cash

difference. A Forward Contract is concluded off-exchange.

Foreign Currency Forward Contracts are usually concluded

off-exchange with commercial banks or financial institutions.

While the off-exchange market may be wider and is generally

available Twenty Four (24) hours a day, and contracts may be

for significantly larger amounts and may have no trading limits,

such off-exchange transactions do not have the benefits

of supervision, protection and an orderly market which are

otherwise found in an organised exchange.

8.2 Upon entering into a Forward Contract with you on my Accounts,

I agree that I am deemed to have authorised you to convert the

maturity proceeds of the Accounts into the Currency for delivery

on the maturity date of the Accounts. This authorisation is

irrevocable and I shall not be entitled to withdraw it once I make

such authorisation request.

8.3 I agree to execute all instructions to the branch of Citibank

Singapore Limited or where the Account is placed, corresponding

with any request made by me to enter into a Forward Contract,

on your prescribed form and/or as you may require.

8.4 The forward rate of the Forward Contract shall be, in the case

where the rate is confirmed (whether by letter, facsimile, telex

or other written means or orally) between you and I, such agreed

rate; or in the case where I authorise you to enter into a Forward

Contract without requiring any written or oral confirmation

of the rate, or where you are unable after using reasonable

endeavours to contact me to confirm the rate, such rate as

you may unilaterally make available to me as the forward rate

of the Forward Contract as set out in the Confirmation. I agree

that the Account and the accrued interest thereon shall be

subject to continued lien and right of set-off in your favour

to secure obligations herein, and I shall (unless you reject my

request herein) hereafter no longer be entitled to withdraw,

assign, transfer, encumber or otherwise deal in any manner

whatsoever with the Account and/or accrued interest or any

part thereof, whichever branch of Citibank the Account may

have been originally placed with and notwithstanding any

terms and conditions governing the Account to the contrary.

Without prejudice to the foregoing, you may at your absolute

discretion consent to early withdrawal of the Account and

accrued interest, subject to such conditions as you may deem

fit (including without limitation the requirement that a further

Forward Contract be entered into by me).

8.5 In addition and without prejudice to Citibank’s right to impose

under paragraph 8.4 above, if Citibank allows the withdrawal

of the Account and/or accrued interest or any part thereof prior

to its maturity date, I agree that all losses, damages, costs and

expenses suffered or incurred by Citibank as a direct or indirect

result of the Forward Contract entered into with me and/or such

early withdrawal shall be borne by me.

8.6 If my Transfer instructions are to place the proceeds of the

Forward Contract on any Account or other facility with Citibank

(e.g. FCNR(B), Multicurrency, Time Deposit), I shall prior to the

maturity date of the Account sign all relevant application forms

and documents for the purpose of entering into an agreement

with the relevant Citibank branch to take up such facility, and

such facility shall be subject to the relevant terms and conditions

of such agreement. If Citibank does not act on my instructions

or if for as long as the relevant Citibank Branch has not accepted

my application for such facility, Citibank shall provide reasonable

notice and hold such proceeds for me without any obligation to

account for interest thereon. The risk of, and any administrative

or service costs associated with, Citibank acting on my transfer

instructions and/or transmission of payment to me of such

proceeds by any mode of payment (including without limitation

any charges imposed by Citibank itself in accordance with its

usual practice) shall be borne solely by me. Cash withdrawals

in any currency shall be subject to availability.

8.7 I may from time to time instruct you to enter into Foreign

Currency Forward Contracts on my behalf upon such terms

and conditions as may be set out in the relevant Confirmation.

Delivery (at your sole and absolute discretion) and/or payment

for forward contracts will be made on the future date specified

in such contracts.

8.8 If a foreign exchange Forward Contract specifically provides

for delivery, then on the Value Date, I shall pay you at an office

specified by you the applicable currency amount payable by me.

Subject to the making of such payment by me, you shall credit

the applicable currency amount payable by you to such account,

with an office or affiliate of yours, as I shall specify in writing to

you.

8.9 The aggregate amount of my positions shall not exceed at

any time any limits you place thereon. You shall be under no

obligation to maintain in full or in part any foreign exchange lines

which I may at any time have with you or to make available to

me foreign exchange lines to enable me to meet my obligations

to you.

9. Premium Account/Market Linked Account

9.1 Premium Accounts

9.1.1 A “Premium Account” is a product where interest and principal

is repaid at maturity in either the Base Financial Instrument or

one or more Alternative Financial Instrument at your option. A

Premium Account may be made in such currencies and other

Financial Instruments as you may determine at your absolute

discretion. Each Premium Account will be subject to the terms

of a separate written confirmation to be issued to me/us by you.

In the event of any conflict between this Terms and Conditions

and a Confirmation, the Confirmation will prevail.

9.1.2 At the time a Premium Account is opened, the Base Financial

Instrument, the principal amount, the commencement date, the

maturity date, the interest rate, one or more Alternative Financial

Instrument(s) and the applicable rate of exchange between

the Base Financial Instrument and each Alternative Financial

Instrument will be determined by agreement between you and

9.1.3 Subject to me depositing into the Premium Account the principal

amount and selling to you an option relating to the Alternative

Financial Instrument and subject to paragraph 24 (“Citibank’s

Payment Obligations”) under “Terms Applicable Generally”

herein, you shall pay or deliver (as the case may be) on the

maturity date, at your option (subject to paragraph 9.1.4 below)

either:

(a) the principal amount and interest on the principal amount

in the Base Financial Instrument; or

(b) the equivalent of the principal amount and interest on the

principal amount in the Alternative Financial Instrument or,

if there is more than one Alternative Financial Instrument,

the Alternative Financial Instrument selected by you in your

reasonable discretion.

9.1.4 Notwithstanding the above paragraph 9.1.3, a Premium Account

may be opened on different or additional terms which shall

be set out in the Confirmation issued by you in respect of the

Premium Account. In particular, a Premium Account may be

subject to knock-in or knock-out event (such that the applicable

payment or delivery to me on maturity may depend on whether

a particular rate of exchange, price, index level or other yield

or amount has been reached or exceeded over the term of the

Premium Account), or may contain other embedded options or

structures.

9.1.5 Your certificate as to any sum payable or any Financial

Instrument to be delivered under a Premium Account shall be

conclusive and binding on me/us in the absence of manifest or

clerical error. In particular (and without limitation), where a rate

of exchange, price, index level, interest rate, interest amount, or

any other yield or amount is to be determined by you, each such

determination shall be conclusive and binding on me/us in the

absence of manifest or clerical error. You shall make each such

determination in good faith and in accordance with generally

accepted practices in the relevant market.

9.1.6 Withdrawal of the principal amount or any part thereof prior

to the maturity date may be made only with your prior written

consent (which you may withhold at your discretion without

providing reasons) and upon such terms and conditions as you,

in your reasonable discretion, may impose. Such terms and

conditions may include (without limitation) the deduction of

such breakage costs as you may reasonably determine at your

discretion.

9.1.7 Dual Currency Investments means any investment whereby the

Bank has the option to repay the investment amount placed

with the Bank either in the currency of investment or in an

alternate currency. Premium Accounts may be dual currency

investments (or “DCIs”) depending on the specific terms of the

Premium Account. For example, a Premium Account could have

as its Base Financial Instrument, US dollars and its Alternative

Financial Instrument as another currency (e.g. Australian

dollars). Such a Premium Account would be a DCI as it would

involve a currency option which gives the Bank the right to repay

the principal sum plus interest at maturity in either the currency

of investment (US dollars) or the alternative currency (Australian

dollars). Part or all of the interest earned on the Premium Account

represents the premium on this option. On the other hand, some

Premium Accounts may not be DCIs. For example, a Premium

Account could have as its Base Financial Instrument, gold and

its Alternative Financial Instrument as US dollars. On the basis

that such a Premium Account would involve an option which

gives the Bank the right to repay the principal sum plus interest

at maturity in either gold or US dollars, such a Premium Account

would not be a DCI.

9.1.8 A DCI shall be in an amount not less than the minimum

prescribed by the Bank from time to time.

9.1.9 Before placing a DCI, I understand that I must have received

and read the Bank’s “Risk Disclosure Statement” and Premium

Account factsheet/information disclosure document and

understand the risks involved in placing a DCI.

9.1.10 I shall not place any DCI with the Bank unless I have sufficient

funds or liquidity to keep the DCI until maturity and I accept that

the DCI may remain illiquid until maturity.

9.1.11 An advice of deposit will be issued to me upon receipt and

acceptance by the Bank of any DCI and a copy of the confirmation

of the DCI may be given to me.

9.1.12 Partial and premature withdrawal of a DCI is not permitted.

The Bank may, in its absolute discretion, permit a premature

withdrawal of a DCI upon payment of all pre-termination costs.

Such pre-termination costs will be determined by the Bank

exercising reasonable discretion and will be deducted from the

DCI. I am aware that I may incur a loss on the principal amount

upon withdrawal and may only receive back part of the DCI in

view of the costs deducted by the Bank, any movements in

exchange rates and I shall accept any sum paid by the Bank upon

such premature withdrawal as the amount due and repayable

in respect of the DCI.

9.1.13 Without prejudice to Clause 15 “Closing of Accounts” herein, the

Bank may, at any time at its reasonable discretion, terminate a

Premium Account with reasonable notice to me and discharge

its entire Liability with respect to a Premium Account by mailing

me a draft(s) or check(s) in the currency of the Premium Account

or the currency of the Bank’s choice, payable to the order of

my name(s) for the amount of the principal amount together

with all sums in credit in the Premium Account (including any

interest that has accrued) (the “Placement”), or, at the Bank’s

option, delivering to me a Financial Instrument of its choice,

equivalent to the amount of the Placement. The Placement

shall be determined at such prevailing rate and/or price as the

Bank may determine in its absolute discretion from time to time.

Such delivery to me may be made by transferring the Financial

Instrument to the credit of a custody account with the Bank

or with another financial institution designated by me. In the

case of a Premium Account made in more than one person’s

name, unless otherwise instructed by me, the drafts shall be

drawn payable to all of the undersigned or (as the case may be)

the Financial Instrument shall be delivered to a joint account of

all of the undersigned. The Bank’s rights of termination above

are cumulative to and shall not prejudice any other rights of

termination it may have under these Terms and Conditions or

other agreements governing the Accounts. I am aware that I may

incur a loss on the principal amount upon such termination by

the Bank.

9.1.14 All mail or telegraphic or electronic transfers and negotiable

instruments accepted for placement will be placed on the DCI on

receipt of funds and the agreement shall be deemed to have been

breached or broken by me if such proceeds are not received by

the Bank and I shall pay to the Bank the damages or loss suffered

by the Bank as determined by the Bank exercising reasonable

discretion. Such determination shall be conclusive and binding

on me.

9.1.15 The agreement between the Bank and myself at the time of the

placing of a DCI will specify the currencies in which the Bank

may make repayment on maturity at the absolute discretion

of the Bank. I shall accept such payment in such currency as

determined by the Bank, in its absolute discretion, as full and

final payment of the DCI on maturity.

9.1.16 Interest payable by the Bank on a DCI will be calculated with

reference to the original currency of investment on the basis of

a 360-day year or a 365-day year in accordance with the Bank’s

usual practice concerning the relevant currency (as determined

by the Bank) and the actual number of days elapsed. Interest

will be calculated up to but excluding the maturity date. The

Bank shall not be obliged to pay me interest from and after the

maturity date.

9.1.17 The Bank may on giving reasonable notice, impose such fees and

charges in respect of the DCI as may be specified from time to

time.

9.1.18 A Premium Account is not a deposit, and is therefore not an

insured deposit under the Deposit Insurance and Policy Owners’

Protection Schemes Act 2011 of Singapore and is not eligible

for deposit insurance coverage under the Deposit Insurance

Scheme, as amended, supplemented or re-enacted from time

to time.

9.2 Market Linked Account

9.2.1 A structured deposit (“Structured Deposit”) includes any deposit

under which any interest or premium is payable, or is at risk,

in accordance with any formula based on the performance of

any securities or financial instrument or basket of financial

instruments or any index or the occurrence of any credit event.

Market Linked Accounts are a form of Structured Deposit.

9.2.2 A “Market Linked Account” involves the sale or purchase by

me from you of an option using all or part of the interest I could

have earned over the tenor of the Marked Linked Account and,

at times, part of the principal.

9.2.3 A Market Linked Account may be placed in any currency which

is acceptable to the Bank. A Market Linked Account shall be in

an amount not less than the minimum prescribed by the Bank

from time to time.

9.2.4 I am aware and understand that the Market Linked Account

involves the usage of financial and/or commodity options.

The options in themselves constitute general, unsecured,

contractual obligations of Citibank, are not FDIC insured, and

involve investment risks.

9.2.5 Before opening a Market Linked Account, I must have signed

an acknowledgement that I have received and read the Bank’s

“Risk Disclosure Statement” and understand the risks involved

in placing a Market Linked Account.

9.2.6 I shall not open any Market Linked Account with the Bank unless

I have sufficient funds or liquidity to keep the Market Linked

Account until maturity and I accept that the Market Linked

Account may remain illiquid until maturity.

9.2.7 An advice of deposit will be issued to me upon receipt and

acceptance by the Bank of any Market Linked Account and a

copy of the confirmation of the Market Linked Account may be

given to me.

9.2.8 Subject to my placing an agreed principal amount for an

agreed-upon period, you shall pay to me on maturity date an

amount equivalent to the Covenanted Amount. Should there

be an agreed-upon minimum interest amount in respect of the

Market Linked Account, you will also pay me on maturity date the

interest, which shall not be less than the agreed upon minimum

amount. The interest payable, if any, shall be calculated by

you in accordance with the terms and conditions set out in the

Confirmation.

9.2.9 The principal sum on the Market Linked Account is only

guaranteed if held to maturity. Partial and premature withdrawal

of a Market Linked Account is not permitted. The Bank may, in its

absolute discretion, permit a premature withdrawal of a Market

Linked Account upon payment of all pre-termination costs.

Such pre-termination costs will be conclusively determined by

the Bank exercising reasonable discretion and will be deducted

from the Market Linked Account. I am aware that I may incur

a loss on the principal amount upon withdrawal and may only

receive back part of the Market Linked Account in view of the

costs deducted by the Bank and I shall accept any sum paid by

the Bank upon such premature withdrawal as the amount due

and repayable in respect of the Market Linked Account.

9.2.10 Without prejudice to Clause 15 “Closing of Accounts” herein, the

Bank may, at any time at its reasonable discretion, terminate

a Market Linked Account with reasonable notice to me and

discharge its entire Liability with respect to a Market Linked

Account by mailing me a draft(s) or check(s) in the currency

of the Market Linked Account or the currency of the Bank’s

choice, payable to the order of my name(s) for the amount of

the principal amount together with all sums in credit in the

Market Linked Account (including any interest that has accrued)

(the “Placement”), or, at the Bank’s option, delivering to me a

Financial Instrument of its choice, equivalent to the amount

of the Placement. The Placement shall be determined at such

prevailing rate and/or price as the Bank may determine in its

absolute discretion from time to time. Such delivery to me may

be made by transferring the Financial Instrument to the credit

of a custody account with the Bank or with another financial

institution designated by me. In the case of a Market Linked

Account made in more than one person’s name, unless otherwise

instructed by me, the drafts shall be drawn payable to all of the

undersigned or (as the case may be) the Financial Instrument

shall be delivered to a Joint Account of all of the undersigned. The

Bank’s rights of termination above are cumulative to and shall

not prejudice any other rights of termination it may have under

these Terms and Conditions or other agreements governing the

Accounts. I am aware of the fact that the principal sum placed in

the Market Linked Account is only guaranteed if held to maturity.

I may therefore incur a loss on the principal amount upon such

termination by the Bank.

9.2.11 All mail or telegraphic or electronic transfers and negotiable

instruments accepted for deposit will be placed on the Market

Linked Account on receipt of funds and the agreement shall be

deemed to have been breached or broken by me if such proceeds

are not received by the Bank and I shall pay to the Bank the

damages or loss suffered by the Bank as determined by the Bank.

Such determination shall be conclusive and binding on me.

9.2.12 A Market Linked Account is only capital guaranteed if held to

maturity, and provided that there is no termination of the Market

Linked Account before the maturity date. I will be entitled to the

interest (if any) in accordance with the pay-out table or formula

set out in the confirmation for the Market Linked Account only on

the maturity date and not before that date.

9.2.13 The Bank may on giving reasonable notice, impose such fees

and charges in respect of the Market Linked Account as may be

specified from time to time.

9.2.14 A Market Linked Account is not an insured deposit under the

Deposit Insurance and Policy Owners’ Protection Schemes

Act 2011 of Singapore and is not eligible for deposit insurance

coverage under the Deposit Insurance Scheme, as amended,

supplemented or re-enacted from time to time.

9.2.15 Unlike traditional deposits, Market Linked Accounts have an

investment element and returns may vary. I understand that

I should seek advice from a financial adviser before making a

commitment to purchase a Market Linked Account. In the event

that I choose not to seek advice from a financial adviser, I will

carefully consider whether a Market Linked Account is suitable

for me.

9.3 Maturity of Premium Account /Market Linked Account

9.3.1 On maturity, each Premium Account and/or Market Linked Account

will be dealt with in accordance with disposition or withdrawal

instructions received by you at the time of placing the principal

amount in the Account. I must inform you of my intent to withdraw

at least two (2) Business Days (by 2.00 pm Singapore time) prior to

the maturity date of the Market Linked Account and/or Premium

Account. If no such instructions are received:

(a) the amount payable on the Premium Account shall be

placed in a time deposit at the prevailing rate of interest;

but if for whatever reason the time deposit facility is not

available, interest shall cease to accrue on the Premium

Account on maturity and the principal and accrued interest

shall be placed in either the Base Financial Instrument or the

Alternative Financial Instrument (if there is more than one

Alternative Financial Instrument, the Alternative Financial

Instrument of our choice), as determined at your sole option

in an account in my name or (as the case may be) in a Joint

Account in the name of all Account Holder(s) of the Account.

A Premium Account will not be automatically renewed; and

(b) the Market Linked Account shall be placed in a time deposit

at the prevailing rate of interest; but if for whatever reason

the weekly time deposit facility is not available, interest shall

cease to accrue on the Amount Payable as of maturity date

for the Market Linked Account.

9.3.2 Premature withdrawal may result in some loss of the principal

amount and interest (if any) for the Premium Account(s) . I will

be responsible for all costs, charges, expenses and fees payable

for or incurred in the pre-termination of any of my Premium

Account(s) and such costs, charges, expenses and fees shall

be deducted by you from the amount payable to me under the

Premium Account(s).

10. Offshore Renminbi

10.1 I agree that the Offshore RMB Products and Services provided

by you are subject to the Applicable RMB Terms and Conditions

and the Applicable RMB Provisions. If there is any inconsistency

between the Applicable RMB Terms and Conditions and the

Applicable RMB Provisions, the Applicable RMB Provisions shall

prevail.

10.2 I agree that I will at all times comply with all applicable laws,

rules and regulations in connection with my holding and use of

Offshore RMB Products and Services.

10.3 I understand and accept that Citibank’s ability to operate,

provide or perform the Offshore RMB Products and Services may

be impaired, suspended (in some cases indefinitely) or rendered

impracticable. Further, I understand and agree that Citibank is

entitled to reject, terminate, revise or cancel the provision of any

Offshore RMB Products and Services and/or transfer or convert

any amount in my Offshore RMB denominated account(s) in your

sole and absolute discretion without prior notice to me, under

such circumstances which include but are not limited to the

following:

(i) in order to comply with the Applicable RMB Provisions and

the Applicable RMB Terms and Conditions; or

(ii) upon occurrence of any event which materially restricts or

hinders the ability of Citibank to or, if it is impossible, illegal,

impracticable for Citibank to obtain, convert, transfer or

remit Offshore RMB or to provide or perform the Offshore

RMB Products and Services to me due to any reason beyond

Citibank’s control. Citigroup shall not be liable and shall not

bear any risks for any losses, costs, expenses or charges or

other consequences arising or suffered by me as a result

of or in connection with the foregoing, including but not

limited to the loss of Offshore RMB deposits deposited

by Citibank directly or by any Citigroup Entity with any

Offshore RMB clearing and settlement bank, clearing house

or custodian except in the case of gross negligence, wilful

default or fraud.

10.4 These Terms and Conditions do not contain an exhaustive list

of restrictions that apply to the Offshore RMB Products and

Services. I understand that restrictions may be imposed from

time to time by Citibank and third parties such as regulatory

authorities, governments and clearing banks.

10.5 I understand and agree that no physical deposit or withdrawal

of Offshore RMB is permitted and there is no physical delivery

of Offshore RMB.

10.6 I understand and agree that subscriptions/placements of

Offshore RMB Products can only be effected in US dollars. The

US dollar funds received from me will be converted into Offshore

RMB. If I would like to effect a subscription or placement of

Offshore RMB Products using non-US dollar funds, I will be

required to convert my funds to US dollars and thereafter into

Offshore RMB. I understand that I may therefore suffer losses

from the multiple foreign exchange conversions.

10.7 Citibank will effect a payment obligation to me with respect to

my Offshore RMB funds in US dollars, by converting my Offshore

RMB to US dollars. Notwithstanding the above, I can request

for a payment of my Offshore RMB funds in a freely-convertible

and available currency other than US dollars. Citibank will first

convert my Offshore RMB funds to US dollars before converting

it to my currency choice. I understand that I may therefore

suffer losses from the multiple foreign exchange conversions. In

addition, I could potentially receive back less than the full value

of the principal amount.

10.8 Without prejudice to paragraph 10.7 above, Citibank may

discharge its entire Liability to me with respect to my Offshore

RMB funds by converting my Offshore RMB funds into US dollars

or such other currency as reasonably determined by Citibank.

10.9 I understand and agree that all currency conversions are subject

to availability and will be effected based on Citibank’s prevailing

exchange rate. Citibank shall have the discretion to not effect

any currency conversion without providing any reason. Currency

conversions from Offshore RMB to US dollars and vice versa

will be done at Citibank’s prevailing exchange rates which will

be based on the Offshore RMB interbank rates. These Offshore

RMB interbank rates may be driven by various factors including

market demand and supply and may be significantly different

from the Mainland China RMB exchange rates. The Bank may at

its discretion include a spread or markup in the exchange rates

quoted.

10.10 I understand and agree that any inward or outward funds

transfers/remittances/telegraphic transfers of Offshore RMB

are not permitted. Accordingly, Citibank reserves the right to

reject or refuse such transactions.

10.11 I understand and agree that no Checkbooks shall be issued and

no Checks can be drawn on any Offshore RMB denominated

accounts with Citibank.

10.12 Citibank may use the currency code “CNH” in advices,

statements and other documentation relating to my Offshore

RMB Product and Services.

11. Fixed Income Securities

11.1 Upon my acceptance of this Product, I agree that you shall be

authorised to:-

(a) purchase and sell for and on my/our behalf and/or for my

account and in accordance with my instructions such fixed

income securities including bonds, commercial papers, bills

of exchange, bills and notes (“Fixed Income Securities”) as

I may direct you from time to time;

(b) register and hold in your name the Fixed Income Securities

so purchased from time to time which I shall be required to

deposit in your custody at my sole risk (except in respect

of loss or damage suffered by me by reason of your gross

negligence, wilful default or fraud), until such time as I

may give you instructions to deal with such Fixed Income

Securities;

from the Fixed Income Securities, from time to time unless

I otherwise direct;

(d) credit my Account(s) with the proceeds of any sale of Fixed

Income Securities and with any dividend, interest or other

payment accruing from time to time in respect of the Fixed

Income Securities (collectively, “Proceeds”); and

(e) carry out any foreign exchange transaction at the relevant

rates of exchange determined by you from time to time to

facilitate any investment in the Fixed Income Securities or

where any monies are payable or receivable in respect of

any Fixed Income Securities in a foreign currency.

11.2 In the event you act as custodian for my Fixed Income Securities,

you shall be entitled at your discretion:-

(a) to deposit or lodge the Fixed Income Securities with any of

your branches, other banks or financial institutions, or any

securities clearing institutions (whether in Singapore or

elsewhere) (individually, “Sub-Custodian”, and collectively,

“Sub-Custodians”), upon such Sub-Custodian’s customary

terms and conditions and/or such other terms and

conditions as you may approve;

(b) to pool my Fixed Income Securities with other Fixed Income

Securities belonging to or held by you for the account of your

other customers, and to maintain such records or accounts

as you deem fit for the purpose of determining my beneficial

entitlement in such pool; and

time to allocate specific Fixed Income Securities to me, and

any such treatment or allocation shall be binding on me.

11.3 I acknowledge that where you pool my Fixed Income Securities

with other Fixed Income Securities belonging to or held by you

for the account of your other customers and deposit or lodge

such Fixed Income Securities in accordance with paragraph 11.2

above, my interest in the Fixed Income Securities may not be

identifiable by separate certificates, or other physical documents

or equivalent electronic records.

11.4 If for any reason whatsoever (other than by reason of your gross

negligence, wilful default or fraud) all or any part of the Fixed

Income Securities deposited or lodged with any Sub-Custodian

and treated as fungible are lost or otherwise become unavailable

for delivery, the reduction in the amount of such Fixed Income

Securities shall be shared between all the depositors of Fixed

Income Securities of that class or category whose Fixed Income

Securities are treated as fungible. Any pro rata entitlement in

this respect shall be dealt with by the sale of the relevant Fixed

Income Securities and the distribution of the proceeds of sale

thereof. Notwithstanding the foregoing, no reduction shall be

made if and to the extent that you reasonably determine at your

sole discretion that you will be able to replace or recover any of

the relevant Fixed Income Securities.

11.5 In the event that the seller or issuer (or its agents) of the relevant

Fixed Income Securities fails to make good, valid or timely

delivery or payment in respect of the Fixed Income Securities

to you in my favour, I shall not hold you liable whatsoever (other

than by reason of your gross negligence or wilful default).

11.6 Your Liability (if any) in connection with the Fixed Income

Securities shall not in any event exceed the par or nominal

value of such Fixed Income Securities (regardless of whether

such Liability arises in respect of your role as custodian, agent,

principal or counterparty in connection with the Fixed Income

Securities). My investment in Fixed Income Securities under this

section shall also be governed by the section in these Terms and

Conditions entitled “Nominee Services”.

11.7 All service fees and charges (if any) relating to the service shall

be deducted from the relevant coupon payment(s) and shall be

deducted monthly, or as often as those payments are effected. In

the effect that no coupon payment is made, you are authorised

to debit my savings, checking and/or time deposit account(s)

for such service fees and charges, as and when reasonably

determined by you. In the event that I do not have a savings,

checking and/or time deposit Account(s), one will be opened by

you for me. You shall have the right to cancel any service if I fail

to pay such service fees and/or charges.

12. Structured Notes

12.1 I may enter into a transaction (“Transaction”) from time to time

for the purchase of a Structured Note (and any such Structured

Note may comprise a “Knock-in” or “Knock-out” feature or other

structured option) on such terms as may be agreed between you

and me.

12.2 You shall furnish me from time to time with information relating to

any Structured Note including information sheets and indicative

term Sheets and such explanatory brochures (collectively the

“Relevant Information”) which you may provide from time to

time. I understand and agree that it is my responsibility to

fully comprehend and familiarise myself with all the terms and

conditions of the Transaction to be effected and the risks relating

to any of the Transactions. I acknowledge that I will enter into

the Transaction at my sole judgment and responsibility.

12.3 I acknowledge that unless otherwise stated in the subscription

documents for the relevant Structured Note, you will act as my

agent in assisting me to purchase any such Structured Note from

an issuer or counterparty (and not or otherwise notified to you as

principal or as an agent of the issuer). In any event, you will have

no Liability whatsoever to me in respect of such Note except in

the case of your gross negligence, wilful default, or fraud.

12.4 Each Transaction shall be subject to the terms set out below:

(a) The Structured Note can be cash or physical settled,

depending on the terms of the Structured Note set out in

the Relevant Information.

(b) The Structured Note is issued fully capital guaranteed,

not capital guaranteed or under terms which provide for

a minimum portion of capital to be returned under certain

circumstances on maturity, as stated in the indicative term

sheet.

me via instructions to any of your authorised officers in such

forms of communication as may be agreed by you.

(d) A confirmation advice (the “Confirmation Advice”) and

the final terms and conditions of the Structured Notes

(the “Final Term Sheet”) will usually be sent to me after

the execution of any Transaction. The purchase of the

Structured Note shall be deemed to have been concluded on

the transaction date stated in the Confirmation Advice. The

Confirmation Advice and the Final Term Sheet in respect of

the Structured Note constitute a supplement to and forms

an integral part of the agreement applicable to Structured

Note.

(e) The Confirmation Advice will set out and evidence what

has been agreed between me and you in accordance with

these Terms and Conditions, and will not supersede the

terms of the Securities. Within twenty-one (21) business

days (or such other time period as determined by Citibank

in its absolute discretion) of the date of the Confirmation

Advice, I must notify you if I believe that the details of the

transaction(s) are not correctly set out in the Confirmation

Advice.

The Confirmation Advice will be deemed to correctly set

out the details of that transaction unless I have notified

you in accordance with this Clause of any error I believe the

Confirmation Advice contains and the Confirmation Advice does

in fact contain that error. I agree and acknowledge that there is

no requirement to send to Citibank a written acknowledgement

that the details of the transaction(s) set out in the Confirmation

Advice are correct. The existence of a binding transaction

is not conditional on either your issuance or my receipt of a

Confirmation Advice. Accordingly, my/our failure to receive a

Confirmation Advice does not invalidate or otherwise prejudice

the existence of a transaction.

(f) A maturity advice will be issued to me on maturity date,

setting out the terms and conditions of settlement in cash

or physical delivery. In the event that the Structured Note

is cash settled, you will credit my account with an amount

agreed pursuant to the terms of the Structured Note.

12.5 I shall purchase any such Structured Note to the extent that

the subscription amount of the Structured Note, commission

of the Structured Note, handling fees and any charges and fees

for such purchase, do not exceed the deposit balance of my

Account maintained with you. In the event that the Structured

Note results in stock delivery, I shall be liable for the payment of

stamp duty or any fees for the transfer of the stocks to me.

12.6 In the event that the subscription amount of the Structured Note,

commission, handling fees, any charges and fees applicable in

the Transaction exceed the deposit balance of the Account and

payment thereof is not effected by me upon your demand, I shall

be liable to pay such subscription amount, all out-of-pocket

costs and actual damages incurred by you relating to such unpaid

or late payment, including without limitation, interest on such

subscription amount and any other costs and expenses incurred

by you with respect to such Transaction.

12.7 My investment in Structured Notes under this section shall

also be governed by the section in these Terms and Conditions

entitled “Nominee Services”.

13. Other Product Terms

13.1 Customer Investment Profile

13.1.1 Prior to your making available to me from time to time any of

the Products listed in these Terms and Conditions, you may

request such information of me as you may require to assist

you in assessing the suitability of such Products for me. I

consent that you may refer to, and provide to me accordingly, a

summary of such information in your suitability assessment of

such Products, on the understanding it is my responsibility to

notify you immediately if any of the information which you refer

to (and provided to me accordingly) is erroneous, incomplete or

inaccurate.

13.1.2 A confirmation of my investment instructions and investment

decisions, will be sent to me and the provisions of paragraph

6 (“Statements/Confirmation”) under “Terms Applicable

Generally” herein will apply in relation to the Confirmation.

13.1.3 The investment services will be provided to me within a

recommended account relationship. You may advise me from

time to time in relation to a wide range of investment products,

subject to the laws of my country of residence. When you

recommend a specific investment product or transaction

to me, you will inform me of such a recommendation, but I

acknowledge that I am not obligated to accept any such advice

or recommendation. A recommended account relationship

is not a fiduciary relationship and as a result, you will not be

under any obligation to provide on-going advice in relation

to your investments. You will be under no obligation to bring

investment opportunities to my attention or to update the

information or advice provided. You are also not obliged to

provide periodic portfolio reviews. Periodic portfolio reviews will

not be provided to me unless: (a) it is required by local laws or

regulations; or (b) I have specifically agreed with you in writing

for such service to be provided. I will make and have made an

independent assessment of each and every investment, and all

decisions with respect to investing in, holding or disposing of

any investment or entering or determination not to enter into

any transaction are mine. I am solely responsible for making my

own independent investigation and appraisal of each investment

and to fully understand and familiarise myself with all the

terms and conditions of each of the investments and the risks

involved. I agree to only enter into a transaction on the basis of

my independent review and determination that the transaction

is consistent with my objectives and are suitable investments

for me in light of my financial positions, investment objectives,

investment experience and knowledge, and on the basis that I

have fully understood the economic risks, merits and the legal,

tax and accounting characteristics and consequences of the

transaction(s) and I am able to assume all risks. I agree that I have

the knowledge and sophistication to independently appraise

and understand the financial and legal terms and conditions of

each transaction and to assume the economic consequences

and risks thereof and have or will have, in fact, done so as a result

of arms-length dealing with you. I agree that any transaction is

entered into in the exercise of my own judgment.

In making any investment decision, I shall do so entirely at my

responsibility and judgment having made all such enquiries and

assessments as I shall consider appropriate. You assume and

materially rely on my being agreeable and willing to generally

accept responsibility for entering into any and all investments.

My obligations and responsibilities as set out under this section

shall not affect any obligations of the Bank in respect of providing

me with advice on investment products, as required under the

applicable law.

13.2 Securities

Appointment and Transaction Application

13.2.1 I hereby appoint you as my service agent for all transactions

relating to the Securities. You may enter into transactions

relating to Securities as agent for and on my behalf and for my

sole risk and account (whether such transactions are entered

into with a Citigroup Organisation or otherwise).

13.2.2 I warrant and undertake to you that in respect of each transaction

relating to Securities entered or to be entered into with you or by

you as my agent, I have contracted or will contract as principal

and not as agent or (unless disclosed to you in writing before

entering into this Agreement) as trustee for any person.

13.2.3 These Terms and Conditions do not constitute a solicitation or

offer to invest in Securities and I acknowledge and agree that

all Securities that I invest in are being made available to me by

you pursuant to my initial request.

13.2.4 Prior to your making available any Securities to me from time to

time, you may request such information of me as you may require

to assist you in assessing the suitability of such Securities for

me.

13.2.5 You shall have no responsibility to make available or to continue

to make available any particular Securities.

Account and Transactions Relating to Securities

13.2.6 Where you agree to transact in Securities on my behalf, you may

require me to open a separate sub-account for this purpose.

13.2.7 The Account may consist of Securities in one or more currencies

and you will maintain it in accordance with such rules and

conditions as you may from time to time prescribe.

13.2.8 I agree to maintain a minimum monthly average balance in the

Account represented by the value of the Securities and credit

balance in such amount as you may from time to time prescribe.

Notwithstanding anything else in these Terms and Conditions,

you may close the Account with reasonable notice to me if in

your opinion I have failed to operate the Account satisfactorily.

13.2.9 Securities purchased by you on my account may be pooled with

securities purchased by you for your other customers. Securities

in your name will be treated as fungible for purposes of allocation

among your different customers.

13.2.10

Transactions relating to Securities are subject to applicable

laws, regulations and market rules and customs in the country

where such transactions are executed, the terms and conditions

of the issuer of the relevant Securities, all laws and regulations

applicable to the issuer and the Securities (including rules of

relevant exchanges and clearing houses), and other conditions

that you may impose from time to time.

13.2.11 In respect of transactions relating to Securities, I agree that:

(a) any prices which you quote for any Securities at or prior to my

placing an order will be for indication or reference only;

(b) any order for the execution of a transaction relating to

Securities:

(i) shall not be revocable except with your consent; and

(ii) shall only be considered by you for execution if made in

accordance with your prescribed procedures and your

prescribed cut-off time; and

sole and absolute discretion refuse to carry out any of my

orders to execute a transaction relating to Securities.

13.2.12

All interest, income, accretions, gains and proceeds of sales

of Securities which are received by you shall be credited to the

Account.

13.2.13

I authorise you to enter into foreign exchange contracts

necessary or expedient to facilitate or to carry out my

instructions for transactions relating to Securities on the day

when funds are required to be converted into other currencies

in connection therewith. Such transactions may involve foreign

exchange contracts which shall be transacted at the applicable

exchange rate from time to time fixed by your relevant manager.

Delivery

13.2.14

Certain Contracts may provide for cash settlement while some

may provide for delivery of the underlying asset or instrument

upon settlement. I may, subject to the terms and conditions

relating to the relevant Securities and those of the Confirmation,

take delivery of the underlying asset or instrument wherever it

is physically possible to do so subject to my payment of all your

expenses, costs and fees involved in effecting such delivery.

Instructions

13.2.15

Applications for investments in Securities must be made

by submission of a completed application in the form and

substance determined by you from time to time.

13.2.16

On receipt of valid instructions you will, subject to these Terms

and Conditions, implement such instructions including, without

limitation, by purchasing Securities in your own name or in the

name of a nominee but for my benefit.

13.2.17

The title in Securities purchased by you on my behalf will be

deemed to have passed to me simultaneously with receipt of

title in such Securities by you or your nominees.

13.2.18

I understand and agree that transactions relating to Securities

may be subject to a minimum transaction size/value, may have

to be consolidated with similar transactions of other customers,

and/or may only be implemented if such minimum size/value

transaction is achieved.

Fees, Commissions and Charges

13.2.19

To the extent permitted by applicable laws and regulations, you

are entitled to retain any benefit whatsoever obtained by you

under or in connection with any transaction relating to Securities

entered into on my behalf without having to disclose the same

to me.

13.2.20

I shall, in addition to any fees, commissions and charges relating

to the underlying Securities, pay you such annual service fee

for your services rendered to me pursuant to these Terms and

Conditions as you may from time to time advise me in advance.

13.2.21

I acknowledge and agree that you may receive at your sole

discretion fees from issuers of Securities, in addition to service

fees from me.

13.2.22

I acknowledge that upfront fees, annual management fees,

switching charges, redemption and other charges and taxes (if

applicable) may be payable in relation to certain Securities and I

hereby agree to pay the same after giving you reasonable notice

of such fees or charges.

13.2.23

I hereby authorise you to debit the Account(s) for any fees,

commissions, charges, taxes or other amounts payable by

me to you pursuant to these Terms and Conditions. I further

authorise you to debit any account held in my name with you

or any of your branches, subsidiaries and affiliates inside and

outside Singapore for such fees, commissions, charges, taxes

or other amounts payable by me to you under these Terms and

Conditions, in case the funds available in the Account(s) are not

sufficient to cover/settle the same. You may exercise any such

power without any prior notice to me.

13.2.24

If on any date any amounts are due from me to you or vice

versa pursuant to any transaction relating to Securities,

(unless mutually agreed otherwise) the amounts owing will be

automatically satisfied and discharged and only the net amount

owing on that day shall be paid by either me or you (as the case

may be), being the party owing the larger amount to the other.

13.2.25

Upon my request, you will make available information in relation

to the Account(s), in relation to the Securities transacted, and

in relation to fees, commissions and expenses incurred for my

Account(s).

13.2.26

I agree that you may (but are not obliged to) keep and maintain

from time to time in any place outside Singapore any information

and documents of and relating to any transaction or dealings

relating to the Securities and my Account(s).

13.2.27

In the event that I am a non-profit organization, I may invest in

Securities provided my constitution does not bar me from doing

so. It is my responsibility to ensure that the relevant Securities do

not comprise of investments of a nature which I am prohibited

from investing.

13.2.28

Investments in the Account(s) do not constitute a bank deposit

and are not endorsed or guaranteed by and do not constitute

an obligation of any Citigroup Organisation whose role, if any,

is only as described in these Terms and Conditions.

13.3 Investment Funds

13.3.1

You accept no responsibility for furnishing information to me

concerning any unit trust funds and other investment funds

(“Fund(s)”) or the performance of the Fund(s). My investment

in the Fund(s) and the relevant prices for these Fund(s) shall

be subject to such terms and conditions as you may prescribe

from time to time. Non-profit organisations may subscribe

for the Fund(s) provided their respective constitutions do not

bar them from doing so. It is the responsibility of the non-

profit organization to ensure that the Fund(s) does/do not

hold investments of a nature in which such an organisation is

prohibited from investing.

13.3.2

I understand and agree that:-

(a) Fund(s) units are not bank deposits and are not endorsed

or guaranteed by you, Citigroup Inc. or its subsidiaries, and

do not constitute your obligations or those of Citigroup Inc.

or its subsidiaries unless otherwise stated;

(b) the past performance of any Fund(s) is not a guarantee of

its future performance and that the price of a Fund may go

down as well as up, and in certain circumstances the right

of the investor may be restricted; and

by, nor may they be transferred to an investor who is a U.S.

Person.

13.3.3

With respect to any units of any Fund(s) subscribed for by me, in

the event that I do not make good the payment for subscription,

you shall have the right to automatically liquidate my holding

on the next Dealing Day (as defined in the relevant trust deed

or other document constituting the Fund) and to apply the

proceeds of such liquidation in reduction of the amount payable

by me to you and without any prejudice to any other right which

you may have against me in respect of such non-payment. I

shall (a) pay you all costs and expenses which you may incur in

connection therewith; and (b) reimburse you for any shortfall

between the liquidation proceeds and the subscription price.

13.3.4

You will be entitled to arrange on my behalf for registration

of units subscribed for by me in any Fund in your name or

that of your nominee company, but you shall in any case

maintain records of my entitlement to units in these Fund(s).

All instructions by a corporation must be executed under its

company seal in accordance with its Articles of Association or

equivalent constitutive document(s).

13.3.5

I shall be required to redeem my units in the Fund(s) where I

become a U.S. Person.

13.3.6

My investment in any Fund(s) under this section shall also be

governed by the section in these Terms and Conditions entitled

“Nominee Services”.

13.4 Fiduciary Placement Scheme

13.4.1

I understand that your Fiduciary Placement Scheme allows

me to appoint and retain you as my agent, acting in your name

but for my account and risk and with no Liability on your part,

to place time deposits (each a “Placement” and collectively

“Placements”) with a financial institution (“Placement Bank”).

Whilst the category of the Placement Bank shall be directed by

me, you will select the actual Placement Bank which will hold

the Placements.

13.4.2 You shall not be liable for any loss resulting from the choice of

Placement Bank or any conditions of any placement or renewal

thereof or from failure to monitor the Placement Bank’s credit-

worthiness, or from failure to effect or renew Placements (except

where you are grossly negligent) or from failure of the Placement

Bank to repay any Placements or interest thereon or to meet

any of its obligations for any reason whatsoever. In such event

you may at your discretion assign to me any claim against the

Placement Bank which you may have in connection with the

Placements.

13.4.3 The currency and period of Placements shall be determined by

me. Upon maturity all interest on the principal of any Placement

will be credited to my Account(s) unless you receive instructions

from me to the contrary before close of business in Singapore

three (3) Business Days prior to the maturity date.

13.4.4 I agree and accept that no premature termination of a Placement

is permissible. I also understand that my funds may be combined

at your discretion with the funds of other parties who wish to

use the Placement service for deposits in the same currency and

for similar time period(s).

13.4.5 I understand that you will charge a placement fee for this service

which will be reflected in the net return received by me in respect

of my Placements and that fee may vary depending on interest,

exchange rate environments and the amount of my Placements.

13.4.6 I agree and understand that you accept no Liability other than to

make Placements in accordance with my instructions and to put

at my disposal the amounts paid to you by the Placement Bank(s)

as interest and repayment of principal. You will not be trustee of

any Fiduciary Placement (and any interest earned thereon) and

will not be obliged to enforce any of my rights in respect of any

Fiduciary Placements. You shall have no responsibility to me for

any diminution or unavailability of funds due to causes beyond

your control and you may pay in a currency (“Payment currency”)

different from that of the Placement (“Placement currency”)

at your reasonable discretion. To effect such payment, the

Placement currency shall be converted to the Payment currency

at the exchange rate quoted by the Placement Bank at the time

of conversion.

13.4.7

I understand that the interest payable on Placements may

in some jurisdictions, be subject to withholding tax or other

deductions. I am responsible for all such consequences and

shall not be entitled to make any claim against you in the event

that any such withholding tax or deduction is imposed against

or made from any of my Placements or interest thereon.

13.4.8

Upon termination of my Account(s), you may discharge your

entire Liability in respect of my Placements by putting at my

disposal all sums received by you from the Placement Bank(s)

as interest and repayment of principal and by assigning to me

any claims against the Placement Bank(s) which arise out of

Placements made by you on my behalf.

13.4.9

Each Placement or its payment is subject to the rules, terms and

conditions of the Placement Bank for the time being in force and

also subject to the laws and regulations of the jurisdiction where

such Placement is located or made. I authorise you to do on my

behalf, without prior notice to or approval from me and without

any Liability whatsoever on your part, such acts or things as

you may consider necessary to ensure due compliance with or

implementation of such laws.

13.5 Nominee Services

13.5.1

I hereby appoint Citibank as custodian to hold for myself

any Securities, deeds, documents and other property now or

hereafter deposited with and/or transferred to Citibank or its

Nominee Company (as defined in clause 13.5.2 herein) (the

“Custody Property”), subject to and in accordance with these

Terms and Conditions. Any Securities transacted under and

pursuant to this Agreement shall be credited or debited from

the Account.

13.5.2

I recognise and agree and authorise you to register any

investment product I have purchased in your name, or in the

name of a nominee company (the “Nominee Company”) which

you shall nominate from time to time whether or not such

nominee company shall be related to you where it is possible

or you consider it appropriate or regulatory requirements

allow it. I understand that I can enforce my rights in respect

of such product only through you (if the investment product

is registered in your name) or through the Nominee Company

(if the investment product is registered in the name of the

Nominee Company). Registration in your name, the name

of a nominee, a Nominee Company or sub-custodian may

mean that I lose incentives and shareholder benefits located

in or outside the service jurisdiction. I further authorize you to

Property to be held in or any other sub-custodian, depository

or clearance system, whether in Singapore or elsewhere, as may

from time to time be determined by Citibank, for my account

and at my sole risk. I agree that Citibank shall not be liable in

any manner for any default, insolvency, action, omission, error

or negligence on the part of its Nominee Company or any of

their respective nominees, sub-custodians, depositories or

clearance systems, or the appointed nominee of the Singapore

representative of any offshore fund. Neither you nor the Nominee

Company shall be liable if the investment products are subject

to acquisition, requisition, appropriation or confiscation or if

there is any restriction on the repatriation, transferability or

distribution of the investment products (or any fund realised

upon the liquidation of an investment comprising the investment

products) or if there is any damage, loss or diminution to the

investment products.

13.5.3

I further authorise you to transfer, redeem, or otherwise deal

with any investment product registered in your name as my

nominee upon my instructions. Where you shall elect to have

such investment products registered in your name or in the

name of any Nominee Company, I authorise you to transmit

my instructions to transfer, redeem or otherwise deal with any

investment product so registered and to execute under hand or

seal, all necessary or related documents on my behalf.

13.5.4

If I wish to purchase or sell any particular investment product,

or to enquire or amend any particulars relating to investment

products you hold, I agree that you may on my instructions

make the necessary arrangements to do the same (including

arranging for the transfer of funds from my Account(s) or such

other account as I may instruct) and to debit my Account(s) for

any charges, commissions, fees, and any other costs involved;

and/or to credit my Account(s) (or such other account as I may

instruct) with the sale proceeds less any charges, commissions,

fees or other costs involved.

13.5.5

In acting as my nominee for any investment product:-

(a) you shall be entitled at your reasonable discretion:-

(i) to make such arrangements as you may think fit for the

purpose of keeping the investment products in safe

custody;

(ii) to comply with the provision of any prevailing law,

order, regulation or official directive from time to time

imposed on a nominee or custodian of the investment

products; and

(iii) to maintain all such records in relation to the investment

products as you think fit;

(b) you shall not be obliged to attend any meeting or to

exercise any vote, or to take any action with regard to any

allotment, subscription, rights issue, conversion, or other

rights in respect thereof, or as regards any consolidation or

reorganisation, or in connection with any take-over, merger,

receivership, bankruptcy, winding up, or other insolvency

proceedings, except upon and in accordance with my prior

written instructions and I undertake to indemnify you and

hold you harmless from and against all reasonably incurred

claims, losses and damages howsoever arising which you

may suffer or incur; and

dividends pertaining to my/our Custody Property held in

custody which are known to Citibank to be payable. Such

amounts shall be paid to me or held in the Account as and

when they are actually received by Citibank, but Citibank

shall not be responsible for claiming any other distribution

or entitlement or benefit I may have on my behalf, or for

taking up or exercising any conversion rights, subscription

rights or other rights of any nature, dealing with take-over

or other offers or capital re-organisations. Citibank may

execute in my name whenever it deems it appropriate such

documents and other certificates as may be required to

obtain the payment of income from my Custody Property

or the sale thereof. Citibank and its Nominee Company

will not be responsible for claiming any other distribution,

entitlement or benefit that it may have under applicable

taxation treaties or arrangements on my or its behalf.

(d) I authorise Citibank and/or the Nominee Company, and

Citibank and/or the Nominee Company may (but is not obliged

to) exercise the following powers (whether directly or by or

through the Nominee Company and/or agents) in Citibank’s

discretion without prior reference or notice to me:

(i) where monies are payable in respect of any of the

Custody Property in more than one currency, to collect

them in such currency as may be permissible by law and

as Citibank may in its discretion determine;

(ii) where monies are payable in respect of any of the

Custody Property in any currency, to carry out any

foreign exchange transaction at Citibank’s or its agents’

prevailing rates to convert such foreign currency to the

currency of the Account(s) maintained with Citibank

and to make any necessary withholding or deduction

as may be required by applicable law;

(iii) to exchange any of the Securities in interim or

temporary form for Securities in definitive form and

(where applicable) to deliver the physical scrips to

central depository or other similar system set up for

the purpose of scripless trading or;

(iv) to take any action as Citibank thinks fit including:

(a) any act which Citibank determines to be necessary

to preserve the integrity of the Custody Property

and/or to protect my interests and Citibank’s

interests;

(b) the execution of any declarations or certificates of

ownership or other documents; or

delivery of shares and share certificates.

(e) Citibank and/or the Nominee Company shall have no

duty or responsibility to return to me Securities or other

Custody Property bearing serial numbers identical with

those delivered to Citibank so long as the Securities or

other Custody Property returned are of the same class,

denomination and nominal amount and rank pari passu

with those accepted by Citibank, subject always to any

capital re-organisation or adjustment or exchange which

may have occurred.

(f) Statements showing the assets held by you in my Account

will be forwarded to me on a monthly basis or at such

duration as Citibank may at its discretion determine.

(g) Any Custody Property held by Citibank as custodian shall

be subject to Citibank’s rights of charge, lien and set-off

as set out in these Terms and Conditions and the Charge

Documents, and may also be subject to other similar rights

or security interests of Citibank under other agreements

between Citibank and me. I agree and acknowledge that

Nominee Company, and any other nominee, sub-custodian

or agent of Citibank or the Nominee Company, may also

claim a lien or security interest over any Custody Property

held by it.

(h) Citibank will not pay any interest to me on any Custody

Property held in custody regardless of the rate of interest

(if any) paid by any third party sub-custodian or nominee or

bank at which such Custody Property may be deposited or

held. Citibank may in its discretion, from time to time, pay

interest to me but any such payment of interest shall not

oblige Citibank to continue making such payments on any

other occasion.

(i) Citibank’s duty in respect of the custody of the Custody

Property shall be limited to acting as bare trustee and to

exercise good faith in respect of any action or inaction in

relation to such custody. For the avoidance of doubt, all

cash held by Citibank, including all accruals attaching to

any Custody Property will be held by Citibank as banker,

and not as custodian or trustee. I direct and authorize

Citibank and consent to all such cash being deposited in

an Account which is held by Citibank as banker. All duties

under the Trustees Act (CAP 337 of Singapore) are excluded

other than those that apply to bare trustees and Citibank’s

sole duties and obligations in respect of the custody of

Custody Property are as specified in these Terms and

Conditions. Citibank is under no duty to examine or verify

the validity of the ownership of or title to any Custody

Property and shall not be liable in respect of any defect in

ownership or title.

13.5.6

If the investment products are registered in the name of a

Nominee Company, I agree that:-

(a) you shall be authorised to maintain such particulars of (i)

my investments and divestments and my income or sale

proceeds which you may receive from such investments and

to provide me with periodical statements of such particulars

as you shall consider necessary;

(b) any advice of the execution of my instructions in relation

to any investment product or any advice in response to

my queries on such investment products may be sent to

you and/or any Nominee Company, and you may at your

discretion issue to me (in lieu of such advice) a separate

statement of the investment products sold or purchased

or held; and

negligence, insolvency or dissolution of the Nominee

Company.

13.5.7

Where this service involves the safekeeping of my investment

products, dealing with any of my investment products or

otherwise administering my investment products or Accounts,

you will keep records to show that my investment products are

held on my behalf and do not belong to you. In providing this

service to me, you act as bare trustee and you exclude all duties

and Liabilities under the Trustees Act (CAP 337 of Singapore), to

the extent permitted by law.

13.5.8

My investment products may be pooled and held with a sub-

custodian and/or may be pooled with those of other clients of

yours or your sub-custodians in one account. In that case:

(a) you will maintain records of my interests in the investment

products which have been pooled;

(b) My right and/or interest to specific investment products may

not be identifiable by separate certificates or other physical

documents or equivalent electronic records; and

in a shortfall, I might not receive my full entitlement. I might

have to share in the shortfall in proportion to the value of

the investment products which you or the sub-custodians

hold for me with other clients. This explanation does not

limit my rights against you in any way.

13.5.9

With regard to any document received by you relating to the

investment products including any proxy, circular, rights,

warrants etc, you shall neither have a duty or responsibility to

send the documents to me nor to notify me of the receipt of such

documents.

13.5.10

I shall forthwith upon your request, perform such acts and sign

and execute and/or seal all agreements, proxies, authorities or

documents whatsoever as I may require for the performance

or implementation of any part of the section on “Investment

Funds” or “Fixed Income Securities”, or for the perfection of

the security referred to in the following paragraph, in default of

which I am authorised to perform all such acts, and to sign under

hand or seal, all such agreements, proxies, authorities, security

document or documents whatsoever.

13.5.11

I agree to pay such fees and charges as Citibank may from time

to time prescribe in consideration of the custodian services

provided or to be provided under these Terms and Conditions,

and all expenses paid or incurred by Citibank and/or its Nominee

Company, any Sub-Custodian and their respective agents or

correspondents in connection therewith. Citibank may deduct

any amount due to it from any monies received by Citibank for

me or set off such amount due from any monies standing to the

credit of or on deposit for me with Citibank. If I fail to pay any

amount owed by me to you including any fees, charges, costs

and expenses upon first demand and/or in the event there shall

be any money owing to you by me notwithstanding your exercise

of your right of deduction under the section in these Terms and

Conditions entitled “Charges”, you may:-

(a) have any of the investment products held by you as

nominee sold (or instruct any Nominee Company holding

any investment products on my behalf to sell) by public or

private sale upon such terms as you see fit and may apply

the proceeds in payment or reduction or such amounts

owed to you; and/or

(b) retain the investment products held by you as nominee by

way of mortgage to secure payment of such fees, charges

and expenses.

13.5.12

I shall not hold you responsible for the failure of any issuer and/or

manager of any investment product to accept an application for

investment products or to act in accordance with my instructions

given directly or indirectly through you, or for any act, neglect or

default of such issuer and/or manager.

13.5.13

I acknowledge that any advice and/or material received by me

from you shall be for my own personal use.

13.5.14

The custody of investment products in any country outside

Singapore is subject to the applicable laws, regulations and

customs of that foreign country and conditions imposed by the

Nominee Company.

13.5.15

You may open and maintain in your own name investment

products trading accounts with third parties (whether located

within or outside Singapore) to enable me to invest in investment

products. You may also contract with third parties for the

implementation of transactional orders relating to investment

products. You shall not be liable for the acts, omissions or

breaches of any such third party.

13.5.16

Notwithstanding anything to the contrary in the above

authorisations in relation to the investment products, you shall

not be obliged to provide any of the aforesaid services in relation

to any investment products that are not registered in your or

any Nominee Company’s name. In respect of such investment

products, I understand that I am at liberty to enforce my rights

directly against the issuer or other relevant party without

reference to you.

13.6 Order Watch Service

13.6.1

For a buy limit order, you will execute the order only when the

market price is equal to my price minus the applicable bank

spread. For a sell limit order, you will execute the order only

when the market price is equal to my price plus the applicable

bank spread. You will not be bound by Reuters, Bridge-Telerate,

Teletext or any other such service provider’s screen Bid-Offer

prices which are only indicative prices that do not necessarily

reflect actual deals transacted in the market.

13.6.2

Acceptance of Orders:-

(a) An order can only be accepted by you via telephone;

Citibank Online and written instructions given in person

to your officer(s). Facsimile orders can only be accepted if

there is a contemporaneous confirmation of the order via

telephone.36

(b) Any oral instructions or offers received by you, which you

believe in good faith to be my proper instructions or offers, may

be acted upon by you and I shall be stopped from denying the

same. Provided Always that you shall not be liable for acting

in good faith upon such instructions or offers (except for your

gross negligence, wilful default, or fraud).

calls made by me or on my behalf to you. I agree to the

use of such recordings and transcripts thereof by you as

evidence in any dispute between you and me. You shall

not be required to maintain copies of such recordings or

transcripts thereof, if any.

13.6.3

Validity/Variation/Cancellation of Orders:-

(a) I shall stipulate a time frame for which each order is valid. Such

time frame may be accepted by you at your sole discretion. In

the event that I specify the time frame of an order as “Good

Till Cancelled”, such order shall remain valid until it has been

cancelled by me subject to your sole discretion.

(b) I may vary or cancel my order(s) prior to your execution of

such order(s), subject to your sole discretion. The provisions

of paragraph 13.6.2 above apply to such variation or

cancellation of my order(s). I shall be liable to pay for any

fees, costs, damages or losses howsoever suffered by me or

any party in the event my order(s) is/are varied or cancelled.

13.6.4

Execution of Orders:-

(a) You shall at your absolute discretion execute my order(s)

upon your reasonable determination of (i) the appropriate

time(s); (ii) the type(s) of currency(ies); and/or (iii) the

quantity of the relevant currency(ies).

(b) Under certain adverse market conditions as reasonably

determined solely by you, it may be difficult or impossible to

liquidate or transact according to my order(s). You will then

execute the order(s) on a best effort basis and will not be

held liable for any damages, costs or losses suffered by me

or any party in the event you have been unable to execute

such order(s) under adverse market conditions.

damages, costs or losses resulting from any unwinding of

any orders will be borne solely by me.

13.6.5

You are entitled to charge a market spread on any such orders

arising out of your provision of the service at your reasonable

discretion.

13.6.6

You reserve the right to withdraw the service or change any terms

and conditions either verbally or in writing at any time as you

deem fit at your reasonable discretion.

13.7 Off-Setting Contracts and Novation Netting

13 .7.1

Contracts which have such common features as you may consider

appropriate and which are the reverse of each other may be

considered by you to off-set and discharge each other wholly,

or partially where the Contracts are for different amounts. In the

case of a partial set-off and discharge, the remaining portion of

the Contract which is not partially set-off and discharged shall

continue to be a Contract for all purposes of the Agreement.

13 .7. 2

On or before the Settlement Date for any Contract, I may request

you and you at your absolute discretion may enter into one or

more Contracts in exchange for or liquidation of the obligations

maturing under that previous Contract at my expense upon such

terms as you may prescribe.

13 .7.3

If you enter into a Contract giving rise to an obligation for the same

Value Date and in the same currency as a then existing obligation

between you and I, then, immediately upon entering into such

Contract, each such obligation shall automatically and without

further action be individually cancelled and simultaneously

replaced by a new obligation for such Value Date. The new

obligation shall be determined as follows: the amounts of such

currency that would otherwise have been deliverable by each

party on such Value Date shall be aggregated and the party

with the larger aggregate amount shall have a new obligation

to deliver to the other party the amount of such currency by

which its aggregate amount exceeds the other party’s aggregate

amount, provided that if the aggregate amounts are equal, no

new obligation shall arise.

13 .7.4

The provisions in this paragraph (“Off-Setting Contracts and

Novation Netting”) shall apply notwithstanding that either you or

I may fail to record the obligations in our respective books, or you

may fail to show the status of my transactions in any statement,

Confirmation or other documents, in accordance therewith.

13 .7.5

The provisions in this paragraph (“Off-Setting Contracts and

Novation Netting”) shall not apply to any Contract concluded after

a Close-Out Date or on or after the date on which a bankruptcy

petition has been presented against me.

13.8 Investment Decision/Request for Information

13.8.1

All investments are made solely upon my judgment and at my

discretion and own risk. Unless required by law, nothing in your

brochures, investment reports and/or any of your material supplied

to me shall be construed by me as your investment advice as regards

the relative attractiveness of one investment option over another.

13.8.2

I request you to contact me (including by telephone call or email) on

any investment opportunities that you believe may be of interest to

me. Such investment opportunities may relate to our website/mobile

application/any electronic or digital platform or facility, accounts,

equities, fixed income and debt, credit and trust products and services,

alternative investments, managed accounts, derivatives, structured

products, funds, collective investment schemes, foreign exchange

products, commodities, custody services, brokerage services, insurance

products and investments of other nature. I fully understand that (a) you

are not obliged to provide me with any financial, market or investment

information or suggestion (unless required by law); (b) if you so act, you

do not provide the same as a required service, nor act as an advisor

(unless required by law); and (c) you assume no responsibility for the

accuracy and completeness of or the performance or outcome of any

investment made by me after receipt of the same.

14. Best Execution

14.1 For procedures Citibank Singapore Limited adopts in relation to MAS

Notice and Guidelines on Execution of Customers’ Orders, I am aware

that I can access the Client Notice through the Notices & Regulatory link

located on the bottom right corner of Citibank IPB website homepage.

MISCELLANEOUS

1. Compliance with Laws

1.1 I shall be aware of the laws (including but not limited to exchange

controls restrictions and requirements for central bank or other

governmental authority approval) in my country of residence and/

or citizenship with regard to my banking with you in Singapore

or in any other jurisdictions and I shall ensure that I comply with

all applicable laws in all relevant jurisdictions as a result of my

entering into a banking relationship with you. In the event that I

change my country of residence and/or citizenship, I shall notify

you in writing immediately. You shall be entitled to do all acts

you deem necessary in the event of my non-compliance with

applicable laws, including but not limited to a liquidation of the

affected assets and/or a transfer of my Account(s) to an alternate

vehicle. You shall not be liable for any loss or Liability imposed

by my country on me as a result of my non-compliance with any

regulations, laws or legal process of my country.

1.2 I acknowledge and agree that I am solely responsible for, and that

you do not have any responsibility for, my compliance with any

laws, regulations or rules applicable to my Account(s), including

but not limited to: (a) any laws, regulations or rules, in my or any

other jurisdiction, relating to tax, foreign exchange and capital

control, (b) reporting or filing requirements, and (c) consents,

licenses, approval and authorizations of any governmental

authority, bureau or agency (including central bank approval),

that may apply as a result of my country of citizenship, domicile,

residence or tax-paying status. I agree to comply with all

applicable tax and tax reporting obligations with respect to my

Account(s).

1.3 I understand that I should consult my tax advisers for

independent advice on tax implications of my entering into

the Agreement or any transactions hereunder. You shall not be

liable for any loss or Liability imposed upon me as a result of my

non-compliance with such laws.

1.4 I agree that you shall be entitled, and to take any action or

refrain from taking any action (including the disclosure of any

information relating to me or my transactions with you or any

affiliate) which you or the affiliate consider appropriate for the

purpose of complying with any Applicable Laws, including but

not limited to a liquidation of my assets and/or termination of

my Account(s) with you. I agree to bear all costs and expenses

incurred by you as a result thereof. Neither you nor your affiliated

company or your respective employees shall be liable as a result

of taking or refraining from taking any action in good faith in the

circumstances contemplated in this paragraph.

1.5 I understand that as a subsidiary of Citigroup Inc. a U.S. financial

holding company, you are required to observe certain U.S.

laws and regulations including but not limited to sanctions on

certain countries, organizations and/or individuals issued by the

U.S. government. I understand that these laws or regulations

may include requiring you to block or terminate my Account,

withdraw from transactions, return or liquidate my assets.

Neither you, Citibank N.A. and its branches, Citigroup Inc. or any

of its other subsidiaries or affiliates will be liable for any loss to

me as a result of your taking or refraining from taking any action

to comply with U.S. laws and regulations.

2. U.S. Persons

I understand that some Products and Services are not available

to U.S. Persons. In the event that I shall become (a) United States

Person, I shall notify you in writing immediately. I agree that you

shall be entitled to do all acts and things you deem necessary

to comply with applicable US law and any relevant Citigroup/

Citigroup Organisation policies or procedures, including but not

limited to a liquidation of the affected assets and/or a transfer

of my Account(s) to an alternate financial institution. I agree to

bear all costs and expenses incurred by you as a result thereof.

3. Other Services/Products

3.1 I agree that you may in your sole and absolute discretion:-

(a) introduce or provide other Services or additional facilities

or Products to me upon such terms and conditions as you

may specify;

(b) furnish me from time to time with information relating to and

in connection with any investment possibilities, banking,

loans, credit cards, insurance products, and investment

products (including unit trusts, mutual funds, treasury and

other financial derivatives) in any jurisdiction; and

transactions which arise in the course of providing banking,

investments and other Services to me.

3.2 I further agree that you may use artificial intelligence or data

analytics (i.e. technologies that assist or replace human

decision-making) whilst providing Products and Services to

me, for purposes including but not limited to risk assessment,

statistical, trend analysis and planning and to make decisions,

provide, operate, process and administer my Account(s).

4. Representations and Warranties

4.1 (i) I (and in the case of a Joint Account, each of us jointly and

severally) acknowledge, represent and warrant to you; or

(ii) in the case of a corporate entity, I acknowledge, represent

and warrant for myself and each beneficial owner to you,

(which representations and warranties in either case will

be deemed to be repeated by me each time a Contract is

entered into) that:

(a) I am solely responsible for my own tax affairs and

obligations;

(b) I have not been convicted of any tax crime in any

jurisdiction and, as far as I am aware, I am not under

any ongoing investigation by any tax authority or law

enforcement agency for alleged criminal or fraudulent

conduct related to tax evasion;

Account(s) do not represent the proceeds of any

criminal conduct (including tax crimes);

(d) my Account(s), and the assets deposited into them,

including income with respect to such assets, have

been, and will continue to be, declared to the relevant

tax authorities, or are not legally required to be

disclosed to the relevant tax authorities;

(e) withholding tax for income received from all markets

will be held at the domestic rate;

(f) where my jurisdiction of tax residence has a double tax

treaty with a jurisdiction where tax is withheld, I will

consult my own tax advisers to assess how my personal

tax position is affected;

(g) I will notify you promptly upon any change in the above

acknowledgements, representations and warranties;

and

(h) (in the case of a corporate entity) each beneficial

owner has authorised me/us to give/make the above

acknowledgements, representations and warranties

for him/her.

4.2 I represent and warrant to you (which representations and

warranties will be deemed to be repeated by me each time a

Contract is entered into) that:

(a) the execution, delivery and performance by me of my

obligations under the Agreement and under each Contract

have been duly authorised by all necessary action, are legal

and regular and do not:-

(i) require any consent or approval of any person which

has not already been obtained;

(ii) violate any provision of any law, rule or regulation, or of

any order, judgment, injunction, decree, determination

or award of any courts or any judicial, administrative

or governmental authority or organisation presently in

effect having applicability to me; or

(iii) result in the breach of, or constitute a default under, the

terms of any mortgage, bond, deed, loan agreement

or any other agreement or instrument to which I am

a party or by which I or any of my properties may be

bound or affected, or any other obligations or duty

binding on me or to which I am subject;

(b) the Agreement and each Contract constitute my legal, valid

and binding obligations enforceable in accordance with

their terms;

Agreement and each Contract is true, complete and

accurate in all material respects;

(d) the transactions contemplated by the Agreement and each

Contract are within my powers and capacity;

(e) no Special Circumstance or event which with the passing

of time or the giving of notice, or both, would constitute a

Special Circumstance has occurred and is continuing or

would occur by reason of my entering into or performing my

obligations under the Agreement or under any Contract;

(f) the proceedings (if any) pending or threatened against me at

law or in equity or under statute, or before any governmental

authority, if adversely determined against me, will not, in

the aggregate, materially impair my ability to perform my

obligations under the Agreement or under any Contract,

and there is no such proceeding which purports to affect

the legality, validity or enforceability of the Agreement or

any Contract; and

(g) under applicable law, unless notified otherwise to you

in writing prior to the date of the relevant Contract, no

deduction or withholding (whether on account of taxes or

otherwise) will be required to be made from any payment to

be made by me under the Agreement or under that Contract.

4.3 In the event that any facilities are extended to me, I (and in the

case of a Joint Account, each of us jointly and severally) represent

and warrant to you as follows:-

(a) if I am a corporate entity, that I am a company with limited

Liability duly registered and validly existing under the laws

of my country of incorporation and will maintain a place of

business in Singapore;

(b) that all acts, conditions and things required to be done

and performed and to have happened (prior to entering

into of any such credit relationship with you and prior to

the execution and delivery of any security documents

constituting the same valid obligations of mine enforceable

in accordance with its respective terms) have been done,

performed and have happened in due and strict compliance

with all applicable laws and regulations;

or are being taken to appoint a receiver and/or manager or

liquidator for my takeover or winding-up;

(d) that I have filed all tax returns which I am required by law

to file and I have paid or made adequate provision for

the payment of all taxes, assessments, fees and other

governmental charges assessed against me or upon any of

my properties, assets, income or franchises;

(e) that any consent, licence, approval or authorisation of

any governmental authority, bureau or agency required

in connection with the execution, delivery, performance,

validity or enforceability of any provisions of these Terms

and Conditions have been obtained and is valid and

subsisting;

(f) if required by you, to periodically furnish you with my annual

audited financial statements within such time as you may

stipulate from the close of each of my financial years; and

(g) that each of the foregoing paragraphs shall apply mutatis

mutandis to any third party which now or hereafter has

guaranteed or provided security for or given an indemnity

in respect of any of my obligations or Liability under these

Terms and Conditions.

4.4 Each of the above representations and warranties shall survive and

continue to have full force and effect for so long as the facilities

are extended to me and I hereby warrant to you that the above

representations and warranties will be true and correct and fully

observed until all sums payable under the facilities are fully paid.

5. Affirmative Covenants

I undertake that:

(a) I will comply in all material respects with all applicable

laws, rules, regulations and orders, non-compliance with

which would materially adversely affect my operations

or business or credit or materially impair my ability to

perform my obligations under the Agreement or under any

Contract. I will obtain and make all statutory, corporate

and governmental authorizations, approvals and filings

which may be required from time to time in order for me to

perform my obligations under the Agreement and under

each Contract;

(b) (for companies) I will send to you within four (4) months of

the end of each of my financial years, if requested by you,

a copy of my audited accounts and financial statements

(and the consolidated audited accounts from me and my

subsidiary, associate or joint venture companies (if any)) in

respect of each financial year;

any event specified in paragraph 15 (“Closing of Accounts”)

under “Terms Applicable Generally” herein, or Special

Circumstance or event which with the passing of time,

the giving of notice, or both, would constitute a Special

Circumstance, and of the steps being taken by me to remedy

the same; and

(d) I am responsible for observing the laws, regulations

and rules applicable to me or my use of offshore wealth

services through the Account(s), including any tax,

foreign exchange or capital controls, and for all payment,

reporting or filing requirements that may apply as a result

of my country of citizenship, domicile or residence or the

location where the offshore wealth services in relation to

the Account(s) may be provided to me. You may, from time

to time, upon your sole discretion, withdraw some or all

services to customers residing in certain countries owing

to Citigroup policy changes and/or regulatory changes.

(e) I am solely responsible for acquiring appropriate independent

tax advice regarding my Account(s). Nothing in these Terms

and Conditions or in any other communication, whether or

not in writing, between me and any Citigroup Organisation

constitutes advice relating to tax or to the suitability from

a tax planning perspective of any strategy or investment or

to my compliance with any laws, regulations or rules.

6. Close-out and Liquidation

6.1 If any of the events specified in paragraph 15 (“Closing of

Accounts”) under “Terms Applicable Generally” herein or this

paragraph 6 (“Close-out and Liquidation”) has occurred, or a

Special Circumstance has occurred and is continuing, then you

shall have the right to close-out and liquidate in the manner

described below all (if paragraphs 15 (“Closing of Accounts”) or

19 (“Default in Repayment”) under “Terms Applicable Generally”

herein applies), or the affected (if this paragraph 6 (“Close-

out and Liquidation”) applies) outstanding Contracts (except

where certain of such Contracts may not under applicable law

or in your good faith opinion be closed-out and liquidated), by

notice to me (provided, however, that in the case of paragraph

15 (“Closing of Accounts”) under “Terms Applicable Generally”

herein, such close-out and liquidation shall be automatic as to

all outstanding Contracts without any prior notice).

Where such close-out and liquidation is to be effected, it shall

be effected by closing out each outstanding Contract (including,

but not limited to any Contract which has not been performed

and in respect of which the Settlement Date is on or precedes

the Close-Out Date) so that each such Contract is cancelled,

and you shall calculate in good faith with respect to each

such cancelled Contract the Closing Gain (as defined in sub-

paragraph (c) below) or, as appropriate, Closing Loss (as defined

in sub-paragraph (c) below), as follows:

(a) for each such Contract the obligation of which is

denominated in a currency other than the Reference

Currency, calculate its “Close-Out Amount” by converting

the amount of such Contract obligation into the Reference

Currency at the spot rate of exchange applicable at the time

of conversion or such other rate as may be prescribed by

applicable law;

(b) determine in relation to each Settlement Date:

(i) the sum of all Close-Out Amounts relating to Contracts

under which, and of all Contracts in the Reference

Currency under which you would otherwise have been

obliged to deliver the relevant amount to me on that

Settlement Date; and

(ii) the sum of all Close-Out Amounts relating to Contracts

under which, and of all Contracts in the Reference

Currency under which you would otherwise have

been entitled to receive the relevant amount on that

Settlement Date;

than the sum determined under sub-paragraph (b)(ii), the

difference shall be the “Closing Loss” for such Settlement

Date; if the sum determined under (b)(i) is less than the sum

determined under (b)(ii), the difference shall be the “Closing

Gain” for such Settlement Date;

(d) to the extent permitted by applicable law, adjusting the

Closing Gain or Closing Loss for each Settlement Date falling

after the Close-Out Date to present value by discounting the

Closing Gain or Closing Loss from the Settlement Date to the

Close-Out Date, at the Reference Currency discount rate,

or at such other rate as may be prescribed by the applicable

law;

(e) aggregating the following amounts so that all such amounts

are netted into a single liquidated net amount payable by

or to you:

(i) the sum of the Closing Gains for all Settlement Dates

discounted to present value, where appropriate, in

accordance with the provisions hereof (which for the

purposes of this aggregation shall be a positive figure);

and

(ii) the sum of the Closing Losses for all Settlement Dates

discounted to present value, where appropriate, in

accordance with the provisions hereof (which for the

purposes of the aggregation shall be a negative figure);

and

(f) if the resulting net amount is positive, it shall be payable by

me to you and if it is negative, then the absolute value of

such amount shall be payable by you to me.

6.2 You may, in your absolute discretion, set off any Collateral

Charged Property held by you (including the liquidated value

of any non-cash Collateral Charged Property) as security

for my obligations hereunder against the net payment

calculated in accordance with sub-paragraph 6.1(e) above.

6.3 The net amount payable by one party to the other party

pursuant to this paragraph shall be paid by the close of

business on the Business Day following the liquidation of

all such Contracts (converted as required by applicable law

into any other currency, any such costs of conversion to be

borne by, and deducted from any payment to me).

6.4 The parties agree that the amounts recoverable under this

paragraph 6 “Close-out and Liquidation” are a reasonable

pre-estimate of loss and not a penalty. Such amounts are

payable for the loss of bargain and the loss of protection

against future risks and, except as otherwise provided in

the Agreement, neither party will be entitled to recover any

additional damages as a consequence of such losses.

6.5 For the purpose of closing out and liquidating under this

paragraph 6 “Close-out and Liquidation”, you may, without

any Liability to me, realise or sell so much of the Collateral

or take all such action as you deem fit (including but not

limited to liquidation of the Collateral prior to its maturity,

conversion of the same into other currencies or conclusion

of any spot or forward contract), and accordingly I hereby

irrevocably authorise you to act on my behalf. You are

entitled to use our discretion in all aspects on the sale or

liquidation of the Collateral.

6.6 Any proceeds remaining after deducting all costs and

expenses in connection therewith and payment of all

amounts due hereunder, shall be paid to me. In the event

such proceeds are insufficient to cover such payments, I

shall pay to you forthwith upon demand the amount of any

deficiency.

6.7 I hereby authorise you to place the proceeds of any Collateral

to the credit of any suspense account with a view to

preserving your rights to prove the whole of your claims

against me and you may apply any or all of such proceeds

to such account, my obligation or Liability which you may,

at your discretion, from time to time conclusively determine.

6.8 Whether to accede to any request by me to terminate a

Contract prior to its termination date shall be solely at

our discretion and in making such decision, you may take

into account the effect of such termination on any other

outstanding Contract hereunder.

6.9 If either party is prevented from or hindered or delayed by

reason of any force majeure or act of State in the delivery

or payment of any currency or of any Alternative Financial

Instrument in respect of any Contract or if it becomes

unlawful, illegal or impossible for either party to make or

receive any payment in respect of any Contract, then the

party for whom such performance has been prevented,

hindered or delayed or has become unlawful, illegal or

impossible shall promptly give notice to the other party and

either party may, upon notice to the other party, close-out

and liquidate the affected Contract(s) in accordance with

the above paragraphs 6.1 to 6.8 herein.

7. Collection, Use, Disclosure of Information

I authorise the transfer and disclosure of any information relating

to me (including personal data) or the Accounts, including

statements, agreements, letters, forms, consents, waivers

and supporting documents, to and between the branches,

subsidiaries, representative offices, affiliates and agents of

the Bank and Citibank N.A, and third parties selected by any

of them or you (including but without any limitation, any third

party service provider (each a “Service Provider”) engaged by

the Bank or Citibank, N.A. to perform out-sourced functions),

wherever situated, for confidential use (including for use in

connection with the provision of any Products or Services to me,

and for data processing, statistical and risk analysis purposes,

global cash services and dealings in Securities on the Stock

Exchange of Singapore and dealing with or responding to any

other relevant authorities and agencies pertaining thereto).

Each of the Bank, Citibank, N.A., and any of their respective

branches, subsidiaries, representative offices, affiliates, agents,

a Service Provider or third parties selected by any of them or you

shall be permitted to further disclose information relating to me

(including personal data) or the Accounts, including statements,

agreements, letters, forms, consents, waivers and supporting

documents, to third parties for confidential use. I irrevocably

consent to the Bank, Citibank, N.A. and any Citibank, N.A.

branch, subsidiary, representative office, affiliate, agent, a

Service Provider or a third party selected by any of them or you

to transfer and disclose any information as may be required by

Law or Regulation, court, regulator or legal process.

I further agree that you may collect, use and disclose any

information relating to me (including personal data) or the

Accounts, including statements, agreements, letters, forms,

consents, waivers and supporting documents, for the purposes

listed below, to the following recipients:

(a) any introducer or broker who provides referrals to the Bank

or to whom the Bank provides referrals, for the purposes of

fulfilling your referral requests;

(b) any third party reward, loyalty, privileges or co-branding

programme service providers or any co-branding partners

of the Bank, for the purpose of (i) providing benefits to

you, including promotions, special offers, rewards; or (ii)

administering contests and competitions;

and agents of the Bank and Citibank N.A. for the purposes

of handling any complaints, claims or disputes; and

(d) any other person in connection with the purposes set out

in sub-paragraphs (a) to (c) above.

Without prejudice to the generality of the foregoing, where

you are a member of, or subscriber for the information sharing

services of, any credit bureau recognized by the Monetary

Authority of Singapore (“MAS”) under or pursuant to the Banking

Act (CAP 19 of Singapore) (“Banking Act”), I authorise:-

(a) you to transfer and disclose to any such credit bureau; and

(b) any such bureau to transfer and disclose to any fellow

member or subscriber as may be recognized as such by MAS,

any information relating to me and/or any of my Account(s)

with you (and for such purposes) as may be permitted under

or pursuant to the Banking Act.

I hereby consent, in connection with any, or any proposed,

novation, assignment, transfer or sale of any of your rights

and/or obligations with respect to or in connection with the

Account(s) and any Products and Services made or to be made

available to me under the Account(s) to any novatee, assignee,

transferee, purchaser or any other person participating or

otherwise involved in such, or such proposed, transaction, to the

disclosure, to any such person, by you, of any and all information

relating to me, the Account(s) and any Products and Services

made or to be made available to me under the Account(s) and

any security, guarantee and assurance provided to secure my

obligations thereunder and any other information whatsoever

which may be required in relation thereto.

I agree to the terms of, and that you may collect, use and disclose

any information relating to me (including personal data) or the

Accounts, including statements, agreements, letters, forms,

consents, waivers and supporting documents, in the manner and

for the purposes as described in the Citibank Circular Relating to

the Personal Data Protection Act (as the same may be amended

from time to time), which is deemed to be incorporated by

reference into this Clause 7. For the purpose of complying with

applicable Law or Regulation including but not limited to the

U.S. Foreign Account Tax Compliant Act (FATCA), I waive any

bank secrecy, or privacy or data protection rights related to my

Account(s) and authorize and consent to collection, use and

disclosure of any information relating to me and/or any of my

accounts to any person for such purpose.

8. Amendment of Terms & Conditions

You may change, vary, amend, modify or supplement the Terms

and Conditions and the Citibank Circular Relating to the Personal

Data Protection Act at any time after giving reasonable notice to

me and shall thereafter bind me and my legal representatives,

successors, assigns and beneficiaries of my estate and other

agreements or terms and conditions which I have executed or

which is applicable to transactions that I have entered with you

involving the Terms and Conditions, will remain valid and binding

on me.

9. Communications

9.1 I shall give you written notice of any change in my particulars.

9.2 Any statement, advice, confirmation, notice, demand and all

other correspondence by you under these Terms and Conditions

may be served on me (or my personal representatives or

my trustees in bankruptcy) personally or sending it by pre-

paid airmail or local registered post to me (or my personal

representatives or my trustees in bankruptcy) at my last address

registered with you, or by telex, facsimile or electronic mail to

my telex, facsimile or electronic mail address last known to you.

The same shall be deemed to have been delivered on the day it

was delivered personally or transmitted by telex, facsimile or

electronic mail or if sent by post on the day following the posting,

notwithstanding that the correspondence may be returned

through the post office undelivered. I understand and accept

that the risk of any of the above documents (including without

limitation, any payment by bank draft or manager’s Check) being

lost in the mail lies solely with me.

10. Dealings with Citibank Singapore Limited

10.1 All payments and deposit of monies shall be made solely at

Citibank Singapore Limited and any legal proceedings arising

hereunder shall be brought solely against Citibank Singapore

Limited at 5 Changi Business Park Crescent Singapore 486027.

10.2 The obligations with respect to my Account(s) hereunder are

payable solely at the Citibank Singapore Limited at which the

Account(s) was/were opened and are subject to the laws of

Singapore (including any government acts, orders, decrees, and

regulations, including fiscal and exchange control regulations).

10.3 The Account(s) is/are placed with Citibank Singapore Limited

and I am only entitled to payment of the Accounts and accrued

interest at and recourse from Citibank Singapore Limited and

not the head office or any other branch, subsidiary or associated

or affiliated corporation of Citibank N.A. or Citibank Singapore

Ltd wherever located, regardless of the circumstances.

10.4 I agree that all such payments shall be subject to all applicable

laws, regulations, governmental, regulatory or judicial acts,

policies, decrees, orders or pronouncements including without

limitation, fiscal, tax and exchange control regulations

(collectively referred to as “Laws”). Citibank shall not be

responsible or liable to me in any way for the non-payment,

unavailability (temporary or indefinite) of funds or of any

Alternative Financial Instrument or diminution in value of funds

standing to my credit, due to restrictions on convertibility or

transferability, requisitions, involuntary transfers, distraints

of any character, exercise of governmental or military powers,

war, strikes, civil strife, application of any Laws, sabotage,

computer breakdown or any other cause whatsoever beyond

Citibank’s control, and for so long as any such circumstances

exist, Citibank’s obligations to me herein shall be suspended.

11. Waiver

No relaxation, forbearance, indulgence, failure or delay by you

in exercising or enforcing any power of sale or any other rights

or options (collectively, referred to as “Rights”) under these

Terms and Conditions shall operate as a waiver thereof, or limit,

prejudice or impair your right to take any action or to exercise

any Rights as against me without notice or demand, or render

you responsible for any loss or damage arising therefrom. Any

waiver by you hereunder shall not operate as a waiver of any

subsequent breach.

12. Severability

12.1 Each of the provisions in these Terms and Conditions is severable

and distinct from one another and if any one or more provisions

of these Terms and Conditions are deemed invalid, unlawful

or unenforceable in any respect under any applicable law, the

validity, legality and enforceability of the remaining provisions

of these Terms and Conditions shall not in any way be affected

or impaired.

12.2 A person who is not a party to these Terms and Conditions has no

right under the Contracts (Rights of Third Parties) Act (CAP 53B

of Singapore) to enforce any term of these Terms and Conditions,

except to the extent (if any) that these Terms and Conditions

expressly provides for such Act to apply to any of the terms.

13. Further Acts

I shall at my own expense, immediately upon written demand

by you, make, execute, do and perform, or cause to be made,

executed, done and performed, all such further acts, agreements,

assignments, assurances, deeds, documents, mortgages and

instruments of whatsoever nature as you shall reasonably

require to perfect the security afforded or created, or intended

to be afforded or created, by these Terms and Conditions and

pursuant to any Credit Facility and take all actions that may be

necessary or that you may request in order to fulfil my obligations

and/or contract and/or Liabilities to you under these Terms and

Conditions, and to accomplish the purposes set out in these

Terms and Conditions.

14. Electronic Records

Your records (including computer and microfilm stored records

or any other electronic records stored by you) of all matters

relating to me, any transaction on my Accounts (including Cash

Withdrawal and Citibank ATM/Debit Card Transaction), and/or

my Accounts are conclusive evidence of such matters and are

binding against me for all purposes, save for manifest or clerical

error, subject to your right to rectify any error or omission therein

and your right to adduce other evidence. I hereby agree not to at

any time dispute the authenticity or accuracy of any computer

output relied upon by you for any purpose whatsoever. You may,

in your absolute discretion, destroy any document relating to

any transaction on my Accounts after microfilming or otherwise

recording the same in such manner as you may deem fit as well as

to destroy such microfilm and records (including any electronic

records) at any time.

15. Governing Law and Jurisdiction

15.1 I acknowledge and agree that my contract with you is in English,

any products and services acquired by me from you are in English

and the conduct of Account(s) is in English – including but not

limited to the provision of Account Statements. It is therefore a

term of my acquiring a product or service from you (and I agree

that) I am fluent in written and spoken English.

Any translation of a document into a language other than English

is purely for guidance and convenience only, so that in the event

of any inconsistency between the English language version and

a version in another language, the English language version shall

prevail.

15.2 These Terms and Conditions covering the Account(s) and all my

obligations hereunder or on any Account(s) shall be governed by

and construed in accordance with Singapore law and I submit

to the non-exclusive jurisdiction of the courts of Singapore in

all matters pertaining thereto. Instructions for the remittance

or transfer of funds to or through correspondent banks shall

not affect or be construed to affect the foregoing terms.

15.3 You may serve a writ of summons, statement of claim or other

legal process or any other document requiring personal service

in respect of any action or proceedings under these Terms and

Conditions on me by leaving it at, or sending it by ordinary post

to, my last known address (whether within or outside Singapore

and whether such address is a Post Office Box or is a place of

residence or business) as may be provided to you or to your

solicitors. Nothing in this condition shall affect your right to serve

legal process in any other manner permitted by law.

15.4 Such legal process or document described in paragraph 15.3

above is deemed to have been duly served on me on the date

of delivery if it is delivered by hand; or on the date immediately

after the date of posting if it is sent by post (notwithstanding

that it may be returned to you undelivered).

RISK DISCLOSURE STATEMENT

The services provided by or through you cover dealings in derivatives

such as forwards, options and any relevant strategies and combinations,

with or without spot transactions. A derivative is a financial contract

whose value is designed to track the return on or is derived from

currencies, interest rates, securities, bonds, money market instruments,

agricultural and energy products, metals and other commodities,

financial instruments, reference indices or any other benchmark.

I understand that the intention of this statement is to inform me that the

risk of loss in investment transactions (including derivative transactions)

may be substantial in certain circumstances. I accept that this statement

however does not purport to disclose all of the risks in investment

transactions (including derivative transactions) and other significant

aspects of trading in forwards and options. I understand that I should

not deal in them unless I understand the nature of the transactions I am

entering into and the extent of my exposure to risk. I should also carefully

consider whether and be satisfied that the transactions are suitable

for me in the light of my experience, objectives, financial resources and

other relevant circumstances and financial position. This statement is

intended as general guidance only and is not specific to any transaction.

In considering whether to trade, I understand that I should also be aware

of the following:

1. GENERAL

1.1 Certain securities and money market instruments may not be

readily realisable. There can be no certainty that market traders

will be prepared to deal in them, and proper information for

determining their current value may not be available.

1.2 Options and contracts for differences may be highly volatile

and carry a high risk of loss. A relatively small adverse market

movement may result in a loss which exceeds or is out of

proportion with the premium (if any) which is paid.

1.3 The past performance of Securities is not an indication of future

performance.

1.4 Investments in Securities have certain inherent risks of loss and

are neither guaranteed or insured by you, nor do they constitute

obligations of any Citigroup Organisation.

1.5 “Spread” positions may not be less risky than a simple “long” or

“short” position.

1.6 Interest Rate Risk: Securities may be issued with fixed or floating

interest rates. Securities bearing fixed interest payments will

be adversely affected by rising interest rates and the longer the

term of such Securities, the greater the interest rate risk or loss

from the movement of the market interest rates.

1.7 Investment Risk: Repayment on maturity may be subject to

intervening circumstances such as government action or legal

restrictions placed on the issuer or the guarantor which may

have an impact on the currency in which the Securities are

denominated or may otherwise forbid the transfer of funds out

of the country of the issuer or the guarantor or the country from

which funds are to be remitted to me.

1.8 Credit Risk: The Account(s) and/or investment products

are not insured with FDIC or CDIC or any other Insurance

Corporation located outside of Singapore. Investment products

(including Premium Accounts, Market-Linked Accounts

and other structured accounts) are not covered under the

Deposit Insurance and Policy Owners’ Protection Schemes Act

2011 of Singapore and are not eligible for deposit insurance

coverage under the Deposit Insurance Scheme, as amended,

supplemented or re-enacted from time to time.

1.9 Issuer Risks: My instructions to you to purchase any securities

are based on my individual assessment of the issuer of such

securities and the same are subject to the risks of the issuer,

including but not limited to the failure by such issuer to make

good, valid or timely delivery or payment to you in my favour.

1.10 Pricing Risk: For derivatives transactions, the normal pricing

relationships between the underlying instruments and the

derivatives may not exist in certain circumstances. The absence

of an underlying reference price may make it difficult to assess the

“fair” value of the derivative in question. The prices of investment

funds, foreign currencies, commodities and securities are

subject to the risks of market fluctuations which may result in

these investments being reduced in value. In respect of foreign

currencies, a decline in a foreign currency’s exchange value relative

to my base currency will reduce my earnings or even my principal

amount invested therein.

1.11 Settlement Risk: There may be instances where the profit or loss

on an open transaction with a broker or counterparty may be

booked by the conclusion of a matching reverse transaction with

a different broker or counterparty. If such broker or counterparty

defaults in the matching reverse transaction, the original

transaction will be deemed to remain open and may result in

losses to me.

1.12 Tax Risk: Income or profit from trading or dealings in the

Securities may be subject to withholding tax, capital gains tax

or other taxes imposed inter alia in the country of the issuer or

the country in which the Securities are traded. In such event,

unless the issuer or the guarantor agrees to gross-up the

amounts payable to me in respect of the Securities, I will only

receive the proceeds net of the amount of withholding tax or

other applicable tax.

1.13 Liquidity Risk: Under certain market conditions, it may be

difficult or impossible to liquidate or otherwise dispose of the

Securities before the interest and/or the principal sum is due and

payable. You are not obliged to purchase any of the Securities

from me under any circumstances whatsoever.

1.14 Foreign Exchange Risk: Liabilities in one currency may be

matched by an asset in a different currency, or assets may be

denominated in a currency other than my Reference Currency.

Movements in foreign exchange rates of the currencies of the

Securities against the Reference Currency may substantially

reduce the yield which I may expect from the Securities and have

an adverse effect on my profit/loss position.

1.15 Foreign Market Risk: Foreign markets will involve different risks

from my own market(s). In some cases the risks may be greater.

Risks associated with developing markets are generally higher.

The potential for profit or loss from transactions on foreign

markets or in foreign currency denominated contracts will also

be affected by fluctuations in foreign exchange rates.

1.16 Emerging Markets Risk: Securities in emerging markets need

careful and independent assessment by me of each investment

and the risks (including without limitation sovereign risk, issuer

risk, price risk and liquidity risk). Further I should be aware that

while such Securities can yield high gains, they can also be

highly risky as the markets are unpredictable and there may be

inadequate regulations and safeguards available to investors.

2. MARKET LINKED ACCOUNT

A Market Linked Account involves the sale or purchase by me

from you of an option or options (“Option”) using all or part of

the interest I could have earned over the tenor of the Marked

Linked Account and at times part of the principal.

The value of the Option reflects the actual performance of the

underlying markets. Interim values and the amount of principal

I will receive upon pre-termination are affected by market

fluctuations, interest rate levels and the remaining tenure of

the Marked Linked Account. The Option values do not reflect

the movement of the underlying market prices by the same

magnitude.

Any interest paid on maturity of the Market Linked Account will

depend on the performance of the Option and will be calculated

consistently with the formula printed on the terms sheet.

There may be no hedge provided against the rate of foreign

exchange between the base currency of the Marked Linked

Account and the respective currency of the underlying markets.

This may affect the amount of interest, if any, paid on maturity

or upon pre-termination.

I accept that there is a risk that I will receive no interest payment

on the Marked Linked Account or on the non-guaranteed portion

of the principal and that pre-termination may result in a loss of

principal beyond the non-guaranteed portion.

Unlike traditional deposits, structured deposits have an

investment element and returns may vary. I acknowledge that I

may wish to seek advice from a licensed or an exempt financial

adviser before making a commitment to invest in a Market Linked

Account.

In the event that I choose not to seek advice from a financial

adviser, I acknowledge that I should carefully consider whether

a Market Linked Account is suitable for me.

3. PREMIUM ACCOUNT

A Premium Account comprises 2 essential features - firstly,

placement of a principal amount in a Base Financial Instrument

and secondly, a possible repayment of the principal and premium

interest of the Premium Account by the Bank in one or more

Alternative Financial Instrument.

Where the Base Financial Instrument is a currency, the premium

interest return on the principal amount in respect of a Premium

Account is generally higher than an ordinary time deposit in such

currency. However, such opportunity also carries with it a risk

in the movement of value between the base currency and an

Alternative Financial Instrument because you have an absolute

right to pay me on the maturity date of the Premium Account

an amount in an Alternative Financial Instrument of your choice

instead of the principal and premium interest of the Premium

Account in the base currency.

Although the amount payable in an Alternative Financial

Instrument is pre-determined at the time of the establishment of

the Premium Account, I shall be subject to the risk of fluctuation

in the value of each Alternative Financial Instrument. A decline

in the value of an Alternative Financial Instrument relative to

the Base Financial Instrument of the Premium Account on its

expiration date will most certainly result in an exercise of your

right to pay me in the Alternative Financial Instrument of your

choice. The result is that I will have a weaker Alternative Financial

Instrument and the loss in value relative to the Base Financial

Instrument will and could substantially (depending on the

decline in value of the Alternative Financial instrument) reduce

what I otherwise had at the time of the establishment of the

Premium Account.

I should therefore study the market of each Alternative Financial

Instrument I have chosen and consider whether a Premium

Account is suitable in light of my own financial position and

investment objectives.

Where the Premium Account is a dual currency investment,

by purchasing the Premium Account, I understand that I am

giving you the right to repay me at a future date in an Alternative

Financial Instrument which is a currency that is different from

the currency in which my initial investment in the dual currency

investment was made, regardless of whether I wish to be repaid

in this currency at that time. Dual currency investments are

subject to foreign exchange fluctuations which may affect the

return of my investment.

Exchange controls may also be applicable to the currencies

my investment is linked to. I acknowledge that I may incur a

loss on my principal sum in comparison with the base amount

initially invested. You may wish to seek advice from a licensed

or an exempt financial adviser before making a commitment to

purchase this Premium Account. In the event that I choose not to

seek advice from a financial adviser, I acknowledge that I should

carefully consider whether this Premium Account is suitable for

me.

4. FORWARDS

Forwards entail the obligation to deliver or take delivery on a

specified expiration date of a defined quantity of an underlying

asset at a price agreed on the contract date. Forwards are traded

over-the-counter. Forwards may involve high degrees of risk and

may not be suitable for many members of the public.

5. STRUCTURED PRODUCTS

5.1 Structured products (which includes Premium Account, Market

Linked Account, Structured Notes and structured deposits)

are formed by combining two or more financial instruments,

including one or more derivatives.

Structured products carry a high degree of risk and may not be

suitable for many members of the public, as the risks associated

with the financial instruments may be interconnected. As such,

the extent of loss due to market movements can be substantial.

Prior to engaging in structured product transactions, I am aware

that I must understand the inherent risks involved. In particular,

the various risks associated with each financial instrument

should be evaluated separately as well as taking the structured

product as a whole.

Each structured product has its own risk profile and given the

unlimited number of possible combinations, it is not possible

to detail in this risk disclosure statement all the risks which may

arise in any particular case. Nonetheless, this risk disclosure

statement attempts to provide a general description of the

features and some of the risks applicable to a few common types

of structured products.

Structured products may be traded either over-the-counter or

on-exchange. With structured products, buyers can only assert

their rights against the issuer. Hence, particular attention needs

to be paid to issuer risk. I understand that I need therefore be

aware that a total loss of my investment is possible if the issuer

should default.

5.2 Principal Upon Maturity

Structured products with a principal upon maturity component

often consist of an option combined with a fixed income

instrument (e.g. a bond). Examples of such products would be

certain types of Structured Notes.

The principal upon maturity component is provided by the bond

and determines how much is paid out as a fixed sum when the

structured product matures. I understand that the principal

upon maturity can be well under 100 per cent. of the capital

invested, depending on the product. The principal upon maturity

is also linked to the nominal value rather than the issue price or

the secondary market price. Principal upon maturity does not

therefore mean 100 per cent repayment of the purchase price

for all products.

The option component determines how and to what extent

the buyer benefits from price movements in the underlying

asset. In other words, it establishes the buyer’s potential

return above the principal upon maturity component. The risks

this component entails corresponds to those of other options

or option combinations. Depending on the underlying asset’

market value, it can expire without value.

The market value of a structured product can fall below the level

of its principal upon maturity, which can increase the potential

loss on a sale before maturity. In other words, principal upon

maturity is only available if the buyer holds the structured

product until maturity.

6. SWAP TRANSACTIONS

Swap transactions involve the obligation to exchange revenue

flows of different types. Movements in exchange rates, interest

rates or the market price of the underlying instruments of

the swap transaction may greatly affect my position. These

movements can also be affected by various factors, including

inflationary fears and weakening currency, and sometimes there

may not be any logical reason for markets to act in certain way,

making it difficult to anticipate such movements.

7. CONTINGENT LIABILITY TRANSACTIONS

All forward contracts, options selling and contracts for

differences are contingent Liability transactions.

Where the services offered under the Agreement are not

leveraged transactions, I will be required to place with you

the full amount of the principal/investment value/transaction

value prior to the execution of any transaction. In such a case,

the maximum amount I could lose will be the entire principal/

investment amount/transaction amount I have placed with you.

If the forward contracts, options selling and contracts for

differences are leveraged, they will require the placement of any

initial margin for transacting a larger base amount. I may sustain

a total loss of the initial margin and any additional margins that I

place to establish a position or maintain positions in the relevant

market and may also be liable for further amounts. In some cases,

my potential losses may be unlimited. While the amount of the

initial margin placed may be small relative to the value of the

transactions, a relatively small market movement would have a

proportionately larger impact on funds placed with you as margin.

While this could work for or against me, I may sustain a total loss

of my initial margin and any additional funds placed with you if

the market moves against me. If the market moves against me, I

may be called upon to pay substantial additional margins at short

notice to maintain my positions. If I fail to do so, my positions may

be liquidated at a loss and I will be liable for any resulting deficit.

The use of leverage can lead to large losses as well as gains.

The high degree of leverage that is often obtainable in derivatives

transaction trading because of the small margin requirements

can work against me as well as for me.

8. CONTINGENT ORDERS

Placing contingent orders, such as “stop-loss” or “stop-limit”

orders, will not necessarily limit my losses to the intended

amount, since market conditions may make it impossible to

execute any order at the stipulated price.

9. OFF-EXCHANGE TRANSACTIONS

Unless otherwise indicated, most transactions are off-exchange.

Transactions in off-exchange or “non-transferable” derivatives

may involve greater risk than investing in on-exchange

derivatives because they may not be readily realisable and also

because they are not regulated by the rules of an exchange.

Situations may arise where no market traders are prepared

to deal in them or no proper information may be available to

determine their value.

Foreign markets will involve different risks compared with the

Singapore market. In some cases the risks will be greater. The

potential for profit or loss from transactions on foreign markets

or in foreign currency denominated contracts will be affected by

fluctuations in foreign exchange rates.

10. RISKS OF COUNTERPARTIES AND BROKERS

All investment transactions (including derivative transactions)

are entered into on my behalf and at my risk with counterparties

and brokers upon their prevailing terms and conditions for

the transactions, and are dependent on their performance,

settlement or delivery. Any insolvency or default of such

counterparties and brokers, or that of any other brokers involved

with my transaction, may result in losses to me or lead to

positions being liquidated or closed out without my consent.

In certain circumstances, I may not get back the actual assets

which I lodged as collateral and I may have to accept any

available payment in cash.

11. INSOLVENCY

All transactions are entered on my behalf and at my risk with

counterparties and brokers upon their prevailing terms and

conditions for the transactions, and are dependent on their

performance, settlement or delivery. My broker’s insolvency

or default, or that of any other brokers involved with my

transaction, may lead to positions being liquidated or closed

out without my consent. In certain circumstances, I may not

get back the actual assets which I lodged as collateral and I may

have to accept any available payment in cash.

Settlement of any transaction may be affected through

correspondents or custodians appointed by me, you or the

broker. If any such correspondents or custodians should fail to

carry out their instructions at all or to carry out their instructions

properly, I may suffer loss in respect of the total amount of my

investment, interest payments, the underlying property of

such transaction and/or any right to receive or dispose of such

property.

12. DISCLAIMER

In respect of all transactions entered into by me or by you on my

behalf, I understand and agree that:

(a) I make my own judgment in relation to investment or trading

transactions;

(b) you are not my fiduciary and nor do you accept any fiduciary

obligations to me;

obtained independent advice from my legal, tax and other

advisers, as applicable; and

(d) nothing in these Terms and Conditions or in any other

communication between you and I or any other member

of Citigroup Organisation constitutes advice relating to

tax or to the suitability from a tax planning perspective of

any strategy or investment or to my compliance with any

other laws, regulation or rules. I am solely responsible for

acquiring appropriate independent tax advice regarding my

Account(s).

13. FURTHER RISKS

I agree that this brief statement cannot, of course disclose

all the risks of investing or trading in Securities or derivatives.

You may from time to time send me further supplements and

other product and risk descriptions on the products that you

may trade with or for me. I am strongly recommended to read

these additional supplements. Before I trade in any product or

enter into any transaction, I should ensure that I understand

the detailed terms and effects of such product or transaction. I

should read through these carefully and study the market before

I trade or invest.

Risk Acknowledgement

I am aware of the possible risks associated with my investment in

investment funds, foreign currencies, commodities and/or securities

(including but not limited to Fixed Income Securities), including but

not limited to:-

(a) Price Risks: The prices of investment funds, foreign currencies,

commodities and securities are subject to the risks of market

fluctuations which may result in these investments being

reduced in value. In respect of foreign currencies, a decline in a

foreign currency’s exchange value relative to my base currency

will reduce my earnings or even my principal amount invested

therein.

(b) Credit Risks: Investment funds, commodities and securities

are not insured by you or by any of your branches, affiliates or

subsidiaries.

are based on my individual assessment of the issuer of such

securities and the same are subject to the risks of the issuer,

including but not limited to the failure by such issuer to make

good, valid or timely delivery or payment to you in my favour.

(d) Sovereign Risks: Any imposition by any governmental or

regulatory authority of the country of the relevant issuer of

securities of any material exchange controls or other limitations

or restrictions (including delays and discriminatory exchange

rates) may cause payments in respect of such securities to be

made in the local currency of such country instead of the original

invested currency or may result in the inability to affect outward

remittances of the whole or any part of such payments (whether

in the local currency, the original invested currency or any other

currency) from such country, which can thereby result in the loss

of all or part of the principal sum invested by me. If a sovereign

risk event occurs and payments in respect of such securities are

made in the local currency of the country of the relevant issuer

instead of the original invested currency, there is the additional

risk of the subsequent devaluation and/or lack of convertibility

in the local currency versus the original invested currency.

(e) Emerging Markets Risks: My investment in investment funds,

foreign currencies and securities in emerging countries located in

Asia, Latin America and eastern Europe etc may yield high returns

but may also carry high investment risks, since the markets in

such emerging countries can be highly unpredictable and their

laws and regulations may afford inadequate protection and

safeguards to investors such as myself.

(f) Liquidity Risks: During adverse market conditions, I may not

be able to liquidate all or part of my securities as and when I

require. In addition, certain Fixed Income Securities may not be

marketable and as such cannot be liquidated before maturity.

(g) Settlement Risk: I understand that at maturity, funds will be

passed on to me only after receipt of good funds by Citibank

Singapore Limited subject to your receipt of good funds from

the issuer, you will effect payment of such funds to me within

two to three Business Days subsequent to the stated maturity

date (or such other period of time as you may determine). I shall

make no claim on Citibank Singapore Limited or its affiliates for

interest as a result of any delay in payment.

(h) Investment Risk: I understand that investment products are not

bank deposits, nor obligations of, nor guaranteed by Citibank

Singapore Ltd, Citibank, N.A., Citigroup, Inc. or any of its

affiliates or subsidiaries, and are subject to investment risks,

including the possible loss of the principal amount invested.

Investment products are not subject to the provisions of the

Deposit Insurance and Policy Owners’ Protection Schemes Act

2011 of Singapore and are not eligible for deposit insurance

coverage under the Deposit Insurance Scheme.

12/2023