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Terms & Conditions

To Phillip Securities Pte Ltd

1. 1. I may from time to time have surplus funds in your possession or custody which you would generally be obliged to hold pursuant to Regulation 16 of the Securities and Futures (Licensing and Conduct of Business) Regulations (“Regulations”). While I understand that you will have some investment powers with respect to such surplus funds (the “Surplus Funds”) under the Regulations as supplemented by the Conditions Governing Phillip Securities Accounts (“Conditions”) which I agree also apply to my account(s) with you, I am not satisfied that the scope of those powers will give you sufficient scope to invest the Surplus Funds as effectively as if you had full discretion as to the investment to be made of the Surplus Funds (subject only to the condition that any investment is to be dictated first by your good faith belief that the objective set out below will be attained by such investment and secondly that the investments be limited to investments in money market funds).
2. I have after consulting with my legal and financial advisers decided to and now formally confirm my standing request that you accept the authority at your discretion to provide me with your fund management services under which you shall have the discretion to invest the surplus funds on a discretionary basis in any MONEY MARKET FUNDS with intent to preserve the principal and enhance returns on such excess funds, including the right to invest in money market funds.
3. I acknowledge that such investment management is at your discretion to provide and you shall have no liability or responsibility if no such investment management is effected and so long as the investment management is made in good faith, you will not be liable for any loss in principal or lack of enhancement in the value of the principal occasioned by and/or from the fund management effected and I also accept the risk of any and all losses or shortfalls that may result from the fund management effected. I accept that whilst you will monitor my account with a view to determining whether to exercise the investment discretion you have been granted, you are not willing to be, and will not be liable for any and all Loss arising from such monitoring and exercise of discretion, and in fact will only exercise your discretion of appointment or acceptance of appointment as fund manager on a primary basis only on the basis that you will not be liable to me should the Surplus Funds not be regarded as appropriate for otherwise than placement in a trust account or if in fact invested they do not obtain the best possible returns.
4. In connection with the foregoing, it is my stated objective with respect the investments to be made to have the same try and ensure that I will receive a return that is at least equivalent to the average interest payable on savings accounts at the three major local banks in Singapore.
5. I note and accept that in any event the discretion I am hereby granting will only be considered for exercise in my favour if my Surplus Funds exceeds in the aggregate the minimum stipulated by you and will remain so in excess for such time as you may stipulate from time to time.
6. I acknowledge that should you accept the discretion granted to you by me and effect a discretionary fund management of the Surplus Funds, the terms for your fund management services as applicable to customers who open a cash management account with you (including the fees payable) shall apply in addition to the CONDITIONS GOVERNING PHILLIP SECURITIES TRADING ACCOUNTS that I have agreed to and the terms set forth in this application form with respect my account(s).
7. In making my standing request, I confirm that I had first read through, understand and accept the terms of the following Disclosure of Material Interests And Fee Receipts by PSPL:

The PhillipCapital group of companies, and in particular PSPL itself, together with their respective directors and employees may take or have taken interests or positions in the money market funds which PSPL – the ‘MM Funds’ – in providing me fund management services with respect my Surplus Funds, has exercised its discretion to invest such of my Surplus Funds in. Such companies, including PSPL (but through another business unit other than its fund management department), may also perform or seek to perform marketing/distribution and other investment services for or in relation to the MM Funds for which services distinct fees are received. Specifically, PSPL may for such marketing/distribution services rendered receive marketing/distribution fees (including trailer fees) from MM Fund originators/fund managers which it will receive and appropriate for its own benefit. Such MM Funds may include MM Funds that PSPL in providing to me its fund management services with respect to my Surplus Funds invest/subscribe in for me.

In making my standing request, I am therefore also confirming that I have no issue with nor any objection to PSPL receiving and retaining such marketing/distribution fees (including trailer fees, whether from related companies or otherwise) earned through the services of PSPL’s distinct business unit.

8. With regard to investing in money market funds, I understand that:
1. a purchase of units in a money market fund is not the same as placing funds on deposit with a bank or deposit-taking company
2. money market funds are unit trusts that invest in short-term deposits and high quality debt securities,
3. although the fund managers may seek to maintain or preserve the principal value of the funds, there can be no assurance that the funds will be able to meet my objectives,
4. such funds are not guaranteed funds in that there is no guarantee as to the amount of capital invested and/or return received,
5. past performance of money market funds is not necessarily indicative of future performance.

I confirmed that I have read and agreed to the terms and conditions of Excess Fund Authorization and Important notes.