THE ADJUDICATION PROCEDURE AND ADJUDICATION AGREEMENT

1. Preliminary

1.1 This Financial Industry Disputes Resolution Centre Ltd (‘FIDReC’) Adjudication Procedure
(‘Adjudication Procedure’) sets out the Adjudication procedure of FIDReC and must be observed
and complied with by all Eligible Complainants and FIs.

1.2 The Adjudication Procedure may be amended by FIDReC from time to time and the process
governing a particular dispute resolution shall be the procedure prevailing at the time the Dispute
Resolution Form is lodged with FIDReC.

1.3 This Adjudication Procedure shall apply to all Disputes involving an Eligible Complainant and an
FI. For the avoidance of doubt, an "Eligible Complainant" or "Complainant" shall be taken to
refer to one or more such Eligible Complainant(s) and an "FI" shall be taken to refer to one or
more such FI(s). Correspondingly, the term "party" shall be taken to refer to one or more such
Eligible Complainant and/or FI and the term "parties" shall be taken to refer to one or more such
Eligible Complainant(s) and/or FI(s), as the case may be.

1.4 In cases where the FI is not an individual, the FI shall appoint a representative(s) to act for it.

1.5 For the avoidance of doubt, all definitions of terms as contained in the FIDReC Terms of
Reference shall apply to all such similar terms as used in this Adjudication Procedure.

2. The Adjudication Process

2.1 The Adjudication process conducted by FIDReC is to be governed by this Adjudication

Procedure.

2.2 Where the Dispute is not resolved after the mediation process conducted by the Case
Manager, the Eligible Complainant may choose to refer his Dispute to FIDReC for
Adjudication.

2.3 The Adjudication shall be before a FIDReC Adjudicator or, at FIDReC’s discretion, before a
Panel of Adjudicators (‘the Panel’). For the avoidance of doubt, each member of the Panel is
an Adjudicator, and collectively, the members of the Panel are referred to as the
‘Adjudicators’ or ‘Panel’.

2.4 The Adjudication process shall involve the Adjudicator (or the Panel as the case may be) and
the parties (ie the Eligible Complainant and the FI). The FI shall be represented by a duly
authorised officer.

2.5 The Adjudication process shall be conducted in the English language. The Eligible
Complainant and the FI (through its duly authorised officer) shall each present its own case

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 during the Adjudication Process, without representation by an advocate and solicitor. If the
Eligible Complainant is not proficient in the English language (even where he may understand
the English language and may not require the translation thereof), or in any other case where
so approved by the Adjudicator, he may be accompanied by a nominee (subject to approval
by the Adjudicator or the Panel), who has duly executed the prevailing Nominee Appointment
Form. The nominee shall translate the contents of this Adjudication Procedure and the
Adjudication Agreement for the Eligible Complainant. The nominee may also address the
Adjudicator or the Panel on his behalf. Such nominee shall not be a person acting in his
capacity as solicitor for the Eligible Complainant.

2.6 The Adjudication shall be conducted in strict confidence, and, subject to the provisions herein,
all communications shall be on a ‘without prejudice’ basis.

3. The Adjudication Agreement

3.1 Before the Adjudication is carried out, the parties shall enter into an agreement (‘the
Adjudication Agreement’) based on the Model Adjudication Agreement (as set out in
Appendix B to this Annex 4) in relation to the conduct of the Adjudication. For the avoidance
of doubt, the Adjudication Agreement may take the form of an electronic record. It is hereby
expressly stated that the Adjudication Agreement shall incorporate the terms and conditions
of this Adjudication Procedure.

3.2 Subject to Clause 5.3 below, the Adjudicator or the Panel, as the case may be, shall
determine the steps to be taken and / or the procedure to be adopted during the Adjudication
Proceedings. As far as possible, the Adjudication Proceedings would be conducted in a way
most expedient and convenient to the parties. Any issue as to procedure would be
determined solely by the Adjudicator or the Panel, as the case may be.

3.3 The parties shall be deemed, upon signing the Adjudication Agreement, to have accepted,
and shall be bound by the terms of, this Adjudication Procedure.

3.4 For the avoidance of any doubt, the adjudication by FIDReC shall proceed and the FI shall be
strictly bound by FIDReC’s Terms of Reference, all the terms of the Adjudication Procedure
and Adjudication Agreement and the decision of the Adjudicator(s) (where it is accepted by
the Complainant) even where:

i. the FI does not execute the Adjudication Agreement; and / or

ii. the FI does not participate in the Adjudication process and / or

iii. the FI and / or its officer, representative and / or agent does not attend the
Adjudication hearing.

4. The Adjudicator Or Panel

4.1 Upon the parties' entry into the Adjudication Agreement, FIDReC will appoint the Adjudicator
or the Panel for the Dispute.

4.2 FIDReC shall, in its discretion, appoint such number of Adjudicators as it deems necessary to
ensure sufficient expertise in resolving a Dispute, but subject only to a maximum of three
Adjudicators at any particular time, to hear any Dispute referred to them by the Case

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 Manager. FIDReC must notify all parties to the Dispute within 21 days of the appointment of
the Adjudicator or panel of Adjudicators, as the case may be.

4.3 FIDReC, in the selection of the Adjudicator or the Panel, will choose a person or persons
who, in its view, will be best placed to serve as the Adjudicator or as members of the Panel,
as the case may be. In the event that any of the parties has valid reasons to object to a
choice, FIDReC will appoint another person in his stead.

4.4 A person selected as an Adjudicator or as a member of the Panel shall disclose any
circumstances, which in his opinion, is likely to create an impression of bias or prevent him
from acting promptly or properly. FIDReC, upon receipt of such disclosure, will appoint
another person as an Adjudicator, unless the parties decide otherwise.

4.5 Where a Panel of three Adjudicators is appointed, the three Adjudicators shall choose,
amongst themselves, a Chairman of the Panel. Each Adjudicator on the Panel has one vote.
A decision is made by simple majority.

4.6 The Adjudicator will:

i. prepare himself appropriately before the commencement of Adjudication; and

ii. abide by the terms of the Adjudication Agreement and the Code of Conduct (as set
out in Appendix C to this Annex 4).

4.7 The Adjudicator (or where applicable, any member of his firm or company) should not act for
any of the parties at any time in connection with the subject matter of the Adjudication.

4.8 The Adjudicator and the members of the Panel and FIDReC are not agents of, or acting in
any capacity for, any of the parties.

4.9 The Adjudicator and the members of the Panel are not agents of FIDReC.

5. The Adjudication

5.1 FIDReC will make the necessary arrangements for the Adjudication, including:

i. appointing the Adjudicator or the members of the Panel as provided in Clause 4

above;

ii. setting a date for the Adjudication hearing;

iii. organizing a venue, and assigning a date for the Adjudication hearing;

iv. providing general administrative support; and

v. assisting in drawing up the Adjudication Agreement.

5.2 Prior to the commencement of the Adjudication hearing, all parties shall comply fully with the
following procedure:

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 (I) For non-motor claims

i. The Eligible Complainant and the FI shall complete and return the Pre-Adjudication
Form, as for the time being prepared by FIDReC, to FIDReC within the stipulated
time together with all written submissions as well as relevant documents relied on by
the parties.

ii. The Pre-Adjudication Forms, written submissions and documents submitted by the
parties shall be exchanged between the parties.

iii. A party may reply once to the other party’s submissions. Any reply shall be given to
the other party.

iv. No further reply shall be allowed unless approved by the Adjudicator.

v. Any party wanting to raise a preliminary matter must do so at least two (2) weeks
before the Adjudication hearing. Examples of preliminary matters include an
argument on FIDReC’s jurisdiction to adjudicate on the Dispute and / or an argument
on the Adjudication process adopted by the Adjudicator.

vi. Any preliminary matters raised by parties would be determined by the Adjudicator.
The decision of the Adjudicator shall be final and conclusive.

(II) For motor claims

i. The FI shall provide FIDReC with the Statement of Defence to motor claim within the
stipulated time together with all relevant documents.

ii. The dispute resolution form ('DRF') completed and lodged by the Eligible
Complainant and the Statement of Defence to motor claim provided by the FI shall be
exchanged between the parties together with all relevant documents (“the First
Exchange”).

iii. Within two (2) weeks after the First Exchange or such other period as may be
stipulated by FIDReC, the parties shall exchange the following (the "Second
Exchange"):

(a) Names of the Representatives of the FI, nominees (if any) of the Eligible
Complainant and/or witnesses of the parties;

(b) Further arguments (if any); and

(c) Additional supporting documents which parties intend to rely on (if any)

iv. Any party wanting to raise a preliminary matter must do so at least two (2) weeks
before the Adjudication hearing. Examples of preliminary matters include an
argument on FIDReC’s jurisdiction to adjudicate on the Dispute and / or an argument
on the Adjudication process adopted by the Adjudicator.

v. Any preliminary matters raised by parties would be determined by the Adjudicator.

The decision of the Adjudicator shall be final and conclusive.

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5.2A In the event that the FI and/or Complainant fails to comply with the procedure set out in
Clause 5.2 and/or any extension(s) of time granted by the Adjudicator for compliance, the
Adjudicator may assume that the FI and/or Complainant does not intend to fulfil its
obligation(s) under that relevant part of the procedure and shall be entitled to take this into
account in making his determination and/or award.

5.3 The Adjudication hearing shall be conducted in a manner determined by the Adjudicator or
the Panel. In the event that the Adjudicator or the Panel does not stipulate the procedure for
the conduct of the Adjudication, then the following default procedure shall apply:

i. The parties, the Adjudicator or members of the Panel (and its Chairman) are
introduced.

ii. The Adjudicator or Panel Chairman explains the procedure for the hearing to both
parties and asks whether there are any questions.

iii. The Complainant (or his nominee) presents his case, calling upon his / her
witness(es) and presenting all relevant documents.

iv. The FI presents its case, calling upon its witness(es) and presenting all relevant
documents.

v. The Complainant (or his nominee) may opt to question the FI and / or its witness(es).

vi. The FI may opt to question Complainant and his / her witness(es).

vii. The FI summarises its case.

viii. The Complainant summarises his case.

ix. The Complainant and the FI are afforded an opportunity to consider and to revise /
renegotiate proposals.

x. Where the case is not settled between the Complainant and FI, the Adjudicator or
Panel shall proceed to decide on the case.

xi. The Adjudicator or Panel may adjourn the hearing to consider the case and make its
decision later.

5.4 The Adjudication will be conducted in strict confidence, and no transcript or formal record will
be made. No audio-visual recording will be made of the proceedings except by FIDReC. Only
the Adjudicator or the Panel, the parties and / or the Eligible Complainant’s nominee (if any)
will be permitted to be present during the Adjudication. All other persons must be approved by
the Adjudicator or the Panel before they can attend the Adjudication.

5.5 All communications made in the Adjudication, including information disclosed and views
expressed, are strictly confidential, and made on a strictly ‘without prejudice’ basis. They shall
not be used in any proceedings, legal or otherwise (unless such communications are in any
event admissible in such proceedings).

5.6 The Adjudicator or the Panel may conduct joint meetings with all parties or separate meetings
with each of the parties, whether before or during the Adjudication.

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5.7 The parties shall submit all documents (which they intend to rely on during the Adjudication
hearing) to FIDReC not later than seven (7) days before the day of the hearing. Where
documents are submitted later than seven (7) days before the day of hearing, the Adjudicator
or the Panel shall have the discretion to exclude such documents. Where the Adjudicator or
the Panel exercises his or its discretion to exclude such documents, the said documents shall
not be relied upon and / or considered during the adjudication hearing.

6. The Determination / Award

6.1 The Adjudicator or the Panel shall accept evidence, whether oral or written evidence, and
shall give all evidence due weight and consideration. He / They may also accept any other
form of evidence it deems appropriate, including taped or video evidence.

6.2 The Adjudicator or the Panel may:

i. address any question he / they deems necessary to either the Eligible Complainant or
the FI;

ii. direct relevant evidence and / or documents be furnished by the parties;

iii. direct that the attendance of relevant witnesses and / or experts be procured by either
party; and

iv. make such other directions as may be necessary to adjudicate the Dispute.

6.3 The FI shall be strictly bound by all determinations and awards of the Adjudicator.

6.4 The Adjudicator or the Panel has the discretion, where appropriate, to adjourn the hearing at
any time. The Adjudicator or the Panel shall try to reach a decision as soon as practicable
after the Adjudication. Decisions of the Adjudicator or the Panel do not create any binding
precedents.

6.5 Where the Adjudicator or the Panel has reached a decision, he / they shall write and sign the
Grounds of Decision. Thereafter, a hearing shall be convened where the Adjudicator or an
appointed member of the Panel or such designated officer of FIDReC shall read the Grounds
of Decision to both parties before announcing the Adjudicator or the Panel’s decision.

6.6 A copy of the signed Grounds of Decision shall be kept in the Adjudication file. The Grounds
of Decision shall not be circulated to the parties.

6.7 The decision of the Adjudicator or the Panel is final and binding on the FI.

6.8 Where the Adjudicator or the Panel makes a determination and / or award with respect to the
Dispute, the Eligible Complainant is free to choose whether to accept the determination and /
or award.

6.9 Where the Eligible Complainant accepts the determination and / or award, the FI is bound by
such determination and / or award, and the parties shall enter into a written Settlement
Agreement in accordance with the said determination and / or award.

The written Settlement Agreement shall be approved by the Adjudicator or the Panel. The
settlement agreement is then circulated to the complainant and the FI for their execution. In

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 the event of any Dispute as to the terms of the settlement agreement, the Adjudicator’s or the
Panel’s decision shall be final and conclusive.

Before executing the Settlement Agreement, the Complainant and the FI may obtain their own
professional / legal advice at their own costs.

6.10 Where the Eligible Complainant does not accept the determination and / or award, there is no
settlement of the Dispute, and both parties are free to pursue their rights (whether through the
legal process, arbitration, adjudication or neutral evaluation).

6.11 For the avoidance of doubt and without prejudice to the generality of Clause 3.4, any
determination and / or award by the Adjudicator or the panel of Adjudicators shall be binding
on the FI, whether or not the FI is a party to the Adjudication Agreement, whether or not the FI
and the Eligible Complainant have executed the Adjudication Agreement, whether or not the
FI has executed the Settlement Agreement, and whether or not the FI and / or its
representatives attend and / or participate in the Adjudication hearing.

7. Settlement Agreement

7.1 No settlement will be binding on the Eligible Complainant until it has been reduced to writing
and signed by the Eligible Complainant.

7.2 A settlement that has been reduced to writing may take the form of an electronic record.
Where a settlement reduced to writing takes the form of an electronic record, it may be signed
by applying electronic signatures.

8. Termination

8.1 The Eligible Complainant may withdraw from the Adjudication at any time by giving notice of
withdrawal in writing to the Adjudicator or the Panel and the FI.

8.2 The Adjudication will terminate when:

i. the Eligible Complainant withdraws from the Adjudication;

ii. the Adjudicator or Panel makes a determination and / or award with respect of the
Dispute and / or a written Settlement Agreement is concluded; or

iii. the Adjudicator or any member of the Panel decides that he should withdraw from the
Adjudication for any of the reasons stated in the Code of Conduct, but such
termination to be without prejudice to FIDReC appointing another Adjudicator or
member of the Panel and scheduling another Adjudication hearing and / or the
Eligible Complainant’s right to restart a fresh claim.

9. Stay Of Proceedings

9.1 Unless the parties otherwise agree, the Adjudication will not prevent the commencement of
any suit or arbitration; nor will it act as a stay of such proceedings.

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10. Confidentiality

10.1 The Eligible Complainant and the FI shall keep all information, documents, correspondence
(including emails), issues or matters discussed, proposals and counterproposals, adjudication
awards etc, wholly and strictly confidential; and shall not disclose or divulge the same
(whether expressly or impliedly) to any third party, save as shall be required under any written
law or rule of law, an order of court, or administrative requirement imposed by MAS, or as
necessary to implement and enforce any Settlement Agreement or Adjudication award.

10.2 Save as shall be required under any written law or rule of law, an order of court, or
administrative requirement imposed by MAS, or as necessary to implement and enforce any
Settlement Agreement or Adjudication award, all persons involved in the mediation and / or
adjudication process shall keep confidential and not use for any collateral or ulterior purpose
in any other proceeding:

i. the fact that any mediation and / or Adjudication process is to take place, is in
progress or has taken place;

ii. the matters that transpired in the course of the mediation and or Adjudication
process;

iii. any views expressed, or suggestions or proposals for settlement made by any party
for the resolution of their Dispute in the course of the mediation or Adjudication
process;

iv. proposals suggested by the Case Manager and / or Adjudicator(s);

v. all materials made available and communication made during the mediation and / or
Adjudication process;

vi. where the Eligible Complainant does not accept the determination and or award of
the Adjudicator or the Panel, the fact that the Adjudicator or Panel has made the
determination and or award, and / or the substance and / or terms of the
determination and or award, and / or that the Eligible Complainant did not accept the
determination and or award; and / or

vii. all materials, information, correspondence (including emails), issues / matters

discussed, proposals and counterproposals produced for or arising in relation to the
mediation and or Adjudication process, including but not limited to any Settlement
Agreement (and the substance and / or terms thereof) except as directly necessary to
implement and enforce any such Settlement Agreement.

10.3 Save as shall be required under any written law, rule of law, or an order of court, all materials
made available, documents or other information produced for or arising in relation to the
mediation and / or Adjudication process shall be privileged and shall not be admissible as
evidence or discoverable in any proceedings connected with the Dispute, unless such
documents would have in any event been admissible or discoverable in such proceedings.

10.3A All nominees appointed by the Eligible Complainant pursuant to Clause 2.5 above and all
witnesses of a Eligible Complainant and FI shall be required to sign the prevailing
confidentiality agreement before they can take part in the adjudication process and/or attend
the adjudication hearing.

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10.4 The parties shall not call the Adjudicator or any member of the Panel or FIDReC (or any of its
employee, officer or representative) as a witness, consultant, arbitrator or expert in any
proceedings relating to the Dispute.

10.5 The Complainant’s and the FI’s obligation of confidentiality is not affected, and would continue
with full force and effect after the conclusion of FIDReC’s mediation and / or Adjudication
processes.

10.6 The FI shall ensure that all its officers, representatives and / or agents comply with Clause 10.

10.7 The parties hereby expressly acknowledge and agree that any breach and / or contravention
of this Clauses 10 of this Adjudication Procedure constitutes a loss which cannot be
reasonably or adequately compensated in damages. The parties expressly agree that in
event of any such breach and / or contravention, FIDReC and / or the innocent party (or
parties) shall be entitled to the remedy of injunction (in addition to any other remedy available
at law or in equity).

FIDReC and / or the innocent party (or parties) shall also be entitled to recovery of legal costs
(on a full indemnity basis) from the defaulting party (or parties). Additionally, FIDReC reserves
the right at its full discretion, to discontinue the mediation / Adjudication process with
immediate effect.

11. Waiver Of Liability

11.1 The Adjudicator (or members of the Panel as the case may be) shall not be liable to the
parties for any act or omission in connection with the services provided by him / them in or in
relation to the Adjudication, unless the act or omission is fraudulent.

11.2 FIDReC and / or any of its employee, officer or representative, do not at any time whatsoever
(and / or in any capacity howsoever) give, offer or render legal advice, or express any opinion
(whether professional or personal) on any legal position.

11.3 FIDReC (or any of its employee, officer or representative) will not be liable to the parties for
any act or omission whatsoever in connection with the services provided by it or in relation to
the Adjudication.

11.4 The Eligible Complainant and / or the FI and / or any Representative of the FI shall not make
any claim whatsoever against the Adjudicator, or any member of the Panel and / or FIDReC,
its officers, employees and representatives including but not limited to any claim for any
matter in connection with or in relation to:

i) any and all services provided by FIDReC (or any of its officers, employees and
representatives);

ii) any process, mediation, Adjudication and/or investigation conducted by FIDReC;

iii) the Dispute lodged by the Eligible Complainant;

iv) the claim made by the Eligible Complainant;

v) any settlement entered into between the Eligible Complainant and the FI and / or any
Representative of the FI;

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 vi) any Settlement Agreement executed by the Eligible Complainant and the FI and / or
any Representative of the FI;

vii) Any act done in order to comply with such legal, regulatory or administrative
requirement imposed by the MAS or any other Government agency; and / or

viii) any act done in compliance with any provision of any written law of Singapore, rule of
law or order of court.

11.5 The FI shall ensure that all its officers, representatives and / or agents comply with this
Clause 11.

11.6 The Eligible Complainant and / or the FI hereby expressly acknowledges and agrees that any
claim or claims made in contravention of this Rule constitutes a loss which cannot be
reasonably or adequately compensated in damages. The Eligible Complainant and / or the FI
expressly agrees that in event of any such claim and or breach and or contravention, FIDReC
or its officers, employees, agents and or representatives and or the Adjudicators shall be
entitled to the remedy of injunction in addition to any other remedy available at law or in
equity. FIDReC or its officers, employees, agents and or representatives and or the
Adjudicators shall also be entitled to recovery of legal costs on a full indemnity basis from the
Eligible Complainant and / or the FI and / or its Representatives or such other defaulting
parties who have acted in breach of this Rule.

12. Indemnity

12.1 Where a claim is brought against FIDReC and or any of its employees, officers, agents or
representatives or the Adjudicators by any Representative of the FI, the FI shall provide
FIDReC and or any of its employees, officers, agents or representatives or the Adjudicators
with a full indemnity against any loss that FIDReC and or any of its employees, officers,
agents or representatives or the Adjudicators may suffer as a consequence of such a claim,
including a reimbursement of all costs incurred in defending against such a claim.

13. Not Legal Advice

13.1 FIDReC and / or any of its employees, officers, agents or representatives should not be
construed at any time whatsoever or in any capacity as having given, offered or rendered
legal advice, whether professional or personal, on any legal position as to the rights of the
Eligible Complainant, the FI or any Representative of the FI.

13.2 The FI shall ensure that all its officers, representatives and / or agents comply with this
Clause 13.

14. Fees

14.1 The applicable fees payable by parties shall be in accordance to Clause 6 of the Funding
Rules (as set out in Annex 1 of FIDReC's Terms of Reference).

14.2 Each party will bear its own costs, expenses and disbursements of its participation and the
fees of its advisers, if any, in the Adjudication.

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15. Interpretation And General Provisions

15.1 The interpretation of any provision in this Adjudication Procedure shall be made solely by
FIDReC, and when so made, shall be final and conclusive.

15.2 The Adjudication Agreement and this Adjudication Procedure contains and represents the
entire agreement between the parties, and may be modified or amended only by an
instrument in writing duly executed by the parties.

15.3 In the event that any term and / or provision of the Adjudication Agreement and this
Adjudication Procedure should be held void, voidable or unenforceable, the remaining
portion(s) of such term and / or provision and the remaining other terms and provisions of the
Adjudication Agreement and this Adjudication Procedure shall remain in full force and effect
and shall continue to be binding on the parties.

15.4 The Adjudication Agreement and this Adjudication Procedure shall be governed by and
construed in accordance with the laws of Singapore.

15.5 The Adjudication Agreement may be executed in several counterparts, each of which shall be
deemed an original and all of which taken together shall constitute a single instrument.

15.6 Each party acknowledges and confirms that the preparation of the Adjudication Agreement
has been a joint effort on the part of all parties, and it shall be construed fairly in accordance
with its terms and shall not be construed against any particular party.

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Appendix A deleted

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 Appendix B

THE MODEL ADJUDICATION AGREEMENT

THIS AGREEMENT is made between:

1. The Financial Industry Disputes Resolution Centre Ltd of 36 Robinson Road #15-
01 City House, Singapore 068877 (‘FIDReC’)

2.

of

(the ‘Adjudicator’) or (the ‘Adjudicators’)

3.

of

(the ‘FI’)

4.

of

(the ‘Eligible Complainant’)

WHEREAS

FIDReC and the Adjudicator(s) have agreed to provide Adjudication services to the FI
and the Eligible Complainant (referred to as “the Parties”).

IT IS AGREED as follows:

1. Submission

1.1 The Parties agree and consent that the Disputes arising out of or in connection with this
Dispute and related matters shall be submitted to FIDReC for Adjudication.

1.2 The Parties agree to abide by any settlement and to effect the terms thereof (as set out in
any Settlement Agreement) reached through the Adjudication.

2. Terms And Process Of Adjudication

2.1 The Parties agree to abide in full by FIDReC's Adjudication Procedure (a copy of which
is annexed to this Adjudication Agreement). Among other things, the terms and process

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 of Adjudication, and the administrative fees chargeable for the Adjudication service,
shall be governed by the Adjudication Procedure.

3. Consent To Disclosure

3.1 Where the FI is a bank, the Complainant expressly consents and duly authorises the FI to
disclose to the Adjudicator (or the Panel as the case may be) and / or FIDReC and / or their
officers, employees and / or representatives, all and any customer information (as so
defined in the Banking Act, Cap 19, Singapore Statutes, (the "Act")) in relation to their
account(s) and / or affairs as are or may be relevant to the Dispute(s) and such consent and
disclosure shall discharge the FI of its / their banking secrecy and confidentiality obligations
under the aforesaid Act and / or any contract with the Complainant.

3.2 In addition, the parties to this Agreement consent and agree that in the course of the
adjudication process, all and any information (including customer information) and/or
confidential information may be disclosed to the other parties to this Agreement (including but
not limited to their representatives, agents, witnesses and/or the Complainant’s nominee)
and such consent and disclosure shall discharge the FI(s) of its / their banking secrecy and
confidentiality obligations under the aforesaid Act, any law and / or any contract with the
Complainant(s).

4. Waiver Of Liability

4.1. In consideration of FIDReC and the Adjudicator(s) providing the Adjudication services
sought by the Parties, the Eligible Complainant and / or the FI and or any Representative
of the FI shall not make any claim whatsoever against FIDReC, its officers, employees
representatives, or Adjudicators, including but not limited to any claim for any matter in
connection with or in relation to:

a. any and all services provided by FIDReC (or any of its officers, employees and
representatives);

b. any process, mediation, Adjudication and/or investigation conducted by FIDReC;

c. the Dispute lodged by the Eligible Complainant;

d. the claim made by the Eligible Complainant;

e. any settlement entered into between the Eligible Complainant and the FI and / or
any Representative of the FI;

f. any settlement agreement executed by the Eligible Complainant and the FI and /
or any Representative of the FI;

g. any act done in order to comply with such legal, regulatory or administrative
requirement imposed by the MAS or any other Government agency; and /
or

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 h. any act done in compliance with any provision of any written law of
Singapore, rule of law or order of court.

4.2 The Eligible Complainant and / or the FI hereby expressly acknowledges and
agrees that any claim or claims made in contravention of this Rule constitutes a
loss which cannot be reasonably or adequately compensated in damages. The
Eligible Complainant and / or the FI expressly agrees that in event of any such
claim and or breach and or contravention, FIDReC or its officers, employees,
agents and or representatives and or the Adjudicators shall be entitled to the
remedy of injunction in addition to any other remedy available at law or in equity.
FIDReC or its officers, employees, agents and or representatives and or the
Adjudicators shall also be entitled to recovery of legal costs on a full indemnity
basis from the Eligible Complainant and / or the FI and / or its Representatives or
such other defaulting parties who have acted in breach of this Rule.

Dated:

Signed by: Signed by:

______________________________ ______________________________
[Name and designation] [Name and designation]
for and on behalf of for and on behalf of
[Name of Party] [Name of Party]

Witness: Witness:

______________________________ ______________________________
[Name and designation] [Name and designation]

Signed by: Signed by:

______________________________ ______________________________
for and on behalf of FIDReC [Name of the Adjudicator]

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 Appendix C

CODE OF CONDUCT

This Code of Conduct (this ‘Code’) applies to all persons appointed by the Financial Industry Disputes
Resolution Centre Ltd (‘FIDReC’) to act as Adjudicators in sessions held by FIDReC.

1. Acceptance Of Assignment

1.1 The Adjudicator will, before accepting an assignment, be satisfied that he will be able to
conduct the Adjudication expeditiously and impartially.

2. Impartiality

2.1 The Adjudicator will be impartial and fair to the parties, and be seen to be so. Following from
this, he will disclose information which, in his opinion, may lead to the impression that he may
not be impartial or fair or that he is unable to act promptly or properly, including, that:

a. he has acted in any capacity for any of the parties;

b. he has a financial interest (direct or indirect) in any of the parties or the outcome of
the adjudication; or

c. he has any confidential information about the parties or the Dispute under
adjudication derived from sources outside the adjudication.

2.2 When in doubt, the Adjudicator shall refer the matter to FIDReC.

3. The Adjudication Procedure

3.1 The Adjudicator will act in accordance with the Adjudication Procedure of FIDReC.

4. Confidentiality

4.1 Any document or information supplied for or disclosed in the course of the Adjudication will be
kept confidential. The Adjudicator will only disclose the same if required to do so by general
law, or with the consent of all the parties, or if such disclosure is necessary to implement or
enforce any Settlement Agreement.

4.2 The Adjudicator will not act for any of the parties subsequently in any matter related to or
arising out of the subject matter of the adjudication without the written informed consent of all
the parties.

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5. Settlement

5.1 The Adjudicator will ensure that any Settlement Agreement reached is recorded in writing and
signed by the parties.

5.2 A Settlement Agreement that is recorded in writing may take the form of an electronic record.
Where a Settlement Agreement takes the form of an electronic record, it may be signed by
applying electronic signatures.

6. Withdrawal

6.1 A withdrawal by the Adjudicator will occur:

a. when he realises that he has committed a breach of any of the terms of this Code; or

b. when he is required by any of the parties to do anything in breach of this Code or

FIDReC’s Adjudication Procedure.

The Adjudicator shall, on the occurrence of a or b above, immediately inform FIDReC of his
withdrawal.

6.2 The Adjudicator also has the discretion to withdraw if:

a. any of the parties breaches the Adjudication Agreement or FIDReC’s Adjudication

Procedure;

b. any of the parties acts unconscionably; or

c. the parties allege that he is in breach of this Code.

7. Fees

7.1 The Adjudicator should not make any unilateral arrangements with any of the parties for any
fees.

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Appendix D deleted

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