NON-CUMULATIVE

The Preference Dividend is non-cumulative. No holder of Preference Shares shall have any claim in respect of any Preference Dividend or part thereof not due or payable pursuant to the terms of the Preference Shares (including pursuant to the provisions in the sections on "Dividends at the Board's Discretion" and "Dividend Restriction" described below). Accordingly, such amount not due or payable shall not accrue and shall not accumulate for the benefit of holders of Preference Shares or entitle holders of Preference Shares to any claim in respect thereof against the Company.

DIVIDEND STOPPER

If for any reason the Company does not declare or pay, in respect of any Dividend Period ("Relevant Dividend Period"), the Preference Dividend of an amount calculated at the Maximum Dividend Rate on the Issue Amount for the Relevant Dividend Period, the Company shall not declare or pay any dividend (whether interim or final) or other distribution in respect of, or (if permitted) effect the repurchase or redemption of, its Ordinary Shares or any other shares in the capital of the Company (other than any other classes of shares which, subject to and in accordance with Article 4B(5), shall have been created and issued with the consent of the Holders of Preference Shares or rank in terms of payment of dividend and return of capital in priority to the Preference Shares) or contribute any monies to a sinking fund for the redemption of any such shares in the capital of the Company, until such time as:-

(aa) the Company has declared and paid, in respect of any two (2) consecutive Dividend Periods after the Relevant Dividend Period, the Preference Dividend of an amount calculated at the Maximum Dividend Rate on the Issue Amount for each of such two (2) consecutive Dividend Periods on the relevant Dividend Payment Dates; or
(bb) the aggregate of the amount equivalent to the Preference Dividend calculated at the Maximum Dividend Rate on the Issue Amount for each of such two (2) consecutive Dividend Periods has been paid into, or irrevocably set aside in, a separately designated trust account for payment to the Holders of Preference Shares.

Preference Dividend

The Preference Shares shall, subject to the terms and conditions thereof, carry the right to receive a non-cumulative preferential cash dividend ("Preference Dividend") for each Dividend Period (as defined below) at such rate per annum as may be determined by the Board (or an authorised committee thereof) at its discretion, but not exceeding the fixed rate of 3.9% (net) per annum ("Maximum Dividend Rate"). The Preference Dividend at the relevant rate shall be computed based on the Issue Price for each Preference Share.

The Preference Dividend (when, as and if declared) shall be payable semi-annually in arrears on each Dividend Payment Date.

Dividends at the Boards Discretion

Any decision regarding the declaration or payment of any Preference Dividend on the Preference Shares shall be at the sole and absolute discretion of the Board (or an authorised committee thereof). Nothing in the Articles shall impose or be construed as imposing on the Board (or an authorised committee thereof) any requirement or duty to resolve to declare or pay the whole or part of the Distributable Profits (as defined below) as of the relevant Dividend Payment Date as Preference Dividend. No Preference Dividend or any part thereof shall become due or payable, or shall accrue, on any Dividend Payment Date unless the Board (or an authorised committee thereof) has declared or resolved to pay such Preference Dividend or part thereof with respect to that Dividend Payment Date.

One of the conditions imposed by the SGX-ST for its in-principle approval for the listing of and quotation for, inter alia, the Preference Shares and the Shares into which the Preference Shares may be converted is that any decision regarding the payment of any Preference Dividend shall be made by the Audit Committee.