Exchange Rules

Using the Trading Platform.

SGPMX shall provide the Members, on a best efforts basis, with access to an automated trading facility (Trading Platform) for trading in Bullions subject to these Rules and other such terms and conditions as SGPMX may determine from time to time. A Member shall have non-exclusive license to use the Trading Platform.

Identity documents.

Notwithstanding Rule 2.1, a Member shall only be allowed to trade on the Trading Platform after providing SGPMX with identification and/or verification documents stipulated by the Exchange to the satisfaction of SGPMX.

Trading hours.

The Trading Platform will follow international market timings, hence the trading at the Trading Platform, unless otherwise notified in advance, shall be for 24 hours per day.

Designated currency.

All trading on the Platform shall be made in USD.

Quoted market prices.

The market prices for Bullion quoted by the Trading Platform are derived from various markets or exchanges in the world and are indicative only and believed by SGPMX to be reliable but its accuracy, completeness and currency are not guaranteed by the SGPMX. SGPMX does not guarantee that Bullions can be sold or purchased at such prices.

Trading parameters.

The Trading Platform may specify various trading parameters and limits relating to the trading of Bullions. SGPMX shall publish on the Trading Platform specifications for the Bullions traded and utilise standard Contracts according to these specifications.

Purchase Orders.

All Purchase Orders shall be made on-line through the Trading Platform. A Purchase Order shall contain the particulars as may be required by the Trading Platform which shall include the quantity of the Bullion and the price at which the Member wishes to purchase the Bullion.

Sufficient credit in account.

A Member shall only be allowed to place a Purchase Order if there is not less than USD 500.00 (or such other amount as may be stipulated by SGPMX from time to time) standing to his credit in his trading account.

Confirmation of Purchase Order.

A confirmation of a Member’s Purchase Order will be issued once his payment of the Purchase Price, Storage Charges (if any) and the relevant Transaction Costs has cleared. A Member’s receipt of an electronic or other form of confirmation of a Purchase Order does not necessarily signify SGPMX’s acceptance of his order, nor does it constitute confirmation that a Trading Contract has been formed. SGPMX also may require additional verification or information in respect of and/or before accepting any Purchase Order. SGPMX reserves the right, without prior notification, to accept or decline the Purchase Order or limit the quantity of the Bullion in the Purchase Order for any reasons.

Cancellation of Purchase Orders.

Quoted Purchase Price.

The Purchase Prices quoted on the Trading Platform for Bullions are in USD and are exclusive of any Transaction Costs pertaining to the purchase.

Time for payment.

Payment of the Purchase Price, the Storage Fee (if any) and the Transaction Costs shall be paid by a Member in full at the time he places the Purchase Order.

Method for payment.

Payment of the Purchase Price, the Storage Fee (if any) and Transaction Costs for Bullion shall be made by a Member in accordance with Rule 20. SGPMX may require, at its option, that a Purchase Order with the Purchase Price exceeding USD 50,000.00 (or such other amount as may be stipulated by SGPMX from time to time) shall first be approved by SGPMX before being accepted by the Trading Platform.

Sale Orders.

All Sale Orders shall be made on-line through the Trading Platform. A Sale Order shall contain the particulars as may be required by the Trading Platform which shall include the quantity of the Bullion and the price at which the Member wishes to sell the Bullion.

Safekeeping Statement.

A Member shall only be allowed to place a Sale Order in respect of Bullion which is stored with the Custodian.

Confirmation of Sale Order.

A confirmation of a Member’s Sale Order will be issued once his payment of the relevant Transaction Costs has cleared. A Member’s receipt of an electronic or other form of confirmation of a Sale Order does not necessarily signify SGPMX’s acceptance of his order, nor does it constitute confirmation that a Trading Contract has been formed. SGPMX also may require additional verification or information in respect of and/or before accepting any Sale Order. SGPMX reserves the right, without prior notification, to accept or decline the Sale Order or limit the quantity of the Bullion in the Sale Order for any reasons.

Cancellation of Sale Orders.

Quoted Sale Price.

The Sale Prices quoted on the Trading Platform for Bullions are in USD and are exclusive of any Transaction Costs pertaining to the sale.

Time for payment.

Payment of the Transaction Costs shall be paid by a Member in full at the time he places the Sale Order.

Method of payment.

Payment of the Transaction Costs shall be made in accordance with Rule 15. SGPMX may require, at its option, that a Sale Order with the Sale Price exceeding USD 50,000.00 (or such other amount as may be stipulated by SGPMX from time to time) shall first be approved by SGPMX before being accepted by the Trading Platform.

Matching.

On receipt of a Member’s Purchase Order, the Trading Platform automatically attempts to match such Order with another Member’s Sale Order. The Trading Platform will trade at the most attractive prices for an order, achieving lowest possible price within the limit for Purchase Orders, and highest possible price above the limit for Sale Orders.

Trading Contract.

If a Purchase Order can be matched with a Sale Order then that Order is executed immediately and a Trading Contract is formed between the Member submitting the Sale Order (the “seller”) and the Member submitting the Purchase Order (the “purchaser”) for the sale and purchase of the Bullion. SGPMX will acknowledge each Trading Contract and will give notice of the same to the seller and purchaser shortly after execution occurs.

Settlement.

The Trading Platform will ensure that the seller is able to deliver the Bullion to the purchaser in the quantity purchased and a purchaser is able to pay the Purchase Price to the seller as consideration of the sale. Settlement of a Trading Contract shall occur upon its formation, when:

Receipt of Safekeeping Statement.

The Safekeeping Statement for the Bullion purchased by a purchaser will normally be issued to the purchaser within three (3) Business Days from the date of the Trading Contract or such later date as may be revised by SGPMX at any time and from time to time.

Receipt of Sale Price.

The Sale Price due to a seller will normally be credited into the trading account of the seller within three (3) Business Days from the date of the Trading Contract or such later date as may be revised by SGPMX at any time and from time to time.

Obtaining Safekeeping Statement.

To obtain a Safekeeping Statement for Bullion, a Member must deposit the Bullion with the Custodian.

Inspection of Bullion.

The Custodian will examine the Bullion deposited at the Collection Centre selected by the Member to determine the weight, quality and other specifications of the Bullion and whether the Bullion is in good and resaleable condition.

Issuance of Safekeeping Statement.

The Members may download the Safekeeping Statement evidencing the amount of Bullion deposited by a Member. The Safekeeping Statement shall contain the particulars of the Bullion such as the date of the its deposit, product description, quantity, weight and other relevant details as may be stipulated by SGPMX and/or the Custodian.

Storage Fee.

The Storage Fee shall be payable directly to SGPMX upon issuance of the Safekeeping Statement to the Member. For the first 12-month period commencing from the date the Bullion is deposited with the Custodian, the Storage Fee shall chargeable based on a percentage (refer to table below) of the quoted market price for the Bullion as at the date the Safekeeping Statement is issued by the Custodian. (subject to a minimum fee of USD 50.00 per annum) For subsequent 12-month periods thereafter, the Storage Fees shall be chargeable based on a percentage (refer to table below) of the quoted market price for the Bullion subject to a minimum fee of USD 50.00 per 12-month period as at the last day of the preceding 12-month period. A Member shall pay the Storage Fee in advance.

Provision.

When the Member has Bullion stored under the main account, the Storage Fee is calculated based on a percentage (refer to table below) of the total combined quoted market price for the Bullion as at the date the Safekeeping Statement is issued by the Custodian. (subject to a minimum fee of USD 50.00 per annum) For subsequent 12-month periods thereafter, the Storage Fees shall be chargeable based on a percentage (refer to table below) of the quoted market price for the Bullion subject to a minimum fee of USD 50.00 per 12 month period as at the last day of the preceding 12-month period. A Member shall pay the Storage Fee in advance.

*Subject to additional 8% GST

Rejection of Bullion.

If the Custodian refuses to accept the Bullion from a Member, it shall give notice to that Member of the refusal and request that Member to collect the rejected Bullion from the Collection Centre within fourteen (14) Business Days from the date of the notice, failing which SGPMX shall have the rejected Bullion returned to that Member, at that Member’s risk, in accordance with Rule 14 at his address specified in his Membership Application or his last known address as may be notified to SGPMX.

Technical Issue.

SGPMX shall not be liable in any way if the Members are unable to download the Safekeeping Statement from the Exchange’s Website. In such instance, the Member is advised to consult SGPMX for technical support.

License.

These Rules do not confer on any Member a greater or other interest than a licence from SGPMX and the Custodian to use the Collection Centre for the deposit of Bullion. A Member shall not assign or sub-licence this licence to use the Collection Centre or any part of it to any person.

No recognition of trust.

Neither SGPMX nor the Custodian shall be affected by notice of any trust or equity attaching to the Bullion or any part thereof.

Lien.

SGPMX shall have a lien or charge on the Bullion in the Collection Centre for the Custodian’s Fees and all other sums of money for which a Member may become liable to SGPMX and may at any time and from time to time without notice to the Member sell all or any of the Bullion and apply the net proceeds in or towards satisfaction of all or part of the moneys payable to SGPMX and the surplus proceeds of sale (if any) shall be retained by SGPMX to the Member’s order without any liability on the part of SGPMX for interest. The Member shall be liable to SGPMX for the difference between the moneys payable to SGPMX and the net amount realised by SGPMX pursuant to this Rule in the event such amount realised or received is less than the amount payable to SGPMX, whether or not SGPMX is the purchaser of the Bullion.

SGPMX not obliged to insure Bullion.

SGPMX need not take out any insurance in respect of the Bullion deposited by the Members in the Collection Centre against any risk.

Viewing.

Any Member may request to view all or any of his Bullion deposited with the Collection Centre by using the requisite form as may be prescribed by SGPMX and/or the Custodian. An advance notice of at least five (5) Business Days or such other period as may be specified by SGPMX shall be given to SGPMX prior to viewing the Bullion. Any viewing of Bullion shall be done at the time fixed by the Custodian and notified to the Member (through SGPMX) during the usual business hours of the Custodian on a Business Day.

Viewing Fee.

An administrative fee currently at USD 60.00 (or such other amount as may be specified by SGPMX from time to time) for each viewing shall be payable directly to SGPMX for this service and payable by the Member prior to such viewing.

Withdrawal.

Any Member may request to withdraw all or any of his Bullion deposited with the Custodian in a Collection Centre by using the requisite form as may be prescribed by SGPMX and/or the Custodian. An advance notice of at least five (5) Business Days or such other period as may be specified by SGPMX shall be given to SGPMX prior to the withdrawal of the Bullion.

Withdrawal Fee.

The Withdrawal Fee currently set at USD 50.00 (or such other amount as may be specified by SGPMX from time to time) shall be payable directly to SGPMX for the withdrawal of the Bullion from the Collection Centre and payable by a Member prior to the withdrawal. In addition, the following charges shall apply for the withdrawal of Bullion from the Collection Centre:

Method of withdrawal.

Any Member may withdraw the Bullion either:

Risks.

Bailment to the Bullion shall terminate and all risks associated in the loss or damage to the Bullion shall pass to that Member:

Examination of Bullion.

A Member shall examine the Bullion to ensure that, subject to Rule 10.6, it is the correct weight and conforms to the specifications shown in the Safekeeping Statement and in good condition prior to acknowledging it receipt. Any Bullion which have been collected and receipt acknowledged is strictly non-returnable and non-exchangeable.

Difference in details of Bullion.

Bullion traded on the Exchange may differ from the actual Bullion in terms of colour and/or design details and SGPMX will not be liable or responsible in any way whatsoever to a Member and neither shall it be a cause for non-collection or return or exchange of the Bullion resulting from such discrepancies.

Acknowledge of withdrawals.

Refusal of withdrawal.

SGPMX and/or the Custodian shall have the absolute and unfettered discretion to refuse withdrawal of the Bullion from the Collection Centre if, without limitation:

Cancellation of Safekeeping Statement.

Upon a Member’s withdrawal of the Bullion in accordance with these Rules, the Safekeeping Statement issued therefore shall be cancelled forthwith and be of no further effect.

Storage Fee non-refundable.

For the avoidance of any doubt, no part of the annual Storage Fee shall be refunded by SGPMX even if the Bullion is withdrawn by a Member during the same calendar year of its deposit.

Revocation of request for withdrawal.

If a Member does not collect his Bullion on the appointed date (after allowing for a reasonable number of postponements) after having made a request to withdraw his Bullion pursuant to Rule 10.1 then that Member shall be deemed to have revoked his request to withdraw his Bullions and the Withdrawal Fee, if paid, shall not be refunded by SGPMX.

Treatment of Bullion.

Upon the termination of a Membership Agreement for any reason whatsoever, the Member shall be deemed to have requested for a withdrawal of his Bullions on the date of termination. Rule 10 shall apply mutatis mutandis save and except if the Member does not collect his Bullion within fourteen (14) Business Days from the date of termination, then SGPMX may at its option, either:

Storage arrangement with Custodian.

SGPMX reserves the right at its sole and absolute discretion and at any time to terminate the storage arrangements with the Custodian and discontinue the use of the Collection Centres without having to give any reason for such discontinuation or termination Provided That SGPMX shall have given written notice of such discontinuation or termination to all the Members and has either:

Deceased Members.

Transmission on death, bankruptcy or insanity.

Any person becoming entitled to any Bullions in consequence of the death, bankruptcy or insanity of a Member upon producing such evidence that he sustains the character in respect of which he proposes to act under this Rule or of his title as SGPMX and the Custodian think sufficient and in the case of a legal personal representative of a deceased Member (not being one of several joint Members) upon making a declaration in the form as may be prescribed by SGPMX or the Custodian, he shall be registered himself as the holder of such Bullions.

Legatees and next of kin entitled to be registered.

In the case of the death of a Member (not being one of several joint Members) his legal personal representatives may (whether or not they have themselves become registered as the owners of the deceased Member’s Bullions) at any time require SGPMX or the Custodian to register the persons who have become entitled to the said Bullions by virtue of the Will or upon the intestacy of such deceased Member and SGPMX may upon being furnished with a declaration by the said legal personal representatives in the form as SGPMX may prescribe and a request by the person or persons stated in the said declaration to be so entitled as aforesaid in the form register such last mentioned person or persons as the owner of the said Bullions.

Fee for alteration in the Safekeeping Statement.

Upon submission to SGPMX of any Probate, Letters of Administration, Power of Attorney, Marriage or Death Certificate, Notice in Lieu of Distringas, Order of Court, Deed Poll or other document produced in support of any application for the issuance of a new Safekeeping Statement in favour of the persons entitled thereto, SGPMX shall be entitled to charge an administration fee in the amount as may be prescribed by SGPMX from time to time and upon payment of such fee SGPMX shall cause the Custodian to issue the new Safekeeping Statement.

Information on deceased’s Bullion.

SGPMX may, at its sole and absolute discretion without liability for any loss or damage, before the obtaining of a Probate or Letter of Administration, produce or release to any person claiming to be entitled to administer a Member’s estate, the particulars of the Bullion deposited in the Collection Centre.

In addition to Rules 8 to 10, the deposit, viewing and withdrawal of a Member’s Bullion shall also be subject to the rules and regulation stipulated by the Custodian from time to time.

Time for delivery.

If Bullion is to be shipped and delivered to any Member under any of these Rules, shipping and delivery of Bullions may take up to fourteen (14) Business Days from the date the Bullion is delivered to the shipping and courier companies or agencies or such longer period as may be notified by SGPMX. The Member acknowledges that SGPMX uses various shipping and/or courier agencies for shipment and delivery and that SGPMX shall not be not responsible for any shipping and/or delivery problems and/or delay and shall not be held liable for any delay beyond the advertised delivery time-frames due to any reason or cause whatsoever.

Taxation.

If any Bullion is to be shipped and delivered to a Member under any of these Rules, he shall be responsible for any shipping fees, goods and services tax (GST), value added tax (VAT), import duties and/or taxes (collectively the “Taxes”) levied according to the tax laws of the country to where the Bullion is delivered. SGPMX ships Bullion to a Member free of such Taxes, does not collect the Taxes and cannot accurately ascertain what Taxes are payable and the amount of such Taxes.

Identification documents.

A Member shall produce his identification documents for collection of the Bullion, failing which the shipping and/or courier agency may refuse collection. A Member acknowledges that despite SGPMX’s reasonable precautions, the Bullion may be collected by any other person not authorised by him. In this circumstance, SGPMX shall not be held liable or responsible for any loss or damages incurred or suffered by such Member.

All payments to be made to SGPMX under the Membership Agreement and these Rules shall be made on-line on the Exchange’s Website either

Payment subject to approval.

All payments by Card shall be subject to the approval of the Card Issuer and SGPMX shall not be liable in any way if the Card Issuer refuses to accept or honour the Card for any reason.

Warranties.

The Member warrants and represents and undertakes that, at the time each payment is made by the Card:

Verification.

The Member hereby expressly authorises SGPMX to verify with the Card Issuer or any third party as may be necessary that the information provided by the Member to SGPMX are true and accurate.

Changes in particulars of Card.

The Member shall promptly notify SGPMX of any material changes to the particulars of the Card.

Right to reverse payments.

Notwithstanding that a payment has been made through a Member’s Card, SGPMX reserves the right without prior notice to the Member to reverse any such payment or debit the sum so paid to that Member’s account with SGPMX in the event of any one or more of the following circumstances:

Risk.

Notwithstanding any of the foregoing provisions, the Member agrees that the use of the Card are undertaken at the Member’s sole risk. The Member hereby assumes all risk arising from the use of the Card or incidental to the use thereof and shall not hold SGPMX liable for any loss arising therefrom.

Custodian’s Charges non-refundable.

The Custodian’s Charges and Transaction Costs paid to SGPMX are not refundable under any circumstance whatsoever.

Non-payment of Custodian’s Charges.

If the Custodian’s Charges or any part thereof due is not paid by a Member within fourteen (14) days from the due date for payment, SGPMX may terminate his Membership Agreement without prejudice to any other rights of SGPMX under the Membership Agreement, these Rules and the Applicable Laws.

Change in Charges.

SGPMX, in its sole discretion, may review and change the Custodian’s Charges and Transaction Costs at any time and from time to time.

SGPMX and the Custodian shall not be liable to any Member by reason of any representation or any implied warranty, condition or other term or any duty at common law or under the express terms of the agreement for any direct, indirect, special or consequential loss or damage (whether for loss of profit or otherwise), costs, expenses or other claims for compensation whatsoever which arise out of or in connection with these Rules unless SGPMX and the Custodian or its respective employees, servants, and agents acted or failed to act in a manner that is grossly negligent, reckless, or fraudulent.

Time wherever mentioned herein for a Member’s compliance of these Rules shall be of the essence.