6 June 2013 Circular No.

GM/162/2013

Dear Members

Enhanced Opening Routine for New Listings

We are pleased to update that the enhanced opening routine for new listings on their first day of trading will take effect from 17 June 2013. Following our circular on 28 March 2013, SGX has been working closely with all member firms on the preparation of the new opening routine time. We would like to thank you for your support and cooperation in ensuring that the stress-testing is completed on time. The enhanced opening routine is part of SGXs ongoing stock market transformation efforts to strengthen the Singapore trading environment, ensuring that SGX remains a competitive and relevant global exchange. As of 17 June, the opening routines for new listings are:Only ISS Pre-Open2 is applicable to new listings As there is no secondary market in a new listing prior to its first day of trading, the direct business trade reporting facility is not relevant during the pre-opening routine on its first day of trading. As such, only ISS Pre-Open2 will be applicable from 8.30am to 8.50am for all new listings. The enhancement will apply to the first day of trading for new listings of shares, business trusts, real estate investment trusts and stapled securities as well as company warrants and fixed income products listed on Mainboard and Catalist. These are capital-raising products which may have preplacement of units to investors prior to their first day of trading.
Current TSS (Market-Wide) ISS (New Listing) Pre-Open1 Pre-Open2 Non-Cancel Not applicable# New TSS (Market-Wide) ISS (New Listing) Pre-Open1 Pre-Open2 Non-Cancel Pre-Open2^ Not applicable#

Time 8.30am 8.50am 8.50am 8.58.59am* 8.59am 9am

*Ends randomly anytime 8.58am to 8.59am ^Ends around 8.51am to avoid time-gap between lifting of ISS Pre-Open2 and transition into TSS Pre-Open2 #Session state for new listing follows rest of market TSS.

Standardising Opening Routine for New Listings To align opening routine for new listings at and after market opening, SGX is replacing the Adjust phase with the Pre-Open2 and Non-Cancel segments for new listings that take place after
Singapore Exchange Securities Trading Limited
Company Reg No. 199904940D (a wholly-owned subsidiary of Singapore Exchange Limited)

2 Shenton Way, #19-00 SGX Centre 1, Singapore 068804 Main: (65) 6236 8888 Fax: (65) 6536 6495 www.sgx.com

market opening. For example, an IPO counter is scheduled to start trading at 2.00pm, the PreOpen phase will start at 1.30pm and end randomly anytime between 1.58pm to 1.59pm. The NonCancel phase begins immediately after and ends at 2.00pm, following which regular trading commences. Below is an illustration of the new opening routine for the example of an IPO counter scheduled to start trading at 2.00pm:
Current Time 1.30 pm 1.58.59 pm* 1.59 pm 2 pm ISS (New Listing) Adjust Pre-Open2^ Non-Cancel New ISS (New Listing)

*Ends randomly anytime 1.58pm to 1.59pm ^Pre-Open2 for capital-raising products; Pre-Open1 for other products

SGX will continually review its trading processes and introduce appropriate enhancements to strengthen our marketplace. We welcome your feedback and comments at all times and we look forward to your continued support. For further clarification relating to this circular, please do not hesitate to contact your Business Partners.

Regards Nels Friets Senior Vice President Head, Securities

Singapore Exchange Securities Trading Limited

Company Reg No. 199904940D (a wholly-owned subsidiary of Singapore Exchange Limited)

2 Shenton Way, #19-00 SGX Centre 1, Singapore 068804 Main: (65) 6236 8888 Fax: (65) 6536 6495 www.sgx.com