Terms and Conditions Governing the Use and Operation of Securities Account

These Terms and Conditions (the “Client Agreement” or “Agreement”), executed by the undersigned (“Client”) in favor of Bank of the Philippine Islands (BPI), a universal banking corporation duly organized and existing under and by virtue of the laws of the Philippines, duly licensed by the Securities and Exchange Commission (“SEC”) as a Broker Dealer in securities with principal place of business at 25th floor, Ayala Triangle Gardens Tower 2, Paseo de Roxas cor. Makati Avenue, Makati City, (“Broker” or “BPI”), sets out the terms and conditions that govern the operation of the Client’s securities account with BPI (the “Securities Account”) and the agreement between the Client and BPI, in its capacity as Broker of fixed income securities. The Client agrees that this Agreement, Product Disclosure Statement, Securities Account Opening Form, Client Suitability Assessment Form, their schedules and annexes, documentation relating to the Securities Account, including but not limited to appropriate resolutions and signature cards (“Account Documents”), shall be read and construed as one integral document and agrees to be bound thereby.

For purposes of these Terms and Conditions, "Affiliate" means a corporation, partnership or other form of association which is controlled by, or is under common control with, or controls BPI. The term “control” (including with correlative meanings, the term “controlling”, “controlled by”, and “common control”) shall mean (i) ownership of at least twenty percent (20%) of the total issued and outstanding capital stock in such corporation or association, or (ii) the right to elect at least twenty percent (20%) of the number of directors in the corporation or association, or (iii) the right to cause the direction of the management and policies of such corporation, partnership or other form of association, whether through the ownership of shares, directorship, management, community of interest or contract.

By opening a Securities Account, the Client agrees to be bound by these Terms and Conditions.