HPH Trust – Lim and Tan

Investors should be aware of the forex risk when subscribing for units via the ATM.

• Note the subscription will be at S$1.383 per unit, translated from the US$1.08 maximum price and based on exchange rate of US$1 = S$1.2806.

• Should the price be fixed lower than US$1.08 (subject to US$0.91 minimum), the difference will be refunded based on the same exchange rate of S$1.2806.

• The same “protection” however does not apply in respect of refund in the event the subscription is not successful or partially successful.

• In which case, the refund will be based on the prevailing exchange rate. Yesterday, the mid-US$/ S$ rate is S$1.2690 (source BT / OCBC).

Remember the variance between the daily bid (when you subscribe) and offered rates (when the bank makes the refund).

• One option is to apply closer to the closing time and date at 10 am on Monday Mar 14.