GENERAL TERMS AND CONDITIONS

I understand that BPI Securities Corporation shall be acting as my Broker in connection with my trading activities. I
hereby consent and agree to the terms and conditions of BPI Securities Corporation acting as my Broker, as stated
below.

1. Definitions

Access Code means my/our User ID and Password.

Agreement means this agreement between myself, BPI Securities Corporation, the Online Equities Terms and
Conditions, the Account Opening Form, and all other documents related thereto or executed pursuant to this
agreement and the opening of my Account, as may be amended or supplemented from time to time.

BPI means the Bank of the Philippine Islands, a universal banking corporation organized and existing under the laws of
the Philippines.

BPI Sec means BPI Securities Corporation, a corporation engaged in securities brokerage, organized and existing under
the laws of the Philippines, by BPI Capital Corporation.

BPI Direct Savings Bank means the virtual savings bank wholly owned by the Bank of the Philippine Islands.

BPI Family Savings Bank means the savings bank wholly owned by the Bank of the Philippine Islands.

BPI Trade Bank Account means the bank account with BPI Direct Savings Bank which a Cash Client is required to
open and maintain, in connection with his securities transactions pursuant to this Agreement, with the terms and
conditions stated in paragraph 19 hereof.

Cash Client means a new client of BPI Securities Corporation and more specifically described in paragraph 17 hereof.

Confirmation Notice means the Purchase and/or Sales Confirmation Notice, as the context may require.

Online Trading Service means the service offered by BPI Securities Corporation allowing me to give orders for the
purchase or sale of securities through the internet, or such other services which BPI Securities Corporation may later
make available through the facility of the internet.

PDIC means the Philippine Deposit Insurance Corporation.

Password means my/our personal identification used in conjunction with my/our User ID.

Php means the Philippine Peso, the lawful currency of the Philippines.

Purchase Confirmation Notice means the document denominated by BPI Securities Corporation as such.

Sales Confirmation Notice means the document denominated by BPI Securities Corporation as such.

SEC means the Philippine Securities and Exchange Commission.

Securities means stocks, shares and other equity instruments, including warrants, options, related contracts, and other
similar instruments or by a body corporate and which is listed in the PSE, except such instruments as BPI Securities
Corporation are disallowed to buy or sell in under Philippine laws, rules and regulations.

Securities Account means my securities trading account opened and maintained by me with BPI Securities
Corporation for purposes of effecting my securities transactions through BPI Securities Corporation.

Services means the brokerage services, the Internet trading services and such other services as BPI Securities
Corporation may provide from time to time.

Settlement Account means for Cash Client, the BPI Trade Bank Account with BPI Direct Savings Bank which I/we
am/are required to open and maintain, and into which the proceeds of my/our transactions with BPI Securities
Corporation will be credited or debited; and for Trading Line Client, the bank account with BPI/BPI Family Bank/BPI
Direct designated by me/us, into which the proceeds of my/our transactions with BPI Securities Corporation will be
credited or debited.

Beneficiary Account means for Cash Client, the bank account with BPI/BPI Family/BPI Direct designated by me/us
unto which amounts I/we will withdraw from my/our BPI Trade Bank Account will be credited.

Trading Line means the trading limit granted to me/us by BPI Securities Corporation, in its sole discretion, which
allows me to purchase Securities on credit, subject to the provisions of paragraph 18 hereof.

Trading Line Client means the existing clients of BPI Securities Corporation who have previously been granted a

Trading Line and more specifically described in paragraph 18 hereof.

User ID means my/our personal identification used in conjunction with my/our Password.

2. Interpretation. The headings in this Agreement are inserted for convenience only and shall not limit or affect the
interpretation of the provisions hereof. Unless the context otherwise requires, (i) the provisions of this Agreement shall
apply to both Cash and Trading Line Clients, (ii) words denoting the singular number shall include the plural and vice
versa, and (iii) words denoting persons shall include individuals, corporations, partnerships, joint ventures, trusts,
unincorporated organizations and any political subdivision, agency or instrumentality.

3. Warranty Of Information. I/We represent and warrant that all information provided by me/us pursuant to this
Agreement, including the Account Opening Form, is true, complete and accurate. In case of any change in said
information, I/we shall inform BPI Sec immediately. I/We also authorize BPI Sec to conduct such credit or background
checks to verify any information provided by me, and to ascertain my/our financial situation and investment objectives.
Finally, any and all injuries that any of my counterparties in this Agreement may suffer by virtue of any false and/or
incomplete information I have given herein shall automatically make me liable either by compensation,
reimbursement, or any other legal mode to satisfy my counterparties herein.

4. Legal Right. I/We hereby represent and warrant that I/we are of legal age and have full power to execute, deliver,
and perform this Agreement and all necessary actions have been taken to authorize the execution, delivery, and
performance and enforcement of the same.

5. Compliance With Orders And Processes. BPI Sec shall comply with all laws, writs or judicial or administrative
orders, processes or regulations without obligation to confirm or question the legality or constitutionality of such order,
process or regulation. In the case of orders and processes, BPI Sec shall be authorized to act on the basis of documents
or copies which purport and which BPI Sec, at its discretion, believe to be genuine without any duty to ascertain their
authenticity.

Where BPI Sec are of the opinion that BPI Sec will be subjected to any claim or demand for taxes, or be required to
comply with any law, order, process or regulation, BPI Sec may withhold payment of any sums due to me until BPI Sec
shall have received an order or a satisfactory ruling from administrative authorities or from the courts which would
allow the release thereof under circumstances which in their opinion forecloses the possibility of liability attaching to
BPI Sec. For this purpose, BPI Sec may, for my/our account, seek the assistance of any lawyer, accountant or other
experts.

6. Governing Law. The Agreement and deposits and withdrawals of Securities pursuant hereto, shall be governed by
and are subject to the laws of, and applicable rules and regulations in effect from time to time, in the Republic of the
Philippines.

7. Failure/Delay in Exercise of Your Right, etc. No failure or delay on your part in exercising any right, power or
remedy upon my/our breach or default of any provisions of this Agreement shall impair any right, power or remedy, nor
shall it be construed as a waiver of any breach or default thereafter occurring nor shall any single or partial exercise of
any such right or power preclude any further exercise thereof or the exercise of any other right or power hereunder, at
law or otherwise.

8. Binding Effect Assignment. This Agreement shall be binding on me/us and BPI Sec and their respective successors
and assigns except that the benefit and burden of this Agreement is personal to me/us and shall not be assigned by
me/us to any other third person.
9. No Insurance or Guarantee. Securities are neither bank deposits nor PDIC-insured. These securities are not
obligations of, nor are they, individually or collectively, guaranteed by BPI Sec, and are, therefore, subject to investment
risks, including possible loss of the principal amount invested.

10. Special Power of Attorney. In every case provided or necessary in this Agreement, I/we hereby appoint BPI Sec,
their officers, employees, successors-in-interest and/or assigns, as well as any sub-agent, broker or attorney-in-fact BPI
Sec may appoint for those purposes, as my/our attorney-in-fact, with full power and authority to sign, execute and
deliver such contracts, receipts or other documents, or otherwise perform other related acts for and in my/our behalf,
including without limitation, the opening of a BPI Trade Bank Account (if applicable).

11. Severability. In case any one or more of the provisions of this Agreement is invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be
affected or impaired.

12. Force Majeure. I /We agree that BPI Sec, their directors, officers, employees and other representatives will not be
liable for any delay or failure to perform any obligation on their part, or for any losses caused directly or indirectly by any
condition or circumstance over which BPI Sec, their directors, officers, employees and other representatives over which
they do not have or, otherwise, exercise control, including but not limited to government restriction, exchange or
market rulings, suspension of trading, failure of electronic or mechanical equipment or communication lines,
telephone or other interconnection problems, unauthorized access, theft, war (whether declared or not), severe
weather, earthquakes and strikes.

13. Notices. It is agreed that all communications relating to or in connection with this Agreement, whether by mail,
internet, telegram, telephone, facsimile, electronic mail, messenger or otherwise, sent to me at the address appearing
in their records shall constitute personal delivery to me; and that, in the event of my/our failure to notify BPI Sec in
writing of any change in address, all communications shall be directed to my/our last known address appearing in their
records. It is further agreed that all communications to such indicated address shall be conclusive on me as to their
correctness, in the absence of any written objection from me within the applicable period. I/We shall notify BPI Sec in
writing of any change in my/our address, residency, status or other information indicated in this Agreement.

14. Effectivity. This Agreement shall take effect upon the date of signing, as indicated below, and shall continue to be
in full force and effect until terminated by me, or BPI Sec by giving the other at least fifteen (15) days prior written
notice of termination.

15. Means of Obtaining Payment. BPI Sec shall have the discretion to resort to any other means of obtaining payment
of any amount due without affecting any of their rights herein. BPI Sec may without notice to me/us set off or transfer
any sum(s) from my/our Settlement Account and/or BPI Trade Bank Account with BPI Sec or their parent company, BPI
or any of their subsidiaries or affiliates, in satisfaction of any or all of my/our liabilities to BPI Sec, BPI or any of their
subsidiaries or affiliates. All remedies either under this Agreement or by law or otherwise afforded to BPI Sec shall be
cumulative and not alternative.

16. Automatic Trading Restriction or Cancellation of Account. I/We understand and agree that BPI Sec have the sole
discretion to restrict trading on my/our Account or to cancel the same, at any time and without need of prior notice to
me.

17. Cash Clients - I/We understand that Cash Client accounts are for new clients of BPI Sec who apply for the BPI Trade
online trading facility. I/We understand and agree that a Cash Client will be allowed to purchase Equities up to the
Available Cash balance in his BPI Trade Bank Account. I/we also understand that all incoming cash into a Cash Client's
account (e.g. sale proceeds, cash dividends, maturities, etc.) shall be credited to his BPI Trade Bank Account.

18. Trading Line Clients - I/We understand that Trading Line Client accounts are for existing clients or BPI Sec who
apply for the BPI Trade online trading facility. I/We understand and agree that a Trading Line Client will be allowed to
purchase Equities on credit.

In its absolute discretion, BPI Sec may effect my/our purchase instructions even if on credit, but in such case, I/we
undertake to deposit the necessary amounts into my/our Settlement Account not later than three days after the date
(T+3) of the purchase, or such earlier period, as may be designated by BPI Sec.
19. I/We also understand and agree that BPI Sec has the absolute right to refuse my/our application for a BPI Trade
account or to terminate, reject, or decline the same for whatever reason(s) it may deem appropriate, without any
obligation to divulge and/or explain the said reason(s) to me/us.

20. I/We hereby waive my/our rights under existing laws to the confidentiality of bank deposits with regard to our
Settlement Account.

21. BPI Trade Bank Account Terms and Conditions.

a. I/We understand that as a prerequisite to my/our opening a Cash Client Securities Account with BPI Sec,
I/we must open a BPI Trade Bank Account under the terms and conditions required in connection therewith.
I/We understand that the following features will be applicable to my/our BPI Trade Bank Account:

i. Regular savings account with BPI Direct Savings Bank;

ii. Automatic teller machine capability not allowed;

iii. BPI Express Phone banking capability not allowed;

iv. Average daily balance requirement based on the prevailing ADB requirement (visit
www.bpidirect.com for details).

v. Balance to earn interest based on the prevailing rate (To view current Deposit Account
Rates for Regular Savings Account please visit BPI Direct website at www.bpidirect.com);

vi. Over-the-counter deposits allowed;

vii. Over-the-counter withdrawals not allowed;

and such other features as I/we will be or have been informed will not be available with a BPI Trade Bank
Account. I/We understand and agree that I/we will not be able to make withdrawals from my/our BPI Trade
Bank Account, except in accordance with paragraph 19(d) below.

b. For the purpose of effecting this prerequisite, I/we hereby appoint BPI Sec, their officers, employees,
successors-in-interest and/or assigns, as well as any sub-agent, broker or attorney-in-fact BPI Sec may appoint
for those purposes, as my/our attorney-in-fact, with full power and authority to sign, execute and deliver such
agreements, contracts, receipts or other documents, or otherwise perform other related acts for and in my/our
behalf. I/We hereby represent and warrant that my/our specimen signature card(s) were personally signed by
me/us, and the signature(s) appearing thereon, are my/our true and authentic signatures. I/We fully
understand and agree to the terms and conditions of the BPI Trade Bank Account, including the unavailability
of certain features of a regular bank account, all of which I/we acknowledge to have been fully disclosed to
me. I/We hereby waive my/our rights under existing laws to the confidentiality of bank deposits with regard to
my BPI Trade Bank Account.

c. The depositor's name(s) in my/our BPI Trade Bank Account must coincide with my/our BPI Sec Account
name(s).

d. I/We understand and agree that I/we will not be able to make withdrawals from my/our BPI Trade Bank
Account, except in accordance with the withdrawal procedure provided by BPI Sec (for withdrawal
procedure, refer to FAQs) . I/We also understand and agree that my/our BPI Trade Bank Account is intended to
secure my/our Securities Account with BPI Sec, and is earmarked to pay for my/our obligations to BPI Sec in
connection with my/our said Securities Account. For purposes of effecting the withdrawal procedure as
aforesaid, I/we hereby authorize and empower BPI Sec, their officers, employees, successors-in-interest and/or
assigns, as well as any sub-agent, broker or attorney-in-fact BPI Sec may appoint for those purposes, as my/our
attorney-in-fact for the purpose (without limitation) of withdrawing from my/our BPI Trade Bank Account,
with full power and authority to sign, execute the bank withdrawal, or such other agreements, contracts,
receipts or other documents, or otherwise perform other related acts for and in my/our behalf in connection
with such withdrawal.
 e. I/We hereby authorize BPI Sec to automatically debit my/our BPI Trade Bank Account as and when I/we
purchase Securities through BPI Sec, or whenever I/we have any other amounts owing to BPI Sec, in such
amounts as may be necessary to fully settle my/our account(s) with BPI Sec, including without limitation the
purchase price for Securities purchased by me/us, commissions, taxes and other applicable fees, costs, levies
or duties.

22. I/We understand that BPI Sec will provide me/us with Account statements (in such form as BPI Sec may determine)
regarding my/our Securities Account. My failure to inform BPI Sec of any error in my/our Securities Account statement
within fifteen (15) days from my/our receipt thereof shall constitute an admission by me/us of the correctness of all
matters stated therein.

23. For Joint accounts:

a. I/We agree that if I/we hold this Securities Account jointly with another individual or individuals, this
Securities Account shall be construed and legally treated as an "AND/OR" Securities Account.

(i) For "AND / OR" Securities Account, each Joint Account holder have the right to bind the others to
give instructions, orders, consents or authorizations, or to sign or execute alone any written
instrument required by BPI Sec regarding the Securities Account. Provided, however, that
instructions to add a new Account holder an original Account holder should be signed by ALL the
Account holders. If BPI Sec, prior to acting on instructions, written or otherwise, received from any of
us, receives contradictory instructions, written or otherwise, from another Joint Account holder, BPI
Sec shall thereafter exercise its option to act only on the written instructions of all of us. In such cases,
BPI Sec reserves the right to freeze the Securities Account and file any necessary action, including
but not limited to, interpleader suits. Each of us agrees to hold BPI Sec free and harmless against any
suit, loss, damage or liability which BPI Sec may incur as a result of the instructions given in the
manner stated above. Furthermore, I/we agree that any liability arising hereunder shall be my/our
joint and several liability with my/our Joint Account holders.

(ii) Upon the death of any one of us, I/we understand that the "AND/OR" Securities Account shall
become the sole and absolute property of the surviving Account holder(s), subject to such applicable
provisions / requirements of law including, among others, payment of taxes, and any claims / debts
which the BPI / BPI Sec or any heir or third party may have. I/We shall inform BPI Sec of the demise
of my/our Joint Account holder(s) within 24 hours there from and to deliver and execute such
documents as may be necessary to regularize my/our Securities Account. If the surviving Account
holders fail to give such written notice of death and withdrawals from the Securities Account are
made before receipt of said notice, it is deemed that the surviving Accountholders have exercised
the right of survivorship.

b. I/We hereby represent that the Joint "AND/OR" Securities Account is owned in equal parts by all Joint
Account holders, unless we otherwise advise BPI Sec jointly and in writing.

24. Online Trading Services:

a. I/We agree to use the Online Trading Service only in accordance with the terms of this Agreement.

b. I/We agree that I/we shall be the only user authorized to use the Online Trading Service under this
Agreement. As such, I/we will be responsible for the confidentiality and use of the Password. I/We will be
responsible for all instructions entered through the Online Trading Service using my/our Password.

c. I/We acknowledge that the Online Trading Service and your website (including the software and other
contents thereof) are proprietary to BPI Sec. I/We warrant and undertake that I/we shall not nor shall I/we
attempt to, tamper with, modify, decompile, reverse engineer or otherwise alter in any way, or attempt to gain
unauthorized access to, any part of the Online Trading Service or website or any of the contents thereof. I/We
also undertake to immediately notify BPI Sec if I/we become aware of any actions described above being
perpetrated by another person or entity.

d. I/We agree that, as a condition of using BPI Sec Online Trading Service, I/we shall notify BPI Sec within
twenty-four (24) hours if: (i) I/We placed an instruction through the Online Trading Service and I/we do not
receive an accurate acknowledgment (in any acceptable form) of my/our instruction or its execution; (ii) I/We
 receive acknowledgment (in any acceptable form) of a transaction which I/we did not instruct or any similar
occurrence; (iii) I/We become aware of any unauthorized use of my/our Access Code. I/We acknowledge and
agree that If I/we fail to immediately notify BPI Sec when any of the above situation occurs, neither BPI Sec,
their directors, officers, employees nor other representatives will have any liability to me/us, or to any other
person whose claim arises from me/us.

25. Change in Address and Other Information. I/We shall promptly notify BPI Sec in writing, of any changes in my/our
address, residency status or other information indicated in this Agreement. All communications whether by mail,
internet, electronic mail, telegraph, telephone, messenger, or otherwise sent to my/our aforementioned address and
following my/our instructions (if any) appearing on the face of this Agreement shall constitute personal delivery to
me/us. Following this, all such communications sent thereto, except the Statement of Account shall be deemed
correct, if BPI Sec shall not receive any objections from me/us within twenty-four (24) hours from delivery thereof.

26. Indemnity. I/We shall hold BPI Sec and their respective Board of Directors, officers, and staff free and harmless from
any liability, obligation, loss, damage, penalty, claim, suit, action, judgment, expense or disbursement of whatever
nature which I/we may suffer arising out of this Agreement or any sale, transfer, or assignment of Securities covered by
the same, or the enforcement of any of the terms hereof, except to the extent caused by the willful misconduct or gross
negligence of BPI Sec.

27. Attorney's Fees and Litigation Expenses. In the event of any controversy or litigation arising herein, I/we shall
compensate BPI Sec for attorney's fees at the rate of ten percent (10%) of the purchase price of the Securities
sold/purchased but no less than Php 20,000.00 plus reasonable litigation expenses. Venue of action for any litigation
shall be in the proper courts of Makati City. The foregoing, however, shall not limit the right of BPI Sec to commence
any action or proceeding in any venue or jurisdiction where my/our assets may be found.

28. Amendment. BPI Sec has the right to change any of the foregoing terms and conditions by giving written notice
thereof. Such changes shall become effective and binding upon me/us in the event I/we do not object or reply to such
notice within ten (10) days from service of notice in accordance hereof.

I/We acknowledge that I/we have read the provisions hereof and I/we are satisfied that they accurately
reflect our intent and agreement. Consequently, I/we hereby hold BPI Sec free and harmless from any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, costs, suits, expenses, or
disbursement of any kind and nature whatsoever which I/we may incur or sustain in any way relating
to or arising out of this Agreement or the transaction contemplated hereby or the enforcement of any
of the terms hereof.

ONLINE EQUITIES TRADING TERMS AND CONDITIONS

Brokerage Services

1. The Securities shall be held or disposed by BPI Sec in accordance with the terms and conditions of this Agreement
and any other agreement between us relating to the Securities, or in the absence thereof, at their discretion, provided
that BPI Sec shall have the right to retain the Securities which are deemed pledged hereunder or in which BPI Sec
have any security interest until full payment of what may be due to BPI Sec by reason of this Agreement or otherwise.
In case of any claims made upon the Securities by any third person, BPI Sec shall notify me of such claims and, at its
discretion and without liability on its part, return the same or resort to the courts to interplead.

2. I/We agree that BPI Sec shall lodge the Securities which I/we purchase in the PCD. Absent my/our contrary written
instructions, Securities purchased by me/us shall be registered in BPI Sec's name ("street form"). Provided that I/we have
fully paid for the shares I/we purchased, I/we may instruct BPI Sec in writing to arrange for the issuance of the stock
certificate in my/our name. All costs incidental to or arising from such issuance, such as but not limited to PCD charges,
shall be borne by me/us. The issuance of the instrument shall be subject to the regular course of clearing.

3. I/We hereby agree that all of my/our Securities and/or any other kind of property (tangible or intangible) in my/our
Account or Trading Account or which may hereafter come into your possession, custody or control for any purpose, or
in the possession, custody or control of members of the BPI Unibank (including without limitation Bank of the
Philippine Islands, BPI Family Bank, BPI Direct Savings Bank, BPI Capital Corporation, BPI Leasing Corporation), secure
my/our liability to BPI Sec hereunder, and in their absolute discretion and without need of any notice to me, I/we
hereby authorize and empower BPI Sec to apply my/our said property in payment of any of my/our obligations to BPI
Sec or to any member of the BPI Unibank without thereby incurring any liability except to account for any security or
proceeds thereof actually received.

4. I/We hereby irrevocably appoint and constitute BPI Sec, its officers, employees, successors-in-interest and/or assigns,
as well as any sub-agent, broker or attorney-in-fact BPI Sec may appoint for those purposes, as my/our true and lawful
attorney with full power and authority to buy, sell, lend or borrow Securities or otherwise act for me or any of my/our
Account(s) (whether carried individually or jointly with others), to agree upon the price of said Securities, execute bills of
sale, receipts, assignments of all rights, title and interest to the purchaser(s) thereof, or such other instruments in writing
or documents as may be necessary and to deliver or accept delivery of the corresponding stock certificates, to open for
and in my/our name such bank accounts as may be necessary under this Agreement under such terms and conditions
as may be called for hereunder, and/or to do any other act(s) which BPI Sec may directly or indirectly do or cause to be
done in accordance with the powers herein conferred all of which are hereby deemed ratified by me in all respects for
this purpose. BPI Sec shall be entitled to rely on any instruments, notices and communications which BPI Sec believe
to have originated from me and I/we shall be bound thereby.

5. I/We hereby authorize BPI Sec to accept my/our orders for the purchase or sale of Securities whether made orally (in
person, through the telephone or other similar means), in writing (whether sent by messenger, fax, telex, electronic
mail, etc.) or through another person. I/we will hold BPI Sec free and harmless from any loss or damage, which may be
incurred by BPI Sec or me as a result of their reliance on my/our instructions given as aforestated where BPI Sec acted
in good faith.

6. I understand that BPI Trade trading hours shall be governed by the Philippine Stock Exchange official trading hours
and orders given by me outside of the usual PSE trading hours shall be queued upon receipt on the PSE trading board
and executed in your best discretion.

7. I/We hereby unconditionally and irrevocably (i) authorize BPI Sec, in its absolute discretion, to record or cause the
recording using any device which BPI Sec may deem appropriate or advisable including, without limitation, tape
recorders and other recording instrument(s), any telephone communication or any communication or spoken word
between my/our and any of their officers, employees, agents or representatives in the course of, or in connection with,
any transaction or dealing hereunder of which may relate or pertain hereto, and any such recording or any part thereof
shall be admissible as evidence in any proceeding and (ii) authorize BPI Sec and their officers, employees, agents or
representatives to replay any such recording for any person or persons as BPI Sec shall in their discretion deem fit to
communicate the contents thereof, either orally or in writing, or to provide transcriptions thereof, whether in whole or
in part, to such other person or persons.

8. Any order by me for the purchase or sale of Securities shall bind BPI Sec only upon its issuance of the Purchase or
Sales Confirmation Notice. BPI Sec does not warrant that any order placed by me can be or has been executed unless
the Confirmation Notice is issued. The contents of Confirmation Notices sent to my/our address indicated herein shall
be deemed conclusive upon me as to their correctness, unless within forty-eight (48) hours from my/our receipt thereof
I/we serve my/our written objection upon BPI Sec. Further, I/we agree that the transactions contemplated herein are
conditioned on their receipt of good and cleared funds or the instruments evidencing the Securities sold. Hence,
notwithstanding issuance of any Confirmation Notice, it is my/our understanding and agreement that the transaction(s)
subject of the Confirmation Notice shall be deemed automatically cancelled upon their failure to receive such good
and cleared funds. I/We understand that the status of orders appearing on my/our computer screen do not serve as
my/our Confirmation Notice.

9. In consideration for the foregoing, I hereby agree to pay BPI Sec (i) commissions at such rates as may be from time to
time communicated to me/us, (ii) transfer or settlement fees upon actual transfer of the certificate(s) issued to me/us,
(iii) documentary stamp taxes, (iv) the stock transaction taxes, (v) PCD fees and (vi) other levies and duties thereon. The
amount due herein shall be delivered in full to you within the same period required under paragraph 10(c) hereof.

10. Instructions to Purchase Securities for Cash Clients

a. All Securities purchase transactions for my/our Securities Account will be in cash and automatically be
earmarked versus the available cash balance of my/our BPI Trade Bank Account and debited from my/our BPI
Trade Account on settlement date. I/We understand that before BPI Sec actually effect any purchase
instructions from me/us, my/our BPI Trade Bank Account must have sufficient funds to cover the amount of
the transaction plus the appurtenant commission, fees, taxes, levies and other duties.
 b. Payment for my/our purchases, related amounts, and other amounts, which I/we may owe BPI Sec, shall be
made from my/our BPI Trade Bank Account. My authorization for BPI Sec to debit my/our BPI Trade Bank
Account is stated in paragraph 10.b hereof.

c. I/We hereby agree to pay for my/our purchase on or before three (3) Trading Days after such purchase was
made.

d. I/We understand that deposits made by me into my/our BPI Trade Bank Account in the form of a check
shall only be available for payment when cleared by the drawee bank.

11. Instructions to Purchase for Trading Line Clients

a. In their absolute discretion, BPI Sec may effect my purchase instructions even if on credit, but in such case,
I/we undertake to deposit the necessary amounts into my BPI Trade Bank Account not later than three (3)
Trading Days from the date of the purchase or such earlier period as may be designated by BPI Sec.

b. Until full payment of the aforestated amounts, Securities purchased on my behalf shall be registered in the
name of BPI Sec (street form) or such other party designated by BPI Sec.

c. In the event my purchases are not liquidated within three (3) Trading Days or in the event of my death or
whenever in its sole discretion BPI Sec consider it necessary for its own protection, I/we hereby specially
authorize and empower BPI Sec to sell any or all Securities in my Securities Account (whether carried
individually or jointly with others) and herein pledge the same as collateral for the payment of any and all of
my liabilities to BPI Sec, which Securities are hereby guaranteed to be free from any and all liens and
encumbrances, it being expressly understood that in the event that such liens unknown to BPI Sec as Broker
prevent subsequent negotiation of the said Securities, BPI Sec may at their sole discretion buy back the sold
Securities and collect from me/us whatever amount BPI Sec may be entitled to by reason of such buy back;
buy any and all Securities to cover for any short selling in such account; transfer monies or Securities from any
one of my/our accounts to another; and close any and all of my outstanding obligations. It is hereby agreed
and understood that I/we shall at all times be liable for the payment of all unpaid balances of my Securities
Account, if any, together with interest, penalties, commissions, taxes, fees and any other amounts due in
connection therewith, as well as for the performance of other acts herein provided, and that I/we shall remain
liable for any deficiency remaining in any such account in the event of liquidation.

12. Instructions to Sell

a. All Securities sale transactions for my Securities Account shall not be executed unless BPI Sec already have
possession of the shares of stock to be sold or unless BPI Sec receive from me the certificate(s) evidencing said
shares, and such shares of stock or certificate(s) are properly lodged with the PCD or pre-cleared with the
proper stock transfer office for such share(s)/certificate(s). I/We understand and agree that prior to the
effecting of any sale of Securities for me, I/we must deliver the corresponding share(s)/certificate(s) of stock to
BPI Sec.

b. The proceeds of the sale of stocks/equity securities shall be net of the sums owing to BPI Sec and shall be
delivered to me within three (3) working days from the date of sale or based on the market practice of "T+3",
whichever is longer. BPI Sec shall not be bound to deliver such net proceeds unless I/we deliver to BPI Sec the
instruments evidencing the Securities sold, properly endorsed, and until any and all amounts which I/we owe
BPI Sec have been paid in full.

Custody and Safekeeping Services

13. I/We hereby appoint BPI Sec as Custodian for the safekeeping of my Securities subject to the following terms and
conditions.

14. The Securities are deposited by me/us for the purpose herein stated only, and no other. In case of any discrepancy,
I/we will notify BPI Sec within fifteen (15) days from receipt of my/our Account Statement. Any later objections are
deemed waived by me/us and will not be considered by BPI Sec.

15. When required by BPI Sec, a charge in accordance with BPI Sec's prevailing safekeeping charges will be applied
each month or fraction thereof during which the Securities are held.
16. I/We understand that BPI Sec will give the Securities the same degree of physical care that BPI Sec give its own
property, but do not assume responsibility beyond that. BPI Sec shall not be liable for any loss or damage to the
Securities or impairment in their value except those directly caused by acts amounting to fraud or gross negligence.
BPI Sec shall not be responsible for any form of damages or other liability arising from its performance of this
Agreement.

17. I/We hereby agree that the Securities purchased by BPI Sec on my/our behalf may be deposited by BPI Sec in the
PCD or such other depository of the PSE. I/We agree to be bound by the Rules of the PCD, as may be amended,
supplemented or modified from time to time, including: (a) Rule 2.5.2 regarding due authorization by me for you to
lodge the Securities into the PCD and my agreement to abide by your instructions to PCD; and (b) Rule 5.3 regarding
the limitation of my recovery against the PCD in case of any loss of the Securities, or which I may otherwise suffer due
to PCD's fault. For such purpose, I/we hereby appoint BPI Sec as my agent for the sole purpose of dealing with the PCD
with respect to the Securities purchased hereby, and to perform such other acts necessary or incidental in the
operation of the PCD. I/We agree to hold BPI Sec free and harmless from any and all liability arising from the lodging of
the Securities in the PCD except if due to BPI Sec's own fault. BPI Sec shall assist me/us, as far as legally allowable, in
facilitating any request for information or filing any complaint or otherwise coordinating with the PCD in connection
with the Securities purchased hereby.

18. The Securities will be held in custody at my/our sole risk as regards any laws, decrees, regulations or mandates,
fortuitous events, and/or any act of war, warlike operation, seizure, destruction or impairment of property, promulgated
and/or done by any government authority.

19. It is agreed that BPI Sec shall have no responsibility for the collection of coupons, interest or dividends on the
Securities except as provided by law. BPI Sec also accepts no responsibility for the receipt and/or forwarding of any
communication relative to the Securities. BPI Sec shall not be obligated to advance funds in my/our behalf in case of
cash calls for stock rights pertaining to my/our shares.

20. All deposits and withdrawals of all, some or any of the Securities made by me/us from the custody of BPI Sec signed
by myself, my agent or representative is conclusive evidence of the delivery or withdrawal of the certificates of stock
therein specified.

21. BPI Sec has the right to change any of the foregoing terms and conditions by giving written notice thereof. Such
changes shall become effective and binding upon me/us in the event I/we do not object or reply to such notice within
ten (10) days from service of notice in accordance hereof.

22. The General Terms and Conditions for Online Trading is incorporated by reference herein and made an integral part
hereof as if fully set forth herein.

BPI Securities Corporation Data Privacy Statement

Maintaining your privacy is an important part of the products and services that we provide. This Privacy Statement,
hereafter referred to as “Statement”, explains how we collect, protect, use, and share information when you access our
website and/or apply for and avail of our products and services.

This Statement outlines the general practices of the BPI Securities Corporation (“BPI Securities”) in relation to our
processes and content which are made available through our website, our online and mobile application, and social
media pages (collectively referred to as “websites”). This Statement also covers the privacy practices for our customers
who apply for and obtain products and services from us, such as investments, and other such products and services
that the BPI Securities may offer from time to time.

Our Privacy Practices

The privacy practices described in this Statement are primarily intended for individuals in the Philippines and are
designed to comply with the Data Privacy Act of 2012 (Republic Act No. 10173) and its implementing rules and
regulations. When accessing our websites and/or availing of our services from outside the Philippines, you acknowledge
and agree that your information may be transferred to and processed in the Philippines following legal and regulatory
standards for data protection that may differ from your current or home jurisdictions.

What We May Collect From You

When you apply for or avail of any product or service that BPI Securities offers or when you interact with our employees,
authorized representatives, agents and service providers, we collect your personal information so that we may provide
valuable and useful content and services and to offer you additional products, services that we believe you might find
interesting. Personal information is any data that can be used to identify a person. This may include, among others:

• your name and personal particulars such as contact details, address, birthdate, education;

• specimen signatures;

• government ID details;

• financial information (such as income, expenses, balances, investments, tax, insurance, financial and
transaction history, income, etc.);

• employment details;

• business interests and assets;

• images via video platforms and/or applications and other similar recording devices and processes which may
be observed when visiting our offices and/or using our other facilities; and

• voice recordings of our conversations with you.

We may, as and when necessary, seek to verify or augment this information with third-party entities including
government regulators, judicial, supervisory bodies, tax authorities or courts of competent jurisdiction and, in the
process, gain additional information about you.

In the course of availing our products and services, we also collect information about your transactions and dealings
which include your account/trading activities.

When you access our websites, we may provide information about us as well as information regarding our products
and services. If you have enrolled your account as a condition of use, you may conveniently access your accounts
through the website. In the course of using our network of websites and electronic platforms, we may collect non-
personal information such as those provided by your device which may include the IP address, operating system,
browser type and version, and other machine identifiers. We may likewise use web analytics tools, including those of
third parties’ that use cookies to collect anonymous information and data generated in connection with your activities
when you visit the pages and our network of websites.

We may also collect, use and keep your personal opinions or comments made known to us via feedback or responses
to surveys or any other interaction that you had with our employees, authorized representatives, agents and service
providers.

How We Use Your Information

We use the information collected to deliver and provide the products and services that you have availed to:

• approve, facilitate, administer and process applications and transactions;

• respond to queries, requests and complaints and improve how we interact with you;

• send you statements, billings, notices and other such documents necessary for continued use of our products
and services;

• conduct studies and researches for the purpose of reviewing, developing and improving our products and
services;

• perform profile analysis, behavioral modeling and analytics to understand needs, preferences and market
trends to be able to improve and recommend suitable products and services;

• reach out to you regarding products and services information, including offers, and for personalizing your
experience with our various touch points such as BPI Securities branch, call center, telemarketing, email,
messaging and other channels;

• determine the effectiveness of our marketing efforts and initiatives;

• perform certain protective safeguards against improper use or abuse of our products and services including
fraud prevention;

• comply with our operational, audit, administrative, credit and risk management processes, policies and
procedures, the terms and conditions governing our products, services, facilities and channels, the Securities
and Exchange Commission and Bangko Sentral ng Pilipinas rules and regulations, legal and regulatory
requirements of government regulators, judicial, supervisory bodies, tax authorities or courts of competent
jurisdiction, as to the same may be amended or supplemental from time to time
 • comply with applicable laws of the Philippines and those of other jurisdictions including the United States
Foreign Account Tax Compliance Act (FATCA), the laws on the prevention of money laundering including the
provisions of Republic Act No. 9160 (Anti-Money Laundering Act of 2001, as amended (AMLA) and the
implementation of know your customer and sanction screening checks;

• comply with legal and regulatory requirements such as submission of data to credit bureaus, credit
information companies, the Credit Information Corporation (CIC) (pursuant to Republic Act No. 9510 and its
implementing rules and regulations) responding to court orders and other instructions and requests from any
local or foreign authorities including regulatory, governmental, tax and law enforcement authorities or other
similar authorities; and

• perform other such activities permitted by law or with your consent.

How We May Share Your Information

We may share your personal information with BPI, BPI Capital Corporation, our affiliates and third parties, under an
obligation of confidentiality.

• We may share personal information with various units within BPI Securities in order to better understand the
way you use our products and services. This will allow us to improve our services and offer you opportunities to
obtain such other useful products and services that may deliver greater value to you.

• We may share information with BPI, BPI Capital Corporation, and our affiliates to likewise offer you additional
products and services that we believe you might find interesting.

• We may share with third parties that we engaged to support us in delivering our services to you. These may
involve anonymous or aggregated information to help improve our products, services, and content.

• We may also engage third parties to help us operate our business. These include support in:

• complying with legal requirements such as court orders;

• enforcing our terms of use including applicable policies with respect to the services that we provide;

• addressing fraud, security or technical issues, to respond to an emergency or otherwise to protect the
rights, property or security of our customers or third parties; and

• carrying out all other purposes set out above.

We may transfer, store, and/or process your personal data outside the Philippines. In doing so, we will comply with the
Data Privacy Act and its implementing rules and regulations.

We wish to assure you that we do not, and will not, sell personal data to any third parties. All our engagements with
third parties shall be fully compliant with our obligation of confidentiality imposed on us under the applicable
agreements and/or terms and conditions or any applicable laws that govern our relationship with you.

How We Protect Your Information

We fully recognize the value of your personal information particularly as it may include sensitive personal information
such as your gender, government-issued IDs, etc. Appropriately, we strive to maintain the confidentiality, integrity and
availability of your personal information by employing physical, technological and procedural safeguards. We train our
employees to properly handle your information. Whenever we engage other companies to provide services for us, we
require them to protect personal information aligned with our own security standards.

How Long Do We Keep Your Information

Your personal information shall be retained for as long as the purpose for which it was collected, and such other
purposes that you may have consented to from time to time, remains in effect until such time as it is no longer
required nor necessary to keep your information for any other legal, regulatory or business purposes.

You Have Rights

In respecting your rights to privacy, you may opt to tell us:

1. not to send you marketing materials via email;
2. not to share your information with BPI, BPI Capital Corporation, our affiliates or with other companies that we
have business with provided that such information is not critical nor required by applicable laws and
regulations in maintaining the services that you have availed with us;
3. to provide you with information that we currently have about you subject to restrictions applied to us as a
company operating in the Philippines by certain laws and regulations;
 4. to update your information; and
5. about your other concerns relating to how we collect, use, share, protect or dispose your information.

We may charge a fee for processing your request/s for access and/or update. Such a fee depends on the nature and
complexity of your request. Information on the processing fee will be made available to you prior to making the
request.

How To Contact Us

For any queries, clarifications or requests on any aspect of this Statement, the exercise of your rights pertaining to your
personal information or to provide any feedback that you may have about our processing of personal information, you
may get in touch with our Client Relations Team via our hotline number at (632) 246-5555 or email
bpitrade@bpi.com.ph during Mondays to Fridays from 8:30AM to 5:30PM.

You may also write our Data Protection Officer at:

DATA PROTECTION OFFICE

BPI Securities Corporation

11F Ayala North Exchange 6796
Ayala Avenue corner Salcedo St. Legaspi Village
Makati City Philippines 1229

Changes to Our Privacy Statement

We may modify or amend this Privacy Statement from time to time to keep up with any changes in relevant laws and
regulations applicable to us or how we collect, use, protect, store, share or dispose of your personal information. Any
relevant updates will be posted on the BPI Trade website.

Definitions:

Personal Information/Data - refers to any information whether recorded in a material form or not, from which the
identity of an individual is apparent or can be reasonably and directly ascertained by the entity holding the information,
or when put together with other information would directly and certainly identify an individual.

Sensitive Personal Information/Data - refers to personal information:

a. About an individual’s race, ethnic origin, marital status, age, color, and religious, philosophical or political
affiliations;
b. About an individual's health, education, genetic or sexual life of a person, or to any proceeding for any
offense committed or alleged to have been committed by such person, the disposal of such proceedings,
or the sentence of any court in such proceedings;
c. Issued by government agencies peculiar to an individual which includes, but not limited to, social security
numbers, previous or current health records, licenses or its denials, suspension or revocation, and tax
returns; and
d. Specifically established by an executive order or an act of Congress to be kept classified.

I/We acknowledge that I/we have read the provisions hereof and I/we are satisfied that they accurately
reflect our intent and agreement. Consequently, I/we hereby hold BPI Sec free and harmless from any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, costs, suits, expenses, or
disbursement of any kind and nature whatsoever which I/we may incur or sustain in any way relating
to or arising out of this Agreement or the transaction contemplated hereby or the enforcement of any
of the terms hereof.