Important Information - Disclaimer

This document is prepared by Bank of Singapore Limited (the “Bank”) for information purposes only, intended for the internal or personal use of the intended recipients only, and is not intended for anyone other than the recipient. It may contain information proprietary to the Bank which may not be reproduced or redistributed in whole or in part without the Bank’s prior consent. This document is not, by itself, an offer or a solicitation to deal in any investment product or enter into any legal relations, nor does it constitute advice or recommendation with respect to investment products. It does not have regard to the specific investment objectives, investment experience, financial situation and the particular needs of any particular person. You should exercise caution in relation to investments, independently evaluate each investment product and consider the suitability of such investment product, taking into account your own specific investment objectives, investment experience, financial situation and/or particular needs. You will need to decide on your own as to whether or not the contents of this document are suitable for you. If you have any doubt about the contents of this document and/or the suitability of any investment product, please obtain your own independent financial, legal and/or tax advice from professional advisers as you deem necessary. Investments in financial instruments or other products carry significant risk, including the possible loss of the principal amount invested. Financial instruments or other products denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. Neither the Bank nor any of its officers accept any liability for any loss whatsoever (whether direct, indirect or consequential) arising out of or in connection with your use of this document. Past performance is not a guarantee or indication of future results. All figures in this document are indicative only and do not represent firm quotes. You should contact your relationship manager directly if you are interested in any financial transaction, investment strategy or wealth planning structure. You should carefully read all the risk disclosures and governing terms and conditions that are set out in the relevant documents governing any investment, structure or product. Neither the Bank nor any of its officers accept any liability for any loss whatsoever (whether direct, indirect or consequential) arising out of or in connection with your use of this document.

While reasonable efforts have been made to ensure that the contents of this document have been obtained or derived from sources believed by the Bank to be reliable, the Bank has not independently verified the accuracy of such source(s). The Bank and its respective officers, employees, agents and representatives do not make any express or implied representations, warranties or guarantees as to the accuracy, timeliness or completeness of the information, data or prevailing state of affairs that are mentioned in this document and do not accept any liability for any loss or damage whatsoever, direct or indirect, arising from or in connection with the use of the contents of this document. The Bank and its Affiliates (as defined below) may have issued other reports, analyses, or other documents expressing views different from the contents hereof and all views expressed in all reports, analyses and documents are subject to change without notice. The Bank and its Affiliates reserve the right to act upon or use the contents hereof at any time, including before its publication herein. The Bank and its Affiliates may have discussed the information contained therein with others within or outside the Bank, and Bank personnel may have already acted on the basis of this information (including communicating the information contained herein to other customers of the Bank). The Bank, its employees and discretionary accounts managed by its Singapore Office may have long or short positions or may be otherwise interested in any of the investment products (including derivatives thereof) referred to in this document and may from time to time dispose of any such investment products. The Bank, its personnel and other customers of the Bank may have acquired such positions at prices and market conditions that are no longer available, and may have interests different from or adverse to your interests.

This document and other related documents have not been reviewed by, registered or lodged as a prospectus, information memorandum or profile statement with the Monetary Authority of Singapore nor any regulator in Hong Kong or elsewhere. Dual currency investments, structured deposits and other investment products are not insured by the Singapore Deposit Insurance Corporation. This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is prepared solely for distribution into jurisdictions where such distribution is permitted by law. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Singapore, Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates (collectively, “Affiliates”) to any registration, licensing or other requirements within such jurisdiction.

The Bank is a licensed bank regulated by the Monetary Authority of Singapore in Singapore. Bank of Singapore Limited, Hong Kong Branch (incorporated in Singapore with limited liability) is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap.571) regulated by the Securities and Futures Commission in Hong Kong. The Bank forms part of the OCBC Group (being for this purpose Oversea-Chinese Banking Corporation Limited and its subsidiaries, related and affiliated companies). OCBC Group, their respective directors and/or employees (collectively “Related Persons”) may have interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. OCBC Group and its Related Persons may also be related to, and receive fees from, providers of such investment products.

The Bank adheres to a group policy (as revised and updated from time to time) that provides how entities in the OCBC Group manage or eliminate any actual or potential conflicts of interest which may impact the impartiality of research reports issued by any research analyst in the OCBC Group.

Cross-Border Marketing

Australia: Bank of Singapore Limited (i) is exempt from the requirement to hold an Australian financial services (AFS) licence under the Corporations Act 2001 (Cth) in respect of all financial products or financial services it provides in accordance with ASIC Class Order 03/1102 (as continued in force by ASIC Corporations (Repeal and Transitional) Instrument 2016/396) to any person in Australia who is a wholesale client, and (ii) is regulated by the Monetary Authority of Singapore under Singaporean laws which differ from Australian laws. Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam. Hong Kong SAR: Bank of Singapore Limited is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap. 571), regulated by the Securities and Futures Commission in Hong Kong. Indonesia: The offering of the investment product in reliance of this document is not registered under the Indonesian Capital Market Law and its implementing regulations, and is not intended to constitute a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. According, this investment product may not be offered or sold, directly or indirectly, within Indonesia or to citizens (wherever they are domiciled or located), entities or residents, in any manner which constitutes a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. Malaysia: Bank of Singapore Limited does not hold any licence, registration or approval to carry on any regulated business in Malaysia (including but not limited to any businesses regulated under the Capital Markets & Services Act 2007 of Malaysia), nor does it hold itself out as carrying on or purport to carry on any such business in Malaysia. Any services provided by Bank of Singapore Limited to residents of Malaysia are provided solely on an offshore basis from outside Malaysia, either as a result of “reverse enquiry” on the part of the Malaysian residents or where Bank of Singapore Limited has been retained outside Malaysia to provide such services. As an integral part of the provision of such services from outside Malaysia, Bank of Singapore Limited may from time to time make available to such residents documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of Malaysia). Nothing in such documents or information is intended to be construed as or constitute the making available of, or an offer or invitation to subscribe for or purchase any such capital markets product. Myanmar: The provision of any products and services by Bank of Singapore Limited shall be solely on an offshore basis. You shall ensure that you have and will continue to be fully compliant with all applicable laws in Myanmar when entering into discussion or contracts with Bank of Singapore Limited. Oman: This document does not constitute a public offer of investment, securities or financial services in the Sultanate of Oman, as contemplated by the Commercial Companies Law of Oman (Royal Decree No. 18/2019), Banking Law of Oman (Royal Decree No. 114/2000) or the Capital Market Law of Oman (Royal Decree No. 80/1998) and the Executive Regulations of the Capital Market Law (Ministerial Decision No. 1/2009) or an offer to sell or the solicitation of any offer to buy non-Omani investment products, securities or financial services and products in the Sultanate of Oman. This document is strictly private and confidential. It is being provided to a limited number of sophisticated investors solely to enable them to decide whether or not to make an offer to invest in financial products mentioned in this document, outside of the Sultanate of Oman, upon the terms and subject to the restrictions set out herein and may not be reproduced or used for any other purpose or provided to any person other than the original recipient. Additionally, this document is not intended to lead to the making of any contract within the territory or under the laws of the Sultanate of Oman. The Capital Market Authority of Oman and the Central Bank of Oman take no responsibility for the accuracy of the statements and information contained in this document or for the performance of the financial products mentioned in this document nor shall they have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein Russia: The investment products mentioned in this document have not been registered with or approved by the local regulator of any country and are not publicly distributed in Singapore or elsewhere. This document does not constitute or form part of an offer or invitation to the public in any country to subscribe for the products referred to herein. Saudi Arabia: The Bank has not received authorization or licensing from the Saudi Arabian Monetary Agency or any other governmental authority in the Kingdom of Saudi Arabia to carry on banking business within the Kingdom of Saudi Arabia and the Bank does not hold itself out as carrying on, and does not carry on banking business. South Korea: The document does not constitute an offer, solicitation or investment advertisement to trade in the investment product referred to in the document. The Philippines: The information contained in this document is not intended to constitute a public offering of securities under the Securities Regulation Code of the Philippines. Dubai International Financial Center (DIFC): Bank of Singapore Limited has a branch registered in the Dubai International Financial Centre ("DIFC") which is regulated by the Dubai Financial Services Authority (“DFSA”). Bank of Singapore Limited (DIFC Branch) is not a financial institution licensed in the United Arab Emirates outside of the DIFC and does not undertake banking or financial activities in the United Arab Emirates nor is it licensed to do so outside of the DIFC. This material is provided for information purposes only and it is general information not specific in any way to any particular investor, investor type, strategy, investment need or other financial circumstance. As such this information is not financial advice or a financial promotion, nor is it intended to influence an investor's decision to invest. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The material is only intended for persons who fulfill the criteria to be classified as “Professional Clients” as defined under the DFSA rules and should not be reviewed, received, provided to or relied upon by any other person. United Arab Emirates (U.A.E): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons.  Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.

In Hong Kong, Bank of Singapore Limited is a branch of Bank of Singapore Limited incorporated in Singapore with limited liability.

In case of any discrepancies between the English and the Chinese versions, the English version shall prevail.



如本文件由新加坡銀行有限公司 (公司註冊編號 : 197700866R) (「本行」)提供。本文件僅為提供資訊,並不擬提供予收件人以外的人士。本文件不是提出本文所述的任何投資產品交易的要約或邀約,且沒有意圖建立任何法律關係。本文件亦不是對有關投資產品的建議或推介。本文件沒有考慮到任何收件人或客戶的特定投資目標、財務狀況、投資經驗和特定需求。客戶於進行投資時宜審慎行事。客戶應考慮其本身特定的投資目標、投資經驗、財務狀況及/或特定需求,並據此獨立評估每種投資產品,以考慮是否適合投資於該種投資產品。如客戶對本文件的內容及/或本文件提及的投資產品對客戶是否合適方面有任何疑問,客戶於買賣本文件所述的任何投資產品前,應按需要向專業顧問諮詢獨立的財務、法律及/或稅務意見。


未經本行的事先書面同意,本文件不得被全部或部分發表、流通、複製或分發給其他人。 本文件將不會在新加坡、香港或本行全權酌情決定的其他司法管轄區以外的司法管轄區分發,出版或被新加坡、香港或本行全權酌情決定的其他司法管轄區以外的司法管轄區的人士使用。本行將自行判斷,如果本文件在新加坡、香港或本行全權酌情決定的其他司法管轄區境外分發,出版,或被新加坡、香港或本行全權酌情決定的其他司法管轄區境外人士使用將違反相應的法律,或令本行、其相關公司、關聯人士、相關人士和/或聯屬公司(統稱為 「關聯人士」)需要在該司法管轄區內進行註冊,獲得許可或其他要求時,本文件將不得分發、出版或被使用。

投資金融工具或其他產品附帶重大風險,包括可能損失全部投資本金。以外幣計值的金融工具或其他產品受制於匯率波動,匯率波動可能對投資該等產品的價格或價值產生不利影響。本行對本文件所載資料的任何使用所產生的(不論是直接、間接或附帶)損失不承擔任何責任。過去的表現並不暗示或代表未來的業績。本文件提供的任何價格(不包括識別為歷史數據)是僅供參考之用,並不代表確實的價格或數據報價。倘若您有興趣買賣本文件提及的任何金融工具或其他產品或訂立任何交易策略,請直接聯絡您的本地代表。 儘管我們盡力並認真地準備本文件,以確保本文件的內容是從本行及其關聯人士認為可靠的來源獲得,但是本行及其關聯機構沒有獨立核證有關來源的資料的準確性,而本行及其關聯機構和其各自的職員、僱員、代理人和代表不作任何明示或暗示的陳述、保證或擔保該文件所提及的資訊、資料或現狀的準確性、及時性和/或完整性,因此對使用或依賴本文件的內容無論直接或間接所產生的任何虧損或損失概不負責。


本行及其關聯機構可能已派發其他報告、分析、或表達與本文件內容不同觀點的其他文件,在所有報告、分析和文件所表達的所有觀點將會不定時變更,而不再另行事先通知。不論在該文件發表前或發表後,本行及其關聯人士在任何時候均有權使用本文件的相關內容。 本文件的編撰人可能已經與本行內部或外部人士討論本文件載資料,並且,本文件的編撰人及/或本行的其他銀行人員可能已根據這些資料行事(包括向本行其他客戶商談本文件所載的資料。本行銀行人員(包括作者編製本文件時曾諮詢的銀行人員)及本行可能看好或看淡的本文件所述金融工具或其他產品的其他客戶,可能已按不再提供的價格和市場狀況買入有關投資倉盤,以及可能持有與您不同或對您的權益不利的權益。



本文件僅為在法律許可的司法管轄區分發而編製。這些資料僅供擬定收件人的內部使用,可能包含本行專用的資料,不得在未經本行同意下重新複製或轉發全部或其部分內容。 雙幣投資、結構性存款及其他投資產品不受新加坡存款保險公司的保障。


香港特別行政區﹕新加坡銀行有限公司是受香港金融管理局規管根據《香港法例》第155章《銀行業條例》所定義的獲授權機構及根據《香港法例》第571章《證券及期貨條例》受香港證券及期貨事務監察委員會監管的註冊機構。本文件僅為客戶提供資訊,並不擬提供予收件人以外的人士。本文件並未呈交香港任何監管機構審閱。本文件不是提出任何金融產品交易的要約或邀約且沒有意圖建立任何法律關係。本文件亦不是對有關金融產品的建議或推介。本文件沒有考慮到任何收件人或客戶的特定投資目標、財務狀況、投資經驗和特定需求。客戶應考慮其本身特定的投資目標、投資經驗、財務狀況及/或特定需求。未經本行的事先書面同意,本文件不得被全部或部分發表、流通、複製或分發給其他人。本行將自行判斷,如果本文件在香港或本行全權酌情決定的其他司法管轄區境外分發,出版,或被香港或本行全權酌情決定的其他司法管轄區境外人士使用將違反相應的法律,或令本行、其相關公司、關聯人士、相關人士和/或聯屬公司(統稱為 「關聯人士」)需要在該司法管轄區內進行註冊,獲得許可或其他要求時,本文件將不得分發、出版或被使用。印尼: 依據本研究報告發售的投資產品並無根據《印尼資本市場法》及其實施條例登記,並且不擬構成根據印尼資本市場法及其實施條例的證券公開發售。因此,本投資產品不得在印尼境內或向印尼國民(不論是居住或處於何處)、法人或居民以任何形式直接或間接要約發售或出售,以致構成根據《印尼資本市場法》及其實施條例的證券公開發售。日本﹕本文件所載的資料只供一般參考用途。它沒有考慮到您的具體投資目標、財務狀況、風險承受能力及特定需求。本文件並不構成購買或出售要約,或購買或出售任何證券或投資的建議或邀約。我們並沒有在日本進行受規管業務的意圖。您確認本文件的內容不構成任何性質的投資或財務建議。馬來西亞﹕新加坡銀行有限公司並無持有任何在馬來西亞從事受規管業務(包括但不限於受到馬來西亞《2007年資本市場及服務法》項下的任何受規管業務)的任何牌照、註冊或批准,也不聲稱在馬來西亞境內從事或意圖從事任何該等業務。新加坡銀行有限公司向馬來西亞居民提供的任何服務僅在馬來西亞境外以離岸基礎提供,基於對馬來西亞居民進行「反向調查」或新加坡銀行有限公司獲委聘在馬來西亞境外提供有關服務。 作為在馬來西亞境外提供有關服務的一部分,新加坡銀行有限公司可能不時向有關居民提供提及資本市場產品的文件和資料(例如關於在馬來西亞境外提供基金管理或投資諮詢服務)。有關文件或資料內的內容概不擬被詮釋為或構成認購或購買任何資本市場產品的供應、要約或邀請。緬甸﹕本文件及其內容是由新加坡銀行有限公司提供,新加坡銀行有限公司並無持有根據《金融機構法》(第20/2016號法律)或其他緬甸法規項下在緬甸從事或意圖從事任何受管制活動的任何牌照或註冊。新加坡銀行有限公司提供的任何產品和服務僅以離岸基礎提供。與新加坡銀行有限公司商談或訂立合約前,您應確保已經並將繼續遵守緬甸所有適用的法律。阿曼:本文件並不構成根據《阿曼商業公司法》(皇家法令第4/1974號)、《阿曼銀行法》(皇家法令第114/2000號)或《阿曼資本市場法》(皇家法令第80/1998號)及《阿曼資本市場法執行條例》(部長級決定第1/2009號)的投資、證券或金融服務的公開要約,或者在阿曼蘇丹國要約出售或邀約購買非阿曼的投資產品、證券或金融服務和產品。本文件為絶密文件,只提供給有限數目的成熟投資者,讓他們決定是否在阿曼蘇丹國境外根據本文件所述的條款及在文件所述限制的規限下,投資本文件所述的金融產品。本文件不得因任何其他目的複製或提供給原本接收者以外的任何人。此外,本文件並不擬在阿曼蘇丹國境內或根據阿曼蘇丹國法律規定訂立任何合約。阿曼資本市場管理局和阿曼中央銀行對本文件所載的陳述及信息的準確性或本文件所述的金融產品的表現概不負責,並且對任何人因依賴本文件所載的陳述及信息而產生的損害或損失概不負責。俄羅斯: 本文件的投資產品未經任何國家的當地監管機構註冊或批准,並且不會在新加坡或其他地區公開銷售。本文件不構成在任何國家向公眾發售本文件所述產品的要約或邀約。南韓﹕ 本文件不構成所述投資產品交易的要約、邀約或投資廣告。台灣﹕本文件提供的資料及據此提供的服務未曾及將不會根據台灣有關法律和規例向台灣金融監督管理委員會登記,並且倘若需要向台灣金融監督管理委員會事先登記或取得批准的情況下,便不得在台灣提供或作為提供的要約。本行概無在台灣授權任何人士或法人,在台灣提供有關資料及提供有關服務。泰國﹕敬請留意,新加坡銀行有限公司或集團旗下的任何其他公司概無在泰國持有任何牌照、授權書或註冊證,本文件所載的任何材料及資料或本文件所述的任何證券或產品並無在泰國獲得批准或登記。有關證券或產品的權益不得在泰國境內要約發售或出售。應您的要求提供的隨附資料是僅供參考之用,未經新加坡銀行有限公司或其相關公司的同意下,不得複製或向任何其他人士重新分派,本文件也不構成新加坡銀行有限公司或集團旗下的任何其他公司在泰國境內就有關證券或產品提供的要約、邀約、廣告或意見。菲律賓﹕本文件的信息不擬構成菲律賓證券條例守則項下的證券公開發行。迪拜國際金融中心﹕新加坡銀行有限公司在迪拜國際金融中心(「DIFC」)註冊成立的分行是受迪拜金融服務管理局規管。新加坡銀行有限公司(DIFC分行)並不是在DIFC以外地區於阿聯酋持牌的金融機構,亦無於阿聯酋從事銀行或金融服務,也於DIFC以外地區並無持有從事該等服務的牌照。本文件僅供參考和提供一般資料,並不特別為任何特定投資者、投資者類別、策略、投資需求或其他金融狀況而制定。因此,本文件的資料不是金融意見或金融推介,也不擬影響投資者的投資決定。本文件不應被詮釋於任何司法管轄區購買或出售任何金融工具或參與任何交易策略的要約或邀約。本資料僅為「專業客戶」(定義見DFSA規則)標準的人士提供,並且不應由任何其他人士閱讀、收取、獲取或依據本文件作出任何行動。阿聯酋﹕本文件所載資料僅獨家提供予收件人。本文件提呈的若干產品未曾及將不會向阿聯酋中央銀行或阿聯酋證券及商品管理局登記。只有在不構成根據阿聯酋適用法律及規例進行的證券公開發售及分銷的情況下,方可在阿聯酋要約發售或出售本文件所述的產品。本文件不擬在阿聯酋傳閱或分發,除非在阿聯酋的適用法規下,有關阿聯酋境內人士是獲准或獲豁免有關傳閱或分發的規定。收件人不獲准分發本文件所載的資料。在適用的情況下,本文件涉及在阿布扎比證券交易所和迪拜金融市場以外地區上市的證券。 新加坡銀行有限公司未獲授權為阿拉伯聯合酋長國交易所(迪拜國際金融中心以外地區)上市證券提供投資研究。英國﹕本文件在英國僅提供給符合英國適用法律和法規的目標人士或機構(在下文中稱為「相關人士」)。因此,本文件僅可向相關人士傳遞。非相關人士不得依據或依賴本文件或其任何內容行事。本文件所涉及的任何投資或投資活動僅適用於相關人員,且僅與相關人員有關。 收到本文件的相關人員不得向任何非相關人士分發、出版、複製或披露本文件(全部或部分)。 美國:本產品不得在美國或向美國人士出售或發售。