A member of SGX or a person registered with SGX who fails to comply with the Rules or Requirements of the Exchange or Clearing House may be charged before a Disciplinary Committee. The Disciplinary Committee hears the charge and decides whether the member or the registered person has violated any Rules or Requirements of the Exchange or Clearing House and, if so, decides on the appropriate penalty. A member or registered person charged and convicted before a Disciplinary Committee may be reprimanded, fined, suspended
and/or expelled.

SGX has a total of four Disciplinary Committees, one each for securities and derivatives trading and clearing. The Disciplinary Committees heard a total of three cases in the year, two cases for securities trading and one case for derivatives trading. The Disciplinary Committees comprise experienced industry participants and legal experts with extensive knowledge of the industry. The composition of the Disciplinary Committees is as follows:

SGX-Derivatives Trading and Derivatives Clearing Disciplinary Committee members

Name Profession Ho Tian Yee (Chairman) Fund Manager, Pacifi c Asset Management (S) Pte Ltd David Yeow Lawyer, Rajah & Tann Tan Kah Gee Futures Broker, The Mizuho Futures (S) Pte Ltd George Teo Choa Chee* Futures Broker, UOB Bullion & Futures Ltd Steve Ng Kuan Kuen Banker, Deutsche Bank

SGX-Securities Trading and CDP Disciplinary Committee members

Name Profession Fong Kwok Jen (Chairman) Lawyer, Fong Law Corporation Nels Radley Friets Stockbroker, Citigroup Global Markets Singapore Pte Ltd Leong Mun Wai Stockbroker, DBS Vickers Securities (Singapore) Pte Ltd Petrus Huang Yen San Lawyer, Drew & Napier LLC Hamidul Haq Lawyer, Rajah & Tann

The member or registered person may appeal to SGX’s Appeals Committee against the
decision of the Disciplinary Committee. A new Appeals Committee was formed in 2006.
The new Appeals Committee comprises entirely independent members who are not directors, employees or officers of SGX or its related companies. The new Appeals Committee heard two appeals in the year, with its first appeal heard in February 2007. The decision of the Appeals Committee is final. The Appeals Committee comprises industry experts and professionals
with years of experience in the industry. The present composition of the Appeals Committee
is as follows:

SGX Appeals Committee members

Name Profession Michael Sydney Hwang (Chairman) Lawyer, Michael Hwang Lim Choo Peng Consultant Colin Ng Teck Sim Lawyer, Colin Ng & Partners Michael Wong Ping Seng Futures Broker, Phillip Futures Private Limited Hugh Young Fund Manager, Aberdeen Asset Management Asia Limited

* retired February 2007.