Each Registered Person indemnifies each of SGX-ST, its related companies, SGX RegCo, any person or entity referred to under Rule 1.7, and their respective Directors, Officers, employees and agents ("Indemnified Persons") against any loss or liability incurred or suffered by an Indemnified Person where such loss or liability arose out of or in connection with:

(a) any breach by the Registered Person of its obligations under the Rules; or
(b) any wilful, unlawful, reckless or negligent act or omission by the Registered Person.

Added on 3 June 20193 June 2019.