This document sets out the Best Execution Policy of the Investment Bank of Barclays Bank PLC (acting through its Singapore Branch) and Barclays Merchant Bank Singapore Limited in Singapore (together Barclays, we, our or us) and our approach to the placement or execution, or both, of client orders on the best available terms (‘Best Execution’) as required under the Monetary Authority of Singapore (‘MAS’) Notice on Execution of Customers’ Orders (SFA 04-N16) (the ‘Policy’).

Barclays is required to establish and implement Best execution policies and procedures which cover all capital markets products and all capacities in which it is acting in, (i.e. whether as agent or principal), regardless of whether client orders are executed on-exchange or off-exchange. Based on such policies and procedures, Barclays will take sufficient steps to obtain the best possible result for our clients on a consistent basis, taking into account price, cost, speed, likelihood of execution and settlement, size, nature or any other relevant execution consideration, when placing and/or executing orders on your behalf. Barclays will handle comparable client orders in the order in which they are received to provide fair and expeditious execution of all client orders.