Common use of FOREIGN CURRENCY CHARGES Clause in Contracts

FOREIGN CURRENCY CHARGES. If we receive a transaction or refund for processing in a currency other than Singapore Dollars (“Foreign Charge”), our currency conversion affiliate, AE Exposure Management Limited (“AEEML”) will convert it into US Dollars first (unless it was submitted to us in US Dollars) and convert it from US Dollars into Singapore Dollars. The conversion will take place on the date the Foreign Charge is processed by American Express, which may not be the same date on which the Foreign Charge was made as it depends on when the Foreign Charge was submitted to American Express. Exchange rate fluctuations can be significant. The exchange rate AEEML uses, which is called the “American Express Exchange Rate”, will be: • the rate required by applicable law or used as a matter of local custom or convention in the territory where the transaction or refund is made (in which case AEEML will look to be consistent with that custom or convention), or where this doesn’t apply; • based on interbank rates selected from customary industry sources on the business day prior to the processing date. We will increase the Foreign Charge by a single conversion commission of 2.95%. The American Express Exchange Rate is set each day from Monday to Friday including public holidays except for Christmas Day and New Year’s Day. You acknowledge that any refund of a Foreign Charge may be different to the Foreign Charge amount originally processed on your Card Account. The difference is generally because: • the refund and Foreign Charge may be processed on different days with different rates; • the refund may be only a partial refund for the Foreign Charge; or • where third parties convert charges in foreign currency, those third parties may treat refunds differently to the original foreign currency charge. When making a transaction in foreign currency, you may be given the option to allow a third party (for example, the retailer) to convert the transaction into Singapore Dollars before submitting it to us. If you decide to do this, then that third party will determine the exchange rate and any commission or fees payable for the currency conversion and submit that transaction to us in Singapore Dollars, meaning we will not convert the transaction or apply a currency conversion fee. It is your decision whether to use such third party currency conversion or not and in such cases, you should check the fees and charges before completing the transaction to ensure that you do not pay more than necessary.

FOREIGN CURRENCY CHARGES. If we receive a transaction or refund for processing in a currency other than Singapore Dollars (“Foreign Charge”), our currency conversion affiliate, AE Exposure Management Limited (“AEEML”) will convert it into US Dollars first (unless it was submitted to us in US Dollars) and convert it from US Dollars into Singapore Dollars. The conversion will take place on the date the Foreign Charge is processed by American Express, which may not be the same date on which the Foreign Charge was made as it depends on when the Foreign Charge was submitted to American Express. Exchange rate fluctuations can be significant. The exchange rate AEEML uses, which is called the “American Express Exchange Rate”, will be: • the rate required by applicable law or used as a matter of local custom or convention in the territory where the transaction or refund is made (in which case AEEML will look to be consistent with that custom or convention), or where this doesn’t apply; • based on interbank rates selected from customary industry sources on the business day prior to the processing date. We will increase the Foreign Charge by a single conversion commission of 2.95%. The American Express Exchange Rate is set each day from Monday to Friday including public holidays except for Christmas Day and New Year’s Day. You acknowledge that any refund of a Foreign Charge may be different to the Foreign Charge amount originally processed on your Card Account. The difference is generally because: • the refund and Foreign Charge may be processed on different days with different rates; • the refund may be only a partial refund for the Foreign Charge; or • where third parties convert charges in foreign currency, those third parties may treat refunds differently to the original foreign currency charge. When making a transaction in foreign currency, you may be given the option to allow a third party (for example, the retailer) to convert the transaction into Singapore Dollars before submitting it to us. If you decide to do this, this then that third party will determine the exchange rate and any commission or fees payable for the currency conversion and submit that transaction to us in Singapore Dollars, meaning we will not convert the transaction or apply a currency conversion fee. It is your decision whether to use such third party currency conversion or not and in such cases, you should check the fees and charges before completing the transaction to ensure that you do not pay more than necessary.