I hereby authorize DEVELOPMENT BANK OF THE PHILIPPINES to transact, for and on my behalf, business with the BUREAU OF THE TREASURY (“BTr”) which operates at the National Registry of Scripless Securities(NRoSS), to negotiate and enter into the necessary contracts or agreements with the BTr, and to perform the following acts in relation thereto:

1. To open on my behalf a securities account with the NRoSS through a BTr-authorized electronic means; and

2. To execute transfer transactions allowable under the relevant offering documentation.

In connection with the authority herein granted, DEVELOPMENT BANK OF THE PHILIPPINES and the BTr, respectively, are held free and harmless from any liability whatsoever in connection with any failure or delay to render or perform instructions, as the case may be, including instructions coming from me, where such instruction or the giving thereof may become contrary to the law, regulation, policy or guideline of DEVELOPMENT BANK OF THE PHILIPPINES or the BTr.

The authorization granted shall be considered revoked upon receipt by DEVELOPMENT BANK OF THE PHILIPPINES or myself of a written notice from the other, without the prejudice to any transaction implemented by DEVELOPMENT BANK OF THE PHILIPPINES or the BTr prior to the receipt of said written notice.

INVESTOR'S UNDERTAKING

I/We, Investor/s of government securities issued by the National Government, through the Bureau of the Treasury (BTr), undertake that:

A. It is understood that the National Registry of Scripless Securities (NRoSS) administered by the BTr is the official registry of ownership of or interest in government securities issued by the National Government under its scripless policy; that the NRoSS is operated by an electronic system (i.e., the NRoSS System or its successor system) which facilitates the transfers of securities in the NRoSS; and that I/we will abide by the rules, regulations, guidelines and procedures of BTr concerning government securities.

B. It is understood that the National Registry of Scripless Securities (NRoSS) administered by the BTr is the official registry of ownership of or interest in government securities issued by the National Government under its scripless policy; that the NRoSS is operated by an electronic system (i.e., the NRoSS System or its successor system) which facilitates the transfers of securities in the NRoSS; and that I/we will abide by the rules, regulations, guidelines and procedures of BTr concerning government securities.

And further undertake as follows:

1. To create/open through a BTr-recognized sponsor a securities account with NRoSS to ensure that title to scripless government securities is officially recorded in my/our name and under my/our control.

2. That as a condition for the creation/opening of my/our securities account with NRoSS, I/we have opened a settlement bank account with Development Bank of the Philippines (as Settlement Bank) or a BONDS.PH account to which coupon and maturity proceeds any other payments to be made on my/our government securities holdings will be credited or debited; undertake to furnish the NRoSS of said settlement bank account number as a condition for the creation/opening of my/our securities account; and give notice at least three (3) business days prior to any coupon and/or maturity payment of any change in the settlement Bank and/or settlement bank account number.

3. That no transfer of government securities shall be made or recorded in NRoSS during a prescribed Closed Period in accordance with the terms and conditions of the particular government securities issued.

4. That in the case any transaction involving my/our government securities including that of RTBs, I/we shall consult my/our broker/agent/custodian how to properly facilitate such transaction. I/we shall give relevant written instructions/authority to my/our broker/agent/custodian for any transaction involving my/our holdings under its sponsorship or custodianship.

5. That in order to receive notices, statements of securities account and other reports that may be needed from the BTr, an appropriate request shall be filed through my/our broker/agent/custodian using electronic means. The request shall be made subject to the payment of appropriate fees pursuant to the Schedule of Fees as may be published by the BTr.

6. That I/we expressly agree and acknowledge that the crediting to the regular demand deposit account of my/our Settlement Bank of coupons and/or redemption value due my/our scripless government securities, shall constitute actual receipts of payment by me/us.

7. To hold the BTr, its officers, employees and agents free and harmless against all suits, actions, damages or claims arising from failure of my/our Settlement bank to credit my/our bank account for coupons and maturity values on due date.

8. That all my/our instructions affecting my/our scripless government securities which are transmitted to or received in good faith by the NRoSS System or any successor system operating the RoSS from myself/ourselves or my/our designated broker/ agent/custodian are covered by relevant documentation indicating my/our express consent and authority.

9. That I/we expressly warrant and authorize the delivery of copies of all evidence of authority granted to my/our designated broker/agent/custodian to transact on my/our scripless government securities upon reasonable demand by the BTr.

10. That I/we undertake to immediately notify the BTr of any unauthorized trade of my/our scripless government securities and until receipt of such notice, transactions effected by BTr in good faith are deemed valid.

11. To render free and harmless the BTr, its officers, employees and agents for any claim for damages with respect to trade transactions carried out in good faith.

12. That while it is understood that BTr shall maintain the strict confidentiality of records in RoSS. I/we hereby expressly waive and authorize BTr, to the extent allowed by law, to disclose relevant information in compliance with Anti-Money Laundering laws, rules and regulations and other legal orders of competent courts.

13. To submit to the BTr the relevant special power of attorney or authorizations issued to my/our agent upon demand of the BTr.

TERMS AND CONDITIONS

A. Definition of Terms

1. "RePS" or Facility - RePS, the acronym for "Retail Treasury Bonds (RTB) Electronic Payment System" shall mean the Facility offered by the Development Bank of the Philippines to its depositors wherein they can pay their RTB order to the Bureau of the Treasury (BTr) by issuing a payment instruction to debit their account via the internet.

2. "Bank" - shall mean the Development Bank of the Philippines.

3. "Client" - shall mean the Bank's depositor who will pay using RePS.

B. Service Terms & Conditions

1. The Facility or the RePS shall be available to the Client upon completion of the required details enumerated in the Enrollment page and approval by the Bank of their enrollment under the Facility.

2. The RePS shall be available during a RTB offer period, 24-hour basis, but with set cut-off time for purposes of processing enrollment applications, value-dating payment instructions, and creation of Client’s account on New Registry of Scripless Securities (nRoSS). The availability of the Facility shall also be subject to the Terms and Conditions contained in notices posted from time to time in the Bank's branches, the DBP website, the RePS web page and/ or BTr website.

3. The Client shall be solely responsible for the adequate security and precautionary measure with regard to the use of the RePS, such that User ID/password/access keys shall not be disclosed or furnished to other person/s apart from the Client, and that all transactions generated using the Client's User ID/password/access keys shall be constituted as valid and binding obligations of the Client.

4. The Bank shall be entitled to rely or and take such necessary steps in connection with notice, instructions or other communications from the Client, which from time to time may be, or purports to be given by the Client through the internet, telephone, facsimile or other electronic means of communication.

5. The Bank shall not be liable for any indirect, incidental or consequential loss, loss of profit or any form of damage suffered by the Client by reason of its use or failure or inability to use the RePS for reasons not attributable to the fault or negligence of the Bank.

6. The Bank shall not be held liable for any loss, damage or expense which the Client may incur as a result of or in connection with the implementation of RePS under the following instances:

a. Disruption, failure or delay relating to or in connection with the services which are due to an event or force majeure which for purposes of this Facility is defined as any event that (a) is beyond the control of the Bank, (b) not tantamount to gross negligence, fraud or fault of the Bank, and (c) renders the Bank incapable of performing its obligations under this Facility, such as but not limited to the following: (i) earthquakes, floods, typhoons, or epidemics; (ii) war, rebellion, insurgency, riots, or invasion of the Philippines by another country; (iii) strikes, lockouts, boycotts, or other forms of work stoppage; (iv) government restrictions; and (v) order of competent court.

b. Fraudulent access or utilization of the RePS due to theft or unauthorized disclosure of User IDs/ passwords/access keys used for the Facility, or violation of other security measures used for the Facility attributable directly and solely to the Client.

c. Insufficiency of funds at the time of receipt of the electronic payment instruction.

7. Payment instructions issued by the Client and received by the Bank after the set cut-off time of [3:00 p.m.] or Saturday, Sunday and holidays shall be considered as a transaction of the following banking day.

8. The Acknowledgment Receipt issued by the Bank that will be shown in the web page is an acknowledgment of the receipt of the Client's payment instruction and not necessarily a confirmation that payment has been processed.

9. Payment shall be deemed duly accepted upon issuance of a Confirmation Advice by the bank in the form of an email to a duly designated email account of the Client on the same banking day of the issuance of the abovementioned Acknowledgment Receipt. Under this circumstance, the Bank shall cause the value dating of the Client's payment on the day of the acknowledgment of the payment instruction.

10. In the event RePS is not available, the Client may process their order and payment in their preferred DBP branch.

C. Charges

Enrollment and availment of the use of the Facility is free of charge. The Bank, however, reserves the right to impose service fees, and other charges in accordance with the BTr’s future policies and to change or amend the same shall be disclosed to the client and acknowledged by the client during the payment process. Such charges shall be deducted from the account of the Client.

D. Representations & Warranties

The Bank represents and warrants that:

1. The use of the facility will not infringe the intellectual property rights of any third party. Accordingly, the Bank shall indemnify and hold free and harmless the Client from any and all damages arising out of any claim asserting the infringement of any patent, copyright, trade mark, service mark, trade name or similar proprietary rights against the Client as a result of the use of the RePS.

2. Prior approval of the Bangko Sentral ng Pilipinas (BSP) for the provision of the Facility was obtained and that the Bank have in place a risk management process that is adequate to access, control and monitor any risks arising from such services in accordance with the requirements of BSP Circular No. 269 Series of 2000.

3. The Bank has a valid and existing agreement with the BTr authorizing the acceptance by the Bank of RTB payments from individual Clients using the Facility.

E. User ID/Password/Access Keys, Account Number and Other Account Data

1. The Client shall be responsible for the prevention of any wrongful use of the Facility. It shall be responsible for keeping its User ID/password/access keys, account numbers and other account data strictly confidential.

2. In case the Client suspects that its/his User ID/password/access keys to the Facility had been accessed by another party without its/his permission, Client shall notify the Bank immediately.

3. The Client is encouraged to change password from time to time upon submission of the Facility Enrollment Form for security reasons.

F. Laws, Rules and Amendments

1. The RePS shall be subject to the Bank's (i) present and future policies, and (ii) applicable rules and regulations relative to its establishment and operation.

2. The Bank is entitled to revise or modify all or any of these Terms and Conditions provided (i) Client shall be notified of the revisions and/or modifications made and, (ii) such revision or modification shall take effect only upon client's conformity.

G. Effectivity of Other Terms and Conditions

The Terms and Conditions governing the Client's deposit account with the Bank shall remain in full force and effect insofar as the same is not inconsistent herewith.