This is due to the harmonization and alignment of rules for the purchases of Rolex and Tudor watches in the affiliates with the rules of Geneva as at 1 January 2022.

Please refer to the summary information below.

The revised Staff Purchase Guidelines will take effect from 1 January 2022.

Each purchase will be granted at 50% discount on the local catalogue prices* (including taxes).

All additional links requested on bracelets in precious metals (excluding Rolesor) will be billed at 50% discount.

*Based on retail prices of issuing country. Employees of Rolex Malaysia and Rolex Vietnam making staff purchases will be invoiced based on Singapore retail prices at exchange rates determined by Rolex Singapore.

Confirmed employees under a permanent employment contract with the Rolex affiliates will be eligible to purchase watches for the following beneficiaries, subject to the recommendation and approval of the Management.

• For Staff# own use - 1 ROLEX and 1 TUDOR watch. Subsequent purchases can be renewed after a period of 5 years.

• For Family members# – 1 ROLEX and 1 TUDOR watch for each beneficiary. Subsequent purchases can be renewed after a period of 10 years. Family beneficiaries ** are:

  • Spouse (legally married and not an existing employee of the Company)

  • Legitimate children over 16 years of age ^

  • Own parents (Father and Mother)

# Subject to the overall performance and conduct of purchasing employees. All Staff Purchase applications must be supported by the respective HODs before submission to Management for final approval.

** Each beneficiary of the abovementioned categories is eligible for the first purchase starting 1 Jan 2022, subject to NOT MORE than 1 Rolex watch and 1 Tudor watch in the same year.

^ For employee and spouse who are both working in Rolex, each child beneficiary can only be registered for purchase under 1 parent/employee.

All staff purchases completed prior to 1 January 2022 will be considered as employees' own use. Hence, the next staff purchase (for own use) will be based on 5 years waiting period dating back to the last purchase date.

Examples:

• If the last Staff Purchase was made on 6 May 2017, the next purchase (for own use) earliest eligible date will be 6 May 2022.

• If the last Staff Purchase was made on 1 Mar 2020, the next purchase (for own use) earliest eligible date will be 1 Mar 2025.

• If the last Staff Purchase was made on 10 Dec 2021, the next purchase (for own use) earliest eligible date will be 10 Dec 2026.

All staff purchases completed prior to 1 January 2022 will be considered as employees' own use. Hence, the next staff purchase (for own use) will be based on 5 years waiting period dating back to the last purchase date.

Examples:

• If the last Staff Purchase was made on 6 May 2017, the next purchase (for own use) earliest eligible date will be 6 May 2022.

• If the last Staff Purchase was made on 1 Mar 2020, the next purchase (for own use) earliest eligible date will be 1 Mar 2025.

• If the last Staff Purchase was made on 10 Dec 2021, the next purchase (for own use) earliest eligible date will be 10 Dec 2026.

Confirmed employees under a permanent employment contract with the Rolex affiliates will be eligible to purchase watches for the following beneficiaries, subject to the recommendation and approval of the Management.

• For Staff# own use - 1 ROLEX and 1 TUDOR watch. Subsequent purchases can be renewed after a period of 5 years.

• For Family members# – 1 ROLEX and 1 TUDOR watch for each beneficiary. Subsequent purchases can be renewed after a period of 10 years. Family beneficiaries ** are:

  • Spouse (legally married and not an existing employee of the Company)

  • Legitimate children over 16 years of age ^

  • Own parents (Father and Mother)

# Subject to the overall performance and conduct of purchasing employees. All Staff Purchase requests must be supported by the respective HODs before submission to Management for final approval.

** Each beneficiary of the abovementioned categories is eligible for the first purchase starting 1 Jan 2022, subject to NOT MORE than 1 Rolex watch and 1 Tudor watch in the same year.

^ For employee and spouse who are both working in Rolex, each child beneficiary can only be registered for purchase under 1 parent/employee.

Confirmed staff# may make the FIRST purchase for eligible FAMILY beneficiaries wef 1 January 2022.

Each beneficiary is eligible for FIRST purchase starting 1 January 2022, subject to NOT MORE than 1 Rolex watch and 1 Tudor watch in the same year.

Subsequent purchases (for the same beneficiary) can be renewed after a period of 10 years.

# Subject to the overall performance and conduct of purchasing employees. All Staff Purchase requests must be supported by the respective HODs before submission to Management for final approval.

All eligible staff purchase requests* will be reviewed for Management's approval. Employees will be advised on the availability or status of their requested watch models upon review by the Management Team.

Certain models may be subject to long waiting periods due to market conditions.

*"Hot Cookie" watch models (under the pre-approved list) are reserved for eligible employees with more than 3 years’ service under permanent employment contracts (apply to ALL purchases).

Supporting documents must be provided for verification of family relationships. Please attach/show photocopies/originals of the following documents with your completed Staff Purchase Forms:

1. Spouse (legally married and not an existing employee of the Company)

- Attach photocopy of official Marriage Certificate.

2. Legitimate children over 16 years of age

- Attach photocopy of official Birth Certificate of the child showing employee's name as the parent.

- Attach official Adoption Certificate/Papers.

3. Own parents (Father and Mother currently living)

- Attach photocopy of official Birth Certificate of the employee showing beneficiary's name as the parent.

- Show original NRIC (National ID card with photo) of the respective parent (No photocopy required).

To purchase for an eligible beneficiary, employees must provide the necessary documents as supporting proof, specified in Question 11.

For eligible Staff Purchases registered for Spouse, only 1 name/person will be accepted as the eligible beneficiary (corresponding to the spouse name reflected on the official Marriage Certificate).

To purchase for an eligible beneficiary, employees must provide the necessary documents as supporting proof, specified in Question 11.

Each employee purchase shall not exceed 2 watches per year (1 ROLEX and 1 TUDOR only).

All watches purchased must be declared for compliance and filing of personal income tax purposes.

In addition to the new/revised guidelines, the following rules will also apply:

• Employees shall certify that the ROLEX and TUDOR watches purchased are intended for the person specified/mentioned in the Staff Purchase application.

• Each eligible Staff Purchase Application must be accompanied with a signed Undertaking Form (Conditional Rule) as consent for the Company safekeeping of the purchased watch guarantee cards for a period of 36 months from the invoice date.

• “Hot Cookie” watch models (under the pre-approved list) are reserved for eligible employees with more than 3 years’ service under permanent employment contracts (apply to ALL purchases).

• Eligible Staff Purchases for watch models which cost (after discount) not more than 5 months’ of individuals’ monthly gross salary.

• Employees are required to refund the discounted amount of the watch if he/she decides to leave the Company within six months’ period from the date of invoice.

• All watches purchased under the Staff Purchase Program will require name engraving (intended beneficiary) except for watches deemed unsuitable for engraving by the Management.

• Any breach to the rules of Staff Purchase Program may be subject to the disciplinary action including dismissal.

Employees may submit completed Staff Purchase Application Forms (provided in the email) attached with ALL required documents (photocopies) to Personnel starting from 18 February 2022.

Forms which are missing the required supporting documents will not be accepted.

• Staff Purchase Applications will be allocated based on a list of pre-approved watch models and processed over 3 window periods in each calendar year:

  • Beginning April

  • Beginning July

  • Beginning October

• Closing dates* for submissions of Staff Purchase applications under each window period :

  • 15 March (For April window)

  • 15 June (For July window)

  • 15 September (For October window)

• All applications received as at the closing dates will be included in the respective months' allocation, subject to the availability of stocks.

• Should there be an oversubscribed# demand for certain models (hot cookies), the applications for such models may be balloted, as deemed fit by the Management.

• Applications of watch models not within the pre-approved list will be subject to the Management’s approval.

* If closing dates happen to fall on a weekend or PH, the last day of submission shall be the last working day before the weekend or PH.

# Staff may consider the following options if their applications are unsuccessful :

-Select an alternative watch model. To submit a fresh Staff Purchase Application Form for the next window period.

-Keep to the originally submitted Staff Purchase Application form to roll over to the next window period.

Staff purchases are not allowed for same watch models purchased previously, based on individual staff completed purchases before year 2022.

Example: If an employee had previously purchased a Submariner, he/she is not allowed to submit the next Staff Purchase application of the same watch model (excluding facelift models).

With effect from 1 January 2022, the After-Sales Services discount for staff on the following services will remain at 50% discount:

1. Standard complete overhaul

2. Change of spare-parts (movement, case, dial, bracelet etc) or

3. Any other operation out of the scope of a standard complete overhaul

Similar to the Staff Purchase Program, the After-Sales Services discount# will be extended to the same group of beneficiaries as below.

• Staff

• Family members' watches belonging to:

  • Spouse (legally married)

  • Legitimate children over 16 years of age

  • Own parents (Father and Mother)

*All other watches belonging to non-eligible family beneficiaries will be charged at full service prices (including taxes).

#Please reach out to Personnel for the updated After-Sales Service Application Form with the necessary supporting documents specified in Question 11.