The contract with the Investor represents a general unsecured contractual obligation which will rank equal with other existing and future general contractual obligations. If the Investor wishes to invest in this product, you should be taking note of the firm’s credit risk and you must therefore make your own assessment of the firm’s credit risk. Investors are placing funds with the firm and are therefore relying on the firm’s ability to pay any interest and the Subscription Amount at maturity.

The market value of this Investment is subject to many factors, including, but not limited to the equity price, levels of equity volatility and the implied future direction and liquidity of such factors.

If an Investor seeks to withdraw or early redeem the Investment prior to the Maturity Date, the Investor may lose part, or the full subscription amount invested. The unwinding cost for premature withdrawal is subject to the prevailing market conditions.

Although the shares quantity of the Reference Equity on Maturity date is predetermined at the time of establishment of the Investment, the Investor is subject to the risks of fluctuation in the Reference Equity share price. A decline in the Reference Equity share price on the valuation date relative to the strike price would result in the firm exercising its right to pay the Investor in the form of Reference Equity shares. As such, the Investor will purchase the Reference Equity shares at a higher price relative to the market price at maturity and could substantially (depending on the decline in the Reference Equity) reduce what the Investor otherwise had at the time invested with the firm. Any adjustment to the Valuation Price of the Reference Equity shall be rounded down/up to the nearest 1 cent (0.01) at the absolute discretion of the firm.

This Investment is composed of several financial instruments, including options. Hence, the physical delivery of the Reference Equity based on the pre-agreed Strike Price or delivery by combination of cash and the Reference Equity is subject to the result of the options embedded in this product.

Foreign Currency Investment is subject to rate fluctuations which may provide both opportunities and risks. The Investor should note that any currency movements may potentially affect the redemption amount. Furthermore, the Investor may experience a loss when he/she converts the Foreign Currency back to his/her home currency. The Investor should therefore determine whether any Foreign Currency Investment is suitable considering the investment objective, financial means and risk profile.