Equity-Linked Investments and Structured Notes are structured products involving derivatives. Bond is not deposit. It is not a protected deposit and NOT protected under the Deposit Protection Scheme in Hong Kong. The investment decision is yours but you should not invest in the product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives. Otherwise, you should not invest in the product.

(1) Equity-linked Investment (ELI) is a structured product and complex investment products involving derivatives. You should exercise caution in relation to this product. (2) ELI is not equivalent to time deposits or its substitute and provide no guarantee of return or yield on investment. It is NOT protected by the Deposit Protection Scheme in Hong Kong. (3) ELI is NOT principal protected and is NOT secured by any asset or collateral. In the worst case scenario, you could lose all of your investment. (4) The maximum potential gain may be limited. It is possible that you may not receive any potential distribution amount for the entire scheduled tenor of this product. You may, at settlement, receive physical delivery of reference asset(s). (5) Investing in ELI is not the same as investing in the reference assets. During the investment period, you have no rights in the reference asset(s). Changes in the market price of the reference asset may not lead to a corresponding change in the market value of, or your potential payout of the product. (6) If you invest in ELI, they are relying upon the creditworthiness of the issuer and, as the case may be, the guarantor and no other person. You may get nothing back if the issuer and/or the guarantor becomes insolvent or defaults in performing its obligations in relation to the product. (7) ELI involves risks, including but not limited to re-investment risk, risks of early termination, limited market making arrangements, conflict of interest, market risk, liquidity risk, currency/exchange rate risk and risks relating to Renminbi. (8) The price or value of the ELIs may move up or down, and may even become valueless. It is as likely that losses will be incurred rather than profit made as a result of subscribing for, buying and selling the ELIs. Past performance is not indicative of future performance. (9) If the ELI is linked to US underlyings, you should also take note on the relevant risks, such as risks relating to difference in trading days and hours and their implications, taxation risks and certain information about the linked stocks may be available in English only. (10) Before making any investment decision, you should read and understand the relevant offering documents for details and the risks involved and carefully consider your financial situation, investment experience and investment objectives. You should seek independent professional advice if needed. (11) ELI is unlisted and not covered by the Hong Kong Investor Compensation Fund. (12) SFC authorization is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product or its performance. (13) Limited market making arrangements are available and you may suffer a loss if you sell your ELIs before expiry - ELIs are designed to be held until expiry. If you try to sell your ELIs before expiry, the amount you receive for each ELI may be substantially less than your original investment amount. (14) Potential and actual conflicts of interest may arise from the different roles played by the issuer and its subsidiaries and affiliates in connection with the Product, which may be adverse to your interest in the Product.

(1) Structured Notes (SN) are a structured products and complex investment products involving derivatives. You should exercise caution in relation to this product and seek independent professional advice when necessary before making investment decisions. (2) SN is unauthorized by any regulatory authority in Hong Kong. Relevant offering documents have not been reviewed by the SFC and you are advised to exercise caution on this product. (3) SN is only available to professional investors. (4) SN is not equivalent to time deposits or its substitute and provide no guarantee of return or yield on investment. It is NOT protected by the Deposit Protection Scheme in Hong Kong. (5) SN is NOT principal protected and is NOT secured by any asset or collateral. In the worst case scenario, you could lose all of your investment. (6) If you invest in SN, they are relying upon the creditworthiness of the issuer and, as the case may be, the guarantor and no other person. Investors may get nothing back if the issuer and/or the guarantor becomes insolvent or defaults in performing its obligations in relation to the product. (7) Limited market making arrangements are available and you may suffer a loss if you sell your SNs before expiry - SNs are designed to be held until expiry. If you try to sell your SNs before expiry, the amount you receive for each SN may be substantially less than your original investment amount. (8) Before making any investment decision, you should read and understand the relevant offering documents for details and the risks involved and carefully consider your financial situation, investment experience and investment objectives. You should seek independent professional advice if needed. (9) SN is unlisted and not covered by the Investor Compensation Fund. (10) The maximum potential gain may be limited. It is possible that you may not receive any potential distribution amount for the entire scheduled tenor of this product. You may, at settlement, receive physical delivery of reference asset(s). (11) Investing in SN is not the same as investing in the reference assets. During the investment period, you have no rights in the reference asset(s). Changes in the market price of the reference asset may not lead to a corresponding change in the market value of, or your potential payout of the product. (12) Potential and actual conflicts of interest may arise from the different roles played by the issuer and its subsidiaries and affiliates in connection with the Product, which may be adverse to your interest in the Product. (13) SN involves risks, including but not limited to, liquidity risk, market risk, exposure to market price movements in case of physical delivery of underlying stock, currency/exchange rate risk, risks relating to RMB, discretion of the calculation agent, potential conflict of interest, settlement disruption, early termination/redemption, hedging risk, no claim against any reference item and extraordinary events. (14) The price or value of the SN may move up or down, and may even become valueless. It is as likely that losses will be incurred rather than profit made as a result of subscribing for, buying and selling the SN. Past performance is not indicative of future performance.

Key Risk Factors
(1) Default and Credit risk - It is the obligation of issuer or Guarantor to meet their payment obligations on the interest and principal. If the issuer and/or the Guarantor become insolvent or default on their obligation, you may not receive any repayment of your principal amount or any other payments due to you under the terms of the product. (2) Credit rating related risk - The credit ratings assigned by credit rating agencies are heavily weighted by past performances and do not Guarantee the creditworthiness of the product, the Issuer and/or the Guarantor. Downgrades in credit rating may adversely affect Issuer’s ability for refinancing and the market price of the product. (3) Interest rate risk - The product is subject to interest rate fluctuations. The price of the product will normally fall when interest rate rises. Longer-term bonds / certificate of deposits are generally more sensitive to interest rate changes. (4) Exchange rate risk - The product may be subject to exchange rate risk. There may be a loss when convert payments made on the product into your local currency. (5) Liquidity risk - The liquidity of the product in the secondary market could be low and you may not be able to sell before maturity. Even if you can sell, the price will be based on the prevailing market and may result in substantial loss to the investment. (6) Market risk - Depending on the respective nature of business, the Issuer and/or Guarantor are subject to business, operational, legal, regulatory and political risks to varying extent. These risks may have adverse impact on the Issuer’s and/or Guarantor’s result of operations, financial condition and viability, and thus affect the Issuer’s and/or Guarantor’s ability to fulfill its obligations under this product. The value of your investment may fall and you even may lose your entire investment due to the adverse impact that local, regional and global political, social and economic developments may have on ratings and markets, including ratings and markets that directly concern your investment. Such developments may disrupt markets for long periods and may cause abnormal or volatile fluctuations in different economic measures including currency exchange rates, bond / certificate of deposits values and yields, interest rates, equity values and commodity values. (7) Event risk - A corporate event such as a merger or takeover may lower the credit rating of the product or issuer. In case the corporate restructurings are financed by the issuance of a large amount of new debt-burden, the company's ability to pay off existing bonds / certificate of deposits will be weakened. (8) Tax risk - You should carefully consider the tax consequences of investing in the product and consult your own independent professional advisor. (9) Products with callable feature - The product may be allowed to early redeem by issuer before maturity. You may not be able to enjoy the same rates of return when investing in other products with similar risk parameters. At the worst case, you may be suffer a loss for your investment transaction.

Additional Risk Factors for Fixed Income Instruments with Addition Features (where applicable)
(1) Risk related to high-yield or unrated products - The product is high-yield or unrated. You are exposed to higher default risk, credit risk or liquidity risk. It is more vulnerable to economic cycles. During economic downturns, it typically falls more in value than investment grade bond as (i) investors become more risk averse and (ii) default risk rises. This may be resulted in higher liquidity risk which may be more difficult to obtain market quotations or to resell the bond / certificate of deposit with limited liquidity. (2) Renminbi related risk - The product is denominated in Renminbi. Renminbi is not freely convertible and conversion through banks in Hong Kong and subject to certain restrictions. The actual conversion arrangement will depend on the prevailing restrictions at the relevant time and the liquidity of the product may be adversely affected. The exchange rate can go up and down. Exchange controls imposed by the relevant authorities may also adversely affect the applicable exchange rate.

Additional Risk Factors for Fixed Income Instruments with Special Features (where applicable)
(1) Risk of investing in complex products - This product is a Complex Product. It may be considered by general members as complex by nature and/or difficult to value and is subject to higher risk as compared with other simple and standardized investment products. Past performance of this product is not indicative of future performance. You may not be able to sell this product before maturity since the liquidity of the relevant secondary market could be low. You may not receive the principal that you invested. The offering documents may not have been reviewed by the Securities and Futures Commission. You should exercise caution in relation to the product. (2) Risk associated with variable or deferrable interest or cancellable interest feature - The product has variable and/or deferral of interest payment terms and investors would face uncertainty over the amount and time of the interest payments to be received. Moreover, some products may allow the issuer to cancel the interest payment at their discretion or mandatorily. (3) Risk associated with extendable feature - The product has extendable maturity date. You would not have a definite schedule of principal repayment. (4) Risk associated with convertible or exchangeable feature - The product is convertible or exchangeable in nature. You are subject to both equity risks associated with stock and bond investment risks. A fall in the stock price will usually cause the bond price to fall. (5) Risk associated with contingent write down or loss absorption feature - The product may be written-off fully or partially or converted to common stock on the occurrence of a trigger event. Investors may sustain a partial or entire loss of investment amount. It may be required to bear loss which are difficult to predict and ex ante assessment will also be highly uncertain. The risk profile may change over the tenor and they are high risk products. It may also be exposed to both equity risk associated with the stock and bond investment risks. A fall in the stock price will usually cause the bond price to fall. The value of the product is based on various factors, including but not limited to, market risks, issuer’s risks, interest rate risks, exchange rate risks. The products are volatile instruments and may be subjected to considerable fluctuation in value and other inherent risks associated with the financial markets relevant to the issuer. You will need to evaluate various factors and information in order to determine the likelihood of the occurrence of a trigger event, which some of them may not be transparent or readily available to you. The payment you received in relation to the security are dependent on the financial viability of the issuer during the investment period. Also, the product is generally subject to higher credit and liquidity risks, and credit downgrades. The above factors are not exhaustive. It is targeting at Professional Investors only and are generally not suitable for retail investors. If you do not understand how the feature works and/or if you are not prepared to accept any of the risks highlighted in this document and/or the relevant issuer’s prospectus, you must not invest in the product. (6) Risk associated with perpetual bonds - The product has no maturity date. Interest payout depends on the viability of the issuer in very long term. It is more sensitive to interest rate movement. (7) Risk associated with subordinated bonds - The product has subordinated ranking and in case of liquidation of the Issuer, you can only get back the principal after other senior creditors are paid. (8) Risk associated with multiple credit support providers or complex structure - The product has multiple credit support providers with no material operations and/or involve complex structures which subordinate to your rights to those of the multiple credit support providers and may not possess meaningful protection against potential credit event. The bond could constitute senior obligation of the Issuer but constitute subordinated obligations of the Guarantors.

(1) CLD is NOT equivalent to time deposit. It is NOT protected by the Deposit Protection Scheme in Hong Kong. (2) Investing in CLD is not the same as buying the Linked Currency directly. During the Deposit Period, you have no rights in the Linked Currency, and movements in the exchange rate of the Linked Currency may not lead to any corresponding change in your return on CLD. (3) CLD involves risks, including but not limited to derivatives risk, market risk, liquidity risk, credit risk of the Bank, currency risk, risks relating to Renminbi and risks of early termination by the Bank. (4) The maximum potential gain is limited. (5) CLD is NOT principal protected and you could lose all of your deposit amount. (6) Currency-Linked Deposit is not covered by the Hong Kong Investor Compensation Fund.