Investors should note that the CPI Product is different from normal time deposit. Investors will only receive the return expressly provided in the relevant Termsheet and Terms and Conditions and should not be treated as an usual time deposit or a substitute so that the CPI Product may not be protected by the Saving Administration Regulation of People’s Republic of China. Investors should fully understand and consider the following risks and read the other information contained in the relevant Term and Conditions before making any investment decision and invest with caution:

As the CPI Product has a pre-determined investment period, investors should consider their need to maintain sufficient liquid assets during the relevant investment period (especially for products with relatively long investment periods) and satisfy themselves that the CPI Product is suitable for them in view of their own circumstances and financial position before making any investment decision.

Investors should avoid concentrating their investments in any particular type of investment(s) or geographical or industry focus, so as to avoid their investment portfolio being over-exposed to any particular investment risk.

In order to provide capital protection, the investment strategy adopted for the CPI Product may lead to a lower performance when compared to non-capital protected products investing in similar markets. Investors should be prepared to take the risks of earning a lower return on the capital invested or losing the interest that might otherwise earned on money invested by way of deposits.

Investors should understand that the investment amount of the CPI Product is capital-protected only when it is held to maturity (see the heading "Early Termination Risks" below) and that no periodic income will be payable to investors prior to maturity.

There is no guarantee of any Potential Return. Return is payable only if the investment is held to maturity. Returns of the CPI Product depend on the performance of Underlying Index at the time of the relevant determination. If the market moves against the view taken by investors, there is an inherent risk that the total returns payable to investors at maturity will be less than that would have been payable on a time deposit for the same tenor or that no Potential Return will be payable at maturity of the CPI Product.

If the Base Currency used for investment is not the local currency customarily used by investors and thus conversion into the local currency is required, investors should note that they may suffer a loss due to exchange rate fluctuations.

Investors are not allowed to early terminate the CPI Product and the capital of the investors will be invested in the CPI Product for the entire investment period. The Bank may at its absolute discretion refuse to give consent to any early termination request. Furthermore, the Bank may early terminate the CPI Product in its sole and absolute discretion, in which case the investors' interest may be adversely affected. If the Bank in its sole discretion decides to allow investors to early terminate the CPI Product with written consent, the Bank shall be entitled to deduct from the Investment Amount of the relevant CPI Product and/or any other amount (if any), which may have accrued to investors any expenses, costs or damages to the Bank. Damages may include any costs, expenses, liability or losses to the Bank as a result of the early termination by the investors. Therefore, there is no guarantee that investors will be able to receive the Investment Amount or the Guaranteed Investment Amount at early termination and the amount payable to the investors at early termination may be less than the Investment Amount initially invested.

The Index Level and/or the Final Index Level Determination Date and/or the Maturity Date are subject to adjustment or amendment by the Bank. Such adjustment/amendment may adversely affect the returns of the CPI Product. Investors must read the Terms and Conditions (especially Clause 6) to ensure they understand and accept the Terms and Conditions.

The Bank reserves the absolute right to approve any application and to decline any application received (whether in whole or any part hereof) before the Start Date. In the event of non-acceptance, a notification will be sent by the Bank and any subscription funds received will be returned to the relevant investors after the Start Date or other practicable circumstances as soon as possible.

The Hang Seng Index and Hang Seng China Enterprises Index (the “Index(es)” ) is /are published and compiled by HSI Services Limited pursuant to a licence from Hang Seng Data Services Limited. The mark(s) and name(s) Hang Seng Index and Hang Seng China Enterprises Index are proprietary to Hang Seng Data Services Limited. HSI Services Limited and Hang Seng Data Services Limited have agreed to the use of, and reference to, the Index(es) by HANG SENG BANK (CHINA) LIMITED in connection with Index-linked Capital Protected Investment Product (the “Product”), BUT NEITHER HSI SERVICES LIMITED NOR HANG SENG DATA SERVICES LIMITED WARRANTS OR REPPESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON (i) THE ACCURACY OR COMPLETENESS OF ANY OF THE INDEX(ES) AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO; OR (ii) THE FITNESS OR SUITABILITY FOR ANY PURPOSE OF ANY OF THE INDES(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT; OR (iii) THE RESULTS WHICH MAY BE OBTAINED BY ANY PERSON FROM THE USE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO ANY OF THE INDEX(ES) IS GIVEN OR MAY BE IMPLIED. The process and basic of computation and compilation of any of the Index(es) and any of the related formula or formulae, constituent stocks and factors may at any time be changed or altered by HSI Services Limited without notice. TO THE EXTENT PERMITTED BY APPLICABLELAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HSI SERVICES LIMITED OR HANG SENG DATA SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO ANY OF THE INDEX(ES) BY HANG SENG BANK (CHINA) LIMITED IN CONNECTION WITH THE PRODUCT; OR (ii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OF ERRORS OF HSI SERVICES LIMITED IN THE COMPUTATION OF ANY OF THE INDEX(ES); OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF ANY OF THE INDEX(ES) WHICH IS SUPPLIED BY ANY OTHER PERSON; OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OF HOLDER OF THE PRODUCT OR ANY OTHER PERSON DEALING WITH THE PRODUCT AS A RESULT OF ANY OF THE AFORESAID, AND NO CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HSI SERVICES LIMITED AND/OR HANG SENG DATA SERVICES LIMITED in connection with the Product in any manner whatsoever by any broker, holder or other person dealing with the Product. Any broker, holder or other person dealing with the Product does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on HSI Services Limited and Hang Seng Data Services Limited. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker, holder or other person and HSI Services Limited and/or Hang Seng Data Services Limited and must not be construed to have created such relationship.

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