Global Indices

Risks relating to difference in trading days and hours

The Index level is calculated and published during the trading hours of the Index Exchange. The Index Futures Contracts are traded on the Index Futures Exchange. The trading days and hours of the Index Exchange and the Index Futures Exchange (based on Hong Kong time) are different from that of the Stock Exchange. In assessing the price of the Warrants, you should be aware of the differences in the time zone and the actual trading days and hours of the relevant exchanges in the U.S. and Hong Kong. For example, the Index level may be volatile during which the Stock Exchange is not open for trading of the Warrants.