�� !���� !����� !"#$%& '(��� !"# !$Disclosure related to the deposit protectionThis product is not a protected deposit and is not protected by the DepositProtection Scheme in Hong Kong.

Rules: Currency Options

�� !"#$

�� 2010-12�� 22 2,000 2010-12 C&C*

- 1 -

�� !

�� !"#$%&'()*+,-./0123 Q� R�� !"#$ N� P��

NK ��

NKN ��E�� !"F�� !"#$%&'()*+,-./01!"23,4*

�� !"

NKO �� !"#$%&'%()*+,-./0123*456789:$;'<

�� !"#$%&'(

NKP �� !"#$%E�� !"#$%&'(!)*+,-./01234%5

�� !"#$%&'F�� !"#!$#%&'()*

NKQ �� !�� !"#$%"E�� !"#F�� !"#$%&'()*+,

�� !"#$%&'()*&$%+,-+.-/� !"#

NKR �� !�� !"#$%&'()*+,-.!"+,/+0/123&45

NKS �� !�� !"#$%&'"()%&*+,! -./01234567

�� !"�� !"#$%&'()*+,

NKT �� !�� !"#$%&'"()%&*+,!,-./01234567

NKU �� !"#$%&"#'()*$+,-.$'/0&12345

NKV �� !"#$%&'()*+,-./�012345$6(�712(89

�� !"#$%&'()*+,-./01234567"#$897:;

�� !"#$%&'()*+,-.

NKNM �� !"#$%&'E�� !"#$%&'()*+,-$.&'-/01

�F�� !"#$%&$'(%)*+,-./0

NKNN �� !"#$%&'()*+��,-. /0123456789):;<

�� �� !�� !"#$%&'()*�� +,-

- 2 -

NKNO �� !"#�� !"�� !"#$

OK ��

OKN �� !"#$%&'()*+,-./012E�� !"#$%!&'()

�� !F�� !"#$%&'()*+,-./01

OKO �� !"#$%& '(&!)E�� !"F�� !"#$%&'()*+

�� !

PK �� !

PKN �� !"#$%&'()*+%,-./0*+12()3*4567-89

�� !"#$%&'()*+,-. /0�123456$457897:

�� !"#$%&'()*+,-./01234(5678%9:(,-.

�� !"#$%&'()*+,)*-./-�/0&123456,789

�� N�� ! NUE��F�� !"#$%& !'()*+,-./012

�� !"#$%&'()*+,-�

PKO �� !"#$%�&'()*+,-./0#%#$� 1234

PKP �� !"#$%&'()*(+,!-./01234$5&*()'(+,

�� !"#$%&'()*+)*,-./0)*1234567+8(9:

�� !"#$%&'()*+

PKQ �� !"#$%&'()*+,-./0

PKR �� !"#$%!&'(!)*+,- !./01234562789

QK �� !"#$% E�� !"# F

QKN �� !"#$%&'()*+,-./0$%1234�56+7�0$%8

�� !"#$%&'()*+

QKO �� !"#��$%&O�� !"#$�%&'()#*+,-./012

�� !"#$%&'()�*

- 3 -

QKP �� !"#$ !%&'()*+,-./012345-.67489:

�� !"#$%&'()*+,-./01,2345� !"6789:;

�� !� "#$"%$�&'()*+,-./0123

QKQ �� !"#$%&'()*+

E~F �� !"#$

EÄF �� !"#!"$%&'()*+,-./01234-5(678

EÅF �� !"#$%&'()

�� !"#$%&'()*+,-./0*+12345678NN�E��

�� !"#$%F�� �!"#$%&'()*&+, %&-.'/01

�� !"#$%&'()*+,-./$012!"345+,6789:;

�� !"#$%&'()*

QKR �� !"#$%&'(

E~F �� !"#$%&'()*+,�-./0123456789'/E��

��F�

EÄF �� !"#$%&'()*+,-./0123)4567089:-

�� !"#$

EÅF �� !"#$%&'=E~F=�=EÄF�� !"#$%&'()*

QKS �� !"#$%&'()*+,-./01234$%5

QKT �� !"#$%&'()*+,*+-.-' /012

E~F �� !" #$%&'()*+,-./01

EÄF �� !"#$%&'()*+ !#,-./0�1

�� !=ñ=E�� =J=�� !F�� !"#$E�� !"#F

��E�� !"F�� !"#$%&'()*+,-./01234O�

�� !"#$%&

- 4 -

QKU �� !"#$%&'()*+,-./(01�23453467(89*

��

E~F �� !" #$%&'()*+,-./01

EÄF �� !"#$%&'()*+ !#%,-./012345678#

�E�� !"#$%F�� !"#$%&'()O�� !"#$%&'

QKV �� !"#$%&'()*#$+,-./012013456789+,:

�� !"#$%&'()*+E�� !"#$%F�� !"#$%&'()

O�� !"#$%&'

QKNM �� !"#$%&'()*+,-./012$%34�56789�:;<

�� !"�� !�� !"#��$%&'()*+!"&,+-./01

�� !E�� !"#$%&'(F�� !"#$%&'()*+,-.

RK �� ! E�� !"#$%&'!"()*!" F

RKN �� !"#$%&'()*+,-./'01234E��� !�F�� !"

�� !�"#$%&'()*+,-./0123456789:;$%<=

�� !"#$%&'()*+,-./#012345678)

RKO �� !"#$%&'()*+,-./0� 12+34,-.$� 56-

�� !"#$%&'()*+,-./0123456789':;5<=>

�� !"#$%&'()#"*++,-

RKP �� !!"#$%&'()#$*+,-.��#/0123456789

�� !"#$%�&'()*�+,-.&/0*��1*�+234)#$

�� !

RKQ �� !"#$%&'()*+,-.&'/01234

RKR �� !"#$%&'( V� PM�� !"#$%&'()*+,-#./ V

�PM�� !"#$%&'()*+,-.O�PM�E�� !"#$%&'(

�F��E�� !"#$%&'F�� !"#$%&'()* +

- 5 -

RKS �� !"#$%&'()�*+,-./0123

E~F �� !"#$%&'()*+ !,-./0123456 !"78

�� !"#$%&'()

EÄF �� !" #$%&'()*+,-./&012345678,91

�� !"#$%&'

RKT �� !"#$%&'()*�+,-./01234

E~F �� !"#$%&'()*+ !,-./01234E�� !"F��

�� !�"#$%&'()*+,-./-01234567

�� !"#$=ñ=E�� =J=�� !F��

EÄF �� !" #$%&'()*+,-./&0123456E�� !"F

�� !"# $%&'()

RKU �� !"#$"%&'()�*+,-./0123

E~F �� !"#$%&'()*+ !,-./0123456-.78-

�� !"#$%&'()*+),-./0123

�� !"#$=ñ=E�� !=J=�� F��

EÄF �� !" #$%&'()*+,-./&0123456E�� !"F

�� !"# $%&'()

RKV �� RKT�RKU�� !"#$%&'()*+,-./0&123456&

�� E�� !F�� !"#$%&'()*+,-./0,12+3456

�� !"#$%&'()*+,-./0123456 789:;<=>?

�� !"#$%!&'�()*+,-%./01234 !5678%9/

�� !"#$%&'()*+,-./012345!

RKNM �� !"�#$%&'()*+,-./012345

RKNN �� !"#$%&'()*+,-./0123456789:0 !;(<

�� !"#$%&'()*+,-./0123456789:;<=>�,

�� !"#$%&'(

- 6 -

Currency Options

Please also refer to our Conditions for Services. Rules 4 and 5 prevail over Rules 1 to 3 in theevent of inconsistency.

1. Options

1.1 We may (as principal) agree with you to buy or sell a currency option. The date onwhich the parties entered into the transaction is the Trade Date.

1.2 On exercise of an option, Buyer will purchase the agreed amount of the Call Currencyspecified in the Confirmation/Certificate, and will sell the agreed amount of the PutCurrency.

1.3 An option must be exercised at or before the Expiration Time on the Expiration Date(subject to adjustment by us if it falls at a time or on a day when for any reason we arenot open for business).

1.4 An American Option may be exercised on all business days from the Trade Date tothe Expiration Date (both days inclusive) during our normal business hours, except onthe Expiration Date when the option must be exercised at or prior to the ExpirationTime.

1.5 A European Option may be exercised only on the Expiration Date during our normalbusiness hours at or prior to the Expiration Time.

1.6 A Call Option entitles Buyer upon exercise to purchase from Seller the agreed amountof Call Currency at the Strike Price. The "Strike Price" is the exchange rate specified inthe Confirmation/Certificate.

1.7 A Put Option entitles Buyer upon exercise to sell to Seller the agreed amount of PutCurrency at the Strike Price.

1.8 An option will be settled on the Settlement Date, subject to adjustment by us if it fallson a non-business day.

1.9 If the strike price stated in the Confirmation/Certificate is not expressed in terms of theamount of Call Currency to be paid for 1 unit of Put Currency, the Strike Price will beequal to one divided by the strike price stated in the Confirmation/Certificate, roundedup or down to such decimal places as we determine.

- 1 -

- 7 -

1.10 We will determine the spot rate of exchange (which may be expressed in terms of the

amount of Call Currency to be paid for 1 unit of Put Currency) and may do so by

reference to internal or external information or quotations.

1.11 Rates may fluctuate rapidly. Therefore no indication or quotation of any rate binds us

until you have "accepted" it and we have thereafter re-confirmed it.

1.12 In these Rules, "business day" excludes Saturdays.

2. Premium

2.1 Buyer will pay the Premium specified in the Confirmation/Certificate to Seller on the

Premium Payment Date specified in the Confirmation/Certificate subject to adjustment

by us if it falls on a non-business day.

2.2 An option cannot be exercised unless the Premium has been paid in full on the Premium

Payment Date or, if Seller agrees, on a later date.

3. Exercise of options

3.1 Unless otherwise agreed, to exercise an option, Buyer must give irrevocable notice of

its exercise of the option to Seller during the period in which the option may be exercised.

If we are Seller and do not receive such notice in writing signed by you or given by

another means approved by us, or if you are Seller and do not receive such notice in

accordance with the notice procedure set out in Condition 18 (Communications), Part

1 of our Conditions for Services, before or at the Expiration Time on the Expiration

Date, the option will expire and become of no effect. Notice of exercise cannot however

be given by fax.

3.2 You will during the period when an option may be exercised stand ready to receive our

notice of exercise of the option.

3.3 An exercised option will be settled by Buyer paying the agreed amount of Put Currency

to Seller, and Seller paying the agreed amount of Call Currency to Buyer. Payments

will be made into the Settlement Account for value on the Settlement Date. We may

debit to the Settlement Account amounts payable to us.

3.4 Unless otherwise agreed between the parties, an option cannot be exercised in part.

- 2 -

- 8 -

3.5 If the parties agree, Seller may terminate an option by paying Buyer an amount agreed

between them.

4. Options sold by us (not linked to deposits)

4.1 You will pay the Premium to us in full on conclusion of the options agreement; failing

which, you may not exercise your option. The Premium may be debited to your

Settlement Account.

4.2 The Expiration Time will be 2:00 p.m. on the Expiration Date. If we are not open for

currency option transactions at that time, the Expiration Date will be postponed to our

next business day.

4.3 If the Expiration Time or the Expiration Date is postponed, you will pay to us an

additional premium in the amount determined by us. We may have reference to the

duration of the postponement, the amount of the currencies involved and market practice.

We may without notice debit the additional premium to the Settlement Account at or

after the Expiration Time on the postponed Expiration Date.

4.4 You may elect to settle an option:

(a) on a net cash basis;

(b) by physical delivery of the relevant currencies if the spot rate of exchange at the

Expiration Time on the Expiration Date favours you; or

(c) by physical delivery in any event.

No other method of settlement is allowed. You may change an election. An election

must be notified to us through our electronic banking service or another means approved

by us at or before 11:00 a.m. (or another time notified by us) on the Expiration Date.

This deadline is fixed, even if we are closed for business at any time, or the exercise or

settlement of the option is postponed.

4.5 If you elect physical delivery:

(a) you will immediately ensure that there are sufficient, cleared funds in the

Settlement Account in the currency to be delivered by you ("Amount");

- 3 -

- 9 -

(b) the Amount will be held in the Settlement Account for the sole purpose of meeting

your obligations, and may not be withdrawn or otherwise dealt with by you;

(c) if in our opinion (a) or (b) has not been complied with, your election may be

treated as ineffective.

4.6 Failing an effective election for physical delivery, the option will be settled on a net

cash basis.

4.7 In the case of cash settlement, if at the Expiration Time on the Expiration Date the spot

rate of exchange is:

(a) equal to or higher than the Strike Price, the option automatically lapses;

(b) lower than the Strike Price, the option is automatically exercised, and an amount

(determined by us) in the Call Currency equivalent of :

Put Amount x (Strike Price - spot rate of exchange)

and, if not in US dollars, converted into US dollars at our spot rate, will be credited

into the Settlement Account after 2:00 p.m. on the Expiration Date.

4.8 In the case of physical settlement if the rate favours you, if at the Expiration Time on

the Expiration Date the spot rate of exchange is:

(a) equal to or higher than the Strike Price, the option automatically lapses;

(b) lower than the Strike Price, the option is automatically exercised, the Amount

will be applied in discharge of your delivery obligation, and (subject to such

discharge taking place) the Call Amount will be credited into the Settlement

Account after 2:00 p.m. on the Expiration Date.

4.9 In the case of physical settlement in any event, the option is automatically exercised at

the Expiration Time on the Expiration Date, the Amount will be applied in discharge of

your delivery obligation, and (subject to such discharge taking place) the Call Amount

will be credited into the Settlement Account after 2:00 p.m. on the Expiration Date.

4.10 You may request early termination of an option. We may indicate if any amount would

be payable to you on such termination. After you have "accepted" our indication and

we have thereafter re-confirmed it, the option is discharged and, if any amount is payable

to you, we will credit it to the Settlement Account on the same day.

- 4 -

- 10 -

5. Linked deposits (Premium Deposits and Option Linked Deposits)

5.1 You may, with our agreement, place a deposit which is linked to another currency

("Linked Currency") under an option. The terms of the deposit will be as set out in

our Confirmation/Certificate. Any other rates and information are provided by us for

reference and are not binding. Unless otherwise agreed, deposits are repayable only in

Hong Kong.

5.2 Deposits may not be withdrawn before maturity, except with our agreement. If we

permit early withdrawal, we may deduct from the deposit amounts determined by us to

compensate for losses and expenses including breakage, hedging and funding costs.

The amount repaid to you may be less than the principal amount of the deposit.

5.3 Interest will be calculated by us on the principal amount of the deposit in the currency

of the deposit at the agreed rate. If you have sold an option, a premium will be added to

the interest. If you have purchased an option, a premium will be deducted from the

interest.

5.4 If you have purchased an option, we will calculate a notional amount for the option.

5.5 The Expiration Time will be 9:30 a.m. on the Maturity Date. If we do not open for

business at 9:30 a.m. due to a typhoon or another reason, the Expiration Time will be

2:30 p.m. on the same day if we are then open for business or, if not, the Maturity Date

will be postponed to our next business day.

5.6 If you have sold a put option, and if the spot rate of exchange at the Expiration Time is:

(a) lower than the Strike Price, the option is automatically exercised. The deposit

together with the agreed interest will be converted into the Linked Currency at

the Strike Price and credited into the Settlement Account;

(b) equal to or higher than the Strike Price, the option lapses and the deposit together

with the agreed interest will be credited into the Settlement Account, in the

currency of the deposit.

5.7 If you have purchased a put option, and if the spot rate of exchange at the Expiration

Time is:

(a) lower than the Strike Price, the option is automatically exercised. The deposit

together with the agreed interest (less premium) will be credited into the Settlement

- 5 -

- 11 -

Account, in the currency of the deposit. We will pay in Hong Kong or US dollars

an amount equal to:

the contract amount of the option �=(Strike Price - spot rate of exchange)

(b) equal to or higher than the Strike Price, the option lapses and the deposit and the

agreed interest (less premium) will be credited into the Settlement Account, in

the currency of the deposit.

5.8 If you have purchased a call option, and if the spot rate of exchange at the Expiration

Time is:

(a) higher than the Strike Price, the option is automatically exercised. The deposit

together with the agreed interest will be credited into the Settlement Account, in

the currency of the deposit. We will pay in Hong Kong or US dollars an amount

equal to:

the contract amount of the option �=(spot rate of exchange - Strike Price)

(b) equal to or lower than the Strike Price, the option lapses and the deposit and the

agreed interest (less premium) will be credited into the Settlement Account, in

the currency of the deposit.

5.9 For the purposes of 5.7 and 5.8, the Strike Price and spot rate of exchange mean the

amount of the currency of the deposit that is required to purchase one unit of the Linked

Currency (applicable rate). If the Strike Price stated in the Confirmation/Certificate

or the Spot Rate quoted by us are not so expressed, they will be converted into the

applicable rate by dividing one by the stated or quoted rate, rounded up or down to

such decimal place as we determine. The contract amount of the option is as stated in

the Confirmation/Certificate.

5.10 No option will be settled by our making or accepting physical delivery of the Linked

Currency.

5.11 If we accept a deposit as security for financial accommodation, we may close out the

deposit before maturity if by reason of adverse market movement, conversion of the

deposit at the current exchange rate into the Linked Currency might in our opinion

leave an insufficient margin to repay the financial accommodation.

- 6 -

�� !���� !����� !"#$%& '(��� !"# !$Disclosure related to the deposit protectionThis product is not a protected deposit and is not protected by the DepositProtection Scheme in Hong Kong.

Rules: Currency Options

�� !"#$

�� 2010-12�� 22 2,000 2010-12 C&C*