MORGAN STANLEY ASIA PRODUCTS LIMITED … Terms_4dbb1d8e-ec2… · · 2014-12-16600271 C1 Equity Aisino Co Ltd 0.155059 601600 C1 Equity Aluminum Corp of China Ltd 0.251665 ... China

The Final Terms relating to each issue of Regulation S Warrants will contain (without limitation) such of the following information as is applicable in respect of such Regulation S Warrants. All references to numbered conditions are to the terms and conditions of the Regulation S Warrants set out in Schedule 1 of the Agency Agreement (as defined in the Regulation S Warrant Conditions) and reproduced in the Base Prospectus and words and expressions defined in those terms and conditions shall have the same meaning in the applicable Regulation S Warrant Final Terms.

MORGAN STANLEY ASIA PRODUCTS LIMITED (incorporated with limited liability in the Cayman Islands)

Guaranteed by

(incorporated in Delaware, U.S.A.)

Warrant Programme The Warrants and the Guarantee have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the Securities Act), or the securities laws of any State in the United States. The Warrants and the Guarantee may not be offered, sold or delivered at any time, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons as such term is defined in Regulation S under the Securities Act. 650,000 American Style Regulation S Cash Settled Call Warrants due 9 December 2015 linked to a basket

of local ordinary shares of listed on the Shanghai Stock Exchange (China Connect) This document constitutes the Final Terms relating to the issue of Regulation S Warrants described herein. This document constitutes final terms for the purposes of Article 5.4 of Directive 2003/71/EC, as amended (the Prospectus Directive). Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 23 September 2014 approved by the Central Bank of Ireland on 23 September 2014 (as supplemented from time to time, the Base Prospectus). These Final Terms contain the final terms of the Regulation S Warrants and must be read in conjunction with such Base Prospectus in order to obtain full information on the Issuer and the Regulation S Warrants themselves. Copies of such Base Prospectus are available free of charge to the public during normal business hours at the registered office of the Issuer and from the specified office of the Irish Agent, or may be downloaded free of charge from http://www.ise.ie/app/DeptSecurityDocuments.aspx?progID=121&FIELDSORT=docId. References herein to numbered Conditions are to the Terms and Conditions of the Regulation S Warrants and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms, save as where otherwise expressly provided. Part A - Information about the Warrants 1.(a) The series number of the

Warrants; I1730

1.(b) Whether or not the Warrants are to be consolidated and form a single series with the warrants of an existing series;

No

2. Whether the Warrants are Share Warrants, Index Warrants or Fund Warrants or Warrants linked to a Basket;

Basket of Shares relating to the local ordinary shares of the Basket Companies listed on Shanghai Stock Exchange(the Shares) with the Bloomberg CodeMHSHCOMP (the Basket). The issuer of the local ordinary shares comprising the Basket, shall each be referred to as a “Basket Company” and together as the “Basket Companies”. The Basket Companies comprising the Basket are:Ticker Name % Index Weight

MSSHCOMP Index

600469 C1 Equity Aeolus Tyre Co Ltd 0.053344

600677 C1 Equity Aerospace Communications Holding Co Ltd 0.066191

600501 C1 Equity Aerosun Corp 0.064614

601288 C1 Equity Agricultural Bank of China Ltd 4.093223

601111 C1 Equity Air China Ltd 0.254175

600271 C1 Equity Aisino Co Ltd 0.155059

601600 C1 Equity Aluminum Corp of China Ltd 0.251665

600298 C1 Equity Angel Yeast Co Ltd 0.067131

600585 C1 Equity Anhui Conch Cement Co Ltd 0.36867

600012 C1 Equity Anhui Expressway Co Ltd 0.062513

600199 C1 Equity Anhui Golden Seed Winery Co Ltd 0.047444

600761 C1 Equity Anhui Heli Co Ltd-A 0.073871

600971 C1 Equity Anhui Hengyuan Coal-Electricity Group Co 0.110679

600418 C1 Equity Anhui Jianghuai Automobile Co Ltd 0.079152

600985 C1 Equity Anhui Leimingkehua Co Ltd 0.086944

600470 C1 Equity Anhui Liuguo Chemical Co Ltd 0.065825

600218 C1 Equity Anhui Quanchai Engine Co Ltd 0.056755

600567 C1 Equity Anhui Shanying Paper Industry Co Ltd 0.086371

600990 C1 Equity Anhui Sun-Create Electronics Co Ltd 0.110237

600502 C1 Equity Anhui Water Resources Development Co Ltd 0.056964

601801 C1 Equity Anhui Xinhua Media Co Ltd 0.121364

603308 C1 Equity Anhui Yingliu Electromechanical Co Ltd 0.053358

600816 C1 Equity Anxin Trust Co Ltd 0.091595

600397 C1 Equity Anyuan Coal Industry Group Co Ltd 0.073762

601169 C1 Equity Bank of Beijing Co Ltd 0.487389

601988 C1 Equity Bank of China Ltd 3.020178

601328 C1 Equity Bank of Communications Co Ltd 1.033151

601009 C1 Equity Bank of Nanjing Co Ltd 0.189579

600019 C1 Equity Baoshan Iron & Steel Co Ltd 0.469067

600973 C1 Equity Baosheng Science and Technology Innovati 0.047846

600967 C1 Equity Baotou Beifang Chuangye Co Ltd 0.106029

601992 C1 Equity BBMG Corp 0.14764

601678 C1 Equity Befar Group Co Ltd 0.077965

600560 C1 Equity Beijing Aritime Intelligent Control Co L 0.065843

600386 C1 Equity Beijing Bashi Media Co Ltd 0.049437

600008 C1 Equity Beijing Capital Co Ltd 0.137736

600376 C1 Equity Beijing Capital Development Co Ltd 0.076989

600723 C1 Equity Beijing Capital Retailing Group Co Ltd 0.058229

600405 C1 Equity Beijing Dynamic Power Co Ltd 0.058952

600658 C1 Equity Beijing Electronic Zone Investment and D 0.064422

600037 C1 Equity Beijing Gehua CATV Network Co Ltd 0.11017

601101 C1 Equity Beijing Haohua Energy Resource Co Ltd 0.112352

600578 C1 Equity Beijing Jingneng Power Co Ltd 0.136432

601908 C1 Equity Beijing Jingyuntong Technology Co Ltd 0.091019

601588 C1 Equity Beijing North Star Co Ltd 0.091152

601126 C1 Equity Beijing Sifang Automation Co Ltd 0.070317

600410 C1 Equity Beijing Teamsun Technology Co Ltd 0.101799

600161 C1 Equity Beijing Tiantan Biological Products Corp 0.087468

600085 C1 Equity Beijing Tongrentang Co Ltd 0.166423

600266 C1 Equity Beijing Urban Construction Investment & 0.16072

600246 C1 Equity Beijing Vantone Real Estate Co Ltd 0.044511

600859 C1 Equity Beijing Wangfujing Department Store Grou 0.051169

600166 C1 Equity Beiqi Foton Motor Co Ltd 0.107953

600637 C1 Equity BesTV New Media Co Ltd 0.242463

603167 C1 Equity Bohai Ferry Co Ltd 0.047243

600597 C1 Equity Bright Dairy & Food Co Ltd 0.112224

600289 C1 Equity Bright Oceans Inter-Telecom Corp 0.053939

601311 C1 Equity Camel Group Co Ltd 0.096037

600230 C1 Equity Cangzhou Dahua Co Ltd 0.047643

600697 C1 Equity Changchun Eurasia Group Co Ltd 0.039883

600742 C1 Equity Changchun Faway Automobile Components Co 0.060936

600333 C1 Equity Changchun Gas Co Ltd 0.056174

600496 C1 Equity Changjiang & Jingong Steel Building Grou 0.067708

601700 C1 Equity Changshu Fengfan Power Equipment Co Ltd 0.066865

601799 C1 Equity Changzhou Xingyu Automotive Lighting Sys 0.055382

600880 C1 Equity Chengdu B-Ray Media Co Ltd 0.085883

600353 C1 Equity Chengdu Xuguang Electronics Co Ltd 0.067161

600828 C1 Equity Chengshang Group Co Ltd 0.068208

600879 C1 Equity China Aerospace Times Electronics Co Ltd 0.116258

600195 C1 Equity China Animal Husbandry Industry Co Ltd 0.079706

601965 C1 Equity China Automotive Engineering Research In 0.074038

600372 C1 Equity China Avic Electronics Co Ltd 0.279097

601998 C1 Equity China CITIC Bank Corp Ltd 0.937061

601898 C1 Equity China Coal Energy Co Ltd 0.362645

601800 C1 Equity China Communications Construction Co Ltd 0.520031

601939 C1 Equity China Construction Bank Corp 0.270444

601919 C1 Equity China COSCO Holdings Co Ltd 0.252415

600150 C1 Equity China CSSC Holdings Ltd 0.302036

600138 C1 Equity China CYTS Tours Holding Co Ltd 0.107981

600115 C1 Equity China Eastern Airlines Corp Ltd 0.21753

600675 C1 Equity China Enterprise Co Ltd 0.079276

601818 C1 Equity China Everbright Bank Co Ltd 0.735711

600176 C1 Equity China Fiberglass Co Ltd 0.096709

601106 C1 Equity China First Heavy Industries Co Ltd 0.192015

600340 C1 Equity China Fortune Land Development Co Ltd 0.218292

600068 C1 Equity China Gezhouba Group Co Ltd 0.147915

601118 C1 Equity China Hainan Rubber Industry Group Co Lt 0.202349

601888 C1 Equity China International Travel Service Corp 0.238049

601628 C1 Equity China Life Insurance Co Ltd 2.30388

600056 C1 Equity China Meheco Co Ltd 0.101414

600036 C1 Equity China Merchants Bank Co Ltd 1.279029

600999 C1 Equity China Merchants Securities Co Ltd 0.723564

600016 C1 Equity China Minsheng Banking Corp Ltd 1.048983

603993 C1 Equity China Molybdenum Co Ltd 0.182467

601117 C1 Equity China National Chemical Engineering Co L 0.186885

600511 C1 Equity China National Medicines Corp Ltd 0.112495

600536 C1 Equity China National Software & Service Co Ltd 0.080595

601808 C1 Equity China Oilfield Services Ltd 0.329097

601601 C1 Equity China Pacific Insurance Group Co Ltd 0.764453

600028 C1 Equity China Petroleum & Chemical Corp 2.525106

601186 C1 Equity China Railway Construction Corp Ltd 0.475242

600528 C1 Equity China Railway Erju Co Ltd 0.081734

601390 C1 Equity China Railway Group Ltd 0.466542

600125 C1 Equity China Railway Tielong Container Logistic 0.082006

600062 C1 Equity China Resources Double Crane Pharmaceuti 0.061761

601088 C1 Equity China Shenhua Energy Co Ltd 1.449483

601989 C1 Equity China Shipbuilding Industry Co Ltd 0.742811

601866 C1 Equity China Shipping Container Lines Co Ltd 0.166175

600026 C1 Equity China Shipping Development Co Ltd 0.10055

601098 C1 Equity China South Publishing & Media Group Co 0.201682

600029 C1 Equity China Southern Airlines Co Ltd 0.167296

600118 C1 Equity China Spacesat Co Ltd 0.202961

600158 C1 Equity China Sports Industry Group Co Ltd 0.089271

601668 C1 Equity China State Construction Engineering Cor 0.752536

600088 C1 Equity China Television Media Ltd 0.060543

600050 C1 Equity China United Network Communications Ltd 0.499601

600007 C1 Equity China World Trade Center Co Ltd 0.129036

601179 C1 Equity China XD Electric Co Ltd 0.233101

600900 C1 Equity China Yangtze Power Co Ltd 0.821872

600110 C1 Equity China-Kinwa High Technology Co Ltd 0.063311

600373 C1 Equity Chinese Universe Publishing and Media Co 0.109705

600132 C1 Equity Chongqing Brewery Co 0.079127

600729 C1 Equity Chongqing Department Store 0.051871

600565 C1 Equity Chongqing Dima Industry Co Ltd 0.074265

601005 C1 Equity Chongqing Iron & Steel Co Ltd 0.089791

600106 C1 Equity Chongqing Road & Bridge Co 0.040812

600116 C1 Equity Chongqing Three Gorges Water Conservancy 0.068908

601158 C1 Equity Chongqing Water Group Co Ltd 0.243463

600657 C1 Equity Cinda Real Estate Co Ltd 0.062047

601608 C1 Equity CITIC Heavy Industries Co Ltd 0.10078

600030 C1 Equity CITIC Securities Co Ltd 1.216126

600067 C1 Equity Citychamp Dartong Co Ltd 0.047152

600787 C1 Equity CMST Development Co Ltd 0.125349

600428 C1 Equity COSCO Shipping Co Ltd 0.067984

600292 C1 Equity CPI Yuanda Environmental-Protection Grou 0.103542

603128 C1 Equity CTS International Logistics Corp Ltd 0.036789

600257 C1 Equity Dahu Aquaculture Co Ltd 0.0573

600747 C1 Equity Dalian Daxian Enterprises Holdings Co Lt 0.113483

601880 C1 Equity Dalian Port PDA Co Ltd 0.08779

601006 C1 Equity Daqin Railway Co Ltd 0.745081

600694 C1 Equity Dashang Group Co Ltd 0.059747

601991 C1 Equity Datang International Power Generation Co 0.282971

601001 C1 Equity Datong Coal Industry Co Ltd 0.113362

600611 C1 Equity Dazhong Transportation Group Co Ltd 0.07816

600503 C1 Equity Deluxe Family Co Ltd 0.098003

600875 C1 Equity Dongfang Electric Corp Ltd 0.174126

600081 C1 Equity Dongfeng Electronic Technology Co Ltd 0.046125

600804 C1 Equity Dr Peng Telcom & Media Group Co Ltd 0.146742

600776 C1 Equity Eastern Communications Co Ltd 0.083946

600516 C1 Equity Fangda Carbon New Material Co Ltd 0.120306

600507 C1 Equity Fangda Special Steel Technology Co Ltd 0.039835

600869 C1 Equity Far East Smarter Energy Co Ltd 0.064654

600651 C1 Equity Feilo Acoustics Co Ltd 0.069161

600482 C1 Equity Fengfan Stock Ltd Co 0.072168

600498 C1 Equity Fiberhome Telecommunication Technologies 0.121476

601038 C1 Equity First Tractor Co Ltd 0.065938

600965 C1 Equity Fortune Ng Fung Food Hebei Co Ltd 0.037696

601901 C1 Equity Founder Securities Co Ltd 0.452

600033 C1 Equity Fujian Expressway Development Co Ltd 0.074232

600388 C1 Equity Fujian Longking Co Ltd 0.073108

600660 C1 Equity Fuyao Glass Industry Group Co Ltd 0.151229

600687 C1 Equity Gansu Gangtai Holding Group Co Ltd 0.107075

600307 C1 Equity Gansu Jiu Steel Group Hongxing Iron & St 0.142687

600720 C1 Equity Gansu Qilianshan Cement Group Co Ltd 0.043154

600108 C1 Equity Gansu Yasheng Industrial Group Co-A 0.116472

600795 C1 Equity GD Power Development Co Ltd 0.292081

601002 C1 Equity Gem-Year Industrial Co Ltd 0.089126

600383 C1 Equity Gemdale Corp 0.205607

600759 C1 Equity Geo-Jade Petroleum Corp 0.085036

600080 C1 Equity Ginwa Enterprise Group Inc 0.039613

600323 C1 Equity Grandblue Environment Co Ltd 0.086228

601633 C1 Equity Great Wall Motor Co Ltd 0.394151

600094 C1 Equity Greattown Holdings Ltd 0.120915

600185 C1 Equity Gree Real Estate Co Ltd 0.089762

600433 C1 Equity Guangdong Guanhao High-Tech Co Ltd 0.087008

600673 C1 Equity Guangdong HEC Technology Holding Co Ltd 0.125709

600382 C1 Equity Guangdong Mingzhu Group Co Ltd 0.090119

600589 C1 Equity Guangdong Rongtai Industry Co Ltd 0.076325

600978 C1 Equity Guangdong Yihua Timber Industry Co Ltd 0.05758

600256 C1 Equity Guanghui Energy Co Ltd 0.252902

601333 C1 Equity Guangshen Railway Co Ltd 0.122524

601996 C1 Equity Guangxi Fenglin Wood Industry Group Co L 0.048541

600310 C1 Equity Guangxi Guidong Electric Power Co Ltd 0.054931

600368 C1 Equity Guangxi Wuzhou Communications Co Ltd 0.050319

600252 C1 Equity Guangxi Wuzhou Zhongheng Group Co Ltd 0.10504

601238 C1 Equity Guangzhou Automobile Group Co Ltd 0.183559

600004 C1 Equity Guangzhou Baiyun International Airport C 0.089858

600098 C1 Equity Guangzhou Development Group Inc 0.137855

600684 C1 Equity Guangzhou Pearl River Industrial Develop 0.039105

600685 C1 Equity Guangzhou Shipyard International Co Ltd 0.128304

603555 C1 Equity Guirenniao Co Ltd 0.074817

600523 C1 Equity Guizhou Guihang Automotive Components Co 0.051901

600395 C1 Equity Guizhou Panjiang Refined Coal Co Ltd 0.122774

600594 C1 Equity Guizhou Yibai Pharmaceutical Co Ltd 0.08653

600268 C1 Equity Guodian Nanjing Automation Co Ltd 0.051505

600038 C1 Equity Hafei Aviation Industry Co Ltd 0.187803

600221 C1 Equity Hainan Airlines Co Ltd 0.168875

600460 C1 Equity Hangzhou Silan Microelectronics Co Ltd 0.086288

600864 C1 Equity Harbin Hatou Investment Co Ltd 0.04777

600829 C1 Equity Harbin Pharm Group Sanjing Pharmaceutica 0.065438

600664 C1 Equity Harbin Pharmaceutical Group Co Ltd 0.099625

600559 C1 Equity Hebei Hengshui Laobaigan Liquor Co Ltd 0.062929

600983 C1 Equity Hefei Rongshida Sanyo Electric Co Ltd 0.075442

600398 C1 Equity Heilan Home Co Ltd 0.238784

600403 C1 Equity Henan Dayou Energy Co Ltd 0.127006

600172 C1 Equity Henan Huanghe Whirlwind Co Ltd 0.066582

600285 C1 Equity Henan Lingrui Pharmaceutical Co 0.038495

600312 C1 Equity Henan Pinggao Electric Co Ltd 0.127628

600439 C1 Equity Henan Rebecca Hair Products Co Ltd 0.052033

600020 C1 Equity Henan Zhongyuan Expressway Co Ltd 0.060261

600060 C1 Equity Hisense Electric Co Ltd 0.083252

600027 C1 Equity Huadian Power International Corp Ltd 0.209619

600325 C1 Equity Huafa Industrial Co Ltd Zhuhai 0.08222

600375 C1 Equity Hualing Xingma Automobile Co Ltd 0.049285

600011 C1 Equity Huaneng Power International Inc 0.387911

600054 C1 Equity Huangshan Tourism Development Co Ltd 0.086609

601688 C1 Equity Huatai Securities Co Ltd 0.624036

600015 C1 Equity Huaxia Bank Co Ltd 0.464017

600801 C1 Equity Huaxin Cement Co Ltd 0.041569

600741 C1 Equity Huayu Automotive Systems Co Ltd 0.208828

600743 C1 Equity Huayuan Property Co Ltd 0.047867

600141 C1 Equity Hubei Xingfa Chemicals Group Co Ltd 0.069001

600079 C1 Equity Humanwell Healthcare Group Co Ltd 0.082269

600478 C1 Equity Hunan Corun New Energy Co Ltd 0.088355

600975 C1 Equity Hunan New Wellful Co Ltd 0.055778

600570 C1 Equity Hundsun Technologies Inc 0.205347

601398 C1 Equity ICBC 5.155681

601166 C1 Equity Industrial Bank Co Ltd 1.1288

601377 C1 Equity Industrial Securities Co Ltd 0.397739

600111 C1 Equity Inner Mongolia Baotou Steel Rare- 0.303149

Earth H

600295 C1 Equity Inner Mongolia Eerduosi Resourses Co Ltd 0.037514

600201 C1 Equity Inner Mongolia Jinyu Group Ltd 0.07685

600863 C1 Equity Inner Mongolia MengDian HuaNeng Thermal 0.140267

600262 C1 Equity Inner Mongolia North Hauler JSC Ltd 0.04284

600277 C1 Equity Inner Mongolia Yili Energy Co Ltd 0.118645

600887 C1 Equity Inner Mongolia Yili Industrial Group Co 0.411467

600010 C1 Equity Inner Mongolian Baotou Steel Union Co Lt 0.310203

600797 C1 Equity Insigma Technology Co Ltd 0.083616

600756 C1 Equity Inspur software Co Ltd 0.045147

601886 C1 Equity Jangho Group Co Ltd 0.077522

600078 C1 Equity Jiangsu Chengxing Phosph-Chemicals Co Lt 0.072514

600377 C1 Equity Jiangsu Expressway Co Ltd 0.161086

601100 C1 Equity Jiangsu Hengli Highpressure Oil Cylinder 0.084163

600276 C1 Equity Jiangsu Hengrui Medicine Co Ltd 0.301668

600122 C1 Equity Jiangsu Hongtu High Technology Co Ltd 0.057968

600527 C1 Equity Jiangsu Jiangnan High Polymer Fiber Co L 0.047847

600557 C1 Equity Jiangsu Kanion Pharmaceutical Co Ltd 0.077037

600513 C1 Equity Jiangsu Lianhuan Pharmaceutical Co Ltd 0.03853

601222 C1 Equity Jiangsu Linyang Electronics Co Ltd 0.079111

600287 C1 Equity Jiangsu Sainty Corp Ltd 0.056845

603366 C1 Equity Jiangsu Sunrain Solar Energy Co Ltd 0.076613

600200 C1 Equity Jiangsu Wuzhong Industrial Co 0.049492

600486 C1 Equity Jiangsu Yangnong Chemical Co Ltd 0.059631

600805 C1 Equity Jiangsu Yueda Investment Co Ltd 0.052287

600522 C1 Equity Jiangsu Zhongtian Technology Co Ltd 0.114294

600770 C1 Equity Jiangsu Zongyi Co Ltd 0.099

600561 C1 Equity Jiangxi Changyun Co Ltd 0.05588

600362 C1 Equity Jiangxi Copper Co Ltd 0.175611

600269 C1 Equity Jiangxi Ganyue Expressway Co Ltd 0.070896

600316 C1 Equity Jiangxi Hongdu Aviation Industry Corp Lt 0.136284

600363 C1 Equity Jiangxi Lianchuang Optoelectronic Scienc 0.056118

600750 C1 Equity Jiangzhong Pharmaceutical Co Ltd 0.052745

601718 C1 Equity Jihua Group Corp Ltd 0.15572

600432 C1 Equity Jilin Ji En Nickel Industry Co Ltd 0.141612

600881 C1 Equity Jilin Yatai Group Co Ltd 0.103749

601958 C1 Equity Jinduicheng Molybdenum Co Ltd 0.204443

600495 C1 Equity Jinxi Axle Co Ltd 0.107785

603399 C1 Equity Jinzhou New China Dragon Molybdenum Co L 0.04664

600190 C1 Equity Jinzhou Port Co Ltd 0.084775

601929 C1 Equity Jishi Media Co Ltd 0.128541

601566 C1 Equity Joeone Co Ltd 0.067382

600380 C1 Equity Joincare Pharmaceutical Group Industry C 0.075622

600998 C1 Equity Jointown Pharmaceutical Group Co Ltd 0.18628

600872 C1 Equity Jonjee High-Tech Industrial And Commerci 0.07808

600260 C1 Equity Kaile Science & Technology Co Ltd Hubei 0.046833

600997 C1 Equity Kailuan Energy Chemical Co Ltd 0.073615

600518 C1 Equity Kangmei Pharmaceutical Co Ltd 0.177511

600143 C1 Equity Kingfa Sci & Tech Co Ltd 0.109709

600519 C1 Equity Kweichow Moutai Co Ltd 0.983698

600612 C1 Equity Lao Feng Xiang Co Ltd 0.078621

600739 C1 Equity Liaoning Cheng Da Co Ltd 0.161171

601777 C1 Equity Lifan Industry Group Co Ltd 0.066318

600480 C1 Equity Lingyun Industrial Corp Ltd 0.046784

600491 C1 Equity Long Yuan Construction Group Co Ltd 0.069336

600135 C1 Equity Lucky Film Co 0.065341

600167 C1 Equity Luenmei Holding Co Ltd 0.074555

600783 C1 Equity Luxin Venture Capital Group Co Ltd 0.115225

600784 C1 Equity Luyin Investment Group Co Ltd 0.044894

600808 C1 Equity Maanshan Iron & Steel Co Ltd 0.109194

600337 C1 Equity Markor International Home Furnishings Co 0.07014

600993 C1 Equity Mayinglong Pharmaceutical Group Co Ltd 0.056706

600873 C1 Equity MeiHua Holdings Group Co 0.122687

601618 C1 Equity Metallurgical Corp of China Ltd 0.275181

600058 C1 Equity Minmetals Development Co Ltd 0.104506

600280 C1 Equity Nanjing Central Emporium 0.051885

600064 C1 Equity Nanjing Gaoke Co Ltd 0.096783

600775 C1 Equity Nanjing Panda Electronics Co Ltd 0.070325

600682 C1 Equity Nanjing Xinjiekou Department Store Co Lt 0.065286

600389 C1 Equity Nantong Jiangshan Agrochemical & Chemica 0.049584

600406 C1 Equity NARI Technology Development Co Ltd 0.214225

600114 C1 Equity NBTM New Materials Group Co Ltd 0.065986

600718 C1 Equity Neusoft Corp 0.113763

601336 C1 Equity New China Life Insurance Co Ltd 0.388293

603699 C1 Equity Neway Valve Suzhou Co Ltd 0.1163

601789 C1 Equity Ningbo Construction Co Ltd 0.049993

600724 C1 Equity Ningbo Fuda Co Ltd 0.059513

601018 C1 Equity Ningbo Port Co Ltd 0.287853

601567 C1 Equity Ningbo Sanxing Electric Co Ltd 0.08146

600884 C1 Equity Ningbo Shanshan Co Ltd 0.055874

600366 C1 Equity Ningbo Yunsheng Group Co Ltd 0.066141

600449 C1 Equity Ningxia Building Materials Group Co Ltd 0.053298

600435 C1 Equity North Navigation Control Technology Co L 0.127496

600583 C1 Equity Offshore Oil Engineering Co Ltd 0.263029

600811 C1 Equity Orient Group Inc 0.086866

600278 C1 Equity Orient International Enterprise Ltd 0.050434

601099 C1 Equity Pacific Securities Co Ltd/The/China 0.276937

601258 C1 Equity Pang Da Automobile Trade Co Ltd 0.127116

603000 C1 Equity People.cn Co Ltd 0.168161

601857 C1 Equity PetroChina Co Ltd 4.56612

601318 C1 Equity Ping An Insurance Group Co of China Ltd 1.292493

601666 C1 Equity Pingdingshan Tianan Coal Mining Co Ltd 0.163052

600048 C1 Equity Poly Real Estate Group Co Ltd 0.416852

601669 C1 Equity Power Construction Corp of China Ltd 0.246356

600690 C1 Equity Qingdao Haier Co Ltd 0.281903

600259 C1 Equity Rising Nonferrous Metals Share Co Ltd 0.094697

600017 C1 Equity Rizhao Port Co Ltd 0.088578

600104 C1 Equity SAIC Motor Corp Ltd 1.192818

601058 C1 Equity Sailun Jinyu Group Co Ltd 0.073303

600703 C1 Equity Sanan Optoelectronics Co Ltd 0.197975

600031 C1 Equity Sany Heavy Industry Co Ltd 0.326374

600886 C1 Equity SDIC Power Holdings Co Ltd 0.31165

601918 C1 Equity SDIC Xinji Energy Co Ltd 0.112156

600343 C1 Equity Shaanxi Aerospace Power Hi-Tech Co Ltd 0.109213

600831 C1 Equity Shaanxi Broadcast & TV Network Intermedi 0.071825

601225 C1 Equity Shaanxi Coal Industry Co Ltd 0.412855

600248 C1 Equity Shaanxi Yanchang Petroleum Chemical Engi 0.066446

600547 C1 Equity Shandong Gold Mining Co Ltd 0.139432

600350 C1 Equity Shandong Hi-speed Co Ltd 0.134993

600467 C1 Equity Shandong Homey Aquatic Development Co Lt 0.048324

600882 C1 Equity Shandong Hualian Mining Co Ltd 0.056593

600426 C1 Equity Shandong Hualu Hengsheng Chemical Co Ltd 0.081186

600586 C1 Equity Shandong Jinjing Science & Technology Co 0.068631

600219 C1 Equity Shandong Nanshan Aluminum Co Ltd 0.09416

600532 C1 Equity Shangdong Hongda Mining Co Ltd 0.047033

600636 C1 Equity Shanghai 3F New Materials Co 0.07433

600643 C1 Equity Shanghai AJ Corp 0.090069

600827 C1 Equity Shanghai Bailian Group Co Ltd 0.149281

600845 C1 Equity Shanghai Baosight Software Co Ltd 0.094157

600171 C1 Equity Shanghai Belling Co Ltd 0.075046

600618 C1 Equity Shanghai Chlor-Alkali Chemical Co Ltd 0.084848

600170 C1 Equity Shanghai Construction Group Co Ltd 0.155591

600508 C1 Equity Shanghai Datun Energy Resources Co Ltd 0.128913

600635 C1 Equity Shanghai Dazhong Public Utilities Group 0.089725

600614 C1 Equity Shanghai Dingli Technology Development G 0.058236

600850 C1 Equity Shanghai East China Computer Co Ltd 0.10413

601727 C1 Equity Shanghai Electric Group Co Ltd 0.380114

600654 C1 Equity Shanghai Feilo Co Ltd 0.075143

600196 C1 Equity Shanghai Fosun Pharmaceutical Group Co L 0.205964

600624 C1 Equity Shanghai Fudan Forward S & T Co Ltd 0.059895

600708 C1 Equity Shanghai Haibo Co Ltd 0.037954

600748 C1 Equity Shanghai Industrial Development Co Ltd 0.087948

600009 C1 Equity Shanghai International Airport Co Ltd 0.206328

600018 C1 Equity Shanghai International Port Group Co Ltd 0.677241

600315 C1 Equity Shanghai Jahwa United Co Ltd 0.129566

600622 C1 Equity Shanghai Jiabao Industry & Commerce Grou 0.04892

600676 C1 Equity Shanghai Jiao Yun Co Ltd 0.059727

600616 C1 Equity Shanghai Jinfeng Wine Co Ltd 0.067203

600650 C1 Equity Shanghai Jinjiang International Industri 0.048765

600639 C1 Equity Shanghai Jinqiao Export Processing Zone 0.078587

600097 C1 Equity Shanghai Kaichuang Marine International 0.057287

600826 C1 Equity Shanghai Lansheng Corp 0.097366

600663 C1 Equity Shanghai Lujiazui Finance & Trade Zone D 0.246708

600073 C1 Equity Shanghai Maling Aquarius Co Ltd 0.057478

600835 C1 Equity Shanghai Mechanical and Electrical Indus 0.085796

600638 C1 Equity Shanghai New Huangpu Real Estate Co Ltd 0.079592

600628 C1 Equity Shanghai New World Co Ltd 0.050261

600833 C1 Equity Shanghai No 1 Pharmacy Co Ltd 0.068309

600832 C1 Equity Shanghai Oriental Pearl Group Co Ltd 0.268744

601607 C1 Equity Shanghai Pharmaceuticals Holding Co Ltd 0.163451

600193 C1 Equity Shanghai Prosolar Resources Development 0.045524

600000 C1 Equity Shanghai Pudong Development Bank 1.098011

600284 C1 Equity Shanghai Pudong Road & Bridge Constructi 0.048777

600662 C1 Equity Shanghai Qiangsheng Holding Co Ltd 0.068024

600626 C1 Equity Shanghai Shenda Co Ltd 0.047921

600823 C1 Equity Shanghai Shimao Co Ltd 0.077743

600420 C1 Equity Shanghai Shyndec Pharmaceutical Co Ltd 0.067203

600620 C1 Equity Shanghai Tianchen Co Ltd 0.06107

600846 C1 Equity Shanghai Tongji Science & Technology Ind 0.046297

600820 C1 Equity Shanghai Tunnel Engineering Co Ltd 0.12326

600648 C1 Equity Shanghai Waigaoqiao Free Trade Zone Deve 0.159911

600641 C1 Equity Shanghai Wanye Enterprises Co Ltd 0.049274

600825 C1 Equity Shanghai Xinhua Media Co Ltd 0.09158

600824 C1 Equity Shanghai Yimin Commerce Group Co Ltd 0.069033

600655 C1 Equity Shanghai Yuyuan Tourist Mart Co Ltd 0.111134

600895 C1 Equity Shanghai Zhangjiang High-Tech Park Devel 0.110091

600210 C1 Equity Shanghai Zi Jiang Enterprise Group Co Lt 0.056625

601515 C1 Equity Shantou Dongfeng Printing Co Ltd 0.083801

600546 C1 Equity Shanxi Coal International Energy Group C 0.063349

600123 C1 Equity Shanxi Lanhua Sci-Tech Venture Co Ltd 0.10876

601699 C1 Equity Shanxi Lu'an Environmental Energy Develo 0.184432

600809 C1 Equity Shanxi Xinghuacun Fen Wine Factory Co Lt 0.109157

600642 C1 Equity Shenergy Co Ltd 0.155118

600183 C1 Equity Shengyi Technology Co Ltd 0.116113

600806 C1 Equity Shenji Group Kunming Machine Tool Co Ltd 0.054246

600548 C1 Equity Shenzhen Expressway Co Ltd 0.085092

601139 C1 Equity Shenzhen Gas Corp Ltd 0.130735

600162 C1 Equity Shenzhen Heungkong Holding Co Ltd 0.048412

600446 C1 Equity Shenzhen Kingdom Sci-Tech Co Ltd 0.083831

600587 C1 Equity Shinva Medical Instrument Co Ltd 0.086624

600481 C1 Equity Shuangliang Eco-Energy Systems Co Ltd 0.066583

600839 C1 Equity Sichuan Changhong Electric Co Ltd 0.148464

600391 C1 Equity Sichuan Chengfa Aero-Science & Technolog 0.093166

600674 C1 Equity Sichuan Chuantou Energy Co Ltd 0.268167

601208 C1 Equity Sichuan EM Technology Co Ltd 0.075062

601107 C1 Equity Sichuan Expressway Co Ltd 0.049888

600979 C1 Equity Sichuan Guangan AAA PCL 0.066055

600321 C1 Equity Sichuan Guodong Construction Co Ltd 0.057551

603077 C1 Equity Sichuan Hebang Corp Ltd 0.084306

600101 C1 Equity Sichuan Mingxing Electric Power Co 0.0586

600039 C1 Equity Sichuan Road & Bridge Co Ltd 0.106407

600378 C1 Equity Sichuan Tianyi Science & Technology Co L 0.078267

600702 C1 Equity Sichuan Tuopai Shede Wine Co Ltd 0.047813

600858 C1 Equity Silver Plaza Group Co Ltd 0.041346

600459 C1 Equity Sino-Platinum Metals Co Ltd 0.038022

600500 C1 Equity Sinochem International Corp 0.124764

600109 C1 Equity Sinolink Securities Co Ltd 0.27781

600970 C1 Equity Sinoma International Engineering Co 0.084937

600335 C1 Equity Sinomach Automobile Co Ltd 0.064163

600688 C1 Equity Sinopec Shanghai Petrochemical Co Ltd 0.166903

600270 C1 Equity Sinotrans Air Transportation Development 0.083192

601313 C1 Equity Sjec Corp 0.060379

601555 C1 Equity SooChow Securities Co Ltd 0.300891

600666 C1 Equity Southwest Pharmaceutical Co 0.02791

600830 C1 Equity Sunny Loan Top Co Ltd 0.038145

601000 C1 Equity TangShan Port Group Co Ltd 0.098613

600409 C1 Equity Tangshan Sanyou Chemical Industries Co L 0.100986

600535 C1 Equity Tasly Pharmaceutical Group Co Ltd 0.236321

600089 C1 Equity TBEA Co Ltd 0.191707

600582 C1 Equity Tian Di Science & Technology Co Ltd 0.089476

600468 C1 Equity Tianjin Benefo Tejing Electric Co Ltd 0.072385

600874 C1 Equity Tianjin Capital Environmental Protection 0.094101

600082 C1 Equity Tianjin Hi-Tech Development Co Ltd 0.068043

600717 C1 Equity Tianjin Port Co Ltd 0.168407

600488 C1 Equity Tianjin Tianyao Pharmaceutical Co Ltd 0.058706

600329 C1 Equity Tianjin ZhongXin Pharmaceutical Group Co 0.068767

600773 C1 Equity Tibet Urban Development and Investment C 0.092009

600551 C1 Equity Time Publishing and Media Co Ltd 0.059659

600867 C1 Equity Tonghua Dongbao Pharmaceutical Co Ltd 0.103894

601233 C1 Equity Tongkun Group Co Ltd 0.076099

600577 C1 Equity Tongling Jingda Special Magnet Wire Co L 0.098342

600438 C1 Equity Tongwei Co Ltd 0.077576

600780 C1 Equity TOP Energy Co Ltd-A 0.051343

600100 C1 Equity Tsinghua Tongfang Co Ltd 0.186542

600600 C1 Equity Tsingtao Brewery Co Ltd 0.180559

601231 C1 Equity Universal Scientific Industrial Shanghai 0.206726

600300 C1 Equity V V Food & Beverage Co Ltd 0.083791

600309 C1 Equity Wanhua Chemical Group Co Ltd 0.252537

601010 C1 Equity Wenfeng Great World Chain Development Co 0.05789

601168 C1 Equity Western Mining Co Ltd 0.129599

600157 C1 Equity Wintime Energy Co Ltd 0.099125

600580 C1 Equity Wolong Electric Group Co Ltd 0.08716

600005 C1 Equity Wuhan Iron & Steel Co Ltd 0.190569

600976 C1 Equity Wuhan Jianmin Pharmaceutical Group Co Lt 0.046477

600168 C1 Equity Wuhan Sanzhen Industry Holding Co Ltd 0.072045

600327 C1 Equity Wuxi Commercial Mansion Grand Orient Co 0.037817

600475 C1 Equity Wuxi Huaguang Boiler Co Ltd 0.066271

600667 C1 Equity Wuxi Taiji Industry Co Ltd 0.078849

600893 C1 Equity Xi' An Aero-Engine PLC 0.334327

601012 C1 Equity Xi'An Longi Silicon Materials Co Ltd 0.08079

601369 C1 Equity Xi'An Shaangu Power Co Ltd 0.128327

600153 C1 Equity Xiamen C & D Inc 0.135866

600563 C1 Equity Xiamen Faratronic Co Ltd 0.075307

600897 C1 Equity Xiamen International Airport Co Ltd 0.059924

600755 C1 Equity Xiamen ITG Group Corp Ltd 0.120421

600686 C1 Equity Xiamen King Long Motor Group Co Ltd 0.048656

600549 C1 Equity Xiamen Tungsten Co Ltd 0.13292

600208 C1 Equity Xinhu Zhongbao Co Ltd 0.254266

600251 C1 Equity Xinjiang Guannong Fruit & Antler Group C 0.060175

600888 C1 Equity Xinjiang Joinworld Co Ltd 0.058072

600425 C1 Equity Xinjiang Qingsong Building Materials and 0.070016

600509 C1 Equity Xinjiang Tianfu Energy Co Ltd 0.068982

600545 C1 Equity Xinjiang Urban Construction Group Co Ltd 0.053211

600197 C1 Equity Xinjiang Yilite Industry Co Ltd 0.059762

600778 C1 Equity Xinjiang Youhao Group Co Ltd 0.039626

600351 C1 Equity Yabao Pharmaceutical Group Co Ltd 0.066452

600348 C1 Equity Yang Quan Coal Industry Group Co Ltd 0.163407

600188 C1 Equity Yanzhou Coal Mining Co Ltd 0.218912

601388 C1 Equity Yechiu Metal Recycling China Ltd 0.063221

600785 C1 Equity Yinchuan Xinhua Commercial Group Co Ltd 0.05057

600317 C1 Equity Yingkou Port Liability Co Ltd 0.182173

601933 C1 Equity Yonghui Superstores Co Ltd 0.192614

600588 C1 Equity Yonyou Software Co Ltd 0.164219

600177 C1 Equity Youngor Group Co Ltd 0.118684

600119 C1 Equity YUD Yangtze River Investment Industry Co 0.037909

600963 C1 Equity Yueyang Forest & Paper Co Ltd 0.057305

600497 C1 Equity Yunnan Chihong Zinc & Germanium Co Ltd 0.132368

600239 C1 Equity YunNan Metropolitan Real Estate Developm 0.037146

600995 C1 Equity Yunnan Wenshan Electric Power Co Ltd 0.058678

600794 C1 Equity Zhangjiagang Freetrade Science and Techn 0.066734

600436 C1 Equity Zhangzhou Pientzehuang Pharmaceutical Co 0.080909

600633 C1 Equity Zhe Jiang Daily Media Group Co Ltd 0.138841

603001 C1 Equity Zhejiang Aokang Shoes Co Ltd 0.066977

600415 C1 Equity Zhejiang China Commodities City Group Co 0.20311

600790 C1 Equity Zhejiang China Light & Textile Industria 0.057071

601877 C1 Equity Zhejiang Chint Electrics Co Ltd 0.205281

600572 C1 Equity Zhejiang Conba Pharmaceutical Co Ltd 0.095255

600526 C1 Equity Zhejiang Feida Environmental Science & T 0.060646

600059 C1 Equity Zhejiang Guyuelongshan Shaoxing Wine Co 0.069568

600387 C1 Equity Zhejiang Haiyue Co Ltd 0.085735

600987 C1 Equity Zhejiang Hangmin Co Ltd 0.049755

600267 C1 Equity Zhejiang Hisun Pharmaceutical Co Ltd 0.103871

600521 C1 Equity Zhejiang Huahai Pharmaceutical Co Ltd 0.073107

600668 C1 Equity Zhejiang Jianfeng Group 0.061072

600160 C1 Equity Zhejiang Juhua Co Ltd 0.092365

600352 C1 Equity Zhejiang Longsheng Group Co Ltd 0.126686

600216 C1 Equity Zhejiang Medicine Co Ltd 0.059962

600120 C1 Equity Zhejiang Orient Holdings Co 0.059592

600596 C1 Equity Zhejiang Xinan Chemical Industrial Group 0.05134

600261 C1 Equity Zhejiang Yankon Group Co Ltd 0.070008

600023 C1 Equity Zhejiang Zheneng Electric Power Co Ltd 0.386058

600121 C1 Equity Zhengzhou Coal Industry & Electric Power 0.100638

601717 C1 Equity Zhengzhou Coal Mining Machinery Group Co 0.082364

600066 C1 Equity Zhengzhou Yutong Bus Co Ltd 0.158229

600489 C1 Equity Zhongjin Gold Co Ltd 0.145061

600568 C1 Equity Zhongzhu Holding Co Ltd 0.05064

601636 C1 Equity Zhuzhou Kibing Group Co Ltd 0.066798

600479 C1 Equity Zhuzhou Qianjin Pharmaceutical Co Ltd 0.046005

601899 C1 Equity Zijin Mining Group Co Ltd 0.225663

3. Launch Date; 9 December 2014

4. The Issue Date of the Warrants;

15 December 2014

5. Whether the Warrants are American Style Warrants or European Style Warrants;

American Style Warrants

6. Whether the Warrants are Call Warrants or Put Warrants;

Call Warrants

7. Whether the Warrants are Global Warrants or Definitive Warrants;

Global Warrants exchangeable into Definitive Warrants in registered form in limited circumstances as set out in the Conditions

8.(a) If the Warrants are Share Warrants, Fund Warrants or Warrants linked to a Basket of Units or Shares, whether the Warrants are Market Access Warrants or Outperformance Warrants;

Market Access Warrants

8.(b) If the Warrants are Market Access Warrants, whether they are China Market Access Warrants;

Yes

8.(c) If the Warrants are Outperformance Warrants, whether Upfront Discount is applicable, and if so,

Not applicable

the Upfront Discount (as a percentage);

8.(d) If the Warrants are Outperformance Warrants, whether Daily Accrual is applicable, and if so, the Daily Accrual Rate (as a percentage) (except where Rerate is also applicable, in which case, please see paragraph 8.(f));

Not applicable

8(e) If the Warrants are Outperformance Warrants, and Upfront Discount or Daily Accrual is applicable, the Commission Rate (as a percentage);

Not applicable

8.(f) If the Warrants are Outperformance Warrants, whether Daily Accrual and Rerate are applicable and if so, the Daily Accrual Rate (as a percentage) in respect of the First Period;

Not applicable

8.(f)(i) If the Warrants are Outperformance Warrants and Daily Accrual and Rerate are applicable, the Rerate Date;

Not applicable

8.(f)(ii) If Rerate is applicable, Default Adjusted Rate (as a percentage);

Not applicable

8.(g) If the Warrants are Outperformance Warrants, whether Variable Daily Accrual is applicable, and if so, the Variable Daily Accrual Rate (as a percentage);

Not applicable

9. The number of Warrants being issued;

650,000

10.(a) The Issue Price per Warrant;

United States Dollars (USD) 15.97 being the Issuer’s weighted average execution price (in the Underlying Currency) of the Basket converted into the Settlement Currency at the Exchange Rate.

10.(b) Currency in which Warrants are denominated and to be traded;

USD

11. The Strike Price per Warrant (which may be subject to adjustment in accordance with Condition 19 or 20 in the

USD 0.00001

case of Index Warrants, Share Warrants or Fund Warrants, respectively);

12. The Relevant Jurisdiction of the Warrants;

The People’s Republic of China

13.(a) If Issuer Optional Early Termination is applicable;

Yes

13.(b) If Issuer Optional Early Termination is applicable, the number of Business Day’s written notice required to be given by the Issuer in order to terminate;

Five (5) Business Days

13.(c) If Issuer Optional Early Termination is applicable, whether Issuer Break Fee is applicable and if so, the Issuer Break Fee Rate (as a percentage) and if the Issuer Break Fee Rate is Flat or Amortised;

Not applicable

13.(d) If Issuer Break Fee Rate is Amortised and Day Count Fraction is applicable, the start date and end date over which Day Count Fraction applies;

Not applicable

14. If the Warrants are China Market Access Warrants, whether Tax Event is applicable;

Applicable

15.(a) If Warrantholder Break Fee is applicable, and if so, the Warrantholder Break Fee Rate (as a percentage) and if the Warrantholder Break Fee Rate is Flat or Amortised;

Not applicable

15.(b) If Warrantholder Break Fee Rate is Amortised and Day Count Fraction is applicable, the start date and end date over which Day Count Fraction applies;

Not applicable

16.(a) If the Warrants are Index Warrants, whether Commissions applies and if so, the Commissions (as a percentage);

Not applicable

16.(b) If the Warrants are Index Warrants, whether Outperformance is

Not applicable

applicable, and if so, if Outperformance Average, Outperformance Initial or Outperformance Final is applicable and the Outperformance Rate (as a percentage);

16.(c) If the Warrants are Index Warrants, the Index Initial;

Not applicable

16.(d) If the Warrants are Index Warrants, the Index Final;

Not applicable

16.(e) If the Warrants are Index Warrants, the Index Average;

Not applicable

17. The Settlement Price per Warrant (which may be subject to adjustment in accordance with Condition 19 or 20 in the case of Index Warrants, Share Warrants or Fund Warrants, respectively); (NB: This must be expressed as a monetary amount in respect of Index Warrants)

As defined in Condition 21

18.(a) The Cash Settlement Amount per Warrant;

As specified in Condition 3(b)

18.(b) Whether a Management Fee is applicable, and if so, the Management Fee Rate (as a percentage);

Not applicable

19. Valuation Date(s); The Actual Exercise Date or the Expiration Date (as applicable)

20.(a) Whether Averaging is applicable;

No

20.(b) If Averaging applies, Averaging Dates;

Not applicable

20.(c) If Averaging applies, whether, in the event of a Disrupted Day (as defined in Condition 21) occurring on an Averaging Date, Omission, Postponement or Modified Postponement (as defined in Condition 21) applies;

Not applicable

21. Settlement Date; As defined in Condition 21

22. In the case of European Style Warrants, the Exercise Date for the

Not applicable

Warrants;

23. In the case of American Style Warrants, the Exercise Period in respect of the Warrants;

From the fifth Business Day following the date of purchase of the Warrants up to and including 10:00 a.m. Brussels or Luxembourg time as appropriate, depending upon whether the Warrants are held through Euroclear or Clearstream, Luxembourg on the Expiration Date.

24. In the case of American Style Warrants, the Expiration Date for the Warrants;

9 December 2015

25. In the case of American Style Warrants, whether Automatic Exercise will apply;

Yes

26. The Ratio identifying the number of Warrants per underlying Share, Index, Unit or Basket which shall be applied to the Settlement Price in order to ascertain the Cash Settlement Amount for each Warrant (such Ratio shall be subject to adjustment in accordance with Condition 19 or 20 in respect of Index Warrants, Share Warrants and Fund Warrants, respectively);

One Warrant per Basket

27. The applicable Business Day Centre(s) for the purposes of the definitions of Business Day in Condition 21;

Hong Kong, London, New York and Shanghai

28.(a) Whether Exchange Rate is applicable;

Yes

28.(b) If Exchange Rate is applicable, the applicable Exchange Rate for conversion of any amount into the relevant Settlement Currency for the purposes of determining the Cash Settlement Amount (as defined in Condition 21) and details of when and how such rate is to be ascertained;

As defined in Condition 21

29. The Settlement Currency for the payment of the Cash Settlement Amount;

USD

30.(a) In the case of American Style Warrants, the Minimum Exercise Number;

One Warrant

30.(b) In the case of American Style Warrants, the Maximum Exercise Number;

650,000

31.(a) The Minimum Purchase Amount of the Warrants;

One Warrant

31.(b) The Minimum Trading Amount of Warrants;

One Warrant

32. The Relevant Time; As defined in Condition 21

33. Whether Alternative Provisions are applicable;

No

34. Whether Alternative Index Cash Settlement Amount is applicable;

No

35. If Alternative Index Cash Settlement Amount is applicable, the Commission Rate;

Not applicable

36.(a) For the purposes of Condition 19 (Additional Terms for Index Warrants), details of the Exchange and Related Exchange (if any);

Exchange(s): Not Applicable

Related Exchange(s): Not Applicable

36.(b) For the purposes of Condition 19 (Additional Terms for Index Warrants), details of the relevant Sponsor;

Not applicable

37. For the purposes of Condition 20 (Additional Terms for Share Warrants and Fund Warrants), details of the relevant Exchange and Related Exchange (if any);

Exchange(s): Shanghai Stock Exchange (China Connect)

Related Exchange(s): All Exchanges

38. Whether Exchange Settlement Failure is applicable;

Yes

39. In respect of Fund Warrants, applicable Extraordinary Fund Event(s);

Not applicable

40. If a Fund Insolvency Event is applicable under paragraph 39, the Fund Insolvency Entity;

Not applicable

41. If an Adviser Resignation Event and/or Regulatory Action is applicable under paragraph [39], the Fund Administrator, the Fund Adviser or any other

Not applicable

relevant key person for the purposes of Condition 20(c)(ii);

42. If the Warrants are Fund Warrants, the Fund Interest;

Not applicable

43. If NAV Threshold Event or Elective Extraordinary Fund Event is applicable under paragraph [39], the NAV Threshold Amount;

Not applicable

44. In the case where Fund Modification, Strategy Breach, Fund Investment Modification and/or Elective Extraordinary Fund Event is applicable under paragraph [39], any relevant Additional Fund Documents;

Not applicable

45. If Reporting Disruption is applicable under paragraph 39, the relevant time period;

Not applicable

46. Details of any certifications required in the Exercise Notice;

Certification relating to China as indicated in the form of Exercise Notice in the Agency Agreement (unless otherwise agreed by the Issuer).

47.(a) Whether the Warrants are Additional Warrants;

No

47.(b) If the Warrants are Additional Warrants, whether they are Fungible Additional Warrants or Non-Fungible Additional Warrants;

Not applicable

47.(c) If the Warrants are Non-Fungible Additional Warrants, the Original Series;

Not applicable

48. The method of distribution of the Warrants (syndicated or non-syndicated) including, if any, the names of any Dealers other than or in addition to Morgan Stanley & Co. International plc (Additional Dealers).

Private placement

Non-Syndicated

Responsibility Statement: The Issuer accepts responsibility for the information contained in these Final Terms. The Guarantor accepts responsibility for the information contained in these Final Terms in relation to itself and the Guarantee. To the

best of the knowledge and belief of the Issuer (who has taken all reasonable care to ensure that such is the case), the information contained in the Base Prospectus, as completed by these Final Terms in relation to the Warrants, is in accordance with the facts and does not omit anything likely to affect the import of such information. To the best of the knowledge and belief of the Guarantor (who has taken all reasonable care to ensure that such is the case), the information contained in the Base Prospectus, in relation to itself and the Guarantee, as completed by these Final Terms in relation to the Warrants, is in accordance with the facts and does not omit anything likely to affect the import of such information. The information included in these Final Terms with regard to the underlying shares (the Information) consists of extracts from or summaries of information in respect of the underlying assets that is publicly available from Bloomberg Financial Markets Information Services and is not necessarily the latest information available. The Issuer only confirms that the Information has been accurately reproduced and that, so far as it is aware, and is able to ascertain from information published by the issuer, owner or sponsor, as the case may be, of such underlying assets, no facts have been omitted that would render the reproduced extracts or summaries inaccurate or misleading. The Issuer makes no representation that the Information, any other publicly available information or any other publicly available documents regarding the underlying assets to which the Warrants relate are accurate or complete. There can be no assurance that all events occurring prior to the date of these Final Terms that would affect the trading price of the underlying assets to which the Warrants relate (and therefore the trading price and value of the Warrants) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure or failure to disclose material future events concerning the underlying assets to which the Warrants relate could affect the trading price and value of the Warrants. The Central Bank of Ireland has approved the Base Prospectus dated 23 September 2014 under Part 7 of the Prospectus (Directive 2003/71/EC) Regulations 2005 as amended (the Regulation) as having been drawn up in accordance with the Regulation and Commission Regulation (EC) No 809/2004 and has further approved the Base Prospectus Supplements dated 24 October 2014. The Issuer does not intend to provide any post-issuance information in relation to any assets and/or underlying in relation to any issue of Warrants constituting derivative securities (as such term is used in the Commission Regulation (EC) No. 809/2004).

PART B – Other Information 1 Listing and admission to trading

(i) Listing: Ireland

(ii) Admission to trading: The issue of Warrants is conditional upon the Irish Stock Exchange granting listing of the Warrants. Listing of the Warrants on the Irish Stock Exchange is expected to occur on15 December 2014.

2 Rating

Ratings: The Regulation S Warrants to be issued have not been rated.

3 Notification

The Central Bank of Ireland has provided the competent authority(ies) of Ireland with a certificate of approval attesting that the Base Prospectus dated 23 September 2014, has been drawn up in accordance with the provisions of the Prospectus Directive and Commission Regulation (EC) No 809/2004.

4 Interests of natural and legal persons involved in the issue

Save for any fees payable to the Dealers, so far as the Issuer is aware, no person involved in the issue of the Warrants has an interest material to the offer.

5 Details relating to the Underlying Asset(s)

(i) Underlying Asset(s): The Basket of Shares

(ii) Issuer of Underlying Asset:

Basket of Shares relating to the Shares of:

Ticker Name % Index Weight MSSHCOMP Index
























































































































































































600368 C1 Equity Guangxi Wuzhou Communications Co 0.050319

Ltd











































601398 C1 Equity ICBC 5.155681



600111 C1 Equity Inner Mongolia Baotou Steel Rare-Earth H 0.303149











































































































































































































































































































(iii) ISIN/Security information code relating to the Underlying Asset(s):

MSSHCOMP (China Connect)

(iv) Description of Underlying Asset(s):

Not applicable

(v) Details of where information about the past and the further performance on the Underlying Asset(s) and its volatility can be obtained:

Bloomberg Financial Markets Information Services

6 Operational information

(i) ISIN: KYG6270M1380

(ii) Common Code: 115575945

(iii) Any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme and the relevant identification

Not Applicable

number(s):

7 Additional Disclosure in relation to the Shares

(i) Jurisdiction of incorporation:

The People’s Republic of China

(ii) Closing price as at the Launch Date:

The closing price of the Basket of Shares as at the Launch Date was

RMB 98.24 on the Exchange

8 Authorisation

The Issuer has obtained all necessary consents, approvals and authorisations in the Cayman Islands in connection with the establishment and the updates of the Programme and the issue of the Warrants. The establishment of the Programme and the issue of the Warrants pursuant to this Base Prospectus dated 23 September 2014 was authorised by resolutions of the board of directors of the Issuer passed on 19 September 2014. The Guarantor has obtained all necessary consents, approvals, and authorisations in connection with the Guarantee.

9 Summary

(iii) Issue specific summary:

The summary for this series of Warrants is annexed to these Final

Terms.

SUMMARY

This section comprises a summary in the format, and with the content, required by Article 5(2) of the Prospectus Directive.

Summaries are made up of disclosure requirements known as elements (Elements). These Elements are set out in Sections A to E below (and numbered A.1 to E.7). This summary contains all the Elements required for a summary for the type of securities offered under this Base Prospectus and the type of issuer. Because some Elements are not required, there are gaps in the numbering sequence of the Elements. Even though an Element may need to be inserted in the summary because of the type of securities and the type of issuer, it is possible that no relevant information can be given regarding the Element, in which case the Element shall be described as “not applicable”.

Section A – Introduction and warnings

A.1 This summary must be read as an introduction to this Base Prospectus. Any decision to invest in the Warrants should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference. Where a claim relating to the information contained in this Base Prospectus is brought before a court, the plaintiff investor might, under the national legislation of Member States, be required to bear the costs of translating the Base Prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled the summary, including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, key information in order to aid investors when considering whether to invest in the Warrants.

Section B – Issuer and Guarantor

Issuer

B.1 The legal and commercial name of the Issuer

Morgan Stanley Asia Products Limited.

B.2 The domicile and legal form of the Issuer, the legislation under which the Issuer operates and its country of incorporation

The Issuer is an exempted company incorporated with limited liability in the Cayman Islands pursuant to the Companies Law (2004 Revision) of the Cayman Islands (as amended from time to time).

The Issuer is domiciled in the Cayman Islands.

B.4b A description of any known trends affecting the Issuer and the industries in which it operates

The business of the Guarantor (being the ultimate holding company of the Issuer) may be affected by many factors such as economic and political conditions and geopolitical events; market conditions, particularly in the global equity, fixed income, credit and commodities markets, including corporate and mortgage (commercial and residential) lending and commercial real estate markets; current, pending and future legislation, regulation, policies and legal and regulatory actions in the United States of America and worldwide; equity, fixed income, and commodity prices, interest rates, currency values and other market indices; the availability and cost of credit and capital as well as the Guarantor’s credit rating; investor, consumer and business sentiment and confidence in the financial markets; inflation, natural disasters and acts of war or terrorism; the actions and initiatives of competitors as well as governments, regulators and self-regulatory organizations; the effectiveness of the Guarantor’s risk management policies; and technological changes and risks, including cybersecurity risks.

B.5 Description of the Group and the Issuer’s position within the Group

The Issuer has no subsidiaries. It is wholly owned by Morgan Stanley Asia Securities Products LLC, which is itself a subsidiary of the Guarantor. The Guarantor is a global financial services firm that, through its subsidiaries and affiliates (together with the Guarantor, the Group), provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals.

B.9 Profit forecast or estimate

Not Applicable; the Issuer has chosen not to include a profit forecast or estimate.

22(22(

B.10 Qualifications in the auditors’ report on the Issuer’s historical financial information

Not Applicable; the auditors’ report contains no such qualifications in respect of the audited reports and financial statements of the Issuer for the years ended 31 December 2013 and 2012.

B.12 Selected financial information relating to the Issuer

The selected financial information set out below has been extracted without material adjustment from the interim report for the half year ended 30 June 2014 and the audited reports and financial statements of the Issuer for the year ended 31 December 2013.

Balance Sheet (in U.S.$ ’000) 31 Dec 2012 31 Dec 2013 30 June 2014

Total assets 5,389,149 7,338,724 8,122,842

Total liabilities and equity 5,389,149 7,338,724 8,122,842

Condensed statement of comprehensive income (in U.S.$ ’000)

31 Dec 2012

31 Dec 2013

Six months ended 30 June

2013 2014

Net gains on financial instruments classified as held for trading

- - - -

Net gains on financial instruments designated at fair value through profit or loss

- - - -

Income (net of tax) - - - -

There has been no significant change in the financial or trading position of the Issuer since 30 June 2014 and no material adverse change in the prospects of the Issuer since 31 December 2013, the date of the latest published annual audited accounts of the Issuer.

B.13 Recent material events particular to the Issuer

Not Applicable. The Issuer considers that no event particular to itself and which is to a material extent relevant to the evaluation of its solvency has taken place since the publication of its last annual financial statements.

B.14 Extent to which the Issuer is dependent on other entities within the Group

See Element B.5 for information about the Issuer’s position in the Group.

The Warrants issued by the Issuer are guaranteed by the Guarantor. The Arranger and Dealer, which is also an affiliate of the Issuer, arranges and distributes the Warrants that are issued by the Issuer. The Issuer is also reliant on Morgan Stanley or other members of the Group for the purposes of entering into hedging transactions to hedge exposures under the Warrants it issues.

B.15 Principal activities of the Issuer

The Issuer’s business consists of the issuance of financial instruments, with a primary focus on the Asia markets, and the hedging of obligations relating thereto.

B.16 Extent to which the Issuer is directly or indirectly owned or controlled

The Issuer is wholly owned by Morgan Stanley Asia Securities Products LLC. It is indirectly owned or controlled by Morgan Stanley through a number of subsidiaries.

B.18 Description and scope of the Guarantee

The Guarantor will absolutely, unconditionally and irrevocably guarantee the Issuer’s payment obligations under each series of Warrants pursuant to a guarantee dated 23 September 2014 (the Guarantee).

B.19 Section B information about the Guarantor

The following items B.1 to B.16 shall relate to the Guarantor as if it were the Issuer:

Guarantor

B.1 The legal and commercial name of the Guarantor

Morgan Stanley.

B.2 The domicile and legal form of the Guarantor, the legislation under which the Guarantor operates and its country of incorporation

The Guarantor was incorporated under the laws of the State of Delaware in 1981. As a financial holding company, it is regulated by the Board of Governors of the Federal Reserve System (the Federal Reserve) under the Bank Holding Company Act of 1956, as amended (the BHC Act). As a major financial services firm that operates through its subsidiaries and affiliates, the Guarantor is subject to extensive regulation by U.S. federal and state regulatory agencies and securities exchanges and by regulators and exchanges in each of the major markets where it conducts its business. The Guarantor has its registered office at The Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, U.S.A., and its principal executive offices at 1585 Broadway, New York, New York 10036, U.S.A.

The Guarantor also conducts its business from its headquarters in and around New York City, its regional offices and branches throughout the United States and its principal offices in London, Tokyo, Hong Kong and other world financial centres.

B.4b A description of any known trends affecting the Guarantor and the industries in which it operates

See B.4b in relation to the Issuer above. The Guarantor operates within the same industry as the Issuer.

B.5 Description of the Group and the Guarantor’s position within the Group

The Guarantor is a global financial services firm that, through other members of the Group, provides a wide variety of products and services to a large and diversified group of clients and customers, including corporations, governments, financial institutions and individuals.

The Guarantor is the parent and financial holding company of the companies in the Group.

B.9 Profit forecast or estimate

Not Applicable; the Guarantor has chosen not to include a profit forecast or estimate.

B.10 Qualifications in the auditors’ report on the Issuer’s historical financial information

Not Applicable. The auditors’ report contains no such qualifications in respect of the audited reports and financial statements of the Guarantor for the years ended 31 December 2013 and 2012.

B.12 Selected financial information relating to the Guarantor

The selected financial information set out below has been extracted without material adjustment from interim report for the half year ended 30 June 2014 and the audited reports and financial statements of the Guarantor for the year ended 31 December 2013.

Balance Sheet (U.S.$ in millions)

31 Dec 2012 31 Dec 2013 30 June 2014

Total assets 780,960 832,702 826,568

Total liabilities and equity 780,960 832,702 826,568

Consolidated Income Statement (U.S.$ in millions)

31 Dec 2012

31 Dec 2013

Six months ended 30 June

2013 2014

Net revenues 26,102 32,417 16,683 17,555

Income from continuing operations before tax

520 4,482 3,397 4,258

Net income 716 3,613 2,422 3,501

There has been no material adverse change in the prospects of Morgan Stanley since 31

December 2013, the date of the latest published annual audited accounts of Morgan Stanley,

22(

nor any significant change in the financial or trading position of Morgan Stanley since 30 June

2014.

B.13 Recent material events particular to the Guarantor

Not Applicable. The Guarantor considers that no event particular to itself and which is to a material extent relevant to the evaluation of its solvency has taken place since the publication of its last annual financial statements.

B.14 Extent to which the Guarantor is dependent on other entities within the Group

The Guarantor is a holding company for a number of subsidiary companies (directly or indirectly) and is dependent on their performance.

B.15 Principal activities of the Guarantor

The Guarantor is a financial holding company and is a global financial services firm that maintains significant market positions in each of its business segments – Institutional Securities, Wealth Management and Investment Management. A summary of the activities of each of the Guarantor’s business segments is as follows:

• Institutional Securities provides financial advisory and capital raising services, including: advice on mergers and acquisitions, restructurings, real estate and project finance; corporate lending; sales, trading, financing and market-making activities in equity and fixed income securities and related products, including foreign exchange and commodities; and investment activities.

• Wealth Management provides brokerage and investment advisory services to individual investors and small-to-medium sized businesses and institutions covering various investment alternatives; financial and wealth planning services; annuity and other insurance products; credit and other lending products; cash management services; retirement services; and engages in fixed income trading, which primarily facilitates clients’ trading or investments in such securities.

• Investment Management provides a broad array of investment strategies that span the risk/return spectrum across geographies, asset classes and public and private markets to a diverse group of clients across the institutional and intermediary channels as well as high net worth clients.

B.16 Extent to which the Guarantor is directly or indirectly owned or controlled

The Guarantor is a publicly traded company with a principal listing of its ordinary shares on the New York Stock Exchange.

The following entities beneficially own more than 5 per cent of the Guarantor’s common stock: Mitsubishi UFJ Financial Group, Inc. (22.1% holding); State Street Corporation (7.0% holding).

Section C – Securities

C.1 Type and class of Warrants

The Warrants are Regulation S Warrants which are also Warrants relating to a Basket of Shares.

The Warrants will be issued in registered form and will be represented on issue by a Global Warrant which is exchangeable for Definitive Warrants in the limited circumstances specified in the Global Warrant. The Global Warrant will be deposited with Euroclear Bank S.A./N.A. (Euroclear) and Clearstream Banking, societé anonyme (Clearstream, Luxembourg)with interests in such Global Warrant being traded in the relevant clearing system(s).

ISIN: KYG6270M1380

Common Code: 115575945

C.2 Currencies Subject to compliance with all relevant laws, regulations and directives, Warrants under the Programme may be denominated in any currency or units of exchange and settled in any deliverable currency.

The Issue Price of the Warrants is denominated in USD and will be settled in USD.

C.5 A description of any restrictions on the free

The free transfer of the Warrants is subject to the selling restrictions of the United States, the European Economic Area (including Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Lichtenstein, Luxembourg, the

2

transferability of the Warrants

Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden and the United Kingdom), Australia, the People’s Republic of China (PRC), the Cayman Islands, the Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong), Kingdom of Bahrain, Indonesia, Japan, Malaysia, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, the Republic of Korea (South Korea), the Republic of China (Taiwan), the United Arab Emirates and Vietnam.

Regulation S Warrants shall comply with the selling restrictions applicable to them as set out in the section “Offering and Sale”.

The “Additional Selling Restrictions” in respect of Regulation S Warrants for which Alternative Provisions are not applicable shall apply, for which the relevant jurisdiction is not India.

Warrants held in a clearing system must be transferred in accordance with the rules, procedures and regulations of that clearing system

C.8 Description of the rights attaching to the Warrants

The Warrants are Regulation S Warrants which are also American Style Warrants and Call Warrants to which Automatic Exercise applies.

Status: The Warrants constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and rank pari passu without preference amongst themselves and, subject to any applicable statutory provisions or judicial order, at least equally with all other present and future direct, unconditional, unsecured and unsubordinated obligations of the Issuer.

Guarantee: The Warrants have the benefit of an absolute, unconditional and irrevocable guarantee of payments of obligations of the Issuer by the Guarantor.

The Warrants relate to a Basket of Shares relating to the local ordinary shares of the Basket Companies listed on Shanghai Stock Exchange (the “Shares”) with the Bloomberg Code MHSHCOMP (the “Basket”). The issuer of the local ordinary shares comprising the Basket, shall each be referred to as a “Basket Company” and together as the “Basket Companies”. The Basket Companies comprising the Basket are:

Ticker Name % Index Weight MSSHCOMP Index
























































































































































































600368 C1 Equity Guangxi Wuzhou Communications Co Ltd 0.050319











































601398 C1 Equity ICBC 5.155681



600111 C1 Equity Inner Mongolia Baotou Steel Rare-Earth H 0.303149











































































































































































































































































































See C.18 for rights relating to Cash Settlement Amounts payable in respect of the Warrants.

C.11 Listing and admission to trading/ indication of market where securities will be traded

Application has been made by the Issuer (or on its behalf) for the Warrants to be admitted to trading on the Irish Stock Exchange’s regulated market with effect from 15 December 2014.

C.15 Effect of value of underlying instrument(s) on value of derivative securities

The Cash Settlement Amount to which the holder of each Warrant is entitled is as set out in C.18. Depending on the value of the underlying Shares on the Exercise Date, Actual Exercise Date or Expiration Date, as the case may be, the Cash Settlement Amount may be a positive amount or it may be zero (although it may not be lower than zero). The value of the Cash Settlement Amount is dependent on the performance of the underlying Shares; if the Cash Settlement Amount is zero, it represents a total loss of the amount paid for the Warrant.

C.16 Expiration/ maturity date of derivative securities

The Warrants expire on 9 December 2015.

C.17 Settlement procedure for derivative

The Warrants shall be cash-settled through Clearstream, Luxembourg and/or Euroclear.

22(12)C22(5)C 22(12)C

securities

C.18 Description of return on derivative securities

The returns on the Warrants shall depend on the performance of the Basket of Shares.

The Cash Settlement Amount payable in respect of each Warrant is determined as follows:

Where an Issuer Optional Termination Notice has not been given to the Warrantholders:

[Max (0, Settlement Price – Strike Price) – Max (0, (Settlement Price – Issue Price) x Tax Rate)], multiplied by the Ratio (if any).]

Where a valid Issuer Optional Termination Notice has been given to the Warrantholders: [Max (0, Settlement Price – Strike Price) – Max (0, (Settlement Price – Issue Price) x Tax Rate)]

where:

Issue Price shall have the meaning specified in the applicable Final Terms; and

Issuer Optional Termination Notice means a notice given by the Issuer to the Warrantholders designating an optional termination date; and

Strike Price shall have the meaning specified in the applicable Final Terms; and

Tax Event means the enactment, promulgation, execution, ratification, or adoption (including clarification, confirmation and explanation) by the Government of the People’s Republic of China or any relevant government authority of a capital gains tax applicable to the Issuer’s holding, possession, purchase or sale of the Shares. The Calculation Agent will determine the applicability of such capital gains tax in its sole discretion; and

Tax Rate means (i) the effective capital gains tax as determined by the Calculation Agent in its sole discretion after a Tax Event, or (ii) if no such Tax Event is determined to be effective by the Calculation Agent prior to the Exercise Date or the Expiration Date, as applicable, a rate equal to 10% of the gains in respect of the [Shares][Units], as the case may be, in Renminbi and converted into the Settlement Currency, in each case, as determined by the Calculation Agent in its sole discretion.

C.19 Description of

exercise price or final reference price of underlying asset in relation to derivative securities

The Settlement Price of each Warrant shall be

the Issuer’s weighted average execution price (as denominated in the Local Currency) upon the Issuer’s disposal of the Shares or Units (as applicable) in relation to the Actual Exercise Date, Exercise Date or the Expiration Date (as applicable) converted into the Settlement Currency at the relevant exchange rate.

C.20 Description of underlying asset and where information on underlying asset can be found

The Shares comprising the Basket have been issued by issuers of local ordinary shares listed on the Shanghai Stock Exchange (China Connect) and information relating to it can be found at Bloomberg Financial Markets Information Services.

C.21 Listing and admission to trading/ indication of market where securities will be traded

Application is expected to be made by the Issuer (or on its behalf) for the Warrants to be admitted to trading on the Irish Stock Exchange’s regulated market with effect from 15 December 2014.

Section D – Risks

D.2 Key risks regarding the Issuer and the Guarantor

The following key risks affect the Guarantor and, indirectly, the Issuer:

Liquidity and funding risk: Liquidity is essential to the Guarantor's businesses and the Guarantor relies on external sources to finance a significant portion of its operations. The Guarantor’s borrowing costs and access to the debt capital markets depend significantly on its credit ratings, which may change. Further, the Guarantor is a holding company and depends on payments from its subsidiaries. As a result, there is a risk that the Guarantor will be unable to finance its operations due to a loss of access to the capital markets or difficulty in liquidating its assets. Further, the Guarantor's liquidity and financial condition have in the past been, and in the future could be, adversely affected by United States and international markets and economic conditions. Market risk: The Guarantor's results of operations may be materially affected by market fluctuations and by global and economic conditions and other factors. The Guarantor may experience declines in value of its financial instruments and other losses related to volatile and illiquid market conditions. Holding large and concentrated positions may expose the Guarantor to losses. In particular, the Guarantor has incurred, and may continue to incur, significant losses in the real estate sector. These factors may result in losses for a position or portfolio held by the Guarantor or its consolidated subsidiaries. Credit Risk: The Guarantor is exposed to the risk that third parties that are indebted to it will not perform their obligations, and a default by a large financial institution could adversely affect financial markets generally. Such factors give rise to a risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations. Operational Risk: The Guarantor is subject to the risk of loss, or of damage to its reputation, resulting from inadequate or failed processes, people and systems or from external events (e.g. fraud, legal and compliance risks or damage to physical assets). The Guarantor may incur operational risk across the full scope of its business activities, including revenue-generating activities (e.g. sales and trading) and control groups (e.g. information technology and trade processing). Legal, Regulatory and Compliance Risk: The Guarantor is subject to the risk of legal or regulatory sanctions, material financial loss including fines, penalties, judgments, damages and/or settlements, or loss of reputation as a result of its failure to comply with laws, regulations, rules, related self-regulatory organisation standards and codes of conduct applicable to its business activities. In addition, the Guarantor is subject to the risk that a counterparty's performance obligations will be unenforceable. Further, in today's environment of rapid and possibly transformational regulatory change, the Guarantor also views regulatory change as a component of legal, regulatory and compliance risk. Risk Management: The Guarantor's risk management strategies may not be fully effective in mitigating its risk exposures in all market environments or against all types of risk. Competitive Environment Risk: The Guarantor faces strong competition from other financial services firms, which could lead to pricing pressures that could materially adversely affect its revenue and profitability. Further, automated trading markets may adversely affect the Guarantor's business and may increase competition (for example by putting downward pressure on trading commissions or comparable fees). Finally, the Guarantor's ability to retain and attract qualified employees is critical to the success of its business and the failure to do so may materially adversely affect its performance. International Risk: The Guarantor is subject to numerous political, economic, legal, operational, franchise and other risks as a result of its international operations (including risks of possible nationalisation, expropriation, price controls, capital controls, exchange controls, increased taxes and levies and other restrictive governmental actions, as well as the outbreak of hostilities or political and governmental instability) which could adversely impact its businesses in many ways.

Acquisition and Joint Venture Risk: In connection with past and future acquisitions, the Guarantor may be unable to fully capture the expected value from acquisitions, divestitures, joint ventures, minority stakes and strategic alliances.

D.6 Key information on the key risks that are specific to the Warrants

The Warrants are being issued with the intention that they will be purchased only by corporations, partnerships and other entities or individuals having such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Warrants, who are experienced in investing in derivative instruments and who are familiar with secondary market trading in instruments such as the Warrants. Prospective investors should conduct independent investigation and analysis regarding the Warrants and the other assets on which the obligations of the Issuer and the Guarantor to which the value of the Warrants relate as they deem appropriate.

The price of the Warrants may fall in value and investors may lose the value of their entire investment if, among other reasons:

the value of the relevant underlying basis of reference does not move in the anticipated direction;

the Issuer and the Guarantor are unable to pay any amounts due under the Warrants;

the price and/or value of the assets underlying the Warrants are influenced by the political, financial and economic stability of the country and/or region in which it is incorporated or has a place of business;

the Guarantor’s credit rating has fallen due to a perception of a fall in the Guarantor’s creditworthiness; or

adjustments to the Warrants made by the Calculation Agent pursuant to the terms of the Warrants.

An investment in Warrants linked to Shares is not directly an investment in the Shares.. Warrantholders will not have any rights in relation to the underlying assets nor will it have any recourse to the relevant issuer of the underlying Shares. Neither the Issuer nor the Guarantor has an ability to control or predict any actions of the issuer of the underlying Shares

The Issuer may limit the number of Warrants that are exercisable on any date (other than the final exercise date).

The Issuer shall have a right, upon giving sufficient written notice, to terminate all the Warrants in the relevant series prior to the Expiration Date. Any payment a Warrantholder is entitled to receive following such a termination may be less than what they could have received had the Warrants been held to the Exercise Date or Expiration Date (as the case may be).

The Warrants may be terminated or suspended by the Issuer if a Force Majeure Event has occurred.

Section E – Offer

E.2b Reason for the offer and use of proceeds

The net proceeds of the issue of the Warrants will be used by the relevant Issuer for its general business purposes, including the making of profits and the hedging of certain risks.

E.3 Terms and Conditions of the Offer

The Warrants will be offered to investors by the Dealer at an issue price of USD 15.97 per Warrant. The minimum number of Warrants that an investor may purchase is 1

E.4 Interests of natural and legal persons involved in the issue of the Warrants

So far as the Issuer is aware, no person involved in the offer of the Warrants has an interest material to the offer.

E.7 Estimated expenses charged to the investor by the Issuer or the

The Warrants are offered to the investors by the Dealer and the estimated expenses are zero in respect of all the Warrants being issued.

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Dealer