Investment Product Guide-

Exchange Traded Funds and Warrants

I have read the Investment Product Guide of the above product,

and I acknowledge that I understand its features and risks.

Signature: _____________

Print Name: _____________

Date: ______________

Code 520
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Warning:

This document covers certain structured products involving derivatives. Investment decision is yours but
you should not invest in the structured product unless (i) the intermediary who sells it to you/your
professional advisor has explained to / advised you that the product is suitable for you having regard to
your financial situation, investment experience and investment objectives; and/or (ii) you fully understand
and are willing to assume the risks associated with it.

The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are
advised to exercise caution when you review the contents of this document. If you are in any doubt about
any of the contents of this document, you should obtain independent professional advice.

This document is being provided for discussion purposes only and it is NOT intended to set forth the
definitive terms of any transaction. The terms of any proposed transaction described herein are
consequently subject to change without notice.

The products described herein are not registered with the Monetary Authority of Singapore or
authorized by the Hong Kong Securities and Futures Commission. Respective selling restrictions apply.

The Bank will provide Product Issuing Programme / Offering Memorandum / Pricing Supplement /
Offering Circular / Base Prospectus.

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ETFs

What is an Exchange Traded Funds (ETFs)?

The ETFs is to track the performance of an underlying index. Some ETFs gain exposure to the underlying
index by investing in shares, bonds, futures, commodities or other assets that make up the index

Synthetic ETFs adopt a different replication strategy by investing in derivative instruments designed to
replicate the performance of index

Key features of ETFs

Exchange trading - An ETF is structured as a mutual fund or a unit trust but its units, like a stock, are also
tradable on the Stock Exchange

Index tracking - To achieve the index tracking objective, a fund manager may adopt one or more of the
following strategies:
 full replication by investing in a portfolio of securities that replicates the composition of the underlying
index;
 representative sampling by investing in a portfolio of securities featuring a high correlation with the
underlying index, but is not exactly the same as those in the index; or
 synthetic replication through the use of financial derivative instruments to replicate the index
performance.

Synthetic replication is sometimes used by an ETF to raise efficiency and reduce cost. Where an ETF tracks
a market (or an index in a market) that has restricted access, it has no other choice but to adopt synthetic
replication through the use of financial derivative instruments.

Trading price vs. Net Asset Value (NAV) - Each ETF has an NAV that is calculated with reference to the
market value of the investments held by it.

Dividend entitlement - An ETF may or may not distribute dividends, depending on its dividend policy.

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ETFs
Risk Factors:

ETFs

Product is NOT principal protected.

Investors are exposed to Market risk such as economic, political, currency, legal and other risks of a specific
sector or market related to the index and the market that it is tracking.

Liquidity risk exists when a particular instrument is difficult to purchase or sell

There may be disparity between the performance of the ETF and the performance of the underlying index
due to, for instance, failure of tracking strategy, currency differences, fees and expenses.

Since the trading price of an ETF is typically determined by the supply and demand of the market, the ETF
may trade at a price higher or lower than its NAV.

Synthetic ETFs

Product is NOT principal protected.

Investors are exposed to Market risk such as political, economic, currency and other risks related to the
synthetic ETF’s underlying index.

Investors are subject to the credit risk of the counterparties who issued the derivatives and knock-on effect:
 Once a derivatives issuing counterparty defaults, a synthetic ETF may suffer losses.
 If a replacing counterparty cannot be found, the ETF may no longer be able to track the benchmark
index. In case the ETF is forced to liquidate the underlying assets, investors may suffer significant
losses.
 One derivatives counterparty goes bankrupt may have a knock-on effect on other derivatives
counterparties. Some synthetic ETFs have collateral to reduce the counterparty risk, but there may
be a risk that the market value of the collateral has fallen substantially when the synthetic ETF seeks
to realize the collateral. Investors may trade a synthetic ETF at a discount or premium to its Net Asset
Value (NAV). Where the index/market that the synthetic ETF tracks is subject to restricted access, the
efficiency in unit creation or redemption to keep the price of the synthetic ETF in line with its NAV may
be disrupted, causing the synthetic ETF to trade at a higher premium or discount to its NAV. Investors
who buy a synthetic ETF at a premium may not be able to recover the premium in the event of
termination.

A higher liquidity risk is involved if a synthetic ETF involves derivatives which do not have an active
secondary market. Wider bid-offer spreads in the price of the derivatives may result in losses.

There may be disparity between the performance of the synthetic ETF and the performance of the underlying
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index due to, for instance, failure of tracking strategy, currency differences, fees and expenses.
Warrants

What are Warrants?

Warrants are an instrument which gives investors the right - but not the obligation - to buy or sell the
underlying asset (e.g. a stock) at a pre-set price on or before a specified date.

Key features of Warrants

Compared with stocks, warrants have more attributes which include:

 Issuer: A warrant can be issued by a listed company (i.e. subscription warrant) or a third party such
as a financial institution (i.e. derivative warrant).
 Underlying asset: It can be a single stock, a basket of stocks, an index, a currency, a commodity, a
futures contract (e.g. oil futures) etc.
 Types of embedded rights: Don't mix up a call warrant with a put warrant. A call warrant gives you
the right to buy whereas a put warrant gives you the right to sell the underlying asset.
 Exercise price: The price at which you buy or sell the underlying asset in exercising a warrant.
 Conversion ratio: This refers to the number of units of the underlying asset exchanged when
exercising a unit of a warrant. Normally, in Hong Kong a derivative warrant on shares has the ratio of
1 (i.e.one warrant for one share) or 10 (i.e.10 warrants for one share).
 Expiry date: The date on which a warrant will expire and become worthless if the warrant is not
exercised.
 Exercise style: With an American warrant, you can exercise to buy/sell the underlying asset on or
before the expiry date. Whereas a European warrant allows exercise on the expiry date only.
 Settlement: A warrant can be settled by cash or physical delivery upon exercise.

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Warrants

 Derivative warrants are issued by financial institutions. Unlike subscription warrants which must be call
warrants, derivative warrants can be call or put warrants. Most of the derivative warrants in the market have
a shorter life, ranging from 6 months to 2 years normally, although the current Listing Rules allow a maximum
life of 5 years.
 Derivative warrants can be linked with a single stock, a basket of stocks, an index, a currency, a commodity
or a futures contract (e.g. oil futures). They can be settled by cash or physical delivery, which must be
specified by the issuers at launch.
 In exercising a call derivative warrant on a single stock with physical settlement, the issuer will deliver the
underlying shares to the warrant holder. This does not involve the issuance of new shares by the underlying
listed company as in the case of subscription warrants.
 Furthermore, every derivative warrant has a designated liquidity provider to help improve the liquidity of the
instrument in the market. Such a requirement does not apply to subscription warrants.

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Warrants
Risk Factors:

Warrants

Product is NOT principal protected.

Gearing risk: Although warrants often cost less than the price of the underlying assets, a warrant may change
in value to a much greater extent than the underlying assets. Although potential return on warrants may be
higher than that on the underlying assets, it should be noted that in the worst case the value of warrants may
fall to zero and holders may lose their entire investment amount.

Limited life: Unlike stocks, derivative warrants have an expiry date and therefore a limited life. Unless the
warrants are in-the-money, they become worthless at expiration.

Derivative warrants

Product is NOT principal protected.

Issuer risk: Derivative warrant holders are unsecured creditors of the issuer and they have no preferential
claim to any assets an issuer may hold.

Gearing risk: Although derivative warrants often cost less than the price of the underlying assets, a derivative
warrant may change in value to a much greater extent than the underlying assets. Although potential return
on derivative warrants may be higher than that on the underlying assets, it should be noted that in the worst
case the value of derivative warrants may fall to zero and holders may lose their entire investment amount.

Limited life: Unlike stocks, derivative warrants have an expiry date and therefore a limited life. Unless the
derivative warrants are in-the-money, they become worthless at expiration.

Time decay: So long as other factors remain unchanged, the value of derivative warrants will decrease over
time. Therefore, derivative warrants should never be viewed as products that are bought and held as long
term investments.

Market forces: In addition to the basic factors that determine the theoretical price of a derivative warrant,
derivative warrant prices are also affected by the demand for and supply of the derivative warrants. This is
particularly the case when a derivative warrant issue is almost sold out and when there are further issues of
an existing derivative warrant.

Turnover: High turnover should not be regarded as an indication that a derivative warrant’s price will go
up. The price of a derivative warrant is affected by a number of factors in addition to market forces, such as
the price of the underlying assets and its volatility, the time remaining to expiry, interest rates and the
expected dividend on the underlying assets. 7
Disclaimer 1/4
Important legal information

This document has been prepared by the Financial Strategies Advisory department ("FSA") of Bank J. Safra Sarasin Ltd, Switzerland, (hereafter the "Bank") for information
purposes only. It is not the result of financial research conducted by the Bank's research department nor the result of any other detailed due diligence conducted by the Bank
Although it may contain quotes of research analysts or quote research documents, this document cannot be considered as investment research or a research recommendation for
regulatory purposes as it does not constitute substantive research or analysis. Therefore the "Directives on the Independence of Financial Research" of the Swiss Bankers
Association do not apply to this document. Any views, opinions and commentaries in this document (together the "Views") are short/mid-term FSA views and may differ from those
of the Bank's research or other departments. The Bank may make investment decisions or take proprietary positions that are inconsistent with the Views expressed herein. It may
also provide advisory or other services to companies mentioned in this document resulting in a conflict of interest that could affect the Bank's objectivity. While the Bank has taken
steps to avoid or disclose, respectively, such conflicts, it cannot make any representation in such regard. You acknowledge and agree with such potential conflicts of interests.

The information, opinions and estimates contained in this document are for information purposes only. The Views contained in this document are those of the FSA as per the date
of writing and may be subject to change without notice. This document is based on publicly available information and data (the "Information"). The Bank has not verified and is
unable to guarantee the accuracy and completeness of the Information contained herein. Possible errors or incompleteness of the Information do not constitute legal grounds
(contractual or tort) for the recipient to bring an action against the Bank. In particular, neither the Bank nor its shareholders and employees shall be liable for the information,
opinions and estimates contained in this document. Certain investments and/or financial instruments contained herein may involve the use of leveraging, the use of derivative
instruments, exposure to emerging markets or potentially volatile markets and can therefore be subject to significantly higher risks and may not be suitable for all investors. The
value of, the income from, the annualised returns of or the projected returns of such investments may fluctuate and/or be affected by economic, financial and political factors,
including interest and exchange rates, market volatility and market conditions.

Any prices set out in this document are for indicative and/or illustrative purposes only and may vary in accordance with market fluctuations and other market circumstances.

Unless specifically agreed, the principal amount invested is not guaranteed and investors may end up receiving either (i) an amount less than the principal amount invested or (ii)
securities with a value substantially below that of the principal amount invested. No assurance (whether express or implied) is given to the effect that any of the issuer, the guarantor
or any of their affiliates will make a market in the product, nor that there will be a secondary market in such product. The value of the product also depends on the ability of the
issuer and the guarantor, if applicable, to perform their obligations thereunder.

This document is not intended to, and does not, provide individually tailored investment advice. It has been prepared without taking into account the objectives, financial situation or
needs of particular investors. When you acquire an investment or product, unless the Bank has specifically solicited or advised you to acquire an investment or product, you give
your orders or instructions in reliance on your own judgment, taking into account your overall financial situation, composition of your investment portfolio and your other assets, your
investment objectives, attitude to risk, performance aspiration, tolerance to possible capital loss, liquidity requirements and any matters which you consider to be appropriate. The
Bank does not make any representation or assess the suitability of such investment or product. Further, the Bank makes no representation as to their future performance. Nothing in
this document constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for an investor's individual
circumstances, or otherwise constitutes a personal recommendation for any specific investor. Before entering into any transaction or acquiring any product, you should
independently assess with your professional advisers the specific risks relating to such transaction or product, such as maximum losses which the investor may incur, currency risks
as well as any legal, regulatory, credit, tax (including the legal and tax regimes in the countries of your citizenship, residence, domicile and/or place of incorporation (as the case
may be) and any applicable exchange control regulations) and accounting consequences arising from entering into any transactions or purchasing any products. Direct investments
in U.S. securities may expose the investor to U.S. taxation (e.g. U.S. estate tax) and may lead to U.S. taxation of the investor even in cases where the investor is not domiciled in
the U.S. and/or does not have U.S. person status.

Investments in services and products mentioned in this document should only be made after a thorough reading of the available product/services documentation, in case of mutual
funds especially the Key Investor Information Document. The Bank will make available the relevant issuer's product documentation to facilitate you to understand the relevant
transaction or product.

Past performance is not an indication of current or future performance. The return of a financial instrument may go down as well as up due to changes in rates of exchange between
currencies. The Bank does not assume any liability, neither explicit nor implicit for the future performance of a financial instrument.

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Disclaimer 2/4
The Bank may receive commissions or fees for placement or distribution of financial products either as an initial charge and/or as ongoing fees during the holding period of the financial
products. Such commissions or fees are considerations for services rendered by the Bank to the issuers and managers of the financial products, including but not limited to the use of
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investors. Although measures are taken to avoid or limit conflicts of interest, the Bank cannot guarantee that such conflicts of interest will not occur. Specifically, the prospect of
receiving, or the receipt of, commissions and fees described above may provide the Bank with an incentive to favour sales of certain financial products over others to which the Bank
does not receive such commissions or fees, or receive lower commissions or fees. You acknowledge and agree that the Bank may receive such commissions or fees. This document
may only be distributed in countries where its distribution is legally permitted. This information is not directed to any person in any jurisdiction where (by reason of that person's
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parties should contact the local J. Safra Sarasin Group-representative to be informed about the services and products available in their country of residence.

This document is disseminated as follows:

Switzerland: In Switzerland this document is distributed by Bank J. Safra Sarasin Ltd, regulated by the Swiss Financial Market Supervisory Authority FINMA. All investment funds
mentioned in this document are approved for distribution in Switzerland. Structured products do not constitute a participation in such investment funds. Therefore, they are not
supervised by the Swiss Financial Market Supervisory Authority FINMA and the investor does not benefit from the specific protection provided under the Swiss Federal Act on Collective
Investment Schemes. This document is not a simplified prospectus as stated in Art. 5 of the Swiss Federal Act on Collective Investment Schemes.

Monaco: Bank J. Safra Sarasin (Monaco) SA, an institution regulated by the Minister of State for Monaco and the Bank of France, is sending to its clients this document prepared by the
Bank.

Luxembourg: This marketing document has been prepared by Bank J. Safra Sarasin Ltd (the "Swiss Bank"), a sister company of Banque J. Safra Sarasin (Luxembourg) S.A. (the
"Luxembourg Bank"), having its registered office at 10a, Boulevard Joseph II, L-1840 Luxembourg, which is subject to the supervision of the Commission de surveillance du secteur
financier - CSSF on the basis of information at the disposal of the Swiss Bank or at the disposal of the other entities mentioned in the present document.

This document is not the result of a substantive research or financial analysis and does not constitute investment research or research recommendation, notably within the meaning of
the second paragraph of Article 27 of the Grand-Ducal Regulation of 13 July 2007 relating to organisational requirements and rules of conduct in the financial sector, for the person to
whom it is addressed. This document constitutes only general information material for the personal use of the intended recipient to whom it is communicated.

United Kingdom: This document is prepared by the Bank. It is a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 (FSMA) and has been
approved for distribution in the UK by Bank J. Safra Sarasin (Gibraltar) Ltd. Rules made by the UK Financial Conduct Authority under the FSMA for the protection of retail clients do not
apply to services provided by members of the J. Safra Sarasin Group outside the UK and both the Gibraltar Investor Compensation Scheme and the UK Financial Services
Compensation Scheme will not apply.

Singapore:

Important Notice

Warning: The contents of this document and the investments contained herein have not been reviewed, registered or authorized, by any regulatory authority in Singapore. You are
advised to exercise caution in relation to the investment(s) detailed in this document. If you are in doubt about any of the matters detailed herein, you should obtain independent
professional advice.

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Disclaimer 3/4
Derivatives Warning

The investment(s) detailed in this document may involve certain structured product(s) containing derivatives, in which event the investment decision is yours but you should not
invest in the investment detailed herein unless (i) the intermediary who solicits or recommends the structured products to you/your professional advisor has explained to you and
advised you that the structured products are suitable for you having regard to your financial situation, investment experience and investment objectives; and (ii) you fully understand
and are willing to assume the risks associated with them.

Singapore Selling Restriction

This document and related documents may not be distributed or circulated to, and the investment(s) mentioned herein may not be offered or sold or be made the subject of an
invitation for subscription or purchase, whether directly or indirectly, to the public in Singapore other than (i) to an institutional investor specified in Section 274 of the Securities and
Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275 of the SFA, and in accordance with the conditions specified in Section 275 of
the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where the products are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (A) a corporation (which is not an accredited investor (as defined in
Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited
investor; or (B) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an
accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not
be transferred within 6 months after that corporation or that trust has acquired the products pursuant to an offer made under Section 275 except: (1) to an institutional investor (for
corporations under Section 274 of the SFA) or to a relevant person as defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such
shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its
equivalent in a foreign currency) for each transaction, whether such amount is to be paid in cash or by exchange of securities or other assets, and further for corporations, in
accordance with the conditions specified in Section 275 of the SFA; (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law.

This document is prepared and issued by Bank J. Safra Sarasin Ltd but distributed by its Singapore branch in the conduct of its business in Singapore. Bank J. Safra Sarasin Ltd,
Singapore Branch is an exempt financial adviser under the Singapore Financial Advisers Act (Cap. 110), an offshore bank licensed under the Singapore Banking Act (Cap. 19) and
regulated by the Monetary Authority of Singapore.

Bank J. Safra Sarasin, Singapore Branch has obtained an exemption under Section 100(2) of the Financial Advisers Act, Chapter 110 of Singapore, in respect of the provision of
financial advisory services to its clients who are "high net worth individuals"; - specific reference is hereby made to Clause 39 of the Conditions for Account Opening and
Maintenance in relation to, and which sets out, the said exemptions that Bank J. Safra Sarasin, Singapore Branch may rely upon.

Hong Kong:

Important Notice

Warning: The contents of this document and the investments contained herein have not been reviewed, registered or authorized, by any regulatory authority in Hong Kong. You are
advised to exercise caution in relation to the investment(s) detailed in this document. If you are in doubt about any of the matters detailed herein, you should obtain independent
professional advice.

Derivatives Warning

The investment(s) detailed in this document may involve certain structured product(s) which involves derivatives. Do not invest in such structured product(s) unless you fully
understand and are willing to assume the risks associated with it/them. If you are in any doubt about the risks involved in the product(s), you may clarify with the Bank, Hong Kong
branch or seek independent professional advice.

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Disclaimer 4/4
This document is prepared and issued by Bank J. Safra Sarasin Ltd but distributed by each of its branches in Singapore and Hong Kong in the conduct of their respective
businesses in Singapore and Hong Kong. Bank J, Safra Sarasin ltd, Hong Kong Branch is a licensed bank under the Hong Kong Banking Ordinance (Cap. 155 of the laws of Hong
Kong) and a registered institution under the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong) (CE Number AHX 499) to carry out Types 1 (dealing in
securities) and 4 (advising on securities) regulated activities as defined under the Securities and Futures Ordinance.

Hong Kong Selling Restriction

This document and its contents are not intended and shall not in any way be construed as an offer or solicitation to the public in Hong Kong for the purchase or sale of any
securities, regulated investment agreement or collective investment scheme. This document has not and will not be registered or authorized (whether by the Securities and Futures
Commission or otherwise) in Hong Kong nor has its content been reviewed by any regulatory authority in Hong Kong. Accordingly, unless permitted by the securities laws of Hong
Kong, (i) in the case of any product herein being a share or debenture of a company, no person may issue or cause to be issued this document in Hong Kong, other than to persons
who are "professional investors" as defined in the Securities and Futures Ordinance (Chapter 571) of the Laws of Hong Kong) and any rules made thereunder or in circumstances
which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Chapter 32 of the Laws of Hong Kong) or which do not constitute an offer to the
public within the meaning of that Ordinance; and other cases, no investment agreement or collective investment scheme, whether in Hong Kong or (ii) in elsewhere, which is
directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong, other than with respect to securities, regulated investment agreement or collective
investment scheme which are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the Securities and Futures Ordinance
and any rules made thereunder. If an investor is in doubt about any of the contents of this document, the investor should obtain independent professional advice.

Bahamas: This document is distributed to private clients of Bank J. Safra Sarasin (Bahamas) Ltd and is not intended for distribution to persons designated as a Bahamian citizen or
resident under the Bahamas Exchange Control Regulations.

Panama: This document is presented, based solely on public information openly available to the general public, by J. Safra Sarasin Asset Management S.A., Panama.

Qatar Financial Centre (QFC): This document is only intended to be distributed by Bank J. Safra Sarasin (QFC) LLC, Qatar (“BJSSQ”) from QFC to Business Customers as defined
by the Qatar Financial Centre Regulatory Authority (QFCRA) Rules. Bank J. Safra Sarasin (QFC) LLC is authorized by QFCRA.

This document may also includes a collective investment scheme (Fund) that is not registered in the QFC or regulated by the Regulatory Authority. Any issuing document /
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to professional clients as defined by the DFSA. BJSSAM is duly authorised and regulated by DFSA. If you do not understand the contents of this document you should consult an
authorised financial adviser. This document may also include Funds which are not subject to any form of regulation or approval by the Dubai Financial Services Authority (“DFSA”).
The DFSA has no responsibility for reviewing or verifying any Issuing Document or other documents in connection with these Funds. Accordingly, the DFSA has not approved the
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which the Issuing Document relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the Units.

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© Bank J. Safra Sarasin Ltd 2017

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