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Important Information

Revised Version of Pricing Guide – Effective 1 June 2017

A revised version of our pricing guide will be published and take effect on 1st June 2017 (the “Revised Pricing Guide”).

In the Revised Pricing Guide, we will be updating the section, “Foreign Currency Time Deposit” (at page 7 of our pricing guide), to set out how current charges for premature uplifting of a foreign currency time deposit are computed.

A summary is as follows:
Any premature upliftment is subject to penalty charges as set out below:
Total Penalty = Interest Accrued + Handling Fee (USD25) + Replacement Cost

Replacement Cost = (Current Market Day Rate – Contract Rate) x Remaining Days to Maturity

The Replacement Cost can be zero if the Current Market Rate at the date of the premature upliftment is less than the Contract Rate.

Current Market Rate refers to the current interest rate, which is based on the market conditions for the applicable currency, at the date of the premature upliftment.

Contract Rate refers to the Interest Rate that would have been payable to you if you held the Time Deposit until maturity.

For the avoidance of doubt, the charges set out above and reflected in the Revised Pricing Guide are existing charges and do not vary the fees and charges or the liabilities or obligations of our customers who currently have Foreign Currency Time Deposit(s) with us.

Our Revised Pricing Guide will replace all prior versions. Please read and understand the Revised Pricing Guide.