The Final Terms relating to each issue of Unitary Warrants will contain (without limitation) such of the following information as is applicable in respect of such Unitary Warrants. All references to numbered conditions are to the terms and conditions of the Unitary Warrants set out in Schedule 3 of the Agency Agreement (as defined in the Unitary 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 Unitary 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 Issuer may offer, sell or deliver Warrants only (a) to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) reasonably believed by the Issuer to be qualified institutional buyers (each a QIB) as defined in Rule 144A under the Securities Act (Rule 144A) that are also “qualified purchasers” (QPs) within the meaning of Section 3(c)(7) (Section 3(c)(7)) and as defined in Section 2(a)(51)(A) of the United States Investment Company Act of 1940, as amended (the 1940 Act) or (b) outside the United States to, or for the account or benefit of, a purchaser that is not a U.S. person in an offshore transaction in compliance with Regulation S under the Securities Act. Each purchaser of Warrants being offered to, or for the account or benefit of a U.S. person is hereby notified that the offer and sale of such Warrants is being made in reliance upon an exemption from the registration requirements of the Securities Act. The Warrants are eligible for purchase by Plans (as defined herein) subject to certain conditions. See “ERISA Considerations for Unitary Warrants” herein.

46,000 American Style Unitary Cash Settled Call Warrants due 18 December 2020 linked to MSCI China A Inclusion Net Return USD Index

This document constitutes the Final Terms relating to the issue of Unitary 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 24 September 2018 approved by the Central Bank of Ireland on 24 September 2018 (as supplemented from time to time, the Base Prospectus). These Final Terms contain the final terms of the Unitary Warrants and must be read in conjunction with such Base Prospectus in order to obtain full information on the Issuer and the Unitary 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/Market-Data- Announcements/Debt/Individual-Debt-Instrument-Data/Dept-Security- Documents/?progID=121&FIELDSORT=docId.

Save as disclosed in “Offering and Sale”, so far as the Issuer is aware, no person involved in the offer of the Unitary Warrants has an interest material to the offer.

All purchasers of the Warrants must provide certain representations to the Dealer in the form of the Master Purchaser Certificate set out as the Appendix attached to the Unitary Warrant Conditions set out in the Base Prospectus.

References herein to numbered Conditions are to the Terms and Conditions of the Unitary 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; I2770 1.(b) Whether or not the Warrants are to be consolidated No and form a single series with the warrants of an existing series; 2. Whether the Warrants are Share Warrants or Index Index Warrants relating to MSCI China A Warrants or a Basket; Inclusion Net Return USD Index with the Bloomberg code M1CNA Index (the Index) 3. Launch Date; 13 September 2019 4. The Issue Date of the Warrants; 18 September 2019 5. Whether the Warrants are American Style American Style Warrants Warrants or European Style Warrants; 6. Whether the Warrants are Call Warrants or Put Call Warrants Warrants; 7. Whether the Warrants are Global Warrants or Global Warrants exchangeable into Definitive Definitive Warrants; Warrants in registered form in limited circumstances as set out in the Conditions 8.(a) If the Warrants are Index Warrants, whether the Outperformance Warrants Warrants are Outperformance Warrants or Market Access Warrants; 8.(b) If the Warrants are Outperformance Warrants, Not applicable whether Upfront Discount is applicable, and if so, Upfront Discount (as a percentage); 8.(c) If the Warrants are Outperformance Warrants, Not applicable 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.(d)(i)); 8.(d) If the Warrants are Outperformance Warrants, and Not applicable Upfront Discount or Daily Accrual is applicable, the Commission Rate (as a percentage); 8.(d)(i) If the Warrants are Outperformance Warrants, Not applicable whether Daily Accrual and Rerate are applicable, and if so, the Daily Accrual Rate (as a percentage) in respect of the First Period; 8.(d)(ii) If the Warrants are Outperformance Warrants, Not applicable Daily Accrual and Rerate are applicable, the Rerate Date; 8.(d)(iii) If Rerate is applicable, Default Adjusted Rate (as Not applicable a percentage); 8.(e) If the Warrants are Outperformance Warrants, Not applicable whether Variable Daily Accrual is applicable, and if so, the Variable Daily Accrual Rate (as a percentage); 9. The number of Warrants being issued; 46,000 10.(a) The Issue Price per Warrant (which may be United States Dollars ("USD") 982.08 subject to adjustment in accordance with Condition 17 or 18 in the case of Index Warrants and Share Warrants, respectively); 10.(b) Currency in which Warrants are to be denominated USD and traded; 11. The Strike Price per Warrant (which may be USD 0.00001 subject to adjustment in accordance with Condition 17 or 18 in the case of Index Warrants and Share Warrants, respectively); 12. The Relevant Jurisdiction of the Warrants; Not applicable 12A.(a) If the Warrants are American Style Warrants, Yes whether Issuer Optional Early Termination is applicable; 12A.(b) If Issuer Optional Early Termination is applicable, Five (5) Business Days the number of Business Day’s written notice required to be given by the Issuer in order to terminate; 12A.(c) If Issuer Optional Early Termination is applicable, Not 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; 12A.(d) If Issuer Break Fee Rate is Amortised and Day Not applicable Count Fraction is applicable, the start date and end date over which Day Count Fraction applies; 13.(a) If Warrantholder Break Fee is applicable, and if Applicable 0.5% Amortised so, the Warrantholder Break Fee Rate and if the Warrantholder Break Fee Rate is Flat or Amortised; 13.(b) If Warrantholder Break Fee Rate is Amortised and Not applicable Day Count Fraction is applicable, the start date

and end date over which Day Count Fraction applies; 14. The Settlement Price per Warrant (which may be Not applicable subject to adjustment in accordance with Condition 17 or 18 in the case of Index Warrants and Share Warrants, respectively); (NB: This must be expressed as a monetary amount in respect of Index Warrants); 15. The Interim Payment Amount or the Basket Not applicable Dividend Payment Amount (in the case of Basket Warrants); 16. The Applicable Cash Dividend Amount; As defined in Condition 19 17.(a) If the Warrants are Index Warrants, whether Not applicable Commissions applies and if so, the Commissions (as a percentage); 17.(b) If the Warrants are Index Warrants, whether Applicable. Outperformance Average. Outperformance is applicable, and if so, if Outperformance Rate: 0% Outperformance Average, Outperformance Initial or Outperformance Final is applicable and the Outperformance Rate (as a percentage); 18.(a) The Cash Settlement Amount per Warrant; As specified in Condition 3(b) 18.(b) Whether a Management Fee is applicable, and if Not applicable so the Management Fee Rate (as a percentage); 19.(a) The Settlement Date; As defined in Condition 19 19.(b) The Basket Dividend Payment Date; Not applicable 20.(a) If the Warrants are Index Warrants, the Index Not applicable Initial; 20.(b) If the Warrants are Index Warrants, the Index The Official Closing Level of the Index on the Final; Actual Exercise Date or the Expiration Date (as applicable) 20.(c) If the Warrants are Index Warrants, the Index The arithmetic average of the Official Closing Average; Level of the Index as determined by the Calculation Agent on each date starting from and including the Launch Date to but excluding in the case of American Style Warrants, the Actual Exercise Date or the Expiration Date. 21. In the case of European Style Warrants, the Not applicable Exercise Date for the Warrants; 22. In the case of American Style Warrants, the From the fourth Business Day following the date Exercise Period in respect of the Warrants; 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. 23. In the case of American Style Warrants, the 18 December 2020 Expiration Date for the Warrants; 24. In the case of American Style Warrants, whether Yes Automatic Exercise will apply; 25. The Share Amount which shall be applied to Not applicable ascertain the Cash Settlement Amount (as defined in Condition 19) for each Warrant (such Share Amount shall be subject to adjustment in accordance with Condition 18); 26. The applicable Business Day Centre(s) for the Hong Kong, London, New York and The purposes of the definition of Business Day in People’s Republic of China Condition 19; 27. The Spot Exchange Rate for conversion of any As defined in Condition 19 amount into the relevant Settlement Currency for the purposes of determining the Cash Settlement Amount; 28. The Settlement Currency for the payment of the USD Cash Settlement Amount; 29. The Local Currency in respect of the Shares or the Not applicable currency equivalent thereof (if different); 30. Qualified Investor; As defined in Condition 19 31.(a) In the case of American Style Warrants, the One Warrant Minimum Exercise Number; 31.(b) In the case of American Style Warrants, the 46,000 Warrants Maximum Exercise Number; 32.(a) The Minimum Purchase Amount of the Warrants; 1,019 Warrants 32.(b) The Minimum Trading Amount of Warrants; One Warrant 33.(a) For the purposes of Condition 17 (Additional Exchange(s): Index Components Exchange Terms for Index Warrants), details of the Related Exchange(s): All Exchanges Exchange and Related Exchange (if any); 33.(b) For the purposes of Condition 17 (Additional MSCI Terms for Index Warrants), details of the relevant Sponsor; 34. For the purposes of Condition 18 (Additional Not applicable Terms for Share Warrants) details of the Exchange and Related Exchange (if any); 35. Whether Payment Disruption Event is applicable; Yes 36. Details of any certifications required in the Not applicable Exercise Notice; 37.(a) Whether the Warrants are Additional Warrants; No 37.(b) If the Warrants are Additional Warrants, whether Not applicable they are Fungible Additional Warrants or Non- Fungible Additional Warrants; 37.(c) If the Warrants are Non-Fungible Additional Not applicable Warrants, the Original Series; 38. The method of distribution of the Warrants Private placement (syndicated or non-syndicated) including, if any, Non-syndicated the names of any Dealers other than or in addition

to Morgan Stanley & Co. International plc (Additional Dealers); 39. Potential Section 871(m) transaction under the The Issuer believes the Warrants should not be U.S. Internal Revenue Code (Code). subject to withholding under Section 871(m) of the Code.

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 index (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 Service 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 Warrants are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in European Economic Area. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of DIRECTIVE 2014/65/EU as amended (MIFID II); (ii) a customer within the meaning of the Directive 2002/92/EC (the Insurance Mediation Directive) as amended, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospective Directive, as amended. Consequently no key information document required by Regulation (EU) No 1286/2014 as amended (the PRIIPs Regulation) for offering or selling the Warrants or otherwise making them available to retail investors in the European Economic Area has been prepared and therefore offering or selling the Warrants or otherwise making them available to any retail investor in the European Economic Area may be unlawful under the PRIIPs Regulation.

The Central Bank of Ireland has approved the Base Prospectus dated 24 September 2018 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 16 January 2019, 25 March 2019, 7 June 2019 and 26 August 2019.

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).

Signed on behalf of the Issuer:

By:......

Duly authorised 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 Euronext Dublin granting listing of the Warrants. Listing of the Warrants on the Euronext Dublin is expected to occur on 18 September 2019.

2 Rating

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

3 Notification

The Central Bank has provided the competent authority(ies) of Ireland with a certificate of approval attesting that the Base Prospectus dated 24 September 2018, has been drawn up in accordance with the provisions of the Prospectus Directive and Commission Regulation (EC) No 809/2004 and has further approved the Base Prospectus Supplements dated 16 January 2019, 25 March 2019, 7 June 2019 and 26 August 2019.

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 Reasons for the offer, estimated net proceeds and use of proceeds

(i) Reasons for the offer and use of proceeds: See “Use of Proceeds” in the Base Prospectus

(ii) Estimated net proceeds: Not applicable

(iii) Estimated total expenses: Not applicable

6 Details relating to the Underlying Asset(s)

(i) Underlying Asset(s): The Index

(ii) Sponsor of Underlying Asset: MSCI

(iii) ISIN/Security information code relating to US61768N8222 / M1CNA Index the Underlying Asset(s):

(iv) Description of Underlying Asset(s): Not applicable

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

7 Operational information

(i) ISIN: US61768N8222 (ii) Common Code: 205565400

(iii) Any clearing system(s) other than Euroclear Not applicable Bank S.A./N.V. and Clearstream Banking S.A. and the relevant identification number(s):

8 Additional Disclosure relating to the Index

(i) Index disclaimer: Not applicable

(ii) Dividend treatment: As determined by the Calculation Agent taking into the account any methodology (if applicable) published by the Sponsor.

(iii) Index performance for the previous three Relevant Period Highest Closing Lowest Closing years: Level (USD) Level (USD)

2016 N/A N/A 2017 1061.23 1061.23 2018 761.35 761.35 2019, January 831.67 831.67 2019, February 943.60 943.60 2019, March 989.33 989.33 2019, April 997.47 997.47 2019, May 903.87 903.87 2019, June 963.75 963.75 2019, July 971.87 971.87 2019, August 933.45 933.45 2019, September 988.11 988.11 (up to and including the Launch Date)

(iv) Index constituents and weights: Index constituents and weights of each constituent as at 17 September 2019:

Index Constituent Bloomberg Code Weighting 600519 C1 KWEICHOW MOUTAI A (HK-C) Equity 6.16% 601318 C1 PING AN INS A (HK-C) Equity 4.41% 600036 C1 CHINA MERCH BK A (HK-C) Equity 3.22% 000858 C2 WULIANGYE YIBIN A (HK-C) Equity 2.27% 600900 C1 CHINA YANGTZE A (HK-C) Equity 1.86% 601166 C1 INDUSTRIAL BANK A (HK-C) Equity 1.66% 600276 C1 JIANGSU HENGRUI A (HK-C) Equity 1.57% 600000 C1 SHANGHAI PUDONG A (HK-C) Equity 1.56% 002415 C2 HANGZHOU HIKVIS A (HK-C) Equity 1.44% 601398 C1 ICBC A (HK-C) Equity 1.34% 000002 C2 CHINA VANKE CO A (HK-C) Equity 1.18% 601288 C1 AGRI BANK OF CN A (HK-C) Equity 1.17% 603288 C1 FOSHAN HAITIAN A (HK-C) Equity 1.11% 000001 C2 PING AN BANK CO A (HK-C) Equity 1.11% 601668 C1 CHINA STATE CON A (HK-C) Equity 1.08% 600030 C1 CITIC SECURITIES A(HK-C) Equity 1.07% 601601 C1 CHINA PACIFIC A (HK-C) Equity 1.06% 601328 C1 BANK OF COMMU A (HK-C) Equity 0.98% 600016 C1 CHINA MINSHENG A (HK-C) Equity 0.97% 300498 C2 WENS FOODSTUFF A (HK-C) Equity 0.91% 600050 C1 CHINA UTD NETWK A (HK-C) Equity 0.88% 600104 C1 SAIC MOTOR CORP A (HK-C) Equity 0.87% 601766 C1 CRRC CORP A (HK-C) Equity 0.83% 000333 C2 MIDEA GROUP CO A (HK-C) Equity 0.82% 601888 C1 CHINA INTL TRVL A (HK-C) Equity 0.81% 600887 C1 INNER MONGOL YIL A(HK-C) Equity 0.80% 000651 C2 GREE ELECT APPL A (HK-C) Equity 0.79% 600048 C1 POLY DEV & HLDGS A(HK-C) Equity 0.77% 600585 C1 ANHUI CONCH A (HK-C) Equity 0.75% 601818 C1 CHINA EVERBRIGHT A(HK-C) Equity 0.71% 002304 C2 JIANGSU YANGHE A (HK-C) Equity 0.70% 600309 C1 WANHUA CHEM GRP A (HK-C) Equity 0.66% 601211 C1 GUOTAI JUNAN SE A (HK-C) Equity 0.64% 002475 C2 LUXSHARE PREC A (HK-C) Equity 0.62% 601989 C1 CHINA SHIPB IND A (HK-C) Equity 0.62% 000725 C2 BOE TECH GROUP A (HK-C) Equity 0.61% 600028 C1 CHINA PETRO & CH A(HK-C) Equity 0.61% 601688 C1 HUATAI SEC CO A (HK-C) Equity 0.59% 001979 C2 CHINA MERCH SHEK A(HK-C) Equity 0.59% 601229 C1 BANK OF SHANGHAI A(HK-C) Equity 0.59% 600837 C1 HAITONG SEC A (HK-C) Equity 0.58% 601988 C1 BANK OF CHINA A (HK-C) Equity 0.57% 000568 C2 LUZHOU LAOJIAO A (HK-C) Equity 0.57% 002142 C2 BANK OF NINGBO A (HK-C) Equity 0.57% MUYUAN FOODSTUFF A(HK- 002714 C2 C) Equity 0.56% 600031 C1 SANY HEAVY IND A (HK-C) Equity 0.54% 000063 C2 ZTE CORP A (HK-C) Equity 0.54% 603259 C1 WUXI APPTEC A (HK-C) Equity 0.53% 601390 C1 CHINA RAIL GRP A (HK-C) Equity 0.53% 600019 C1 BAOSHAN IRON A (HK-C) Equity 0.52% BANK OF BEIJING A (HK-C) 601169 C1 0.52% Equity 601006 C1 DAQIN RAILWAY A (HK-C) Equity 0.52% 601186 C1 CHINA RAIL CONST A(HK-C) Equity 0.51% 000166 C2 SHENWAN HONGY A (HK-C) Equity 0.51% 300059 C2 EAST MONEY INFO A (HK-C) Equity 0.49% 601336 C1 NEW CHINA LIFE A (HK-C) Equity 0.48% 300015 C2 AIER EYE HOSP A(HK-C) Equity 0.47% 601857 C1 PETROCHINA CO A (HK-C) Equity 0.47% 601012 C1 LONGI GREEN ENER A(HK-C) Equity 0.46% 600999 C1 CHINA MERCH SEC A (HK-C) Equity 0.45% 002024 C2 SUNING.COM CO A (HK-C) Equity 0.45% 600547 C1 SHANDONG GOLD A (HK-C) Equity 0.44% 600015 C1 HUAXIA BANK A (HK-C) Equity 0.43% 600690 C1 HAIER SMART HOME A(HK-C) Equity 0.43% 600346 C1 HENGLI PETROCHEM A(HK-C) Equity 0.42% 002594 C2 BYD CO A (HK-C) Equity 0.41% 600406 C1 NARI TECHNOLOGY A (HK-C) Equity 0.41% 601933 C1 YONGHUI SUPERST A (HK-C) Equity 0.39% 000776 C2 GF SECURITIES A (HK-C) Equity 0.39% 601088 C1 CHINA SHENHUA A (HK-C) Equity 0.39% 600588 C1 YONYOU NETWORK A (HK-C) Equity 0.38% 600340 C1 CHINA FORTUNE A (HK-C) Equity 0.38% 600741 C1 HUAYU AUTO SYS A (HK-C) Equity 0.36% 002027 C2 FOCUS MEDIA A (HK-C) Equity 0.36% 601628 C1 CHINA LIFE INS A (HK-C) Equity 0.36% 000538 C2 YUNNAN BAIYAO A (HK-C) Equity 0.36% 600009 C1 SHANGHAI INTL AI A(HK-C) Equity 0.36% 600919 C1 BANK OF JIANGSU A (HK-C) Equity 0.35% 000876 C2 NEW HOPE LIUHE A (HK-C) Equity 0.35% 002230 C2 IFLYTEK CO A (HK-C) Equity 0.34% 601225 C1 SHAANXI COAL IND A(HK-C) Equity 0.34% 300760 C2 SHENZHEN MINDRAY A(HK-C) Equity 0.33% 000338 C2 WEICHAI POWER A (HK-C) Equity 0.32% 601985 C1 CHINA NATL NUCL A (HK-C) Equity 0.32% 601009 C1 BANK OF NANJING A (HK-C) Equity 0.32% 600010 C1 INNER MONGOL BAO A(HK-C) Equity 0.31% 300122 C2 CHONGQING ZHIFEI A(HK-C) Equity 0.31% 000895 C2 HENAN SHUANGHUI A (HK-C) Equity 0.31% 601939 C1 CHINA CONST BK A (HK-C) Equity 0.30% CHINA MOLYBDENUM A(HK- 603993 C1 C) Equity 0.30% 600570 C1 HUNDSUN TECH A (HK-C) Equity 0.29% 600958 C1 ORIENT SEC CO A (HK-C) Equity 0.29% 600809 C1 SHANXI XINGHUAC A (HK-C) Equity 0.29% 300033 C2 HITHINK ROYAL A (HK-C) Equity 0.28% 600886 C1 SDIC POWER HLDGS A(HK-C) Equity 0.28% 601669 C1 POWER CONSTR A (HK-C) Equity 0.28% 601899 C1 ZIJIN MINING A (HK-C) Equity 0.28% 600436 C1 ZHANGZHOU PIENTZ A(HK-C) Equity 0.27% 601155 C1 FUTURE LAND HLD A (HK-C) Equity 0.27% 601901 C1 FOUNDER SEC A (HK-C) Equity 0.27% 601138 C1 FOXCONN INDL A (HK-C) Equity 0.26% 600029 C1 CHINA STH AIRL A (HK-C) Equity 0.26% 000069 C2 SHENZHEN OVERSEA A(HK-C) Equity 0.26% 600606 C1 GREENLAND HLDGS A (HK-C) Equity 0.26% 600438 C1 TONGWEI CO A (HK-C) Equity 0.26% 600703 C1 SANAN OPTOELEC A (HK-C) Equity 0.25% CONTEMPORARY AMP A(HK- 300750 C2 C) Equity 0.25% 600196 C1 SHANGHAI FOSUN A (HK-C) Equity 0.25% 600383 C1 GEMDALE CORP A (HK-C) Equity 0.24% 002736 C2 GUOSEN SEC CO A (HK-C) Equity 0.24% 600893 C1 AECC AVIATION A (HK-C) Equity 0.24% 002236 C2 ZHEJIANG DAHUA A (HK-C) Equity 0.24% 002120 C2 YUNDA HOLDING A (HK-C) Equity 0.24% 601618 C1 METALLURGICAL A (HK-C) Equity 0.24% 600018 C1 SHANGHAI INTL PO A(HK-C) Equity 0.24% 600332 C1 GUANGZHOU BAIYU A (HK-C) Equity 0.23% 600115 C1 CHINA EAST AIR A (HK-C) Equity 0.23% 600352 C1 ZHEJIANG LONGSH A (HK-C) Equity 0.23% 601877 C1 ZHEJIANG CHINT A (HK-C) Equity 0.22% 000100 C2 TCL CORP A (HK-C) Equity 0.22% 300003 C2 LEPU MEDICAL A (HK-C) Equity 0.22% 000963 C2 HUADONG MEDICINE A(HK-C) Equity 0.22% 601600 C1 ALUMINUM CORP A (HK-C) Equity 0.22% GD POWER DEV CO A (HK-C) 600795 C1 0.22% Equity 002241 C2 GOERTEK A (HK-C) Equity 0.22% 000768 C2 AVIC AIRCRAFT A (HK-C) Equity 0.22% 002044 C2 MEINIAN ONEHEALT A(HK-C) Equity 0.21% 600061 C1 SDIC CAPITAL CO A (HK-C) Equity 0.21% 601788 C1 EVERBRIGHT SEC A (HK-C) Equity 0.21% 002493 C2 RONGSHENG PETRO A (HK-C) Equity 0.21% 002202 C2 XINJIANG GOLDW A (HK-C) Equity 0.21% 002352 C2 S F HOLDING A (HK-C) Equity 0.21% 600660 C1 FUYAO GROUP A (HK-C) Equity 0.21% 300601 C2 SHENZHEN KANGTAI A(HK-C) Equity 0.20% 601377 C1 INDUSTRIAL SEC A (HK-C) Equity 0.20% 600705 C1 AVIC CAPITAL CO A (HK-C) Equity 0.20% 300347 C2 HANGZHOU TIGER A (HK-C) Equity 0.20% 600674 C1 SICHUAN CHUANT A (HK-C) Equity 0.19% 600926 C1 BANK OF HANGZHOU A(HK-C) Equity 0.19% 600271 C1 AISINO CO A (HK-C) Equity 0.19% 600482 C1 CHINA SHIPBLDG A (HK-C) Equity 0.19% 600111 C1 CHINA NORTHERN A (HK-C) Equity 0.19% 601727 C1 SHANGHAI ELEC A (HK-C) Equity 0.19% 300142 C2 WALVAX BIOTECH A (HK-C) Equity 0.19% 300124 C2 SHENZHEN INOVANC A(HK-C) Equity 0.19% 000783 C2 CHANGJIANG SEC A (HK-C) Equity 0.19% 601021 C1 SPRING AIRLINES A (HK-C) Equity 0.18% 002422 C2 SICHUAN KELUN A (HK-C) Equity 0.18% 601108 C1 CAITONG SEC A (HK-C) Equity 0.18% 002555 C2 WUHU SANQI A (HK-C) Equity 0.17% 600085 C1 BEIJING TONGREN A (HK-C) Equity 0.17% 002146 C2 RISESUN REAL A (HK-C) Equity 0.17% TONGHUA DONGBAO A (HK- 600867 C1 C) Equity 0.17% 300144 C2 SONGCHENG PERF A (HK-C) Equity 0.17% 000157 C2 ZOOMLION HEAVY A (HK-C) Equity 0.17% 000703 C2 HENGYI PETROCHEM A(HK-C) Equity 0.17% 601607 C1 SHANGHAI PHARMA A (HK-C) Equity 0.17% 000656 C2 JINKE PPTY GRP A (HK-C) Equity 0.16% 300408 C2 CHAOZHOU THREE A (HK-C) Equity 0.16% 002153 C2 BEIJING SHIJI A (HK-C) Equity 0.16% 000425 C2 XCMG CONST MACH A (HK-C) Equity 0.16% 000627 C2 HUBEI BIOCAUSE A (HK-C) Equity 0.16% 002384 C2 SUZHOU DONGSHAN A (HK-C) Equity 0.16% 601360 C1 360 SECURITY A (HK-C) Equity 0.16% 600600 C1 TSINGTAO BREWER A (HK-C) Equity 0.16% 601018 C1 NINGBO ZHOUSHAN A (HK-C) Equity 0.16% 300433 C2 LENS TECHNOLOGY A (HK-C) Equity 0.15% 600637 C1 ORIENTAL PEARL A (HK-C) Equity 0.15% 600516 C1 FANGDA CARBON A (HK-C) Equity 0.15% 601111 C1 AIR CHINA A (HK-C) Equity 0.15% 600297 C1 CHINA GRAND AUTO A(HK-C) Equity 0.15% 002673 C2 WESTERN SEC CO A (HK-C) Equity 0.15% 603833 C1 OPPEIN HOME GRP A (HK-C) Equity 0.15% 600760 C1 AVIC SHENYANG A (HK-C) Equity 0.15% 300413 C2 MANGO EXCELLENT A (HK-C) Equity 0.15% 000938 C2 UNISPLENDOUR CO A (HK-C) Equity 0.15% 600066 C1 ZHENGZHOU YUTON A (HK-C) Equity 0.15% 600489 C1 ZHONGJIN GOLD A (HK-C) Equity 0.15% 601998 C1 CHINA CITIC BK A (HK-C) Equity 0.15% 000625 C2 CHONGQING CHANG A (HK-C) Equity 0.14% 601198 C1 DONGXING SEC CO A (HK-C) Equity 0.14% 601919 C1 COSCO SHIP HLDG A (HK-C) Equity 0.14% 600170 C1 SHANGHAI CONST A (HK-C) Equity 0.14% 600362 C1 JIANGXI COPPER A (HK-C) Equity 0.14% 000050 C2 TIANMA MICROELE A (HK-C) Equity 0.14% 600487 C1 HENGTONG OPTIC A (HK-C) Equity 0.14% 000728 C2 GUOYUAN SEC CO A (HK-C) Equity 0.14% 002180 C2 NINESTAR A (HK-C) Equity 0.14% 601555 C1 SOOCHOW SEC A (HK-C) Equity 0.14% 601238 C1 GUANGZHOU AUTO A (HK-C) Equity 0.14% 002456 C2 OFILM GROUP CO A (HK-C) Equity 0.14% 601838 C1 BANK OF CHENGDU A (HK-C) Equity 0.14% 000999 C2 CHINA RES SANJIU A(HK-C) Equity 0.14% 600011 C1 HUANENG POWER A (HK-C) Equity 0.13% 603799 C1 ZHEJIANG HUAYOU A (HK-C) Equity 0.13% 300017 C2 WANGSU SCIENCE A (HK-C) Equity 0.13% DONGXU OPTOELEC A (HK-C) 000413 C2 0.13% Equity 601992 C1 BBMG CORP A (HK-C) Equity 0.13% 300450 C2 WUXI LEAD INTG A (HK-C) Equity 0.13% 601117 C1 CHINA NATL CHEM A (HK-C) Equity 0.13% 601800 C1 CHINA COMMU CON A (HK-C) Equity 0.13% 002466 C2 TIANQI LITHIUM A (HK-C) Equity 0.13% 600816 C1 ANXIN TRUST CO A (HK-C) Equity 0.13% 600642 C1 SHENERGY CO A (HK-C) Equity 0.13% 600068 C1 CHINA GEZHOUBA A (HK-C) Equity 0.13% 600109 C1 SINOLINK SEC CO A (HK-C) Equity 0.13% 600118 C1 CHINA SPACESAT A (HK-C) Equity 0.13% 000709 C2 HESTEEL CO A (HK-C) Equity 0.13% 601997 C1 BANK OF GUIYANG A (HK-C) Equity 0.13% 600188 C1 YANZHOU COAL A (HK-C) Equity 0.12% 600369 C1 SOUTHWEST SEC A (HK-C) Equity 0.12% 002926 C2 HUAXI SECURITIES A(HK-C) Equity 0.12% 600875 C1 DONGFANG ELECTR A (HK-C) Equity 0.12% 601216 C1 INNER MONGOL JUN A(HK-C) Equity 0.12% 600688 C1 SINOPEC SHANGHAI A(HK-C) Equity 0.12% 002010 C2 TRANSFAR ZHILIA A (HK-C) Equity 0.12% 600208 C1 XINHU ZHONGBAO A (HK-C) Equity 0.12% 002081 C2 SUZHOU GOLD MAN A (HK-C) Equity 0.12% 600027 C1 HUADIAN POWER A (HK-C) Equity 0.12% 002508 C2 HANGZHOU ROBAM A (HK-C) Equity 0.12% 600535 C1 TASLY PHARMA A (HK-C) Equity 0.12% 002624 C2 PERFECT WORLD A (HK-C) Equity 0.12% 600895 C1 ZHANGJIANG HI A (HK-C) Equity 0.12% 002460 C2 JIANGXI GANFENG A (HK-C) Equity 0.11% 600977 C1 CHINA FILM CO A (HK-C) Equity 0.11% 600089 C1 TEBIAN ELEC APP A (HK-C) Equity 0.11% 600998 C1 JOINTOWN PHARMA A (HK-C) Equity 0.11% 600583 C1 OFFSHORE OIL A (HK-C) Equity 0.11% 600153 C1 XIAMEN C&D A (HK-C) Equity 0.11% 600398 C1 HEILAN HOME A (HK-C) Equity 0.11% 002558 C2 GIANT NETWORK A (HK-C) Equity 0.11% 601966 C1 SHANDONG LINGLO A (HK-C) Equity 0.11% 000630 C2 TONGLING NONFER A (HK-C) Equity 0.11% 600909 C1 HUAAN SECURITIES A(HK-C) Equity 0.11% 002465 C2 GUANGZHOU HAIGE A (HK-C) Equity 0.11% 002797 C2 FIRST CAPITAL A (HK-C) Equity 0.11% 600256 C1 GUANGHUI ENER A (HK-C) Equity 0.11% 002500 C2 SHANXI SEC CO A (HK-C) Equity 0.11% 000402 C2 FINANCE STREET A (HK-C) Equity 0.11% 002065 C2 DHC SOFTWARE CO A (HK-C) Equity 0.11% 601699 C1 SHANXI LUAN ENV A (HK-C) Equity 0.10% SHANDONG BUCHAN A (HK- 603858 C1 C) Equity 0.10% 002385 C2 BEIJING DABEINO A (HK-C) Equity 0.10% 601098 C1 CHINA STH PUBL A (HK-C) Equity 0.10% 600372 C1 CHINA AVIONICS A (HK-C) Equity 0.10% 600739 C1 LIAONING CHENG A (HK-C) Equity 0.10% 600415 C1 ZHEJIANG CHINA A (HK-C) Equity 0.10% 002195 C2 SHANGHAI 2345 A (HK-C) Equity 0.10% 601866 C1 COSCO SHIP DEV A (HK-C) Equity 0.09% 000423 C2 DONG E E JIAO A (HK-C) Equity 0.09% 002563 C2 ZHEJIANG SEMIR A (HK-C) Equity 0.09% 002294 C2 SHENZHEN SALUBR A (HK-C) Equity 0.09% 000027 C2 SHENZHEN ENERGY A (HK-C) Equity 0.09% 000983 C2 SHANXI XISHAN A (HK-C) Equity 0.09% 601958 C1 JINDUICHENG MOL A (HK-C) Equity 0.09% 600820 C1 SHANGHAI TUNNEL A (HK-C) Equity 0.09% 600373 C1 CHINESE UNIVER A (HK-C) Equity 0.08% 601333 C1 GUANGSHEN RAIL A (HK-C) Equity 0.08% 000883 C2 HUBEI ENERGY A (HK-C) Equity 0.08% 000883 C2 HUBEI ENERGY A (HK-C) Equity 0.08% 000898 C2 ANGANG STEEL CO A (HK-C) Equity 0.08% 000046 C2 OCEANWIDE HLDGS A (HK-C) Equity 0.08% 600808 C1 MAANSHAN IRON A (HK-C) Equity 0.07% 000839 C2 CITIC GUOAN INF A (HK-C) Equity 0.07% 000060 C2 SHENZHEN ZHONGJ A (HK-C) Equity 0.07% 000039 C2 CHINA INTL MAR A (HK-C) Equity 0.07% 000559 C2 WANXIANG QIANCH A (HK-C) Equity 0.07% 000581 C2 WEIFU HIGH-TECH A (HK-C) Equity 0.06% 000826 C2 TUS ENVIRONMENT A (HK-C) Equity 0.06%

(v) Closing level of the Index on the Launch USD 988.11 Date:

(vi) Information relating to the index The following information is to be included in relation to constituents accounting for a majority of the each such constituent. index, on a weighted basis: (A) Kweichow Moutai Co., Ltd.

(i) Kweichow Moutai Co., Ltd. is incorporated in the People’s Republic of China. (ii) The registered office of Kweichow Moutai Co., Ltd. is at Maotai Town, Renhuai City, Zunyi, Guizhou 564501, China. (iii) Kweichow Moutai Co., Ltd. manufactures spirits. Kweichow Moutai Co., Ltd.'s spirit products are distilled from sorghum and wheat. Kweichow Moutai Co., Ltd. markets its products worldwide. (iv) The closing price of Kweichow Moutai Co., Ltd. as at 12 September 2019 was RMB 1,099.00. (v) The market capitalisation of Kweichow Moutai Co., Ltd. as at 12 September 2019 was RMB 1.381 trillion. (vi) Historical price information for the previous 3 years: The table below shows the range of prices for the shares of Kweichow Moutai Co., Ltd. as quoted on Shanghai Stock Exchange for the periods specified. Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 253.38 195.51 Second Quarter 298.20 235.80 Third Quarter 326.80 284.00 Fourth Quarter 340.00 298.51

2017 First Quarter 396.50 332.81 Second Quarter 485.00 380.60 Third Quarter 525.88 441.20 Fourth Quarter 726.50 520.10

2018 First Quarter 799.06 658.00 Second Quarter 803.50 645.00 Third Quarter 764.11 616.86 Fourth Quarter 719.00 509.02

2019 2019, January 688.682 573.527 2019, February 752.280 678.138 2019, March 854.033 722.944 2019, April 975.554 822.037 2019, May 921.356 830.206 2019, June 988.880 827.742 2019, July 1,035.60 938.150 2019, August 1,146.00 923.800 2019, September, (up to 1,151.02 1,066.00 and including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 1 July 2016 1 July 2016 6.171 Regular Cash 7 July 2017 7 July 2017 6.787 Regular Cash 15 June 2018 15 June 2018 10.999 Regular Cash 28 June 2019 28 June 2019 14.539 Regular Cash 3 July 2020 N/A 15.651 BDVD Forecast

(B) Ping An Insurance (Group) Company of China Limited

(i) Ping An Insurance (Group) Company of China Limited is incorporated in the People’s Republic of China. (ii) The registered office of Ping An Insurance (Group) Company of China Limited is at Ping An Finance Center, No. 5033 Yitian Road Futian District, Shenzhen, Guangdong 518033, China. (iii) Ping An Insurance (Group) Company of China Limited provides products and services through its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City solutions. Ping An Insurance (Group) Company of China Limited's insurance business writes property, casualty, and life insurance products. (iv) The closing price of Ping An Insurance (Group) Company of China Limited as at 12 September 2019 was RMB 92.34. (v) The market capitalisation of Ping An Insurance (Group) Company of China Limited as at the Launch Date was RMB 1.641 trillion. (vi) Historical price information for the previous 3 years: The table below shows the range of prices for the shares of Ping An Insurance (Group) Company of China Limited as quoted on Shanghai Stock Exchange for the periods specified. Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 35.84 27.81 Second Quarter 33.50 30.95 Third Quarter 35.84 31.76 Fourth Quarter 37.76 33.88

2017 First Quarter 37.28 35.10 Second Quarter 50.77 34.90 Third Quarter 57.75 47.91 Fourth Quarter 79.96 53.81

2018 First Quarter 81.28 62.20 Second Quarter 68.57 56.53 Third Quarter 69.10 54.33 Fourth Quarter 69.42 56.10

2019 2019, January 61.765 53.701 2019, February 71.354 61.433 2019, March 75.733 66.682 2019, April 86.104 75.753 2019, May 81.715 74.394 2019, June 88.561 76.227 2019, July 91.684 85.596 2019, August 89.493 81.452 2019, July (up to and 92.500 86.142 including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 5 July 2016 5 July 2016 0.35 Regular Cash 5 September 5 September 2016 0.20 Regular 2016 Cash 11 July 2017 11 July 2017 0.55 Reg ular Cash 4 September 4 September 2017 0.50 Regular 2017 Cash 7 June 2018 7 June 2018 1.00 Regular Cash 7 June 2018 7 June 2018 0.20 Special Cash 6 September 6 September 2018 0.62 Regular 2018 Cash 23 May 2019 23 May 2019 1.10 Regular Cash 4 September 4 September 2019 0.75 Regular 2019 Cash 22 May 2020 N/A 1.50 BDVD Forecast

(C) China Merchants Bank Co., Ltd.

(i) China Merchants Bank Co., Ltd. is incorporated in the People’s Republic of China. (ii) The registered office of China Merchants Bank Co., Ltd. is at China Merchants Bank Tower, No 7088, Shennan Boulevard, Shenzhen, Guangdong 518040, China. (iii) China Merchants Bank Co., Ltd. operates as a commercial bank. China Merchants Bank Co., Ltd. provides deposits, loans, wealth management, asset custody, finance leasing, investment banking, and other banking services. China Merchants Bank Co., Ltd. conducts businesses domestically and internationally. (iv) The closing price of China Merchants Bank Co., Ltd. as at 12 September 2019 was RMB 35.29. (v) The market capitalisation of China Merchants Bank Co., Ltd.as at 12 September 2019 was RMB 886.232 billion. (vi) Historical price information for the previous 3 years: The table below shows the range of prices for the shares of China Merchants Bank Co., Ltd. as quoted on Shanghai Stock Exchange for the periods specified.

Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 17.95 14.04 Second Quarter 18.09 15.98 Third Quarter 19.00 16.89 Fourth Quarter 19.65 17.39

2017 First Quarter 19.81 17.57 Second Quarter 24.58 18.38 Third Quarter 27.96 22.82 Fourth Quarter 31.66 25.42

2018 First Quarter 35.35 28.20 Second Quarter 31.21 25.60 Third Quarter 31.11 24.70 Fourth Quarter 30.54 24.77

2019 2019, January 28.523 23.742 2019, February 32.136 28.124 2019, March 33.421 29.390 2019, April 35.525 32.964 2019, May 33.791 31.182 2019, June 37.492 32.506 2019, July 37.480 34.064 2019, August 36.590 33.700 2019, September (up to 36.440 34.010 and including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 13 July 2016 13 July 2016 0.69 Regular Cash 14 June 2017 14 June 2017 0.74 Regular Cash 12 July 2018 12 July 2018 0.84 Regular Cash 12 July 2019 12 July 2019 0.94 Regular Cash 17 July 2020 N/A 1.03 BDVD Forecast

(D) Wuliangye Yibin Co., Ltd.

(i) Wuliangye Yibin Co., Ltd. is incorporated in the People’s Republic of China. (ii) The registered office of Wuliangye Yibin Co., Ltd. is at 150 West Minjiang Road, Cuiping District, Yibin, Sichuan 644007, China. (iii) Wuliangye Yibin Co., Ltd. manufactures and markets Wuliangye series of liquors. Through its subsidiaries, Wuliangye Yibin Co., Ltd. also manufactures carbon and lactic acid and has operation in printing and packaging materials businesses. (iv) The closing price of Wuliangye Yibin Co., Ltd. as at 12 September 2019 was RMB 131.55. (v) The market capitalisation of Wuliangye Yibin Co., Ltd. as at 12 September 2019 was RMB 510.626 billion.

(vi) Historical price information for the previous 3 years: The table below shows the range of prices for the Shares of Wuliangye Yibin Co., Ltd. as quoted on Shenzhen Stock Exchange for the periods specified.

Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 26.485 20.604 Second Quarter 30.579 23.744 Third Quarter 35.834 29.609 Fourth Quarter 35.615 31.192

2017 First Quarter 42.137 32.421 Second Quarter 55.186 37.667 Third Quarter 56.807 48.867 Fourth Quarter 80.638 55.003

2018 First Quarter 89.90 61.631 Second Quarter 83.609 62.731 Third Quarter 75.374 57.575 Fourth Quarter 64.142 45.269

2019 2019, January 59.619 47.176 2019, February 71.354 59.186 2019, March 96.397 69.791 2019, April 108.24 92.387 2019, May 110.068 88.475 2019, June 118.47 96.00 2019, July 130.29 116.20 2019, August 143.10 114.30 2019, September (up to 142.79 127.50 and including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 25 July 2016 25 July 2016 0.80 Regular Cash 12 May 2017 12 May 2017 0.90 Regular Cash 6 July 2018 6 July 2018 1.30 Regular Cash 6 June 2019 6 June 2019 1.70 Regular Cash

(E) China Yangtze Power Co., Ltd.

(i) China Yangtze Power Co., Ltd. is incorporated in the People’s Republic of China. (ii) The registered office of China Yangtze Power Co., Ltd. is at focus Plaza Building B, 19 Jinrong Street, Xicheng District, Beijing 100033 China. (iii) China Yangtze Power Co., Ltd. operates power generation businesses. China Yangtze Power Co., Ltd. generates electric power, hydropower and other power products. China Yangtze Power Co., Ltd. also operates investment, engineering maintenance and other business (iv) The closing price of China Yangtze Power Co., Ltd. as at 12 September 2019 was RMB 18.85. (v) The market capitalisation of I China Yangtze Power Co., Ltd. as at 12 September 2019 was RMB 414.700 billion. (vi) Historical price information for the previous 3 years: The table below shows the range of prices for the shares of China Yangtze Power Co., Ltd. as quoted on Shanghai Stock Exchange for the periods specified.

Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 11.637 9.509 Second Quarter 10.825 10.355 Third Quarter 12.672 10.628 Fourth Quarter 12.055 10.927

2017 First Quarter 11.87 11.095 Second Quarter 13.562 11.623 Third Quarter 14.454 13.324 Fourth Quarter 15.98 13.991

2018 First Quarter 15.814 14.047 Second Quarter 16.517 14.463 Third Quarter 16.38 14.792 Fourth Quarter 15.62 13.599

2019 2019, January 15.812 14.552 2019, February 15.88 15.35 2019, March 16.553 15.389 2019, April 16.496 15.812 2019, May 17.198 15.697 2019, June 17.612 16.707 2019, July 18.96 17.083 2019, August 19.65 17.90 2019, September (up to 18.86 18.33 and including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 19 July 2016 19 July 2016 0.40 Regular Cash 14 July 2017 14 July 2017 0.725 Regular Cash 22 June 2018 22 June 2018 0.68 Regular Cash 18 July 2019 18 July 2019 0.68 Regular Cash 14 July 2020 N/A 0.72 BDVD Forecast

(F) Industrial Bank Co., Ltd.

(i) Industrial Bank Co., Ltd. is incorporated in the People’s Republic of China. (ii) The registered office of Industrial Bank Co., Ltd. is at 154 Hudong Road, Fuzhou, Fujian 350003, China. (iii) Industrial Bank Co., Ltd. provides banking services. Industrial Bank Co., Ltd. offers deposits, loans, fund management, foreign currency management, and other services. Industrial Bank Co., Ltd. provides its services to individuals, enterprises, and other clients. (iv) The closing price of Industrial Bank Co., Ltd. as at 12 September 2019 was RMB 17.89. (v) The market capitalisation of Industrial Bank Co., Ltd. as at 12 September 2019 was RMB 371.650 billion. (vi) Historical price information for the previous 3 years: The table below shows the range of prices for the shares of Industrial Bank Co., Ltd. as quoted on Shanghai Stock Exchange for the periods specified.

Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 14.599 11.783 Second Quarter 13.957 13.11 Third Quarter 14.851 13.526 Fourth Quarter 15.634 14.122

2017 First Quarter 15.216 14.247 Second Quarter 15.752 13.331 Third Quarter 17.10 15.281 Fourth Quarter 16.823 15.54

2018 First Quarter 18.449 15.291 Second Quarter 15.614 13.622 Third Quarter 16.449 13.218 Fourth Quarter 15.826 14.055

2019 2019, January 15.836 14.113 2019, February 17.415 15.47 2019, March 19.186 16.674 2019, April 19.889 17.675 2019, May 18.715 16.828 2019, June 18.95 16.847 2019, July 19.72 17.64 2019, August 19.14 17.03 2019, September (up to 18.17 17.14 and including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 6 June 2016 6 June 2016 0.61 Regular Cash 14 June 2017 4 June 2017 0.61 Regular Cash 15 June 2018 15 June 2018 0.65 Regular Cash 19 June 2019 19 June 2019 0.69 Regular Cash 18 June 2020 N/A 0.74 BDVD Forecast

(G) Jiangsu Hengrui Medicine Co., Ltd

(i) Jiangsu Hengrui Medicine Co., Ltd. is incorporated in the People’s Republic of China. (ii) The registered office of Jiangsu Hengrui Medicine Co., Ltd. is at 38 Huanghe Road, Eco & Tech Development Park, Lianyungang, Jiangsu, Jiangsu 222000, China. (iii) Jiangsu Hengrui Medicine Co., Ltd. develops, manufactures, and markets a variety of medicines and medicine packing materials. Jiangsu Hengrui Medicine Co., Ltd.'s products include anti-tumor medicines, pain-killers, anti-infection medicines, aluminium foil, and other related products. (iv) The closing price of Jiangsu Hengrui Medicine Co., Ltd. as at 12 September 2019 was RMB 78.60. (v) The market capitalisation of Jiangsu Hengrui Medicine Co., Ltd. as at 12 September 2019 was RMB 2347.633 billion. (vi) Historical price information for the previous 3 years: The table below shows the range of prices for the shares of Jiangsu Hengrui Medicine Co., Ltd.as quoted on Shanghai Stock Exchange for the periods specified.

Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 21.857 18.576 Second Quarter 22.062 19.756 Third Quarter 24.509 21.41 Fourth Quarter 25.732 23.697

2017 First Quarter 29.215 24.065 Second Quarter 33.199 27.981 Third Quarter 39.083 31.032 Fourth Quarter 49.308 38.353

2018 First Quarter 57.199 42.385 Second Quarter 69.408 51.173 Third Quarter 64.65 45.192 Fourth Quarter 56.867 41.575

2019 2019, January 50.383 41.483 2019, February 61.20 49.033 2019, March 66.01 57.208 2019, April 67.95 61.60 2019, May 68.48 59.00 2019, June 67.58 57.18 2019, July 70.47 65.70 2019, August 80.56 61.85 2019, September (up to 81.25 77.30 and including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 16 June 2016 16 June 2016 0.44516 Regular Cash 16 June 2016 17 June 2016 20.000% Stock Dividend 31 May 2017 31 May 2017 0.072115 Regular Cash 31 May 2017 1 June 2017 20.000% Stock Dividend 30 May 2018 30 May 2018 0.083333 Regular Cash 30 May 2018 31 May 2018 30.000% Bonus 28 March 2019 28 March 2019 0.183333 Regular Cash 28 March 2019 29 March 2019 20.000% Stock Dividend

(H) Shanghai Pudong Development Bank Co., Ltd.

(i) Shanghai Pudong Development Bank Co., Ltd. is incorporated in the People’s Republic of China. (ii) The registered office of Shanghai Pudong Development Bank Co., Ltd. is at 12 Zhongshan Dongyi Road, Shanghai, Shanghai 200002, China. (iii) Shanghai Pudong Development Bank Co., Ltd. provides banking services. Shanghai Pudong Development Bank Co., Ltd. provides loans, deposits, accounts settlement, foreign exchange, and other services. Shanghai Pudong Development Bank Co., Ltd. provides its services to individuals, companies, and other groups. (iv) The closing price of Shanghai Pudong Development Bank Co., Ltd. as at 12 September 2019 was RMB 12.00. (v) The market capitalisation of Shanghai Pudong Development Bank Co., Ltd. as at 12 September 2019 was RMB 352.225 billion. (vi) Historical price information for the previous 3 years: The table below shows the range of prices for the shares of Shanghai Pudong Development Bank Co., Ltd. as quoted on Shanghai Stock Exchange for the periods specified.

Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 13.028 11.105 Second Quarter 12.867 11.60 Third Quarter 13.092 11.846 Fourth Quarter 13.515 12.30

2017 First Quarter 13.138 12.077 Second Quarter 13.20 11.162 Third Quarter 14.02 12.41 Fourth Quarter 13.44 12.38

2018 First Quarter 14.00 11.45 Second Quarter 12.02 9.32 Third Quarter 10.75 9.17 Fourth Quarter 11.25 9.60

2019 2019, January 10.73 9.58 2019, February 12.15 10.62 2019, March 12.38 10.90 2019, April 12.20 11.28 2019, May 11.94 10.95 2019, June 12.32 11.13 2019, July 12.00 11.22 2019, August 11.85 10.97 2019, September (up to 12.09 11.24 and including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 23 June 2016 23 June 2016 0.36014 Regular Cash 23 June 2016 24 June 2016 10.000% Bonus 25 May 2017 25 May 2017 0.153846 Regular Cash 25 May 2017 26 May 2017 30.000% Bonus 13 July 2018 13 July 2018 0.10 Regular Cash 11 June 2019 11 June 2019 0.35 Regular Cash 21 May 2020 N/A 0.38 BDVD Forecast

(I) Hangzhou Hikvision Digital Technology Co., Ltd

(i) Hangzhou Hikvision Digital Technology Co., Ltd. is incorporated in the People’s Republic of China. (ii) The registered office of Hangzhou Hikvision Digital Technology Co., Ltd is at 555 Qianmo Road, Binjiag District, Hangzhou, Zhejiang 310051, China. (iii) Hangzhou Hikvision Digital Technology Co., Ltd develops, manufactures and sells video surveillance products. Hangzhou Hikvision Digital Technology Co., Ltd manufactures video and audio compression card, network hard disk video recorders, video servers, cameras, network storage and other digital products. (iv) The closing price of Hangzhou Hikvision Digital Technology Co., Ltd. as at 12 September 2019 was RMB 34.50. (v) The market capitalisation of Hangzhou Hikvision Digital Technology Co., Ltd as at 12 September 2019 was RMB 322.403 billion. (vi) Historical price information for the previous 3 years: The table below shows the range of prices for the shares of Hangzhou Hikvision Digital Technology Co., Ltd. as quoted on Shanghai Stock Exchange for the periods specified.

Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 14.278 9.796 Second Quarter 13.731 12.097 Third Quarter 17.086 13.585 Fourth Quarter 16.421 14.313

2017 First Quarter 21.162 15.054 Second Quarter 31.367 20.004 Third Quarter 33.324 27.01 Fourth Quarter 42.086 30.808

2018 First Quarter 42.983 34.317 Second Quarter 41.402 34.828 Third Quarter 36.769 25.745 Fourth Quarter 29.16 21.745

2019 2019, January 29.716 24.243 2019, February 36.194 29.296 2019, March 36.125 32.73 2019, April 36.33 30.545 2019, May 30.418 23.901 2019, June 27.87 23.55 2019, July 31.56 26.04 2019, August 32.42 27.58 2019, September (up to 35.18 30.71 and including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 18 May 2016 18 May 2016 0.311111 Regular Cash 18 May 2016 18 May 2016 50% Stock Dividend 16 May 2017 16 May 2017 0.40 Regular Cash 16 May 2017 16 May 2017 50% Stock Dividend 22 May 2018 22 May 2018 0.50 Regular Cash 24 May 2019 24 May 2019 0.60 Bonus

(J) Industrial and Commercial Bank of China Limited

(i) Industrial and Commercial Bank of China Limited is incorporated in the People’s Republic of China. (ii) The registered office of Industrial and Commercial Bank of China Limited is at 55 Fuxingmennei Street, Xicheng District, Beijing, Beijing 100140, China. (iii) Industrial and Commercial Bank of China Limited provides banking services. Industrial and Commercial Bank of China Limited offers deposits, loans, fund underwriting, foreign currency settlement, and other services. Industrial and Commercial Bank of China Limited provides its services to individuals, enterprises, and other clients. (iv) The closing price of Industrial and Commercial Bank of China Limited as at 12 September 2019 was RMB 5.57. (v) The market capitalisation of Industrial and Commercial Bank of China Limited as at 12 September 2019 was RMB 1.924 trillion. (vi) Historical price information for the previous 3 years: The table below shows the range of prices for the shares of Industrial and Commercial Bank of China Limited as quoted on Shanghai Stock Exchange for the periods specified.

Relevant Period High Price Low Price (RMB) (RMB) 2016 First Quarter 4.59 3.89 Second Quarter 4.46 4.14 Third Quarter 4.61 4.24 Fourth Quarter 4.67 4.35

2017 First Quarter 4.88 4.39 Second Quarter 5.40 4.72 Third Quarter 6.18 4.97 Fourth Quarter 6.40 5.81

2018 First Quarter 7.77 5.90 Second Quarter 6.30 5.18 Third Quarter 5.80 5.05 Fourth Quarter 5.76 5.10

2019 2019, January 5.70 5.15 2019, February 5.93 5.47 2019, March 5.99 5.43 2019, April 6.08 5.59 2019, May 5.80 5.50 2019, June 5.92 5.62 2019, July 5.97 5.54 2019, August 5.64 5.36 2019, September (up to 5.57 5.37 and including the Launch Date)

(vii) Historical dividend information for the previous 3 years:

Relevant Ex- Payable Date Gross Amount Type Date (RMB) 8 July 2016 8 July 2016 0.2333 Regular Cash 11 July 2017 11 July 2017 0.2343 Regular Cash 13 July 2018 13 July 2018 0.2408 Regular Cash 3 July 2019 3 July 2019 0.2506 Regular Cash 7 July 2020 N/A 0.28 BDVD Forecast

9 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 24 September 2018 was authorised by resolutions of the board of directors of the Issuer passed on 18 September 2018.

The Guarantor has obtained all necessary consents, approvals, and authorisations in connection with the execution, delivery and performance of the Guarantee.

10 Details of benchmarks administrators and registration under Benchmarks Regulation

Not applicable

11 Summary

(ii) 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. A.2 Consent by the Issuer will be required for the use of this Base Prospectus in relation to any subsequent resale or final placement of the Warrants by any financial intermediary. Any consent (if given) by the Issuer shall indicate: (a) the offer period within which any subsequent resale or final placement of the Warrants by such financial intermediary can be made and for which consent to the use of the Base Prospectus is given; and (b) any other conditions which are relevant for the use of the Base Prospectus. Information on the terms and conditions of the offer of the Warrants by the Issuer is to be provided at the time of the offer by the Issuer. Section B – Issuer and Guarantor Issuer

B.1 The legal and Morgan Stanley Asia Products Limited. commercial name of the Issuer B.2 The domicile and The Issuer is an exempted company incorporated with limited liability in the Cayman Islands legal form of the pursuant to the Companies Law (2004 Revision) of the Cayman Islands (as amended from

Issuer, the time to time). legislation under The Issuer is domiciled in the Cayman Islands. which the Issuer operates and its

country of incorporation

B.4b A description of The business of the Guarantor (the ultimate holding company of the Issuer) in the past has any known trends been, and in the future may continue to be, materially affected by many factors, including: affecting the the effect of market conditions, particularly in the global equity, fixed income, currency,

Issuer and the credit and commodities markets, including corporate and mortgage (commercial and industries in residential) lending and commercial real estate markets and energy markets; the level of which it operates individual investor participation in the global markets as well as the level of client assets; the flow of investment capital into or from assets under management or supervision; the level

and volatility of equity, fixed income and commodity prices, interest rates, inflation and currency values and other market indices; the availability and cost of both credit and capital as well as the credit ratings assigned to its unsecured short-term and long-term debt; technological changes instituted by it, its competitors or counterparties and technological

risks, business continuity and related operational risks, including breaches or other disruptions of its or a third party’s (or third parties thereof) operations or systems; risk associated with cybersecurity threats, including data protection and cybersecurity risk management; its ability to manage effectively its capital and liquidity, including approval of its capital plans by its banking regulators; the impact of current, pending and future legislation (including with respect to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”)) or changes thereto, regulation (including capital, leverage, funding, liquidity and recovery and resolution requirements and its ability to address such requirements), policies including fiscal and monetary policies established by central banks and financial regulators; changes to global trade policies and tariffs, government debt ceilings and funding, reforms of LIBOR, EURIBOR and other indices and other legal and regulatory actions in the U.S. and worldwide; changes in tax laws and regulations globally, including the interpretation and application of the U.S. Tax Cuts and Jobs Act (“Tax Act”); the effectiveness of its risk management processes; its ability to effectively respond to an economic downturn, or other market disruptions; the effect of economic and political conditions and geopolitical events, including, for example, the U.K.’s anticipated withdrawal from the E.U. and a government shutdown in the U.S.; the actions and initiatives of current and potential competitors as well as governments, central banks, regulators and self-regulatory organizations; its ability to provide innovative products and services and execute its strategic objectives; sovereign risk; the performance and results of its acquisitions, divestitures, joint ventures, strategic alliances or other strategic arrangements; investor, consumer and business sentiment and confidence in the financial markets; its reputation and the general perception of the financial services industry; natural disasters, pandemics and acts of war or terrorism; or a combination of these or other factors. In addition, legislative, legal and regulatory developments related to the Guarantor’s businesses are likely to increase costs, thereby affecting results of operations.

B.5 Description of the The Issuer has no subsidiaries. It is wholly owned by Morgan Stanley Asia Securities Products Group and the LLC, which is itself a subsidiary of the Guarantor. The Guarantor, a financial holding Issuer’s position company, is a global financial services firm that maintains significant market positions in each within the Group of its business segments – Institutional Securities, Wealth Management and Investment Management. The Guarantor, 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 Not Applicable; the Issuer has chosen not to include a profit forecast or estimate. estimate

B.10 Qualifications in Not Applicable; the auditors’ report contains no such qualifications in respect of the audited the auditors’ reports and financial statements of the Issuer for the years ended 31 December 2016 and 2017. report on the

Issuer’s historical financial information

B.12 Selected financial The selected financial information set out below has been extracted without material information adjustment from the interim report for the half year ended 30 June 2018 and the audited

relating to the reports and financial statements of the Issuer for the year ended 31 December 2017. Issuer Balance Sheet (in U.S.$ ‘000) 31 Dec 2016 31 Dec 2017 30 June 2018

Total assets 3,257,182 3,523,871 1,101,287

Total liabilities and equity 3,257,182 3,523,871 1,101,287

Condensed statement of Six months comprehensive income 31 Dec 31 Dec ended 30 June (in U.S.$ ‘000) 2016 2017 2017 2018

Net trading (losses)/gains on 356 156 104 (1,064) financial instruments Net gains/(losses) on other (356) (156) (104) 1,064 financial instruments held at fair value Income (net of tax) - - - -

There has been no significant change in the financial or trading position of the Issuer since 30 June 2018, the date of the latest published interim unaudited financial statements of the Issuer and no material adverse change in the prospects of the Issuer since 31 December 2017, the date of the latest published annual audited financial statements of the Issuer.

B.13 Recent material Not Applicable. The Issuer considers that no event particular to itself and which is to a events particular material extent relevant to the evaluation of its solvency has taken place since the publication to the Issuer of its last annual financial statements. B.14 Extent to which See Element B.5 for information about the Issuer’s position in the Group. the Issuer is The Warrants issued by the Issuer are guaranteed by the Guarantor. The Arranger and Dealer, dependent on which is also an affiliate of the Issuer, arranges and distributes the Warrants that are issued by other entities the Issuer. The Issuer is also reliant on the Guarantor or other members of the Group for the within the Group purposes of entering into hedging transactions to hedge exposures under the Warrants it issues.

B.15 Principal The Issuer’s business consists of the issuance of financial instruments, with a primary focus on activities of the the Asia markets, and the hedging of obligations relating thereto. Issuer

B.16 Extent to which The Issuer is wholly owned by Morgan Stanley Asia Securities Products LLC. It is indirectly

the Issuer is owned or controlled by the Guarantor through a number of subsidiaries. directly or

indirectly owned or controlled

B.18 Description and The Guarantor will absolutely, unconditionally and irrevocably guarantee the Issuer’s payment

scope of the obligations under each series of Warrants pursuant to a guarantee dated 24 September 2018 (the Guarantee Guarantee).

B.19 Section B The following items B.1 to B.16 shall relate to the Guarantor as if it were the Issuer: information about the Guarantor

Guarantor

B.1 The legal and Morgan Stanley. commercial name of the Guarantor

B.2 The domicile and The Guarantor was incorporated under the laws of the State of Delaware. As a financial legal form of the holding company, it is regulated by the Board of Governors of the Federal Reserve System Guarantor, the (the Federal Reserve) under the Bank Holding Company Act of 1956, as amended (the BHC legislation under Act). As a major financial services firm that operates through its subsidiaries and affiliates, the which the Guarantor is subject to extensive regulation by U.S. federal and state regulatory agencies and Guarantor securities exchanges and by regulators and exchanges in each of the major markets where it operates and its conducts its business. The Guarantor has its registered office at The Corporation Trust Center, country of 1209 Orange Street, Wilmington, Delaware 19801, U.S.A., and its principal executive office at incorporation 1585 Broadway, New York, New York 10036, U.S.A. The Guarantor 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 See B.4b in relation to the Issuer above. any known trends affecting the Guarantor and the industries in which it operates B.5 Description of the The Guarantor, a financial holding company, is a global financial services firm that maintains Group and the significant market positions in each of its business segments – Institutional Securities, Wealth Guarantor’s Management and Investment Management. The Guarantor, through its subsidiaries and position within affiliates, provides a wide variety of products and services to a large and diversified group of the Group 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 Not Applicable; the Guarantor has chosen not to include a profit forecast or estimate. estimate

B.10 Qualifications in Not Applicable. There are no qualifications in the auditor's reports on the financial statements

the auditors’ of the Guarantor for the years ended 31 December 2017 and 31 December 2018, as

report on the contained in Morgan Stanley’s Annual Report on Form 10-K for the year ended 31 December Guarantor’s 2018. historical financial

information

B.12 Selected financial The selected financial information set out below has been extracted without material information adjustment from the audited financial statements included in the Morgan Stanley Annual relating to the Report on Form 10-K for the year ended 31 December 2018 and from the unaudited financial statements included in the Morgan Stanley Quarterly Report on Form 10-Q for the quarterly Guarantor period ended 30 June 2019.

Selected key financial information relating to the Guarantor:

Consolidated At 31 At 31 At 30 June 2018 At 30 June 2019 Balance Sheets December December (unaudited) (unaudited) (U.S.$ in millions) 2017 2018

Total assets 851,733 853,531 875,755 891,959 Total liabilities 851,733 853,531 875,755 891,959 and equity

Consolidated 2017 2018 Six months Six months Income ended 30 June ended 30 June Statements (U.S.$ 2018 (unaudited) 2019 (unaudited) in millions) Net revenues 37,945 40,107 21,687 20,530 Income from 10,403 11,237 6,529 5,858 continuing operations before income taxes Net income 6,216 8,883 5,171 4,714

There has been no material adverse change in the prospects of the Guarantor since 31 December 2018, the date of the latest published annual audited financial statements of the Guarantor.

There has been no significant change in the financial or trading position of the Guarantor since 30 June 2019, the date of the latest published interim (unaudited) financial statements of the Guarantor.

B.13 Recent material Not Applicable. The Guarantor considers that no event particular to itself and which is to a events particular material extent relevant to the evaluation of its solvency has taken place since the publication to the Guarantor of its last annual financial statements. B.14 Extent to which The Guarantor is a holding company for a number of subsidiary companies (directly or the Guarantor is

dependent on indirectly) and is dependent on their performance. other entities within the Group

B.15 Principal The Guarantor, a financial holding company, is a global financial services firm that maintains activities of the significant market positions in each of its business segments – Institutional Securities, Wealth Guarantor Management and Investment Management. A description of the clients and principal products

and services of each of the Guarantor’s business segments is as follows: • Institutional Securities provides investment banking, sales and trading, lending and other

services to corporations, governments, financial institutions, and high to ultra-high net worth clients. Investment banking services consist of capital raising and financial advisory services, including services relating to the underwriting of debt, equity and other securities, as well as advice on mergers and acquisitions, restructurings, real estate and project

finance. Sales and trading services include sales, financing, prime brokerage and market- making activities in equity and fixed income products, including foreign exchange and commodities. Lending services include originating and/or purchasing corporate loans, commercial and residential mortgage lending, asset-backed lending and financing extended

to equities and commodities customers and municipalities. Other activities include investments and research.

• Wealth Management provides a comprehensive array of financial services and solutions to individual investors and small to medium-sized businesses and institutions covering brokerage and investment advisory services, financial and wealth planning services,

annuity and insurance products, credit and other lending products, banking and retirement plan services.

• Investment Management provides a broad range of investment strategies and products that span geographies, asset classes, and public and private markets, to a diverse group of clients across institutional and intermediary channels. Strategies and products include equity, fixed income, liquidity and alternative/other products. Institutional clients include defined benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors and corporations. Individual clients are serviced through intermediaries, including affiliated and non- affiliated distributors B.16 Extent to which The Guarantor is a publicly traded company with a principal listing of its ordinary shares on

the Guarantor is the New York Stock Exchange. directly or As of 26 March 2018, the following entities beneficially own more than 5% of the Guarantor’s indirectly owned common stock: Mitsubishi UFJ Financial Group, Inc. (24.5% holding); State Street or controlled Corporation (8.5% holding); T. Rowe Price Associates, Inc. (6.3% holding); BlackRock, Inc. (5.9% holding) and The Vanguard Group (5.3% holding). The percentage holdings are based on the number of common shares as of 26 March 2018. Section C – Securities C.1 Type and class of The Warrants are Unitary Warrants which are also Index Warrants. Warrants 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 a depositary common to 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: US61768N8222 Common Code: 205565400

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 The free transfer of the Warrants is subject to the selling restrictions of the United States, the any restrictions European Economic Area (including Austria, Belgium, the Czech Republic, Denmark, on the free Finland, France, Germany, Greece, Hungary, Ireland, Italy, Lichtenstein, Luxembourg, the transferability of Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain, Sweden and the United the Warrants 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, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, the Republic of Korea (South Korea), the Republic of China (Taiwan), the United Arab Emirates and Vietnam. Unitary 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 Unitary 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 The Warrants are Unitary Warrants which are also American Style Warrants and Call Warrants

rights attaching to which Automatic Exercise applies. to the Warrants 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 MSCI China A Inclusion Net Return USD Index with the Bloomberg Code M1CNA Index (the Index). See C.18 for rights relating to Cash Settlement Amounts payable in respect of the Warrants. C.11 Listing and Application is expected to be made by the Issuer (or on its behalf) for the Warrants to be admission to admitted to trading on the Euronext Dublin’s regulated market with effect from 18 September trading/ 2019. indication of market where securities will be traded C.15 Effect of value of The Cash Settlement Amount to which the holder of each Warrant is entitled is as set out in underlying C.18. Depending on the value of the underlying Index on the Exercise Date, Actual Exercise instrument(s) on 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 value of derivative Settlement Amount is dependent on the performance of the underlying Index; if the Cash securities Settlement Amount is zero, it represents a total loss of the amount paid for the Warrant.

C.16 Expiration/ The Warrants expire on 18 December 2020. maturity date of derivative

securities

C.17 Settlement The Warrants shall be cash-settled through Clearstream, Luxembourg and/or Euroclear. procedure for derivative securities

C.18 Description of The returns on the Warrants shall depend on the performance of the Index.

return on derivative securities The Cash Settlement Amount payable in respect of each Warrant is determined as follows:

(A) where such Warrants are Call Warrants and Issuer Optional Termination is specified as applicable in the applicable Final Terms and a valid Issuer Optional Termination Notice has been given to the Warrantholders:

Max (0, (Index Final – Strike Price)), multiplied by the Ratio (if any) specified in the applicable Final Terms

(B) where such Warrants are Call Warrants which are Index Warrants and Warrantholder Break Fee Rate, Outperformance and Outperformance Average are specified as applicable in the applicable Final Terms:

(I) if the Warrantholder exercises the Warrants prior to the Expiration Date and Warrantholder Break Fee Rate is specified as Flat in the applicable Final Terms:

Max (0, ((Index Final – Strike Price) – (Index Final x Warrantholder Break Fee Rate) + (Index Average x Outperformance Rate x Day Count Fraction 2)));

(II) if the Warrantholder holds the Warrants up to and including the Expiration Date:

Max (0, (Index Final – Strike Price)) + (Index Average x Outperformance Rate x Day Count Fraction 2))

Unless otherwise specified, capitalised terms shall have the following meanings:

Day Count Fraction 2 means the number of calendar days from and including the Launch Date to but excluding the Actual Exercise Date or Expiration Date (as applicable), divided by 360.

Index Average means the arithmetic average of the Official Closing Level of the Index as determined by the Calculation Agent on each date starting from and including the Launch Date to but excluding, in the case of American Style Warrants, the Actual Exercise Date or the Expiration Date.

Index Final means the Official Closing Level of the Index as determined by the Calculation Agent in the case of American Style Warrants, on the Actual Exercise Date or the Expiration Date.

Issuer Optional Early Termination means the right of the Issuer to terminate, at its option, a series of Warrants (in its entirety or in part) in accordance with Condition 3(b)(vi).

Issuer Optional Termination Notice shall have the meaning assigned thereto in Condition 3(b)(vi)(A).

Outperformance Rate means 3%.

Strike Price means the strike price of the Warrant as set out in the applicable Final Terms.

Warrantholder Break Fee Rate means 0%.

C.19 Description of The Settlement Price of each Warrant is not applicable. exercise price or final reference price of underlying asset in relation to derivative securities C.20 Description of The Index is MSCI China A Inclusion Net Return USD Index as published by MSCI and underlying asset information relating to it can be found at Bloomberg Financial Markets Information Services. and where information on underlying asset can be found C.21 Listing and Application is expected to be made by the Issuer (or on its behalf) for the Warrants to be admission to admitted to trading on the Euronext Dublin’s regulated market with effect from 18 September trading/ 2019. indication of market where securities will be traded Section D – Risks

D.2 Key risks The following key risks affect the Guarantor and, indirectly, the Issuer:

regarding the Issuer and the Market Risk: The Guarantor's results of operations may be materially affected by market Guarantor fluctuations and by global and economic conditions and other factors, including changes in

asset values. Holding large and concentrated positions may expose the Guarantor to losses.

These factors may result in losses for a position or portfolio owned by the Guarantor.

Credit Risk: The Guarantor is exposed to the risk that third parties that are indebted to it will

not perform their obligations, as well as that a default by a large financial institution could adversely affect financial markets. Such factors give rise to the risk of loss arising when a borrower, counterparty or issuer does not meet its financial obligations to the Guarantor.

Operational Risk: The Guarantor is subject to the risk of loss, or of damage to its reputation, resulting from inadequate or failed processes, or systems, from human factors or from external events (e.g. fraud, theft, legal and compliance risks, cyber attacks 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 support and control groups (e.g. information technology and trade processing). A cyber attack, information or security breach or a technology failure could adversely affect the Guarantor’s ability to conduct its business, manage its exposure to risk or result in disclosure

or misuse of confidential or proprietary information and otherwise adversely impact its results of operations, liquidity and financial condition, as well as cause reputational harm.

Liquidity 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 on its credit ratings. The Guarantor is a holding company, has no operations and depends on dividends, distributions and other payments from its subsidiaries. Further, the Guarantor’s liquidity and financial

condition have in the past been, and in the future could be, adversely affected by U.S. and international markets and economic conditions. As a result of the foregoing, 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. Additionally, liquidity risk encompasses

the Guarantor’s ability (or perceived ability) to meet its financial obligations without experiencing significant business disruption or reputational damage that may threaten its viability as a going concern. The Guarantor also experiences associated funding risks triggered by the market or idiosyncratic stress events that may negatively affect its liquidity or may impact its ability to raise new funding.

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 to reputation it may suffer as a result of its failure to comply with laws, regulations, rules, related self-regulatory organization standards and codes of conduct applicable to its business activities. The Guarantor is also subject to contractual and commercial risk, such as the risk that a counterparty's performance obligations will be unenforceable. Additionally, the Guarantor is subject to anti-money laundering, anti- corruption and terrorist financing rules and regulations. The uncertainties and ambiguities as to the interpretation and application of the U.S. Tax Cuts and Jobs Act could adversely affect the Guarantor.

Risk Management: The Guarantor’s risk management strategies, models and processes may not be fully effective in mitigating its risk exposures in all market environments or against all types of risk. The expected replacement of London Interbank Offered Rate and replacement or reform of other interest rates could adversely affect its business, financial condition and results of operations.

Competitive Environment: 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 increased pressure on bid-offer spreads, commissions, markups 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, tax, operational, franchise and other risks as a result of its international operations (including risks of possible nationalization, 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. The United Kingdom’s anticipated withdrawal from the European Union could adversely affect the Guarantor.

Acquisition, Divestiture and Joint Venture Risk: The Guarantor may be unable to fully capture the expected value from acquisitions, divestitures, joint ventures, minority stakes or strategic alliances.

Risk Relating to the Exercise of Resolution Measures Powers: The application of regulatory requirements and strategies in the U.S. or other jurisdictions to facilitate the orderly resolution of large financial institutions may pose a greater risk of loss for the Guarantor’s security holders, and subject the Guarantor to other restrictions.

D.6 Key information The Warrants are being issued with the intention that they will be purchased only by on the key risks corporations, partnerships and other entities or individuals having such knowledge and that are specific experience in financial and business matters as to be capable of evaluating the merits and risks to the Warrants 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 an Index is not the same as a direct investment in the securities constituting the Index and is not the same as an investment in a mutual fund or pooled investment entity that invests in securities constituting such Index. Adjustments may be made to the Index by the relevant index sponsor. Any such adjustment may adversely affect the value of the Warrants. If the index sponsor discontinues or suspends calculation of the relevant Index and does not designate a successor index, the Warrants may be cancelled. 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 or some only of 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 Cash Settlement Amount that a Warrantholder of Outperformance Warrants receives will be affected by the number of days such Warrants are held before exercise. The terms of the Warrants may be amended, or the Warrants may be terminated or suspended, in each case by the Issuer, if an Additional Disruption Event has occurred. Investments in Unitary Warrants linked to shares of a non-US Issuer require certain considerations, for example, different accounting treatments and regulations, different securities or commodity trading rules and conventions and different economic environments. Investments in emerging market countries may entail additional risks such as risk of market shutdown, greater governmental involvement in the economy and, in some cases, greater volatility, unpredictability and economic and political instability and higher risk of civil or international conflict or war. Warrantholders will also be exposed to currency exchange rate risks. Investments in emerging markets may involve significant risk of loss. There is a risk that the Issuer may not be able to make payments in respect of the Warrants due to actions taken by a government authority in the Relevant Jurisdiction in which the investor is located. This may cause additional administrative burden or costs on the investor in obtaining any payments due under the Warrants. Section E – Offer E.2b Reason for the The net proceeds of the issue of the Warrants will be used by the relevant Issuer for its general

offer and use of business purposes, including the making of profits and the hedging of certain risks. proceeds E.3 Terms and The Warrants will be offered to investors by the Dealer at an issue price of USD 982.08 per

Conditions of the Warrant. The minimum number of Warrants that an investor may purchase is 1,019Warrants. Offer E.4 Interests of So far as the Issuer is aware, no person involved in the offer of the Warrants has an interest

natural and legal material to the offer. persons involved in the issue of the Warrants

E.7 Estimated The Warrants are offered to the investors by the Dealer and the estimated expenses are zero in expenses charged respect of all the Warrants being issued.

to the investor by the Issuer or the Dealer