This is a brief summary only of the risks of investing in warrants. Potential investors should refer to the Risk Factors section set out in the Base Listing Document and the relevant Supplemental Listing Document.

Like any investment, warrants can also have a downside. These include:

Pricing Variables

An adverse movement in any of a warrant's pricing variables - share price, time to expiry, volatility, interest rate and expected dividends - can have a negative impact on the warrant price.

Effective gearing

Effective gearing, the primary attraction of warrants, can be a double-edged sword. A warrant will appreciate and depreciate in value more rapidly than the underlying shares.

Limited Life

Unlike shares, warrants have an expiry date and therefore a limited life. Unless the share price is above the exercise price for call warrants or below the exercise price for put warrants upon expiry, the warrant will expire worthless.

Time Decay

Investors must be aware that warrants are decaying assets.

Takeovers

Following a takeover announcement, there is a risk that warrant holders can lose their total premium. For example, in the event of a takeover at $9.50 on a stock trading at $7.00, where the exercise price on a warrant was $10.00, unitholders would not exercise their warrants as they would be paying $10.00 for shares potentially worth only $9.50. In this instance the warrant could expire worthless.

While Macquarie Capital Securities (Singapore) Pte Limited ("MCSSPL") provides the information in good faith and derived from sources believed to be reliable, MCSSPL does not represent or warrant the completeness, reliability, accuracy, timeliness or fitness for any purpose of any of the material and it accepts no responsibility for the accuracy, completeness or timeliness of the information.

This internet site is produced by 'Macquarie Warrants Singapore - Macquarie Capital Securities (Singapore) Pte Limited (Registration No 198702912C)', holder of a capital markets services licence under the Securities and Futures Act, Chapter 289 of Singapore. The information on this internet site is directed and available to residents of Singapore only and is not provided to any person who is a resident of the United States or any other country. Any material provided on this internet site, including any indicative terms are provided for information purposes only and do not constitute an offer, a solicitation of an offer, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise). We recommend you obtain financial, legal and taxation advice before making any financial investment decision. The price of warrants may go down as well as up and there is a risk that an investor may lose some or all their investments. Past performance is not indicative of future performance.

Please visit the following webpage: Company Disclosures for disclosure of corporate finance relationship with the Macquarie Group.