In summary, the key risks include:

• the relevant Reference Portfolio underperforms and the investor receives no additional equity-linked returns. In this situation, ORBITS would be likely to underperform an equivalent direct investment in a cash deposit;
• in strong market conditions, ORBITS may underperform an equivalent investment in the securities comprising the relevant Reference Portfolio;
• the value of ORBITS will be affected by interest rates, the volatility and performance of the securities comprising the relevant Reference Portfolio;
• ORBITS are not capital guaranteed upon the occurrence of an Early Expiry Event or a sale prior to Expiry. Investors seeking to sell their holdings in ORBITS prior to Expiry may receive less than their Investment Amount; and
• the creditworthiness of the Issuer.