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8. Equity Linked Notes(a)Re<strong>de</strong>mption of Equity Linked Re<strong>de</strong>mption NotesUnless previously re<strong>de</strong>emed or purchased and cancelled, each Equity Linked Re<strong>de</strong>mption Note willbe re<strong>de</strong>emed by the Issuer on the Maturity Date (A) if Cash Settlem<strong>en</strong>t <strong>is</strong> specified in the rele<strong>van</strong>tFinal Terms, by paym<strong>en</strong>t of the Final Re<strong>de</strong>mption Amount specified in, or <strong>de</strong>termined in the mannerspecified in, the rele<strong>van</strong>t Final Terms on the Maturity Date or (B) if Physical Delivery <strong>is</strong> specified inthe rele<strong>van</strong>t Final Terms, by <strong>de</strong>livery of the Asset Amount specified in, or <strong>de</strong>termined in the mannerspecified in, the rele<strong>van</strong>t Final Terms (subject as provi<strong>de</strong>d below) or (C) if Cash Settlem<strong>en</strong>t and/orPhysical Delivery <strong>is</strong> specified in the rele<strong>van</strong>t Final Terms, by paym<strong>en</strong>t of the Final Re<strong>de</strong>mptionAmount and/or by <strong>de</strong>livery of the Asset Amount on the terms set out in the rele<strong>van</strong>t Final Terms, ineach case on the Maturity Date (subject as provi<strong>de</strong>d below).(b)Pot<strong>en</strong>tial Adjustm<strong>en</strong>t Ev<strong>en</strong>ts, Del<strong>is</strong>ting, Merger Ev<strong>en</strong>t, T<strong>en</strong><strong>de</strong>r Offer, National<strong>is</strong>ation andInsolv<strong>en</strong>cy, Ad<strong>dit</strong>ional D<strong>is</strong>ruption Ev<strong>en</strong>ts and Adjustm<strong>en</strong>ts for Equity Linked Notes in respect ofEquities quoted in European Curr<strong>en</strong>cies(i)Following the <strong>de</strong>claration by an Equity Issuer of the terms of any Pot<strong>en</strong>tial Adjustm<strong>en</strong>t Ev<strong>en</strong>t,the Calculation Ag<strong>en</strong>t will, in its sole and absolute d<strong>is</strong>cretion, <strong>de</strong>termine whether suchPot<strong>en</strong>tial Adjustm<strong>en</strong>t Ev<strong>en</strong>t has a diluting, conc<strong>en</strong>trative or other effect on the theoreticalvalue of the Equities and, if so:(A)(B)the Calculation Ag<strong>en</strong>t will <strong>de</strong>termine in its sole and absolute d<strong>is</strong>cretion theappropriate adjustm<strong>en</strong>t, if any, to be ma<strong>de</strong> to any one or more of the FinalRe<strong>de</strong>mption Amount and/or the Asset Amount and/or the Strike Price and/or theMultiplier and/or any of the other terms of these Terms and Con<strong>dit</strong>ions and/or therele<strong>van</strong>t Final Terms, and/or remove and/or substitute the affected Equity, to accountfor that diluting or conc<strong>en</strong>trative effect (provi<strong>de</strong>d that no adjustm<strong>en</strong>ts will be ma<strong>de</strong> toaccount solely for changes in volatility, expected divi<strong>de</strong>nds, stock loan rate orliqui<strong>dit</strong>y relative to the rele<strong>van</strong>t Equity), and <strong>de</strong>termine the effective date of thatadjustm<strong>en</strong>t; orby giving notice to the Notehol<strong>de</strong>rs in accordance with Con<strong>dit</strong>ion 19, the Issuer in itssole and absolute d<strong>is</strong>cretion may re<strong>de</strong>em all, but not some only, of the Notes, eachNote being re<strong>de</strong>emed at the Early Re<strong>de</strong>mption Amount.If the prov<strong>is</strong>ions of Con<strong>dit</strong>ion 8(b)(i)(A) apply, the Calculation Ag<strong>en</strong>t may (but need not)<strong>de</strong>termine the appropriate adjustm<strong>en</strong>t by refer<strong>en</strong>ce to the adjustm<strong>en</strong>t in respect of suchPot<strong>en</strong>tial Adjustm<strong>en</strong>t Ev<strong>en</strong>t ma<strong>de</strong> by an options exchange to options on the Equities tra<strong>de</strong>d onthat options exchange.Upon the making of an adjustm<strong>en</strong>t pursuant to Con<strong>dit</strong>ion 8(b)(i)(A) by the Calculation Ag<strong>en</strong>t,the Issuer shall, as soon as practicable thereafter, give notice to the Notehol<strong>de</strong>rs in accordancewith Con<strong>dit</strong>ion 19 stating any adjustm<strong>en</strong>ts ma<strong>de</strong>, together with brief <strong>de</strong>tails of the Pot<strong>en</strong>tialAdjustm<strong>en</strong>t Ev<strong>en</strong>t, provi<strong>de</strong>d that any failure to give such notice will not affect the vali<strong>dit</strong>y ofsuch adjustm<strong>en</strong>t.(ii)Following the occurr<strong>en</strong>ce of a Del<strong>is</strong>ting, Merger Ev<strong>en</strong>t, National<strong>is</strong>ation, Insolv<strong>en</strong>cy or aT<strong>en</strong><strong>de</strong>r Offer, in each case, in relation to an Equity:(A)the Calculation Ag<strong>en</strong>t will <strong>de</strong>termine in its sole and absolute d<strong>is</strong>cretion theappropriate adjustm<strong>en</strong>t, if any, to be ma<strong>de</strong> to any one or more of the Final143

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