Commentary > SG Warrants Recommendations

   Index Warrants

Warrants Underlying Type Maturity (D-M-Y) Strike Price I.V. (%) Eff. Gearing (x) Remark     14128 HSCEI CALL 29-01-2009 11,600 0.160 39.12 5.5 Mid Term Expiry, At-the-Money ** 14372 HSCEI PUT 29-01-2009 11,800 0.167 37.20 4.48 Mid Term Expiry, Out-of-the-Money ** 14435 HSI CALL 29-01-2009 22,600 0.077 28.45 8.64 Mid Term Expiry, Slightly Out-of-the-Money ** 14166 HSI CALL 30-03-2009 22,400 0.109 29.42 6.96 Long Term Expiry, Slightly Out-of-the-Money 14288 HSI PUT 29-01-2009 21,600 0.168 30.99 5.37 Mid Term Expiry, Out-of-the-Money 14295 HSI PUT 30-03-2009 22,600 0.196 31.63 4.03 Long Term Expiry, Slightly Out-of-the-Money **

  Last Update Time: 2008-08-28 16:30:00

   Stock Warrants

Warrants Underlying Type Maturity (D-M-Y) Strike Price I.V. (%) Eff. Gearing (x) Remark     14199 CHEUNG KONG CALL 16-03-2009 103.88 0.157 39.70 4.41 Long Term Expiry, In-the-Money 14023 HSBC HOLDINGS CALL 16-01-2009 128 0.520 28.10 8.98 Mid Term Expiry, Slightly Out-of-the-Money 13787 HSBC HOLDINGS PUT 02-03-2009 121 0.960 27.25 5.91 Long Term Expiry, At-the-Money 4831 HANG SENG BANK CALL 19-12-2008 155 0.098 36.97 7.12 Mid Term Expiry, Out-of-the-Money 14434 HUTCHISON CALL 02-03-2009 80 0.360 32.34 7.16 Long Term Expiry, Far Out-of-the-Money 14209 SHK PPT CALL 16-03-2009 113.88 0.085 38.59 5.52 Long Term Expiry, Slightly Out-of-the-Money 13764 MTR CORPORATION CALL 26-02-2009 28 0.169 38.70 5.94 Long Term Expiry, Far Out-of-the-Money 14060 HKEX CALL 06-04-2009 118 0.090 49.74 4.48 Long Term Expiry, Far Out-of-the-Money 5832 CHINA MOBILE CALL 08-12-2008 100.88 0.345 38.32 8.47 Mid Term Expiry, Far Out-of-the-Money ** 14130 CHINA MOBILE CALL 18-12-2008 93.88 0.067 41.84 6.42 Mid Term Expiry, Out-of-the-Money ** 13995 CHINA MOBILE PUT 12-01-2009 102.22 1.760 45.31 3.19 Mid Term Expiry, Far Out-of-the-Money

  Last Update Time: 2008-08-28 16:30:00

   China Enterprises Stock Warrants

Warrants Underlying Type Maturity (D-M-Y) Strike Price I.V. (%) Eff. Gearing (x) Remark     14059 SINOPEC CORP CALL 30-03-2009 7.88 0.100 47.72 4.09 Long Term Expiry, Out-of-the-Money 13828 CHINA RAILWAY CALL 19-12-2008 6.58 0.355 42.28 6.72 Mid Term Expiry, Far Out-of-the-Money 14006 CHINA TELECOM CALL 16-02-2009 4.48 0.295 44.75 5.33 Mid Term Expiry, Far Out-of-the-Money 13497 PETROCHINA CALL 15-12-2008 10.288 0.067 40.34 6.84 Mid Term Expiry, Out-of-the-Money 14025 PETROCHINA CALL 12-01-2009 10.5 0.085 46.37 5.46 Mid Term Expiry, Slightly Out-of-the-Money 14450 CNOOC CALL 02-03-2009 10.88 0.204 44.30 3.98 Long Term Expiry, Slightly In-the-Money ** 13346 CCB CALL 24-11-2008 6.68 0.360 43.22 7.31 Short Term Expiry, Slightly Out-of-the-Money ** 14058 CCB CALL 30-03-2009 6.48 0.760 43.67 4.43 Long Term Expiry, Out-of-the-Money ** 13918 CHINA RAIL CONS CALL 22-12-2008 11.4 0.108 54.26 4.91 Mid Term Expiry, Slightly Out-of-the-Money 13637 ICBC CALL 15-12-2008 5.9 0.265 39.13 7.52 Mid Term Expiry, Far Out-of-the-Money ** 14024 ICBC CALL 16-02-2009 5.88 0.435 41.92 5.42 Mid Term Expiry, Far Out-of-the-Money 14250 PING AN CALL 19-01-2009 48.88 1.270 61.25 3.23 Mid Term Expiry, Deep In-the-Money 9354 CHINA LIFE CALL 01-12-2008 30.88 0.216 44.45 6.45 Mid Term Expiry, Out-of-the-Money ** 14131 A50CHINATRACKER CALL 21-01-2009 12.83 0.132 44.90 5.03 Mid Term Expiry, Out-of-the-Money ** 14249 A50CHINATRACKER CALL 09-02-2009 12.18 0.174 45.75 4.35 Mid Term Expiry, In-the-Money 5709 BANKCOMM CALL 22-12-2008 9.68 0.056 39.35 6.88 Mid Term Expiry, Slightly Out-of-the-Money 13759 CM BANK CALL 19-01-2009 29 0.222 48.53 5.18 Mid Term Expiry, Far Out-of-the-Money 14057 BANK OF CHINA CALL 19-02-2009 3.4 0.270 31.25 6.42 Mid Term Expiry, Out-of-the-Money

  Last Update Time: 2008-08-28 16:30:00

   Currency/Commodity Warrants

Warrants Underlying Type Maturity (D-M-Y) Strike Price I.V. (%) Eff. Gearing (x) Remark     7555 AUDUSD CALL 15-12-2008 0.978 0.012 87.56 15.14 Mid Term Expiry, Far Out-of-the-Money ** 7566 AUDUSD PUT 15-12-2008 0.89 0.395 N/A N/A Mid Term Expiry, Out-of-the-Money **

  Last Update Time: 2008-08-28 16:30:00

Remark :
This table does not show certain technical information when the warrants are near their respective maturity dates or are deep in or out of the money. Such information is indicated as "N/A" (Not Available) in the table

© SG Securities (HK) Limited, 2008. This document has been prepared by SG Securities (HK) Limited. The information contained in this document, its contents including indicative terms are provided for information purposes only and do not constitute an offer, a solicitation of an offer or invitation, advertisement, inducement, representation of any kind or form whatsoever or any advice or recommendation to buy or sell any securities referred to herein (whether on the indicative terms or otherwise). Members of the SG Group, their affiliates and their directors and employees may from time to time have a position (on a principal basis or otherwise) in the securities mentioned herein. Members of the SG Group, their affiliates may also make markets in the securities or derivatives to any company or issuer mentioned herein, or provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein (including any expression of opinion or forecast) is provided in good faith and has been obtained and derived from sources believed to be reliable and accurate at the date indicated. However, we have not verified all the information and we do not represent that it is accurate or complete for your purpose and it should not be relied upon as such. We may not, and have no obligation to, update the information or correct any inaccuracy which subsequently becomes apparent. Opinions, estimates and other information contained herein may be changed or withdrawn without prior notice. The terms and conditions of the warrants must be read in conjunction with the Base Listing Document and the relevant Supplemental Listing Document. Copies of the Base Listing Document (which contains financial and other information relating to the Issuer and the Guarantor) and any addenda thereto, a Chinese translation of the Base Listing Document and any addenda thereto, the relevant Supplemental Listing Document (which contains details of the relevant Warrants) and its Chinese translation may be obtained during usual business hours on any weekday (Saturdays, Sundays and holiday excepted) at the offices of SG Securities (HK) Limited, currently at Level 38, Three Pacific Place, 1 Queen's Road East, Hong Kong or may be downloaded from this website. Information relating to the Guarantor can also be found at the Guarantor's corporate website www.socgen.com. The price of the warrants may go down as well as up, and under certain circumstances an investor may sustain a total loss of their investment. Past performance is not indicative of future results. Also, for listed warrants, the issuer of the warrants may sometimes be the only person quoting prices on the relevant stock exchange. An investor should make an appraisal of the risks involved in investing in these products and should consult their own legal, financial, tax, accounting and other professional advisors, to ensure that any decision made is suitable with regards to that investor's circumstances and financial position. SG Securities (HK) Limited is the liquidity provider of SG issued warrants mentioned above.