Template:Nutshell Equity Derivatives 11.2(c)

11.2(c) If “Calculation Agent Adjustment” is the Method of Adjustment for a Share Transaction or Share Basket Transaction (or if none is specified) then following the Issuer’s declaration of an Potential Adjustment Event, the Calculation Agent will determine whether the Potential Adjustment Event will concentrate or dilute the value of the Shares. If it will the Calculation Agent may

(i) adjust:

(A) for a Share Option Transaction or Share Basket Option Transaction, the Strike Price, the Number of Options, the Option Entitlement, the Knock-in Price, the Knockout Price, or the Number of Shares;

(B) for a Share Forward Transaction or a Share Basket Forward Transaction, the Forward Price, the Forward Floor Price, the Forward Cap Price, the Knock-in Price, the Knock-out Price, and the relevant Number of Shares;

(C) for a Share Swap Transaction or a Share Basket Swap Transaction, the Initial Price, the Equity Notional Amount, the Knock-in Price, the Knock-out Price, or Number of Shares;

and any other variable relevant to the exercise, settlement, payment or other terms of that Transaction the Calculation Agent thinks necessary to account for that diluting or concentrative effect (provided that it will not adjust just for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Share) and

(ii) determine the effective dates of any adjustments.

In doing so the Calculation Agent may refer to adjustments made by an options exchange to corresponding options to account for the Potential Adjustment Event.