Important notice

This is a marketing communication issued by HSBC Private Bank (UK) Limited on behalf of HSBC Private Bank, it should not be considered as ‘impartial’ and is not subject to any prohibition on dealing ahead of its distribution. HSBC Private Bank is the principal private banking business of the HSBC Group. Private Banking may be carried out internationally by different HSBC legal entities according to local regulatory requirements. Different companies within HSBC Private Bank or the HSBC Group may provide the services listed in this document. Some services are not available in certain locations. This document is provided to you for your information purposes only and should not be relied upon as investment advice. This document is not offering securities and is not a prospectus. Furthermore, this document does not constitute the solicitation of an offer to purchase or subscribe for any investment, instrument or service in any jurisdiction where, or from any person in respect of whom, such a solicitation of an offer is unlawful. The information contained within this document has not been reviewed in light of your personal circumstances and should not be relied upon in substitution for the exercise of independent judgement. If you have concerns about any investment or are uncertain about the suitability of an investment decision, you should contact your Relationship Manager or seek such financial, legal or tax advice from your professional advisers as appropriate. Market data in this document are sourced from Bloomberg unless otherwise stated. While this information has been prepared in good faith including information from sources believed to be reliable, no representation or warranty, expressed or implied, is or will be made and no responsibility or liability is or will be accepted by HSBC Private Bank (UK) Limited or any part of the HSBC Group or by any of their respective officers, employees or agents as to or in relation to the accuracy or completeness of this document. The information stated, opinions expressed and estimates given constitute HSBC Private Bank’s best judgement at the time of publication and do not necessarily reflect the opinions and views of other market participants. The information contained in this document is subject to change without notice. It is important to note that the capital value of, and income from, any investment may go down as well as up and you may not get back the full amount invested. Past performance is not a reliable indicator of future performance. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse effect on the value of that investment. There is no guarantee of positive trading performance.

Some of the products are only available to professional investors as defined under the Securities and Futures Ordinance in Hong Kong / accredited investor(s) or other relevant person(s) as defined in Section 275 or 305 of the Securities and Futures Act in Singapore. Please contact your Relationship Manager for more details. Investors in Hedge Funds and Private Equity should bear in mind that these products can be highly speculative and may not be suitable for all clients. Investors should ensure they understand the features of the products and fund strategies and the risks involved before deciding whether or not to invest in such products. Such investments are generally intended for experienced and financially sophisticated investors who are willing to bear the risks associated with such investments, which can include: loss of all or a substantial portion of the investment, increased risk of loss due to leveraging, short-selling, or other speculative investment practices; lack of liquidity in that there may be no secondary market for the fund and none expected to develop; volatility of returns; prohibitions and/or material restrictions on transferring interests in the fund; absence of information regarding valuations and pricing; delays in tax reporting; - key man and adviser risk; limited or no transparency to underlying investments; limited or no regulatory oversight and less regulation and higher fees than mutual funds. Investments in commodities may involve substantial risk, as the price of the commodity may fluctuate significantly. Some HSBC Offices listed may act only as representatives of HSBC Private Bank, and are therefore not permitted to sell products and services, or offer advice to customers. They serve as points of contact only. Further details are available on request. Private customers should be aware that the rules and regulations made under the Financial Services and Markets Act 2000 for the protection of investors, including the protection of the Financial Services Compensation Scheme, do not apply to investment business undertaken with the non-UK offices of the HSBC Group. This publication is a Financial Promotion for the purposes of Section 21 of the Financial Services & Markets Act 2000 and has been approved for distribution in the United Kingdom (UK) in accordance with the Financial Promotion Rules by HSBC Private Bank (UK) Limited, who are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and whose office is located at 78 St James’ Street, London SW1A 1JB.

In Guernsey, HSBC Private Bank (C.I.) Limited is regulated by the Guernsey Financial Services Commission to conduct Banking and Investment Business.

HSBC Bank Middle East Limited, Dubai International Financial Centre Branch is regulated by the Dubai Financial Services Authority (DFSA). This marketing material is directed at professional clients whom HSBC Bank Middle East Limited is satisfied meet the regulatory criteria of a professional client under the DFSA rules and should not be acted upon by any other person.

In Singapore, the document is distributed by the Singapore Branch of The Hongkong and Shanghai Banking Corporation Limited. In Hong Kong, HSBC Private Bank is a division of The Hongkong and Shanghai Banking Corporation Limited and this document has been distributed by The Hongkong and Shanghai Banking Corporation Limited in the conduct of its Hong Kong regulated business. THE CONTENTS OF THIS DOCUMENT HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG. HSBC Private Bank is the marketing name for the principal private banking business of the HSBC Group. HSBC Bank Bermuda Limited is a member of the HSBC Group. In Bermuda, HSBC Bank Bermuda Limited, whose offices are located at Compass Point, 9 Bermudiana Road, Hamilton HM11, is licensed to conduct Investment business by the Bermuda Monetary Authority.

In Luxembourg, HSBC Private Bank (Luxembourg) SA is located at 16, boulevard d’Avranches PO BOX 733, L-2017 Luxembourg and is regulated by the Commission de Surveillance du Secteur Financier. HSBC Private Bank (Monaco) SA, Société Anonyme Monégasque au capital de 151 001 000€, immatriculée R.C.I 97 S 03269 D.S.E.E 651, dont le siège social est 17 avenue d’Ostende, MC 98000 Monaco. In Israel HSBC Bank plc is licensed as a foreign bank and as a marketer of financial assets, regulated by the Israel Securities Authority. Not all the investment products/financial assets that are mentioned in this document are approved for sale in Israel.

For further information please refer to your RM. In Mexico, HSBC Private Bank offers banking services through HSBC México S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, properly authorised and regulated by National and Banking Commission and Central Bank.

For clients receiving this from the US:

This document was prepared by HSBC Private Bank (UK) Limited for use by members of the HSBC Global Private Banking business. In the United States, HSBC Private Bank offers banking services through HSBC Bank USA, N.A. – Member FDIC and HSBC Private Bank International, and provides securities and brokerage services through HSBC Securities (USA) Inc member NYSE/FINRA/SIPC, and an affiliate of HSBC Bank USA, N.A. For further information please refer to the Custody Election Form or contact your Relationship Manager. Foreign securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, volatility and, potentially, less liquidity. Investment products are: Not a deposit or other obligation of the bank or any affiliates; Not FDIC insured or insured by any federal government agency of the United States; Not guaranteed by the bank or any of its affiliates; and are subject to investment risk, including possible loss of principal invested.