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This is a Marketing communication produced by HSBC Private Banking, a division of HSBC Bank USA, N.A.

This communication is provided to you for informational purposes only and is not a recommendation, offer or solicitation to purchase or sell any service, product, security, commodity, currency or other instrument. This document does not consider your specific objectives, circumstances or needs, does not provide legal or tax advice, and does not identify or define any or all of the risks that may be associated with the purchase of products or services described herein. The information contained herein should not be construed as investment advice or a recommendation to purchase the products or securities described herein. Prior to making a financial or investment decision, you should conduct such investigation and analysis regarding the products described herein as you deem appropriate and to the extent you deem necessary obtain independent advice from competent legal, financial, tax, accounting and other professionals. No person is authorized to use this document for any purpose other than the purpose stated above.

The information contained in this communication is derived from a variety of sources we believe to be reliable; however, we cannot guarantee its accuracy or completeness, nor shall we be liable for any incidental or consequential losses or damages including but not limited to errors (including errors of transmission), inaccuracies, omissions, changes in market factors or conditions, or any other circumstances beyond our control. The information, analysis and opinions contained herein constitute our present judgment which is subject to change at any time without notice.

HSBC Private Banking is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group worldwide. In the United States, HSBC Private Banking offers banking services through HSBC Bank USA, N.A. and HSBC Private Bank International, trust services through HSBC Bank USA, N.A., Delaware trust services through HSBC Bank USA, N.A. – Delaware Trust Office and HSBC Trust Company (Delaware), N.A., and securities and brokerage services through HSBC Securities (USA) Inc., member NYSE/ FINRA/SIPC and an affiliate of HSBC Bank USA, N.A. HSBC Bank USA, N.A. is a Member FDIC. Private Banking may be carried out internationally by different HSBC legal entities according to local regulatory requirements. Some services are not available in certain locations.

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.

HSBC Private Banking does not provide legal, tax or accounting advice. Please consult with your professional advisors before making any financial decisions.

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