Disclaimer on Singapore

This material is issued by the sales and trading department of The Hongkong and Shanghai Banking Corporation Limited (HSBC), Singapore Branch which is regulated by the Monetary Authority of Singapore (MAS). This information is intended for the sole use of the recipient. This material is intended for distribution to, or use by, institutional and/or accredited investors, as defined in section 4A of the Securities and Futures Act (Cap. 289) of Singapore. This material is not intended for general distribution or to any person or entity in any jurisdiction or country where such distribution would be contrary to law or regulation. Reproduction of this material, in whole or in part, or disclosure of any of its contents, without prior consent of HSBC, is prohibited.

The sales and trading department of HSBC may make markets in instruments or products to which this material relates. Accordingly, recipients should not regard it as an objective or independent explanation of the matters contained herein. Nor should it be regarded as a research report or a document for giving investment advice.

HSBC sales and trading department has based this material on information obtained from sources that are believed to be reliable but which have not been independently verified. Any charts and graphs included are from publicly available sources or proprietary data. Any indicative trade details provided should not be regarded as complete or as representing the actual terms on which HSBC may trade. Figures included in this material may relate to past performance or simulated past performance (together “past performance”). Past performance is not a reliable indicator of future performance.

Any statements or views in this material are based upon the individual opinion of the author or sender and may change at any time without notice. Opinions expressed here may differ from the opinions expressed by other divisions of HSBC and its affiliates, including its Research department.

You are solely responsible for making your own independent appraisal of and investigation into the products, investments and transactions referred to in this material and you should not regard any information in this material as constituting an offer, solicitation or investment advice for purchase or sale of any security, commodity or other investment product or investment agreement, or any other contract, agreement or structure whatsoever. HSBC is not responsible for providing you with legal, tax or other specialist advice.

Neither HSBC, nor any of its officers, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or part of this material.

Copyright. The Hongkong and Shanghai Banking Corporation Limited 2018. ALL RIGHTS RESERVED. No part of this material may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited.