Financing and Advisory Services Disclaimer

This communication has been prepared by a member of the HSBC group of companies ("HSBC") is for information purposes only and does not constitute or form any part of any (i) invitation or inducement to engage in investment activity or (ii) offer, solicitation or invitation by HSBC or any of its members, directors, officers, employees, affiliates or agents or any other person for the sale or purchase of any securities or other investments described herein and nothing contained herein shall form the basis of any contract or commitment or investment decision whatsoever. This communication should not, except with the prior written consent of HSBC, be copied, reproduced, distributed, communicated or disclosed in whole or in part by recipients to any other person. The information contained in this communication has not been independently verified by HSBC or any independent third party and is based on publicly available sources or proprietary data provided as at the date of this communication, does not purport to be comprehensive and is subject to change without notice. HSBC is under no obligation to update or keep current the information contained herein. Accordingly, no representation or warranty or undertaking, express or implied, is given by or on behalf of HSBC as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information or opinions contained herein and HSBC disclaims all liability arising from or in connection with this communication. This communication is directed only at Professional Clients or Eligible Counterparties (as defined in the EU Directive 2014/65/EU on Markets in Financial Instruments Directive, as amended ("MiFID II") and in the United Kingdom, within the meaning of MiFID II and the Markets in Financial Instruments Regulation (Regulation 600/2014), as amended, and any implementing legislation as it forms part of retained European law as defined in the European Union (Withdrawal) Act 2018 (as amended from time to time ) and is not for use or distribution to Retail Clients.

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