HKMA Non-Independence Disclosure

Disclaimer: This email is being sent by a member of the sales and trading department of The Hong Kong and Shanghai Banking Corporation Limited (HSBC) for the sole use of the recipient, and is based on information obtained from sources that are believed to be reliable but which have not been independently verified. Any indicative trade details provided should not be regarded as complete or as representing the actual terms on which HSBC may trade. Opinions expressed here are of the author(s) or sender(s) and may differ from the opinions expressed by other divisions of HSBC and its affiliates, including its Research department. The sales and trading department of HSBC may make markets in instruments or products to which this email relates. Accordingly, recipients should not regard it as an objective or independent explanation of the matters contained herein. You are solely responsible for making your own independent appraisal of an investigation into the products, investments and transactions referred to in this email, and seek necessary independent professional advice. This material is intended for distribution to, or use by, Professional Investors only, as defined in the Hong Kong Securities and Futures Ordinance. This document, which is not for public circulation, must not be copied, transferred or the content disclosed, to any third party and is not intended for use by any person other than the intended recipient's professional advisers for the purposes of advising the intended recipient hereon. In our course of dealing, we may distribute investment and/or financial products to you. To the extent applicable and unless we notify you otherwise, we are not an independent intermediary as we receive fees, commissions or other monetary benefits from other parties in relation to our distribution of investment products to you. For details, you should refer to our disclosure on monetary benefits which we are required to deliver to you prior to or at the point of entering into any transaction in investment products; or we are the product issuer, act as principal in the transaction, receive non-monetary benefits from other parties, or have close links, legal or economic relationship with issuers of products that we may distribute to you.