Global Economics Quarterly

The following analyst(s), who is(are) primarily responsible for this document, certifies(y) that the opinion(s), views or forecasts expressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: Janet Henry, James Pomeroy, Ryan Wang, Jing Liu, Erin Xin, Lulu Jiang, Taylor Wang, Frederic Neumann, Jun Takazawa, Pranjul Bhandari, Aayushi Chaudhary, Paul Bloxham, Jamie Culling, Jin Choi, Aris Dacanay, Yun Liu, Simon Wells, Stefan Schilbe, Anja Sabine Heimann, Chantana Sam, Fabio Balboni, Elizabeth Martins, Emma Wilks, Agata Urbanska-Giner, Melis Metiner, Simon Williams, Daniel Lavarda, Jose Carlos Sanchez, Joseph Incalcaterra, CFA and Allison Buck

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Additional disclosures

1. This report is dated as at 19 December 2024.
2. All market data included in this report are dated as at close 19 December 2024, unless a different date and/or a specific time of day is indicated in the report.
3. HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. Information Barrier procedures are in place between the Investment Banking, Principal Trading, and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner.
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5. Janet Henry is a Non-Executive Director of HSBC UK Bank Plc.

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