Global Private Banking Investment Outlook Report plc, Jersey Branch: HSBC House, Esplanade, St. In Abu Dhabi Global Markets (ADGM), this In Hong Kong and Singapore, THE CONTENTS OF Helier, Jersey, JE1 1HS. HSBC Bank plc, Jersey material is distributed by HSBC Bank Middle East THIS DOCUMENT HAVE NOT BEEN REVIEWED OR Branch is regulated by the Jersey Financial Services Limited, ADGM Branch, 3526, Al Maqam Tower, ENDORSED BY ANY REGULATORY AUTHORITY Commission for Banking, General Insurance ADGM, Abu Dhabi, which is regulated by the ADGM IN HONG KONG OR SINGAPORE. HSBC Private Mediation, Fund Services and Investment Business. Financial Services Regulatory Authority (FSRA). Banking is a division of Hongkong and Shanghai HSBC Bank plc is registered in England and Wales, Content in this material is directed at Professional Banking Corporation Limited. In Hong Kong, this number 14259. 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HSBC Private Banking is the Financial Services Authority (DFSA) and is permitted and Shanghai Banking Corporation Limited and private banking department of the HSBC Group to only deal with Professional Clients as defined by Singapore Branch of Hongkong and Shanghai in France. HSBC Continental Europe is subject to the DFSA. Banking Corporation Limited are part of the HSBC approval and control by the Autorité de Contrôle Group. This document is not intended for and must Prudentiel et de Résolution [Prudential Control In South Africa, this material is distributed by not be distributed to retail investors in Hong Kong and Resolution Authority] as a credit entity. HSBC HSBC Private Bank (Suisse) SA’s Representative and Singapore. The recipient(s) should qualify Private Banking department of HSBC Continental Office approved by the South African Reserve Board as professional investor(s) as defined under the Europe, Public Limited Company with share capital (SARB) under registration no. 00252 and authorized Securities and Futures Ordinance in Hong Kong of 491,155,980.00 €- SIREN 775 670 284 Trade and as a financial services provider (FSP) for the provision or accredited investor(s) or institutional investor(s) Companies Register of Paris Bank and Insurance of Advice and Intermediary Services by the Financial or other relevant person(s) as defined under the Intermediary registered with the Organisme pour Sector Conduct Authority of South Africa (FSCA) Securities and Futures Act in Singapore. Please le Registre des Intermédiaires en Assurances under registration no. 49434. The Representative contact a representative of The Hong Kong and [Organisation for the Register of Insurance Office has its registered address at 2 Exchange Shanghai Banking Corporation Limited or the Intermediaries] under no. 07 005 894 (www.orias.fr) Square, 85 Maude Street, Sandown, Sandton. Singapore Branch of The Hong Kong and Shanghai - Intra-community VAT number: FR 707 756 702 84. Banking Corporation Limited respectively in respect HSBC Private Banking - HSBC Continental Europe In Bahrain and Qatar, this material is distributed by of any matters arising from, or in connection with - Registered office: 38, avenue Kléber 75116 Paris- the respective branches of HSBC Bank Middle East this report. FRANCE- Tel. +33 (0) 1 49 52 20 00. Limited, which is locally regulated by the respective local country Central Banks (Central Bank of Bahrain Some of the products are only available to In Switzerland, this marketing material is distributed and Qatar Central Bank respectively) and lead professional investors as defined under the Securities by HSBC Private Bank (Suisse) SA, a bank regulated regulated by the Dubai Financial Services Authority. and Futures Ordinance in Hong Kong / accredited by the Swiss Financial Market Supervisory Authority investor(s), institutional investor(s) or other relevant FINMA, whose office is located at Quai des Bergues In Lebanon, this material is handed out by HSBC person(s) as defined under the Securities and Futures 9-17, 1201 Genève, Switzerland. This document Financial Services (Lebanon) S.A.L. (“HFLB”), Act in Singapore. Please contact your Relationship does not constitute independent financial research, licensed by the Capital Markets Authority as a Manager for more details. and has not been prepared in accordance with financial intermediation company Sub N°12/8/18 to carry out Advising and Arranging activities, having The specific investment objectives, personal the Swiss Bankers Association’s “Directive on the its registered address at Centre Ville 1341 Building, situation and particular needs of any specific Independence of Financial Research”, or any other 4th floor, Patriarche Howayek Street, Beirut, persons were not taken into consideration in relevant body of law. Lebanon, P.O. Box Riad El Solh 9597. the writing of this document. To the extent we are required to conduct a suitability assessment in Hong Kong where this is permitted by cross border rules depending on your place of domicile or incorporation, we will take reasonable steps to ensure the suitability of the solicitation and/ 42