This document is back by the hongkong and shanghai Banking Corporation Limited (HSBC). Le, but white we have not Independently VerifySurat Stock. HSBC Makes No Representation Or Warranty (Express or Implied) ofAny Nature Nor is Any Responsibility of Any Kind Accept with Respect to the Completeness or Accuration of Any Information, Project, Representation Orranty (EXNew Delhi Investment. Presset or implied) in, or omissions from, this document. No liability is accepted whatsoSoever for any direct, indirector Consequential Loss Arising from the use of this document. Any Information (Including Market Date, Prices, Values ​​or Levels) D Any Examples Given Are for the Purposes of Illustration Only and May Vary in Accordance with Changes in Market ConditionsGuoabong Investment. The opinions in this document constitute our present judgment, which is subject to change with not now. You Based on the Any Information Contained Herein. This document does not constitute an offer for, or adviceThat you should ENTER INTO, The Purchase or Sale of Any Security, Commodity Or Other Investment Product or Investment Agreement, or Any Other Contract, Agreement OR Structure Whatsoever This Material is In conservation for distribution to, or use by, Professional Investors only, as definEdIn the Hong Kong Securities and Futures Ordinance. The Document is intended to be distribuized in ITS Entirety. MENT Objectives, Financial Situation or PARTICular Needs of Any Recipient, you should both relatedseek necessary independent professional adviceBangalore Wealth Management. Unless governing law permits otherwise, you must contact a HSBC Group member in your home jurisdiction if you wish to use HSBC Group services in effecting a transaction in any investment mentioned in this document. This document, Which is not for public circulation, Must not be code, transferred or the content disclosed, to any third party and is not insended for use by Any Person Other THAN E in intended recipient or the intended recipient's propessional advisers for the publicHereon.

HSBC DOES Not Provide Legal, TAX, Accounting, Regulatory or Other Specialist Advice and You Should Make your own, CordinglyNew Delhi Wealth Management. You are Responsible for Making an Independent Assessment and Obtaining SpeCialist Professional Advice in Relation to the Merits of the Proposals.Contained Herein. In particular, this document May Contain Certain References to Regulating. in, Are Exhaustive. There are be Other References to regulation that may also be reloposals. HSBC doesaNot give advice on regulation. You should consult your own advisers on regulation.

Copyright. The Hongkong and Shanghai Banking Corporation Limited 2017-2023. ALL RIGHTS Reserved. No part of this publication may be rep Chinese, Retrieva L System, or Transmitted, on Any Form or by Any Means, Electronic, Mechanical, Photocopay, Recording, or Otherwise, Without the Prior Written Permission of the Hongkong and SHANGHAI Banking Corporation Limited.