hsbc in philippines

Together we thrive

Your business partner for growth HSBC in Philippines

Introduction

HSBC and the Philippines have enjoyed a mutually rewarding partnership since 1875–just a decade after the bank was established in Hong Kong and Shanghai. Our continuing presence and investment in the Philippines is rooted in our shared history.

Robust economic growth has helped the Philippines continue as Asia’s rising star and it forms a key component of the Group’s ASEAN footprint and strategy. The ASEAN markets are among the fastest-growing globally and connect to some of the world’s key trade corridors. The Philippines ranks as the 3rd largest economy in ASEAN1 based on GDP, after Indonesia and Thailand.

The three major credit rating agencies, Standard & Poor’s, Fitch and Moody’s, recently maintained the country’s 2017 ratings, which reaffirmed the Philippines’ sound macroeconomic foundations and its strong external position.

Our start in the country concerned financing the sugar trade and the relationship has flourished since then. We have shared some difficult times and enjoyed some sweet success, but overall we have thrived together through a sound knowledge of each other’s capabilities and a commitment to bringing out the best for all.

That is what partnership is all about - making the effort to learn about each other and provide the way for both to succeed. We look forward to many more years of partnering with the Philippines.

Notes:1 Doing business in Philippines – SGV E&Y 2018

HSBC in PhilippinesHSBC in Philippines

Contents

About HSBC 2

Our history 3

Our ASEAN Heritage 4

In Asia 6

HSBC in Philippines 10 Global Trade and Receivable Finance 12

Global Liquidity and Cash Management 14

Financing 16

Securities Services 18

Global Markets 20

HSBCnet 22

Contacts 23

Disclaimer 24

2 3HSBC in Philippines HSBC in Philippines

About HSBC Our history

Painting of Hong Kong’s harbour, early 1860sHong Kong harbour, with the HSBC office on the left, a few years after it was established in 1865.

HSBC was born from one simple idea – a local bank serving international needs.

HSBC was established in 1865 to finance trade between Europe and Asia. For over 150 years we have connected customers to opportunities. In March 1865, we opened our doors for business in Hong Kong, and today we serve around 38 million customers in 66 countries and territories.

The experiences of the past century and a half have formed our character. A glance at our history explains why we believe in capital strength, strict cost control and building long-term relationships with customers. We have weathered change in all forms – revolutions, economic crises, new technologies – and adapted to survive. The resulting corporate character equips us to meet the challenges of the 21st century.

Who we are and what we do

Throughout our history we have connected customers to opportunities. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, ultimately helping people to fulfil their hopes and dreams and realise their ambitions.

Our global network serves customers worldwide with around 3,900 offices in 66 countries and territories in Asia, Europe, , the Middle East, Africa, North America and Latin America.

With our international connectivity and footprint, we are committed to supporting your business and helping you discover the strongest avenues for business growth.

For more than 150 years we have been well established in key geographies and operate across a large number of the world’s most important trade corridors.

Globally, we serve around 38 million customers through our four Global Businesses:

� Retail Banking and Wealth Management

� Commercial Banking

� Global Banking and Markets

� Global Private Banking

Our network covers countries accounting for more than 90% of global GDP, trade and capital flows. More than 45% of our client revenues are derived from businesses and individuals with an international presence. Our priority markets cover both sides of 11 of the world’s 15 largest trade corridors for goods and services forecast for 2030 and represent at least one side of the other four corridors. Users on our internet platform HSBCnet had more than 1 million authorised transactions from January to September 2017.

The harbour today, with the HSBC building on the same site.


VIETNAM (1870): HSBC financed sugar and coal from Vietnam to Hong Kong, China and Japan, and rice and silk exports to Europe. Picture shows the Haiphong office in 1884.

SINGAPORE (1877): Issued $100 HSBC note in Singapore.

PHILIPPINES (1875): We set up in Manila in 1875 to finance the sugar trade. Picture shows the Manila docks in the early 20th century.

THAILAND (1888): We were the first bank of any kind to open in Thailand, establishing our Bangkok branch in 1888 at the request of the Thai monarchy and the British Legation. Example of Thailand’s banknotes, issued by HSBC in 1890. Picture shows a one tical note.

INDONESIA (1884): The bustling trading port at Sourabaya (Surabaya) c1900. HSBC opened in Indonesia in 1884 to finance the sugar trade.

PHILIPPINES (1875): Commemorative stamp issued in 1975 to celebrate our centenary in the Philippines.

MALAYSIA (1884): Picture shows the Kuala Lumpur office in 1914. HSBC was the foremost bank financing Malaysia’s rubber industry.

MALAYSIA (1885): The Penang branch issued this $5 HSBC note in 1895.

Our ASEAN Heritage


In Asia HSBC Philippines is a key component of the Group’s ASEAN footprint and strategy

Over 150 years of history and presence in the Asia-Pacific region

ASEAN markets are among the fastest-growing globally and connect to some of the world’s key trade corridors. Through HSBC’s worldwide market presence, you are connected to more than 90% of global GDP, trade and capital flows.

ASEAN infrastructure investment is expected to run at US$110 billion per annum in the decade to 2025 (UNCTAD 2015)

We have more than 200 branches across six markets in ASEAN–the Philippines, Thailand, Singapore, Indonesia, Vietnam and Malaysia.

In ASEAN we have more than 10,000 corporate clients (including 4,500 subsidiaries of multinational corporations)

We bank more than 20,000 small to medium-sized enterprises across ASEANThailandMalaysia

Singapore

VietnamPhilippines

Indonesia

Philippines profileand growth opportunities

9HSBC in Philippines HSBC in Philippines

Economic growth was driven by strong domestic consumption, the boom in the Business Process Outsourcing (BPO) industry, Overseas Foreign Worker (OFW) remittances and the increase in public infrastructure spending. The Philippines ranks as the third-largest economy in ASEAN based on GDP, following Indonesia and Thailand.

Industry registered the fastest growth at 7.5% followed by services with 7.1% growth. Industries such as chemicals, rubber products, machinery, transportation equipment, and construction also contributed to the growth.

With a population of 105 million at the end of 2018, a median age of 23, and with 90% of the population under 54 years old, the Philippines offers a skilled workforce, fluent in English, which is considered one of the country’s most competitive advantages.

The country has registered more inclusive growth in recent years as the poverty incidence among Filipinos dropped to 22% in 2015 from 25% in 2012, lifting 1.8 million Filipinos out of poverty.

With a score of 4.35 over 7, the Philippines ranked 56th out of 138 countries in the Global Competitiveness index 2017-2018 edition, published by the World Economic Forum. Out of the 12 pillars that were assessed in the index, the Philippines scored highest in the third pillar, macroeconomic environment, with a ranking of 22 and a score of 5.8, which reaffirms the country’s sound macroeconomic fundamentals.

The Big Three credit rating agencies, Standard & Poor’s, Fitch and Moody’s, reaffirmed the Philippines’ sound macroeconomic foundations and its strong external position maintaining the country’s 2017 ratings.

2018 Apr Standard and Poor’s BBB Stable

2018 Jul Moody’s BAA2 Stable

2018 Dec Fitch BBB

Projected ranking changes by 2030 compared with 20183

Biggest economies (in 2030) Biggest risers (in 2030)

Country Ranking change Country Ranking change

1 China +1 (2 to 1) Bangladesh +16 (42 to 26)

2 US -1 (1 to 2) Philippines +11 (38 to 27)

3 India +4 (7 to 3) Pakistan +10 (40 to 30)

4 Japan -1 (3 to 4) Vietnam +8 (47 to 39)

5 Germany -1 (4 to 5) Malaysia +5 (34 to 29)

8

The Philippines continues to be Asia’s rising star due to its robust macroeconomic expansion in recent years. An annual average economic growth rate of 6.3%, one of the highest in South-Asia and one of the world’s fastest, remained in positive expansion even during the global financial crisis1.

Notes:1 Doing Business in the Philippines - EU-Philippines Business Network

Notes:2 Doing business in the Philippines – SGV E&Y 2018 3 The World in 2030 – HSBC Global Research report Sept. 2018

HSBC in Philippines

104.9 million population

6.9% gross domestic product 03 2017

56th out of 138 contries

in global competitiveness index

2017-2018 edition

(World Economy Forum)


� HSBC is a universal bank offering local corporates, multinationals and international subsidiaries, financial institutions and public sector clients best-in-class services, financial security and international connectivity

� Operating in the Philippines since 1875 with a 10-strong branch network in Metro Manila and the regional cities of Cebu and Davao. Alliance network covers 2,500 locations through local bank partnerships

� HSBC Philippines commands a solid market position, with its combination of local market knowledge and global expertise

In 2018, HSBC was named the ‘World’s Best Bank’ in the Euromoney ‘Awards for Excellence’. We have also won a number of key country awards.

HSBC in the Philippines

We have been doing business in the Philippines for over 140 years. We have a network of branches, including those of the locally incorporated HSBC Savings Bank, in Metro Manila, Cebu and Davao.

The Asset Country Awards 2018

HSBC Philippines Best bank – Global

2018 Best Liability Management Deal –

Petron Corp USD500m new perpetual capital securities & tender

o er – Sole Global Coordinator

2018 Best New Bond – BPI USD600m bond – Joint

Lead Manager and Bookrunner

The Asset Triple A Asset Servicing,

Fund Management and Investor Awards

Best Fund Administrator – Retail Funds (Philippines)

2014-2015,2017-2018

2019 Trade Finance Survey – Market Leader in Trade and

Finance Services

#1 in Asia for Philippine Peso

Cash Management Survey 2018 – Market Leader

Key facts and figures

Date of establishment: 1875Presence: 10

branches


Global Trade and Receivables Finance Connecting Your Business to International Growth Opportunities

Connecting clients to opportunities both in key developed and fast growing markets The key is choosing a global banking provider that can provide a complete, all-encompassing approach to trade and supply chain finance. HSBC’s Global Trade and Receivables Finance can give you access to:

Working Capital Optimisation Solutions that help you run a more efficient business with faster access to liquidity and the ability to unlock funds.

International Trade Growth Solutions for expanding into new growth markets and making the most of existing global supply and sales chains.

As the leading international trade bank we connect customers to opportunities. Expanding to new markets comes with a certain amount of risk and complexity. It involves everything from developing sales chains across multiple geographies to increasing volume and revenues, from building stronger global supplier networks to meeting customer demand and lower costs. Success hinges on having access to adequate working capital, whether that’s unlocking cash trapped internally or ensuring all your partners have the funds they need to keep the supply chain moving.

Supplier Finance Management Solutions to strengthen partnerships with suppliers around the world and improve visibility and control over the global supply chain.

Sales Finance Management Solutions to strengthen partnerships with suppliers around the world and improve visibility and control over the global supply chain.

Letters of Credit � Options to improve cash flow with confirmation and discounting, or clean negotiations

�Mitigate international buyer risk

Trade Loans � Bridges the gap between payment for purchased goods and services, and receipt of funds through subsequent sales

� Provides greater flexibility and liquidity

Global Guarantee Program � Leverages HSBC’s global network to provide global bank guarantee issuance services

� All-in pricing, without surprise correspondent banking fees

Receivables Finance � Improve cash conversion cycle by monetising receivables � Ability to offer non-resources structures for risk mitigation or balance sheet improvement

Investment in technology and innovation providing the tools that clients need to help grow their business

Digital: HSBCnet � HSBC’s online banking portal helps increase your visibility and control globally

� Internet Trade Services within HSBCnet allows online trade transaction execution and inquiry


Global Liquidity and Cash Management Our network and footprint serves customers worldwide

Gain more control over incoming and outgoing cash flows. Getting funds in sooner, and holding on to them for longer, is critical for maintaining a healthy cash flow. That’s why we focus on streamlining domestic and foreign payments and collections with our end-to-end global disbursements and receivables services. The improved efficiency and enhanced visibility lead to more accurate forecasting, helping you lower the overall cost of doing business while also potentially strengthening supplier and customer relationships. Plus, our flexible liquidity solutions work seamlessly with your existing processes to ensure you are making the best use of available balances. Manage your domestic and global business transactions with speed and simplicity using safe product and service support.

Partnering with HSBC We understand that the liquidity and cash management landscape is complex and ever changing. That’s why we work with our clients to understand their challenges and aspirations and help them to optimise their cash management, be it

through making their treasury operations more centralised or pursuing a real time treasury model. By combining our experience with our innovative products and solutions, we can partner with our clients to help them achieve their goals.

Clearing and Foreign Currency Optimise working capital and make transactions in local and foreign currencies more efficiently.

Cards can help reduce costs and strengthen negotiating power with vendors while improving cash flows and working capital. We offer a comprehensive suite of card solutions in major global currencies and, by leveraging leading card networks, your HSBC Corporate Card is accepted at more than 40 million supplier locations worldwide.

Global Payables Make electronic domestic and international payments.

Global Receivables Streamline collections and enhance visibility into receivables for improved working capital management.

Liquidity Liabilities Investments Maximise surplus cash and optimise interest earnings with a full range of global liquidity solutions in over 50 markets.

Examples of our Global Liquidity & Cash Management solutions in Philippines:

� Cross-border payments � PESONet � PhilPASS (RTGS) � Instapay3 � Cheque Outstanding Service (COS) � Foreign and domestic bank draft � Government payments � Employee payment solutions

� Commercial cards � Collections � Liquidity management

Looking to the future The world of Liquidity and Cash Management is changing rapidly. New technologies allow Corporates & Government Organisations to move money instantly and with more information than ever before. Digital and emerging/ future technologies in the cash management space are as important to us as they are to our clients. That’s why we have committed to spending more than US$2bn on Digital transformation between 2015 and the end of 2020; to enhance customer propositions, improve operational efficiencies and maximise value for our clients across all of our business lines.


Financing Unlock the growth potential

Credit and Lending Access a range of long and short-term loans designed to meet the specific funding requirements of your business*. Use our lending and credit solutions to finance capital investments and business growth, and obtain working capital to improve your cash flow or manage day-to-day expenses more effectively. Our specialists have a wealth of experience customising lending programmes to suit the requirements of all types and sizes of organisations.

Overdraft Minimise the risk of unplanned overdrafts. Improve your cash flow management by having the option to easily access funds.

Revolving loans Boost working capital to cover short-term or day-to-day expenses by drawing, repaying and redrawing cash as needed within the limits of the facility.

Term loans Make use of our customised lending programmes to meet specific business challenges, such as supporting growth, investing in and developing commercial real estate or financing long-term capital projects.

Financing and Advisory Services* Within our Global Banking division, we offer a broad cross-section of financial products and solutions. Our expertise ranges from primary equity and debt capital markets,

specialised structured financing solutions such as asset finance, leveraged and acquisition finance, project and export finance, transformative merger and acquisition advisory and execution, and relationship-based credit and lending.

Asset Finance We deliver a broad array of asset financing skills that can provide support for our client’s needs, whether they are looking for asset-structured financing or asset-backed finance. Asset Finance provides financing and structuring for assets with a recovery value independent of the borrower across six asset classes: Asset-Backed Finance, Aviation, Credit Financing, Incentivised Finance, Maritime and Real Estate.

Debt Capital Markets Get detailed, actionable insight alongside access to many of the world’s most dynamic and innovative capital markets globally – from one of the world’s leading bookrunners of international and domestic bond issues.

Our integrated global platform, with its depth and breadth of capabilities across markets, currencies, countries and asset classes, allows us to connect markets efficiently and deliver tailored financing solutions for our clients across public benchmark and bespoke private placement formats.

* All financing is subject to a detailed credit assessment and approval

Equity Capital Markets Combines market insight and intelligence with corporate finance knowledge to develop capital raising solutions for our clients. We originate, structure and execute equity and equity-linked new issues such as initial public offerings (IPOs), secondary placements, rights issues, convertible bonds, exchangeable bonds and certain types of pre-IPO financing.

We work with issuers in markets across Asia, Europe, North America and the Middle East, and liaise closely with our global equity research and equity sales and trading teams to provide distribution to institutional investors worldwide.

Leveraged and Acquisition Finance Whether our clients need financing to fund a bolt-on acquisition, or a transformational transaction, we aim to structure domestic and cross-border deals to suit their specific requirements.

Advisory The Advisory team combines our Corporate Finance bankers with Mergers & Acquisitions execution teams, creating a single group that provides seamless strategic

advice to our clients across sectors and regions. Our global M&A business provides bespoke solutions that can be tailored for nearly every major industry sector, and benefitting from “on the ground” insights from our M&A bankers in nearly 30 countries and around the world.

HSBC is M&A advisor to many of the world’s multinational companies and governments; with our “one-stop” offering, our clients know that as well as M&A expertise, they will have access to the full suite of financing and risk management products across our global network, and in their home country.

Project Finance and Export Credit Capture the right project finance opportunities for your company by leveraging our global scale, reach and position as a leading global advisor and arranger of limited recourse project financing.

We are committed to supporting our clients’ projects in the ways they need. Helping them to capture the right project finance opportunities available, wherever they may be.

18 HSBC in Philippines HSBC in Philippines

Securities ServicesDirect Custody and Clearing and FundAdministration Services

HSBC Securities Services (HSS) provides comprehensive global custody and direct custody and clearing, fund administration and corporate trust and loan agency services to banks and broker dealers, asset managers, hedge fund managers, insurance companies, pension funds, sovereign wealth funds and central banks.

HSS in the Philippines has provided direct custody and clearing services for more than 50 years and fund administration services for over 14 years. We continue to be a leading securities services provider as recognised by our clients and the industry, combining our local market knowledge, global expertise, experience in servicing a diverse customer base, commitment to excellence, and active industry involvement in the pursuit of market advocacies.

Custody and Settlement � Provides a comprehensive and highly automated end-to-end post-trade settlement service and asset servicing while ensuring asset safety and reduced operational risks for foreign and local investors

� Offers a wide array of foreign exchange and cash solutions to support your requirements

� Facilitates investment licensing and registration in compliance with local regulatory requirements

Fund Services � Offers a complete solution for fund administration and valuation services to mutual funds, variable unit-linked funds, and unit investment trust funds

� Ability to cater seamlessly to complex multi-manager reporting requirements

� Provides strategic pricing solutions through centralised pricing across multiple and robust price sources

Cash Settlement � Accredited cash settlement bank by the Securities Clearing Corporation of the Philippines

� Reduce settlement risks through automated settlement of local brokers’ net cash obligations to the equities market

Global expertise – Local knowledge � A team of specialists with significant depth and experience in banking and securities services, providing you with the best solutions and most up-to-date relevant market information

� Supported by an established global network providing operational efficiencies and sharing of insight and best practice

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Investment in Technology and process improvements � State-of-the-art custody platform tailored to provide a highly efficient, automated post-trade settlement interface

�Well-recognised Multifonds platform which performs core fund accounting activities and has Workflow Exception Tool to provide automated valuation checkpoints

� Extensive query tracking system which provides query management and data analytics that enable HSS to identify, forecast and address client needs

� Committed to refine existing processes and improve customer experience through investment in continuous optimisation initiatives

Thought Leadership and Market developments � Active engagement and collaboration with local regulators, market bodies, and market participants, driving positive changes and efficiencies in the local market

� Provides up-to-date market information and market or regulatory updates distributed via multiple delivery channels including e-mail and HSBCnet


Global Markets Unlock opportunities between emerging and developed markets

Our Global Markets business is one of the largest of its kind and is active worldwide. We offer sophisticated 24-hour coverage across our main trading and sales platforms in London, New York and Hong Kong.

We provide a wide range of solution-driven products for our Corporate and Institutional clients. Our knowledge of local markets, coupled with HSBC’s global reach, enables us to provide a comprehensive service across every major asset class.

Working with us, you could benefit from the perspective of our infrastructure. Use HSBC’s Global Markets expertise to invest in:

Rates Gain access to global liquidity and streamline transactions. The HSBC Global Rates group provides debt issuance, financing, innovative risk management and investment solutions through a broad selection of vanilla and structured products.

Credit Maximise opportunities with the HSBC Global Credit group to unlock liquidity globally. Leverage our emerging markets presence and our suite of credit services, which include traditional and secondary trading products such as bonds, loans and credit financing solutions.

Foreign Exchange Benefit from the expertise of a leading global market maker. Our host of solutions provides liquidity from the purely transactional to the highly customised. The HSBC Global FX group provides solutions such as Transactional FX, Algorithmic

Execution, FX indices, Currency Risk Management and FX Prime Services that allow clients to access individual propositions to suit their needs. HSBC Evolve, our next generation platform, offers clients a customisable execution journey, from pre-trade through to post-trade services.

Emerging Markets Parlay opportunities within the Emerging Markets blocs or between emerging and developed markets, using our 360-degree view of global flows. Our specialised teams can deliver the trading and financing solutions you seek in these markets. Use our “on the ground” expertise for support in local markets operations, whether for trading, structuring, project finance or distribution.

Example of HSBC Global Markets solutions: � Fixed income: bonds, loans, derivatives � Foreign Exchange cash and derivatives including spot, forward, NDF (non-deliverable forward), swaps, vanilla, exotic options and more

� Access to RMB (Renminbi) solutions � Structured products �Money markets


HSBCnet is our global internet banking platform, providing a single portal from which to control your accounts at both regional and central treasury level. HSBCnet is an accessible gateway to effective corporate financial management on a global scale. It lets you manage your payments, receivables, liquidity and the changing value of your assets with one secure, global solution.

Connecting markets and giving you the real-time information to compete in today’s business environment.

Learn more

Find out how to get started managing Your business’ finances on hsbcnet.com

Over 3 million payments worth over 1.5 million USD have been authorised (Figures valid from January to September 2017)

HSBCnet Mobile* Banking in the palm of your hand. Get direct access to HSBCnet on your smartphone with HSBCnet Mobile.

Michael Brennan Head of Global Banking HSBC Philippines

+63 2 581 8417 [email protected]

Corrie D. Purisima Head of Debt Capital Markets HSBC Philippines

+63 2 5817632 [email protected]

Grace Murphy Head of Multinationals and International Subsidiary Banking HSBC Philippines


Odette Sumpaico Head of Large Local Corporates HSBC Philippines


Arthur Tanseco Head of Global Liquidity and Cash Management HSBC Philippines

+ 63 2 581 8128 [email protected]

Maris Flores Head of Securities Services HSBC Philippines


Trish RamosHead of Global Trade and Receivables Finance HSBC Philippines


Minuch Anson Head of Global Markets Institutional Sales HSBC Philippines


Lex Vistan Head of Global Markets Corporate Sales HSBC Philippines


*Available in select countries only.

HSBCnetOur global internet banking system

ContactsJaime Mendejar Head of Financial Institutions HSBC Philippines


25HSBC in Philippines24 HSBC in Philippines

Disclaimer

The Hongkong and Shanghai Banking Corporation Limited – Philippine Branch (“HSBC Philippines”) is an entity regulated by the Bangko Sentral ng Pilipinas (“BSP”). For inquiries or complaints, you may contact HSBC Philippines through your dedicated Relationship Manager. If you want to find out more about HSBC’s Philippines’ customer feedback procedures, please visit hsbc.com.ph/feedback. You may also contact the BSP Financial Consumer Protection Department at (02) 708-7087 or [email protected].

This document is prepared by The Hongkong and Shanghai Banking Corporation Limited (HSBC). The information contained in this document is derived from sources we believe to be reliable, but which we have not independently verified. HSBC makes no representation or warranty (express or implied) of any nature nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this document. No liability is accepted whatsoever for any direct, indirect or consequential loss (whether arising in contract, tort or otherwise) arising from the use of or reliance on this document or any information contained herein by the recipient or any third party. If you seek to rely in any way whatsoever upon any content contained in this document, you do so at your own risk.

Any examples given are for the purposes of illustration only. This document does not constitute an offer or solicitation for, or advice that 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 and is intended for institutional, professional or

sophisticated customers and is not intended for the use of private individual or retail customers. No consideration has been given to the particular investment or business objectives, financial situation or particular needs of any recipient. Recipients should not rely on this document in making any investment decision and should make their own independent appraisal of and investigations into the information and any investment, product or transaction described in this document and decide what would be suitable for them based on their requirements. The document should be considered in its entirety.

All the information set out in this document is provided in good faith to the best of HSBC’s knowledge and understanding of the current law, rules, regulations, directions and guidelines governing or otherwise applicable to the relevant services or products offered by HSBC but HSBC makes no guarantee, representation or warranty and accepts no liability as to its accuracy or completeness. Future changes in such law, rules, regulations etc. could affect the information in this document but HSBC is under no obligation to keep this information current or to update it. Expressions of opinion are those of HSBC only and are subject to change without notice.

The products and services mentioned herein are only available in jurisdictions where the respective issuers are authorized to operate and the material is not intended for use by persons located in or resident in jurisdictions which restrict the distribution of this material.

HSBC does not provide legal, tax, accounting, regulatory or other specialist advice and you should make your own arrangements in respect of such matters accordingly. 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 regulation. HSBC makes no representation that the references to regulation, if contained herein, are exhaustive. There could be other references to regulation that may also be relevant to the proposals. HSBC does not give advice on regulation. You should consult your own advisers on regulation.

Where this document makes references to other websites or pages on the internet owned by third parties, such references are included for information purposes only. HSBC is not

responsible for the contents of any third party websites or pages referred to in this document and no liability is accepted whatsoever for any direct, indirect, or consequential loss (whether arising in contract, tort or otherwise) arising from the use of or reliance on the information contained in any of these third party websites or pages. If you seek to rely in any way whatsoever upon any content contained on a third party website or page referred to in this document, you do so at your own risk. No endorsement or approval of the appropriateness of any third parties or their advice, opinions, information, products or services is expressed or implied by the inclusion in this document of any information derived from or references to any third party websites or pages.

Copyright. The Hongkong and Shanghai Banking Corporation Limited 2018. ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC.

Issued by The Hongkong and Shanghai Banking Corporation Limited Philippine Branch (“HSBC Philippines”)

© HSBC Bank plc 2013. All rights reserved.

Designed and produced by HSBC Global Publishing Services_0760_190528

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