1

IMPORTANT INFORMATION: This sub-fund has yet to be registered, and is subject to regulatory approval. Potential investors should refer to the Prospectus for general risk factors, and the Simplified Prospectus for specific risk factors, which will be available at launch.

For Professional clients Only

HSBC GIF Latin American Local Debt PresentationMay 2011

2

HSBC GIF Latin American Local Debt Presentation

IntroductionInvestment CaseInvestment Philosophy & ProcessAppendix

Chapter 1

Chapter 2

Chapter 3

Chapter 4

3

INTRODUCTION

4

Summary

Latin America (Latam) is a large and diverse market exploiting vast natural resources and a large labour pool

After one of the most difficult economic periods for the global economy, Latin America shows improving growth prospects

Latin American countries have been consistently upgraded since the 90’s and many of them are now rated as investment grade

Over the past 5 years, Latin American Local Debt has outperformed not only EM Equities and Latin American Equities but also Latin American Hard Currency Debt

Given the current spread differential, there are still attractive opportunities in the Latin American Local Debt market

5

Latin America Local Debt – Key Features

Legal Structure: Sub-fund of HSBC Global Investment Funds (GIF), UCITS III

Fund domicile: Luxembourg

Portfolio manager: Octavio Ferreira

Investment company: HSBC Investment Funds (Luxembourg) S.A.

Investment Advisor: HSBC Bank Brasil S.A. – Banco Multiplo

Reference Index: JP Morgan GBI-EM Global Latin America

Management Fee (Class A): 1.25%

Management Fee (Class I): 0.625%

Minimum Investment (Class A) US$ 5,000 or its equivalent

Minimum Investment (Class I) US$ 1,000,000 or its equivalent

Performance Fee: None

Fund Type*: Sophisticated: Allowed to invest in plain vanilla and derivatives.

Initial share price: USD 10.00

Liquidity: Daily

Target Launch Date: May 2011

Currency of account: USD unhedged (exposure to Latin America countries)

* The total amount of notional exposure for derivatives can not exceed the market value of the fund.

6

INVESTMENT CASE

7

Strong regional fundamentals…

Latin America learned its lessons from the past and most countries adopted sound economic and fiscal policies

The region also introduced more conservative banking practices

Improvements in the macroeconomic fundamentals and in the quality of economic governance

Source: HSBC Global Asset Management March 2011

CountryGDP Growth (%) Inflation (%) Current Account Balance

(% of GDP)Unemployment (%)

2010 2011 (F) 2012 (F) 2010 2011 (F) 2012 (F) 2010 2011 (F) 2012 (F) 2010 2011 (F) 2012 (F)

Brazil 7.5 4.5 4.5 5.9 6.1 5.0 -2.3 -2.4 -2.8 5.3 6.0 5.8

Chile 5.3 6.0 5.0 3.0 4.3 3.5 1.9 0.9 -1.8 7.1 6.9 6.8

Colombia 4.6 4.1 4.3 2.6 4.0 4.8 -1.8 -1.5 -1.5 11.6 11.2 10.9

Mexico 5.5 4.1 4.1 4.4 3.6 3.3 -0.5 -1.2 -1.6 4.9 4.8 4.3

Peru 8.8 7.1 6.1 12.1 3.2 2.6 -1.5 -2.9 -3.5 8.2 7.7 7.5

8

… with lower external vulnerability…

International Reserves(% GDP)

0

2

4

6

8

10

12

14

16

18

20

Brazil Chile Colombia Mexico Peru

2005 2011f

Source: HSBC Global Asset Management March 2011

9

… and sound fiscal policy as the highlights

Public Debt (% to GDP)

0

10

20

30

40

50

60

Brazil* Chile Colombia Mexico Peru

2001 2010

Source: HSBC Global Asset Management March 2011. * Net Public Debt

10

Inflation has been increasing…

Source: Bloomberg, March 2011

CPI12M (%)

-3-2-10123456789

10

2005 2006 2007 2008 2009 2010 2011

Brazil Chile Colombia Mexico Peru

11

… but governments are responding

Source: Bloomberg, March 2011

Nominal Interest Rates(%)

0

2

4

6

8

10

12

14

16

2008 2009 2010 2011

Brazil Chile Colombia Mexico Peru

12

An attractive growth potential for the coming years

Latin America GDP Growth (%)

-3

-2

-1

0

1

2

3

4

5

6

7

8

1980 1984 1988 1992 1996 2000 2004 2008 2012

Source: HSBC Global Asset Management March 2011

13

Many Latam countries are now ranked as Investment Grade

Latin America countries have been consistently upgraded over time

Data: S&P, March 2011

Foreign Long Term Sovereign Credit Rating 2010

Country S&P Moody’s Country S&P Moody’s

Chile A+ Aa3 Colombia BBB- Ba1

Mexico BBB Baa1 Peru BBB- Baa3

Brazil BBB- Baa3 Argentina B B3

Non-investment grade EMInvestment grade EM

Non-rated developing countries

1990 credit ratings 2010 credit ratings

14

Over the past 5 years, Latin American local fixed income market has been the best performing asset class compared to GEM Bonds and Asian Bonds

Source: Bloomberg, HSBC, JP Morgan. Data as of April 2011.

Latam Local Debt: “The Outperformer Asset Class”

Annualized Returns % 1Y 2Y 3Y 4Y 5Y

JPM GBI-EM 17.0 22.0 9.7 11.4 11.6

JPM GBI-EM Asia 14.1 17.8 10.8 9.1 11.0

JPM GBI-EM Latin America (Local Currency) 19.2 25.1 11.8 13.8 14.8

JPM EMBI + 9.5 15.5 8.5 7.5 8.5

EMBI+ Latin America (Hard Currency) 9.6 15.5 7.8 6.7 8.0

15

There are still opportunities in the Latin American local debt arena

Data as of March 2011. Source: Bloomberg, HSBC, JP Morgan. Investment involves risk. Past performance is not indicative of future performance.

Latam Local Debt: “The Outperformer Asset Class”

Yield of JPM GBI-EM Global, JPM GBI-EM Global Asia & JPM GBI-EM Global Latin America (local and hard currency)

Over 250bps

3.0

5.0

7.0

9.0

11.0

13.0

15.0

17.0

Ene-02

Jul-02

Ene-03

Jul-03

Ene-04

Jul-04

Ene-05

Jul-05

Ene-06

Jul-06

Ene-07

Jul-07

Dic-07

Jun-08

Dic-08

Jun-09

Dic-09

Jun-10

Dic-10

Jun-11

Yiel

d

EM AsiaLatam local currency Latam hard currency

16

Rolling 1 Yrs Standard Deviation

Data as of March 2011. Source: Bloomberg, HSBC, JP Morgan.

Latin American local debt volatility has consistently declined over time

This trend should continue as Latin American local debt converges towards a strategic asset class

Latin America Local Debt volatility has declined…

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Dic-02

May-04

Sep-05

Feb-07

Jun-08

Nov-09

Mar-11

Latam Local EM Local Latam Hard CurrencyGBI Global Latam Equity

17

Emerging Markets in general and Latam in particular show low correlations with other asset classes

… and low correlation with other asset classes improves portfolio diversification

. Source: Bloomberg, HSBC, JP Morgan, March 2011

From December 2002 to March 2011

JPM GBI-EM Global

JPM GBI-EM Global LatAm

High Grade

US Treasuries

High Yield

S&P Index

JPM GBI-EM Global 100%

JPM GBI-EM Global LatAm 71.6% 100%

High Grade 53.7% 44.4% 100%

US Treasuries 11.5% -4.9% 56.0% 100%

High Yield 61.3% 64.8% 58.5% -18.4% 100%

S&P Index 59.1% 66.2% 24.9% -30.1% 68.7% 100%

18

Although local assets have higher (currency) volatility, they offer a better risk adjusted total return than hard currency bonds

JPM GBI EM Global Latam – Risk Return Indicators

Source: Bloomberg, JPMorgan, HSBC. Data as of April 2011.

Latin American Local Debt – Risk & Return

8.48%8.03%

11.64%

14.77%

7.86%8.49%

12.17%

10.87%

0%

4%

8%

12%

16%

GBI-EM GlobalLat

GBI-EM Global EMBI+LAT EMBI+

Ann Ret Ann Vol

-10%

30%

70%

110%

150%

GBI-EM GlobalLat

GBI-EM Global EMBI+LAT EMBI+

Sharpe Ratio

19

Annual Returns Breakdown

Data as March 2011. Source: Bloomberg, HSBC, JP Morgan. Investment involves risk. Past performance is not indicative of future performance

FX can be a significant component of return and is linked to volatility and risk aversion

The Fixed Income return component has been a consistent and strong source of income given the asset class attractive coupons and yields

Latin America Local Debt: Return Analysis

8.2%16.2% 15.0%

7.0%12.2% 12.1% 12.5%

3.9%

5.0%3.2%

11.4%5.2%

0.1%

2.6%

20.2%

-22.0%

2.7%

18.3%

34.7%

-12.5%

19.1%18.7%22.1%

12.5%

-30%

-20%

-10%

0%

10%

20%

30%

40%

2004 2005 2006 2007 2008 2009 2010 2011-30%

-20%

-10%

0%

10%

20%

30%

40%

Return from FXReturn from RatesLocal Debt Total Return

|

20

Flows to EM local instruments have continued to increase over time

Even in times of crisis flows to the Local Market were positive. Meanwhile, external debt faced important outflows

The Pension Fund System is a growing player in Latin America and it is moving to riskier asset classes

Flows to Emerging Markets at all times high

Data as of April 2011. 2011 are YTD figures. Source: JP Morgan, HSBC.

EM Debt Strategic & Retail Flows

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

1991-1997 2004-2007 2010 Q1 to Q3

Bank and other flowsPortfolio Equity FlowsPortfolio Debt FlowsForeign Direct Investment

Emerging Latin America Capital flows components(% of GDP)

Data as of end of September 2010, IMF report April 2011.

4.1%

2.0%

3.6%

23.9 24.212.7

-18.2

31.4 32.2

7.3 9.9 29.8

14.9

15.5

47.2

3.0

7.7

31.234.0

42.5

-3.3

46.9

79.4

10.7

-20

0

20

40

60

80

2005 2006 2007 2008 2009 2010 2011

US$ bn

LocalExternalTotal

21

GBI-EM Global Latam and EMBI+ Latam Market Capitalization USD bn

Source: JPMorgan, Data as of March 2011.

Liquidity is usually a big concern when investing in local currency debt

However, after the Asian, Mexican and Argentinean debt crisis in the nineties, Latin American governments implemented big efforts on the asset liability management to avoid financial instability

Liquidity Risk – Latam local markets growth has outpaced the EMBI+ Latam

GBI-EM Global Latam

EMBI+ LatAm

$ -

$ 50

$ 100

$ 150

$ 200

$ 250

$ 300

$ 350

$ 400

Mar-03

Sep-03

Mar-04

Sep-04

Mar-05

Sep-05

Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Mar-10

Sep-10

Mar-11

USD bn

22

Positive fundamentals for FX, but governments are responding to curb excessive appreciation

Source: IIF April 2011

Real Foreign Exchange Rate

50

60

70

80

90

100

110

120

130

140

150

160

Ene-04

Abr-04

Jul-04

Oct-04

Ene-05

Abr-05

Jul-05

Oct-05

Ene-06

Abr-06

Jul-06

Sep-06

Dic-06

Mar-07

Jun-07

Sep-07

Dic-07

Mar-08

Jun-08

Sep-08

Dic-08

Mar-09

Jun-09

Sep-09

Dic-09

Mar-10

Jun-10

Sep-10

Dic-10

Mar-11

Year

200

0: 1

00

Brazil Chile Colombia Peru Mexico

23

Expected Return Comparison for 1Y periodAssuming stability of both FX and Yield Curve

Taxation implies carrying position for a while longer… over one year, taxation has diminished effects….

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

1M 2M 3M 4M 5M 6M 7M 8M 9M 10M 11M 12M

Latam 5Y Latam 5Y + IOF TSY 10Y

Source: HSBC March 2011

Expected Return Comparison above 1Y period - AnnualizedAssuming stability of both FX and Yield Curve

0%

2%

4%

6%

8%

10%

12%

1Y 2Y 3Y 4Y 5Y

Local BRL 5Y

TSY 10Y

Local Latam 5Y

EMBI Latam

24

INVESTMENT PHILOSOPHY & PROCESS

25

Market Inefficiency

HSBC adopts a consistent investment philosophy…

Latin American markets are underdeveloped and inefficient. HSBC Global Asset Management Latin America strongly believes that active management strategies can generate meaningful alpha in the long term.

Superior risk-adjusted returns are generated by a disciplined investment process, based on a long term but dynamic multi-assets approach, combined with bottom-up analysis produced by a wide range of on-the-ground specialists.

Alpha is generated by a philosophy of diversified active bets, rather than a few aggressive positions. We use our extensive resources across Latin American markets for detecting and exploring market inefficiencies.

Our presence on the ground enhances the investment process by adding more ideas, giving us a significant information advantage in these markets.

Investment Process

Diversification

Presence on the Ground

26

Global Capabilities(Global Asset Management views)

Economic ResearchQuantitative Tools

Asset Allocation ToolsGlobal Credit Research Platform

Regional View

REGIONAL COMMITTEEGlobal ThemesLocal Themes

Economic ViewsAsset Allocation

Fixed IncomePortfolio

Management

EquityPortfolio

Management

… supported by strong domestic, regional and global structures

Country Level(Presence on the Ground)

Economic ResearchCorporate Research

Equity AnalysisFixed Income Analysis

27

Monthly

Members: Economic Team, Quantitative Team, Fixed Income and Equity PMs

Output: macro economic outlook

Base and alternative scenarios for both global and domestic economy

Forecasts for main economic variables (FX, CPI, GDP, etc)

Monthly

Members: Economic Team, Quantitative Team, Fixed Income PMs and Traders

Output: model portfolios

Review of macro outlook

Discussion of suggested local fixed income portfolio strategies

Discussion of quantitative results (optimization model)

Definition of country allocation based on both quantitative reference and qualitative discussion

Members:Economic Team, Quantitative Team, Fixed Income PMs and Traders

Output: model portfolios

Review of macro indicators

Review of portfolio strategy in case of changes in macro views or market events

Fine tuning of portfolio positioning

Every two Months

Members: Credit Research Analysts, Fixed Income PMs, Bank Credit Officer

Outputs: model portfolios and credit limits

Discussion on new issuances: Approvals/Limits

Review on macro and industry outlook

Discussion on results of fundamental and quantitative models

Regional House View Fixed Income Committee Credit Committee Daily Meetings

Consistent process for Latin America Local Debt Fund (*)

(*) This process differs from others managed by HSBC Global Asset Management Latin America

28

Consistent process for Latin America Local Debt Fund (*)

•Fixed Income Strategy

Fundamental Analysis Macroeconomic trend Monetary Policy Credit Cycle Asset valuation

Alpha Sources

Yield Curve positioning and arbitrage Duration Credit

Output: Local Portfolio

•Portfolio Construction

Allocation of money for each country sleeve based on the country allocation defined in the committee

Each country is responsible for implementing local portfolios, but with the whole management process being centralized in Brazil

Output: Fund Portfolio

•Risk Monitoring

Daily assessment of portfolio risk-Monitoring all activepositions versus agreed strategy

-Monitor portfoliorealized tracking error versus expected tracking error

Ensure adherence to strategy and client specific guidelines

Output: Assessment of client portfolio

Portfolio ConstructionCountry Allocation StrategyFixed Income Strategy Risk Monitoring

Inputs Spot rates

Portfolio and benchmark composition Duration – Bonds

Local Portfolio expected return

Computation

Daily historical performance for each country Covariance matrix

Optimization Model

Maximize country allocation return for a defined TE constraint

Output: Model Portfolios

(*) This process differs from others managed by HSBC Global Asset Management Latin America

29

Multiple Alpha sources for flexible strategies based on relative and absolute valuation analysis:

Strategy Description

Duration Strategy

Assessment of both global economy (growth, commodity prices, etc) and local economy (inflation, monetary policy, etc) in order to adjust portfolio duration for taking advantage of yield curve movements

Yield Curve Positioning

Assessment of monetary policy and inflation expectations for appropriate yield curve positioning

Intermarket Spreads

Arbitrage among different yield curves (e.g. inflation and dollar linked, fixed rates, etc)

Country Allocation

Assessment of countries total return (local portfolio + currency) and correlation effect, in order to build the portfolio that maximizes the return for a certain level of TE

Credit Selection

Fundamental analysis combining macro view on sector/industry with bottom-up credit analysis

Pricing and valuation analysis to select undervalued credits with attractive yield pick-up against comparable peers

Sources of Alpha

30

Defined robust and sophisticated systems

Consistent process for Risk Management

Risk Responsibility System Metrics Frequency

Pre trade restriction monitoring on Sub- Portfolios

AMBR Compliance and AMBR Risk teams

Bloomberg AIM NA Every transaction

Pre- and Post-trade restriction (Consolidated portfolio)

AMBR Compliance and AMBR Risk teams

Bloomberg AIM NA Every transaction and Daily

Investment Risksmaximum exposures counterparty limitsIssuer ConcentrationCredit Ratings Limits

AMBR Risk Bloomberg AIM Limits: % of NAV Absolute limits

Daily

Market Risks AMBR Risk (VaR Calculation: Global Risk Team)

Global AMG Platform (Algo)

VaR Relative VaR*Durationone month horizonStress Tests PVBP

Daily

Operational Risks AMBR ORIC GORDONRisk Identification and Mitigation Plan

Red Flags KRI’s

Monthly

Liquidity Risk AMBR Risk Mgt. Spreadsheets FIM FID B. 4.3.6 Quarterly

31

An experienced investment team

More than 60 professionals comprise an integrated framework

20 Fund Managers focused on managing domestic and regional assets

Investment risk analysts supporting the investment framework

Mário FelisbertoRegional Chief Investment Officer (16/16)

Octavio Ferreira (16/21)

Lead Portfolio Manager Brazil

Erick Vega (3/13)

Senior Portfolio Manager Mexico

Angela Pelaez (1/8)

Senior Portfolio Manager Colombia

Paula Gándara (1/15)

Regional Senior Investment Analyst

(x/x) number of years with HSBC/number of years in the industry

32

Emerging Markets hard currency has shown significant outperformance in the previous decade compared to EM Equities and has become an strategic asset class

For the latest 5 years Latin American local debt has outperformed most of the fixed income categories around the world and is likely to be the next asset class under rerating process

We expect this to continue for the near to medium term until Latin American interest rates converge towards developed market levels

HSBC Global Asset Management is a leader emerging market manager and counts with the first regional integrated investment framework in Latin America

Unique investment framework that combines a set of characteristics:- Local presence combined with regional and global coverage

- Consistent investment philosophy and process across different countries

- Multi-assets approach within investment teams to capture a broader range of opportunities

Conclusion

33

APPENDIX

34

THE BENCHMARK

35

The JP Morgan GBI-EM has three sub-indices which provide benchmarks to local currency debt portfolios. Each version has different restrictive eligibility criteria according to different levels of difficulties for accessing to local markets

The wider index (JPM GBI EM Broad Latin America) has the largest number of countries with the highest exposure to Brazil (weight 59%).

The most restricted index (JPM GBI EM Latin America) has the lowest exposure to Brazil due to the inclusion of the IOF tax and, therefore, the largest exposure to Mexico

Benchmark: Overview

Source: HSBC Global Asset Management, JPMorgan. Data as of March 2011.

Country Allocation Argentina Brazil Chile Colombia Mexico Peru

JPM GBI-EM Broad Latin America 0.1 52.4 2.9 12.3 29.9 2.3

JPM GBI-EM Broad Diversified Latin America 0.2 35.7 4.7 19.9 35.7 3.7

JPM GBI-EM Global Latin America 0.0 58.9 0.2 4.8 33.5 2.6

JPM GBI-EM Global Diversified Latin America 0.0 38.2 0.4 16.1 38.2 7.1

JPM GBI-EM Latin America 0.0 5.4 0.4 3.2 84.4 6.5

JPM GBI-EM Diversified Latin America 0.0 22.5 1.7 13.2 35.2 27.4

36

Benchmark Weightings

Source: HSBC Global Asset Management, JPMorgan. Data as at end of March 2011

Benchmark: JPM GBI-EM Global Latin America (Local Currency)

Composition: Latin America Sovereign

Benchmark country weightings Benchmark Credit Rating weightings

83%

17%

Investment GradeNon-Investment Grade

33.5

4.8

2.6

58.9

0.2

BrazilChileColombiaMexicoPeru

37

Benchmark Statistics

Source: HSBC Global Asset Management, JPMorgan. Data as of March 2011.

Benchmark JPM GBI-EM Global Latin America

Average Duration 4.68

Average Yield 10.33

Average Maturity 5.32

Average Coupon 6.27

Annualised Returns Annualised Returns Implied Fx Sharpe Ratio

Local Currency Foreign Currency

1 Year 9.9 19.2 8.4 2.1

2 Year 9.9 25.1 13.8 2.6

3 Year 12.0 11.8 -0.1 0.7

4 Year 10.3 13.8 3.2 0.8

5 Year 11.3 14.8 3.1 0.9

38

HSBC OVERVIEW

39

HSBC overview

Emerging markets are at the heart of HSBC's corporate identity

HSBC’s roots were formed in China and India in the 19th century

HSBC Group has maintained a strong presence in global trade, particularly in India and China, the world's most dynamic emerging markets.

Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world, with over 300,000 employees spanning an international network of around 7,500 offices in the Asia-Pacific region, Europe, the Americas, the Middle East and Africa.

One of the largest global financial services networks with offices in 87 countries of which 54 are in emerging market countries

A unique local market knowledge, enhancing the portfolio management processes

Direct access to local companies and investment opportunities

Source: HSBC Holdings Plc, data as of 31st December 2010.

40

Mexico

Honduras

El Salvador Nicaragua

Costa Rica Panama

Colombia

PeruBrazil

ParaguayChile

ArgentinaUruguay

South Africa

Mauritius

Algeria

Libya Egypt

PolandCzech RepublicSlovakia

TurkeyLebanon

IsraelPalestine

Georgia

ArmeniaIraq

KuwaitBahrain, QatarUAE

OmanSaudi Arabia

Kazakhstan

Russia

PakistanChina Korea

India

MaldivesSri Lanka

Taiwan

Philippines

Indonesia

BruneiMalaysia

Singapore

Hong Kong

ThailandVietnam

Macau

Malta

HSBC Global Asset ManagementHSBC Holdings plc

Source: HSBC Global Asset Management, as of 31 December 2010

HSBC’s presence in emerging markets

41

HSBC Global Asset Management

HSBC Global Asset Management is a leading global asset management firm managing assets totalling USD443.5 billion at the end of December 2010.

HSBC Global Asset Management offers clients around the world a diverse and full range of active and quantitative investment products including equity, fixed income, liquidity and alternative strategies.

Worldwide client base invested in both segregated accounts and pooled funds.

HSBC Global Asset Management is part of HSBC Holdings plc.

42

HSBC Global Asset Management - A leader in emerging markets

Complete investment solutions including equity, fixed income, balanced and alternatives products through:

- Local strategies: Products managed and distributed locally

- Global, regional and single country strategies: Products managed across multiple geographies and distributed globally

An extensive range of emerging markets funds, including some of the world's largest in their sectors

- One of the largest offshore managers of Brazil, India and BRIC equity funds

- Our flagship global emerging market products have made us leaders in the management of assets in a wide array of emerging markets, not only in Brazil, India and China but also in Taiwan, Thailand and Turkey

Emerging Markets AUM by region (US$ billion)

Source: HSBC Global Asset Management, Assets under management data as of 31st December 2010

Emerging Markets AUM by asset class (US$ billion)

Among the largest managers of emerging market funds globally, with approximately USD145 billion in assets under management and over 200 dedicated emerging markets investment professionals in 14 key locations

Latin America

51.3

Asia Pacific69.3

EMEAMENA16.6

Global7.9

Equity45.5

Fixed Income

75.5

Balanced18.1

Alternative1.1

Liquidity4.9

43

New YorkGEM Fixed Income8 Investmentprofessionals

Mexico CityMexican Fixed IncomeMexican EquityMexican Alternatives11 Investmentprofessionals

BogotaColombian Fixed IncomeColombian Equity5 Investmentprofessionals

Sao PauloBrazilian Fixed IncomeBrazilian EquityBrazilian AlternativesBrazilian Multimanager21 Investmentprofessionals

Buenos AiresArgentinian Fixed IncomeArgentinian Equity5 Investmentprofessionals

LondonGEM EquityGEM AlternativesGEM Multimanager13 Investmentprofessionals

ParisGEM Fixed IncomeGEM Equity (inc Amanah)9 Investmentprofessionals

IstanbulTurkish Fixed IncomeTurkish EquityTurkish Alternatives10 Investmentprofessionals

RiyadhSaudi Fixed Income (inc

Amanah)Saudi EquitySaudi Alternatives18 Investmentprofessionals

Mumbai Indian Fixed Income Indian Equity19 Investmentprofessionals

SingaporeSingaporean Equity7 Investmentprofessionals

Hong KongHong Kong Fixed IncomeHong Kong EquityHong Kong Alternatives37 Investmentprofessionals

Shanghai Jintrust Chinese Fixed

Income Jintrust Chinese EquityChinese M ultimanager17 Investmentprofessionals

TaipeiTaipei Fixed IncomeTaipei Equity23 Investmentprofessionals

19464

Emerging markets investment capabilities – A portfolio of opportunities Strategies and locations

As of 31 December 2010

44

BIOGRAPHIES

45

Regional Team

Mario Sergio Felisberto, CFA - Chief Investment Officer Brazil & Latin America- Mario is responsible for overseeing all investment aspects of HSBC Global Asset Management in Brazil, including oversight of the Fixed Income and Equity investment teams as well as the delivery of Investment Solutions and Asset Allocation advice. Mario has a 15-year experience in financial markets in the areas of Investment Strategy, Economic Analysis and Offshore Funds, all of them in the HSBC Group. He holds a BS in Industrial Engineering from the University of Sao Paulo and an MBA in Finance from the MIT Sloan School of Management, and is also a CFA Charterholder.

Octavio Ferreira, CFA – Lead Portfolio Manager. CFA, Octavio is a graduate in Engineering at Universidade de São Paulo, and received his CFA charter in 2002. Octavio was appointed Portfolio Manager Sr of HSBC Asset Management Brazil in April 2000. Previously, Octavio worked for CCF Brain as Portfolio Manager and in 1990, joined Banco Noroeste as Financial Analyst.

Paula Gándara – Regional Sr. Investment Analyst. Paula joined the group in December 2009. She has 13 years of experience in Emerging Markets. She has gained extensive experience in the investment field working as an Emerging Market Strategist for Morgan Stanley, Lehman Brothers and BBVA Sec. in New York. Paula held successive senior positions in different institutions with her latest post in BBVA as a Vice President Responsible for Fixed Income Latin American Strategy. Paula obtained her degree in Economics in 1997 from the University of Buenos Aires and finished her Master Degree in Economics from University Torcuato Di Tella in 1999.

46

DISCLAIMER

47

Important Information

This presentation is intended for Professional Clients only and should not be distributed to or relied upon by Retail Clients.The Fund is an unregulated collective investment scheme in the UK and is not recognised by the Financial Services Authority (“the FSA”). The promotion of the Fund is therefore restricted in the UK by the Financial Services and Markets Act 2000 and this document can only be issued to persons permitted under COBS 4.12 of the FSA Handbook. The contents of this presentation are confidential and may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. The material contained herein is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments. HSBC Global Asset Management (UK) Limited has based this presentation on information obtained from sources it believes to be reliable but which it has not independently verified. HSBC Global Asset Management (UK) Limited and HSBC Group accept no responsibility as to its accuracy or completeness. This presentation is intended for discussion only and shall not be capable of creating any contractual or other legal obligations on the part of HSBC Global Asset Management (UK) Limited or any other HSBC Group company. Care has been taken to ensure the accuracy of this presentation but HSBC Global Asset Management (UK) Limited accepts no responsibility for any errors or omissions contained therein. This presentation and any issues or disputes arising out of or in connection with it (whether such disputes are contractual or non-contractual in nature, such as claims in tort, for breach of statute or regulation or otherwise) shall be governed by and construed in accordance with English law. The views expressed above were held at the time of preparation and are subject to change without notice. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target.The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. Stockmarket investments should be viewed as a medium to long term investment and should be held for at least five years. Any performance information shown refers to the past and should not be seen as an indication of future returns. The value of the underlying assets is strongly affected by interest rate fluctuations and by changes in the credit ratings of the underlying issuer of the assets. HSBC GIF Latin American Local Debt Bond is a sub-fund of the HSBC Global Investment Funds, a Luxembourg domiciled SICAV. UK based investors in HSBC Global Investment Funds are advised that they may not be afforded some of the protections conveyed by the provisions of the Financial Services and Markets Act 2000. HSBC Global Investment Funds is recognised in the United Kingdom by the Financial Services Authority under section 264 of the Act. The shares in HSBC Global Investment Funds have not been and will not be offered for sale or sold in the United States of America, its territories or possessions and all areas subject to its jurisdiction, or to United States Persons. All applications are made on the basis of the current HSBC Global Investment Funds Prospectus, simplified prospectus and most recent annual and semi-annual reports, which can be obtained upon request free of charge from HSBC Global Asset Management (UK) Limited, 8 Canada Square, Canary Wharf, London, E14 5HQ. UK, or the local distributors. Investors and potential investors should read and note the risk warnings in the prospectus and relevant simplified prospectus. This presentation is approved for issue in the UK by HSBC Global Asset Management (UK) Limited, who are authorised and regulated by the Financial Services Authority. Copyright © HSBC Global Asset Management (UK) Limited 2011. All rights reserved. 20336/052011/FP11-0831