Risk Disclosure:

The Bull Equity Linked Investments (ELIs) are not principal protected. Investment in ELIs involves risks. The return in relation to an ELI is linked to the performance of the underlying asset and stock market conditions prevailing on the valuation date. Fluctuations in the prices of the underlying asset can be substantial and you must be prepared to receive the asset valuation amount (if the asset purchase option is applicable and you have opted out of such option to receive cash payment of the asset valuation amount in lieu of physical delivery of the underlying asset) or the relevant quantity of the underlying asset (if (i) the asset purchase option is applicable and you have elected, or are deemed to have elected such option to receive physical delivery of the underlying asset in lieu of cash payment of the asset valuation amount or (ii) the asset purchase option is not applicable) on the settlement date, the value of which could be substantially less than the amount of your original investment. Changes in the market price of the underlying asset may not lead to corresponding changes in the market value of the ELI. There will not be a liquid secondary market for the ELIs. The applicable Term Sheet will specify if there is any specific market making arrangements for the ELIs. You should consider whether or how much of your investment portfolio should comprise ELIs based on your own risk appetite, investment experience and investment objectives. If you have any concerns about this product, or are uncertain about the suitability of asset allocation in your investment portfolio, you should consult your professional financial advisor. You should also refer to the Information Memorandum, the relevant information in the Base Disclosure Document (which is incorporated by reference into the Information Memorandum), the relevant Product Booklet and the applicable Term Sheet for further details on the ELIs and the risks involved before deciding whether to invest in the ELIs. The relevant Term Sheet will tell you whether any addendum to the above documents has been published. This website does not constitute an offer or an invitation to purchase or to induce an offer by any person to purchase or acquire or invest in the ELIs or any securities or related financial instruments.

The Securities and Futures Commission of Hong Kong (the "SFC") has authorized the issue of this webpage under Section 105(1) of the Securities and Futures Ordinance of Hong Kong (other than the navigation menu, the "Stock Quote" search function, all visual images and all hyperlinks to other websites or to other webpages, all of which the SFC has not authorized). SFC's authorization does not imply SFC's endorsement or recommendation of the ELIs. The SFC takes no responsibility as to the issue and contents of this webpage. HSBC takes responsibility as to the issue and contents of this webpage.