The prices provided are closing price indications from previous business day. They are provided for convenient reference and information purposes only.

They are not live prices and do not represent (i) the actual terms at which new transactions could be entered into or, (ii) the actual terms at which existing transactions could be liquidated or unwound or, (iii) the calculation or estimate of any amount that would be payable following the designation or occurrence of: (A) an Early Termination Date under Section 6(e) of any ISDA Master Agreement or any ISDA Interest Rate and Currency Exchange Agreement or (B) a similar date or event under another master agreement or master agreement terms. HSBC or its affiliates may from time to time make a market in or otherwise buy and sell instruments identical or economically related to the instruments for which price indications have been provided.

The price indications may have been derived from proprietary models based upon well recognised financial principles and reasonable estimates about relevant future market conditions and may reflect certain other financial factors such as anticipated profit or hedging, transactional, and other costs. Price indications based on other models or different assumptions may yield different results. Such price indications are not a reliable indicator of future performance. Except in the case of fraudulent misrepresentation, HSBC expressly disclaims any responsibility for (i) the accuracy of the models or estimates used in deriving the indications, (ii) any errors or omissions in computing or disseminating the price indications, (iii) any uses to which the price indications are put and (iv) any loss or damage arising out of the provision or use of this information (including, without limitation, incidental or consequential damages). No part hereof may be reproduced, distributed or published by you for any purpose without the prior written consent of
HSBC Bank plc.