Multi-Asset Webcast: Unexpected outcomes – Our H2 outlook, and potential pain trades Call 1: Wednesday, 8 July 2026 | 09:00 NY / 14:00 UK / 17:00 UAE Call 2: Thursday, 9 July 2026 | 09:00 UK / 12:00 UAE / 16:00 HK

Research evidence excerpt

Multi-Asset Webcast: Unexpected outcomes – Our H2 outlook, and potential pain trades Call 1: Wednesday, 8 July 2026 | 09:00 NY / 14:00 UK / 17:00 UAE Call 2: Thursday, 9 July 2026 | 09:00 UK / 12:00 UAE / 16:00 HK

Multi-Asset ● Global

2 July 2026

report. In addition, because research reports contain more complete information concerning the analysts' views, investors should

carefully read the entire research report and should not infer its contents from the recommendation. In any case, recommendations

should not be used or relied on in isolation as investment advice.

Definitions for currency trades on DFs and NDFs

Buy: refers to buying the first currency in the named pair in exchange for the second currency in the named pair.

Sell: refers to selling the first currency in the named pair in exchange for the second currency in the named pair.

The tenor of the instrument will be denoted and will refer to a settlement date relative to the opening date of the trade idea e.g.

1m refers to a settlement date 1 month forward from the open date of the trade idea. NDF trades normally fix two working days

prior to the settlement date.

Distribution of currency trades

The nature of foreign exchange forward trade ideas is such that there will always be an equal number of buy and sell trades

(buying one currency in exchange for selling another), both outstanding and historically.

Equities: Stock ratings and basis for financial analysis

HSBC and its affiliates, including the issuer of this report (“HSBC”) believes an investor's decision to buy or sell a stock should

depend on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations and that

investors utilise various disciplines and investment horizons when making investment decisions.