Equity Snap: Grupo Mexico (GMEXICOB MM) Higher metal prices drove the beat

Research evidence excerpt

Equity Snap: Grupo Mexico (GMEXICOB MM) Higher metal prices drove the beat

ut notice. From time to time research analysts conduct site visits of covered issuers. HSBC policies prohibit research analysts from accepting

payment or reimbursement for travel expenses from the issuer for such visits. HSI and/or its affiliated companies will buy or sell from customers on a principal basis the securities of the issuer(s)

whose securities are recommended in this report. Employees of HSI and its affiliates not involved in the preparation of this report may have positions in the securities mentioned in this report and

may from time to time add or dispose of any such securities in a manner different than discussed in this report. Past performance is not necessarily a guide to future performance. The value of

any investment or income may go down as well as up and you may not get back the full amount invested. Where an investment is denominated in a currency other than the local currency of the

recipient of the research report, changes in the exchange rates may have an adverse effect on the value, price or income of that investment. In case of investments for which there is no recognised

market it may be difficult for investors to sell their investments or to obtain reliable information about its value or the extent of the risk to which it is exposed. The document is intended to be

distributed in its entirety. Unless governing law permits otherwise, you must contact a HSBC Group member in your home jurisdiction if you wish to use HSBC Group services in effecting a

transaction in any investment mentioned in this document.

In the UK, this publication is distributed by HSBC Bank plc for the information of its Clients (as defined in the Rules of FCA) and those of its affiliates only.