Third Party Disclaimers

GICS - Disclaimer notice
IHS Global Limited - Disclaimer Notice
Markit PMI - Copyright Notice
Moody's - Disclaimer Notice
MSCI - Disclaimer Notice
MSCI (中文)
Standard & Poors - Disclaimer Notice

GICS - Disclaimer noticego to top ^

Unless otherwise stated, HSBC Global Research uses the GICS classification structure:

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. ("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies Inc. ("S&P") and is licensed for use by HSBC Bank plc. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

IHS Global Limited - Disclaimer Noticego to top ^

The IHS Information referenced herein (the "IHS Information") is the copyrighted property of IHS Global Ltd, its affiliates and/or its sources and represents data, research, opinions or viewpoints published by IHS and/or its sources, and are not representations of fact. The IHS Information speaks as of the original publication date thereof (and not as of the date of this document). The information and opinions expressed in the IHS Information are subject to change without notice and IHS has no duty or responsibility to update the IHS Information. Moreover, while the IHS Information reproduced herein is from sources considered reliable, the accuracy and completeness thereof is not warranted, nor are the opinions and analyses which are based upon it. To the extent permitted by law, IHS shall not be liable for any errors or omissions or any loss, damage or expense incurred by reliance on the IHS Information or any statement contained herein, or resulting from any omission. This IHS Information is being provided as a courtesy by IHS for contextual purposes only and no portion of the IHS Information may be reproduced, reused, republished or otherwise distributed in any form without the prior written consent of IHS. Content reproduced or redistributed with IHS' permission must display IHS' legal notices and attributions of authorship. IHS and the IHS globe design are trademarks of IHS. Other trademarks appearing in the IHS Information are the property of IHS or their respective owner.

Markit PMI - Copyright Noticego to top ^

Where Markit PMI data is used within HSBC Global Research reports, please note the following copyright notice: “Copyright © 2015, Markit Economics Limited. All rights reserved and all intellectual property rights retained by Markit Economics Limited.”

Moody's - Disclaimer Noticego to top ^

© 2014 Moody's Analytics, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding, or selling.

MSCI - Disclaimer Notice go to top ^

The MSCI sourced information is the exclusive property of MSCI Inc. (MSCI). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced, redisseminated, or used to create any financial products, including any indices. This information is provided on an "as is" basis. The user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in. or related to, computing or compiling the information have any liability for any damages of any kind. MSCI and the MSCI indexes are services marks of MSCI and its affiliates.

MSCI (中文)go to top ^

来源于MSCI的信息皆为MSCI Inc. (MSCI)的专属且排他性的财产。未经MSCI事先书面许可,该等信息及所有其他MSCI拥有知识产权的信息皆不得被复制,转载,再次传播或者被用于创建任何金融产品,包括任何指数。该等信息以“现状”提供。信息使用者自行承担对该等信息所有使用的一切风险。MSCI及其关联机构,以及其他任何参与,或与计算或编制该等信息有关的所有第三方,均在此明示免除与该等信息有关的所有保证,包括免除对任何该等信息的原创性、准确性、完整性、适销性以及适用于特定用途的任何保证。在不限制上述任何规定的情况下,MSCI及其关联机构,以及其他任何参与,或与计算或编制该等信息有关的所有第三方在任何情况下皆不对任何损失承担任何形式的责任。MSCI及MSCI指数皆属于MSCI及其关联机构的服务商标。

Standard & Poors - Disclaimer Noticego to top ^

Copyright 2014, Standard & Poor's Financial Services LLC. Reproduction of S&P Credit Ratings in any form is prohibited except with the prior written permission of Standard & Poor's Financial Services LLC (together with its affiliates, S&P). S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of Ratings. S&P's ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.