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Additional disclosures 

1. This report is dated as at 29 July 2026. 

2. All market data included in this report are dated as at close 28 July 2026, unless a different date and/or a specific time of day is indicated in the report. 

3. HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. 

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