#1Asia HSBC Asia seminar for Investors and Analysts | Day Three May 2023 HSBC callak#2Disclaimer Important notice The information, statements and opinions set out in this presentation and accompanying discussion (this "Presentation") are for informational and reference purposes only and do not constitute a public offer for the purposes of any applicable law or an offer to sell or solicitation of any offer to purchase any securities or other financial instruments or any advice or recommendation in respect of such securities or other financial instruments. This Presentation, which does not purport to be comprehensive nor render any form of legal, tax, investment, accounting, financial or other advice, has been provided by HSBC Holdings plc (together with its consolidated subsidiaries, the "Group") and has not been independently verified by any person. 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Information in this Presentation was prepared as at 18 May 2023. 1#3HSBC Asia seminar | Day Three Singapore India Rest of Asia CMB South and South-East Asia GBM Asia Sustainable Finance HSBC 3 14 26 38 51 65#4Singapore Kee Joo Wong | CEO, HSBC Singapore HSBC#5Overview 1 HSBC Singapore is well positioned to capture opportunities in one of the fastest growing regions in the world 2 Singapore 3 Singapore is a priority market for the Group; we are investing in our people, propositions and digital to build a regional wholesale hub and international Wealth centre We're delivering on our Singapore strategy and seeing green shoots of our success, having doubled our share of Asia PBT contribution since 2019 4 Singapore is at an inflection point; we want to capitalise on new market opportunities through its financial sector transformation, especially around sustainability and digitalisation. Unless otherwise stated, the figures in this presentation are prepared on an IFRS 4 basis; figures throughout this presentation may be subject to rounding adjustments and therefore may not sum precisely to totals given in charts, tables or commentary. Unless the context provides otherwise, 'Asia' and 'HSBC Asia' refer to The Hongkong and Shanghai Banking Corporation Limited, HSBC Holdings plc's principal subsidiary in Asia, and its consolidated subsidiaries. HSBC Asia, HSBC Hong Kong and business line financial information can be found in the HSBC Holdings plc '4Q 2022 Changes to Financial Reporting Framework Data Pack' and '1Q 2023 Data Pack' 4#6Singapore Singapore: positioned to capture opportunities as an international financial centre Gateway to South & South-East Asia for corporates ASEAN is the #5 largest economy in the world¹ (c.$3.2tn) with 660m people 46% of Asia Regional HQs (RHQs) are based in Singapore² Singapore is the largest recipient of FDI in ASEAN and largest intraregional investor Inbound FDI flows¹ $bn 122 76 2020 Singapore Indonesia +43% 174 99 2021 Vietnam Malaysia Others 1. Source: ASEAN Investment Report 2022 - Pandemic Recovery and Investment Facilitation; published October 2022 2. Source: Economic Development Board (EDB) Singapore 3. Source: McKinsey Global Wealth Pools 2022. AUM includes deposits and cash Fast growing hub for Wealth and Asset Management Some of the fastest retail offshore AUM growth globally³ $tn $tn +5% 2.7 3.4 Switzerland 2022 +7% 3.5 1.3 2020 1.8 Hong Kong Singapore 2027e 2022-2027e CAGR Fast-growing global gateway for asset managers4 $4tn AUM with 78% of funds sourced outside Singapore +16% +9% 4.0 1.1 2021 1.7 equivalents 4. Source: MAS. 'Singapore Asset Management Survey 2021'. Exchange rate of USD/SGD 1.3487 from 31 December 2021 5. Source: KPMG. 'Pulse of Fintech H2'22 report' Hub for tech & innovation and leading green finance centre Strong fintech ecosystem drew $4.1bn investment in 2022, up 22% vs. 2021 (vs. (31) % globally)5 59% of tech MNC RHQs in Asia are based in Singapore² Green, social and sustainability issuances $bn 57% in ASEAN booked in Singapore in 2021 14 36% 2020 Singapore 24 57% 2021 Thailand Others 6. Source: Climate Bonds Initiative. 'ASEAN Sustainable Finance - State of the Market 2021'; published June 2022 5#7We were one of the earliest banks in Singapore, a prominent player today u 10 行銀豐滙海上港香 $100 10 a 對吳佰壹銀大 1800-1900s SINGAPORE A THE HONGKONG&SHANGHAI BANKING CORPORATION, NE HUNDID DIE tency for Gy Order of the Board of Directors Greuners An $100 P The Hongkong and Shanghai Banking Corporation Cash Dispenser A灣體銀行日夜提款機, S 1. Source: Asiamoney Best Bank Awards 2022: Singapore 1877: Established as one of the first banks in Singapore 1881: Issued banknotes; significant to Singapore's development 1948: Handled 35% of Forex business in Singapore 1972: Unveiled first ATM in Singapore Universal banking coverage Wealth and Personal Banking (WPB) Commercial Banking (CMB) Global Banking & Markets (GBM) Community Future skills - employability and financial capability programmes Climate solutions & environmental protection programmes Commitment to Singapore New headquarters HSBC Today Key statistics c.4k employees c.460k customers 6 branches (incl. wealth centres) c.200+ points of business (ATMs) Key accolades¹ Singapore Best International Bank in Singapore 2022 Best Bank for ESG in Singapore 2022 Completed integration of AXA Singapore HSBC Life Launched Pentagreen Capital (JV with Temasek) 6#8We are delivering on our Singapore strategy PBT by global business $m GBM CMB WPB Corp Centre Growing PBT contribution in Asia Contribution to Asia PBT 470 +64% 1 2021 4% 772 2022 6% Revenue by global business FY22, $bn (2)% 48% FY22 WPB CMB Lending breakdown 45% 22% 32% Personal GBM Corp Centre 55% Wholesale 1. Institutional includes Insurance Manufacturing and Asset Management 3rd party distribution 2.0 kamin Personal Mass Affluent / HNW customers +23% Key drivers of growth +53% 2019 2022 Half of WPB customers are offshore, mainly in Asia WPB Wealth Balances Onshore Offshore 2. ASEAN-4: Indonesia, Malaysia, Thailand, Philippines Institutional¹ Onshore Offshore 2019 2022 3/4 is offshore, mainly from ASEAN-4², mainland China and Hong Kong Wholesale Singapore Customers by segment 2019 +41% 2022 Global Banking CMB - Large Corporate CMB - Mid-Market Enterprise CMB - Business Banking 7#9Our ambition HSBC **** de inny#10Our 2027 ambition is buoyed by Singapore's financial sector roadmap ܝܡܙܢܢܘܝ Health and education #1 Wholesale Bank for Digital Advanced manufacturing & trade $3.3bn invested¹ in 23 Industry Transformation Maps (ITMs) across 7 clusters Shape future of financial networks Transport Digitalise financial infrastructure 1. Source: Singapore Ministry of Trade and Industry; SGD4.5bn = USD3.3bn HSBC Singapore 2027 ambitions Leading Health and Wealth Hub Modern services (including finance) MAS Financial Services ITM 2025² Enhance asset class strengths Food services, retail, and hotels Catalyse Asia's net zero transition L 000 1000 1000 IM Construction, real estate, and security Leading ESG bank Singapore Environmental services Build a future-ready workforce 2. Monetary Authority of Singapore - Financial Services Industry Transformation Map 2025 (2022) 9#11Wholesale: investing in people, propositions and digital to serve our customers Aim to be the #1 Wholesale Bank for Digital by... Growing market share in priority segments Being the primary offshore booking centre in South and South-East Asia Growing regional Institutional client business Maintaining top Transaction Bank positions by focusing on RTC clients¹ Key accolades #1 in FX Penetration² #1 Trade Finance Services Provider³ #1 DCM provider by G3 volume4 #2 in Large Corporate market penetration5 #3 in Cash Management market penetration5 Build out regional senior leadership Scale expertise & collaborate Invest in digital 1. RTC clients - Regional Treasury Centre clients are clients who locate their treasury centres in Singapore 2. Greenwich Survey 2021 3. Euromoney Trade Finance Survey 2023 What we have achieved Singapore Head of Commercial Banking, South and South-East Asia and Head of Global Banking, South Asia Head of Global Payments Solutions and Head of Global Trade and Receivables Finance, South Asia ◆ Head of Sustainable Finance and Investments, ASEAN ◆ Chief Digital Officer, ASEAN Scale & sharpen market coverage by adding regional relationship / account managers and Europe & China desks Built out client solutions & regional expertise by enhancing Global Markets capabilities (e.g. FX) across all asset classes, and strengthening Corporate Financing and Investment Banking Coverage ◆ Wealth and Wholesale collaboration to create distinct propositions that cover multiple client needs (e.g. Employee Banking Solutions) Global Wallet: Allow customers to pay and receive like a local, first launched in Singapore Trade Working Capital: Digitised trade loans to reduce drawdown from hours to minutes (first in Asia to launch) ◆ HSBC Evolve: Access to HSBC's trading products and services, 24 hours a day, 5.5 days a week 4. At February 2023. Source: Dealogic 5. Greenwich Survey 2023; 2023 Greenwich Leaders: Asian Large Corporate Banking and Cash Management 10#12Wealth: investing to build a borderless Wealth continuum Aim to be a leading Health and Wealth Hub by... Growing market share in priority segments - Mass affluent and HNW Growing AUM Growing our insurance business Accelerating growth in Asset Management Key accolades #1 for HNW segment in Strategic NPS (2022) #2 for Mass Affluent segment in Strategic NPS (2022) Best digital customer experience for account opening and customer onboarding (2023)¹ 1. Source: The Digital Banker: Digital CX Awards 2023 Build out regional senior leadership Scale expertise & collaborate Invest in digital What we have achieved Singapore Regional Head of Wealth and Personal Banking (incoming) Global Head of Capital Markets and Investment & Wealth Solutions Platforms Global Head of Wealth & Investment Solutions ◆ Head of Sustainable Finance and Investments, ASEAN ◆ Chief Digital Officer, ASEAN Acquired AXA Singapore, increasing life insurance market share rank from #10 to #7² Reinforced regional hub status - Global India Desk, launching GPB in Thailand (booked in Singapore) ◆ Developed client solutions & regional expertise - launching Institutional Family Office service, Independent Asset Managers desk, shifting AM model to include manufacturing ◆ Wealth and Wholesale collaboration to create distinct propositions that cover multiple client needs (e.g. Employee Banking Solutions); entered 15-year partnership with MSIG Insurance on general insurance Global Money Transfers: Hold, manage and send money to over 200 countries and territories, 24/7 (first in HSBC to launch) ◆ Digital International Client Onboarding: Allow offshore customers to open a bank account - future improvements with World Class Account Opening, a mobile native application and instant access to online banking (first in market) International Credit Decisioning: Access credit based on home country credit history (first in market & HSBC) 2. At 31 December 2020. Source: MAS filings and Life Insurance Association of Singapore; based on annualised new premiums 11#13We are at the forefront of new opportunities in sustainability and technology Aim to be a leading ESG bank Support Singapore's Green Plan 2030 Lead in regulatory engagements and adoption of standards Chair of the Green Finance Industry Taskforce ◆ Co-chair of the working group on Taxonomy & Transition Standards in ASEAN Vice-chair of the GFANZ APAC Workstream Supporting our clients Partnered with Temasek to launch Pentagreen Capital ◆ Innovative financing solutions: Joint Lead Manager and Bookrunner for first Sustainability Bond and first Sustainability Interest Rate Swap product ◆ Bookrunner for Singapore Government's inaugural Green Infrastructure bond Educating our colleagues Educating and empowering colleagues to engage clients on their transition plans Cultivating expertise in senior management Sustainable Finance volume, $bn 10% of HSBC Asia volumes in 2022 (up 4.4ppts vs. 2021) 0.9 2021 +139% 2.1 2022 1. The Transition Standards Working Group is under the ASEAN Capital Markets Forum Industry Advisory Panel 2. Marketnode, an SGX Group and Temasek joint venture, is a digital markets infrastructure provider Singapore Pioneering new technologies Partnerships with regulators and industry on new technology Digital initiatives ◆ Project Guardian (MAS): Test the feasibility of applications in asset tokenisation and DeFi. HSBC is collaborating with Marketnode² and UOB to enable native digital issuance of wealth management products ◆ Point Carbon Zero Programme (Google and MAS): Advisory Board Member for the programme, which aims to drive the innovation, incubation and scale of climate fintech solutions in Asia ◆ Project NovA! (MAS): Member of the NovA! Consortium, an industry-wide Al platform that generates insights on financial risk Project Dunbar (multiple³): Part of project to explore how multiple CBDCs could enable cheaper, faster and safer cross-border payments ◆ COSMIC (MAS): Co-created industry digital platform to fight money laundering, terrorism financing and proliferation financing by securely sharing information Implementing new technologies and proofs of concept Completed Asia's first digital bond issuance using distributed ledger technology (DLT) Launched HSBC Orion, a tokenisation platform for digital bond issuance based on DLT Launched HSBC Open in Singapore, HSBC's first Web 3.0 digital asset wallet app 3. Bank for International Settlements, Monetary Authority of Singapore, Reserve Bank of Australia, Bank Negara Malaysia and the South African Reserve Bank 12#14Key messages ܡܙܙܢܘܝ 3 #1 Wholesale Bank for Digital HSBC Singapore 2027 ambitions Leading Health and Wealth Hub Singapore Leading ESG bank We're delivering on our strategy as a regional wholesale hub and international wealth centre, having doubled our share of PBT contribution for Asia since 2019 2 We've achieved this through scaling expertise, collaborating across businesses, and investing in digitalisation. Our acquisition of AXA Singapore and launch of Pentagreen Capital are markers of our commitment to the Singapore market We're capitalising on new market opportunities as part of Singapore's financial services transformation, particularly in sustainability and digitalisation 13#15India Hitendra Dave | CEO, HSBC India HSBC#16Overview 1 Indian financial system is on the cusp of a multi-year run of revenue growth 2 We already have a significant wholesale business; poised to expand into higher yielding segments 3 4 5 From a private bank for UHNWIs to unsecured loans - WPB is core to our future plans Digital developments have created attractive and safe opportunities Seeing the benefit from being the largest global bank¹ in the country; key external developments are favourable for HSBC 1. By assets amongst global peers who comprise Citi and Standard Chartered India 15#17The India opportunity Megatrends Supportive macroeconomics Digitisation and physical infrastructure Growing affluence 123 > 2. > Key developments $3.4tn GDP in 2022 and expected to exceed $5tn by 2027¹; favourable demographic trends Low credit to GDP ratio: households and small businesses relatively under-leveraged² ◆ Record remittances³, FD14 and Services Exports4 1. Source: IMF. World Economic Outlook Database, April 2023 Source: Bank for International Settlements 3. Source: The World Bank World leader in global real-time payments5 ◆ Digital Public Infrastructure playing transformational role ◆ Significant additions to road, rail, aviation, and power capacity 3rd largest population of tech unicorns globally Rapid growth of formal white-collar workforce 32m8 Non-Resident Indian (NRI) diaspora 4. Source: India Ministry of Commerce & Industry Source: ACI Worldwide. Realtime Payment Data Report 2023 Source: Orios Venture Partners; India Unicorns & Exits Tech Report 2022 5. 6. HSBC positioning 8. 9. India Strong in Payments, Trade and FX⁹ Strong balance sheet. APIs already in place with public data sources Core banker to local and global investors Expecting to launch Private Bank in July 2023 7. Source: India Ministry of Labour & Employment Source: India Ministry of External Affairs Euromoney Trade Finance Survey 2021-2023 'High street presence' in all major NRI centres 16#18The largest global bank in India¹, with deep roots and longstanding heritage Significant presence Ş % Payments Recognition² 1. 2. 3. Best Foreign Bank Geographical presence INDIA'S BEST FE BANKS AWARDS EUROMONEY AWARDS FOR EXCELLENCE Payments and Trade for 6+ years FX Great Place To Work® Employees Three times in a row Trade BusinessWorld Most respected Foreign Bank JSW-THE TIMES OF INDIA 10th EARTH. CARE AWARDS AWARDS FOR EXCELLENCE IN CLIMATE CHANGE MITIGATION & ADAPTATION Marquee Awards Strategic focus segments Wholesale: Global and local MNCs; banks; SMEs; startups WPB: High net worth individuals; NRIs; mass affluent Scale market share in strength areas c.45% c.45% c.10% #1 Percentage of multinational corporates in India that we bank³ Percentage of Indian unicorns that we bank³ Percentage of India's exports4, FD14 and foreign exchange4 that we facilitate For FIG cross-border issuances5 By assets amongst global peers who comprise Citi and Standard Chartered 4. Financial Express Best Foreign Bank (2019, 2021, 2022); Businessworld Most Respected Foreign Bank (2020, 2022, 2023); Great Place 5. to Work (2020, 2021, 2022); Euromoney Trade and Payments (2018 to 2023); Earth Care Awards 2022 6. Source for multinationals: Saverisk and Ministry of Corporate Affairs; Source for unicorns: Venture Intelligence 170 years of heritage India HSBC's 4th branch globally Active member of regulatory committees Supporting communities Mumbai Dabbawalas, Women entrepreneurs, Athletics Federation 'Skills for Life' - 1m+ women and youth HSBC Water Programme - c.3m people Exports: at 30 November 2022. Source: Ministry of Commerce; FDI and FX: at 31 December 2022. Source: RBI Source: Bloomberg. FIG G3 currency bonds 17 Dating back to the founding of the Mercantile Bank of India, acquired by the Hongkong and Shanghai Banking Corporation Limited in 1959#19Competitive environment FY22 revenue FY18-FY22 revenue CAGR Retail PBT as a % of total 56% 1. HSBC¹ Local peer 1 Local peer 2 Local peer 3 Local peer 4 $1.3bn $3.5bn $7.1bn $9.7bn $14.3bn 13% 10% Prepared on Indian GAAP, for the 12 months ended 31 December 2022 ◆ FY22 revenue converted using average USD:INR rate of 78.76 $1.5bn <5% 31% 9% 20% 14% HSBC India IFRS key financial metrics by global business Revenue, $bn PBT2, $bn WPB CMB GBM 29% 16% 44% 65% Annual revenue CAGR for 12 month periods ending 31 December Local competitors are bank-only results, including foreign branches 3% $0.9bn 16% 32% 14% Legal entity view; excludes Investment Banking, Asset Management and GSC/HTI entities. Revenue CAGR is at constant currency 2. 3. Indian bank impairments (GNPA, %)³ For financial years ending 31 March 15 10 5 0 2013 Indian currency crisis 2014 2015 2016 HSBC Indian NPA crisis Foreign banks 2017 2018 2019 2020 2021 Private sector India Covid-19 Calculation excludes Corporate Centre. Corporate Centre had negative reported PBT of $24m in 2022 Gross Non Performing Assets. Source: RBI Time Series Publication on non-performing assets 7.28 Public sector 3.84 2.90 0.78 2022 18#20HSBC India's starting position Revenue, $bn 1.0 2018 Lending, $bn 10.8 2018 1.2 2019 10.8 2019 +10% CAGR 1.3 2020 +8% CAGR 11.6 2020 1.4 2021 13.6 2021 1.5 2022 14.9 2022 PBT, $bn 0.6 2018 (20) Deposits, $bn ECL charge, $m 14.2 2018 0.8 2019 (10) 14.9 2019 +12% CAGR 0.7 2020 (123) +12% CAGR 20.2 2020 0.8 2021 (1) 24.5 2021 Consistent high returns and a top 5 contributor to Group PBT for the last 5 years; 1023 PBT of $0.3bn, up 37% vs. 1022 India 0.9 2022 (2) 22.6 2022 19#21International connectivity #IndiasGlobalBank ◆ Capture larger share of the fast-growing international customer wallet ◆ Plan to increase the existing strength of India's linkages with the Group network Provide a consistent global coverage and credit model ◆ Facilitate growing international trade ♦ Connect other banks and their customers with global markets Customers are able to open WPB accounts in 30 countries, with credit access in our top 10 markets 1. Refer to glossary for definitions 2. Retail Non-Resident Indian and Global Payments Solutions deposit balances Well balanced client business¹ across regions Client managed location view, FY22 Latin America ΜΕΝΑ Asia Pacific Deposits² At 31 December 2022 India Domestic³ North America Europe International³ 3. International customers are customers who hold a relationship with HSBC in two or more markets; domestic customers hold a relationship with HSBC in only one market 20#22Leveraging India's digital ecosystem to help enable customer acquisition and balance sheet expansion Themes Digital Public Infrastructure (DPI) Platform partnerships Journey digitisation Key opportunities Real-time, consent-based journeys New base of customers for extending credit Access to large fintech client base ◆ Cross-sell full suite of products Customer acquisition at scale Higher margin, large volume segments Actions Join Account Aggregator, ONDC API integrations BaaS integration for 'Beyond Banking' ◆ API developer portal live for India Straight-through journeys. Parameterised and AI/ML based credit tools Partnerships IndiaStack ONFOC Open Network for Digital Commerce सत्यमेव जयते MINISTRY OF C CORPORATE A AFFAIRS GOVERNMENT OF INDIA NPCI भारतीय राष्ट्रीय भुगतान निगम NATIONAL PAYMENTS CORPORATION OF INDIA INCOME TA DEVENT PICO BAND OF Friear ZOHO VANGHEE Bank @ Home India :karza TECHNOLOGIES Sahamati Account aggregator विदेश मंत्रालय MINISTRY OF HOW EXTERNAL AFFAIRS सत्यमेव जयते NeSL National E-Geverance Services In Tally greytHR Streamine Save time. Detter dima ◆ 50+ APIs available externally Perfios REALTIME ANALYSIS & DECISIONING SOLUTION 109 Legality CREDABLE biz2credit blueprism 21#23Integrate with corporate ecosystems to help fortify leading wholesale proposition Themes Inbound / outbound Transaction banking Customer acquisition Financing Actions Help enable a 'soft landing' in India and around the world Generate second-order leads for WPB and CMB ◆ API-led connections with local ecosystems, including e-commerce ◆ Integrate Trade, Payments and FX Facilitate global supply chain shifts Leverage analytics on wholesale payments and trade data ◆ Maintain a well capitalised and liquid balance sheet. ◆ Expand GIFT proposition; cement sustainable finance leadership 1. By total asset size 2. Green finance market: Landscape of Green Finance in India Report, September 2022, Climate Policy Initiative 2022 highlights +21% >9m employee banking new customer growth vs. 2021 monthly API calls India >95% UniTransact client adoption +50% growth in new MNC customers vs. 2021 +66% growth in SME new customers vs. 2021 Top 3 bank in GIFT City¹ c.7.5% share of green finance² 22#24Tapping into DPI and leveraging wholesale to capture opportunities for WPB Themes Wealth Retail credit Employee banking International Manufacturing capabilities Actions |· | · | · Private Bank expected to launch in July 2023; bringing the full wealth continuum in- country 'AnytimeCredit' expected to launch in June 2023; rapid, self-serve credit journeys Recently refreshed proposition is live with market-leading features Global View and Global Money; globally developed propositions, launched locally $0.5bn LTIM acquisition completed in November 2022 1. FY22 vs. FY21, on a constant currency basis 2022 highlights¹ 1,365 2021 Book growth +26% Mortgages +18% +26% Personal loans +17% Personal banking savings account balances 1,723 Retail lending, $m 2022 New customer growth +43% 2. Top Tier: HNW / UHNWI families with qualifying total relationship balance of at least $1m Top tier²2 +234% India Wealth +62% New insurance policies +57% Premier +154% NRI +19% Cards Book growth and customer growth metrics are FY22 vs. FY21 23#25HSBC VIRAT KOHLI SBC HSBC VIRAT KOHLI HSBC RAT VOL HSBC VIRAT K VIRAT KOHLI HSBC OHLI HSBC VIR India 24#26Key messages There is a clear opportunity for international banks to compete with local banks in India 2 We are favourably positioned to benefit from external developments and our global network India 3 | Early signs indicate that our strategy is working; we are looking to increase investment and focus on India 25#27Rest of Asia Surendra Rosha | Co-CEO, Asia Pacific Philip Fellowes | Chief of Staff, Asia Pacific HSBC#28Rest of Asia is attractive for HSBC hami GDP & trade Demographics 0 مما الله New Economy Rest of Asia GDP $12.2tn¹, c.33% of Asia Pacific total Rest of Asia trade $7.5tn², c.44% of Asia Pacific total Median age <32 in Malaysia, Vietnam, Indonesia and Philippines (EU: 44; USA: 38.8)³ ◆ 23.8% of technology-focused start-ups in Asia Pacific are in Japan, Australia and South Korea4 c.35 unicorns in the Rest of Asia, with a combined valuation of c.$130bn5 Note: Rest of Asia comprises Australia, Malaysia, Bangladesh, Indonesia, Japan, South Korea, Mauritius, New Zealand, Philippines, Sri Lanka, Maldives, Taiwan, Thailand, and Vietnam 1. IMF, 2023 2. 3. 4. 5. ROX Wealth Policy S&P Global Market Intelligence United Nations, 2021 Emerging Giants in Asia Pacific, HSBC and KPMG Report, 2022 Source from CB Insight, valuation at last round of fundraising Rest of Asia ◆ >10% of the adult population in Australia and Taiwan are forecast to have >$1m wealth by 2030 (USA c. 8.5%)6 ◆ Adults with $250k of wealth will have tripled in Malaysia by 20356 Over $30tn financial wealth in Japan, Korea, Australia and Taiwan7 By 2027 >40% of wealth flows into Singapore will originate from the Rest of Asia8 Governments and policymakers supportive of cross-border business 6. HSBC Research, 2022-23 7. Credit Suisse Global Wealth Databook 2022 8. McKinsey, 2022 27#29Strengthening our position and franchise in Rest of Asia Rest of Asia PBT contribution to Asia, $bn Hong Kong, mainland China, India and Singapore Rest of Asia 11.6 10.3 1.4 13.0 11.0 2.0 FY21 FY22 Rest of Asia contributed 15% of Asia PBT in FY22 By business, $bn WPB CMB GBM By geography, $bn Malaysia 0.3 Australia International markets & other 0.4 0.8 0.4 1.1 1.2 Growth vs. FY21 +40% 11 +89% +23% Rest of Asia Euromoney Survey #1 Cash Manager for Corporates Asia Pacific, 2022 #1 Euromoney Trade Finance Survey Asia Pacific, 2022 The Asset Triple A Best Sub-Custodian Asia Pacific, 2022 Euromoney Trade Finance Survey Best in Service Asia Pacific, 2022 28#30Pan-regional wholesale capabilities to serve clients Capabilities across markets Transaction Banking Cash & payments Trade FX Securities Services Fixed Income DCM Equities ECM M&A MY Euromoney Cash Management Survey 2022 1. 2. Euromoney Trade Finance Survey 2022 ID ASEAN PH ΤΗ VN Australasia AU NZ JP North Asia KR Product capability in all markets Leading cash manager in 6 markets¹ Product capability in all markets Top 3 leader in Trade Finance in 9 markets² Sales/execution capability in all markets Top 2 FX House in Asia³ 3. 4. Product capability in all markets Best sub-custodian Asia Pacific overall and in 6 local markets4 TW Covered from hubs (Hong Kong and Singapore) DCM and Fixed Income capabilities in selected markets Covered from hubs (Hong Kong and Singapore) ECM and M&A capabilities in selected markets Oliver Wyman 1H22, excludes domestic banks in Japan and China The Asset Triple A Sustainable Investing Awards, 2022 LK Rest of Asia South Asia BD MU 29#31WPB capabilities focused on high potential markets Asia continues to drive financial wealth creation Total financial wealth for Asia ex. Japan¹, $tn 1. 2. 32 2016 +9.6% CAGR 52 2021 BCG, 2022 By retail AUM, Morningstar, 2022 79 2026 Strategic focus Malaysia Australia Taiwan Indonesia Vietnam Philippines Thailand Large and diversified client base, c.1m total customers, including >100k Premier customers Wealth manager with >10% Mutual Funds market share² Top 2 international bank³, >50% of the WPB customer base are international customers4 Serving wealth and banking needs of affluent population Leadership in retail wealth and insurance within the mass affluent segment Aim to extend our leadership in mass and emerging affluent segments Originating wealth and private customers, served through hubs Launched Private Banking in 2022 3. 4. Based on total assets See glossary for definition of international customers Rest of Asia Private Banking and Wealth hubs in Hong Kong & Singapore 30#32Malaysia opportunities. Economic significance ما 1 Å >25% per annum export growth in 2021 and 2022¹ 2024-28 expected to transit into a high-income economy³ 40% of jobs in Malaysia linked to export activities³ 29.9yrs median age of population; <10% population above 65 years old5 1. Malaysia External Trade Development Corporation, 2022 2. HSBC Research, 2022 3. 4. S OX c.$500bn foreign merchandise trade² 8.7% GDP growth in 20224 c.10m adults with $250k of wealth by 2030, up from c.4m in 2021² 52.6% of filled jobs in the service sector as of end-20226 The World Bank, 2022 IMF, 2022 5. 6. HSBC relevance Rest of Asia Presence in the country since 1884 First locally incorporated foreign bank to be awarded an Islamic banking subsidiary licence in Malaysia Network of 54 branches Growing our universal banking franchise across retail and wholesale Serve Malaysian and multinational clients for trade and cross border business. Leveraging our international network as a differentiator Maximising cross-selling opportunities Connecting Malaysia with key trading partners and markets Helping the Malaysian economy transition to net zero The United Nations, 2022 Malaysia Department of Statistics, 2022 31#33HSBC Malaysia: a full-service international bank, strong global connectivity Revenue, $bn PBT, $bn 1. 2. 3. 0.7 FY21 0.1 FY21 +11% +192% 0.7 FY22 0.4 FY22 At 31 December 2022. Amongst peers comprising OCBC Al-Amin and SCB Saadiq Euromoney Market Leaders 2022 The Asset Triple A Treasury, Trade, Sustainable Supply Chain and Risk Management5. 4. Franchise HSBC Bank Malaysia is a full-service bank HSBC Amanah is the largest International Islamic bank by assets¹ Onshore and offshore wholesale capabilities in Trade, Payments, Markets, Custody & Capital Markets products WPB proposition is focused on affluent and international customers needs Market positioning #1 Cash Manager for Corporates² Market Leader2 and Best Service Provider³ for Trade Finance Rest of Asia #1 Custody position by market share for foreign investment in the capital markets4 Top 3 FX position by market share5 Best Debt & Bond House: #1 bookrunner for Malaysia G3 issuance and #1 foreign bookrunner in MYR Bonds & Sukuk6 A leading wealth manager with >10% Mutual Funds AUM market share7 A market Leader in ESG² Digital Bank of the Year for 3 consecutive years8 Awards 2022 Internal estimates based on assets under custody Bank Negara Malaysia, 2022 6. 7. 8. Source: Bloomberg Morningstar, 2022, based on assets under management The Asset Triple A Country Awards for Sustainable Finance, 2022 32#34Australia opportunities Economic significance KOX 1. 2. 3. High GDP per capita (ranked 10th globally and 2nd in APAC)1 AAA rated sovereign 4th largest Pension size globally by AUM³, estimated to be $5.0tn by 2030 Top trading partners include China, Japan, South Korea and Singapore6 IMF 2022 GDP data UNCTAD, 2021 OECD Pension Markets in Focus, June 2022 امیر 4th destination country in Asia Pacific for Foreign Direct Investments² 4th largest Asia Pacific economy by nominal GDP¹ 1st globally for Median household4 wealth and 2nd for per capita millionaires5 A c.50% of Australians or their parents were born overseas7 4. f Credit Suisse Wealth Report, 2022 HSBC Research, September 2022 5. 6. Australian Trade and Investment Commission, 2022 HSBC relevance Rest of Asia Presence in Australia since 1965 Capturing opportunities across all segments: retail, corporate and institutional with full-service capabilities Leveraging our network to connect Australian and multinational clients for cross border business Equipped to serve affluent international population (annual net migrants c.200k since 2005) Free Trade Agreements and growth aligned with our strength and strategic focus. Significant pension pool driving internationalisation of assets Supporting the local economy in the net zero transition journey, leveraging our Sustainable Finance capabilities. 7. Australian Bureau of Statistics, 2021 33#35HSBC Australia: a full-service international bank, strong global connectivity Revenue, $bn PBT, $bn 123 0.9 2. FY21 0.4 FY21 +6% +17% 1.0 FY22 0.4 1. Australian Custodial Services Association, as of December 2022 Bloomberg DCM League Tables, 2023 3. 2022 Peter Lee Associates Large Corporate Relationship Banking Survey FY22 Rest of Asia Franchise HSBC Australia is a full-service bank A leading international bank with onshore and offshore trade, payments, markets, custody and capital markets product capabilities Retail banking proposition focussed on international customers Developing wealth and offshore Private Banking capabilities Market positioning Leading cash management and trade finance businesses (Euromoney - best service and market leader awards, 2022) ◆ #1 Custody position for foreign clients, 70% market share of Australian AUC¹ ◆ #1 DCM offshore bond issuance² Leading International Bank for Corporate clients³ 34#36International markets and other: significant economies with relevant HSBC presence Economic significance مرا 28% of Asia-Pacific GDP ($10.1tn in 2022)¹ 36% of Asia-Pacific goods Trade ($6.1tn in 2022)² 18% of FDI into Asia-Pacific ($112bn in 2021)³ 1. IMF, 2023 2. S&P Global Market Intelligence 3. UNCTAD OX 1 Number of millionaires to increase by 55% by 2026 and reach 9.8m4 c.950m population¹ 6 markets with median age below 325 4 of top 10 global largest consumer markets by 2030: Japan, Vietnam, Indonesia, Bangladesh 4. Credit Suisse Global Wealth Report 5. United Nations, 2021 6. HSBC Global Research, 2022 HSBC relevance Rest of Asia HSBC operates in 12 international markets with >100 years average presence Pan Asia Pacific corporate and institutional client offering Transaction banking (Payments, Trade, Foreign Exchange, Securities Services), supported by financing; capital markets capability offered from hubs in Hong Kong and Singapore Intra-Asia:, Japan, South Korea, Taiwan are the largest outbound markets (North to South/Southeast Asia) for HSBC Inbound from Americas, Europe, MENA to Asia, of which a quarter comes to international markets for HSBC Offer wealth and affluent propositions in high potential markets including Indonesia, Philippines, Taiwan and Vietnam which is supported by our wealth hubs in Hong Kong and Singapore 7. International markets comprise Bangladesh, Indonesia, Japan, Korea, Mauritius, New Zealand, Philippines, Sri Lanka & Maldives, Taiwan, Thailand, Vietnam 35#37International markets and other: profitable and growing franchise Revenue, $bn PBT, $bn 2.4 FY21 0.9 FY21 +17% +33% 2.8 FY22 1.2 FY22 International markets comprise Bangladesh, Indonesia, Japan, Korea, Mauritius, New Zealand, Philippines, Sri Lanka & Maldives, Taiwan, Thailand, Vietnam 1. Euromoney Cash Management Survey, 2022 2. 3. Franchise Rest of Asia Wholesale-led franchise across 12 markets - c.11k corporate and institutional clients; c.180k private, wealth and affluent customers Diversified franchise with >$100m revenue in 9 markets in 2022 Efficient operations with CER <50% in 2022 Market position Ambition to be the leading international corporate and institutional bank in Asia Pacific, including our international markets #1 Cash Management market share in 4 markets, top 3 in 3 more markets (Euromoney)¹ Top 3 in Trade in 9 markets (Euromoney)² Best sub-custodian Asia Pacific overall and in 6 local markets³ Ambition to be a fast-growing wealth and affluent player in specific high potential markets: Indonesia, Philippines, Taiwan, Vietnam Wealth management platform of the year in Indonesia and Taiwan (ABF Retail. Banking Awards 2022) Euromoney Trade Finance Survey, 2022 The Asset Triple A Sustainable Investing Awards, 2022 36#38Key messages Strong GDP growth outlook, favourable demographics, increasing wealth pools 2 Solid FY22 financial contribution, representing 15% of total Asia PBT 5 4 Wealth and personal banking focused on high potential markets Rest of Asia Franchise intrinsically linked to Asia and the rest of the world; wholesale capabilities are part of an integrated pan-regional model Positioned for growth; driven by macroeconomic trends, international network, and client franchise 37#39CMB South & South-East Asia Amanda Murphy | Head of CMB, South & South-East Asia HSBC#40Overview A diversified business with scale in Corporate Banking across 13 high-growth markets 2 ◆ c.22k active customers, covered by a fully RM-managed model Presence in key growth markets across S&SEA, with exciting macroeconomic dynamics Fresh focus and targeted investment since 2022 ◆ Specialist support in Singapore covering S&SEA, including Sustainable Finance and Structured Finance teams ◆ Clear strategy to focus on previously under-penetrated opportunities around S&SEA A targeted SME Banking franchise in 4 of these markets 3 Focus on SME segment in markets with scale, where we have capabilities to capture value ◆ We bank both corporates and the top end of the SME segment in India, Indonesia, Malaysia and Singapore We have market leading product capabilities¹ 4 ◆ An extensive product suite across lending, cash management, trade finance and markets Core capability to connect customers to international opportunities 1. CMB S&SEA #1 Cash Management Bank in Asia (Greenwich Share Leader Award, 2023) , #1 Trade Finance Bank in Asia (Euromoney, 2023), #1 Bank for Sustainable Finance (Euromoney, 2022) 39#41S&SEA represents one of the most exciting growth opportunities for CMB S&SEA has strong growth characteristics Demographics 1. 2. 3. ممالله Digital Bo Dynamism >2bn potential consumers across India and ASEAN¹...with a population median age of 32² One of the world's highest labour force participation rates for women³ The largest digitally enabled population in the world4 >80m new internet users since the pandemic across ASEAN4 Supply chain diversification is driving growth in manufacturing across the region5 ASEAN is one of the world's fastest-growing trade blocs ◆ Over 130 unicorns in the region7 World Bank, 2022 Statista, 2022 Asian Development Bank, 2018 456 HKTDC, 2021 ASEAN, 2023 WEF, 2023 ...with significant potential for further growth Regional GDP growth will outpace global growth figures The internet economy alone is forecast to be worth $360bn by 2025⁹ CMB S&SEA New trade agreements anticipated to support continued import/export growth Increasing importance of sustainability & energy transition in the region What does this mean for CMB? S&SEA is one of the most significant growth opportunities for CMB globally...and we are targeting significant revenue growth The economies across S&SEA will remain highly international, offering significant opportunities to leverage our global network As economies grow, we can leverage our international relationships to capture greater share of wallet within each of our key markets 7. 8. 9. Economic Research Institute for ASEAN and East Asia, 2022; Invest India 2022 Asian Development Bank, 2023 East Asia Forum, 2022 40#42Our business is diversified across 13 markets, with a clear coverage strategy FY22 CMB Asia revenue, $bn 2.3 1. S&SEA Hong Kong and mainland China S&SEA revenue contribution by market % of FY22 CMB S&SEA revenue Other 41% 4.9 8% $2.3bn FY22 revenue Malaysia 20% India 12% 19% Australia 7.2 Singapore Corporates are on Master Group level, Business Banking customers are on entity level Customer segment coverage¹ Turnover threshold >$5bn $500m-5bn $50m-500m <$50m c.20% GTRF Revenue mix % of FY22 CMB S&SEA revenue Large Corporates (LC) Global Banking GPS Corporates (MME) Business Banking (India, Indonesia, Malaysia and Singapore only) c.40% Mid-Market c.20% Credit & Lending CMB S&SEA Customers Other c.1k c.2.5k c.18.8k c.20% 41#43The leading international bank in S&SEA¹ with opportunity to grow further "Most Important Bank" in our scale markets¹ Indonesia 10th Singapore 10th India HSBC is already the leading international bank across S&SEA¹, and we are now targeting to do more with our clients in each market 10th 1. 2. = 5th 4% share 46ppts gap ← = 4th 10% share = 4th 10% share 28ppts gap 15ppts gap BCA 1 st 50% -DBS 1 st 38% share HDFC BANK 1st 25% share 5ppt gap to top 3 3ppt gap to top 3 1ppt gap to top 3 "Most Important Bank" in our international markets² Vietnam 10th Philippines 10th Bangladesh 10th RFI FY22 Survey - based on customers defining the respective bank as their most important financial institution for the business East & Partners 2021 Survey - based on customers defining the respective bank as their most important financial institution for the business 7th 5% share ∞ 4th 8% share 15ppts gap 10ppts gap 4th 12% share 4ppts gap CMB S&SEA Vietcombank 1st 23% PNB 1 st 15% share BRAC BANK 1 st 16% share 5ppt gap to top 3 8ppt gap to top 3 2ppt gap to top 3 42#44Strong growth in FY22 across the business and region Asia CMB FY22 financials, $bn Revenue Loans 2.3 43.6 Deposits 1. PBT 56.3 1.3 S&SEA 4.9 See glossary for definition 114.4 157.4 1.7 7.2 158.0 213.6 Hong Kong and mainland China 3.0 S&SEA FY22 financials $2.3bn revenue +35% vs. FY21 $44bn customer loans +7% vs. FY21 $56bn customer deposits +12% vs. FY21 $1.3bn PBT +70% vs. FY21 FY22 S&SEA highlights Double-digit revenue growth across all segments, with non-NII growth of 11% Acquired >5,000 new customers CMB S&SEA ◆ Invested in key S&SEA capabilities and teams ◆ Strong growth in cross-border client business¹ Intra-group collaboration revenue grew by c.20% Stable ECL vs. FY21 43#45Our aspiration is to significantly scale our business across S&SEA "Our aspiration is to be the leading international bank across S&SEA... and a top-3 bank for our customers within target markets..." To achieve this, CMB aims to do three things... 1 Deepen share of wallet from our customers Scale up cross-border revenue Increase revenue from strategic clients (via Corporate Finance capabilities) Deliver a material increase in collaboration revenue 2 Grow our customer base in priority areas CMB S&SEA Become the leading New Economy Bank across S&SEA Support the transition to a net zero-carbon economy Capture new opportunities from emerging FDI and supply chain flows into S&SEA 3 Continue discipline with capital and operational efficiency Redeploy RWAs into higher returning opportunities around the region Leverage technology investments to create capacity for accelerated growth $ G 44#46Scale up cross-border revenue through highly connected global network CMB S&SEA is highly international Significant portion of client business¹ booked in S&SEA markets is cross border (i.e. company HQ in another market) ◆ S&SEA is the #1 outbound destination (by client business¹) for US, UK and Cont. Europe clients Significant growth in inbound and outbound client business¹ in FY22 1. See glossary for definition 2. International Monetary Fund, 2023 3. Asian Development Outlook (ADO), 2023 A dedicated client-centric offering ◆ Leverage Singapore as an emerging regional hub. Dedicated desks to originate and service high growth corridors: China, Germany, France and the USA Specialist coverage teams for Commercial Real Estate, Non Bank Financial Institutions and Multinationals Strong market opportunity GDP forecast 20232,3 2.8% Global 4.7% Southeast Asia 6.4% India 4. UNCTAD World Investment Report, 2022 5. HSBC, Rise of ASEAN's digital economy, 2021 6.5% Vietnam ◆ $175bn4 in FDI inflows to South-East Asia Key sectors for ASEAN are manufacturing and the digital economy; for South Asia electronic hardware/software and services5 CMB S&SEA AsiaMoney 2022 Best International Bank Indonesia, Sri Lanka, Thailand, Vietnam and Singapore Key priorities Leverage transaction banking strength and developing relationships through solutions over the client life cycle Further penetrate existing client base and support clients to expand into new countries and continents Create digital-first, rapid on-boarding solutions Promote a universal banking model supporting holistic product offering and revenue opportunities across Global Banking and Markets & Wealth and Personal Banking 45#47Increase revenue from strategic clients Structured Banking Focus ◆ Executing bespoke "first-of-its-kind" financing in emerging sectors ◆ Leveraging our International Presence through lending in multiple jurisdictions supporting acquisitions, capex and roll up strategies ◆ Origination channel for clients to access other sources of capital i.e. Private Credit Leading investment company in Indonesia Leading mining developer and operator in Indonesia World's leading provider of semiconductor packaging Private Capital Focus ◆ Dedicated financial sponsor origination and execution team supporting Local, Regional and Global sponsors ◆ High value client acquisition supported by high quality investors opening up event wallet ◆ Growing opportunity in the growth and venture asset classes that require structured solutions Leading Australia based Pharma company Leading semiconductor Singapore based client Leading technology services provide based in India CMB Origination Focus ◆ Drive Capital Markets & Advisory revenue across the CMB client base, prioritised to the largest wallet opportunity ◆ Increase M&A and Advisory revenue through focused coverage of clients earlier in their development CMB S&SEA ◆ Drive event dialogue into small and middle market clients to capture wallet opportunity early Mitratel IPO-largest IPO in Indonesia Stark Corporation - holistic financing package IPO- Leading consumer company Our S&SEA Head of Corporate & Structured Finance is based in Singapore >30 FTE supporting RMs and clients across the S&SEA region Supports ability to structure complex transactions for our full ranges of clients across key markets in S&SEA 46#48Deepen share of wallet by capturing collaboration opportunities across the firm Positive momentum with collaboration revenue FY20 FY21 FY22 Double digit CAGR FY25 ambition FY22 highlights >250 referrals from CMB to GPB...more than 2x FY21 Growing collaboration revenue with GBM Restricted CMB S&SEA Further opportunities Global Banking & Markets (GBM) Grow market share of Capital Finance revenue Increase Global Markets penetration; focus on MME and LC Scale simple FX; grow structured volumes Global Private Banking (GPB) Deepen GPB penetration of CMB portfolio Bank the business owners across Business Banking portfolios Wealth & Personal Banking (WPB) Employee Banking Solutions (EBS) to CMB clients Asia Wealth Strategy; HSBC Life to offer insurance solutions across the CMB client base 47#49Aim to be the leading New Economy Bank across S&SEA What is the opportunity? ASEAN 'new economy' sector projected to grow to $300bn by 2025¹ $17bn invested into SEA by VCs in 2022 alone...with another $23bn going into India² 1. 2. Banking fast-growth names early, allows us to capture value and growth throughout their lifecycle Proof points atome A First asset-backed financing for a buy-now- pay later platform Structured across Singapore, Hong Kong and Malaysia e-Conomy SEA, 2022 Baker McKenzie, 2023 How are we delivering the opportunity? We are growing our New Economy business through three clear initiatives: 1. Capabilities: launched New Economy lending. funds in Singapore and India ($450m total) 2. Coverage: increased coverage of investors, incl. through Non-Bank Fl team in Singapore 3. Collaboration: working with GPB and AMG to offer alternative sources of capital funding societies Largest asset-backed financing for ASEAN's #1 digital MSME lender Structured across Singapore and Indonesia CMB S&SEA What is our ambition by 2025? Increase the number of unicorns banked by CMB in S&SEA Grow our deposit balances and flow volumes from New Economy clients Selectively grow our New Economy lending book to support key names Increase the number of investors banked in CMB growthwell Early stage (Series-A) Singapore based alternative-protein and food-tech company Supported working capital and M&A financing, and overseas expansion 48#50We are capturing new opportunities through our Sustainable Finance strategy Strong momentum in deploying SF assets FY21 FY22 FY25 ambition Key growth markets Australia, Singapore, India, Taiwan, Bangladesh, Vietnam and Malaysia Case studies Mar-23 Australia, Singapore Renewable energy company AUD2bn Green Loan and Senior Secured Non-Recourse Project financing Mandated Lead Arranger + Hedge Provider Feb-22 - Vietnam Conglomerate USD500m Syndicated Green Loan Joint Green Finance Coordinator & Joint Mandated Lead Arranger and Book runner Mar-23 India, Philippines ACEN Corporation USD250m Equity raise from ACEN Corporation to fund development of hybrid and round-the-clock power projects in India Sole Financial Advisor Oct-22 - Malaysia Conglomerate USD20m Green Loan Principle GLP to finance investments in renewable energy projects Key priorities CMB S&SEA • Support the net zero transition of our customers ♦ Capture sustainable infrastructure needs Support mobilisation of capital (e.g. Just Energy Transition Partnership in Vietnam and Indonesia) Leverage GTRF capabilities to support. shifts in supply chains, and emerging value chains e.g. in electric vehicles • Develop innovative financing solutions for green or clean tech ◆ Build capabilities Invest in frontline training Hire colleagues with sustainability expertise 49#51Key messages 1| South and South-East Asia represents one of the most exciting growth opportunities for CMB 21 We are well positioned to capture this opportunity and have already invested to unlock this growth 3 Our strategy and investment is working - and we delivered substantial growth in all areas in 2022 CMB S&SEA 4 Looking ahead - we aim to capture more wallet share with existing clients around the region...and expand our client base in the most exciting growth areas...incl. New Economy and Sustainable Finance 51 Executing this strategy is expected to deliver significant and sustained revenue growth over coming years 50#52GBM Asia Stuart Lea | Head of Global Banking, South Asia Monish Tahilramani | Head of Markets and Securities Services, Asia Pacific HSBC#53Key highlights 2 3 4 5 GBM Diversified business delivering resilient revenue growth with market leading capabilities across our core product suite With a track record of execution and a business positioned for continued growth Highly relevant to clients doing business in Asia as they increasingly look to connect their businesses across geography and digitally Core products highly integral to our CMB and WPB proposition, driving mutually beneficial revenues Whilst we will continue to focus on our strengths, our business is positioned to capture further growth from strong fundamentals and evolving thematics in Asia 52#54Asia GBM at a glance We are a diversified business delivering revenue growth and market share gains... 2022 revenue split, booked basis Product c.15% c.5% C.5% c. 15% c. 15% Geographies c.20% c.10% c. 10% c.30% c. 15% c. 15% See page 64 for footnotes c.45% Global Foreign Exchange Global Payments Solutions Credit & Lending Securities Services Global Trade & Receivables Finance Capital Markets & Advisory Others Hong Kong Mainland China India Singapore Rest of Asia 2022 client business, booked basis Client¹ Asian clients Non-Asian clients Corporates Financial Institutions ...with market leading product capabilities #1 Cash Management bank in Asia² #1 Securities Services bank in Asia4 GBM #2 Foreign Exchange bank in Asia #1 Trade Finance bank in Asia³ #1 loans house in Asia5 #2 bond house in Asia7 53#55Track record of execution and positioned for continued growth Revenue, $bn FY21 FY22 PBT, $bn FY21 FY22 3.2 6.9 3.5 7.4 +6% +11% Portfolio repositioning Reshaped and growing client base Repositioned capital to Asia Build out of capabilities in strategic activities Cost discipline whilst optimising Asia footprint GBM Continuing to invest in our leading capabilities and platforms To enhance and extend existing products and services To develop new digitally integrated solutions To deliver holistic transaction banking solutions To improve client experience, efficiency and scalability 54#56We are well positioned to capture growth opportunities connected with trends and changes we see in the external environment Asia positioning 1. Supply chain reorientation Leading bank in Asia with c.7% revenue market share and lead both Traditional Trade (c.14%) and Structured Trade (c.3%)¹ Presence in 19 key markets, to capture the supply chain diversification opportunity Strong product capability and innovative solutions, including in sustainability Opportunity: We aim to continue to capture wallet share as clients shift towards supply chain resilience and structured trade 2 Asia positioning Rapidly growing Wealth pool Increased manufacturing and distribution of wealth products Offering broadened product suites catering to different levels of client sophistication Increase cross sell & expand business with WPB and third party wealth providers Opportunity: Support Asia as the main global wealth hub with internal and third party collaboration Pa 88 Asia positioning GBM 3 Market evolution Our global business connects sources of capital in the West / Middle East to Asia Strength in Hong Kong, which remains a conduit into mainland China and a leading location for capital raising Continued investment into Digitisation to enhance the client experience Opportunity: Partner of choice to international clients as they seek to diversify and harness opportunities in Asia Source: Coalition Greenwich Competitor Analytics - FY22. Based on HSBC's internal business structure and internal revenue numbers, and for rankings the following peer group: BofA, BARC, BNPP, CA-CIB, CITI, DBS, JPM, SCB. Revenue pool & peer analysis includes all Institutional clients and Corporates with turnover of more than US$5-10mn. 55#57International clients are at the centre of our Asia revenues driving stable, sticky flows c.45% of client business booked in Asia from clients managed outside Asia 2022 client business¹, $bn Inbound flows primarily driven by Payments, Trade, FX and Securities Services Non-Asian clients booking into Asia Asian clients booking Domestically Asian clients booking Intra-region % of client business 1. c.70% of client business is from clients using 5+ markets in Asia Multiplier by # of Asian booking sites 1x 1 market c.5% c.5x 2-4 markets c.25% C. 1 Refer to glossary for definition of client business c. 10x 5-9 markets c.1.5 c.30% c.20x c.2 10+ markets c.40% Americas - Asia c.50% Europe - Asia c.45% GBM MENA - Asia c.5% 56#58Our capabilities drive growth across other business lines through collaboration GBM's broad and diverse franchise, drive revenues for other client businesses... CMB client collaboration GPS GTRF Securities Credit & Services Lending Equities Asia GBM WPB client collaboration Rates & Credit Advisory Capital Markets Foreign Exchange ...which has delivered a strong history of collaboration revenue... Collaboration revenue, $bn 1.6 0.5 1.0 FY21 +13% 1.8 0.6 1.2 FY22 Product revenue between GBM and WPB Product revenue between GBM and CMB GBM ...and we are positioned to capture further growth opportunities Expected growth of Wealth across Asia Increasing number of new clients being acquired in WPB and CMB Recent acquisitions by HSBC in Asia 57#59Capturing the rapid growing wealth pool in Asia Strong market position in Asia Bloomberg Businessweek Financial Institution Awards 2022 SRP CHINA AWARDS 2021 Wealth Management Platform of the Year, Excellence Performance in ESG Investing Products¹ Most Innovative Index AiPEX5 Index (China)² Differentiating highlights of our Wealth business GBM supports WPB's regional growth as wealth AUM expands Products introduced to sophisticated investors -Al thematic indices (e.g. Al-powered QIS - AIGO, AIPEX) Third party distribution of wealth products and solutions provide cross- sell opportunities into a wider client franchise Building digital connectivity with various platforms to increase scale 1. Source: Bloomberg Businessweek (Chinese Edition) 8th Financial Institution Awards 2022 - Product and Service Awards - Excellence (Banking Securities) - 1. Wealth Management Platform of the Year and 2. Excellence Performance in ESG Investing Products Our strategy to accelerate growth X Product suite Diversification Geographic Growth Do Do Do Do Client Base Expansion Fixed Income Private Credit & Solutions Digital Assets Custody for Wealth Greater Bay Area Singapore ASEAN and India Asset Managers Securities Houses Retail & Private Banks Family Offices Insurance Companies 2. Source: Structured Retail Products China Awards 2021- Most Innovative Index AiPEX5 Index (China) GBM ESG QIS FX Overlay 58#60Playing to our strengths: Foreign Exchange Market Leadership in Asia A leading bank in Asia with ~12% FX revenue market share¹ including ~14% with institutional clients in EM FX² FX Markets Asia FX Awards 2022 1. FX House of the Year overall and in HK, China, Thailand and South Korea³ BOND CONNECT AWARDS 债券通评奖 2022 Northbound Top FX Settlement Bank4 Differentiating ourselves in the market CFETS Best FCY Market Maker for 2020 FX Trading performance5 Our FX business is a key cross-border enabler for our clients: from GBM institutional and corporate clients through to the CMB and WPB franchise GBM's international reach together with Asia's economic growth, facilitates cross-border flows and connects the West with the East Supply chain shifts have led to increased growth in key Asian countries. New-to-market clients drive our revenues higher Source: Coalition Greenwich Competitor Analytics - FY22. Based on HSBC's internal business structure and internal revenue numbers, and for ranking the 3. following peer group: BofA, BARC, BNPP, CITI, DB, GS, JPM, MS, SG & UBS. Revenue pool and peer analysis includes all Institutional clients and Corporates with turnover of more than US$1.5bn 4. 5. 2. Source: Coalition Greenwich Client Intelligence Analytics - 1H22. Based on ~1,600 institutional clients only 6. Our strategy to accelerate growth HK and mainland China Growth 900 Qoo Supply Chain Developments Digitisation and New Products Connectivity & Footprint GBM Our Hong Kong presence, while being a leading international bank in mainland China, positions us to capture inbound and outbound investment Recent supply chain developments brings new client interest and FDI to India and ASEAN as new regulations open up new markets Investing in our key growth markets: Digitalisation (Al Markets) new products (holistic payments strategy) API feeds allow clients to embed our pricing Maintain and grow our distinctive position connecting East and West, enabling cross- border flows for corporate, institutional and wealth clients Source: FX Markets Asia FX Awards 2022 - FX House of the Year Overall & FX House of the Year in Hong Kong, China, Thailand, and South Korea. Source: Bond Connect Awards 2022 - Northbound Top FX Settlement Bank Source: CFETS Awards 2020 - Best CFY (Non-RMB) Market Makers announced Sep 2021 West refers to Americas and Europe. East refers to Asia and the Middle East 59#61Playing to our strengths: Securities Services Market Leadership in Asia 1. #1 Bank in Asia with c. 15% revenue market share¹ 2. 3. The Banker TRANSACTION BANKING AWARDS 2022 BOND CONNECT AWARDS 债券通评奖 2022 Winner: Securities Services Award² Northbound Top Custodian4 ASSET A ASIAN AWARD THE ASSet TRIPLE A HKEX 香港交易所 Won 40 awards including best Sub-custodian³ Differentiating ourselves in the market Securities Services is a key enabler of our global corridor network, linking our institutional clients with investment and hedging opportunities Top Assets Under Depository of the Year5 The adoption of digital infrastructure and processes provides clients with greater connectivity and real-time access to information6 Cross-border investment flows have rebounded from the Covid-19 pandemic and are increasing in Asian markets Source: Coalition Greenwich Competitor Analytics - FY22. Based on HSBC's internal business structure and internal revenue numbers, and for ranking the following peer group: BofA, BNPP, Citi, DB, JPM, SG, BNY, NT, STST. Revenue pool & peer analysis includes all Institutional clients and Corporates with turnover of more than US$1.5bn Source: The Banker Transaction Banking Awards 2022 - Securities Services Award Source: The Assets Triple A Asian Awards 2021 - Best Custodian Bank and Sub Custodian Banks plus other awards. 4. 5. 6. 7. Our strategy to accelerate growth Enhance our offering Strong global network On-the-ground presence Market advocacy GBM Enhance our offering by building capabilities for global institutional clients innovating and going digital delivering solutions in emerging products Enables seamless access and connections to our broad footprint spanning Asia-Pacific, Middle East, Europe and Americas Leverage our on-the-ground presence around the world with robust custodian network across 96 markets Market advocacy and working with regulators is key for thought leadership and new launches Source: Bond Connect Awards 2022 - Northbound top Custodian Award Source: HKEX Stock Connect Award 2021 - Top Assets Under Depository of the Year - Custodian Bank Source: Future of Securities Services, Oliver Wyman Source: Foreign direct investment trends and outlook in Asia and the Pacific 2021/2022, United Nations ESCAP 60#62Playing to our strengths: Global Payments Solutions Market leadership in Asia #1 Bank in Asia with c.4% revenue market share, up c.2% YoY¹ EUROMONEY #1 Cash 2022 Manager for MARKET LEADERS Corporates in CASH MANAGEMENT Asia Pacific³ 1. Greenwich 2. Share Leader 34% Market Penetration² 2023 Corporate Treasurer AWARDS 2022 Best Cash Management Bank in Asia Pacific4 ASSET ASIAN A THE Asset: TRIPLE A Differentiating ourselves in the market Flexibility to serve clients of any size due to our integrated digital infrastructure and solutions Best Payments and Collections Solutions in Asia Pacific5 Helping to optimise clients' working capital and maximise their interest returns through liquidity solutions that increase clients' visibility of cash balances. Reducing complexity and saving costs for clients through integrated transaction banking solutions Our strategy to accelerate growth Modularise our offering and support client transformation 1400 Seamless client onboarding and service Aga Enhance alignment with client needs, drive sales momentum Build digital 'one stop shop' payments solutions Support our clients' treasury transformation GBM Create digital-first onboarding solutions Streamline and rationalise products, processes, and documentation Operate as a global product house to deliver client-centric solutions Drive market presence and strengthen the new GPS brand Source: Coalition Greenwich Competitor Analytics - FY22. Based on HSBC's internal business structure and internal revenue numbers, and for ranking the following peer group: BofA, BARC, BNPP, CITI, DB, DBS, JPM, SCB. Revenue pool & peer analysis includes all Institutional clients and Corporates with turnover of more than US$5-10m Source: Coalition Greenwich Voice of Client - 2022 Asian Large Corporate Cash Management Study. Market penetration is the proportion of companies interviewed that consider each bank an important provider of corporate cash management services. Based on 1,179 respondents for large corporate cash management 3. 4. 5. Euromoney Cash Management Survey 2022 Corporate Treasurer Awards 2022 The Asset Triple A Treasurise Awards 2023 61#63● Managing ESG risk whilst commercialising the opportunity Market leadership in Asia EUROMONEY AWARDS FOR EXCELLENCE 2012 Asia's Best Bank for Sustainable Finance (5th consecutive year)¹ 1. 2. Advisory and research ESG Rating Advisory ESG Coverage ● ● Supporting our clients through the transition journey Investments ESG bonds ESG-linked hedging solutions ESG Investment solutions ESG-linked yield enhancement solutions Sustainable equity passive investing ASIAN AWAR Euromoney Awards for Excellence 2022 The Asset Triple A Country Awards for Sustainable Finance 2022 THE Asset TRIPLE A The Asset Country Awards for Sustainable Finance 2022 North Asia Best Bond Advisor² 8 House Awards and 33 Deal Awards in Asia² Client Short term financing Green trade finance Sustainable supply chain finance Sustainable trade instruments Issuer services Sustainable bond trustee and loan agency • Sustainable escrow ● Long term financing & hedging Bonds and loans: green, social, sustainability, sustainability- linked and transition Commercialisation of the ESG opportunity Proactive engagement with clients to support their transition, delivering client and shareholder value Continue to lead with innovation GBM Continue to build capabilities in our frontline Industry leading research and thought leadership Awareness of market developments including buy-side, regulation, and policy Proactively shaping industry and policy discussions in Asia through engagement with business / industry forums, development banks and regulators 62#64Key messages 1 GBM Diversification across the business by geography and product delivers resilient revenue growth and market share gains 2 Asia is critical to GBM globally; Asia GBM also relies on EMEA / Americas for inbound revenue as markets open up, and for access to deeper capital markets 4 3 Our international network makes a huge difference to our relevance and profitability as we increase the number of countries we bank our clients in and the products our clients use Whilst the US / Western Europe are critical, we're seeing growth in the Asia / MENA corridor in transaction banking, investment banking and FX, as well as intra-Asia 5 We see further growth from supply chain reorganisation, ESG, wealth, and securities services thematics 63#65Asia GBM at a glance (footnotes) 1. Client managed location view. Refer to glossary for definition of client business 2. Source: Coalition Greenwich Competitor Analytics - FY22. Based on HSBC's internal business structure and internal revenue numbers, and the following peer group: BofA, BARC, BNPP, CITI, DB, DBS, JPM, SCB. Analysis includes all Institutional clients and Corporates with turnover of more than US$5-10m Source: Coalition Greenwich Competitor Analytics - FY22. Based on HSBC's internal business structure and internal revenue numbers, and the following peer group: BofA, BARC, BNPP, CA-CIB, CITI, DBS, JPM, SCB. Analysis includes all Institutional clients and Corporates with turnover of more than US$5-10m 3. GBM 4. Source: Coalition Greenwich Competitor Analytics - FY22. Based on HSBC's internal business structure and internal revenue numbers, and the following peer group: BofA, BNPP, Citi, DB, JPM, SG, BNY, NT, STST. Revenue pool & peer analysis includes all Institutional clients and Corporates with turnover of more than US$1.5bn 5. Source: Dealogic - FY22 HSBC market position in Asia (excl Japan & China Onshore) based on Fee payer country (Fees) 6. Source: Coalition Greenwich Competitor Analytics - FY22. Based on HSBC's internal business structure and internal revenue numbers, and the following peer group: BofA, BARC, BNPP, CITI, DB, GS, JPM, MS, SG & UBS. Analysis includes all Institutional clients and Corporates with turnover of more than US$1.5bn Source: Dealogic - FY22 HSBC market position in Asia (excl Japan & China Onshore) based on Deal nationality / G3 Currency (volumes) 7. 64#66Sustainable Finance Justin Wu | Co-Head of Climate Change, Asia Pacific HSBC#67Sustainability Decarbonisation investment has topped the first $1tn, with Asia leading the way Asia Pacific (APAC) accounted for 59% of the global energy transition investment in 2022, representing a 53% YoY growth Renewables and Electrified transport together accounted for 91% of the $654bn invested in APAC in 2022 Global investment in energy transition by region, $bn $ billion 1,200 1,000 800 600 400 200 0 32 50 2004 2005 79 2006 120 2007 155 152 2008 2009 213 2010 267 2011 241 2012 211 2013 310 2014 394 2015 422 2016 468 482 2017 2018 522 2019 626 2020 Source: Bloomberg NEF, Energy Transition Investment Trends 2023: Countries, March 2023 1,110 849 2021 2022 AMER EMEA APAC APAC region investment in energy transition by sector, $bn $ billion 700 600 500 400 300 200 100 0 9 14 20 29 38 45 2004 2005 2006 2007 2008 600Z 57 71 88 154 107 211 280 233 298 256267 654 428 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ■Sustainable materials ■Electrified heat ■ Electrified transport ■Hydrogen ■CCS ■ Energy storage Nuclear Renewable energy 66#68But a lot more investment is needed to be on track for net zero emissions The global annual investment requirement is significant, averaging $3.5tn per year to 2050, more than half of that needs to come from Asia Power: $2,400bn Renewables, networks, storage and flexibility Buildings: $500bn Retrofits, heat pumps, renewable heating Hydrogen: $80bn Production, Transport and storage Source: Energy Transitions Commission, Financing the Transition: How to Make the Money Flow for a Net-Zero Economy, 2023 Removals: $130bn Afforestation, direct air capture Transport: $240bn EV infrastructure, aviation, shipping Sustainability Industry: $70bn Chemicals, steel, cement, aluminium 67#69Asian companies are expected to supply climate technology to the world, a growing opportunity for trade and investment Component supply by location Hydrogen Electrolyzer Wind Nacelle Nickel sulfate Cobalt sulfate Lithium Separator Electrolyte Anode Cathode Cell Metal refining Lithium-ion batteries PV Polysilicon Wafer & ingot Cell Source: BloombergNEF Module 0% 10% 20% China US 30% ■ Europe 40% ■Japan 50% 60% South Korea 70% ROW 80% 90% Sustainability 100% 68#70HSBC is focused on helping to deliver a net zero global economy Our Group ambitions Key outcomes BA 想 & Become a net zero bank Be net zero in our operations and supply chain by 2030 Support clients to transition $750bn-$1tn of sustainable finance and investment by 2030 Unlock green business opportunities: Expand our product offerings, develop our asset management and infrastructure finance business. Note: Our sustainable financing and investments data dictionary is available at www.hsbc.com/investors 1. Asia's Best Bank for Sustainable Finance 2022, Euromoney Awards for Excellence ◆ ♦ • Reduced greenhouse emissions in Asian operations by 41% vs 2020 baseline Published supply chain emissions as part of scope 3 disclosures for first time Sustainability Asia has contributed $46.7bn to our sustainable finance target since 2020 Expanded 2030 financed emissions targets for critical industries Updated our Energy Policy to help reduce financed emissions of our portfolio Continued to channel capital to help enable emissions reduction, e.g $5bn Sustainable Finance Scheme for GBA Best Bank for Sustainable Finance in Asia for the fifth time in 2022¹ Expanded product offerings, e.g. green mortgages to retail customers in mainland China, HK, India Developed asset management franchise; >$650m commitments in 2022 from joint venture with climate change investment and advisory firm Pollination Connected with clients on infrastructure finance, launched Pentagreen Capital, to finance development of sustainable infrastructure in SE Asia Supporting Just Energy Transition Partnership with Indonesia and Vietnam, mobilising capital towards emerging / developing economies to support national climate strategies 69#71HSBC is recognised as a leader in sustainable finance Our ambition is to be the preferred financial partner for our clients, with sustainable finance and net zero transition being a key focus ☆ With our net zero and climate transition ambitions we have made progress in Asia with a track record of supporting clients in net zero transition and climate solutions We continue to innovate with sustainable finance, green trade facilities and asset management products launched in multiple markets in Asia We help shape industry and policy discussions in Asia through scaled engagement with business / industry forums, development banks and regulators; and industry-leading research. We are progressively embedding sustainability across our businesses, products and services for commercial execution, as well as integrating into risk considerations and bank operations Sustainable finance and investment ◆ $210.7bn cumulative total provided and facilitated since 2020 $46.7bn of this contributed by Asia Sustainability Highlights of our sustainable finance recognitions: Euromoney Awards for Excellence: Best Bank for Sustainable Finance in Asia (5 consecutive years since 2018) Best Green Advisor by The Asset Triple A Sustainable Capital Markets Awards 2022 Six awards at the Environmental Finance Bond Awards in 2022 IFR Awards 2022: ESG Financing House of the Year S&P Global Ratings ESG Evaluation Score 76 (Preparedness Strong) ht MSCI ESG Rating: AA, recognising strong corporate governance and commitment to sustainable finance 70#72Working with stakeholders to shape green finance policy discussions in Asia Policy-maker engagement and multilateral partnerships ( Business and industry forums SPE FERRA CARTA GFANZ Glasgow Financial Alliance for Net Zero The Alliance For Commercial Banks WORLD ECONOMIC FORUM asifma Growing Asia's Markets M RMI HKGFA 香港綠色金融協會 Hong Kong Green Finance Association. Energy Transitions Commission earth security Climate Governance Singapore apparel impact institute Partnerships with NGOs and think-tanks to deliver industry-leading research 0 Sustainable Markets Initiative Gi WWF Climate Governance Initiative Hong Kong Australian Industry Energy Transitions Initiative # Shaping industry and policy discussions in Asia CDP WORLD Hong Kong Monetary Authority RESOURCES INSTITUTE BANK OF THAILAND MOE AAN MAKES ASOCIO APLMA MAS TCFD Just Energy Transition Partnership ADB ASIAN DEVELOPMENT BANK Green Loan Principles TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES Standard-setting bodies Energy Transition ΤΙΝ FID Mechanism Sustainability VAPCAF asean Partnership for Carbon Accounting Financials FAST-Infra Platform 71#73Supporting our customers to transition Our biggest impact is by working with our customers to support their transition We'll engage closely with clients on their transition plans, helping to finance and invest in the technologies and infrastructure needed to succeed in the transition This includes financing companies in heavy emitting sectors to help them invest in new technologies and develop more sustainable business models Collect Information O Monitor progress Finance the transition Sustainability Assess customer Proactively engage 72#74Financed emissions targets to guide our ambition Sector Oil & Gas Power Thermal Coal Cement Iron, Steel & Aluminum Automotive & Aviation Agriculture Commercial Real Estate Residential Real Estate Shipping Date of disclosure/ planned disclosure date Feb 2022 Dec 2022 Feb 2023 2024 Our own operations and supply chain Business travel (category 6) Scope 2 Indirect (4 Electricity, steam heating and cooling Capital goods (category 2) Upstream activities Scope 3 Indirect Lo Purchased goods and services (category 1) Scope 1 Direct Company facilities Company vehicles HSBC Holdings Scope 3 Indirect Sustainability Our financed emissions Investments and financed emissions (category 15) Downstream activities 73#75Embedding sustainability into HSBC Sustainability Our sustainability target operating model is being implemented to embed sustainability into all business and functions DO Sustainability Centre of Excellence established to activate commercial opportunities and enable strategy execution Enhance sustainability expertise in Global Businesses for client engagement and proposition/solution development Develop specialist capability and capacity in Global Functions (e.g. risk management, climate analytics, reporting and disclosures) Strengthen collaboration across the bank to offer the best of HSBC to clients and be responsive to market changes Our focus in 2023 is on continuing our journey to fulfilling our commitments, and the execution of key strategic commercial, infrastructure, and risk management initiatives. 74#76Key messages 1| 2 Transition to net zero is a significant opportunity for Asia Sustainability HSBC is well positioned to capture this opportunity; we bank some of the largest companies in Asia and can help to finance their transition journey 3 Our international connectivity will help enable Asia's new economy clients to deploy their climate tech globally 4 We are a recognised leader in sustainable finance in Asia and continue to innovate with products and thought leadership 5 We are proactively shaping industry and policy discussions in Asia alongside our partners, creating an enabling environment to support our client's transition 6 We are building expertise to help us become a leading bank in building Asia's net zero economy 75#77Appendix HSBC#78Glossary Al AM APAC API AUC AUM BaaS BB CBDC CER Client business CMB Corporate Centre (CC) DCM DeFi DPI EBS ECL Artificial Intelligence Asset Management Asia Pacific Application Programming Interface The Association of Southeast Asian Nations (ASEAN) is a trade bloc of 10 member states: Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam Assets under custody Assets under management Banking-as-a-Service Business Banking, a customer segment within Commercial Banking Central Bank Digital Currency Cost efficiency ratio Client business differs from reported revenue as it relates to certain client specific income, and excludes certain products (including Principal Investments, GBM "other" and asset management), Group allocations, recoveries and other non- client related and portfolio level revenue. It also excludes Hang Seng. GBM client business includes an estimation of client-specific day one trade specific revenue from MSS products, which excludes ongoing mark-to-market revenue and portfolio level revenue such as hedging. Cross-border client business represents the income earned from a client's entity domiciled in a different geography than where the client group's global relationship is managed. 'Booking location' represents the geography of the client's entity or transaction booking location where this is different from where the client group's global relationship is managed. Cross-border client business represents the income earned from a client's entity domiciled in a different geography than where the client group's global relationship is managed Commercial Banking, a global business Corporate Centre comprises Central Treasury, our legacy businesses, interests in our associates and joint ventures and central stewardship costs Debt capital markets Decentralised Finance Digital Public Infrastructure Employee Banking Solutions Expected credit losses. In the income statement, ECL is recorded as a change in expected credit losses and other credit impairment charges. In the balance sheet, ECL is recorded as an allowance for financial instruments to which only the impairment requirements in IFRS 9 are applied ECM EMEA FDI FI FIG FTE FX GBM GDP GFANZ GIFT GPB GPS Group GTRF HNW HQ International customer (CMB) International markets and other ITM LC M&A MAS ΜΕΝΑ ML MME MNC NPS NRI ONDC PBT QIS Rest of Asia Equity capital markets Europe, Middle East, and Africa Foreign direct investment Financial insitution Financial institutions group Full-time equivalent Foreign exchange Global Banking and Markets, a global business Gross domestic product Glasgow Financial Alliance for Net Zero Gujarat International Finance Tec-City Global Private Banking Global Payments Solutions HSBC Holdings plc and its subsiduary undertakings Global Trade and Receivables Finance High net worth Headquarters International customers means customers who hold a relationship with HSBC in two or more markets Financials for 'International markets and other' represent HSBC Asia, excluding Hong Kong, mainland China, Australia, India, Malaysia and Singapore Industry transformation maps Large corporates, a CMB customer segment Mergers and acquisitions Monetary Authority of Singapore Middle East and North Africa Machine Learning Mid-market enterprises, a CMB customer segment Multinational corporates Net promoter score Non-resident Indian Open Network for Digital Commerce Profit before tax Quantitative Investment Strategies Financials for 'Rest of Asia' represent HSBC Asia, excluding Hong Kong, mainland China, India and Singapore 77#79Glossary RHQ RWA S&SEA SF SG / SGP SME UHNW UHNWI VC WPB Regional headquarters Risk-weighted asset South and South-East Asia. HSBC financials for S&SEA represent HSBC Asia, excluding Hong Kong and mainland China Sustainable finance Singapore Small and medium sized enterprises Ultra high net worth Untra high net worth individuals Venture capitalist Wealth and Personal Banking, a global business 78#80