HSBC Global Asset Management (Canada) Limited ("HSBC Global Asset Management") is the manager and primary investment advisor for the HSBC Pooled Funds, a family of public mutual funds. HSBC Investment Funds (Canada) Inc. ("HSBCIF") is the principal distributor of the HSBC Pooled Funds. Commissions, trailing commissions, management fees, investment management fees and expenses all may be associated with investments in the HSBC Pooled Funds. Please read the applicable Simplified Prospectus for the HSBC Pooled Funds before applying to invest. HSBC Pooled Funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other deposit insurer or financial institution. The value of an investment in the HSBC Pooled Funds may change frequently and past performance may not be repeated. The unit value of money market funds may not remain constant. To purchase the HSBC Pooled Funds, an investor must enter into an investment management agreement with HSBC Global Asset Management. HSBC Global Asset Management and HSBCIF are subsidiaries of HSBC Bank Canada and provide their services in all provinces of Canada except Prince Edward Island. The fund commentary contained in this document has been prepared by HSBC Global Asset Management (Canada) Limited. Opinions expressed in the document are subject to change without notice and this information is not intended to provide professional advice and should not be relied upon in that regard. You are advised to obtain appropriate professional advice where necessary and should consult your investment representative before considering a specific transaction. We, our affiliates and our officers, directors and employees may hold a position in any securities mentioned in this document (or in any related investment) and may from time to time add to or sell any such securities or investment. As well, we and our affiliates may act as market maker or have assumed an underwriting commitment in the securities of companies discussed in this document (or in related investments), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies.