HSBC Global Investment Funds - Economic Scale Global Equity

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1 HSBC Global Investment Funds - Economic Scale Global Equity SG Share Class 31 May /05/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total return (meaning capital growth and income) by investing in shares (or securities that are similar to shares) of companies in developed markets. The companies issuing these shares will have a registered office or official stock-market listing in developed markets such as countries of the OECD, or carry out most of their business there. Investment Strategy In normal market conditions, at least 90% of the Fund s assets are invested in such companies. The Fund uses a systematic investment approach and invests in companies according to their economic scale. This is measured as a company s contribution to Gross National Product ( GNP ) and equal to the difference between a company s outputs and inputs. There aren t restrictions on the market values of the companies held in the Fund. The Fund can also invest up to 10% of its assets in Real Estate Investment Trusts and up to 10% of its assets in collective investment schemes. See the Prospectus for a full description of the investment objectives and derivative usage. Performance (%) YTD 1M 3M Share Class Details UCITS V Compliant USD Subscription Mode USD (Net) Distribution Type USD Distribution Frequency Dealing Frequency Calendar Year Performance (%) 3-Year Risk Measures 1Y 3Y¹ 5Y¹ Since Inception¹ Valuation Time 2017 Min. Initial Investment USD Annual Management Fee USD (Net) Max. Initial Charge USD Base Currency Volatility 11.9% 10.8% Tracking Error Information Ratio 2.7% Beta Characteristics Number of Holdings ex Cash Avg Market Cap (USD mil) Fund Domicile ISIN Inception Date NAV per Share Fund Size Bloomberg Ticker 83, ,000 Manager Yes Cash / SRS (Supplementary Retirement Scheme) Distributing Annually Daily 11:00 Luxembourg USD 1, % 5.00% USD Luxembourg LU Dec 1990 USD USD 176,601,984 HSBIMEI LX MSCI World Net Index and Systematic Equity Portfolio Management team Past performance is not an indicator of future returns. The figures are calculated in the share class base currency, dividend reinvested. 1 Result is annualised when calculation period is over one year. 2 Net of relevant prevailing sales charge Risk Disclosure General Investment Risk: The value of investments and any income from them can go down as well as up and you may not get back the amount originally invested. Derivative Risk: A small movement in the value of the underlying asset can cause a large movement in the value of the derivative. Investing in derivatives involves leverage. High degrees of leverage can magnify the impact of asset price or rate movements. Exchange Rate Risk: Changes in currency exchange rates will cause the value of investments to fluctuate. Liquidity Risk: Assets may be more difficult to convert to cash during adverse market conditions, in turn impacting asset valuation. Real Estate Risk: Cost of acquisition and disposal, taxation, planning, legal, compliance and other factors can materially impact real estate valuation. Prior to 25/10/2017 the fund was named HSBC Global Investment Funds - Economic Scale Index Global Equity; Prior to 17/02/2015 the fund was named Global Equity. Historically the comparative investment benchmark has been: FTSE World Gross from launch until 31/12/2000; MSCI World Net from 01/01/2001 until 16/02/2015; HSBC Economic Scale World Index from 17/02/2015 until 25/10/2017.

2 Monthly Performance Commentary Market Review Global equities were little changed in May, as solid corporate earnings releases and broadly robust economic data was offset by volatility in emerging market assets. Technology stocks were the standout performer given the gains in heavy-weighted companies such as Apple, Microsoft and Google, whilst Financials and Telecommunications were the main laggards. The Fed left policy rates on hold in May and reiterated their symmetric inflation target, suggesting that they could tolerate a modest inflation overshoot. In the Eurozone, it appears that there may still be some one-off factors holding back growth, but underlying momentum looks to have faded. In Japan, CPI inflation is expected to remain well below target this year, meaning the Bank of Japan is unlikely to exit its current policy setting in the near term. Fund Review In May, the fund underperformed its market cap weighed index. Both our stock selection and asset allocation weighed on performance. On a country basis, an overweight allocation to United Kingdom coupled with an underweight exposure to Switzerland contributed to performance. Conversely, our overweight allocations to Japan, Italy and Spain coupled with an underweight exposure to United States weighed on performance. On a sector basis, our overweight allocations to Industrials, Energy and Materials coupled with our underweight exposures to Financials and Health Care contributed to performance. Conversely, an underweight allocation to Information Technology coupled with an overweight exposure to Telecommunication Services weighed on performance. At the stock level, underweighting Johnson & Johnson (Health Care, USA) coupled with overweighting HCA Healthcare Inc. (Health Care, USA) and APTIV Plc. (Consumer Discretionary, USA) contributed to performance. Conversely, underweighting Apple Inc. (Information Technology) and Facebook Inc. (Information Technology) coupled with overweighting Walmart Inc. (Consumer Staples) weighed on performance.

3 Sector Allocation (%) Geographical Allocation (%) Industrials Financials Consumer Discretionary Information Technology Consumer Staples Health Care Energy Materials Telecommunication Services Utilities Real Estate Unassigned Cash & Others United States Japan United Kingdom France Germany Canada Australia Switzerland Spain Netherlands Cash & Others Top 10 Holdings (%) Location Sector Weight (%) WALMART INC United States Consumer Staples 1.56 General Electric Co United States Industrials 0.92 Royal Dutch Shell PLC United Kingdom Energy 0.84 Exxon Mobil Corp AT&T Inc Apple Inc Volkswagen AG JP Morgan Chase & Co Wells Fargo & Co Bank of America Corp United States Energy 0.83 United States Telecommunication Services 0.78 United States Information Technology 0.77 Germany Consumer Discretionary 0.76 United States Financials 0.69 United States Financials 0.67 United States Financials 0.60 Index Disclaimer Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (

4 Important Information This document does not constitute an offering document and should not be construed as a recommendation, an offer to sell or the solicitation of an offer to purchase or subscribe to any investment. This document is for information only and is not an advertisement, investment recommendation, research, or advice. Any views and opinions expressed are subject to change without notice. It does not have regard to the specific investment objectives, financial situation, or needs of any specific person. Investors and potential investors should not invest in the Fund solely based on the information provided in this document and should read the prospectus (including the risk warnings) and the product highlights sheets, which are available upon request at HSBC Global Asset Management (Singapore) Limited ( AMSG ) or our authorised distributors, before investing. You should seek advice from a financial adviser. Investment involves risk. Past performance of the managers and the funds, and any forecasts on the economy, stock or bond market, or economic trends that are targeted by the funds, are not indicative of future performance. The value of the units of the funds and income accruing to them, if any, may fall or rise and investor may not get back the original sum invested. Changes in rates of currency exchange may affect significantly the value of the investment. AMSG has based this document on information obtained from sources it reasonably believes to be reliable. However, AMSG does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or completeness of such information. HSBC Global Asset Management (Singapore) Limited 21 Collyer Quay #06-01 HSBC Building Singapore Telephone: (65) Facsimile: (65) Website: Company Registration No R

5 HSBC Global Investment Funds - Economic Scale Global Equity Supplement Information Sheet 31 May 2018 Since Performance (%) Return Currency YTD 1M 3M 6M 1Y 3Y 1 5Y 1 Inception 1 EUR EUR EUR (Net) 2 EUR SGD SGD SGD (Net) 2 SGD USD USD USD (Net) 2 USD Calendar Year Performance (%) Return Currency EUR EUR EUR (Net) 2 EUR SGD SGD SGD (Net) 2 SGD USD USD USD (Net) 2 USD Result is annualised when calculation period is over one year. 2 Net of relevant prevailing sales charge Past performance is not an indicator of future returns. The figures are calculated in the share class base currency, dividend reinvested. Share Class Base Currency Distribution Frequency Dividend ex-date Last Paid Dividend Annualised Yield USD Annually 07 Jul % The above table cites the last dividend paid within the last 12 months only. Dividend is not guaranteed and may be paid out of capital, which will result in capital erosion and reduction in net asset value. A positive distribution yield does not imply a positive return. Past payout yields and payments do not represent future payout yields and payments. Historical payments may be comprised of both distributed income and capital. The calculation method of annualised yield: (dividend value / NAV per share or unit as of ex-dividend date) x n, n depends on the distributing frequency. Annually distribution is 1; semi-annually distribution is 2; quarterly distribution is 4; monthly distribution is 12. The annualised dividend yield is calculated based on the dividend distribution on the relevant date with dividend reinvested, and may be higher or lower than the actual annual dividend yield. Share Class Inception Date ISIN Base Currency Min. Initial Investment NAV per Share Annual Management Fee Distribution Type 03 Dec 1990 LU USD USD 1, % Distributing Different classes may have different performances, dividend yields and expense ratios. For hedged classes, the effects of hedging will be reflected in the net asset values of such classes. Expenses arising from hedging transactions may be significant and will be borne by the relevant hedged classes. Hedged class performs the required hedging on a best efforts basis.