This newsletter is intended for general circulation only and does not constitute a personal recommendation. The information is provided to help you make your own investment decisions. Investors who are in any doubt as to the suitability of an investment or service contained in this newsletter should consult their financial adviser.

first direct is a division of HSBC UK Bank plc, which is a member of the HSBC Group, any member of which may trade for its own account as a principal, may have underwritten an issue within the last 12 months or, together with the directors, officers and employees, may have either a long or short position in a future, option or security mentioned in this document. The information in this document was obtained from sources believed to be reliable but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein may include those of an associate and are given in good faith, but are subject to change without notice. No liability is accepted whatsoever for any direct or consequential loss arising from this document. Where appropriate, the information in this newsletter is based on our understanding of current and proposed legislation and H M Revenue and Customs practice. The legislation and practice may be subject to change.

The value of shares and the income from them can go down as well as up; you may not get back the amount you invested. This may also happen as a result of changes in the rate of exchange where overseas securities are held. Past performance is not an indication of future performance.

first direct is a division of HSBC UK Bank plc. HSBC UK Bank plc is a member of the London Stock Exchange and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

© HSBC Group 2018. All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by means electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC UK Bank plc.