Disclaimer

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This web page has been issued by Hang Seng Investment Services Limited ("HSIS"") for reference and information purposes only. This web page does not constitute, nor is it intended to be, nor should it be construed as any advice, offer or solicitation to deal in any of the securities or investments mentioned herein. Re-distribution or adaptation in whole or in part of this web page by any means or in whatever form is strictly prohibited. This web page is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be contrary to law or regulation.The information contained in this web page is based on sources which HSIS believes to be reliable but has not independently verified. Any projections and opinions expressed herein are expressed solely as general market commentary and do not constitute investment advice or guaranteed return. They represent the views of HSIS or the analyst(s) who wrote this web page at the time of publication and are subject to change without notice. No guarantee, representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, timeliness, completeness or correctness of any information, projections and/or opinions contained in this web page and the basis upon which any such projections and/or opinions have been made, HSIS and the relevant information providers accept no liability or responsibility in relation to the use of or reliance on any such information, projections and/or opinions whatsoever contained in this web page. Investors must make their own assessment of the relevance, accuracy and adequacy of the information, projections and/or opinions contained in this web page and make such independent investigations as they may consider necessary or appropriate for the purpose of such assessment.HSIS is a subsidiary of Hang Seng Bank Limited which is part of the HSBC Group. Except as otherwise disclosed, HSIS has no interest in the securities of the companies discussed in this web page or member companies within the same group of such companies as at the date of issuance of this web page. Companies within the HSBC Group and/or their officers, directors and employees may have positions in and may trade for their own account in all or any of the securities or investments mentioned in this web page. Companies within the HSBC Group may have provided investment services (whether investment banking or non-investment banking related), may have underwritten, or may act as market maker in relation to these securities. Commission or other fees may be earned by the HSBC Group in respect of the services provided by them relating to these securities or investments.The securities or investments referred to in this web page may not be suitable for all investors. No consideration has been given to any particular investment objectives or experience, financial situation or other needs of any recipient. Accordingly, no representation or recommendation is made and no liability is accepted with regard to the suitability or appropriateness of any of the securities and/or investments referred to herein for any particular person's circumstances. Investors must make investment decisions in light of their own investment objectives, financial position and particular needs and where necessary consult their own professional advisers before making any investment. This web page is not intended to provide any professional advice and should not be relied upon in that regard.Investment involves risks. Investors should note that value of securities and investments can go down as well as up and past performance is not necessarily indicative of future performance. Foreign investments carry additional risks not generally associated with investments in the domestic market, including but not limited to adverse changes in currency rate, foreign laws and regulations. This web page does not and is not intended to identify any or all of the risks that may be involved in the securities or investments referred to herein. Investors should read and fully understand all the offering documents relating to such securities or investments and all the risk disclosure statements and risk warnings therein before making any investment decisions.The research analyst(s) who prepared this web page certifies(y) that the views expressed herein accurately reflect the research analyst's(s') personal views about the company(ies) or products covered therein and that no part of his/her/their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this web page.© Copyright. Hang Seng Investment Services Limited. ALL RIGHTS RESERVED.No part of this web page may be reproduced, stored in a retrieval system, or transmitted, in any form or by anymeans, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Hang Seng Investment Services Limited.(HSIS 08/14)Note: In case of discrepancies between the English and Chinese version, the English version shall apply and prevail.