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Perceptions of our market George Hickey

Perceptions of our market George Hickey. Quotes. “Spread Bets on Steroids”. “Lucky Dip Investments”. First Meeting. What are Structured Products exactly? . HSBC 6 Year ≈ 3.8% Issuer: HSBC Bank Plc Status: Senior unsecured Ratings: Aa3 (M) / AA- (S) / AA- (F) Trade Date:

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Perceptions of our market George Hickey

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  1. Perceptions of our marketGeorge Hickey

  2. Quotes • “Spread Bets on Steroids” “Lucky Dip Investments”

  3. First Meeting

  4. What are Structured Products exactly? • HSBC 6 Year ≈ 3.8% • Issuer: HSBC Bank Plc • Status: Senior unsecured • Ratings: Aa3 (M) / AA- (S) / AA- (F) • Trade Date: • Term: 6 Years • Clearing: CREST • Principle: 100 • Coupon: 3.8% • HSBC US Supertracker • Issuer: HSBC Bank Plc • Status: Senior unsecured • Ratings: Aa3 (M) / AA- (S) / AA- (F) • Trade Date: • Term: 6 Years • Clearing: CREST • Principle: 100 • Return: Linked to S&P500 Index • ObservationIndex LevelPayout • 16th August 2016 >100% 179% x S&P • 16th August 2016 <100% >60% 100% • 16th August 2016 <60% 1:1 IT’S A BOND WITH DIFFERENT RISK/REWARD PAYOFF

  5. New Investors : Concerns Costs Complexity Liquidity • INSTITUTIONAL VS RETAIL

  6. Previous Investors : Been Burnt ELDeRS (Liquidity) Private Banks (not consistent AA) CREDIT SPREADS (M2M)

  7. Positioning • Where do they fit in portfolios • How do you allocate them? • How much in a portfolio? • EoY Survey suggests: Over ⅔ of buyers have between 3% - 10% within portfolios.

  8. The Approach • New Investors Journey • Called and introduced CLS • Booked meeting and went to visit • Followed up to book ‘teach-in’ CPD session • Held CPD session in their offices • Explained Central Research Process • Highlighted Central Launch • Investment Made • Ongoing Support and Advice • Previous Investors Journey • Re-engaged via personal contact • Initial meeting • Concerns raised • Held ‘under the bonnet’ models session at CLS HQ • Provided detailed M2M analysis • Continued ongoing meetings and support • Reassurance provided • Investment Made?

  9. What would be your approach? How do we get to 3%-10% across portfolios?

  10. DISCLAIMER Disclaimer This is a marketing communication and has not been prepared in accordance with legal requirements designed to promote independence of investment research and is not subject to any prohibition of dealing ahead of the dissemination of investment research. The information in this document is derived from sources believed to be reliable but which have not been independently verified. Any prices included within this communication are for indicative purposes only. Catley Lakeman Securities makes no guarantee of its accuracy and completeness and is not responsible for errors of transmission of factual or analytical data, nor is it liable for damages arising out of any person’s reliance upon this information. All charts and graphs are from publicly available sources or proprietary data. The opinions in this document constitute the present judgment of Catley Lakeman Securities, which is subject to change without notice. This document is neither an offer to sell, purchase or subscribe for any investment nor a solicitation of such an offer. This document is intended for the use of institutional and professional customers and is not intended for the use of private customers. This document is not intended for distribution in the United States of America or to US persons. This document is intended to be distributed in its entirety. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. Catley Lakeman Securities is regulated by the Financial Conduct Authority. Firm FSA Reference No. 484826. Catley Lakeman Securities is the trading name of Catley Lakeman LLP. Registered Office: One Eleven Edmund Street, Birmingham. B3 2HJ. Registration Number: OC336585

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