PANTONE® 7418c c0 m70 y60 k5 PANTONE® 141c c0 m19 y51 k0 Black 29% c0 m0 y0 k29 The current financial turmoil has sponsored many discussions about the need for a new approach

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HSBC AMANAH FUNDS SICAV PRODUCT RANGE

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The current financial turmoil has sponsored

many discussions about the need for a new

approach to banking and finance. It can be

argued that a system that allows a single

instrument such as Collateralised Debt

Obligations (CDOs) to very nearly topple

it and also encourages strategies, such as

short-selling, to profit from sharp falls in the

value of assets (thus contributing to volatility),

is conflicting with the requirements of

mainstream investors. So far, however, there

has been relatively little partisan agreement

on what wholesale revisions are necessary

and ultimately acceptable.

While the discussion rages, however,

within the grasp of many investors (but so

far beyond their attention) is a method of

banking and investment which has generated

compelling results despite not allowing

participation in any of the aforementioned

products or methods. This is Shariah

compliant investing.

While investors may perceive Islamic

investment products to be at a disadvantage

to their more ‘invisible hand’ peers as a result

of the restrictions insisted upon in order to

comply with Islamic law (Shariah). Shariah

compliant benchmarks have performed well

against their mainstream counterparts, even

in emerging markets. For example, according

to the Financial Times, the MSCI† World

Islamic Index outperformed the MSCI† World

Index between the end of May 2007 and the

end of September 2008 by more than 7%

in dollar terms (Source : Financial Times 2 November

2008).

While Islamic finance was developed for

the Muslim community, there is a genuine

socio-economic component that renders it

equally attractive to investors of all faiths.

Ethical investment and Islamic investment

products share common ground and the

recent surge in demand for ethical products

could provide a lift for Shariah investments,

notwithstanding Islamic finance’s transparent

and rigorous risk management platform that

could make it an ideal choice for all investors.

The aspect of unity is core in Islamic finance.

It is not simply about investing in ‘pure’

stocks or indeed avoiding interest by not

investing in the conventional banking sector,

alcoholic beverages, tobacco or gaming; it

is about protecting society from trickery,

fraud and social tensions. Shariah products

also stress accountability, fairness and

transparency.

Even discounting their more ethical aims,

these Islamic products are more similar to

their conventional banking counterparts than

many believe and are also competitive in

terms of price and returns, hence making

them attractive for any investor wishing to

diversify their portfolio.

The Shariah compliant advantage

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As well as the CDOs and interest,

short-selling is considered as speculative and

therefore is also counted as unacceptable

(Haraam). In addition, Islamic investment

funds are not allowed to invest in the shares

of companies that are heavily indebted with

interest-based loans (the shares of such

companies have naturally performed better in

recent months than those of companies that

are heavily burdened by debt).

Were commercial banks required to share the

profits and losses of their clients, whether on

business investments or home purchases -

such as is required under Shariah law - they

would be much more careful when choosing

which deals to finance. Indeed their financial

returns would depend on the performance

of the projects that they finance. If the value

of a bank’s liabilities was determined by the

performance of its assets, there may be no

sub-prime crisis now.

But these restrictions have been

advantageous to investors holding Islamic

compliant assets. In the recent subprime

crisis, many global financial institutions

suffered significant losses as a result

of defaulting mortgage payments or

devaluations of property prices. As most

financial stocks are conventional banks,

Islamic investing products have been very

much sheltered from the fall in the price of

banking stocks.

The Shariah compliant advantage

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Luxembourg-based SICAV

Luxembourg is the second largest centre

in the world for investment funds and the

number one wealth management centre

in the Eurozone. It is one of the most

competitive economies in Europe and the

leader in cross border fund distribution in and

outside Europe with more than 75% of all

UCITS registered.

Luxembourg is international, diversified and

well regulated. Luxembourg domiciled UCITS

can be sold to retail investors throughout

the EU and are widely accepted around the

world, provided that registration requirements

are fulfilled in each country concerned.

HSBC Amanah Funds SICAV

The HSBC Amanah Funds SICAV

is an investment company (Société

d’Investissement à Capital Variable)

constituted in the Grand Duchy of

Luxembourg and qualifies as an Undertaking

for Collective Investment in Transferable

Securities (a ‘UCITS’). The Company is

organised as an umbrella structure with the

ability to issue shares of different classes

corresponding to different sub-funds.

HSBC Amanah Funds SICAV is specifically

designed for investors who wish to invest in

equity markets in compliance with Shariah

(Islamic law).

The Company seeks to provide a

comprehensive range of sub-funds combined

with professional management for the

purpose of spreading investment risk and

to satisfy the requirements of investors

seeking income, capital conversion and

growth. All investments will meet Shariah

principles as interpreted and laid down by the

HSBC Amanah Central Shariah Committee

and provided to the Board of Directors. The

investment process ensures adherence to

Shariah principles which HSBC Amanah’s

Central Shariah Committee monitors closely

on a regular basis. Sectoral, financial ratios

and transaction screenings take place before

any trade is entered into.

These are HSBC Global Asset Management’s

global flagship range of Islamic equity funds

and have been developed to provide clients

access to a selection of equity investment

opportunities.

The HSBC Amanah Funds SICAV has 4 Equity sub-funds :

uHSBC Amanah Global Equity Index Fund

uHSBC Amanah Global Equity

uHSBC Amanah Europe Equity

uHSBC Amanah Asia pacific ex Japan

Equity

Sinopia is the fund manager for HSBC

Amanah Funds SICAV.

HSBC Amanah Funds SICAV

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Central Shariah Committee

All Shariah compliant investments must be

certified by experts in Shariah, generally

through a panel or board comprised of

respected Shariah scholars who are qualified

to issue ‘Fatwas’ (religious rulings) on

financial transactions. This panel of Shariah

experts ensure full compliance of all Shariah

compliant investment funds.

Three scholars of international repute, well

versed in both Islamic law and modern

finance, serve on the HSBC Amanah Shariah

Committee. The Committee not only provides

initial approvals on investment objectives

and investment strategy of all funds, but

also reviews the investments periodically

to ensure the continuous compliance of

the investments of the funds to Islamic

principles. Moreover, the Committee

conducts annual audits of all funds to ensure

adherence to their rulings during the year.

Sheikh Nizam Yaquby

Sheikh Nizam is a graduate in economics and

comparative religion from McGill University

and is an internationally acclaimed scholar

in the islamic banking industry. He has been

a teacher of Tafsir since 1976. He advises

a number of banks and financial institutions

including BNP Paribas, Dow Jones††, Lloyds

TSB and Standard Chartered on Islamic

banking and finance.

Sheikh Dr Mohamed Elgari

Holds a PhD in economics from the

University of California. He is an expert at

the Islamic Jurisprudence Academy (OIC),

Jeddah. Dr Elgari is the editor of the Review

of Islamic Economics. He is also an adviser

to several Islamic financial institutions

worldwide and the author of many books on

Islamic banking.

Dr Mohamed Imran Ashraf Usmani

Holds a PhD in Islamic Finance. He also

obtained degrees of Alimiyyah and Takhassus

(specialisation in Islamic Jurisprudence) from

Jamia Darul Uloom, Karachi. His area of

expertise is Islamic Finance in which he has

carried out extensive research. Dr. Usmani

is a faculty member/teacher of Jamia Darul

Uloom, Karachi and Institute of Business

Administration (IBA), Karachi. He is the

author of various books on Shariah (Islamic

law).

Compliance with Shariah

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As in the example below, for funds using the Dow Jones†† as a benchmark the following financial screening will apply*. The Central Shariah

Committee of HSBC Amanah has determined that investment funds investing in equities as an asset class will not invest in companies whose

primary business activity is as shown in Figure 1 (sectoral screens), or in companies which exhibit characteristics as shown in Figure 2 (financial

screens):

* The screens below apply only to funds managed using the Dow Jones†† Islamic Market indices. For funds using the MSCI† different financial screenings will be used.

The screening process

Figure 1: Sectors Figure 2: Financial

Alcohol Weapons All the following should be less than 33%

Tobacco Pork Total Debt/12 month trailing market capitalisation

Financial services GamblingCash & Interest bearing securities/12 month trailing market

capitalisation

Pornography Leisure/media Accounts Receivable/12 month trailing market capitalisation

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The HSBC Amanah Global Equity Index

Fund aims to create long-term appreciation

of capital through investment in a well

diversified portfolio of equities, as defined

by the relevant world index, in a manner

that is consistent with the principles of

Shariah. Investors have access to equity

markets through an experienced manager,

with daily liquidity and the highest standard

of compliance with Islamic principles. The

fund is managed by Sinopia, the specialist

quantitative management arm of the HSBC

Group.

HSBC Amanah Global Equity Index Fund

Fund name: HSBC Amanah Global Equity Index Fund

Legal form: Sub Fund of the Luxembourg-based ‘HSBC Amanah

Funds’ SICAV

Management company: HSBC Investment Funds (Luxembourg) SA

Investment adviser: SINOPIA Asset Management (UK) Ltd

Management style: Indexation

Index: Dow Jones†† Islamic Titans 100 Index

Restrictions: Shariah principles

Investment universe: Global equities which meet Islamic principles

Investment process: The fund adopts a pragmatic full replication strategy

using the underlying index. The objective is to neutralise

key risk sources such as portfolio weight deviations (vs.

index), sector & country bias.

Number of stocks: Around 100

Fund tracking error Expected maximum of 0.50%

HSBC Amanah SICAV product highlights




Sinopia’s indexation process and strategies

are designed to consistently deliver index

returns, whilst minimising trading associated

costs and tracking error risk through a distinct

quantitative process. Sinopia follows a

three-step process when implementing and

managing index funds and mandates:

Step 1: Preliminary index analysis

Step 2: Portfolio construction

Step 3: Trading analysis and implementation

As risk management is key to Sinopia’s

investment and allocation process, all the

sources of risk are strictly monitored and

controlled at each stage of the process.

Why an Index fund ?

Lower cost : Index funds simply invest in the

stocks that are in the index, eliminating the

need for an active fund manager to track,

analyze and pick stocks. They typically have

lower management fees, because they are

not actively managed, and they tend to trade

less frequently than an actively managed

fund. The average actively managed mutual

fund turns over 100% of its portfolio per year

in an effort to beat the market, generating

higher costs in the form of commissions and

spreads. Indexing is a passive approach with

typically less than 20% annual turnover. It

reduces your risk in the sense that you don’t

try to follow the latest hot trend, by moving

your money all the time, paying a lot in

trading fees.

Investment opportunities : Companies

in an index are carefully selected, and

are representative of various industries.

That means you can take advantage of

broad market opportunities by investing in

sectors such as technology, healthcare and

telecommunication. Index-fund investors may

achieve better returns because they’re not

jumping in and out of funds trying to boost

performance. Also, returns are not dependent

on how a single stock performs, but on a

group of stocks that represent the index. This

spreads risk among many stocks and keeps

the investment diversified.

HSBC Amanah Global Equity Index Fund

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The HSBC Amanah Global Equity aims to

create long-term appreciation of capital

through investment in a well diversified

portfolio of equities, as defined by the

relevant world index, in a manner that is

consistent with the principles of Shariah.

Investors have access to equity markets

through an experienced manager, with

daily liquidity and the highest standard of

compliance with Islamic principles. This is

an actively managed fund and is designed

for investors who want exposure to global

equities consistent with the principles of

Shariah law and who are seeking portfolio

diversification with potentially strong returns

over a 5 to 10 year period and fairly high level

of volatility. The fund is managed by Sinopia,

the specialist quantitative management arm

of the HSBC Group.

HSBC Amanah Global Equity

Fund name: HSBC Amanah Global Equity

Legal Form: Sub Fund of the Luxembourg-based ‘HSBC Amanah

Funds’ SICAV

Management Company: HSBC Investment Funds (Luxembourg) SA

Investment Adviser: SINOPIA Asset Management Ltd

Management Style: Active quantitative

Index: Dow Jones†† Islamic Market Index


Investment Universe: Global equities which meet Islamic principles

Investment Process: Using quantitative valuation methods, Sinopia selects the

most promising stocks within the investment universe

and builds a portfolio that takes into consideration stock/

sector/country interaction. In addition to dynamic country/

sector allocation, the fund also achieves its performance

by constantly monitoring and adjusting its overall equity

exposure (between 90% and 100%). The strategy

complies with Islamic investment principles.

Number of Stocks: Between 100 and 150

Fund tracking error: Between 4% and 6%

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HSBC Amanah Global Equity features four key sources to drive fund performance with active risk management :

1. Continuous exposure management:

overall equity exposure is constantly

monitored with adjustments made based

on Sinopia’s expected returns for the Global

equity markets

2. Dynamic country allocation: according to

its valuation signals, the fund manager takes

lower or higher exposure relative to the index

on the different countries of the investment

universe

3. Dynamic sector allocation: the fund

manager adjusts the sector weights

compared to the index based on identified

market opportunities

4. Active stock selection: using quantitative

valuation techniques, the fund manager

selects the stocks which offer the best

performance potential within each country.

When investment markets are unsettled,

global equity funds are often the vehicle

of choice for investors. This is because

global stocks can be used defensively,

diversifying the risk found in single country

investments. Globalisation has aided the rise

of multinational giants that derive much of

their revenue from global markets other than

their own. A global investment approach can

help you participate in the growth of these

industry leaders, wherever they may be

headquartered.

As shown below, the Dow Jones†† Islamic

Market Index outperformed the Dow Jones††

World Stock Index over the five year period to

December 2008.

HSBC Amanah Global Equity

Source : Bloomberg. Data as at 31 December 2008. Both indices are on a price return basis in US$ and rebased to 100. Past performance is not a guide to future performance.

-4.00%-8.02%

-20%

0%

20%

40%

60%

80%

Dec-03

Jun-04

Dec-04

Jun-05

Dec-05

Jun-06

Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

Dow Jones†† Islamic Markets Index Dow Jones†† World Stock Index

Dow Jones†† Islamic Markets Index performance versus the Dow Jones†† World Stock Index since December 2003




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HSBC Amanah Europe Equity

The sub-fund seeks long term capital growth

through the implementation of an active

management strategy. The investments

will consist of a diversified portfolio of

European equity securities that comply

with Islamic investment principles. The

investment universe also includes the

European emerging countries. This Sub Fund

is designed for investors who want exposure

to European equities consistent with the

principles of Shariah law and who are seeking

portfolio diversification with potentially strong

returns over a 5 to 10 year period and fairly

high level of volatility. The fund is managed

by Sinopia, the specialist quantitative

management arm of the HSBC Group.

Fund name: HSBC Amanah Europe Equity

Legal form: Sub Fund of the Luxembourg-based ‘HSBC Amanah

Funds’ SICAV


Investment adviser: SINOPIA Asset Management Ltd

Management style: Active quantitative

Index: Dow Jones†† Islamic Europe Index


Investment universe: Eurozone, United Kingdom, Norway, Sweden, Denmark,

Switzerland and European emerging countries’ equities

which meet Islamic principles.

Investment process: Using quantitative valuation methods, Sinopia selects the

most promising stocks within the investment universe

and builds a portfolio that takes into consideration stock/

sector/country interaction. In addition to dynamic country/

sector allocation, the fund also achieves its performance




Number of stocks: Between 80 and 120


HSBC Amanah Europe Equity

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HSBC Amanah Europe Equity features four key sources to drive fund performance with active risk management :

1. Continuous exposure management: overall equity exposure is constantly monitored with adjustments made based on Sinopia’s expected returns for the European equity markets

2. Dynamic country allocation: according to Sinopia’s valuation signals, the fund manager takes lower or higher exposure relative to the index on the different countries of the investment universe

3. Dynamic sector allocation: the fund manager adjusts the sector weights

compared to the index based on identified market opportunities

4. Active stock selection: using quantitative valuation techniques, the fund manager selects the stocks which offer the best performance potential within each country.

Europe is the birthplace of many of the world’s largest leading multinational companies, and home to its global headquarters. Among these are distinguished companies ranked first in the world within their industry/sector, like Airbus, Air France-KLM, Arcelor-Mittal, Groupe Danone, L’Oréal Group, LVMH, Nokia Corporation, Royal Dutch Shell, Audi VAG. Many other European companies rank among the world’s largest companies in terms of turnover, profit,

market share, number of employees or other major indicators. Europe’s population (311 million)* represents only 5%* of the world’s population, but accounts for 30%* and 20%* of the world’s exports and imports respectively, and 15%* of the gross world product (World GDP). Investing in Europe gives access to a large single market of 300 million customers, with modern infrastructure, highly educated and skilled workforce, allowing businesses to deliver to their partners on time with a sound and stable macroeconomic and political environment with legal certainty and transparency of regulatory reform. As shown below, the Dow Jones†† Islamic Europe Index outperformed the Dow Jones†† Euro Stoxx over the five year period to December 2008. *Source : The

Economist Sept 2008

2.36%

-8.43%-20%

0%

20%

40%

60%

80%

100%

Dec-03

Jun-04

Dec-04

Jun-05

Dec-05

Jun-06

Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

Dow Jones†† Islamic European Markets Index Dow Jones†† Euro Stoxx Index

Dow Jones†† Islamic European Markets Index performance versus the Dow Jones†† Euro Stoxx Index since December 2003

Source : Bloomberg. Data as at 31 December 2008. Both indices are on a price return basis in US$ and rebased to 100. Past performance is not a guide to future performance.

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HSBC Amanah Asia Pacific ex Japan Equity

Fund name: HSBC Amanah Asia Pacific ex Japan Equity

Legal form: Sub Fund of the Luxembourg-based ‘HSBC Amanah Funds’

SICAV


Investment adviser: SINOPIA Asset Management (Asia Pacific) Ltd

Management style: Active Quantitative

Index: MSCI† AC Asia Pacific ex Japan Islamic Index


Investment universe: Australia, China, Hong Kong, India, Indonesia, Malaysia,

New Zealand, Pakistan, Philippines, Singapore, South

Korea, Taiwan and Thailand equities which meet Islamic

principles.

Investment process: Using quantitative valuation methods, Sinopia selects the

most promising stocks within the investment universe and

builds a portfolio that takes into consideration stock/sector/

country interaction. In addition to dynamic country/sector

allocation, the fund also achieves its performance




Number of stocks: Between 100 and 150


The sub-fund seeks long term capital growth

through the implementation of an active

management strategy. The investments will

consist of a diversified portfolio of Asia Pacific

ex Japan equity securities that comply with

Islamic investment principles. This Sub Fund

is designed for investors who want exposure

to Asia Pacific equities consistent with the

principles of Shariah law and who are seeking

portfolio diversification with potentially

strong returns over a 5 to 10 year period

and a fairly high level of volatility. The fund is

managed by Sinopia, the specialist quantitative

management arm of the HSBC Group.

HSBC Amanah Asia Pacific ex Japan Equity features four key sources to drive fund performance with active risk management :

1. Continuous exposure management:

overall equity exposure is constantly

monitored with adjustments made based

on Sinopia’s expected returns for the Asian

pacific ex Japan equity markets

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2. Dynamic country allocation: according to

Sinopia’s valuation signals, the fund manager

takes lower or higher exposure relative to

the index on the different countries of the

investment universe

3. Dynamic sector allocation: the fund

manager adjusts the sector weights compared

to the index based on identified market

opportunities

4. Active stock selection: using quantitative

valuation techniques, the fund manager

selects the stocks which offer the best

performance potential within each country.

Over the last decade, the Asia-Pacific region

has been one of the world’s strongest

growth stories. Impressive broad-based gains

mean that equity investors who have stayed

invested in the region have enjoyed some

healthy returns, with starting valuations lower

than many mature stock markets. Since

its tipping point in 1997, Asia-Pacific has

completely reinvented itself. Economies and

currencies have become more stable, stock

markets are better regulated and the region

is now home to some of the world’s most

dynamic and enterprising companies. The Asia

Pacific region is driven by robust economic

growth, coupled with strong demographic

and infrastructure themes across the region.

The region accounts for more than half of

the world’s population and a quarter of the

economic wealth created every year. Equity

markets in the Asia-Pacific region offer

powerful growth prospects and a diverse array

of enterprising, well-managed companies.

Because Asia-Pacific is a high-growth region

undergoing significant structural change, we

believe it offers attractive valuations and some

significant opportunities. Moreover, investor

sentiment on long-term prospects for the Asia

Pacific region remains positive. As shown

below, the MSCI† AC Asia Pacific Islamic ex

Japan Index outperformed the MSCI† AC

Asia Pacific ex Japan Index over the five year

period to December 2008.

HSBC Amanah Asia Pacific ex Japan Equity

Source: Bloomberg. Data as at 31 December 2008. Both indices are on a price return basis in US$ and rebased to 100. Past performance is not a guide to future performance.

24.43%

11.48%-20%

0%20%40%60%80%

100%120%140%160%180%200%

Dec-03

Jun-04

Dec-04

Jun-05

Dec-05

Jun-06

Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

MSCI† AC Asia Pacific Islamic ex Japan MSCI† AC Asia Pacific ex Japan

MSCI† AC Asia Pacific Islamic ex Japan Index performance versus the MSCI† AC Asia Pacific ex Japan Index since December 2003

HSBC Amanah is the Islamic financial

services division of the HSBC Group. With

experienced personnel working from regional

offices, its mission is to ensure that HSBC is

one of the leading providers of value-added

Shariah compliant financial products and

services to its clients.

HSBC Amanah is uniquely positioned to

understand, structure, and deliver financial

solutions that are compatible with the

requirements of Shariah. It is headquartered

in Dubai, and with regional representatives in

New York, Riyadh, London, Jakarta and Kuala

Lumpur, HSBC Amanah is the leading global

player in the Islamic finance industry.

HSBC Amanah is guided and supervised

by the HSBC Amanah Central Shariah

Committee, an independent committee of

Islamic scholars. The Committee oversees

the development and operations of all HSBC

Amanah products and transactions to ensure

that they meet the requirements of Shariah.

As at end of September 2008, HSBC Amanah

had USD 4,001.6 million assets under

management within various asset classes.

About HSBC Amanah

HSBC Amanah Awards

HSBC Amanah Best Islamic Fund Manager 2007 (Euromoney)

Amanah Saudi Equity FundBest performing GCC Equity Fund over 3-year period

(Lipper)

Amanah GCC Equity Fund Best GCC Equity Fund 2007 (Failaka)

Amanah Saudi Equity Fund Best Islamic Equity Fund 2005 (Failaka)

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Industry leader - The HSBC Group is one

of the largest banking and financial services

organisations in the world. Headquartered in

London, the Group’s international network

comprises about 9,500 offices with over

100 million customers in 85 countries and

territories in Europe, the Asia-Pacific region,

the Americas, the Middle East and Africa.

With a rich history of community banking

and a commitment to meet the particular

needs of our diverse customers, we are

the world’s local bank. With operations in

twenty Organisation of Islamic Conference

(OIC) member states, no international bank

is more widely represented in the Muslim

world than HSBC. Nor has any made a greater

investment in Islamic banking.

Independently endorsed - HSBC Amanah

works closely with an independent

Committee of Shariah scholars to ensure

that our products and transactions meet the

requirements of Shariah. The endorsement of

this Committee is critical to our legitimacy as

a provider of Islamic financial solutions.

Credibility and global resources - HSBC

Amanah, the dedicated Islamic services

division of the HSBC Group, was established

in 1998 and now has widespread global

representation with presence in the UK, the

United States, Saudi Arabia, United Arab

Emirates, Malaysia, Bangladesh, Indonesia,

Singapore and Brunei. It also has the global

resources of the HSBC Group at its disposal,

and has the largest Islamic finance team

of any international bank, enabling it to be

uniquely positioned to understand, structure

and distribute Shariah compliant products.

Why HSBC for Shariah compliant investments?

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Contacts

For more information about HSBC Global Asset Management services in the Middle East please contact:

Dan Rudd

Head of MENA Wholesale

E-mail: [email protected]

Tel: +971 4423 6723

Mobile: +971 501 895 883

Yasmin Khalifa

Regional Sales Manager, External, MENA

E-mail : [email protected]

Tel: +971 4423 6718

Mobile: +971 504 570 361

Stuart Cameron

Regional Sales Manager, Group Distribution, MENA

E-mail: [email protected]

Tel: +971 4423 6721

Mobile: +971 566 032 085

Matthew Sage

Business Development Support, MENA

E-mail : [email protected]

Tel: +44 (0)20 7024 0435

Mobile: +44 (0)7920 021 461

This document is intended for investment professionals only and should not be distributed to retail clients. HSBC Amanah Funds SICAV is a Luxembourg domiciled SICAV and is regulated by the CSSF. HSBC Amanah Funds SICAV cannot be sold by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such an offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. All applications are made on the basis of the current HSBC Amanah Funds SICAV Prospectus, simplified prospectus and most recent annual and semi-annual reports. These can be obtained on request and free of charge from HSBC Global Asset Management (UK) Limited or the local distributors. The securities representing interests in HSBC Amanah Funds SICAV have not been and will not be registered under the US Securities Act of 1933 and will not be offered for sale or sold in the United States of America, its territories or possessions and all areas subject to its jurisdiction, or United States person, except in a transaction which does not violate the Securities Law of the United States of America. The value of investments may go down as well as up and you may not get back the full amount you invested. Where overseas investments are held the rate of exchange may cause the value of investments to go down as well as up. Markets in some countries can be described as ‘emerging markets’. Some of these may involve a higher risk than where an investment is within a more established market. Where a sub-fund invests predominately in one geographical area, any decline in economic conditions may affect prices and the value of underlying investments. HSBC Global Asset Management (UK) Limited provides information to professional advisers and their clients on the investment products and services of members of the HSBC Group. The material contained in this document is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments. The funds mentioned in this document may not be registered for sale or available in all jurisdictions. For available funds please contact your local HSBC office. It is possible that the restrictions placed on investment such as the prohibition on the use of interest bearing investments, the donations to approved Charities and the limited universe of stocks available to the Investment Adviser may result in the funds performing less well than funds with similar investment objectives which are not subject to Shariah restrictions.

This document is issued by HSBC Global Asset Management (UK) Limited, 8 Canada Square, Canary Wharf, London, E14 5HQ, UK. Authorised and regulated by the Financial Services Authority and registered as number 122335. © Copyright. HSBC Global Asset Management 2009. All Rights Reserved.

This product is marketed in a sub-distributing capacity on a principal – to – principal basis by the HSBC Global Asset Management MENA, a unit that is part of HSBC Bank Middle East Limited, PO Box 66, Dubai, UAE, which is incorporated and regulated by the Jersey Financial Services Commission. Services are subject to the Bank’s terms and conditions. HSBC Bank Middle East Limited is a member of the HSBC Group.

The information provided has not been prepared taking into account the particular investment objectives, financial situation and needs of any particular investor. As a result, investors using this information should assess whether it is appropriate in the light of their own individual circumstances before acting on it. The information in this document is derived from sources believed to be reliable, but which have not been independently verified. However, HSBC Bank Middle East Limited makes no guarantee of its accuracy and completeness and is not responsible for errors of transmission of factual or analytical data, nor shall HSBC Bank Middle East Limited be 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 the issuer, 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 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. Any transaction will be subject to HSBC Bank’s Terms of Business. 15760/ME/0109

† 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 to create any financial instruments or products or any indices. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use it may make or permit to be made of this information. Neither MSCI, any of its affiliates or any other person involved in or related to compiling, computing or creating the MSCI information (collectively, the ‘MSCI Parties’) makes any express or implied warranties or representations with respect to such information or the results to be obtained by the use thereof, and the MSCI Parties hereby expressly disclaim all warranties (including, without limitation, all 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 or any other damages (including, without limitation, lost profits) even if notified of, or if it might otherwise have anticipated, the possibility of such damages.

†† Source: Dow Jones and Dow Jones Islamic Market Titans Index SM are service marks of Dow Jones & Company, Inc. and will be licensed for use by HSBC Investment Funds (Luxembourg) S.A. The HSBC Amanah Global Equity Index Fund is not sponsored, endorsed, sold or promoted by Dow Jones and Dow Jones makes no representation regarding the advisability of investing in the Fund.

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