HSBC Emerging Markets ConferenceThe World in Flux

AGENDA

Zurich Marriott Hotel, Neumuehlequai 42 Zurich, 8001 Switzerland

13 and 14 September

Day 1: Tuesday 13 September 2011

8:30 – 9:00 Welcome breakfast and registration

9:00 – 9:20 Opening remarks

John Flint, Chief Executive, HSBC Global Asset Management

9:20 – 10:10 Global economic outlook

Stephen King, Group Chief Economist, HSBC

10:10 – 10:50 Keynote Speech – The rise of China

Jonathan Fenby, Managing Partner and China Director, Trusted Sources

10:50 – 11:20 Coffee break

11:20 – 12:30 Session 1 Global re-balancing – has it stalled?

Speakers:

Edmond Alphandéry, Former French Finance Minister, Chairman, CNP Assurances

Michael Dooley, Chief Economist and Partner, Cabezon Investment Group

Luiz Pereira da Silva, Deputy Governor, Central Bank of Brazil

Andrew Sheng, Chief Adviser, China Banking Regulatory Commission

Moderator: Philip Poole, Global Head of Macro and Investment Strategy, HSBC Global Asset Management

Markets continue to be buffeted by fi nancial stress from the Eurozone periphery and elsewhere as the world moves

fi tfully to re-balance global demand. Economic performance between developed and emerging economies is diverging

sharply, creating political and economic tensions that severely challenge politicians and policy makers. Panelists consider

where we are in this global re-balancing story including; assessing progress in stimulating domestic consumption in the

emerging world, currency targeting, systemic risks from the fi nancial sector and the need to address the huge burden

of public and private sector leverage in the developed world. How will emerging economies cope with the challenges of

this transformation and what are the implications for currencies, commodities and fi nancial asset prices?

12:30 – 13:45 Lunch

13:45 – 14:30 Keynote speech – What next for the Middle East and what will it mean for emerging markets?

Fawaz Gerges, Director, Middle East Centre, London School of Economics and Political Science

14:30 – 15:40 Session 2 The role of emerging markets’ consumption in the re-balancing story

Speakers:

Fabio Hering, CEO, Cia Hering

Tony Maher, Former CEO, Wimm Bill Dann

Thierry Prevot, Group General Manager, Financial Communications and Strategic Prospective Analysis, L’Oréal

Nick Timberlake, Global Head of Emerging Markets Equities, HSBC Global Asset Management

Moderator: Chris Cheetham, Global CIO, HSBC Global Asset Management

The need for deleveraging is likely to constrain consumption growth in the developed world including the US for much

of the next decade. If they are to continue to grow, strongly emerging economies will need to generate more activity

domestically, especially in Asia where the dependence on net external demand in the developed world has been

strongest. This panel considers the opportunities and challenges that will arise from this trend both for corporates and for

investors. Is this trend already priced into corporate valuations? And in order to exploit it, will it be better to invest in

corporates based in emerging markets or those based in the developed world that have emerging markets exposure?

15:40 – 16:10 Coffee break

16:10 – 17:20 Session 3 Investing for infl ation

Speakers:

Xavier Baraton, Global CIO Fixed Income and Head of European Fixed Income, HSBC Global Asset Management

Mansoor Dailami, Manager of the Emerging Global Trends Team of the Development Prospects Group,

The World Bank

Kristin Forbes, Professor of Economics, MIT

M. Ibrahim Turhan, Deputy Governor, Central Bank of Turkey

Moderator: Peter Marber, Chief Emerging Markets Debt Business Strategist, HSBC Global Asset Management

On the back of food and fuel price increases, infl ation has been a big concern in the emerging world for more than a year.

Headline infl ation has also risen in the developed world for the same reasons. What are the second round risks that

this infl ation shock turns into a self-perpetuating infl ation process and where is this infl ation risk most problematic? Is

the infl ation risk appropriately priced into bond markets and are all bonds vulnerable? This panel considers potential

hedges against infl ation including commodities and other real asset strategies and infl ation-linked bonds in the emerging

and developed world.

17:20 – 17:40 Concluding remarks

Philip Poole, Global Head of Macro and Investment Strategy, HSBC Global Asset Management

18:30 Dinner reception - Hosted by Rudolf Apenbrink, CEO Europe, HSBC Global Asset Management

18:30 Coach departure

19:00 Drinks

19:45 Dinner

Day 1: Tuesday 13 September 2011

An introductory presentation by Philip Poole, Global Head of Macro and Investment Strategy, HSBC Global Asset Management, and a

choice of workshops focusing on key emerging markets themes & strategies.

Please select one workshop from each of the two time slots (9:30 and 11:00) below:

8:30 – 9:00 Welcome coffee and registration

9:00 – 9:30 Opening remarks

Philip Poole, Global Head of Macro and Investment Strategy, HSBC Global Asset Management

9:30 – 10:30 Workshop 1:

Asia ex-Japan Equity:

Market environment and outlook

Key risks and challenges

Investment opportunities

Investment process

Bill Maldonado, CIO Asia Pacifi c, HSBC Global Asset Management

OR

Global Currencies: The FX Market – the ugly contest continues

The four big currencies – USD, JPY, EUR, and GBP – continue to be trapped in an ugly contest

The market quickly shifts its attention from one negative theme to the next

So far, we have seen economic momentum slow in the US, troubles in the Eurozone periphery, intervention in the

JPY and talk of more quantitative easing in the UK

While the ugly get uglier, emerging markets and others will continue to benefi t

David Bloom, Head of FX Strategy, HSBC

10:30 – 11:00 Coffee break

11:00 – 12:00 Workshop 2:

Latin American Equity:

Overview of the region, how its markets and economic landscape have evolved, and highlights in the current

environment

Key differentials of Latin America

Domestic growth potential

Review of corporate earnings and market performance

Main challenges for a foreign investor

Mario Felisberto, CIO Latin America, HSBC Global Asset Management, Brazil

OR

Global Emerging Market Equity: emerging companies that are making their mark globally

Local market outlook and investment approach

Investment opportunities

Political risk assessments and macroeconomic analysis

Douglas Helfer, Senior Fund Manager, HSBC Global Asset Management

Omar Negyal, Senior Fund Manager, HSBC Global Asset Management

Nick Timberlake, Global Head of Emerging Markets Equities, HSBC Global Asset Management

12:00-14:00 Closing remarks and lunch

This agenda is provisional and subject to change.

Day 2: Wednesday 14 September 2011

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