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Joseph Incalcaterra, CFAHead of LatAm FX StrategyHSBC Securities (USA) Inc.joseph.incalcaterra@us.hsbc.com+1 212 525 5606Daniel LavardaHead of Brazil EconomicsResearchBanco HSBC S.A.daniel.lavarda@hsbc.com+55 11 2802 2640Jose Carlos SanchezChief Economist, MexicoHSBC Mexico, S.A., Institucion deBanca Multiple, Grupo FinancieroHSBCjose.c.sanchez@hsbc.com.mx+52 55 5721 5623Multi-assetLatin America 2Disclosure appendixAnalyst certificationThe following analyst(s), who is(are) primarily responsible for this document, certifies(y) that the opinion(s), views or forecastsexpressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly orindirectly related to the specific recommendation(s) or views contained in this research report: Joseph Incalcaterra, CFA, DanielLavarda and Jose Carlos SanchezThis document has been prepared and is being distributed by the Research Department of HSBC and is intended solely for theclients of HSBC and is not for publication to other persons, whether through the press or by other means.This document does not provide individually tailored investment advice and should not be construed as an offer or the solicitationof an offer to buy or sell any securities or to participate in any trading strategy. The information contained within this document isbelieved to be reliable but we do not guarantee its completeness or accuracy.Any opinions expressed herein are subject tochange without notice.HSBC may hold a position in, buy or sell on a principal basis or act as a market maker in any financialinstrument discussed herein.HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments (including derivatives) ofcompanies covered in HSBC Research on a principal or agency basis.Analyst(s) are paid in part by reference to the profitability of HSBC which includes investment banking revenues.Additional disclosures1This report is dated as at 19 May 2025.2All market data included in this report are dated as at close 18 May 2025, unless a different date and/or a specific time ofday is indicated in the report.3HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with itsResearch business. HSBC's analysts and its other staff who are involved in the preparation and dissemination ofResearch operate and have a management reporting line independent of HSBC's Investment Banking business.Information Barrier procedures are in place between the Investment Banking, Principal Trading, and Research businessesto ensure that any confidential and/or price sensitiveinformation is handled in an appropriate manner.4You are not permitted to use, for reference, any data in this document for the purpose of (i) determining the interestpayable, or other sums due, under loan agreements or under other financial contracts or instruments, (ii) determining theprice at whicha financial instrument may be bought or sold or traded or redeemed, or the value of a financial instrument,and/or (iii) measuring the performance of a financial instrument or of an investment fund. DisclaimerLegal entities as at 7 December 2024:HSBC Bank plc; HSBC Continental Europe; HSBC Continental Europe SA, Germany; HSBC Bank Middle East Limited, DIFC;HSBC Bank Middle East Limited, UAE branch; HSBC Yatirim Menkul Degerler AS, Istanbul; The Hongkong and ShanghaiBanking Corporation Limited, Hong Kong; The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch;The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch; The Hongkong and Shanghai BankingCorporation Limited, Seoul Branch; HSBC Qianhai SecuritiesLimited; HSBC Securities (Taiwan) Corporation Limited; HSBCSecurities and Capital Markets (India) Private Limited, Mumbai; HSBC Bank Australia Limited; HSBC Securities (USA) Inc.,New York; HSBC México, SA, Institución de Banca Múltiple, Grupo FinancieroHSBC; Banco HSBC SAThis material was prepared and is being distributed by HSBC Securities (USA) Inc., ("HSI") a member of the HSBC Group, the NYSE and FINRA. This material is for the information of clients ofHSI and is not for publication to other persons, whether through the press or by other means. It is based on information from sources, which HSI believes to be reliable but it is not guaranteed asto the accuracy or completeness. This material is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities. The information contained herein is underno circumstances to be construed as investment advice and is not tailored to the needs of the recipient. The opinions contained within the report are based upon publicly availableinformation atthe time of publication and are subject to change without notice. From time to time research analysts conduct site visits ofcovered issuers. HSBC policies prohibit research analysts from acceptingpayment or reimbursement for travel e