HSBC Fund Management (Malta) Ltd has brought to the market two new five-year capital protected products, which provide investors with potential returns linked to the performance of the Dow Jones Euro Stoxx 50 or the Nikkei 225, irrespective of whether the underlying index falls or rises.

These products, denominated in euro and US dollars are structured as Medium Term Notes (MTNs) and offer investors attractive participation over the five-year term, as highlighted below.

The euro MTN provides investors with 70 per cent of the gain or 40 per cent of the decline recorded by the Dow Jones Euro Stoxx 50, while the US dollar MTN provides investors with 90 per cent of the gain or 30 per cent of the decline recorded by the Nikkei 225.

HSBC Fund Management (Malta) Ltd managing director Charles Azzopardi commented: “These Medium Term Notes are the latest addition to our product range and are particularly appealing as they are designed to generate a return to investors whether the underlying index goes up or down in the next five years. They are excellent products, giving investors the peace of mind that their capital is protected if held until maturity, and offering high participation as well as the added convenience of liquidating the MTNs at any time before maturity.”

This offer opened on 15 May and will close on 16 June, or earlier if over-

subscribed. Applications can be obtained from any HSBC Bank Malta plc Branch.

The financial instruments that give capital protection and returns (if any) do not have any guarantees. If, at maturity, the level of the index remains unchanged, no gains will be made. Past performance is not necessarily a guide to future performance and currency fluctuations may affect the value of your investment once reconverted into your base currency. Any subscription in the Notes is to be made on the basis of the Prospectus dated 2 August 2006 and Supplements dated 4 September 2006, 5 March 2007 and 2 May 2007 issued by HSBC Bank plc which will be made available to customers on request. HSBC Bank plc is authorised and regulated by the UK Financial Services Authority. These Notes are not sponsored, endorsed, sold or promoted by STOXX Limited (“STOXX”) or Dow Jones & Company, Inc. (“Dow Jones”) or the Nikkei 225 Index. Neither STOXX nor Dow Jones nor the Nikkei 225 Index shall have any liability whatsoever with respect thereto. HSBC Bank Malta p.l.c. and HSBC Fund Management (Malta) Limited are licensed by the MFSA.