Energy Transition Infrastructure

Risk Considerations: There is no assurance that a portfolio will achieve its investment objective or will work under all market conditions. The value of investments may go down as well as up and you may not get back the amount originally invested. Portfolios may be subject to certain additional risks, which should be considered carefully along with their investment objectives and fees.

Illiquidity: An investment in alternatives is a long-term illiquid investment. By their nature, alternatives' investments will not generally be exchange traded. These investments will be illiquid.

Long term horizon: Investors should expect to be locked-in for the full term of the investment.

Economic conditions: The economic cycle and prevailing interest rates will impact the attractiveness of the underlying investments. Economic activity and sentiment also impacts the performance of underlying companies and will have a direct bearing on the ability of companies to keep up with interest and principal repayments.

Valuation: These investments may have no or a limited liquid market, and other investments including those in respect of loans and securities of private companies, may be based on estimates which cannot be marked to market until sale. The valuation of the underlying investments is therefore inherently opaque.

Market risk: There is no guarantee in respect of the repayment of principal or the value of investments, and the income derived therefrom may fall as well as rise. Investors therefore may not recoup the original amount invested in the Partnership. In particular, the value of investments may be affected by political and economic news, government policy, changes in technology and business practices, changes in demographics, cultures and populations, natural or human-caused disasters, pandemics, weather and climate patterns, scientific or investigative discoveries, costs and availability of energy, commodities and natural resources. The effects of market risk can be immediate or gradual, short-term or long-term, narrow or broad.

Political and economic risks: General economic conditions may affect the activities. Changes in economic conditions, including, for example, inflation, unemployment, competition, technological developments, political events and other factors, none of which will be within the control of the General Partner or the service providers, can substantially and adversely affect the business and prospect investors. Due to the geographic scope of its activities, the strategy may be vulnerable to country or regional-specific political, macroeconomic and financial environments or circumstances.

Further information on the potential risks can be found in the LPA.

Investors in alternatives products should bear in mind that these products can be highly speculative and may not be suitable for all clients. Investors should ensure they understand the features of the products and fund strategies and the risks involved before deciding whether or not to invest in such products. Such investments are generally intended for investors who are willing to bear the risks associated with such investments, which can include: loss of all or a substantial portion of the investment, lack of liquidity in that there may be no secondary market for the fund and none may be expected to develop; volatility of returns; prohibitions and/or material restrictions on transferring interests in the fund; absence of information regarding valuations and pricing; delays in tax reporting; key man and adviser risk; limited or no transparency to underlying investments; limited or no regulatory oversight and less regulation and higher fees than mutual funds.

Please note that alternatives related investments are generally illiquid, long term investments that do not display the liquid or transparency characteristics often found in other investments (e.g. listed securities). It can take time for money to be invested and for investments to produce returns after initial losses. As such alternatives related investments should be considered as a very high risk investment and are only suitable as part of a diversified portfolio. Before making such investments, prospective investors should carefully consider the risks set forth in the relevant investment documents.

The contents of this document have not been reviewed by the Securities and Futures Commission of Hong Kong (“SFC”) or any regulatory authority in Hong Kong. You are advised to exercise caution in relation to any relevant offer. If you are in any doubt about the contents of the relevant investment documents you should consult your accountant, legal or professional adviser or financial adviser. The relevant product is not authorized under Section 104 of the Securities and Futures Ordinance of Hong Kong (“Ordinance”) by the SFC Accordingly, the distribution of any relevant Private Placement Memorandum, and the placement of interests or units in Hong Kong, is restricted. Any relevant Private Placement Memorandum may only be distributed, circulated or issued to persons who are professional investors under the Ordinance and any rules made under the Ordinance or as otherwise permitted by the Ordinance.

HSBC Asset Management is the brand name for the asset management business of HSBC Group. The above communication is distributed in Hong Kong by HSBC Global Asset Management (Hong Kong) Limited.

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