We believe the new HSBC Asia, after strategic restructuring, will rapidly become one of the most profitable businesses with a dedicated Asia focused management team capable of generating stronger shareholder returns. It will be the most valuable and unique bank in Asia with the strongest growth potential within the HSBC system, and also the only local bank with global competitiveness. V - The Hong Kong Retail Shareholder Resolutions PAAMC has taken note of HSBC's AGM Resolutions 17 & 18 that were requisitioned by Mr. Lui Yu Kin and the group of shareholders he represents. After careful study we believe the resolutions, which requires HSBC to commit to restore dividends to pre-Covid levels and push management to consider structural reforms on a periodical basis, have their merits. As such we support in principle resolutions 17 & 18 and hope HSBC can be open to and study shareholders' suggestions.