Loosening the reins

The following analyst(s), who is(are) primarily responsible for this document, certifies(y) that the opinion(s), views or forecasts expressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: Janet Henry

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Additional disclosures

1. This report is dated as at 25 September 2024.
2. All market data included in this report are dated as at close 24 September 2024, unless a different date and/or a specific time of day is indicated in the report.
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5. Janet Henry is a Non-Executive Director of HSBC UK Bank Plc.

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