- 投资
- 2021年04月19 日
美国就业计划：可持续之路
By 陈健铭
投资策略师
- 美国就业计划涵盖逾6000亿美元的投资支出，重点旨在改善气候适应能力并让美国经济逐步脱碳
- 更多资金投入需求：详细的研究显示美国至少需要再投入2.5万亿美元才能让美国在2030年之前走上净零排放之路
- 需要大规模投资来确保全球排放量在2030年前后达到峰值
2021年3月31日，美国总统拜登宣布了一项2.3万亿美元的支出计划，旨在实现美国基础设施现代化，并维持经济的长期增长。
该计划涵盖逾6000亿美元的投资支出，主要用于发展电动汽车行业和清洁技术，推动电网和建筑行业脱碳，提高美国基础设施的气候适应能力。这是拜登在应对气候变化方面作出的最新举措，该举措将推动美国联邦政府全力应对气候变化所带来的生存威胁。
资料来源：《白宫关于美国就业计划的声明》；2021年3月31日发布。
白宫在2021年3月31日发表的一份概述美国就业计划的声明中表示：“拜登政府花在重建基础设施上的每一分钱都将用于预防、减少和抵御气候危机的影响。”
该计划针对气候方面的支出包括：
- 1740亿美元投入，包括实施税收优惠、安装50万个充电站，以及更换全美联邦政府车队用车为电动汽车等一系列举措，以促进电动汽车的使用率。
- 1650亿美元用于扩大、改善公共交通和铁路系统，并实现电气化。
- 1500亿美元用于推动电网和其他基础设施的现代化，并提高其气候适应能力。
- 2130亿美元用于对建筑行业进行升级，包括改造住宅和商业建筑，提高房屋节能效率和气候适应能力。
- 1800亿美元用于新技术研发，包括清洁能源创新。
整体而言，这些提案旨在实现几个关键目标，使美国经济能在2050年前实现净零排放，其中包括：
- 美国电力行业在2035年之前全面脱碳。
- 建筑行业的碳足迹在2035年之前减少一半。
- 实现零排放汽车的全面转型，以实现交通行业的脱碳目标，该行业是美国最大的温室气体排放源。
除拟议的绿色投资外，该计划还包括加速美国经济脱碳的措施，包括取消化石燃料行业的税收优惠，同时扩大可再生能源发电行业的税收优惠。
总统拜登将采取“全政府”战略来推进他的气候议程，这与本行观点一致。而美国能源部近期也宣布了到2030年将太阳能发电成本降低60%的目标。
本行认为，在今年11月第26届联合国气候变化大会 (COP26) 国际气候峰会举办之前，这些努力将推动世界各国加强气候变化的应对措施，届时各国将在峰会上提出实现《巴黎协定》目标的最新承诺。
资料来源：美国净零排放中期报告，普林斯顿大学；2020年12月发布。
注：包含财政支出决策生效前的已投资本和2030年规划投入项目建设（晚于2030年投入使用）的资本。所有数值均为数量级估值。研究未包含的其他潜在重大财政支出包括，生物能源作物以及钢铁和水泥以外其他行业的脱碳措施规划，非二氧化碳温室气体减排工作，以及提高陆地碳汇能力。
2021年4月13日，包括通用电气、谷歌、麦当劳、微软、耐克和沃尔玛等重量级企业在内的300多家企业 签署了一封致总统拜登的公开信，呼吁白宫在2030年前将美国的温室气体排放量在2005年的水平上减少至少50%。
信中写道：“为了恢复美国全球领导者的地位，我们需要以相应的速度和规模来应对气候危机。如果您能提升这一国家目标，我们也将提高公司自身的标准，以推动美国在这方面的长足发展。”
需要加大资源投入力度
最新研究表明，即使目前已提出最新的气候支出议案（有待国会批准），但未来几年仍有很多工作要做。
普林斯顿大学在2020年12月发表的一项关于净零排放转型路径的详细研究表明，要使美国经济与《巴黎协定》中关于截止本世纪末将全球变暖限制在1.5摄氏度的目标方向一致，那么在2030年之前至少需要再投入2.5万亿美元。
研究表明，这些投资需覆盖发电（特别是风能和太阳能发电）、建筑、电器、车辆和工业，以及赋能基础设施和先进的清洁技术（如碳捕获），从而为2030年后完成向净零排放的转型创造有利条件（参见图表2）。
建立全球联盟
正如预期，拜登政府已加紧实施应对气候变化的措施，以期在该领域重获领导地位。最近几周，拜登的国际气候特使克里（John Kerry）会见了包括中国、印度和韩国在内的多国高级官员，就如何应对气候危机达成共识。
克里作为一位备受尊敬的美国前国务卿，是拜登政府首位访华的美国高级官员。这让市场重燃希望，虽然在其他领域存在分歧，但市场期望全球这两大经济体能在应对气候变化领域达成共识。
克里与中国气候变化事务特使解振华于2021年4月17日在上海举行会谈。会后两国发表联合声明称：“中美致力于相互合作并与其他国家一道解决气候危机，必须按其严峻性、紧迫性所要求加以应对。”根据该声明，中美同意继续探讨“21世纪20年代的具体减排行动”，以符合《巴黎协定》的目标。
两国还承诺在即将于今年11月举行的COP26国际气候峰会之前，制定长期战略以实现碳中和或温室气体净零排放。
争夺气候领导权
中国斥巨资开发和推广清洁技术，这给美国施加了压力，迫使其加大自身投资力度，这进一步推动了全球脱碳的进程（见图表3）。
资料来源：BloombergNEF，《2021年能源转型投资趋势》。
注：CCS = 碳捕获和储存。
例如在风力发电方面，中国已遥遥领先于全球其他国家。
根据全球风能协会于2021年3月25日公布的最新数据，中国的风力发电装机总量为288吉瓦，是美国122吉瓦的两倍多，并超过了欧洲、非洲、中东和拉丁美洲的总和253吉瓦。
中国将持续对这一产业的大力投资。去年，中国贡献了全球四分之三以上的新增风电装机容量（见图表4）。
资料来源：全球风能协会，《2021年全球风能报告》。
本行认为，未来几年，世界超级大国之间在新技术方面的竞争将愈演愈烈，这将进一步推动清洁能源和脱碳技术的快速发展。
马里兰大学全球可持续发展中心于2021年4月发表的分析报告指出：“美国的气候目标到2030年能否实现从根本上取决于其是否拥有向零排放发电迅速转型的能力。”
中国最新的五年计划强调，将通过鼓励发展能源密集程度较低的产业，提高非化石燃料在中国经济中的使用比重，采用包括电动汽车在内的新技术，进一步支持绿色发展和降低碳排放。
为何要加紧投资
根据气候行动追踪组织 (Climate Action Tracker) 在2020年12月发布的最新预测，按照目前的气温变化轨迹，到2100年全球气温将上升约2.6摄氏度，远超巴黎协定的1.5摄氏度的目标。
要在本世纪中叶实现世界经济脱碳，以达到《巴黎协定》的气候目标，需要进一步大幅削减经济活动各方面（包括发电、工业、交通和农业）的碳排放。
特别是在未来几年内需要加大投资力度，以确保全球碳排放量在2030年前后达到峰值——政府间气候变化专门委员会认为这会是一个关键的里程碑，以让世界经济在本世纪末将全球变暖限制在1.5摄氏度（见图表5）。
资料来源：能源转型委员会、政府间气候变化专门委员会、新加坡银行。
注：图中显示了将全球变暖限制在1.5摄氏度所需二氧化碳净排放量模型路径，绿色区域显示排放量有限或无过度排放，蓝色区域显示过度排放。
这意味着世界经济的运作方式将发生重大结构性变化，也将为企业带来颠覆性变化，同时创造新的机遇。
全球一些顶尖资产管理公司正在调整其定位，以把握这些投资机会。2021年4月13日，贝莱德和新加坡淡马锡控股公司联合宣布建立新的脱碳合伙关系，初步承诺投入6亿美元的资本，用于投资初创公司，这些公司的产品和技术旨在加速世界经济向净零排放的转型。
正如本行在之前的报告中所强调，本行坚信那些减少碳排放和浪费、重复利用自然资源、提供支持人类活动全面脱碳的产品和服务的公司，有望获得更多关注，吸引更多投资。而全球政府逐步加强气候变化应对政策的趋势也将对这些公司更加有利。
根据联合国于2021年2月26日发布的最新报告，全球一致行动达成世界经济脱碳意味着全球温室气体排放有可能在2030年前达到峰值。
整体而言，本行预计在未来几个月内，气候相关的政治势头将进一步扩大。在11月联合国气候变化大会（或COP26）举办之前，中美和其他各大经济体将公布更多政策声明和承诺。
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Bank of Singapore Limited (DIFC Branch) is not a financial institution licensed in the United Arab Emirates outside of the DIFC and does not undertake banking or financial activities in the United Arab Emirates nor is it licensed to do so outside of the DIFC. This material is provided for information purposes only and it is general information not specific in any way to any particular investor, investor type, strategy, investment need or other financial circumstance. As such this information is not financial advice or a financial promotion, nor is it intended to influence an investor's decision to invest. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The material is only intended for persons who fulfill the criteria to be classified as “Professional Clients” as defined under the DFSA rules and should not be reviewed, received, provided to or relied upon by any other person. United Arab Emirates (U.A.E): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.
Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
This product may only be offered: (i) in Hong Kong, to qualified Private Banking Customers and Professional Investors (as defined under the Securities and Futures Ordinance); and (ii) in Singapore, to Accredited Investors (as defined under the Securities and Futures Act) and (iii) in the Dubai International Financial Center to Professional Clients (as defined under the Dubai Financial Services Authority rules) only. No other person should act on the contents of this document.
This product may involve derivatives. Do NOT invest in it unless you fully understand and are willing to assume the risks associated with it. If you have any doubt, you should seek independent professional financial, tax and/or legal advice as you deem necessary.
Please carefully read and make sure that you understand all Risk Disclosures, Selling Restrictions, and Disclaimers. This document must be read together with the relevant Prospectus & Offering Documents &/or Key Fact Statement.
Disclaimer
This document is prepared by Bank of Singapore Limited (Co Reg. No.: 197700866R) (the “Bank”), is for information purposes only, and is not, by itself, intended for anyone other than the recipient. It may contain information proprietary to the Bank which may not be reproduced or redistributed in whole or in part without the Bank’s prior consent. It is not an offer or a solicitation to deal in any of the investment products referred to herein or to enter into any legal relations, nor an advice or by itself a recommendation with respect to such investment products. It does not have regard to the specific investment objectives, investment experience, financial situation and the particular needs of any recipient or customer. Customers should exercise caution in relation to any potential investment. Customers should independently evaluate each investment product and consider the suitability of such investment product, taking into account customer’s own specific investment objectives, investment experience, financial situation and/or particular needs. Customers will need to decide on their own as to whether or not the contents of this document are suitable for them. If a customer is in doubt about the contents of this document and/or the suitability of any investment products mentioned in this document for the customer, the customer should obtain independent financial, legal and/or tax advice from its professional advisers as necessary, before proceeding to make any investments.
The Bank, its Affiliates and their respective employees are not in the business of providing, and do not provide, tax, accounting or legal advice to any clients. The material contained herein is prepared for informational purposes and is not intended or written to be used, and cannot be used or relied upon for tax, accounting or legal advice. Any such client is responsible for consulting his/her own independent advisor as to the tax, accounting and legal consequences associated with his/her investments/transactions based on the client’s particular circumstances.
This document and other related documents have not been reviewed by, registered or lodged as a prospectus, information memorandum or profile statement with the Monetary Authority of Singapore nor any regulator in Hong Kong or elsewhere.
This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Singapore, Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates (collectively, “Affiliates”) to any registration, licensing or other requirements within such jurisdiction.
Investments in financial instruments or other products carry significant risk, including the possible loss of the principal amount invested. Financial instruments or other products denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. No liability is accepted by the Bank for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this document. Past performance is not a guarantee or indication of future results. Any prices provided in this document (other than those that are identified as being historical) are indicative only and do not represent firm quotes as to either price or size. You should contact your local representative directly if you are interested in buying or selling any financial instrument or other product or pursuing any trading strategy, investment strategy or wealth planning structure that may be mentioned in this document.
While reasonable efforts have been made to ensure that the contents of this document have been obtained or derived from sources believed by the Bank and its Affiliates to be reliable, neither the Bank nor its Affiliates has independently verified the accuracy of such source(s). The Bank and its Affiliates and their respective officers, employees, agents and representatives do not make any express or implied representations, warranties or guarantees as to the accuracy, timeliness or completeness of the information, data or prevailing state of affairs that are mentioned in this document and do not accept any liability for any loss or damage whatsoever, direct or indirect, arising from or in connection with the use of the contents of this document.
The Bank and its Affiliates may have issued other reports, analyses, or other documents expressing views different from the contents hereof and all views expressed in all reports, analyses and documents are subject to change without notice. The Bank and its Affiliates reserve the right to act upon or use the contents hereof at any time, including before its publication herein.
The author of this document may have discussed the information contained therein with others within or outside the Bank and the author and/or such other Bank personnel may have already acted on the basis of this information (including communicating the information contained herein to other customers of the Bank). The Bank, its personnel (including those with whom the author may have consulted in the preparation of this communication), and other customers of the Bank may be long or short the financial instruments or other products referred to in this document, may have acquired such positions at prices and market conditions that are no longer available, and may have interests different from or adverse to your interests. The persons providing the information to you may receive commissions, fees, rebates or other non-monetary benefits from any counterparty, broker, agent or another affiliate of the OCBC Group or any other party in respect of any trades or transactions effected for you including in relation to the investments referred to herein.
Bank of Singapore Limited is a licensed bank regulated by the Monetary Authority of Singapore in Singapore. Bank of Singapore Limited, Hong Kong Branch, is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap.571) regulated by the Securities and Futures Commission in Hong Kong. Bank of Singapore Limited, its employees and discretionary accounts managed by its Singapore Office may have long or short positions or may be otherwise interested in any of the investment products (including derivatives thereof) referred to in this document and may from time to time dispose of any such investment products. Bank of Singapore Limited forms part of the OCBC Group (being for this purpose Oversea-Chinese Banking Corporation Limited and its subsidiaries, related and affiliated companies). OCBC Group, their respective directors and/or employees (collectively “Related Persons”) may or might have in the future interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. OCBC Group and its Related Persons may also be related to, and receive fees from, providers of such investment products.
Bank of Singapore Limited adheres to a group policy (as revised and updated from time to time) that provides how entities in the OCBC Group manage or eliminate any actual or potential conflicts of interest which may impact the impartiality of research reports issued by any research analyst in the OCBC Group.
Past performance is not always indicative of likely or future results. The value of any investment or income may go down as well as up. All investments involve an element of risk, including capital loss. Customers who are interested to invest in such investment products should read the risk disclosures and governing terms and conditions that are set out in the relevant offering documents.
Dual currency investments, structured deposits and other investment products are not insured by the Singapore Deposit Insurance Corporation or the Hong Kong Deposit Protection Scheme.
Applicable to clients booked and/or managed in the Dubai International Financial Center (DIFC) only: The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC.
Cross-Border Marketing
Hong Kong SAR: Bank of Singapore Limited is an Authorized Institution as defined in the Banking Ordinance of Hong Kong (Cap 155), regulated by the Hong Kong Monetary Authority in Hong Kong and a Registered Institution as defined in the Securities and Futures Ordinance of Hong Kong (Cap. 571), regulated by the Securities and Futures Commission in Hong Kong. This document is for information only and is not intended for anyone other than the recipient. It has not been reviewed by any regulatory authority in Hong Kong. It is not by itself an offer or a solicitation to deal in any of the financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products. It does not have regard to the specific investment objectives, financial situation, investment experience and the particular needs of any recipient or Investor. This document may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Bank’s prior written consent. This document is not intended for distribution to, publication or use by any person in any jurisdiction outside Hong Kong, or such other jurisdiction as the Bank may determine in its absolute discretion, where such distribution, publication or use would be contrary to applicable law or would subject the Bank and its related corporations, connected persons, associated persons and/or affiliates to any registration, licensing or other requirements within such jurisdiction. Indonesia: The offering of the investment product in reliance of this document is not registered under the Indonesian Capital Market Law and its implementing regulations, and is not intended to constitute a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. According, this investment product may not be offered or sold, directly or indirectly, within Indonesia or to citizens (wherever they are domiciled or located), entities or residents, in any manner which constitutes a public offering of securities under the Indonesian Capital Market Law and its implementing regulations. Japan: The information contained in this document is for general reference purposes only. It does not have regard to your specific investment objectives, financial situation, risk tolerance and particular needs. Nothing in this document constitutes an offer to buy or sell or an invitation to offer to buy or sell or a recommendation or a solicitation to buy or sell any securities or investment. We do not have any intention of conducting regulated business in Japan. You acknowledge that nothing in this document constitutes investment or financial advice or any advice of any nature. Malaysia: Bank of Singapore Limited does not hold any licence, registration or approval to carry on any regulated business in Malaysia (including but not limited to any businesses regulated under the Capital Markets & Services Act 2007 of Malaysia), nor does it hold itself out as carrying on or purport to carry on any such business in Malaysia. Any services provided by Bank of Singapore Limited to residents of Malaysia are provided solely on an offshore basis from outside Malaysia, either as a result of “reverse enquiry” on the part of the Malaysian residents or where Bank of Singapore Limited has been retained outside Malaysia to provide such services. As an integral part of the provision of such services from outside Malaysia, Bank of Singapore Limited may from time to time make available to such residents documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of Malaysia). Nothing in such documents or information is intended to be construed as or constitute the making available of, or an offer or invitation to subscribe for or purchase any such capital markets product. Myanmar: This document and information herein is made available by Bank of Singapore Limited, which is not licensed or registered under the Financial Institutions Law (Law No. 20/2016) or other Myanmar legislation to carry on, nor do they purport to carry on, any regulated activity in Myanmar. The provision of any products and services by Bank of Singapore Limited shall be solely on an offshore basis. You shall ensure that you have and will continue to be fully compliant with all applicable laws in Myanmar when entering into discussion or contracts with Bank of Singapore Limited. Oman: This document does not constitute a public offer of investment, securities or financial services in the Sultanate of Oman, as contemplated by the Commercial Companies Law of Oman (Royal Decree No. 4/1974), Banking Law of Oman (Royal Decree No. 114/2000) or the Capital Market Law of Oman (Royal Decree No. 80/1998) and the Executive Regulations of the Capital Market Law (Ministerial Decision No. 1/2009) or an offer to sell or the solicitation of any offer to buy non-Omani investment products, securities or financial services and products in the Sultanate of Oman. This document is strictly private and confidential. It is being provided to a limited number of sophisticated investors solely to enable them to decide whether or not to make an offer to invest in financial products mentioned in this document, outside of the Sultanate of Oman, upon the terms and subject to the restrictions set out herein and may not be reproduced or used for any other purpose or provided to any person other than the original recipient. Additionally, this document is not intended to lead to the making of any contract within the territory or under the laws of the Sultanate of Oman. The Capital Market Authority of Oman and the Central Bank of Oman take no responsibility for the accuracy of the statements and information contained in this document or for the performance of the financial products mentioned in this document nor shall they have any liability to any person for damage or loss resulting from reliance on any statement or information contained herein. Russia: The investment products mentioned in this document have not been registered with or approved by the local regulator of any country and are not publicly distributed in Singapore or elsewhere. This document does not constitute or form part of an offer or invitation to the public in any country to subscribe for the products referred to herein. South Korea: The document does not constitute an offer, solicitation or investment advertisement to trade in the investment product referred to in the document. Taiwan: The provision of the information and the offer of the service concerned herewith have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant laws and regulations of Taiwan and may not be provided or offered in Taiwan or in circumstances which requires a prior registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorised to provide the information and to offer the service in Taiwan. Thailand: Please note that neither Bank of Singapore Limited nor any other entities in the Bank of Singapore Limited’s group maintains any licences, authorisations or registrations in Thailand nor is any of the material and information contained, or the relevant securities or products specified herein approved or registered in Thailand. Interests in the relevant securities or products may not be offered or sold within Thailand. The attached information has been provided at your request for informational purposes only and shall not be copied or redistributed to any other person without the prior consent of Bank of Singapore Limited or its relevant entities and in no way constitutes an offer, solicitation, advertisement or advice of, or in relation to, the relevant securities or products by Bank of Singapore Limited or any other entities in Bank of Singapore Limited’s group in Thailand. The Philippines: The information contained in this document is not intended to constitute a public offering of securities under the Securities Regulation Code of the Philippines. Dubai International Financial Center (DIFC): Bank of Singapore Limited has a branch registered in the Dubai International Financial Centre ("DIFC") which is regulated by the Dubai Financial Services Authority (“DFSA”). Bank of Singapore Limited (DIFC Branch) is not a financial institution licensed in the United Arab Emirates outside of the DIFC and does not undertake banking or financial activities in the United Arab Emirates nor is it licensed to do so outside of the DIFC. This material is provided for information purposes only and it is general information not specific in any way to any particular investor, investor type, strategy, investment need or other financial circumstance. As such this information is not financial advice or a financial promotion, nor is it intended to influence an investor's decision to invest. It is not to be construed as an offer to buy or sell or solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The material is only intended for persons who fulfill the criteria to be classified as “Professional Clients” as defined under the DFSA rules and should not be reviewed, received, provided to or relied upon by any other person. United Arab Emirates (U.A.E): The information contained herein is exclusively addressed to the recipient. The offering of certain products in this document has not been and will not be registered with the Central Bank of United Arab Emirates or Securities & Commodities Authority in the United Arab Emirates. Any products in this document that are being offered or sold do not constitute a public offering or distribution of securities under the applicable laws and regulations of the United Arab Emirates. This document is not intended for circulation or distribution in or into the UAE, other than to persons in the UAE to whom such circulation or distribution is permitted by, or is exempt from the requirements of, the applicable laws and regulations of the United Arab Emirates. The distribution of the information contained herein by the recipient is prohibited. Where applicable, this document relates to securities which are listed outside of the Abu Dhabi Securities Exchange and the Dubai Financial Market. The Bank of Singapore Limited is not authorized to provide investment research regarding securities listed on the exchanges of the United Arab Emirates which are outside of the DIFC. United Kingdom: In the United Kingdom, this document is being made available only to the person or the entity to whom it is directed being persons to whom it may lawfully be directed under applicable laws and regulations of the United Kingdom (such persons are hereinafter referred to as ‘relevant persons’). Accordingly, this document is communicated only to relevant persons. Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Relevant persons in receipt of this document must not distribute, publish, reproduce, or disclose this document (in whole or in part) to any person who is not a relevant person. United States of America: This product may not be sold or offered within the United States or to U.S. persons.
Brunei: This document has not been delivered to, licensed or permitted by the Autoriti Monetari Brunei Darussalam, the authority as designated under the Brunei Darussalam Securities Markets Order, 2013 and the Banking Order, 2006; nor has it been registered with the Registrar of Companies, Registrar of International Business Companies or the Brunei Darussalam Ministry of Finance. The products mentioned in this document are not registered, licensed or permitted by the Autoriti Monetari Brunei Darussalam or by any other government agency or under any law in Brunei Darussalam. Any offers, acceptances, sales and allotments of the products shall be made outside Brunei Darussalam.
