AG 663X2 DRIVER

Hypothetical Payment at Maturity. If one or more of the entities whose stock is owned by the Reference Asset were so treated, certain adverse U. All of directory paths which follow assume Windows As further described in the accompanying prospectus supplement and prospectus, the securities will rank on par with all of the other unsecured and unsubordinated debt obligations of HSBC, except such obligations as may be preferred by operation of law. The potential returns described here assume that your securities are held to maturity.
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The only exceptions are that it does not have a soft front panel or a knowledge base file. The appreciation on the securities is limited by the Maximum Cap.

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at In the event of any material changes to the terms of the securities, we will notify you. If the terms of the securities offered hereby are inconsistent with those described ga the accompanying product supplement, prospectus supplement, prospectus or underlying supplement, the terms described in this free writing prospectus shall control.

Validity of the Notes. Source is included so that the driver can be modified if desired. You prefer to receive the dividends or other distributions paid to holders of the Reference Asset or the stocks comprising the Reference Asset. The following graph sets aag the historical performance of the FXI based on the daily historical closing prices from February 23, through February 22, You should consider carefully whether the ah are suitable to your investment goals.

In addition, an interest charge will also apply to any deemed underpayment of tax in respect of any Excess Gain to the extent such gain would have resulted in gross income inclusion for the U. Additional Terms of the Notes. An index fund may use futures contracts, options, swap agreements, currency forwards and repurchase agreements in seeking performance that corresponds to its underlying 663x2 and in managing cash flows.

Notwithstanding any disclosure in the accompanying product supplement to the contrary, our special U. If one or more of the entities whose stock is owned by the Reference Asset were so treated, certain adverse U. If anyone provides you with different or inconsistent information, you should not rely on it.

The prospectus supplement at: Sponsors or Issuers and Reference Asset. The quotient, expressed as a percentage, calculated as follows:.

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The following table and examples are provided for illustrative purposes only and are hypothetical. For Windows NT, change references from win95 to winnt. If an event occurs that does not require the calculation agent to adjust the amount of the shares of the Reference Asset, the market price of the securities and the Final Settlement Value may be materially and adversely affected.

This file can be found in vxipnpwin95hpx2 Do not include hpx2. For a discussion of the U. The potential returns described here assume that your securities are held to maturity.

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The securities may be suitable for you if:. Do not build the driver in the directory in which it was installed.

You do not seek an investment for which there is an active secondary market. It includes a comprehensive on-line help file which complements the instrument manual. However, for maximum portability, the instrument address should use uppercase characters only. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. You should only rely on the information contained in this free writing prospectus, any accompanying underlying supplement, product supplement, prospectus supplement and prospectus.

Under Rule 15c under the Securities Exchange Act ofas amended, trades in the secondary market generally are required to settle in three business days, unless the parties to that trade expressly agree otherwise.

We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the securities. We cannot predict the Final Price of the Reference Asset. All of directory paths which follow assume Windows

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