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You should not take this illustration or these examples as an indication or assurance of the expected performance of the Reference Asset or the return on your securities. PSU Included see all. The assumptions we have made in connection with the illustrations set forth below may not reflect actual events, and the hypothetical Initial Level used in the table and examples below is not expected to be the actual Initial Level of the Reference Asset. The level of the Reference Asset increases from the Initial Level of 2, The policies of the reference sponsor with respect to the calculation of the Reference Asset could also affect the level of the Reference Asset.

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The level of the Reference Asset increases from the Xm-4uu Level of 2, PSU Included see all. The numbers appearing in the table below and following examples have been rounded for ease of analysis.

We reserve the right to withdraw, cancel or modify this offering and to reject orders in whole or in part. Past performance is zm-4u necessarily an indication of future results. However, it is possible that the securities could be treated as deemed reissued for U.

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The following graph sets forth the historical performance of the Reference Asset based on the daily historical closing levels from January 1, through January 26, Equity Index Underlying Supplement dated March 5, There seems to be a problem serving the request at this time.

The policies of the reference sponsor of the Reference Asset concerning additions, deletions and substitutions of the constituents comprising the Reference Asset and the manner in which the reference sponsor takes account of certain changes affecting those constituents included in the Reference Asset may affect the level of the Reference Asset.

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The securities are designed for investors who believe the Reference Asset will appreciate over the term of the securities. For a data sheet, search the web qft.

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You should not take this illustration or these examples as an indication or assurance of the expected performance of the Reference Asset or the return on your securities. Guaranteed Delivery see all. This free writing prospectus relates to an offering of securities linked to the Reference Asset. If the terms of the securities offered hereby are inconsistent with those described in the accompanying prospectus, prospectus supplement or Equity Index Underlying Supplement, the terms described in this free writing prospectus shall control.

Under Rule 15c under the Securities Exchange Act oftrades in the secondary market generally are required to settle in three business days, unless the parties to that trade expressly agree otherwise. If the terms of the securities offered hereby are inconsistent with those described in the accompanying prospectus, prospectus supplement, or Equity Index Underlying Supplement, the terms described in this free writing prospectus shall control.

Delivery Options see all. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the securities. Form Factor see all.

Xm-4h should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates.

The top 5 industry groups by market capitalization as of January 26, were: You should only wft on the information contained in this free writing prospectus, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. The securities are senior unsecured debt obligations of the Issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party.

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You should read this document together with the prospectus dated March 5,the prospectus supplement dated March 5, and the Equity Index Underlying Supplement dated March 5, If you were to sell your securities in the secondary market, if any, the price you would receive for your securities may be less x,-4u the price you paid for them because secondary market prices will not take into account these costs.

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Any payment to be made on the securities, including any return of principal at maturity, depends on the ability of HSBC to satisfy its obligations as they come due. Plan of Distribution Conflicts of Interest. Filed Pursuant to Rule You should understand the risks of investing in the securities and should reach an investment decision only after careful consideration, act your advisors, of the suitability of the securities in light of your particular financial circumstances and the information set forth in this free writing prospectus and the accompanying prospectus, prospectus supplement and Equity Index Underlying Supplement.

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Under current law, while the matter is not entirely clear, individual non-U. Case Material xm-4y all. The level of the Reference Asset decreases from the Initial Level of 2,

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