You should understand the risks of investing in the securities and should reach an investment decision only after careful consideration, with 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. If any payments are treated as dividend equivalents subject to withholding, we or the applicable paying agent would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld. Description of Preferred Stock. Additional Terms of the Notes. You may also obtain:. The Trade Date, the Pricing Date and the other dates set forth above are subject to change, and will be set forth in the final pricing supplement relating to the securities. The potential returns described here assume that your securities are held to maturity.

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However, Internal W7a.rar Service guidance provides that withholding on dividend equivalent w7a.rar will not apply to specified ELIs that are not delta-one wa7.rar and that are issued before January 1, Potential conflicts of interest may exist. The securities may not be suitable for you if: 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.

The policies of the reference sponsor with respect to the calculation of the Reference Asset could also affect the level of the Reference Asset. Description of the Reference Asset. The level of the Reference Asset increases from the Initial Level of 2, The market value of the securities at any time will reflect many factors w7a.rar cannot be predicted with accuracy.

The policies of the reference w7a.rar of the Reference W7a.rar concerning additions, deletions and substitutions of the constituents comprising the Reference Asset and the manner w7a.rar 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.


You will be subject to significant risks not associated with conventional fixed-rate or floating-rate debt securities. They do not purport to be representative of every possible scenario concerning increases or decreases in the level of the Q7a.rar Asset relative to its Initial Level. Prospectus Supplement dated March 5, and. Description of Preferred Stock.

W7a.rar following table and examples assume the following:. 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 w7arar of law. Final Level — Initial Level. Notice to UK Investors.

These w7a.rar models rely in part on certain forecasts about future events, which may prove to be incorrect.


The amount of our estimated costs which we effectively reimburse to investors in this way may not be allocated ratably throughout the w7a.rar period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the Original Issue Date of the securities based w7a.rar changes in market conditions and other factors that cannot be predicted.

Any representation to the contrary is a criminal offense.

The price to w7a.rar takes into account certain costs. Additionally, the IRS has announced that withholding under the Foreign Account Tax Compliance Act as discussed in the accompanying prospectus supplement on payments of gross proceeds from a sale, exchange, s7a.rar or w7a.rar disposition of the securities will only apply to dispositions after December 31, Under one approach, a security should be treated as a pre-paid executory contract with respect to the Reference Asset.

Historical Performance of the Reference Asset.

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This free writing prospectus, w7a.rar accompanying Equity Index Underlying Supplement, prospectus supplement w7a.rar prospectus are not an offer to sell these securities, and these documents are not soliciting an offer w7a.rar buy these securities, in any jurisdiction where the offer or sale is not permitted.


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

Changes that affect the Reference Asset will affect the market value of the securities and the amount you will receive at maturity. If the Reference Return is greater than zero: If w7a.rar Market Disruption Event exists with respect to the Reference Asset on that scheduled trading day, then the accelerated Final Valuation Date for the Reference Asset will w7a.rar postponed for up to five scheduled trading days in the same manner used for w7a.rar the originally scheduled Final Valuation Date.

We cannot predict the Final Level. Return on the Securities. The accelerated maturity date will also be postponed by an equal number of business days.

Pursuant to the terms of the securities, you agree to treat the securities under this approach for w7a.rar U. If one or more of the entities whose stock is included in the Reference Asset were so treated, certain adverse U. Unless we or our agent inform you otherwise in the confirmation of sale, the pricing supplement to which this free writing prospectus relates is being used in a market-making transaction.

We are using this free writing prospectus to solicit from you an offer to purchase the securities. Equity Index Underlying Supplement dated March w7a.rar,