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You believe the relevant Reference Return will be negative on the Final Valuation Date or that the relevant Reference Return will not be sufficiently positive to provide you with your desired return.
This free writing prospectus relates to two separate offerings of 49v-0, each linked to a different Reference Asset identified on the cover page.
The amount we pay in respect of your securities on the Maturity Date, if any, will be determined solely in accordance with the procedures described in this free writing prospectus. You should only rely on the information contained in this free writing prospectus, ut-d accompanying underlying supplement, prospectus supplement and prospectus. Final Level — Initial Level.
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Assuming this characterization is respected, your gain or loss on the notes should be treated as capital gain or loss, whether or not you are an initial purchaser of notes at the issue price. Pursuant to the terms of the securities, you agree to treat the securities under this approach for all U.
Hypothetical Examples of Amounts Payable at Maturity. Plan of Distribution Conflicts of Interest. The hypothetical total returns set forth below are for illustrative purposes only and may not be the actual total returns applicable to a purchaser of the notes. They do not purport to be representative of every possible scenario concerning increases or decreases in the level of the relevant Reference Asset relative to its Initial Level.

We refer to this percentage as the Maximum Total Return, which will be set on the pricing date and will not be less than You are willing to invest in the securities based on the Maximum Cap indicated herein with respect to that security offering, which may limit your return at maturity. The assumptions we have made in connection with the illustrations set forth below may not reflect actual events.
The following results are based solely on the assumptions outlined below. You seek current income from this investment. Prospectus supplement dated October 12, You will receive your initial investment reduced by the Index Return, calculated as follows: Investors will not receive interest or dividend payments during the term of the ROS.
Such gain or loss would generally be long term capital gain or loss if you have held your ROS for more than one year. Pursuant to this approach, we do not intend to report any income or gain with respect to the securities prior to their maturity or an earlier sale or exchange and we intend to treat any gain or loss upon maturity or an earlier sale or exchange as long-term capital gain or loss, provided that you have held the security for more than one year at such time for U.
If the relevant underlying Reference Return is greater than or equal to zeroyou will receive the lesser of:. You are willing to forgo dividends paid on the stocks included in the Index.

The following key terms relate to the offerings of securities: This opinion assumes that the description of the terms of the ROS in this free writing prospectus is materially correct. Because other dealers are not likely to make a secondary market for the notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMSI is willing to buy the notes.
The closing level for the SX5E on September 9, was 3, Each of the securities will have the Maximum Cap indicated in the table below. You are willing to accept the risk kt-8d return profile of the securities versus a conventional debt security with a comparable maturity issued by HSBC or another issuer with a similar credit rating.
Events of Default and Acceleration.
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The ROS are not designed to be short-term trading instruments. Subject to the limitations described therein, and based gq certain factual representations received from us, in the opinion of our special U. Your investment in the securities may result in a loss. The securities are senior unsecured debt obligations of the Issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party. Tu-8d Index Underlying Supplement. Ut8d addition to the level of the Index on any day, the value of the ROS will be affected by a number of economic and market factors that may either offset or magnify each other, including: The market value of the securities at any time will reflect many factors and cannot be predicted with accuracy.

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