PERFORMANCE:HISTORICAL&SIMULATEDDATA 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 90% 100% 110% 120% 130% 140% 150% 160% AsofDecember30,2022HSBCVantage+Performance YTDReturn-12.59% 3YearReturn-9.60% 5YearReturn-8.11% 1YearVolatility6.04% AnnualizedVolatility*5.94% *DatafromJan2019thruDec2022calculatedonaperannumpercentagebasis.See”Useofsimulatedreturns”.Source:BloombergandHSBC.See”Risksrelatingtotheindex”and”ImportantInforma-tion”. Vantage+Indexincludesan0.85%perannumindexmaintenancefee,subtractedonadailybasis.Thegraphandtableabovesetforththehypotheticalback-testedperformanceoftheIndexfromJanuary1,2013throughDecember30,2022.TheIndexhasonlybeencalculatedbySolactiveAGsinceNovember8,2019.Thehypotheticalback-testedperformanceoftheIndexsetforthinthegraphandtableabovewascalculatedusingtheselectioncriteriaandmethodologyemployedtocalculatetheIndexsinceitsinceptiononNovember8,2019. KEYDRIVERSOFPERFORMANCE » PrioritizingPerformingAssets-Minimizingcashinthemonthlyportfoliobyattemptingtofinda5%volatilityportfoliowithoutit,onlyturningtocashifunabletoachievethetargetvolatility. » VolatilityManagementSystem-Oncetheporfolioisselected,theIndexappliesleveragetobringexposureto6%volatility,enablingdynamicreactiontochangingmarketconditions,andallowingforexposuregreaterthan100%. » HigherEquityAllocation-TheIndexprovidesgreatermaximumallocationtodevelopedandemergingmarketequitiescomparedtosomeothertargetvolatilitymomentumstrategies. AVERAGEMONTHLYALLOCATION:HISTORICAL&SIMULATED Oct-22Nov-22Dec-2212MonthAverage SPY0.00%0.00%0.00%1.42%SPLV2.39%4.57%7.04%12.25%IWM0.00%0.00%0.00%0.00%QQQ0.00%0.00%0.00%0.00%EFA0.00%0.19%1.53%0.27% DevelopedEquitiesMax60%Subtotal2.39%4.76%8.57%13.94% TLT0.00%0.00%0.00%0.95%LQD38.01%29.78%20.29%33.92%HYG14.67%15.00%15.00%14.32% DevelopedBondsMax90%Subtotal52.68%44.78%35.29%49.19% EEM0.00%0.00%0.00%0.33%EMB0.00%0.00%1.19%3.28% EmergingMarketsMax30%Subtotal0.00%0.00%1.19%3.62% IYR0.00%0.00%0.00%0.10%GLD17.54%13.67%12.46%16.79% RealAssetsMax30%Subtotal17.54%13.67%12.46%16.89% InflationMax5%TIP5.00%4.40%2.50%4.74% CashifneededCash22.38%32.38%40.00%11.62% AllVantage+allocationdatapriortoNovember8,2019ishypothetical.See”UseofSimulatedReturns”. HSBCVantage+Index MonthlyReportDecember2022

AVERAGEYEARLYASSETCLASSALLOCATION-HISTORICAL&SIMULATED 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Developed Equities Developed Bonds Emerging Markets Real Assets Inflation Cash AVERAGEYEARLYCASHALLOCATION-HISTORICAL&SIMULATED 20122013201420152016201720182019202020212022 AverageCashAllocation0.0%3.3%0.0%0.0%0.0%0.0%0.0%0.0%30.6%0.0%11.7% MONTHLYPERFORMANCE-HISTORICAL&SIMULATED Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual 2022 -3.72% -0.66% -0.34% -3.53% -0.14% -3.02% 1.53% -2.19% -2.81% -0.01% 2.27% -0.55% -12.59% 2021 -2.06% -2.11% -0.90% 1.43% 0.77% 0.97% 1.77% 0.51% -3.64% 3.06% -1.00% 2.63% 1.21% 2020 2.53% -2.36% -1.54% 0.22% -0.12% 0.27% 0.97% 0.15% -0.64% -1.35% 3.29% 0.89% 2.19% 2019 1.56% -0.45% 1.92% -0.34% 1.53% 2.29% 0.26% 4.19% -1.55% 0.29% -0.58% 1.33% 10.81% 2018 4.50% -3.08% -0.33% -0.79% 0.39% -0.72% 0.56% 0.78% -2.24% -5.99% 0.80% -2.09% -8.27% 2017 0.85% 3.34% -0.22% 1.76% 1.89% -0.36% 1.50% 0.30% -0.03% 1.80% 1.61% 1.05% 14.28% 2016 1.05% 1.93% 2.39% 0.67% -1.03% 5.34% 1.73% -0.12% -0.15% -1.84% -2.43% 1.05% 8.69% AllVantage+allocationdatapriortoNovember8,2019ishypothetical.See”UseofSimulatedReturns”. INDEXINFORMATION IndexOwnerHSBCBankplc CurrencyUSD VolatilityTarget6.0% BloombergTickerHSIEVPLSIndex IndexCompositionUpto13ETFsplusCash CalculationAgent/IndexAdministratorSolactiveAG Websitevantageplus.gbm.hsbc.com HSBCVantage+Index MonthlyReportDecember2022

HSBC Vantage+ Index HSBC Vantage+ Index Monthly Report December 2022 Risk relating to the index • Solactive AG may adjust the Index in a way that aects its level, and Solactive AG has no obligation to consider your interests. • The Index comprises notional assets. • The Index may not be successful and may not outperform any alternative strategy that might be employed in respect of the ETFs, or achieve ints target volatility. • The Index has a very limited operating history and may perform in unanticipated ways. • The Index is subject to market risks. • If the market values of the ETFs change, the level of the Index and the market value of any linked structured investment may not change in the same manner. • The Index may perform poorly during periods characterized by shor-term volatility. • The level of the Index includes the deduction of the ICE LIBOR USD 3 Month interest rate and a fee. • An investment linked to the Index carries the risks associated with the Index’s momentum investment strategy. • The Index may be partially uninvested. • Correlation of performances among the ETFs may reduce the performance of the Index. • Changes in the value of the ETFs may oset each other. Please see the risk factors section of the relevant oering document for any HSBC-issued investment linked to the Index for a full description of the risks relating to the Index. Important disclaimer information investments. The material presented does not constitute and should not be construed as a recommendation to enter into a securities or derivatives transaction. Before investing treatment and other relevant information. mentioned in this document or in options, futures or other derivatives based thereon. this free writing prospectus may relate. Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents HSBC SEC’s web site at www.sec.gov. Alternatively, HSBC Securities (USA) Inc. or any dealer participating in the related oering will arrange to send you the prospectus and prospectus supplement if you request them by calling toll-free 1-866-8118049. HSBC Bank plc and Solactive AG The Index is proprietary to HSBC Bank plc. No use or publication may be made of the Index, or any ots provisions or values, without the prior written consent of HSBC Bank plc. Neither HSBC Bank plc nor its duly appointed successor, acting as index owner (the ”Index Owner”), nor Solactive AG or its duly appointed successor, acting as index administrator (”Index Administrator”) and index calculation agent (”Index Calculation Agent”), are obliged to enter into or promote transactions or investments that are linked to the Index. The Index Owner makes no express or implied representations or warranties as to (a) the advisability of purchasing or assuming any risk in connection with any transaction or investment linked to the Index, (b) the levels at which the Index stands at any particular time on any particular date, (c) the results to be obtained by any party from the use of the may be based on information obtained from various publicly available sources. The Index Administrator and the Index Calculation Agent have relied on these sources and have not Use of simulated returns The Index was launched on November 8, 2019 and therefore has limited historical performance. As a result, limited actual historical performance information is available for you investment decision than would be the case if the Index had a longer trading history. Hypothetical back-tested performance prior to the launch of the Index provided in this document refers to simulated performance data created by applying the Index’s calculation methodologies to historical prices of the underlying constituents and the reference rate. In addition, because certain of the Index Constituents (SPLV, HYG, EEM, EMB, GLD, and TIP) were not in existence at the start of the back-tested period, adjustments have been made to calculate their performance prior to their inception. Such simulated performance dta has been produced by the retroactive application of a back-tested methodology in hindsight, and may give more preference towards underlying constituents that have performed well in the past. The hypothetical back-tested annualized performance and annualized volatility of the Index have inherent limitations. These performance and volatility results were a guarantor outure results. calculated during that period, and should not be relied upon as an indication of the Index’s future performance. ©2023 HSBC USA Inc. All rights reserved. All resources: Solactive, HSBC, Bloomberg, from January 1, 2003 to December 30, 2022 ISSUER FREE WRITING PROSPECTUS Filed Pursuant to Rule 433 Registration Statement No. 333-253385 January 03, 2023