Price to Public
|
Fees and Commissions1
|
Proceeds to Issuer
|
|
Per security
|
$1,000
|
||
Total
|
Principal Amount
|
$1,000 per security
|
Reference Asset
|
The Dow Jones Industrial AverageSM (“INDU”) (Ticker: INDU)
|
Minimum Upside Return
|
21.00% to 23.00% (to be determined on the Pricing Date)
|
Buffer Level
|
-10%
|
Payment at
Maturity
per security
|
If the Reference Return is greater than zero, you will receive the greater of:
a) $1,000 + ($1,000 × Reference Return); and
b) $1,000 + ($1,000 × Minimum Upside Return).
If the Reference Return is less than or equal to zero but greater than or equal to the Buffer Level:
$1,000 (zero return).
If the Reference Return is less than the Buffer Level:
$1,000 + [$1,000 × (Reference Return + 10%)].
For example, if the Reference Return is -30%, you will suffer a 20% loss and receive 80% of the Principal Amount. If the Reference Return is less than the Buffer Level, you may lose up to 90% of your investment.
|
Reference Return
|
Final Level – Initial Level
Initial Level
|
Initial Level
|
See page FWP-4
|
Final Level
|
See page FWP-4
|
Pricing Date
|
July 21, 2011
|
Trade Date
|
July 21, 2011
|
Settlement Date
|
July 26, 2011
|
Final Valuation Date†
|
January 21, 2015
|
Maturity Date†
|
January 26, 2015
|
CUSIP
|
4042K1KJ1
|
The offering period for the securities is through July 21, 2011
|
The table at right shows the hypothetical payout profile of an investment in the securities reflecting a hypothetical Minimum Upside Return of 21.00%. The actual Minimum Upside Return will be determined on the Pricing Date and will not be less than 21.00% or greater than 23.00%.
|
![]() |
Dow Jones Industrial AverageSM
|
||
The INDU is a price-weighted index compromised of 30 blue chip stocks considered to be the leaders in their industry. It is intended to be a measure of the entire U.S. market, except the transportation and utilities industries, covering a diverse set of industries such as financial services, technology, retail, entertainment and consumer goods.
|
![]() |
HSBC USA Inc.
Buffered Performance Plus Securities
Linked to the Dow Jones Industrial AverageSM
|
![]() |
Issuer:
|
HSBC USA Inc.
|
Issuer Rating:
|
AA- (S&P), A1 (Moody’s), AA (Fitch)†
|
Principal Amount:
|
$1,000 per security
|
Reference Asset:
|
The Dow Jones Industrial AverageSM (Ticker: INDU)
|
Trade Date:
|
July 21, 2011
|
Pricing Date:
|
July 21, 2011
|
Original Issue Date:
|
July 26, 2011
|
Final Valuation Date:
|
January 21, 2015. The Final Valuation Date is subject to adjustment as described under “Additional Terms of the Notes” in the accompanying underlying supplement.
|
Maturity Date:
|
3 business days after the Final Valuation Date, which is expected to be January 26, 2015. The Maturity Date is subject to adjustment as described under “Additional Terms of the Notes” in the accompanying underlying supplement.
|
Minimum Upside Return:
|
21.00% to 23.00% (to be determined on the Pricing Date)
|
Payment at Maturity:
|
On the Maturity Date, for each security, we will pay you the Final Settlement Value.
|
Final Settlement Value:
|
If the Reference Return is greater than zero, you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount of securities, equal to the greater of:
(a) $1,000 + ($1,000 × Reference Return); and
(b) $1,000 + ($1,000 × Minimum Upside Return).
If the Reference Return is less than or equal to zero but greater than or equal to the Buffer Level, you will receive $1,000 per $1,000 Principal Amount of securities (zero return).
If the Reference Return is less than the Buffer Level, you will receive a cash payment on the Maturity Date, per $1,000 Principal Amount of securities, calculated as follows:
$1,000 + [$1,000 × (Reference Return + 10%)].
Under these circumstances, you will lose 1% of the Principal Amount of your securities for each percentage point that the Reference Return is below the Buffer Level. For example, because the buffer protects the first 10% of loss, subject to the credit risk of HSBC, if the Reference Return is -30%, you will suffer a 20% loss and receive 80% of the Principal Amount. If the Reference Return is less than the Buffer Level, you may lose up to 90% of your investment.
|
Reference Return:
|
The quotient, expressed as a percentage, calculated as follows:
|
Final Level – Initial Level
Initial Level
|
|
Buffer Level:
|
-10%
|
Initial Level:
|
The Official Closing Level of the Reference Asset on the Pricing Date.
|
Final Level:
|
The Official Closing Level of the Reference Asset on the Final Valuation Date.
|
Official Closing Level:
|
The closing level of the Reference Asset on any scheduled trading day as determined by the calculation agent based upon the level displayed on Bloomberg Professional® service page “INDU<INDEX>”, or on any successor page on Bloomberg
|
Professional® service or any successor service, as applicable.
|
|
Form of securities:
|
Book-Entry
|
Listing:
|
The securities will not be listed on any U.S. securities exchange or quotation system.
|
CUSIP / ISIN:
|
4042K1KJ1 /
|
}
|
The underlying supplement no. 3 at:
http://www.sec.gov/Archives/edgar/data/83246/000114420410055205/v198039_424b2.htm
|
}
|
The product supplement at:
http://www.sec.gov/Archives/edgar/data/83246/000114420409019791/v145840_424b2.htm
|
}
|
The prospectus supplement at:
http://www.sec.gov/Archives/edgar/data/83246/000114420409019785/v145824_424b2.htm
|
}
|
The securities may be suitable for you if:
|
The securities may not be suitable for you if:
|
} You seek an investment with a return linked to the potential positive performance of the Reference Asset and you believe the level of the Reference Asset will increase over the term of the securities.
} You are willing to make an investment that is exposed to the negative Reference Return on a 1-to-1 basis for each percentage point that the Reference Return is less than -10%.
} You are willing to forgo dividends or other distributions paid to holders of stocks comprising the Reference Asset.
} You do not seek current income from your investment.
} You do not seek an investment for which there is an active secondary market.
} You are willing to hold the securities to maturity.
} You are comfortable with the creditworthiness of HSBC, as issuer of the securities.
|
} You believe the Reference Return will be negative or that the Reference Return will not be sufficiently positive to provide you with your desired return.
} You are unwilling to make an investment that is exposed to the negative Reference Return on a 1-to-1 basis for each percentage point that the Reference Return is below -10%.
} You seek an investment that provides a full return of principal.
} You prefer the lower risk, and therefore accept the potentially lower returns, of conventional debt securities with comparable maturities issued by HSBC or another issuer with a similar credit rating.
} You prefer to receive the dividends or other distributions paid on any stocks comprising the Reference Asset.
} You seek current income from your investment.
} You seek an investment for which there will be an active secondary market.
} You are unable or unwilling to hold the securities to maturity.
} You are not willing or are unable to assume the credit risk associated with HSBC, as issuer of the securities.
|
}
|
“— Risks Relating to All Note Issuances” in the prospectus supplement; and
|
}
|
“— Additional Risks Relating to Notes with an Equity Security or Equity Index as the Reference Asset” in the prospectus supplement.
|
}
|
Principal Amount:
|
$1,000
|
|
}
|
Hypothetical Initial Level:
|
12,000
|
|
}
|
Hypothetical Minimum
Upside Return: |
21.00% (The actual Minimum Upside Return will be determined on the Pricing Date and will not be less than 21.00% or greater than 23.00%)
|
Hypothetical
Final Level
|
Hypothetical Reference Return
|
Hypothetical
Payment at Maturity
|
Hypothetical
Return on the Security
|
24,000.00
|
100.00%
|
$2,000.00
|
100.00%
|
21,600.00
|
80.00%
|
$1,800.00
|
80.00%
|
19,200.00
|
60.00%
|
$1,600.00
|
60.00%
|
16,800.00
|
40.00%
|
$1,400.00
|
40.00%
|
15,600.00
|
30.00%
|
$1,300.00
|
30.00%
|
14,520.00
|
21.00%
|
$1,210.00
|
21.00%
|
14,400.00
|
20.00%
|
$1,210.00
|
21.00%
|
13,800.00
|
15.00%
|
$1,210.00
|
21.00%
|
13,200.00
|
10.00%
|
$1,210.00
|
21.00%
|
12,600.00
|
5.00%
|
$1,210.00
|
21.00%
|
12,240.00
|
2.00%
|
$1,210.00
|
21.00%
|
12,120.00
|
1.00%
|
$1,210.00
|
21.00%
|
12,000.00
|
0.00%
|
$1,000.00
|
0.00%
|
11,880.00
|
-1.00%
|
$1,000.00
|
0.00%
|
11,760.00
|
-2.00%
|
$1,000.00
|
0.00%
|
11,400.00
|
-5.00%
|
$1,000.00
|
0.00%
|
10,800.00
|
-10.00%
|
$1,000.00
|
0.00%
|
10,200.00
|
-15.00%
|
$950.00
|
-5.00%
|
9,600.00
|
-20.00%
|
$900.00
|
-10.00%
|
8,400.00
|
-30.00%
|
$800.00
|
-20.00%
|
7,200.00
|
-40.00%
|
$700.00
|
-30.00%
|
4,800.00
|
-60.00%
|
$500.00
|
-50.00%
|
2,400.00
|
-80.00%
|
$300.00
|
-70.00%
|
0.00
|
-100.00%
|
$100.00
|
-90.00%
|
Reference Return:
|
5.00%
|
Final Settlement Value:
|
$1,210.00
|
Reference Return:
|
30.00%
|
Final Settlement Value:
|
$1,300.00
|
Reference Return:
|
-5.00%
|
Final Settlement Value:
|
$1,000.00
|
Reference Return:
|
-40.00%
|
Final Settlement Value:
|
$700.00
|
THE DOW JONES INDUSTRIAL AVERAGESM
|
||
Description of the INDU
The INDU is a price-weighted index compromised of 30 blue chip stocks considered to be the leaders in their industry. It is intended to be a measure of the entire U.S. market, except the transportation and utilities industries, covering a diverse set of industries such as financial services, technology, retail, entertainment and consumer goods.
For more information about the INDU, see “The Dow Jones Industrial AverageSM” on page US3-11 of the accompanying underlying supplement no. 3.
|
Historical Performance of the INDU
The following graph sets forth the historical performance of the INDU based on the daily historical closing levels from June 26, 2006 through June 30, 2011. The closing level for the INDU on June 30, 2011 was 12,414.34. We obtained the closing levels below from Bloomberg Professional® service. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Professional® service.
![]() |
|
The historical levels of the INDU should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Level of the INDU on the Final Valuation Date.
|
TABLE OF CONTENTS
|
You should only rely on the information contained in this free writing prospectus, any accompanying underlying supplement, product supplement, prospectus supplement and prospectus. We have not authorized anyone to provide you with information or to make any representation to you that is not contained in this free writing prospectus, the accompanying underlying supplement, product supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This free writing prospectus, the accompanying underlying supplement, product supplement, prospectus supplement and prospectus are not an offer to sell these securities, and these documents are not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted. You should not, under any circumstances, assume that the information in this free writing prospectus, the accompanying underlying supplement, product supplement, prospectus supplement and prospectus is correct on any date after their respective dates.
HSBC USA Inc.
$ Buffered Performance Plus
Securities linked to the Dow Jones Industrial AverageSM
July 1, 2011
FREE WRITING PROSPECTUS
|
||
Free Writing Prospectus
|
|||
General
|
FWP-6
|
||
Payment at Maturity
|
FWP-6
|
||
Investor Suitability
|
FWP-7
|
||
Risk Factors
|
FWP-8
|
||
Illustrative Examples
|
FWP-10
|
||
The Dow Jones Industrial AverageSM
|
FWP-12
|
||
Supplemental Plan of Distribution (Conflicts of Interest)
|
FWP-12
|
||
Certain U.S. Federal Income Tax Considerations
|
FWP-12
|
||
Underlying Supplement no. 3
|
|||
Risk Factors
|
US3-1
|
||
The S&P 500® Index
|
US3-4
|
||
The Russell 2000® Index
|
US3-8
|
||
The Dow Jones Industrial AverageSM
|
US3-11
|
||
The Hang Seng China Enterprises Index®
|
US3-13
|
||
The Hang Seng® Index
|
US3-15
|
||
The Korea Stock Price Index 200
|
US3-17
|
||
MSCI Indices
|
US3-20
|
||
The Dow Jones EURO STOXX 50® Index
|
US3-24
|
||
The PHLX Housing SectorSM Index
|
US3-26
|
||
The TOPIX® Index
|
US3-30
|
||
The NASDAQ-100 Index®
|
US3-33
|
||
S&P BRIC 40 Index
|
US3-37
|
||
The Nikkei 225 Index
|
US3-40
|
||
The FTSE™ 100 Index
|
US3-42
|
||
Other Components
|
US3-44
|
||
Additional Terms of the Notes
|
US3-44
|
||
Product Supplement
|
|||
Notice to Investors
|
PS-1
|
||
Product Supplement Summary
|
PS-1
|
||
Risk Factors
|
PS-4
|
||
Pricing Supplement Overview
|
PS-7
|
||
Valuation of the Notes
|
PS-7
|
||
Hypothetical Examples
|
PS-10
|
||
Specific Terms of the Notes
|
PS-19
|
||
Certain U.S. Federal Income Tax Considerations
|
PS-24
|
||
Events of Default and Acceleration
|
PS-25
|
||
Information Regarding the Reference Asset and Reference Issuers
|
PS-25
|
||
Certain ERISA Considerations
|
PS-25
|
||
Validity of the Notes
|
PS-25
|
||
Prospectus Supplement
|
|||
Risk Factors
|
S-3
|
||
Pricing Supplement
|
S-16
|
||
Description of Notes
|
S-16
|
||
Sponsors or Issuers and Reference Asset
|
S-37
|
||
Use of Proceeds and Hedging
|
S-37
|
||
Certain ERISA
|
S-38
|
||
Certain U.S. Federal Income Tax Considerations
|
S-39
|
||
Supplemental Plan of Distribution
|
S-52
|
||
Prospectus
|
|||
About this Prospectus
|
2
|
||
Special Note Regarding Forward-Looking Statements
|
2
|
||
HSBC USA Inc.
|
3
|
||
Use of Proceeds
|
3
|
||
Description of Debt Securities
|
4
|
||
Description of Preferred Stock
|
16
|
||
Description of Warrants
|
22
|
||
Description of Purchase Contracts
|
26
|
||
Description of Units
|
29
|
||
Book-Entry Procedures
|
32
|
||
Limitations on Issuances in Bearer Form
|
36
|
||
Certain U.S. Federal Income Tax Considerations Relating to Debt Securities
|
37
|
||
Plan of Distribution
|
52
|
||
Notice to Canadian Investors
|
54
|
||
Certain ERISA Matters
|
58
|
||
Where You Can Find More Information
|
59
|
||
Legal Opinions
|
59
|
||
Experts
|
59
|
C=> M^M?6.ET=6Q>G8/V;(:7LJ?EVMM(!SI MW6,(?K6!=!('M_247,]F11[V?I?^N?S=E:N=>^L/2OJ]@G.ZG;Z=<[6,;J^Q MW^CIK_/=_J]<+]7VV_63_&7?]9^G5N'1L1AJ&4]I8+7>C]EVU;OI.W.]3_@Z M=GK>E9976J74'?\`.?\`QN5=.S#ZO3^FN+64.@L_0U^O:'5ZL?Z^6W;;_I*? MT:2GKL#ZQ?7#J[!DX'0ZL3#?[Z;<_(+'V,GVG[/13;92ZQOT=_Z/^NG?]=[< M+,Q>F=9Z7=@=1S;ZZ,9H>VW'L%CQ4;*LYFW^::[?;2^GUO?5_I%U2SNN]*_: MF)54W8V['R*HL>)#7T6UW^W]UUE3;:-W_"I*=%))<+] 2$,LN*?#BA.0XH_/_.?]!UL#/Q>HXK,O$>+ M*;!((Y![M0_5SZQY70\O>R;,6PCUZ)T(_?9^[:U>K8&?B=1Q69>) M8+*;!H1R#W8\?FO:I<>03':0 00P M6O-;`?S38YK;7[/ZE:Y/_%]]6/K!]5<:_!S6XN1CY%HM;;CV/WL<0VM^]EU- M37U[&?F._P#,$IV?^97U1_\`*?$_[9;_`'+EO\27_B>SO_#A_P#/5*[O.LSF M4G[!2RZ\@[/5>65AWYGJN:VRS9_Q;%RG^+[ZL?6#ZJXU^#FMQ RMOJN>_]4S*O4LKLV^DU[+<:RG_B MU4ZM]6_K5]<+L>CKHHZ3T;'L]1^)CV&^^UX]LNNV,I8S8;/2_P!'O_24V_X- M*9_7[.'4?\6-W4`STQF48=X83.WU;<:W9/\`)WHOU$Z)T7,^I?3#E]/Q<@O8 M7N-M-;Y=O>W>[>P[G[?SE;^N71.K=9Z%=T'I=.-119Z36W76.8UK*G,MV5TT MTV_G5,K_`*BA]7L#ZV=#Z'B])&)@9#L5A8+OMES`Z7.>#Z7[.?\`O?Z5)3R] MEM_U+_QBX71^EW/_`&/U;TG.Z>XDUU&^Q^,[T=[G[7-MJ]?>W_B%6`'0O\ ]SJ;#H#]IK+*X_]"_U==3TCZD9UGUA_P"<_P!9\JO+ZDW3'QL<.&/3 MMEK/2-WZ1^UON8S8S9;OM_36_I%I_6WZG],^M.",?+FK(JDXV4P`NK]WM:QK5QF%7_C/Z.U MF(YN%U[';+:\E]CJKPT%K:_M+[-N_P!G\G(L_P"["U\;I'6^HO9;]9;J#358 M+*NFX0=Z+G-.^FS-OO\`TV4ZIWN;1LIQO5K9=LM_1^FE.^O//KE]3?LOJ=4Z M57^K:NR<9H_F_P!ZZEO_`''_`-)7_P!I_P#B/YCT-),G`3%'Z%M\CSV7D\HR M8S8.F3&?ER1['_N9/FW^+7_ES(_\*N_\^4KH_K=];J^CUG#PR']1>/BVD'_" M6?\`"_Z*K_KEGZ/^=9_U7RNG=2R>H?5XTTORZ'5>E=(94]SZ[/5I:QEGLVL? M^A^A5;_P'Z&OGK/\77UAML=;;DXUECR7/>ZRPN).KG.<:5%^LC#@$3=G4?L= MDS^'\WSGWO/FC'$(PX<,_GEDC\WN_P!2'_CB/ZK_`%UR>GY'V?JEC\C"M<2; M'2Y]3G' Q^W^9W_P`Y^D_TOJ"/N<)@8FB"`GG8_#9 6`TCDA&?JG' M_6?^E/[[Q_0>@YG7,T8V,-E;(-]Y$MK:>Y_>L=_@JO\`"?\`%^I8O6.E]*PN MDX;,/#9LK;JYQU<]Q^E;:[\^QW^OZ-/TOI>'TG#9AX;-E;-7..KGN/TK;7?G M6._U_1JVI,6+AU/S?DYWQ7XK/G)\,;AR\#Z(?O\`^LR?UO\`H/\`_]'U5)?* MJ22GZJ27RJDDI^JDE\JI)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?JI)?*J22G MZJ27RJDDI^JDE\JI)*?JI)?*J22G_]D`.$))300A``````!3`````0$````/ M`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$@!!`&0`;P!B`&4` M(`!0`&@`;P!T`&\` G)E4WI.5&-Z:V,Y9"<_ M/@H\>#IX;7!M971A('AM;&YS.G@])V%D;V)E.FYS.FUE=&$O)R!X.GAM<'1K M/2=835`@=&]O;&MI="`S+C`M,C@L(&9R86UE=V]R:R`Q+C8G/@H\
"UN &EF/2=H='1P.B\O;G,N861O8F4N8V]M+V5X:68O,2XP+R<^"B`@/&5X:68Z M0V]L;W)3<&%C93XQ/"]E>&EF.D-O;&]R4W!A8V4^"B`@/&5X:68Z4&EX96Q8 M1&EM96YS:6]N/C(P,#PO97AI9CI0:7AE;%A$:6UE;G-I;VX^"B`@/&5X:68Z M4&EX96Q91&EM96YS:6]N/C0U/"]E>&EF.E!I>&5L641I;65N &UL;G,Z=&EF9CTG:'1T<#HO+VYS+F%D;V)E+F-O M;2]T:69F+S$N,"\G/@H@(#QT:69F.D]R:65N=&%T:6]N/C$\+W1I9F8Z3W)I M96YT871I;VX^"B`@/'1I9F8Z6%)E &UL;G,Z>&%P/2=H='1P.B\O;G,N861O8F4N8V]M M+WAA<"\Q+C`O)SX*("`\>&%P.D-R96%T941A=&4^,C`Q,2TP-RTP,50Q-SHP M.3HQ,RTP-3HP,#PO>&%P.D-R96%T941A=&4^"B`@/'AA<#I-;V1I9GE$871E M/C(P,3$M,# &%P.D-R96%T;W)4;V]L/@H@/"]R9&8Z M1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C &%P34TZ1&]C=6UE;G1)1#YA9&]B93ID;V-I9#IP:&]T;W-H;W`Z-65F M-F9F,F8M830R-BTQ,64P+6$U-C,M.&%E,6(U,3!A-60R/"]X87!-33I$;V-U M;65N=$E$/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@/')D9CI$97-C `",`*``M`#(`-P`[`$``10!* M`$\`5`!9`%X`8P!H`&T`<@!W`'P`@0"&`(L`D`"5`)H`GP"D`*D`K@"R`+<` MO`#!`,8`RP#0`-4`VP#@`.4`ZP#P`/8`^P$!`0&!YD'K`>_ M!]('Y0?X"`L('P@R"$8(6@AN"(((E@BJ"+X(T@CG"/L)$`DE"3H)3PED"7D) MCPFD";H)SPGE"?L*$0HG"CT*5`IJ"H$*F`JN"L4*W`KS"PL+(@LY"U$+:0N` M"Y@+L`O("^$+^0P2#"H,0PQ<#'4,C@RG#,`,V0SS#0T-)@U`#5H-=`V.#:D- MPPW>#?@.$PXN#DD.9`Y_#IL.M@[2#NX/"0\E#T$/7@]Z#Y8/LP_/#^P0"1`F M$$,081!^$)L0N1#7$/41$Q$Q$4\1;1&,$:H1R1'H$@<2)A)%$F02A!*C$L,2 MXQ,#$R,30Q-C$X,3I!/%$^44!A0G%$D4:A2+%*T4SA3P%1(5-!56%7@5FQ6] M%>`6`Q8F%DD6;!:/%K(6UA;Z%QT701=E%XD7KA?2%_<8&QA`&&48BABO&-48 M^AD@&449:QF1&;<9W1H$&BH:41IW&IX:Q1KL&Q0;.QMC&XH;LAO:'`(<*AQ2 M''L P>%AY`'FH>E!Z^'ND?$Q\^'VD?E!^_'^H@ M%2!!(&P@F"#$(/`A'"%((74AH2'.(?LB)R)5(H(BKR+=(PHC."-F(Y0CPB/P M)!\D321\)*LDVB4))3@E:"67)< `^(#Y@/J`^X#\A/V$_HC_B0"-`9$"F0.=!*4%J M0:Q![D(P0G)"M4+W0SI#?4/`1`-$1T2*1,Y%$D5519I%WD8B1F=&JT;P1S5' M>T?`2`5(2TB12-=)'4EC2:E)\$HW2GU*Q$L,2U-+FDOB3"I, %W)7AI>;%Z]7P]?85^S8`5@5V"J8/QA3V&B8?5B M26*<8O!C0V.78^MD0&249.EE/6629>=F/6:29NAG/6>39^EH/VB6:.QI0VF: M:?%J2&J?:O=K3VNG:_]L5VRO;0AM8&VY;A)N:V[$;QYO>&_1<"MPAG#@<3IQ ME7'P ,QY*GF) M>>=Z1GJE>P1[8WO"?"%\@7SA?4%]H7X!?F)^PG\C?X1_Y8!'@*B!"H%K@ %JX8.AG*&UX<[AY^(!(AIB,Z),XF9B?Z*9(K* MBS"+EHO\C&.,RHTQC9B-_XYFCLZ/-H^>D`:0;I#6D3^1J)(1DGJ2XY--D[:4 M()2*E/257Y7)EC26GY<*EW67X)A,F+B9))F0F?R::)K5FT*;KYP 0)ZNGQV?BY_ZH&F@V*%'H;:B)J*6HP:C=J/FI%:DQZ4XI:FF&J:+IOVG M;J?@J%*HQ*DWJ:FJ'*J/JP*K=:OIK%RLT*U$K;BN+:ZAKQ:OB[``L'6PZK%@ ML=:R2[+"LSBSKK0EM)RU$[6*M@&V>;;PMVBWX+A9N-&Y2KG"NCNZM;LNNZ>\ M(;R;O16]C[X*OH2^_[]ZO_7`<,#LP6?!X\)?PMO#6,/4Q%'$SL5+Q HM\IWZ_@-N"]X43AS.)3XMOC8^/KY'/D_.6$Y@WFENV<[BCNM.]`[\SP6/#E\7+Q__*,\QGSI_0T],+U4/7> M]FWV^_>*^!GXJ/DX^H6&AXB)BI25 MEI>8F9JDI::GJ*FJM+6VM[BYNL3%QL?(R ' MEZ>WQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN 64V'AJBG M+?Y4[[BQ&R.PJN"JCCYBC_AK)*W#21#U>_=>ZUH\A_PI'SV-_F%'^6'-_+B[ M =^3&__B4W %!%N[;%'NK(C"[8W%O79N].M-M4N+Q^4ST]+CV7%Y3-M!65L"L3 M$SRI[KW4?^5]_,W[+_FC=-8OY(]>_$B3ISH;*[SR^T\=NGM;O'&R[JW/#MJM M_AFZ,WLG9FR^N-RQ9.CPV8CFHK97)8,5%732K&Q1?(?=>Z#O^95_/)Z+^`?: MVR_BIL#J;LSYD_.7LNGI)MC_`!7Z3A:/-1+F:"NK-M5&^]VOBLY%M6DSQHBZ M14>.S&3@H`U=+1+2!)9/=>Z1'7?\T?\`F:;1QM5OSYK_`,CWO?ICI:CBH:S* M]@?'OY'=%?*_>FU<3-,8\IG=Q]`[2R&V^VZK";>IO\KK3B:/)9*.ECE*4,CH MJ2>Z]T=7X+?S._CW_,HVEWCV#\-JFO[*V'T]N;#;&H-SY_'[GZZAWIO/([0H MMVY#%PXC>6U,;G\!C\1'E::F:LFI9EGE:1DCT(K2>Z]U6_\`S)/^%%VPOY5O M /5>Z=D;KP#9"JQ-;)BLED=P;=S$-;B,I M1O!54]904LT;%'56BDCD;W7NC>9G^9)\Q=J;>DWENG^2M\\TVO24E7D,@-F= MD?";L3>L='10M--]AUOM;Y-U.\LI7-8".ECIA/,>(U=AI/NO="Y\#/YLWPF_ MF,S[OVW\>^Q,O0=N=;R54'9OQ^[8VME.L>\^O:C'U<6-R\>X-AY]1+608/,2 MBAKZK%SY&BHZ[_)YIDF(0^Z]U9/[]U[JEC^8-_/S_EY?R[-W'J'L#?&Z>[/D M '3XV_&_`T797:U%ELU-BH\9B]S)-F<#M#9V7K( 5ILO5TTB MO2T=1J17]U[H#L%_/&^1F2VF_:62_D9?S4J#J1*-:XYBCZXV56=FO2)).E35 MP])Y7 S^V-N]+XOXX[HQE=L;Y"X+?67SL6&S='NCJ[=,>.S6-QVRJ=:FKR>0C\^. M$=')%!435!CA?W7NK>_?NO=>]^Z]TEM[[WVCUMM'<6_=^[BQ.TMF;2Q-9G-R M;DSE9%0XK#XJAB,M365E3*0J(BBRJ+O(Y"(&9@"Q )P%` M+,0H)%)';?\`/*VSU=UOUMWI#\5>UMU=`]S9'?6/ZM[8H=RX''XS-U.P]][M MV-7XO/XNJQTE5M# [/+<-C)N> MU/;3R20K?6-I>I+!*L@6[MX_JTMI9X@!' Y/_`(7'8_\`LBNO^MG7O^@F M?IC_`+Q>[/\`_0YVI_\`6[W[_78A_P"C&W_.4?\`6OKW_)E#W)_\+CL?_9%= M?];.GS;/_"D#KG>>X<)M+:7Q#[BW)N?
]_W M-?./+>S[GS!S!]X3ERRV.R@>:>>:UN(XH8HU+/)([2A515!))-`.K@OCY\U] MA=U]K=F_'?<6+;JOY(=14^V\GO/I_-Y_&YS('!;HVGMK=M+F=MYS'1T^/W/3 M81-SPX_,"E4G'9%""9*::DJJD=;1S%#N5U<[; 0^2?=_9[[]^^S7,+W$=GNT,$D,?CVUU .X@A.C[$76-O7O?NO=?_T-_CW[KW7SM_^[X7_P`J M9_\`0W/?NO=?1(]^Z]UKM_\`"JO_`+<>?+'_`,.;XX?_``2/5/OW7NO?\)5/ M^W'GQ._\.;Y'_P#P2/:WOW7NM6SIOY@[6_EW_P#"KKYB=N?S!TK,+MW??;OR M"Z[VUV=N+'//!U3L3M+,8J?XZ=BL*2C27^Z5-TQC<3MZHK(4 Z^DOM/=NUM^;9P6]-C[DP.\=G[HQ='G-M;JVMEZ#/[ _=>ZKQ^"GPKPWPY[[_`)B59LC`P;>ZP^3' MR+VC\C=FXO'8I,9A\5E]V]2;5P79N+Q[0U$M/4F7LS;>4RC!(Z9:>/*QPB+3 M&LLGNO=:4_\`PMV_[*T^$_\`XKKO?_WY<_OW7NOI#>_=>Z^=S_.?S(^-/_"J M?X%;_P#BM44^UNU>SV^&TG;]-M04M')NW>O9W>&\^F]U[ V!._/D_\ILYNO.]=;NWY`N=W#L#JZGW!E<1/N+$Y M'+3Y'(#>G;VX*2NRN1S+LM94XJ2CC4JLE4U5[KW6XY[]U[K7D_FW_P`M?K3= M'R1^`G\R_J;;=+L7Y&?'KY\_"7%]P[LVEAO'7=J_'[L;Y'===3;QHMZ18^2! M*NKV=2[XCK'S4\51-2[?BKX)B*?QRTGNO=;#?OW7NDMO?>^T>MMH[BW[OW<6 M)VELS:6)K,YN3 `'^K@.).!GH]Y9Y9Y@YSY@V?E3E39[C<.9-PN$@M[>!"\LTKF MBHBC))/$X"@%F(4$C1`_FL_S6=W?.;=T_6_6\^6VE\7MI98RX'`RF6ARO9N5 MH966GWOO>G5@R4R,->*Q3W2B0B:8-5-^SCMS?S?< ^.X6])YQ1XMMB<=UE9-P+$8NKH M4,Q!CC(@'ZFQQ_*EZ7ZS^0G\F_HSJ#M_:F.WGL#>>.[LQV:PN15A]/D1VQ-1 MY+&UD+1UF)S>)K(TJ:*MIGCJ:2IC26)U=0?,^Z/N%[>[]-MO-FVS;-)#-&?\`PW]J#QR( M:I+#*A:.:&16CEC9D=65B.M6+^91_+7[,_E^]F"" ?0^\\C5#JOM0TJCS MV66K.RMZBDBCH\3OW$T<;,0JQTV6IHVJZ15TU--1Q#S1RO=\MW>EJO8.3X 8X$9'F!W5^YA]\_DK[VO)1EB$.V^ZFVPK^]-KU?#P7ZVRU$O+8R MN0,EI+61A;W!;5!/<5Z;/V=NKL'=.!V1L?;V7W9N_=&3I<-MW;F!H9\EF,QE M*V014U%045,DDT\TCG\"RJ"Q(`)`:CCDFD2*&-GE8@!0"22<``#))/`#K+OF M+F+8>4=BW7F;F?=[>PY>L8&FN+B=UCBAB059W=B`H`_::`5)`ZWE/Y2O\I7; MWPRV]0=S]ST&,W)\G]R8RZJ?!D<3TYB VYQY*>JW554\ACRF4C)`!: MEI6\'EEJI[Y*Y*39D3=-T0-N[#M7!$((X#R,A&&88`JB&FIG^7S[_OW_`'>/ MO(;Q=>V_MO=3V7LA93_THY=WEC;MN+A<,MJK#5:VK9K2><>+X<<&N%_-9[)W MYT]_-Q[][.ZQW3EME;]V5O'K/-[9W-A)Q!D,9D(.F^O4)`=)*>KHZNGD>"JI M9TEI:NEED@GCDAD=&C/F^YN+/G+ 2^ M5?<3^[\]J.2.=]BM]RY4W+;MRAN;:9=4 QU4TE15 M[ 6JPM5*L4K20R4M54R[RAS?;\Q6_@3Z4W9%[E\G'\:?+U'%3\J M'KA;]^7[C7-7W4>:CO>R"XW+V5W*X(L;XC5);2-5A87Y4!4N$4'P9J+'>1J9 M(PDB3P0VT>QKU@'U_]'?X]^Z]U\USO7=/;VRO^%EV[MS]"]283O7MK%=BXQ] MG]4[C[.I>FL+NZHJ?Y?&,HLI!7=EUNT]\TVUUQF"J:JN1VQ57]Q)2K3@(9A* MGNO=;C7^S9_SF/\`O3OT5_Z=2VK_`/<@>_=>ZI%_X44?(/\`F5;\_E)_(_;' MR)_EP]4_'SJ6OS_1C[C[6VQ\]\!WCFMNU%%WMUU6X*"EZTH?CGU_4YU _=>Z'O M^;S_`"./BA_-LV,:S?-(G5'R9VQM]\/UA\E=J8:DK-SXFEIY*NLQFU.P,09\ M HF>@JZ1YYS+[KW6C[M3N#^=+_PE:[LI.O\`L/"U M':7PZW)NFK3#;;R62RFX?C!VZM6'RM;7]7[Q^SGR_2G:-32Q5$M11M3T=9)+ M#)/68[)4D<,S^Z]U]!/^6;_,]^-'\U'H&'O+X\Y:OI*W"U5%@>TNK]S)%3;W MZKWE48^+(/@,]!"339''U$3LU!E*0O19")&*,LL LM_]T4.PZ?XXTN[=SXC&;;VOE:/-X"H"?WQW1A#]CLW M*P4]/LRDQSI1TGV]4E$S>Z]T)'_"XROR P_DE7T%TD$'\3 MR6X>FJ?+>.0_M-+]KBJ+6H]2C23P5]^Z]UN4_P`HN@QV._E4_P`M>GQ<,,%- M)\$/B97RI`=2-D 9CJ;]ZIRU7/)(+\2,PL/H/=>ZL/\`?NO=>]^Z M]U[W[KW6H1_PHMW_`/,&GWELS8.?Q3;=^'&26AK-F97:=;6UF,W[V!24AJ\E M2=HU1I:,8[ .67$8AP]')1H:V&6HJ$J%HH1]S;C>_JH+>9=.R8,>FM&>F M=9_C&=*\`N14ZNOH4_N>.4ON[S M\D^0/^52VG_F[_U>DZ^1S^\[_P#$X_>__J3?]V#:NCR_)_9W0N^^A>S=O?)R MFVQ-T;-MBNK-_P!5NVI3'XK#8K'H*M,]#EM<55ALQAJJ)*B@JZ5TK(*Q(V@8 M2A/9[O,.V3[9=IO&C]WZ*N6P`!P(/$,#\-,UI3/6+_LAS'[J\J^ZO).[^R4U M\ON@M\B6"VBF26:60Z#`8J%9H9E+1SQ2`Q21%UE'AZNJ$/Y$VQ/Y=]#O+N7, M]*[VSF__`)`8S=.]*+:;]N8+$[:WOBNC*?+BCV_GMC82DK*VFJUS6,JZ9 3=$=O#\10I$/`,@!(+$8 W.V^Y?+-KM/M+/8V;W0VF>6YLI=[:'7<07LSHC(89$D- ME;-XD)13*EQ=2HSQ[-/N7^N)_7SQ_P"=%_V\V^4O_:[Z[_\`?.==>\9N>/\` ME:MX_P!.O_5M.OKU_NV?_$)O8O\`YYMP_P"[ON'1#ND-Q]N[2[=Z[W#T)7;I MQW :Q=UO%<:--2VHF@``J223330ZJTH:TZRI]SMF]ON8/;[G#:/ M=>UL)O;B:PE_>"WA"VPME&MY)')7PO"TB5)E9)(9$26)TD16'TRN@ +_*XZ"HG2\+R+I>>G26JAI*AG MABJ:J.-:B7*O:9-QEVZTDW:%(]Q*#6JFH!_P5I34`2`:@,P`)^*3W8LO;G;O M \C6.XDMP>PR*IR!E4D*Q/+&%D>"!W:%/__2W^/? MNO=?.W_[OA?_`"IG_P!#<]^Z]U]$CW[KW6NW_P`*J_\`MQY\L?\`PYOCA_\` M!(]4^_=>Z]_PE4_[<>?$[_PYOD?_`/!(]K>_=>Z/9_+'^>.UOFEM/Y*;4DW# M0U? PNK=_[?R&WMY;3W5105V'R> M(KJ=XJCRK.+TE33!O+!51-'/2S(LL3I(BL/=>Z^>7_PD6P.8V+_-U^=VP.EM MSY;>OQ?VQTUVIM^HW=#78C+8'=E+M;Y`;/PW1&ZLCE\7!2XO(YG-[7_C-10S MT,:0SP5%6\:"&^GW7NN/_"W;_LK3X3_^*Z[W_P#?ES^_=>Z^D-[]U[KYQG_" MWC_1/_LRWP<_@7]UO]-G^A;M/_27]A]C_?'_`$<_WTVU_H@_O+X?\O\`X)_' M_P"^/\*\WH\OWOC_`+?OW7NK:O\`A2?_`"Z.X?F-_*2^,W>>!VMF-W_)GX6; M*VGOCL#!_;293?&>Z_WCUSM;&=_TE)%2,[9//;?W)M[%9^J0&0O1XBM\(>9T M23W7NAM_X2I?S,>O_E=\`]A?$K 8,]>5>T*ZKI:7+[NZ3QE6R] M8[XVUCY*J2IR6(VWM^KIMNY$QKJI*O'1R2K&E93E_=>ZVG/?NO=`-\A_D1L? MXW['AW7NJES>Z-Q;AR]'M#J[JC9,>)K^S^Y^Q\N'7;W6_6F#S.7P6-R>YLS* MC,\U96T.*Q5%'/D,G646.I:JKA]U[H=T8LB,R-&S*K&-RA>,D`E',;R1EE/! MTLPO]"1[]U[H,.Z.E^L_D)UGNOJ#M_:F.WGL#>>.;'9K"Y%6'T99J/)8VLA: M.LQ.;Q-9&E315M,\=325,:2Q.KJ#[1[AM]INEI-8WT(>W<4(/\B#Y$<01D'H M<^VWN3SK[1 WN_3;;S9MLPDAFC/Y/'(AJDL,J%HYH9%:.6-F1U96(Z MT`_YE'\M?LS^7[V8()SD=Y]#[SR-4.J^U#2J//99:L[*WJ*2*.CQ._<31QLQ M"K'39:FC:KI%734TU'C?S1RO=\MW>EJO8.3X 8'UE_ FUZOAX+];9:B7EL97(&2TEK(PM[@MJ@GN-L7^3I MO?:/6W\HSH/?N_=Q8G:6S-I8GO7.;DW)G*R*AQ6'Q5#\@NVY:FLK*F4A41%% ME47>1R$0,S`&9.2;FWL^2MNNKJ54MT64LQX`>-)_J`XDX&>N!W]XKRSS!SG_ M`'@GNORIRIL]QN',FX7&R06]O`A>6:5]AVH*B*,DD\3@*`68A02-9_\`FL_S M6=W?.;=T_6_6\^6VE\7MI98RX'`RF6ARO9N5H966GWOO>G5@R4R,->*Q3W2B M0B:8-5-^S$_-_-]QS%<>!!J3:4;M7S8_QO\`/T'!1\ZGKM5]PW[AO+_W7N7X MN<^
D\XH\6VQ..ZRLFX%B,75T*&8@QQD0#]2J+K;LG?G3V_-K= MG=8[IRVRM^[*RT&;VSN;"3B#(8S(0!T)`=)*>KHZNGD>"JI9TEI:NEED@GCD MAD=&"5M QU4TE15[ 6JPM5*L4K20R M4M54Y$ Y?)Q_&GR]1Q4_*AZ^4G[\OW&N:ONH\U'>]D%Q MN7LKN5P18WQ&J2VD:K"PORH"I<(H/@S46.\C4R1A)$G@AU2_YOFV=P[S_FK_ M`"+VEM+"9/ ]GY;^X=[/ ^&6WJ#N?N> M@QFY/D_N3&753X,CB>G,3D8+3[;VW./)3U6ZJJGD,>4RD9(`+4M*W@\LM5*/ M)7)2;,B;INB!MW8=JX(A!'`>1D(PS#`%40TU,_%K[_OW_=X^\AO%U[;^V]U/ M9>R%E/\`THY=WEC;MN+A<,MJK#5:VK9K2><>+X<<%XGN1NN8?7__T]]#>#[T M3"3G8--M>JW)Y(A31[PK
TD8L418P'^A9?K[]U[K4MK MO^$]GSVJOYK;?S<(/G+\<:'O7_2K!V''LJ#X\[_;8"X*GV7%U>NP)$?M8YJ7 M%3]7Q?PB:L^X6L=F:I#+*1;W7NMLW93[[?"(>Q:;:5-N,3NLB[*K FVMP;NW#E=F;W[(WQNG";(SM+NC:^#CAAS.SL)M8?WDQM'65CI_$9 M)32K%&\:-)K]U[J-_)V_EZ?+C^5W\<<%\2=Y]X='?(#I[:^\]Q;BV=F,;LC> MW6^^MGXG>F;J-R;KP@\N;W?A-TT\FX .&@V[V!L/;U%N&CB>*:NI:]JZC^[@JH&8*/=>Z0?R)^#7_``HS^4>W MMV_';>O\QCX/=4_'K>V&GV]NKMSHGI?M3;'R'W#@:Y5Q^7P Z]U3Y_.`_X3U?,;^;]WYLGN;L?YA=`]28/K3KN#KO8O7>TNE][9^GQM+-F< MCN#/YS*[HR>]\?E,UE\[DJ]5*^*"DIJ:DA2*$2&HFG]U[JW.MZV_GE56`?#0 M?+7^6?CZV364,"K`,K`JRL`0P( ML00>""/?NO=:K_SE_P"$N?17;?>0^7G\OOOG?'\NGY1P;DJ=XC*]9TM?6]:3 M[GR"U$67S>WL%@=P;1W/UCF,Y#6SI5MALB<3+%-*AQ9\TK-[KW3]U5\4?^%4 MNW)8]A[V_F6_`#);"HY _/D-WYV7\W?F97[7J-I93Y*=R MP8W#0;3V]E9:6LW%M'H+I_;TC;`Z#V/N')4D.2OK_%$E;754<,*I[K MW5DOOW7NO>_=>Z"[NCI?K/Y"=9[KZ@[?VICMY[`WGCFQV:PN15A]&6:CR6-K M(6CK,3F\361I4T5;3/'4TE3&DL3JZ@^T>X;?:;I:36-]"'MW%"#_`"(/D1Q! M&0>AS[;>Y/.OM%SKL/N%[>[]-MO-FVS"2&:,_D\KW9VAO3 ML'#9;LO(XS CF M*WL8I[E+^%;>R2UVRSL)HMMCDMI)(8[I[5II'DD>?PY%MC(R1LTI,/\`H&3[ M+_[RRV+_`.BNS_\`]E_LE_UJ=P_Z.T/^\MUDC_R>SY+_`/"!;I_W,X/^V3KW M_0,GV7_WEEL7_P!%=G__`++_`'[_`%J=P_Z.T/\`O+=>_P"3V?)?_A`MT_[F M<'_;)TN.MO\`A.Y\A^GM^;6[.ZQ^;>V]E;]V5EH,WMG KHZNGD>"JI9TEI:NEED@GCDAD=&?MO;/=[.XBNK7>XTN$:JL%:H/^KB M.!CH, *5 M&62*14EB=)$5A=;\>O@'MKK[Y$=E_,CN2IVQV/\`*#LR';-'+N3"8.JQ.S=C M4N!V#MG8^5GV#@LO6Y:OQ.2WC+@)*NJGFJ)YZ2FJ100R&-9YJL<[3RNEMNMU MO^YNDV[R4H5!"1T0(2@-3J>A)8_"IT+C47YI>[OWL-ZYM]H.2_NY^W4-]LWL M?LC7+BVFG66\O6GO[F]B6_GB2))8[,3K%$B1HDLD9NI$#M%';V)^Q=UA_P!> M]^Z]U__4W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^ :Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_]D_ ` end
6KE71'S[LB@MTG;DX8U_]BDE(
ML*K)>\$%[MTG=')'D]P=_F+>PJKI'VBO<&@Z@:$?$P[<@XO2G-<`Q];F$$&,
MG'W3_(>S*]O\KVK8IQK60Y_H.:?S;KJ#`'^CVO04EI%9`:\&IS3]$.D$>/[O
M]A:G2W,&;76';CKJ`T3[7<[%0#>IN 3
MU7L5`YL>/;)HS$GATIC4!