}
|
This free writing prospectus relates to four separate offerings:
|
|
–
|
AMPSTM linked to the S&P 500® Index
|
|
–
|
AMPSTM linked to the Russell 2000® Index
|
|
–
|
AMPSTM linked to the iShares® MSCI Emerging Markets Index Fund
|
|
–
|
AMPSTM linked to the iShares® MSCI Brazil Index Fund
|
}
|
18-month maturity
|
}
|
2x exposure to any positive return in the relevant reference asset, subject to a maximum return
|
}
|
Protection from the first 10% of any losses in the relevant reference asset, subject to the credit risk of HSBC USA Inc.
|
|
Price to Public
|
Fees and Commissions1
|
Proceeds to Issuer
|
Per security / Total linked to the SPX
|
$1,000 /
|
||
Per security / Total linked to the RTY
|
$1,000 /
|
||
Per security / Total linked to the EEM
|
$1,000 /
|
||
Per security / Total linked to the EWZ
|
$1,000 /
|
Reference Asset
|
Market Exposure
|
Ticker
|
Maximum Cap1
|
CUSIP
|
S&P 500® Index (“SPX”)
|
large-cap U.S. equities
|
SPX
|
12.00% to 16.00%
|
4042K1LP6
|
Russell 2000® Index (“RTY”)
|
small-cap U.S. equities
|
RTY
|
16.00% to 21.00%
|
4042K1LQ4
|
iShares® MSCI Emerging Markets Index Fund (“EEM”)
|
emerging markets equities
|
EEM
|
13.00% to 19.00%
|
4042K1LR2
|
iShares® MSCI Brazil Index Fund (“EWZ”)
|
Brazilian equities
|
EWZ
|
19.00% to 24.00%
|
4042K1LS0
|
Principal Amount
|
$1,000 per security
|
Term
|
18 months
|
Upside Participation Rate
|
200% (2x) exposure to any positive Reference Return, subject to the relevant Maximum Cap
|
Buffer Value
|
With respect to each offering, -10%
|
Payment at
Maturity
per security
|
If the relevant underlying Reference Return is greater than zero, you will receive the lesser of:
a) $1,000 + ($1,000 × Reference Return × Upside Participation Rate); and
b) $1,000 + ($1,000 × Maximum Cap).
If the relevant Reference Return is less than or equal to zero but greater than or equal to the Buffer Value:
$1,000 (zero return).
If the relevant Reference Return is less than the relevant Buffer Value:
$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 relevant Buffer Value, you may lose up to 90% of your investment.
|
Reference Return
|
Final Value – Initial Value
Initial Value
|
Initial Value
|
See page FWP-5
|
Final Value
|
See page FWP-5
|
Pricing Date
|
August 24, 2011
|
Trade Date
|
August 24, 2011
|
Original Issue Date
|
August 29, 2011
|
Final Valuation Date
|
February 25, 2013
|
Maturity Date
|
February 28, 2013
|
The offering period for the AMPS is through August 24, 2011
|
The table at right shows the hypothetical payout profile of an investment in the securities reflecting the 200% (2x) Upside Participation Rate and assuming a 12.00% Maximum Cap. The actual Maximum Cap with respect to your AMPS will be determined on the Pricing Date.
|
![]() |
S&P 500® Index
|
Russell 2000® Index
|
|
The SPX is a capitalization-weighted index of 500 U.S. stocks. It is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
The top 5 industry groups by market capitalization as of July 28, 2011 were: Information Technology, Financials, Energy, Health Care and Consumer Staples.
|
The RTY is designed to track the performance of the small-capitalization segment of the U.S. equity market. It consists of the smallest 2,000 companies included in the Russell 3000® Index, which is composed of the 3,000 largest U.S. companies as determined by market capitalization.
The top 5 industry groups by market capitalization as of June 30, 2011 were: Financial Services, Technology, Consumer Discretionary, Producer Durables and Health Care.
|
|
iShares® MSCI Emerging Markets Index Fund
|
iShares® MSCI Brazil Index Fund
|
|
The EEM seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Index. The MSCI Emerging Markets Index is intended to measure the performance of equity markets in the global emerging markets. As of July 28, 2011, the MSCI Emerging Markets Index consisted of the following 21 component country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.
|
The EWZ seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Brazilian market, as measured by the MSCI Brazil Index.
The top 5 industry groups by market capitalization as of June 30, 2011 were: Financials, Materials, Energy, Consumer Staples and Utilities.
|
HSBC USA Inc.
Buffered Accelerated Market Participation SecuritiesTM (AMPS)
|
![]() |
Issuer:
|
HSBC USA Inc.
|
||||
Issuer Rating:
|
AA- (S&P), A1 (Moody’s), AA (Fitch)†
|
||||
Principal Amount:
|
$1,000 per security
|
||||
Reference Asset:
|
The relevant underlying index or index fund, as indicated below
|
||||
Reference Asset
|
Ticker
|
Upside Participation Rate
|
Maximum Cap1
|
CUSIP/ISIN
|
|
S&P 500® Index
|
SPX
|
200%
|
12.00% to 16.00%
|
4042K1LP6 /
|
|
Russell 2000® Index
|
RTY
|
200%
|
16.00% to 21.00%
|
4042K1LQ4 /
|
|
iShares® MSCI Emerging
Markets Index Fund
|
EEM
|
200%
|
13.00% to 19.00%
|
4042K1LR2 /
|
|
iShares® MSCI Brazil Index
Fund
|
EWZ
|
200%
|
19.00% to 24.00%
|
4042K1LS0 /
|
|
Trade Date:
|
August 24, 2011
|
||||
Pricing Date:
|
August 24, 2011
|
||||
Original Issue Date:
|
August 29, 2011
|
||||
Final Valuation Date:
|
February 25, 2013. The Final Valuation Date is subject to adjustment as described under “Additional Terms of the Notes” in the relevant accompanying underlying supplement.
|
||||
Maturity Date:
|
3 business days after the Final Valuation Date, which is expected to be February 28, 2013. The Maturity Date is subject to adjustment as described under “Additional Terms of the Notes” in the relevant accompanying underlying supplement.
|
||||
Payment at Maturity:
|
On the Maturity Date, for each security, we will pay you the Final Settlement Value.
|
Final Settlement Value:
|
If the relevant 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 lesser of:
(a) $1,000 + ($1,000 × Reference Return × Upside Participation Rate); and
(b) $1,000 + ($1,000 × Maximum Cap).
If the relevant Reference Return is less than or equal to zero but greater than or equal to the Buffer Value, you will receive $1,000 per $1,000 Principal Amount of securities (zero return).
If the relevant Reference Return is less than the Buffer Value, 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 Value. For example, because the buffer protects the first 10% of loss, 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 Value, you may lose up to 90% of your investment.
|
Reference Return:
|
With respect to each Reference Asset, the quotient, expressed as a percentage, calculated as follows:
|
Final Value – Initial Value
Initial Value
|
|
Buffer Value
|
With respect to each offering, -10%
|
Initial Value:
|
The Official Closing Value of the relevant Reference Asset on the Pricing Date.
|
Final Value:
|
With respect to each of the SPX and the RTY, the Official Closing Value of such Reference Asset on the Final Valuation Date. With respect to the EEM and the EWZ, the Official Closing Value of such Reference Asset on the Final Valuation Date, adjusted by the calculation agent as described under “Additional Terms of the Notes—Antidilution and Reorganization Adjustments” in the accompanying underlying supplement no. 4.
|
Official Closing Value:
|
The closing level or closing price, as applicable, of the Reference Asset on any scheduled trading day as determined by the calculation agent based upon the value displayed on the relevant Bloomberg Professional® service page (with respect to the SPX, “SPX <INDEX>”, with respect to the RTY, “RTY <INDEX>”, with respect to the EEM, “EEM UP <EQUITY>” and with respect to the EWZ, “EWZ UP <EQUITY>”) or, for each Reference Asset, 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.
|
}
|
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 underlying supplement no. 3 at: http://www.sec.gov/Archives/edgar/data/83246/000114420410055205/v198039_424b2.htm
|
}
|
The underlying supplement no. 4 at: http://www.sec.gov/Archives/edgar/data/83246/000114420410055207/v199610_424b2.htm
|
}
|
You seek an investment with an enhanced return linked to the potential positive performance of the relevant Reference Asset and you believe the value of such Reference Asset will increase over the term of the securities.
|
}
|
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 actual Maximum Cap for each offering of securities will be determined on the Pricing Date.
|
}
|
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 relevant Reference Return is less than -10%.
|
}
|
You do not 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 are willing to forego dividends or other distributions paid to holders of stocks comprising the relevant Reference Asset, or the Reference Asset itself, as applicable.
|
}
|
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 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.
|
}
|
You are unwilling 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 actual Maximum Cap for each offering of securities will be determined on the Pricing Date.
|
}
|
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 relevant 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 relevant Reference Asset, or the Reference Asset itself, as applicable.
|
}
|
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;
|
}
|
“— Additional Risks Relating to Notes with an Equity Security or Equity Index as the Reference Asset” in the prospectus supplement;
|
}
|
“— There are Risks Associated With Small-Capitalization Stocks” in underlying supplement no. 3;
|
}
|
“— Additional Risks Relating to Notes Linked to the Performance of Exchange-Traded Funds” in the product supplement;
|
}
|
“— The Notes are Subject to Currency Exchange Risk” in underlying supplement no. 4;
|
}
|
“— Securities Prices Generally are Subject to Political, Economic, Financial and Social Factors that Apply to the Markets in which they Trade and, to a Lesser Extent, Foreign Markets” in underlying supplement no. 4; and
|
}
|
“— There are Risks Associated with Emerging Markets” in underlying supplement no. 4.
|
}
|
Principal Amount:
|
$1,000
|
}
|
Upside Participation Rate:
|
200%
|
}
|
Hypothetical Maximum Cap:
|
12.00% (The actual Maximum Cap for each offering of securities will be determined on the Pricing Date and, with respect to the securities linked to the SPX, will not be less than 12.00% or greater than 16.00%, with respect to the securities linked to the RTY, will not be less than 16.00% or greater than 21.00%, with respect to the securities linked to the EEM, will not be less than 13.00% or greater than 19.00%, and with respect to the securities linked to the EWZ, will not be less than 19.00% or greater than 24.00%)
|
Hypothetical
Reference Return
|
Hypothetical Payment
at Maturity
|
Hypothetical Return on
the Security
|
|||
100.00%
|
$1,120.00
|
12.00%
|
|||
80.00%
|
$1,120.00
|
12.00%
|
|||
60.00%
|
$1,120.00
|
12.00%
|
|||
40.00%
|
$1,120.00
|
12.00%
|
|||
20.00%
|
$1,120.00
|
12.00%
|
|||
15.00%
|
$1,120.00
|
12.00%
|
|||
10.00%
|
$1,120.00
|
12.00%
|
|||
6.00%
|
$1,120.00
|
12.00%
|
|||
5.00%
|
$1,100.00
|
10.00%
|
|||
2.00%
|
$1,040.00
|
4.00%
|
|||
1.00%
|
$1,020.00
|
2.00%
|
|||
0.00%
|
$1,000.00
|
0.00%
|
|||
-1.00%
|
$1,000.00
|
0.00%
|
|||
-2.00%
|
$1,000.00
|
0.00%
|
|||
-5.00%
|
$1,000.00
|
0.00%
|
|||
-10.00%
|
$1,000.00
|
0.00%
|
|||
-15.00%
|
$950.00
|
-5.00%
|
|||
-20.00%
|
$900.00
|
-10.00%
|
|||
-30.00%
|
$800.00
|
-20.00%
|
|||
-40.00%
|
$700.00
|
-30.00%
|
|||
-60.00%
|
$500.00
|
-50.00%
|
|||
-80.00%
|
$300.00
|
-70.00%
|
|||
-100.00%
|
$100.00
|
-90.00%
|
Reference Return:
|
3.00%
|
Final Settlement Value:
|
$1,060.00
|
Reference Return:
|
10.00%
|
Final Settlement Value:
|
$1,120.00
|
Reference Return:
|
-5.00%
|
Final Settlement Value:
|
$1,000.00
|
Reference Return:
|
-30.00%
|
|
Final Settlement Value:
|
$800.00
|
Description of the SPX
The SPX is a capitalization-weighted index of 500 U.S. stocks. It is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
The top 5 industry groups by market capitalization as of July 28, 2011 were: Information Technology, Financials, Energy, Health Care and Consumer Staples.
For more information about the SPX, see “The S&P 500Ò Index” on page US3-4 of the accompanying underlying supplement no. 3.
|
Historical Performance of the SPX
The following graph sets forth the historical performance of the SPX based on the daily historical closing levels from July 31, 2006 through July 28, 2011. The closing level for the SPX on July 28, 2011 was 1,300.67. 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.
![]() |
Description of the RTY
The RTY is designed to track the performance of the small capitalization segment of the United States equity market. All 2,000 stocks are traded on the New York Stock Exchange or NASDAQ, and the RTY consists of the smallest 2,000 companies included in the Russell 3000® Index. The Russell 3000® Index is composed of the 3,000 largest United States companies as determined by market capitalization and represents approximately 98% of the United States equity market.
The top 5 industry groups by market capitalization as of June 30, 2011 were: Financial Services, Technology, Consumer Discretionary, Producer Durables and Health Care.
For more information about the RTY, see “The Russell 2000Ò Index” on page US3-8 of the accompanying underlying supplement no. 3.
|
Historical Performance of the RTY
The following graph sets forth the historical performance of the RTY based on the daily historical closing levels from July 31 2006 through July 28, 2011. The closing level for the RTY on July 28, 2011 was 799.34. 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.
![]() |
Description of the EEM
The EEM seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets Index. The Emerging Markets Index is intended to measure the performance of equity markets in the global emerging markets. As of July 28, 2011, the MSCI Emerging Markets Index consisted of the following 21 component country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. MSCI is no longer affiliated with Morgan Stanley.
For more information about the EEM, see “The iSharesÒ MSCI Emerging Markets Index Fund” on page US4-22 of the accompanying underlying supplement no. 4.
|
Historical Performance of the EEM
The following graph sets forth the historical performance of the EEM based on the daily historical closing prices from July 31 2006 through July 28, 2011. The closing price for the EEM on July 28, 2011 was $46.91. We obtained the closing prices 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.
![]() |
Quarter Begin
|
Quarter End
|
Quarterly High
|
Quarterly Low
|
Quarterly Close
|
1/3/2006
|
3/31/2006
|
$33.79
|
$30.00
|
$33.02
|
4/3/2006
|
6/30/2006
|
$37.08
|
$27.12
|
$31.23
|
7/3/2006
|
9/29/2006
|
$33.33
|
$29.03
|
$32.29
|
10/2/2006
|
12/29/2006
|
$38.26
|
$31.63
|
$38.10
|
1/3/2007
|
3/30/2007
|
$39.85
|
$34.52
|
$38.75
|
4/2/2007
|
6/29/2007
|
$44.62
|
$38.74
|
$43.82
|
7/2/2007
|
9/28/2007
|
$50.49
|
$37.15
|
$49.78
|
10/1/2007
|
12/31/2007
|
$55.83
|
$47.22
|
$50.10
|
1/2/2008
|
3/31/2008
|
$50.75
|
$40.68
|
$44.79
|
4/1/2008
|
6/30/2008
|
$52.48
|
$44.43
|
$45.19
|
7/1/2008
|
9/30/2008
|
$44.76
|
$30.88
|
$34.53
|
10/1/2008
|
12/31/2008
|
$34.29
|
$18.22
|
$24.97
|
1/2/2009
|
3/31/2009
|
$27.28
|
$19.87
|
$24.81
|
4/1/2009
|
6/30/2009
|
$34.88
|
$24.72
|
$32.23
|
7/1/2009
|
9/30/2009
|
$39.51
|
$30.25
|
$38.91
|
10/1/2009
|
12/31/2009
|
$42.52
|
$37.30
|
$41.50
|
1/4/2010
|
3/31/2010
|
$43.47
|
$35.01
|
$42.12
|
4/1/2010
|
6/30/2010
|
$44.02
|
$35.21
|
$37.32
|
7/1/2010
|
9/30/2010
|
$44.99
|
$36.76
|
$44.77
|
10/1/2010
|
12/31/2010
|
$48.62
|
$44.51
|
$47.62
|
1/3/2011
|
3/31/2011
|
$48.75
|
$44.25
|
$48.69
|
4/1/2011
|
6/30/2011
|
$50.43
|
$44.77
|
$47.60
|
7/1/2011*
|
7/28/2011*
|
$48.63
|
$45.81
|
$46.91
|
Description of the EWZ
The EWZ seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of publicly traded securities in the Brazilian market, as measured by the MSCI Brazil Index.
The top 5 industry groups by market capitalization as of June 30, 2011 were: Financials, Materials, Energy, Consumer Staples and Utilities.
For more information about the EWZ, see “The iSharesÒ MSCI Brazil Index Fund” on page US4-19 of the accompanying underlying supplement no. 4.
|
Historical Performance of the EWZ
The following graph sets forth the historical performance of the EWZ based on the daily historical closing prices from July 31, 2006 through July 28, 2011. The closing price for the EWZ on July 28, 2011 was $69.74. We obtained the closing prices 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.
![]() |
Quarter Begin
|
Quarter End
|
Quarterly High
|
Quarterly Low
|
Quarterly Close
|
||
1/3/2006
|
3/31/2006
|
$43.19
|
$33.86
|
$39.90
|
||
4/3/2006
|
6/30/2006
|
$46.98
|
$31.66
|
$39.14
|
||
7/3/2006
|
9/29/2006
|
$41.12
|
$34.99
|
$38.47
|
||
10/2/2006
|
12/29/2006
|
$46.96
|
$38.05
|
$46.68
|
||
1/3/2007
|
3/30/2007
|
$49.98
|
$42.00
|
$49.17
|
||
4/2/2007
|
6/29/2007
|
$63.35
|
$48.85
|
$61.35
|
||
7/2/2007
|
9/28/2007
|
$74.72
|
$46.61
|
$74.09
|
||
10/1/2007
|
12/31/2007
|
$87.65
|
$71.00
|
$80.70
|
||
1/2/2008
|
3/31/2008
|
$88.77
|
$64.00
|
$77.03
|
||
4/1/2008
|
6/30/2008
|
$102.20
|
$77.48
|
$89.59
|
||
7/1/2008
|
9/30/2008
|
$88.97
|
$48.66
|
$56.57
|
||
10/1/2008
|
12/31/2008
|
$56.63
|
$26.64
|
$34.90
|
||
1/2/2009
|
3/31/2009
|
$41.03
|
$31.15
|
$37.67
|
||
4/1/2009
|
6/30/2009
|
$58.62
|
$37.24
|
$52.97
|
||
7/1/2009
|
9/30/2009
|
$68.50
|
$48.03
|
$67.67
|
||
10/1/2009
|
12/31/2009
|
$80.92
|
$65.08
|
$74.61
|
||
1/4/2010
|
3/31/2010
|
$78.29
|
$60.85
|
$73.66
|
||
4/1/2010
|
6/30/2010
|
$76.08
|
$57.20
|
$61.96
|
||
7/1/2010
|
9/30/2010
|
$77.11
|
$60.89
|
$76.93
|
||
10/1/2010
|
12/31/2010
|
$81.75
|
$73.20
|
$77.40
|
||
1/3/2011
|
3/31/2011
|
$78.98
|
$70.10
|
$77.48
|
||
4/1/2011
|
6/30/2011
|
$80.18
|
$69.04
|
$73.35
|
||
7/1/2011*
|
7/28/2011*
|
$74.65
|
$68.23
|
$69.74
|
TABLE OF CONTENTS
|
|||
Free Writing Prospectus
|
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, any 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, any 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, any accompanying underlying supplement, product supplement, prospectus supplement and prospectus is correct on any date after their respective dates.
HSBC USA Inc.
$ Buffered Accelerated Market
Participation Securities Linked to
the S&P 500® Index
$ Buffered Accelerated Market
Participation Securities Linked to
the Russell 2000® Index
$ Buffered Accelerated Market
Participation Securities Linked to
the iShares® MSCI Emerging
Markets Index Fund
$ Buffered Accelerated Market
Participation Securities Linked to
the iShares® MSCI Brazil Index Fund
August 1, 2011
FREE WRITING PROSPECTUS
|
||
General
|
FWP-6
|
||
Payment at Maturity
|
FWP-6
|
||
Investor Suitability
|
FWP-7
|
||
Risk Factors
|
FWP-8
|
||
Illustrative Examples
|
FWP-11
|
||
Information Relating to the Securities Linked to the S&P 500Ò Index
|
FWP-13
|
||
Information Relating to the Securities Linked to the Russell 2000Ò Index
|
FWP-14
|
||
Information Relating to the Securities Linked to the iShares® MSCI Emerging Markets Index Fund
|
FWP-15
|
||
Information Relating to the Securities Linked to the iSharesÒ MSCI Brazil Index Fund
|
FWP-16
|
||
Supplemental Plan of Distribution (Conflicts of Interest)
|
FWP-17
|
||
Certain U.S. Federal Income Tax Considerations
|
FWP-17
|
||
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
|
||
Underlying Supplement no. 4
|
|||
Risk Factors
|
US4-2
|
||
The SPDR® Dow Jones Industrial AverageSM ETF Trust
|
US4-9
|
||
The POWERSHARES QQQ TRUSTSM, SERIES 1
|
US4-12
|
||
The iShares® MSCI Mexico Investable Market Index Fund
|
US4-16
|
||
The iShares® MSCI Brazil Index Fund
|
US4-19
|
||
The iShares® MSCI Emerging Markets Index Fund
|
US4-22
|
||
The iShares® MSCI EAFE Index Fund
|
US4-25
|
||
The SPDR Trust Series 1
|
US4-27
|
||
The Market Vectors Gold Miners ETF
|
US4-31
|
||
The Oil Service HOLDRSSM Trust
|
US4-34
|
||
The iShares® Dow Jones U.S. Real Estate Index Fund
|
US4-36
|
||
The iShares® FTSE/Xinhua China 25 Index Fund
|
US4-39
|
||
The iShares® S&P Latin America 40 Index Fund
|
US4-43
|
||
The Financial Select Sector SPDR® Fund
|
US4-46
|
||
The Semiconductor HOLDRSSM Trust
|
US4-49
|
||
The iShares® Dow Jones Transportation Average Index Fund
|
US4-51
|
||
The Energy Select SPDR® Fund
|
US4-53
|
||
The Health Care Select SPDR® Fund
|
US4-56
|
||
Other Components
|
US4-59
|
||
Additional Terms of the Notes
|
US4-59
|
||
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
|
4%+IPHIPDI=))))2DZ4)(A2X*D"HIT\*(9@J04`IM"EA& MUI+(*8"9H4PK$8K"5TR=)/I"R4)TR2E))))*4F3I)*4F*=)!*R2222E))))* M4DDDDI22222E))))*4DDDDI=,G224LDDDDI22=,DI22222E))))*4DDG24I) M)))2DDDDE*22224I))))2DWQ4DR"EM$R=,4"I13'3O!2/'FF^*:2E4^!3?C\ M$M)X3$F"."FVEDVVU@VM>YH\&DC\B?[9ECBZT?VG(W3L8W7;SJQFI\SX+:#& M'EH/Q"@R9^`\(O1NVC@_M'/'_`&HO^(>[^]..K=3'_:K(@?\` M"._O70;&C?_G%:/V3%(@U-CX!1^QX?)I9SQ"'WOP5_HF?[\?L M:H^NWUE'T>H6_>I?\_/K.W09[S\=58=@81_[3M3#`PH_F6_()?>QV_!'^B R>`.=4T)4I6O"2<#0GOV224A22200I. M$R=)2DX3!.$E+IPF"=.0NG3!.$X*7"=,G3PA2<))PBI2222(4NG3)%%2DDDD M4+I))(J4DDDDI22222E)))(J4DDD@I2228HJ4DDDDI4I)DD4+I)DZ2E)BG3% M(J8%LH3FHX4'Q\U'DC&MPD((3*1A1T58A>I,GT23"EBDGT3:)I4LDG234K)) MTD%*2"22"ETX3)TDKB$DR=)07E.F22'BNNAIJJ94FA,(1&PIX`=V,DKM:B-$ M)@IA6(`=UA7:%)-\$Y4@0I)))%2DR=,@I229.DI22222E)DZ2"5)DDDE+IDD MDE+IDDDE*22224I).DDI22222E))))*63IDDE+IDDDE*3IDDE+I)DZ2E)))) M*4DDDDI22222E))))*44DDR2EY3))(*44VJ03%-*5:IO+NE^1,8G1-4MIXI? M2(!UG@>)2UT5GIWI?:6^I_9CB4R1(!-$UT7XXB4A$D1!.Y=3#QQC4AH&IU=\ M58;QPF3B8&Z5G3)LV]!B$1&(C7#6E,H\3\$I[F/)/_KHG/;A,9@L"/G_`!3Q MV(3ZQY)A$ZIJX+=X3\:=DOBGTCMY>*25O<..Z1DD$:GQ2[^:1X\O)"DVLX&/ M/NE(`\4DSMT]H16E:U[:ZS8?HM!)GR7,Y%QON=:3R=/@MCJ_J_9?;]&??'*Q M1Y\JWRL8T38XCTZN3\3G,D1X9"$>M:$GQ5K`"<_>D?G\E(<*TY:P'A\TT!.E MHG*5'M23Z04DJ4__V0T*96YD 7!E+UA/8FIE8W0O5VED=&@@,3`W.#X^ 'AXC("@H)24H*#(R,#(R.SL[ M.SL[.SL[.__``!$(`*T$-@,!(@`"$0$#$0'_Q`$_```!!0$!`0$!`0`````` M```#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$``@,$!08'"`D*"Q`` M`00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R!A21H;%"(R054L%B M,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5XF7RLX3#TW7C\T8G ME*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7I[?'U^?W$0`"`@$" M!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q0B/!4M'P,R1BX7*" MDD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*SA,/3=>/S1I2DA;25 MQ-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_V@`,`P$``A$#$0`_ M`/-$DDE=6*3I)!)2@G23HJ4G"03IP0H*0"9.$X*7"<)@G3E*3IDZ(0I.DDG* M4DDDBA2=)))2DDDZ2EDDDDDJ22210I))))2DDDD5*22224LDG3)*4DG210QA M.GA*$E,4D\)0BI9,1*=))"%[4,A62V4-S"H)XUX*&$T(A:H$*O**YBD4\)B$ MPA*R2>$H3:2LDGA*$*4LG2A/"2EDZ22:3V7"/==*4TI`$I")*20-`J94@$FM M1&M*FA!C)4UJFT)P%,!6(PI82H!2`30%(*4!"OBDDE/9%2Z2;XI)*73)2E*" ME))))*4F3I()623I)*623I)*623IDE*23IDE*23IDE*23I)*4DDDDI22222E M)DZ22EDDZ22EDDZ22E))))*4DDDDI22222E))))*4DDF24NFE),@5+A*4DQ. MB:2E9,4I23;4L92&NB1\TQ((X324J #SV35P6&@('9*),RD/Q3@#OJ@N6$GXICY_,A2`$G11U'P M14O(3:?[TG2F<1'"5()43X:)B[3Q*B3"I]1R353M&CGZ?)20AQ$`,.7,(0,C MT<[J.2;\AT?19HU5VM]L]T@.8[]E(!:$(<(`Z!Y_)D,YF4MY&UA*<`))]$\! M8M!2_*G3A&E*[)):[DD%-1))),4NG`30I!*E*"=-"=%"X3I@G3@%+ITR<)P4 MO"22=."%!.F3HJ4DDDBI2222*%TDDDDJ3IDDD*22224I(ITR2E)))(J4DDDB MI22222E))))*4DDF10O*6J222E)D_"2*EH2A.E"2EH3%2*9)2,L4',*/"1&B MCEC!3;5*8H[JI0G5%5YXY#HN!80E`2+');7*(@]EP623[2EM*81+LFPM*4J6 MPIQ64O;D4\;"2E!***U,5J2.`K3-"&%3:Q%#`G#5-'"`M,F+6*8"P,%7NEXI+_6=PWZ/F4R<^$$LN'$ .*:0T 0>5&3"4Z0>W9,9`S!(.NJ0\QRH@ MA+5) 21="&YVB>( ML4ITL]T"3H%B9-QNN+^1P`>% KD\[GXCP`Z#4 MK`)X3Z)0K%-%20221I2DDX"8H%3'NDE"28EK)P$H3IJE)PE"=%"@G"03A.`4 MI.$DZ*E)PDG" $D$L-H2V!23PAPA3#8/!-L"(E"7`%6PV)PT*8"1&J7"%6QVA(!.I M`(TIBDGA-W24H)))(*4GE,GT24J4M"DD@I224I)*4DDDDE22222%TDDR2ETR M=,DE=),D@I=),DDI=,G3)*73)))*73)TR2ETR222ETDR22E)TR22ETDR22ET MDR=)2DDDDE*22224I)(I)*4DEPEH@I=-*4IN?$H*5*12AQ_-*D&//YI^XH)8 M'P2VE2`U^'BD>R!4PVE-M)TXA$*8@G293"E&6^)3;>3X(A`*@9T!^2:4KT4N MNM:QO W#B/S3_ M``'9?2/-(2EM[IR#_L4);84#X?-/)[!-!B8T2`T35ULI2$?!,!"=%-KGGP\D MQ/AHF)*9*E6O/R3$^"4J#CX)\8L O3S:[W.>\O=K*9).KP%!R"2395"22=$!2R4)TD5*3%))-*F/=) M2A)-I+6A*$DZ:I2<))(TA=.D$Z-*4G3!.C2E)T@G3D*22214I)))%2DZ9.BA M222225PDDDDI202224J$DDDE*22224LDG220LDDDDI2222*E)))(J4DDDDI2 M2222F79,DDBA8ITR22E)))X02M"4ITR*%TT)TD%+)!/JD.4DJ,<)!)))"O@D ME"4))4DDD$E*E(QV30GT04L4DDM$E*3IDD%*3IN$DDKI)DZ2E))))*4DDDDI M22=))2R2=)!2DR=))2R=)))2R=)))2DDDDE*3)TR2E))TR2E))TDE+))TDE+ M))TR2E)PF3I*4DF^:=)2H222^:"E):IH\TZ2F]TW$;<7/>):.`M%N!1^X%5P M^HX>/0UA!W?G:=U9_;6&.SC\DTVE*W!I_<'W(K<*G]P? 83384B9AUC\T? 2: M-2IP+;"^U]G&XD_>ADN'>5(\>28CL4]2WNB2=$AQ)*<#7R'">(,_@@E@X>)D MGLK?3L7U7^J\2QAT^*!52Z^T5M[\QV6Y74VMC6,T:U0YYT*&Y_)M\GAXI<2>.P\E"`KV.'"'(SY>.5]!LQC1*%))2!B63I))REDDZ9! M"R2=,FJ5*222"6NG23H4I8)P$\)P$:4H)))P$5*">$DDD*3IDZ*E))))RE)) MTR*E)TDDE*22224I.$DDE*22204I))))2DBDDDI221214LDDDDI2222*E))) M)(4DDDBI22222E)^Z9.DI122E*4E*32DDDI22222E)Y2[)DE+I)DZ2EQ"12" M8E)2I23)T%+IDDR2ETR=,DI2222"5))))*4DG224LG2224HI))TE+)))(*4D MDDDI22222E))))*4DDDDI22222ETDDR2E))))*4DDDDI=,DDDI2=),DI=,G2 M24I))))2DM4Z9!2DM$DDE*223H*4-?[T\1_%,`CXF*_)O;2S4GD^226WT;IY MRL@/VMCGO,-:))44I64M7J MF>W!QB_3U':,;Y^*XVRQUKS8\DN<9,JWU3/=G9)L.C!HQODJ4GMHG@4*^U"G M!-$G4I<\I(J5H$M70!K/Y4C'`Y5WI^(TGUG#0?1'FF3D(BV3%C.20B/JVL+' M%%4G^<=])64VGS2GSA4I$DDGJZT`(Q$1L%Q!X3C[U$P4H"%+[9?!*?%1F-(D MI3XH4FV4IBFD)<]TJ5Q+R.\_%-,E-V2)0X5<2Z1(4947.3@%LI,;'JAEVET5 M@Z=T?)LV-GN>%GDD\\E6<./](M'FLVG`.NZDDDRLM%122*2*E)))(H622)20 M*E)DZBFI"DDDD%(H3I)0E2E)PDG"*%)TW=.DI222=%2DDDD5*3I)(J623I(H M4DDD4DJ"=,GE)2DDDDE*223H*622224I.F224I(I))*44R1214I)))%"DDDD ME*222E)2DDDDE*223I*63PDD$E*A,G224LDDG24KLF3IDE+IM$DZ5J5HDDDD MI4I2DDDI4I))0@I03)TR250DG3)*5HDG2T24I))))2DZ9.@A9.E*9)*Z229) M2DZ9.DI9))))2DDDDE+I)DDE*3I))*622224I))))2Z9.F24I.F224NDF224 MNDF3I*4DDDDI2226J2E)))(*7U22"22EVM C=/&)3O>/TK^?(+, MZ+T\V6#(L'L;]$>)71`J. /@M'J?4&X>.2/Y MQVC`N2>]SW%Y,EQDI0CU/T45B1WX3?ZA/.FH1<;&MR;FU5"7./W)ZD;*;'@N M8PN`Y($J.D;>X\5V_3\&G"QQ4T23J\^)0\KHO3\D2YA:[]YI4?&+33Q0D&8F M%HT]0H`#'`LC3R5[)^K%S9./8'#]UVA65D].RZ7'UJ7#^4!(0E&,QNR8LLL9 M)C6KI,MKLU8X'P4IU6&S?69885EG4+6Z.;N'XJ*6`]&W#G(GYAPNG)E*?DJE M74*'Z'VGS5AKVNU:00HS`C<,\ 7?\`X-O)Y4D(6:8 2NBP<=N-4&_G'DH2-)#=I8VIC6-T#1"E9:VIA>\P&B4,/6-UCJ'J' MT*S[1])1B-E33ZAF/RKR\_1&C1Y*K)23%2(9-:YQ#6B7'LNIZ-@#$I]1^MMG M/D/!<[@9->-D"VQNX#LNBQ^L8MT`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`*MZCU$O46)3UAW%@^:N59]-G#ODF\)2Z&]+U%6%H/!3^HA2FQO2+@1 M!U0/42WI4IA?@8EX]S`#XC14+>BC4U'Y%:>]-O1!*GF\C"R*C+V$#Q"!#O'1 M;O4\MM=)KY<[18DRG!%K`0DG3)P4I)))%2DDR=)2R213(*4DDD@I9))*$%*2 M2224I)))!2R222E0I.DDDI9.F/*=!2DDDD5*22224NDF214NDDDDA2222*E) MPF3]D$J22224I)).@I9)).DI9.DDDI9).DDI9).F24I(I)%%2R227*2E)))T ME*22224I(I))*4$H2224I))))2DDDZ"EDDZ22EDDDDE*223I*6223I*623I) M*623I)*6223I*623IDE*23IDE*22224I))))2DDZ22EDDDZ2EDDZ9)2DDZ22 MEDDZ9)2DZ9))2DDDDE*23IDE*23IDE*22224I)).DI9)).DI29)))2DDDDE+ MREHF3H*4F3IDJ4O)23)TE*22224LG2224I-JG224I)))!2DX)!T,)DI24GJS M+Z^'2%;JZH.'CYK,3@I4EW:\NMXTWJ(CW!5LG)=>[P;X)"*K877.N>7.Y*@!"4))R%TQ2222I)))%2Q22 M*22EDZ9)`I4DDDFJ63ZI0DDI9)))!"DDDDE+)TDE*M4DG222MW22224I)))) M2DDDDD*23ID5+I)))*4DDD$5+I=DDD%*22"225)))(*4DDDDI22222E))))* M4DDDDI22222ENZ022"*E%.F3I*5W2[I))*4DDD@I2222*E)))(*4DDDDI222 M22E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4 MDDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI2=,D MDI22222E)!)))2DDDZ2EDDDDE+IDZ9)2DZ9))2Z9)))2DZ9)!2Z9.F24I.F2 M24NF2224I))))2Z2222EN4Z79,@I>4DDDE*22214I)),DE1Y23)TE+)))(*4 MDDDF]4J223(E"Z9).FJ622224I)))3+5TDDDDK))TR"E)))(H4DDDDI=),DD MI=)))%*DDDZ2%=TDNZ2"E)TR2"5TDR22E))))*723))*723))*723))*4DDD M4E*22"2*EDDNR22EPDD$DE*22"22E))))*4DDD@I2=,DDI2=,DDI2=,DDI2= M,DDI2=,DDI=),DDI=),DDI2=,DDI=,DDDI=,DDDI22222E)TR22E))))*4DD MDDI22222ETR=,DI22222E))))*73)TR2E))))*4G3)TE*22224I))))2R=,G M24I,DDDI=))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I M))))2DDDD"I22222E%),4DE*3IDD5*22222I)(I((622204HIDY3)O5*Z229 M%2Z9))!*DDDD%/\`_]D-"F5N9'-T '!L7)"0G)R0D-3,S,S4[.SL[.SL[.SL[`0T+"PT.#1`.#A`4 M#@\.%!00$1$0%!T4%!44%!TE&A<7%Q<:)2`C'AX>(R`H*"4E*"@R,C`R,CL[ M.SL[.SL[.SO_P``1"`"M!#8#`2(``A$!`Q$!_\0!/P```04!`0$!`0$````` M`````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)"@L0 M``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D%5+! M8C,T )E\K.$P]-UX_-& M)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$``@(! M`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D8N%R M@I)#4Q5C +RLX3#TW7C\T:4I(6T ME<34Y/2EM<75Y?569G:&EJ:VQM;F]B 7I[?'_]H`#`,!``(1`Q$` M/P#@$DDEKL2DDDD5*3)TDE%9).F20I)).DI222225)))(J4G3))(7[I))!!* M@DDG04LDDG24LDG224LDG224LDDG24LDDG24LD4Z9)2DDDD5*3)^R79)2DBD MDDI22222E)))T%+))))*4DG3)*4DDG24LDDG24LDDG24LDDG24LDDG24LDG2 M24LDDG24LDG3)*4DG3)*4DG224LDG224LDG224LDDG24LDG3)*4DDG24LDG2 M24LDG224LDDDDI22=))2R2=))2R22=)2DR222E))))*4DDG24I,G3)*73)TR M2E)TDDE+)TR22ETDDR2ETDDDE+)TR=)2DDDDE*22224I))))2DDDDE*22224 MI,G224MW3I))*622224I)()(%*R222!0HI#E)(()4F3IDBI222=-4LDDD@I= M)))3H4DDDDI2222045)))(H4DDD@I222225)))(J4DDDDA2<)BD@E=))))2D MDDD%*22224I))))2DDDDE*22224I))))2DDDDE*22224I(I)%%14DDDDI222 M2"E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4 MDDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI2=,D MDI=)))!2DR=,BI22222E))))*4G2224LDDDDI=,DG24LG3)TE+))))*4DDDD MI22222E)TR=)2DDDR2ETDDDE*22224LG3))*4DDG24LG3))*4DDDDI2=)))2 MDDDR"EDDDDBE2222:H*223)%*_9()=DR:A227<)()72224ZU22222E))))!2 MDDDD4*22224I)).DI9)).@E29.F[(H4DDD@E2=)))2DZ9)!2DZ9))2Z9)))2 MZ29))2Z29))2Z29))2Z29))2Z29))2Z8I)=T5*22224I)))!2DDDDE+I)DDE M*3IDDE*3IDDE*3IDDE*3IDDE+I)DDE+I)DDE*3IDDE+IDDDE+IDDDE+I)DDE M+I)DDE+I)DDE*3IDDE+IDDDE+I)DDE+I)DDE+IDDDE+IDDDE+IDDDE*22224 MI.F224I.F224NDF224I))))2DZ9))2Z9)))2Z9)))2Z9)))2Z29))2Z29))2 MZ9)))2DZ9))2DZ9.DI29)))2Z29))2Z29))2Z29))2Z29))2Z222!45BDD4D ME+)))))4DDD@H*3)TR:4J22204I).D@I2222G6J22224I))(HA2DDDD4*222 M04I)).@I9.F3I)4F[)TR*%)))()722[ITE+))TD%+))TDE+)))TE+))TR2E) M)TDE+))TDE+))TDE+))TDE+)=TZ9)2BDG224LDG3)*4DG3)*4DG224LDDG24 MLDDG24LDDG24LDDG24LDG224LDG224LDDG24LDG3)*4DG3)*4DG224LDG224 MLDG224LDDG24LDG3)*4DG224LDG224LDG3)*4DG3)*4DG3)*4DG3)*4DG224 MLDDG24LDG224LDDG24LDDG24LDG224LDG224LDG224LDG224LDG224LDG224 MLDG224LDG224LDG224LDG224LDG224LDG224LDG224LG222*"L4DBD@E9))) M)*DDDR"@NF3I)I4LDDD@E22=)!"DDDE.A22222E))))!"DDDD;4I)))!2DX3 M))*4G3!.DE29.F10I.$R<<()5W22[I)*4DDD@I22222E))))*4G3))*4G3)) M*73)))*73)))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E) M)))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDD MI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E)) M))*4DDDDI22222E)TR22E)TR22ETR222ETR222E))))*4DDDDI22222E)))) M*73)))*723))*4DDDDI22222ETDR=`J*BF3IDE*3)TR25)DZ9!2Z9.F32E22 M22"E^R29)!"Z222G0I))))2DDDDE*22224I))))"BDD4DDJ"=,G24LDDDBA2 M02202NDF3I*4G3)T%+)TR22E))))*4G3))*4DDDDI=,G3)*73)TR2ETR=,DI M22222ETR=,DI22222E))))*4G3)TE+)TR=)2R2222E))))*4DDDDI22222E) M)))*4DDDDI=,G3)*73)TR2E))))*722224I))))2R=,G24LDDDDI22222E)) M))*4DDDDI22222E))))*73)TR2ETR=,DI22222E))))*4DDDDI2=,G24LG3) MTE+)TR=)2R=,G24I,G3)*73)TR2ETR=,DI=,G3)*73)TR2ETR=,DI=,G3)*7 M22224LG3)TE+)TR=)2R=,G2*BI,4Z8H!04F3IDDJ3)TR"%PDDDFI4F23H*6[ MI)XUA)!*DDD\*=:I))))2R>$DDE+))))*4DDDDA122*225)TR=)2DR=,BA22 M22"5)TR=)2DDR<)*4DDD@I22222E))))*4DDG24LDG3)*4DG3)*4DDDDI222 M22E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4 MDDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI2222 M2E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E)))TE+) M))TE+))TR2E))TR2E))))*4DDDDI22222E))))*4DG3)*4DG224LDDDDI222 M22E)TR=(J*DQ3IB@%!29.F22I)))!2@F3A)!2R 'AXC("@H M)24H*#(R,#(R.SL[.SL[.SL[.__``!$(`*T$-@,!(@`"$0$#$0'_Q`$_```! M!0$!`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$` M`@,$!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R M!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5 MXF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7 MI[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q M0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*S MA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_ MV@`,`P$``A$#$0`_`.!3)TEL,*DDDDE*222"25))TR2E))TR"E))))*4DG3) M*4F3IDY"DDDD%*3^"79))2DDZ2"5DDZ9)2DDDZ2EDDZ9)2DDZ22EDDZ22EDD MZ22EDDZ22EDDZ22EDDZ22EDDZ22EDDZ9)2DDZ22EDDDZ2EDDDZ2EDDDZ2EDD MDZ2EDDZ22EDDZ22EDDDZ2EDDZ9)2DDZ9)2DDZ22EDDZ22EDDZ22EDDDZ2EDD MZ9)2DDZ22EDDZ22EDDZ9)2DDZ9)2DDZ9)2DDZ9)2DDZ22EDDDZ2EDDZ22EDD MDZ2EDDDZ2EDDZ22EDDZ22EDDZ22EDDZ22EDDZ22EDDZ22EDDZ22EDDZ22EDD MZ22EDDZ22EDDZ22EDDZ22EDDZ22EDZ22!05BDD4DDK)))))4D4DB@I29.DFE M*R12204I)))!3))),IUBZ29.DI2022"25)))(*4DDDDI22222E))))*4F3ID MY"DDDD$J3IDX24I)))!2DDNZ22E))))*4DDDDI22222E))))*4DDDDI22222 ME))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DD MDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E M))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDD MDI22222E))))*4DG3)*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI2 M2222ETDDD$**9)))*R21222HI=TDD%*3)TR:5*22202I)))!3),G3*=8I.DD MDI122222NDF204NF2224NDF224NF*222EDDDDY"BDDD@E2<)DX24NF2224I) M)))2@DD$D%+I)DDE+INZ222ETDR22ETDR22ETDR22ETDR22ETDR22ETDR22E MTR222ETDR22E)TR22E)TR22E)TR22E)TR22ETDR22ETDR22E)TR22ETR222E MTR222ETDR22ETDR22ETDR22E)TR22ETR222ETDR22ETDR22ETR222ETR222E MTDR22ETR222ETDR22E)TR22ETDR22E)TR22E)TR22ETDR22ETDR22ETDR22E MTDR22ETDDR2ETDR22ETR2=)2DDDR5J4D>$D_9)2DDDDE*23))*723))*723) MTE*222*"`LDDDDN44R2214I,G204I,G*9-*5)))(*4DDD@IDF3IE.L722222 MI).D@I9).DDI9).F24I)).DI9).DDIBDDG10LD4Z8I)4G3=TZ2E)))@BA=,D MD@E=))()*"DDZ9!2DDZ22EDDZ22EDDZ22EDDZ22EDDZ22EDDZ22EDDZ22EDD MDDE*23I)*6223I*6223I*6223I*6223I*623I)*623I)*6223I*623IDE*23 MIDE*23I)*623I)*623I)*6223I*623IDE*23I)*623I)*622224NF2224I). MDDI9).DDI9))))2DDDZ2EDDZ22EDDNZ22E)TR=)2R2=))2DR=)!2DR=,B%+I M))(*4F3ID5*3I))%2DDDD$*22222LG2224I))))"R2=)%*R22=)2R=))(J*D MDDR"@I)),DE222214I)))!044R=,FE*DNZ27=!2DDR2"F222=3K%)))))4DD MD@I22222E))))*4DDDDI=,DDDI9.DDBI29.DDI212224I,G3(H4DDD@E2=,$ MZ2E)TR2"E)TR22ETR222ETR222E))))*4DDDDI22222E))))*4DDDDI22222 ME))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DD MDDI22222E))))*4DDDDI22222E))))*73)))*4DDG24I),G24LG3)TE+)TR2 M145)SRF2*2ETDDD%*[IDZ9%2DZ9.DI2222"%)))=TE*22224I))))2DDDDDK M)TDDB@J2*222E))))*4DDDDI22222E))DBDE$R '!L7)"0G)R0D-3,S,S4[.SL[.SL[.SL[`0T+"PT.#1`.#A`4 M#@\.%!00$1$0%!T4%!44%!TE&A<7%Q<:)2`C'AX>(R`H*"4E*"@R,C`R,CL[ M.SL[.SL[.SO_P``1"`"M!#8#`2(``A$!`Q$!_\0!/P```04!`0$!`0$````` M`````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)"@L0 M``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D%5+! M8C,T )E\K.$P]-UX_-& M)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$``@(! M`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D8N%R M@I)#4Q5C +RLX3#TW7C\T:4I(6T ME<34Y/2EM<75Y?569G:&EJ:VQM;F]B 7I[?'_]H`#`,!``(1`Q$` M/P#@$DZ9;3"I)))!2DDBG02KNG3)T$K%.F*=)"DDDDE*22224I))))2DDDDE M*22224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I)) M))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE* M22224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I))) M)2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*2 M2224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DDDDE*2220*E)DY3 M)!044R M4Z25)DDDU*DDDD%*22204R3%.F*LK%TNR79,@I2<=TR0[H*"Z=13I+ETT)TD M$*3)TW=)2Z2222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI M22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))) M)*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI2 M2222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E)))) M*4DDDDI22222E))))*4DDDDI22222E)DZ9)2Z2222E))))%2DDDDE*22224I M))))2DDDDE*22224I)))!0622212I,G3(*4DDD@A9.F3I)4F3IDU*DDDD%*[ MI)))JETBEV25I8N"F2"2"E)PF3H*4G3=TZ25)))(*4F23I*4DDDDI22222E) M)))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDD MI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E)) M))*4DDDDI22222E))))*4DDDDI22222E)DZ9)2Z2222EDZ222E))))*4DDDD MI29).DI22222EDZ9.DI22222E))))*4DDDDI22222E))))!2DDDR2ETDDDE* M22224I))))2DDDDE*3)TR"ETDDD5*22224I))))2DDDDE*22224I)))(J4DD MD@H+)))(I4F3ID%*22200I),G02%DDDB@E2222"E=TDDD%+]DDDE96*"222" ME)RF204NG3=TZ2Y2222"%))))*4DDDDI22222E))))*4DDDDI22222E))))* M4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI222 M22E))))*4DDDDI22222E))))*4DDDDI22222E))))*4DDDDI22222E))))*4 MDDDDI9.DDDI29.F24I.DDDI9))))2Z222752R=)))2R=,G24I,G3)*4DDG24 MI),G24LG2204LG3)TE*22224I)))$*"DR=))2DDDD%*23)(J722200I))))2 MDR2=)*R=,G245))))(623I))4DDF14NDDDDI2222!45)DZ9)04DDD4DJ3))) M*4DEW200LG3)^R"5DDDB@E2222"EDDDD%,TR22LK%%())(%2DDDD$E04DR=) M2DDDD%*223)*722224I))))2DDDDE*22224I))))2DDDDE*22224I))))2DD MR=)2DDDDE*22224I),G24I))))2DDDDE*22224I,G3)*722224I))))2DDDD ME*22224I))))2DDDDE*22224I))))2DDDDE*223)*722224I))))2DDDDE*2 M2224I)())*4DDDDI22279)2DDDDBI9.F3I*4DDDD5+)TR22E)TR=)2DDR=!2 MDDDDE*22220I))))2DDDDE*23)TE*3)TDDA22222%))))*4DDDDI22222E)) M)))4DDDDI123%.DI229/*2E))))*44R BE)DZ9!2Z2222E))))(4F3I)*4DDDDE22222E))))*4DF3I* M62[)TP24OV3)TR2E))))*722224I,4Z8I*ZJ3I!))14DDDDI22222E))))*4 MDDDDA226B6B2J4DDDDI29(I))4$_9,$NR2ETDDM$E+)))(I7"9.$R"%TD@DD MI9.D$CPDI9)))%*BF2204I))))2DDDD$*3)TR25TR=,@5*222*"5=DW9.F[( M*4DEV235,DDR=6EBDDDD"I2222"EPDD$DE*"20227+I))((4DDDDI22222E) M)))*4DDDDI22222E)DZ9)2@G3!.DI29.DDI22222E))DZ2E)DZ22E))))*4F M3I)*4DDDDI;NG3=TZ2E))))*4DDDDI22222E))DDE+IDZ9)2Z22214I)))`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`9C\DD0I86(> 9V\3NY2A1TDY1P?BT?=:"RW;MWENTL5?GQ=&[&L MA10A_-7+[ ;3)SM3GZ>OS