ISSUER FREE WRITING PROSPECTUS
Filed Pursuant to Rule 433
Registration Statement No. 333-158385
Dated September 30, 2011
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Investment Description
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Features
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q
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Contingent Coupon: HSBC will pay a quarterly Contingent Coupon payment if the Closing Price of the Reference Share on the applicable Observation Date is equal to or greater than the Coupon Barrier. Otherwise, no coupon will be paid for the quarter.
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Automatically Callable: HSBC will automatically call the Securities and pay you the Principal Amount of your Securities plus the Contingent Coupon otherwise due for that quarter if the Closing Price of the Reference Share on any quarterly Observation Date is equal to or greater than the Initial Share Price. If the Securities are not called, investors will have the potential for a loss at maturity.
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Contingent Repayment of Principal Amount at Maturity: If by maturity the Securities have not been called and the price of the Reference Share does not close below the Trigger Price on the Final Valuation Date, HSBC will pay you the Principal Amount per Security at maturity. If the price of the Reference Share closes below the Trigger Price on the Final Valuation Date, HSBC will pay less than the Principal Amount, if anything, resulting in a loss that is proportionate to the decline in the Closing Price of the Reference Share from the Trade Date to the Final Valuation Date. The contingent repayment of principal only applies if you hold the Securities until maturity. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of HSBC.
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Key Dates1
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Trade Date
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October 7, 2011
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Settlement Date
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October 13, 2011
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Observation Dates2
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Quarterly
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Final Valuation Date2
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October 9, 2012
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Maturity Date2
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October 12, 2012
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Security Offering
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Reference Share
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Contingent
Coupon Rate
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Initial Share Price
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Trigger Price
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Coupon Barrier
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CUSIP
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ISIN
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UnitedHealth Group Incorporated
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12.75% to 16.25% per annum
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$
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70.00% of the Initial Share Price
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70.00% of the Initial Share Price
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40433C379
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US40433C3795
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Price to Public
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Underwriting Discount
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Proceeds to Us
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Per Security
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$10.00
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$0.15
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$9.85
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Total
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UBS Financial Services Inc.
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HSBC USA Inc.
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Additional Information about HSBC USA Inc. and the Securities
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¨
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Prospectus supplement dated April 9, 2009:
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¨
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Prospectus dated April 2, 2009:
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Indicative Terms
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Issuer
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HSBC USA Inc. (A1/AA-/AA)1 (“HSBC”)
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Principal Amount
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$10 per Security (subject to a minimum investment of $1,000).
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Term
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12 months, unless earlier called.
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Trade Date
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October 7, 2011
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Settlement Date
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October 13, 2011
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Final Valuation Date
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October 9, 2012, subject to adjustment in the event of a Market Disruption Event.
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Maturity Date
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October 12, 2012, subject to adjustment in the event of a Market Disruption Event.
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Reference Share
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Common stock of UnitedHealth Group Incorporated (Ticker: UNH)
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Automatic Call Feature
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The Securities will be automatically called if the Closing Price of the Reference Share on any Observation Date is equal to or greater than the Initial Share Price.
If the Securities are called, HSBC will pay you on the applicable Coupon Payment Date (which will also be the “Call Settlement Date”) a cash payment per Security equal to your Principal Amount plus the Contingent Coupon otherwise due on such date pursuant to the Contingent Coupon feature. No further amounts will be owed to you under the Securities.
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Coupon Payment Dates
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With respect to the first three Observation Dates, two business days following the applicable Observation Date. For the Final Valuation Date the Coupon Payment Date will be the Maturity Date.
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Contingent Coupon Rate
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The Contingent Coupon Rate is expected to be between 12.75% to 16.25% per annum, paid in equal quarterly installments. The actual Contingent Coupon Rate will be determined on the Trade Date.
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Contingent Coupon
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If the Closing Price of the Reference Share is equal to or greater than the Coupon Barrier on any Observation Date, HSBC will pay you the Contingent Coupon applicable to such Observation Date.
If the Closing Price of the Reference Share is less than the Coupon Barrier on any Observation Date, the Contingent Coupon applicable to such Observation Date will not be payable and HSBC will not make any payment to you on the relevant Coupon Payment Date.
The Contingent Coupon will be a fixed amount based upon equal quarterly installments at the Contingent Coupon Rate, which is a per annum rate. The table below sets forth each Observation Date, Coupon Payment Date and the hypothetical Contingent Coupons based on a hypothetical Contingent Coupon Rate of 12.75% per annum. Actual amounts will be determined on the Trade Date. Amounts in the table below may have been rounded for ease of analysis.
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Contingent Coupon
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Expected Observation
Dates2
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Coupon Payment
Dates
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UnitedHealth Group
Incorporated
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January 9, 2012
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January 11, 2012
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$0.31875
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April 9, 2012
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April 11, 2012
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$0.31875
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July 9, 2012
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July 11, 2012
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$0.31875
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Final Valuation Date
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Maturity Date
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$0.31875
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(October 9, 2012)
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(October 12, 2012)
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Contingent coupon payments on the Securities are not guaranteed. HSBC will not pay you the Contingent Coupon for any Observation Date on which the closing price of the Reference Share is less than the Coupon Barrier.
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Payment at Maturity (per $10 Security)
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If the Securities are not called, you will receive a payment on the Maturity Date calculated as follows:
If the Final Share Price is equal to or greater than the Trigger Price (and Coupon Barrier), HSBC will pay you a cash payment on the Maturity Date equal to $10 per $10 Principal
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Investment Timeline
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Amount of Securities plus the Contingent Coupon otherwise due on the Maturity Date.3
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If the Final Share Price of the Reference Share is less than the Trigger Price, HSBC will pay you a cash payment on the Maturity Date that is less than the Principal Amount, equal to:
$10 × (1 + Reference Share Return).
In this case, you will have a loss of principal that is proportionate to the decline in the Final Share Price from the Initial Share Price and you will lose some or all of your initial investment.
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Reference Share Return
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Final Share Price - Initial Share Price
Initial Share Price
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Trigger Price
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70.00% of the Initial Share Price.
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Coupon Barrier
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70.00% of the Initial Share Price.
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Initial Share Price
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The Closing Price of the Reference Share on the Trade Date.
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Final Share Price
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The Closing Price of the Reference Share on the Final Valuation Date.
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Closing Price
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The Closing Price on any scheduled trading day during the Observation Period will be the official price of the Reference Share on the Relevant Exchange (as defined herein) as of the close of the regular trading session of such exchange and as reported in the official price determination mechanism for such exchange, as adjusted by the calculation as described under “Anti-dilution and Reorganization Adjustments” below.
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Calculation Agent
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HSBC USA Inc. or one of its affiliates.
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Paying Agent
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HSBC Bank USA, N.A. will act as Paying Agent with respect to the Securities pursuant to a Paying Agent and Securities Registrar Agreement dated June 1, 2009, between HSBC USA Inc. and HSBC Bank USA, N.A.
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Trustee
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Notwithstanding anything contained in the accompanying prospectus supplement to the contrary, the Securities will be issued under the senior indenture dated March 31, 2009, between HSBC USA Inc., as Issuer, and Wells Fargo Bank, National Association, as Trustee. Such indenture has substantially the same terms as the indenture described in the accompanying prospectus supplement.
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Investor Suitability
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The Securities may be suitable for you if:
¨ You fully understand the risks inherent in an investment in the Securities, including the risk of loss of your entire initial investment.
¨ You are willing to make an investment where you could lose some or all of your initial investment and are willing to make an investment that may have the same downside market risk as an investment directly in the Reference Share.
¨ You believe the Closing Price will be equal to or greater than the Coupon Barrier on the specified Observation Dates (including the Final Valuation Date) and equal to or greater than the Trigger Price on the Final Valuation Date.
¨ You understand and accept that you will not participate in any appreciation in the price of the Reference Share and your potential return is limited to the Contingent Coupon payments.
¨ You are willing to invest in the Securities if the Contingent Coupon Rate is set equal to the bottom of the range indicated on the cover hereof (the actual Contingent Coupon Rate will be set on the Trade Date).
¨ You are willing to hold Securities that will be automatically called on the earliest Observation Date on which the Closing Price is equal to or greater than the Initial Share Price, or you are otherwise willing to hold the Securities to maturity, a term of 12 months, and do not seek an investment for which there is an active secondary market.
¨ You are willing to forgo dividends paid on the Reference Share.
¨ You are willing to assume the credit risk associated with HSBC, as issuer of the Securities, and understand that if HSBC defaults on its obligation you may not receive any amounts due to you including the repayment of principal.
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The Securities may not be suitable for you if:
¨ You do not fully understand the risks inherent in an investment in the Securities, including the risk of loss of your entire initial investment.
¨ You are not willing to make an investment in which you could lose some or all of your initial investment and you are not willing to make an investment that may have the same downside market risk as an investment directly in the Reference Share.
¨ You believe that the price of the Reference Share will decline during the term of the Securities and is likely to close below the Coupon Barrier on the specified Observation Dates and below the Trigger Price on the Final Valuation Date.
¨ You seek an investment that is designed to return your full Principal Amount at maturity.
¨ You seek an investment that participates in the full appreciation in the price of the Reference Share or that has unlimited return potential.
¨ You are not willing to invest in the Securities if the Contingent Coupon Rate is set equal to the bottom of the range indicated on the cover hereof (the actual Contingent Coupon Rate will be set on the Trade Date).
¨ You are unable or unwilling to hold securities that will be automatically called on the earliest Observation Date on which the Closing Price is equal to or greater than the Initial Share Price, or you are otherwise unable or unwilling to hold the Securities to maturity, a term of 12 months, and seek an investment for which there will be an active secondary market.
¨ 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 paid on the Reference Share.
¨ You are not willing or are unable to assume the credit risk associated with HSBC, as issuer of the Securities, including any repayment of principal.
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What are the tax consequences of the Securities?
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Key Risks
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Risk of Loss at Maturity – The Securities differ from ordinary debt securities in that HSBC will not necessarily pay the full Principal Amount of the Securities. If the Securities are not called, HSBC will only pay you the Principal Amount of your Securities (plus the Contingent Coupon) in cash if the Final Share Price is greater than or equal to the Trigger Price and will only make such payment at maturity. If the Securities are not called and the Final Share Price is less than the Trigger Price, you will lose some or all of your initial investment in an amount proportionate to the decline in the Final Share Price from the Initial Share Price.
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¨
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The Contingent Repayment of Principal Applies Only at Maturity — You should be willing to hold your Securities to maturity. If you are able to sell your Securities prior to maturity in the secondary market, you may have to sell them at a loss relative to your initial investment even if the stock price of the Reference Share is then above the Trigger Price.
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¨
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You May Not Receive any Contingent Coupons — HSBC will not necessarily make periodic coupon payments on the Securities. If the Closing Price of the Reference Share on an Observation Date is less than the Coupon Barrier, HSBC will not pay you the Contingent Coupon applicable to such Observation Date. If the Closing Price of the Reference Share is less than the Coupon Barrier on each of the Observation Dates, HSBC will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on, your Securities. Generally, this non-payment of the Contingent Coupon coincides with a period of greater risk of principal loss on your Securities.
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¨
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Limited Return on the Securities – The return potential of the Securities is limited to the Contingent Coupon Rate regardless of any appreciation of the Reference Share. In addition, your total return on the Securities will vary based on the number of Observation Dates for which the Contingent Coupons are payable and may be less than the Contingent Coupon Rate, or even zero. Further, the return potential of the Securities is limited by the automatic call feature in that you will not receive any further payments after the Securities are called. Your Securities could be called as early as the first quarterly Observation Date and your return could be minimal. If the Securities are not called, you will not participate in any appreciation in the Closing Price of the Reference Share even though you will be subject to the risk of a decline in the Closing Price of the Reference Share. As a result, the return on an investment in the Securities could be less than the return on a direct investment in the Reference Share.
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¨
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Certain Built-in Costs are Likely to Adversely Affect the Value of the Securities Prior to Maturity – You should be willing to hold your Securities to maturity. The Securities are not designed to be short-term trading instruments. The price at which you will be able to sell your Securities to us, our affiliates or any party in the secondary market prior to maturity, if at all, may be at a substantial discount from the Principal Amount of the Securities, even in cases where the Reference Share has appreciated since the Trade Date.
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¨
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Reinvestment Risk – If your Securities are called early, the term of the Securities will be reduced and you will not receive any payment on the Securities after the applicable Call Settlement Date. There is no guarantee that you would be able to reinvest the proceeds from an automatic call of the Securities at a comparable rate of return for a similar level of risk. To the extent you are able to reinvest such proceeds in an investment comparable to the Securities, you may incur transaction costs. Because the Securities may be called as early as three months after issuance, you should be prepared in the event the Securities are called early.
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Credit of Issuer – The Securities are senior unsecured debt obligations of the issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party. 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 operation of law. Any payment to be made on the Securities, including any Contingent Coupon payment or any repayment of principal at maturity or upon an automatic call, depends on the ability of HSBC to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of HSBC may affect the market value of the Securities and, in the event HSBC were to default on its obligations, you may not receive any amounts owed to you under the terms of the Securities and could lose your entire investment.
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¨
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Higher Contingent Coupon Rates are Generally Associated With a Greater Risk of Loss — Greater expected volatility with respect to the Reference Share reflects a higher expectation as of the Trade Date that the Closing Price of the Reference Share could be below the Trigger Price on the Final Valuation Date. This greater expected risk will generally be reflected in a higher Contingent Coupon Rate for that Security. However, while the Contingent Coupon Rate is set on the Trade Date, the Reference Share’s volatility can change significantly over the term of the Securities. The price of the Reference Share could fall sharply, which could result in a significant loss of principal.
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¨
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Single Stock Risk — The price of the Reference Share can rise or fall sharply due to factors specific to that Reference Share and its issuer, such as stock price volatility, earnings, financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. We urge you to review financial and other information filed periodically by the applicable underlying stock issuer with the SEC.
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¨
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No Assurance that the Return Strategy of the Securities will be Successful - While the Securities are structured to provide Contingent Coupons as long as the Reference Share does not decline below the Coupon Barrier (as measured by the Closing Price on the Observation Dates), we cannot assure you of the economic environment during the term, or at maturity, of your Securities. As a result, you may not receive a Contingent Coupon on any Coupon Payment Date and you may lose some or all of your initial investment in the Securities.
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¨
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Lack of Liquidity – The Securities will not be listed on any securities exchange or quotation system. One of our affiliates may offer to repurchase the Securities in the secondary market but is not required to do so and may cease any such market-making activities at any time without notice. Because other dealers are not likely to make a secondary market for the Securities, the price at which you may be able to trade your Securities is likely to depend on the price, if any, at which one of our affiliates is willing to buy the Securities, which will exclude any fees or commissions you paid when you purchased the Securities.
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¨
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Impact of Fees and Hedging Costs on Secondary Market Prices – Generally, the price of the Securities in the secondary market, if any, is likely to be lower than the initial offering price since the issue price includes, and the secondary market prices are likely to exclude, hedging costs or commissions and other compensation paid with respect to the Securities.
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¨
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Owning the Securities is Not the Same as Owning the Reference Share — The return on your Securities may not reflect the return you would realize if you actually owned the Reference Share. As a holder of the Securities, you will not have voting rights or rights to receive dividends or other distributions or other rights that holders of the Reference Share would have. Furthermore, the Reference Share may appreciate substantially during the term of your Securities and you will not participate in such appreciation.
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¨
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Potentially Inconsistent Research, Opinions or Recommendations by HSBC, UBS or Their Respective Affiliates – HSBC, UBS Financial Services Inc. or their respective affiliates, may publish research, express opinions or provide recommendations that are inconsistent with investing in or holding any offering of the Securities and which may be revised at any time. Any such research, opinions or recommendations could affect the value of the Reference Share and therefore, the market value of the Securities.
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Potential HSBC Impact on Price – Trading or transactions by HSBC USA Inc. or any of its affiliates in the Reference Share, or in futures, options, exchange-traded funds or other derivative products on the Reference Share, may adversely affect the market value of the Reference Share and, therefore, the market value of the Securities.
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¨
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Potential Conflict of Interest – HSBC and its affiliates may engage in business with the issuer of the Reference Share, which may present a conflict between the obligations of HSBC and you, as a holder of the Securities. The Calculation Agent, which may be HSBC or any of its affiliates will determine the Payment at Maturity or on a Coupon Payment Date or Call Settlement Date, as applicable, based on observed prices of the Reference Share in the market. The Calculation Agent can postpone the determination of the Closing Price on an Observation Date and the corresponding Coupon Payment Date or Call Settlement Date, as applicable, if a Market Disruption Event exists on such Observation Date. Furthermore, the Calculation Agent can postpone the determination of the Final Share Price and the Maturity Date if a Market Disruption Event occurs and is continuing on the Final Valuation Date.
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¨
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Price Prior to Maturity — The market price of the Securities will be influenced by many unpredictable and interrelated factors, including the price of the Reference Share; the volatility of the Reference Share; the dividend rate paid on the Reference Share; the time remaining to the maturity of the Securities; interest rates; geopolitical conditions and economic, financial, political and regulatory or judicial events; and the creditworthiness of HSBC.
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¨
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There is Limited Anti-dilution Protection — The Calculation Agent will adjust the Closing Price, which will affect the Reference Share Return and, consequently, the Payment at Maturity, for certain events affecting the Reference Share, such as stock splits and corporate actions. The Calculation Agent is not required to make an adjustment for every corporate action which affects the Reference Share. If an event occurs that does not require the Calculation Agent to adjust the amount of the Reference Share, the market price of the Securities may be materially and adversely affected. See “Anti-dilution and Reorganization Adjustments” below for additional information.
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¨
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The Securities are Not Insured by any Governmental Agency of The United States or any Other Jurisdiction – The Securities are not deposit liabilities or other obligations of a bank and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency or program of the United States or any other jurisdiction. An investment in the Securities is subject to the credit risk of HSBC, and in the event that HSBC is unable to pay its obligations as they become due, you may not receive any payment owed to you on the Securities and you could lose your entire investment.
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¨
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In Some Circumstances, the Payment You Receive on the Securities May be Based on the Common Stock of Another Company and Not the Reference Share — Following certain corporate events relating to the respective issuer of the Reference Share where such issuer is not the surviving entity, the amount of cash you receive at maturity or upon an automatic call may be based on the common stock of a successor to the respective Reference Share issuer or any cash or any other assets distributed to holders of the Reference Share in such corporate event. The occurrence of these corporate events and the consequent adjustments may materially and adversely affect the value of the Securities. See “Merger Event and Tender Offer” and “Anti-dilution and Reorganization Adjustments” below for additional information. Regardless of the occurrence of one or more dilution or reorganization events, you should note that at maturity or upon an automatic call you will receive an amount in cash equal to your Principal Amount unless the Final Share Price of the Reference Share is below the Trigger Price (as such Trigger Price may be adjusted by the Calculation Agent upon occurrence of one or more such events).
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¨
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Uncertain Tax Treatment – There is no direct legal authority as to the proper tax treatment of the Securities, and therefore significant aspects of the tax treatment of the Securities are uncertain as to both the timing and character of any inclusion in income in respect of the Securities. Under one reasonable approach, the Securities should be treated as income-bearing pre-paid derivative contracts with respect to the Reference Share. HSBC intends to treat the Securities consistent with this approach and pursuant to the terms of the Securities, you agree to treat the Securities under this approach for all U.S. federal income tax purposes. See “Certain U.S. Federal Income Tax Considerations — Certain Equity-Linked Notes — Certain Notes Treated as Forward Contracts or Executory Contracts” in the prospectus supplement for certain U.S. federal income tax considerations applicable to securities that are treated as pre-paid cash-settled forward or other executory contracts.
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In addition, if you are a non-U.S. Holder (as defined in the prospectus supplement), because the tax treatment of the Contingent Coupons is unclear, HSBC intends to withhold an amount equal to 30% of any Contingent Coupon payable to you, subject to reduction or elimination by applicable treaty, unless income from such Contingent Coupon is effectively connected with your conduct of a trade or business within the United States.
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In Notice 2008-2, the Internal Revenue Service (“IRS”) and the Treasury Department requested comments as to whether the purchaser of an exchange traded note or pre-paid forward contract (which may include the Securities) should be required to accrue income during its term under a mark-to-market, accrual or other methodology, whether income and gain on such a note or contract should be ordinary or capital, and whether foreign holders should be subject to withholding tax on any deemed income accrual. Accordingly, it is possible that regulations or other guidance could provide that a U.S. holder (as defined in the prospectus supplement) of a Security is required to accrue income in respect of the Securities prior to the receipt of payments with respect to the Securities or their earlier sale. Moreover, it is possible that any such regulations or other guidance could treat all income and gain of a U.S. holder in respect of the Securities as ordinary income (including gain on a sale). Finally, it is possible that a non-U.S. holder (as defined in the prospectus supplement) of the Securities could be subject to U.S. withholding tax in respect of the Securities. It is unclear whether any regulations or other guidance would apply to the Securities (possibly on a retroactive basis). Prospective investors are urged to consult with their tax advisors regarding Notice 2008-2 and the possible effect to them of the issuance of regulations or other guidance that affects the U.S. federal income tax treatment of the Securities.
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For a more complete discussion of the U.S. federal income tax consequences of your investment in a security, please see the discussion under “Certain U.S. Federal Income Tax Considerations” in the prospectus supplement.
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Hypothetical Scenario Analysis and Examples at Maturity
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Investment term:
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12 months (unless earlier called)
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Hypothetical Initial Share Price:
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$48.00
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Hypothetical Contingent Coupon Rate:
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12.75% per annum (or 3.1875% per quarter). The actual Contingent Coupon Rate will be determined on the Trade Date and will not be less than 12.75% or greater than 16.25%.
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Hypothetical Contingent Coupon:
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$0.31875 per quarter
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Observation Dates:
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Quarterly
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Hypothetical Coupon Barrier:
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$33.60 (70% of the Initial Share Price)
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Hypothetical Trigger Price:
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$33.60 (70% of the Initial Share Price)
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Date
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Closing Price
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Payment (per Security)
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First Observation Date
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$50.00 (at or above Initial Share Price)
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$10.31875 (Settlement Amount)
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Total Payment: $10.31875 (3.1875% return)
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Date
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Closing Price
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Payment (per Security)
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First Observation Date
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$40.00 (at or above Coupon Barrier; below Initial Share Price)
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$ 0.31875 (Contingent Coupon)
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Second Observation Date
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$45.00 (at or above Coupon Barrier; below Initial Share Price)
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$ 0.31875 (Contingent Coupon)
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Third Observation Date
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$50.00 (at or above Initial Share Price)
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$10.31875 (Payment at Maturity)
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Total Payment: $10.95625 (9.5625% return)
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Date
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Closing Price
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Payment (per Security)
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First Observation Date
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$40.00 (at or above Coupon Barrier; below Initial Share Price)
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$ 0.31875 (Contingent Coupon)
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Second Observation Date
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$30.00 (below Coupon Barrier)
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$ 0.00
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Third Observation Date
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$28.00 (below Coupon Barrier)
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$ 0.00
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Final Valuation Date
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$35.00 (at or above Trigger Price and Coupon Barrier; below Initial Share Price)
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$10.31875 (Payment at Maturity)
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Total Payment: $10.63750 (6.3750% return)
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Date
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Closing Price
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Payment (per Security)
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First Observation Date
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$40.00 (at or above Coupon Barrier; below Initial Share Price)
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$ 0.31875 (Contingent Coupon)
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Second Observation Date
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$38.00 (at or above Coupon Barrier; below Initial Share Price)
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$ 0.31875 (Contingent Coupon)
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Third Observation Date
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$35.00 (at or above Coupon Barrier; below Initial Share Price)
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$ 0.31875 (Contingent Coupon)
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Final Valuation Date
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$19.20 (below Trigger Price and Coupon Barrier)
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$10.00 × (1 + Reference Share Return) =
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$10.00 × (1 + -60%)=
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$10.00 - $6.00 =
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$ 4.00 (Payment at Maturity)
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Total Payment $4.95625 (-50.4375% return)
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Information about the Reference Share
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UnitedHealth Group Incorporated
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Quarter Begin
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Quarter End
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Quarterly High
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Quarterly Low
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Quarterly Close
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1/3/2006
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3/31/2006
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$62.93
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$53.25
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$55.86
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4/3/2006
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6/30/2006
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$56.60
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$41.44
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$44.78
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7/3/2006
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9/29/2006
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$52.83
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$44.29
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$49.20
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10/2/2006
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12/29/2006
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$54.40
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$45.12
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$53.73
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1/3/2007
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3/30/2007
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$57.10
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$50.51
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$52.97
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4/2/2007
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6/29/2007
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$55.90
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$50.70
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$51.14
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7/2/2007
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9/28/2007
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$53.85
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$46.03
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$48.43
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10/1/2007
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12/31/2007
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$59.45
|
$46.59
|
$58.20
|
1/2/2008
|
3/31/2008
|
$57.81
|
$33.57
|
$34.36
|
4/1/2008
|
6/30/2008
|
$38.33
|
$25.50
|
$26.25
|
7/1/2008
|
9/30/2008
|
$33.49
|
$21.00
|
$25.39
|
10/1/2008
|
12/31/2008
|
$27.29
|
$14.51
|
$26.60
|
1/2/2009
|
3/31/2009
|
$30.25
|
$16.18
|
$20.93
|
4/1/2009
|
6/30/2009
|
$29.69
|
$19.85
|
$24.98
|
7/1/2009
|
9/30/2009
|
$30.00
|
$23.69
|
$25.04
|
10/1/2009
|
12/31/2009
|
$33.25
|
$23.50
|
$30.48
|
1/3/2010
|
3/31/2010
|
$36.06
|
$30.97
|
$32.67
|
4/1/2010
|
6/30/2010
|
$34.00
|
$27.97
|
$28.40
|
7/1/2010
|
9/30/2010
|
$35.91
|
$27.13
|
$35.11
|
10/1/2010
|
12/31/2010
|
$38.06
|
$33.94
|
$36.11
|
1/3/2011
|
3/31/2011
|
$45.74
|
$36.37
|
$45.20
|
4/1/2011
|
6/30/2011
|
$52.64
|
$43.30
|
$51.58
|
7/1/2011
|
9/28/2011*
|
$53.36
|
$41.33
|
$47.64
|
Market Disruption Event
|
Anti-dilution and Reorganization Adjustments
|
Merger Event and Tender Offer
|
Share Delisting, Nationalization and Insolvency
|
Events of Default and Acceleration
|
Supplemental Plan of Distribution
|
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