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ions. all applicable provisions of the Maryland Constitution and the reported judicial decisions interpreting the foregoing) and the federal laws of the United States of America. This opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the Senior Indenture and the genuinen
s sole discretion, determines that any of these events has occurred or is occurring on die Final Valuation Date, the Calculation Agent may determine the Final Spot Rate in good faith and in a commercially reasonable manner on such date. or. in the disaction of the Calculation Agent. may determine to postpone the Fin
ions. all applicable provisions of the Maryland Constitution and the reported judicial decisions interpreting the foregoing) and the federal laws of the United States of America. This opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the Senior Indenture and the genuinen
s sole discretion, determines that any of these events has occurred or is occurring on die Final Valuation Date, the Calculation Agent may determine the Final Spot Rate in good faith and in a commercially reasonable manner on such date. or. in the disaction of the Calculation Agent. may determine to postpone the Fin
all applicable provisions of the Maryland Constitution and the reported judicial decisions interpreting the foregoing) and the federal laws of the United States of America. This opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the Senior Indenture and the genuin
rop. Although the actual Spot Rate of the Reference Currency on the Maturity Date or at other times during the term of the Notes may be higher than the Final Spot Rate, the Payment at Maturity will be based solely on the Final Spot Rate on the Final Valuation Date. • YOUR INVESTMENT IN THE NOTES MAY RESULT IN A L
obligations of a bank and are not insured or guaranteed 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 Notes is subject to the credit risk of HSBC, and in the event that HSBC is unable to pay its obliga
op. Although the actual Spot Rate of the Reference Currency on the Maturity Date or at other times during the term of the Notes may be higher than the Final Spot Rate, the Payment at Maturity will be based solely on the Final Spot Rate on the Final Valuation Date • YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LO
Entities connected to both United States and the Final Spot Rate

Bloomberg L.P.
ORGANIZATION
Eric Holder
PERSONthe State of New York
LOCATIONthe Securities and Exchange Commission
ORGANIZATIONEvans
PERSON
Angela Merkel
PERSONthe City of New York
LOCATIONJ.P. Morgan Securities LLC
ORGANIZATIONthe Spot Rate of the Reference Currency
ORGANIZATION
Brasil
LOCATIONthe Maryland General Corporation Law
ORGANIZATIONMorrison & Foerster LLP
ORGANIZATIONInitrest
ORGANIZATIONliSBC Securities (USA) Inc.
ORGANIZATIONIISBC
ORGANIZATIONJ.P. Morgan Securities 1.1.0
ORGANIZATIONMorrison & Focrster
ORGANIZATIONSISBACEN Data System
ORGANIZATIONProspectus Supplement
ORGANIZATIONDigital Return Linked
ORGANIZATION