# EDGAR Filing Document

**Accession Number:** 0000083246
**File Stem:** 0001104659-26-069993
**Filing Date:** 2026-6
**Character Count:** 78818
**Document Hash:** 20942bd1d67a41c3a03559b9e4813aed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-069993.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0001104659-26-069993

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC USA INC /MD/
- **CENTRAL INDEX KEY:** 0000083246
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132764867
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-277211
- **FILM NUMBER:** 261059693

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-525-5000

**MAIL ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HSBC USA INC /MD/
- **CENTRAL INDEX KEY:** 0000083246
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132764867
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-525-5000

**MAIL ADDRESS:**
- **STREET 1:** 66 HUDSON BOULEVARD
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

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The Autocallable Contingent Income Barrier Notes (each a "Note" and collectively the "Notes") offered hereunder will not be liste d o n any securities exchange or automated quotation system. Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapprov ed of the Notes or passed upon the accuracy or the adequacy of this document, the accompanying prospectus, prospectus supplement or Equity Index Underlying Supplement. Any representation to the contrary is a criminal offense. W e have appointed HSBC Securities (USA) Inc., an affiliate of ours, as the agent for the sale of the Notes. HSBC Securities (U SA) Inc. will purchase the Notes from us for distribution to other registered broker - dealers or will offer the Notes directly to investors. In addition, HSBC Securities (USA) Inc. or another of its affiliates or agents may use the pricing supplement to which this free writing prospectus relates in market - making transactions in any Notes after their initial sale. Unless we or our agent inform you otherwise in the confirmation of sale, the pricing supplement to which this free writing prospectus relates is being used in a market - making transaction. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page FWP - 17 of this document. Investment in the Notes involves certain risks. Y ou should refer to "Risk Factors" beginning on page FWP - 8 of this document, page S - 1 of the accompanying prospectus supplement and page S - 1 of the accompanying Equity Index Underlying Supplement. The Estimated Initial V alue of the Notes on the T rade Date is expected to be between $940.00 and $990.00 per Note, which will be less than the price to public. The market value of the Notes at any time will reflect many factors and cannot be predicted with accurac y . See "Estimated Initial V alue" on page FWP - 5 and "Risk Factors" beginning on page FWP - 8 of this document for additional information. Price to Public Underwriting Discoun t (1) Proceeds to Issuer Per Note $1,000.00 T otal (1) HSBC US A Inc. or one of our affiliates may pay varying underwriting discounts of up to 0.25% per $1,000 Principal Amount in connection with the distribution of th e Notes to other registered broker - dealers. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page FWP - 17 of this document . The Notes: Are Not FDIC Insured Are Not Bank Guaranteed May Lose V alue Linked to the Least Performing of the S& P 500® Index, the Russell 2000® Index and the Nasdaq - 100 Index® (the "Reference Asset") ► Quarterly Contingent Coupon payments at a rate of at least 2.5375% (equivalent to at least 10.15% per annum) (to be determine d o n the T rade Date), payable if the Official Closing Level of each Underlying on the applicable Observation Date is greater than or equal t o 7 0.00% of its Initial Level ► Callable quarterly at the principal amount plus the applicable Contingent Coupon on any Call Observation Date on or after Mar ch 2, 2027 if the Official Closing Level of each Underlying is at or above its Call Threshold ► If the Notes are not called and the Least Performing Underlying declines by more than 30.00% but less than or equal to 40.00% , y ou will receive your principal amount (a zero return) ► If the Notes are not called and the Least Performing Underlying declines by more than 40.00%, there is full exposure to decli nes in the Least Performing Underlying, and you will lose all or a portion of your principal amount ► Due June 5, 2029, if not called ► All payments on the Notes are subject to the credit risk of HSBC US A Inc. HSBC US A Inc. Autocallable Contingent Income Barrier Notes Filed Pursuant to Rule 433 Registration No. 333 - 2772 1 1 June 2 , 2026 FREE WRITING PROSPECTUS (T o Prospectus dated February 21, 2024, Prospectus Supplement dated February 21, 2024 and Equity Index Underlying Supplement dated February 21, 2024)

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F W P - 2 Indicative T erms (1) The Notes Principal Amount $1,000 per Note Reference Asset The S& P 500® Index (T icker: SPX), the Russell 2000® Index (T icker: R TY) and the Nasdaq - 100 Index® (T icker: NDX) (each, an "Underlying" and together the "Underlyings"). Call Feature The Notes will be automatically called if the Official Closing Level of each Underlying is at or above its Call Threshold on any Call Observation Date on or after March 2, 2027. In that case, you will receive a cash payment, per $1,000 Principal Amount, equal to the Principal Amount plus the Contingent Coupon payable on the corresponding Call Payment Dat e (2) . Call Threshold With respect to each Underlying, 100.00% of its Initial V alue. Contingent Coupon Rate At least 2.5375% per quarter (equivalent to at least 10.15% per annum) (to be determined on the T rade Date). Contingent Coupon If the Official Closing Level of each Underlying is greater than or equal to its Coupon T rigger on an Observation Date: we will pay you the Contingent Coupon. If the Official Closing Level of any Underlying is less than its Coupon T rigger on an Observation Date: the Contingent Coupon applicable to such Observation Date will not be payable to you on the relevant Coupon Payment Dat e (2) . Coupon T rigger 70.00% of the Initial V alue of each Underlying. Barrier V alue 60.00% of the Initial V alue of each Underlying. Payment at Maturity per Note Unless the Notes are automatically called, for each $1,000 Principal Amount, you will receive a cash payment on the Maturity Date, calculated as follows: ■ If the Reference Return of the Least Performing Underlying is greater than or equal to - 30.00%: $1,000 + final Contingent Coupon ■ If the Reference Return of the Least Performing Underlying is less than - 30.00% but greater than or equal to - 40.00%: $1,000 (a zero return) ■ If the Reference Return of the Least Performing Underlying is less than - 40.00%: $1,000 + ($1,000 × Reference Return of the Least Performing Underlying). If the Notes are not automatically called and the Final V alue of the Least Performing Underlying is less than its Barrier V alue, you will not receive the final Contingent Coupon and will lose up to 100% of the Principal Amount at maturit y. Reference Return With respect to each Underlying, Final V alue – Initial V alue Initial V alue Least Performing Underlying The Underlying with the lowest Reference Return. T rade Date June 2, 2026 Pricing Date June 2, 2026 Original Issue Date June 5, 2026 Final V aluation Date (3) May 31, 2029 Maturity Date (3) June 5, 2029 CUSI P / ISIN 40447EN77 / US40447EN778 (1) As more fully described starting on page FWP - 4. (2) See page FWP - 5 for Observation Dates, Coupon Payment Dates, Call Observation Dates, and Call Payment Dates. (3) Subject to adjustment as described under "Additional T erms of the Notes" in the accompanying Equity Index Underlying Supplement. The Notes may be suitable for investors who believe that the value of the Underlyings will not decrease significantly over the term of the Notes. Unless the Notes are automatically called, so long as the Official Closing Level of each Underlying on an Observation Date is greater than or equal to its Coupon T rigge r , you will receive the quarterly Contingent Coupon on the applicable Coupon Payment Date. If the Official Closing Level of each Underlying is at or above its Call Threshold on any Call Observation Date beginning on March 2, 2027, your Notes will be automatically called and you will receive a payment equal to 100% of the Principal Amount, together with the applicable Contingent Coupon on the corresponding Call Payment Date. If the Notes are not automatically called and the Final V alue of the Least Performing Underlying is greater than or equal to its Coupon T rigge r , you will receive a Payment at Maturity equal to 100% of the Principal Amount plus the final Contingent Coupon. If the Notes are not called and the Final V alue of the Least Performing Underlying is less than its Coupon T rigger but greater than or equal to its Barrier V alue, you will receive a Payment at Maturity equal to the Principal Amount. If the Notes are not automatically called and the Final V alue of the Least Performing Underlying is less than its Barrier V alue, you will not receive the final Contingent Coupon and you will lose 1% of your principal for every 1% decline of that Least Performing Underlying from its Initial V alue. In that case, you will lose up to 100% of the Principal Amount at maturit y . Even with any Contingent Coupons paid prior to maturit y , your return on the Notes may be negative.

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F W P - 3 Illustration of Payment Scenarios Y our payment on the Notes will depend on whether the Notes have been called, whether the Official Closing Level of each Underlying on an Observation Date is greater than or equal to its Coupon T rigge r , and whether the Final V alue of the Least Performing Underlying is greater than or equal to its Barrier V alue. If your Notes are not called, you will lose some or all of your Principal Amount at maturity if the Final V alue of the Least Performing Underlying is less than its Barrier V alue. Even with any Contingent Coupons you received prior to maturit y , your return on the Notes may be negative. Information about the Underlyings The S& P 500® Index ("SPX") is a market capitalization - weighted index intended to provide a performance benchmark for the large - cap U.S. equity markets. The SPX includes a representative sample of 500 companies in leading industries of the U.S. econom y. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2000 4000 6000 8000 The Russell 2000® Index (" R TY") is designed to track the performance of the small capitalization segment of the U.S. equity market. All 2,000 stocks are traded on a major U.S. exchange, and the R T Y consists of the smallest 2,000 companies included in the Russell 3000® Index. The Russell 3000® Index is composed of the 3,000 largest U.S. companies as determined by market capitalization. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1000 2000 3000 The Nasdaq - 100 Index® ("NDX") is a modified market capitalization - weighted index of 100 of the largest non - financial companies listed on the NASDAQ Stock Market based on market capitalization. It does not contain securities of financial companies (based on the Financials industry classification according to the Industry Classification Benchmark). Each underlying stock ' s influence on the level of the NDX is directly proportional to the value of its share weight. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 10000 20000 30000 40000 The graphs above illustrate the daily performance of each Underlying from May 31, 2016 through May 29, 2026. The closing values in the graphs above were obtained from the Bloomberg Professional® Service. Past performance is not necessarily an indication of future results. For further information on each Underlying, please see "Description of the Reference Asset" beginning on page FWP - 16 of this document. W e have derived all disclosure regarding each Underlying from publicly available information. Neither HSBC US A Inc. nor any of its affiliates have undertaken any independent review of, or made any due diligence inquiry with respect to, the publicly available information about each Underlying.

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F W P - 4 HSBC US A Inc. Autocallable Contingent Income Barrier Notes This document relates to a single offering of Autocallable Contingent Income Barrier Notes. The Notes will have the terms described in this document and the accompanying prospectus, prospectus supplement and Equity Index Underlying Supplement. If the terms of the Notes offered hereby are inconsistent with those described in the accompanying prospectus, prospectus supplement or Equity Index Underlying Supplement, the terms described in this document shall control. This document relates to an offering of Notes linked to the performance of the Reference Asset. The purchaser of a Note will acquire a senior unsecured debt security of HSBC US A Inc. linked to the Reference Asset as described belo w . The following key terms relate to the offering of the Notes: Issuer: HSBC US A Inc. Principal Amount: $1,000 per Note Reference Asset: The S& P 500® Index (T icker: SPX), the Russell 2000® Index (T icker: R TY) and the Nasdaq - 100 Index® (T icker: NDX) (each, an "Underlying" and together the "Underlyings"). T rade Date: June 2, 2026 Pricing Date: June 2, 2026 Original Issue Date: June 5, 2026 Final V aluation Date: May 31, 2029, subject to adjustment as described under "Additional T erms of the Notes― V aluation Dates" in the accompanying Equity Index Underlying Supplement. Maturity Date: 3 business days after the Final V aluation Date, expected to be June 5, 2029. The Maturity Date is subject to adjustment as described under "Additional T erms of the Notes―Coupon Payment Dates, Call Payment Dates and Maturity Date" in the accompanying Equity Index Underlying Supplement. Call Feature: If the Official Closing Level of each Underlying is at or above its Call Threshold on any Call Observation Date the Notes will be automatically called, and you will receive a cash payment, per $1,000 Principal Amount, equal to the Principal Amount plus the applicable Contingent Coupon on the corresponding Call Payment Date. Call Threshold: With respect to each Underlying, 100.00% of its Initial V alue. Payment at Maturity: Unless the Notes are automatically called, on the Maturity Date, for each $1,000 Principal Amount, we will pay you the Final Settlement V alue. Final Settlement V alue: Unless the Notes are automatically called, for each $1,000 Principal Amount, you will receive a cash payment on the Maturity Date, calculated as follows: ■ If the Reference Return of the Least Performing Underlying is greater than or equal to - 30.00%: $1,000 + final Contingent Coupon. ■ If the Reference Return of the Least Performing Underlying is less than - 30.00% but greater than or equal to - 40.00%: $1,000 (a zero return) ■ If the Reference Return of the Least Performing Underlying is less than - 40.00%: $1,000 + ($1,000 × Reference Return of the Least Performing Underlying). If the Notes are not called and the Final V alue of the Least Performing Underlying is less than its Barrier V alue, you will lose up to 100% of the Principal Amount. Even with any Contingent Coupons, your return on the Notes may be negative in this case. Least Performing Underlying: The Underlying with the lowest Reference Return. Reference Return: With respect to each Underlying, the quotient, expressed as a percentage, calculated as follows: Final V alue – Initial V alue Initial V alue

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F W P - 5 Observation Dates and Coupon Payment Dates: Observation Dates Coupon Payment Dates September 2, 2026 September 8, 2026 December 2, 2026 December 7, 2026 March 2, 2027 \* March 5, 2027 \*\* June 2, 2027 \* June 7, 2027 \*\* September 1, 2027 \* September 7, 2027 \*\* December 1, 2027 \* December 6, 2027 \*\* March 1, 2028 \* March 6, 2028 \*\* May 31, 2028 \* June 5, 2028 \*\* August 30, 2028 \* September 5, 2028 \*\* November 30, 2028 \* December 5, 2028 \*\* February 28, 2029 \* March 5, 2029 \*\* May 31, 2029 \* June 5, 2029 \*\* (the Final V aluation Date) (the Maturity Date) \*These Observation Dates are also Call Observation Dates \*\*These Coupon Payment Dates are also Call Payment Dates Each subject to postponement as described under "Additional T erms of the Notes — V aluation Dates" and "Additional T erms of the Notes — Coupon Payment Dates, Call Payment Dates and Maturity Date" in the accompanying Equity Index Underlying Supplement. Call Observation Dates: The applicable Observation Dates on or after March 2, 2027, as indicated above. Call Payment Dates: The applicable Coupon Payment Dates on or after March 5, 2027, as indicated above. Contingent Coupon: If the Official Closing Level of each Underlying is greater than or equal to its Coupon T rigger on an Observation Date, you will receive the Contingent Coupon of at least $25.375 (to be determined on the T rade Date) per $1,000 Principal Amount on the applicable Coupon Payment Date. If the Official Closing Level of any Underlying is less than its Coupon T rigger on an Observation Date, the Contingent Coupon applicable to such Observation Date will not be payable to you on the relevant Coupon Payment Date. Y ou may not receive any Contingent Coupon payments over the term of the Notes. Contingent Coupon Rate: At least 2.5375% per quarter (equivalent to at least 10.15% per annum) (to be determined on the T rade Date). Initial V alue: With respect to each Underlying, its Official Closing Level on the Pricing Date. Final V alue: With respect to each Underlying, its Official Closing Level on the Final V aluation Date. Coupon T rigger: 70.00% of the Initial V alue of each Underlying. Barrier V alue: 60.00% of the Initial V alue of each Underlying. CUSI P / ISIN: 40447EN77 / US40447EN778 Form of Notes: Book - Entry Listing: The Notes will not be listed on any securities exchange or quotation system. Estimated Initial V alue: The Estimated Initial V alue of the Notes is expected to be less than the price you pay to purchase the Notes. The Estimated Initial V alue does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Notes in the secondary market, if an y , at any time. The Estimated Initial V alue will be calculated on the T rade Date and will be set forth in the pricing supplement to which this free writing prospectus relates. See "Risk Factors — The Estimated Initial V alue of the Notes, which will be determined by us on the T rade Date, is expected to be less than the price to public and may differ from the market value of the Notes in the secondary market, if an y ." The T rade Date, the Pricing Date and the other dates set forth above are subject to change, and will be set forth in the pricing supplement relating to the Notes.

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F W P - 6 GENERAL This document relates to an offering of Notes linked to the Reference Asset. The purchaser of a Note will acquire a senior unsecured debt security of HSBC US A Inc. W e reserve the right to withdra w , cancel or modify this offering and to reject orders in whole or in part. Although the offering of Notes relates to the Reference Asset, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to the Reference Asset or any security included in any Underlying or as to the suitability of an investment in the Notes. Y ou should read this document together with the prospectus dated February 21, 2024, the prospectus supplement dated February 21, 2024, and Equity Index Underlying Supplement dated February 21, 2024. If the terms of the Notes offered hereby are inconsistent with those described in the accompanying prospectus, prospectus supplement or Equity Index Underlying Supplement, the terms described in this document shall control. Y ou should carefully conside r , among other things, the matters set forth in "Risk Factors" beginning on page FWP - 8 of this document, page S - 1 of the prospectus supplement and page S - 1 of the Equity Index Underlying Supplement, as the Notes involve risks not associated with conventional debt securities. W e urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes. As used herein, references to the "Issuer", "HSBC", "we", "us" and "our" are to HSBC US A Inc. HSBC has filed a registration statement (including a prospectus, prospectus supplement and Equity Index Underlying Supplement) with the SEC for the offering to which this document relates. Before you invest, you should read the prospectus, prospectus supplement and Equity Index Underlying Supplement in that registration statement and other documents HSBC has filed with the SEC for more co mplete informat ion about HSBC and this offering. Y ou may get these documents for free by visiting EDGAR on the SEC ' s website at ww w. sec.go v . Alternativel y , HSBC Securities (USA) Inc. or any dealer participating in this offering will arrange to send you the prosp ectus, prospec tus supplement and Equity Index Underlying Supplement if you request them by calling (212) 525 8010. Y ou may also obtain: ► The Equity Index Underlying Supplement at: https://ww w .sec.gov/Archives/edgar/data/83246/000 1 10465924025885/tm244959d3_424b2.htm ► The prospectus supplement at: https://ww w .sec.gov/Archives/edgar/data/83246/000 1 10465924025878/tm244959d1_424b2.htm ► The prospectus at: https://ww w .sec.gov/Archives/edgar/data/83246/000 1 10465924025864/tm244959d13_424b3.htm W e are using this document to solicit from you an offer to purchase the Notes. Y ou may revoke your offer to purchase the Notes at any time prior to the time at which we accept your offer by notifying HSBC Securities (USA) Inc. W e reserve the right to change the terms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any material changes to the terms of the Notes, we will notify you. P A YMENT ON THE NOTES Call Feature If the Official Closing Level of each Underlying is at or above its Call Threshold on any Call Observation Date the Notes will be automatically called, and you will receive a cash payment, per $1,000 Principal Amount, equal to the Principal Amount plus the applicable Contingent Coupon on the corresponding Call Payment Date. Contingent Coupon W e will pay a quarterly Contingent Coupon on a Coupon Payment Date if the Official Closing Level of each Underlying on the applicable Observation Date is greater than or equal to its Coupon T rigge r . Otherwise, no coupon will be paid on such Coupon Payment Date. For information regarding the record dates applicable to the Contingent Coupons payable on the Notes, please see the section entitled "Description of Notes — Interest and Principal Payments — Recipients of Interest Payments" beginning on page S - 17 in the accompanying prospectus supplement. The Contingent Coupon Rate will be at least 10.15% per annum (or at least $25.375 per $1,000 Principal Amount per quarte r , if payable) (to be determined on the T rade Date). Payment at Maturity Unless the Notes are automatically called, on the Maturity Date and for each $1,000 Principal Amount, you will receive a cash payment equal to the Final Settlement V alue determined as follows: ■ If the Reference Return of the Least Performing Underlying is greater than or equal to - 30.00%: $1,000 + final Contingent Coupon ■ If the Reference Return of the Least Performing Underlying is less than - 30.00% but greater than or equal to - 40.00%: $1,000 (a zero return) ■ If the Reference Return of the Least Performing Underlying is less than - 40.00%: $1,000 + ($1,000 × Reference Return of the Least Performing Underlying).

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F W P - 7 If the Notes are not automatically called and the Final V alue of the Least Performing Underlying is less than its Barrier V alue, you will not receive the final Contingent Coupon, and will lose up to 100% of the Principal Amount. Even with any Contingent Coupons received prior to maturit y , your return on the Notes may be negative in this case. Calculation Agent W e or one of our affiliates will act as calculation agent with respect to the Notes. Reference Sponsors The reference sponsor of the SPX is S& P Dow Jones Indices LLC. The reference sponsor of the R T Y is FTSE Russell. The reference sponsor of the NDX is Nasdaq, Inc. INVES T OR SUI T ABILITY The Notes may be suitable for you if: ► Y ou believe that the O ff icial Closing Level of each Underlyin g will be at or above its Coupon T rigger on most or all o f the Observation Dates, and the Final V alue of the Leas t Performing Underlying will be at or above its Barrier V alue. ► Y ou seek a quarterly Contingent Coupon, based on th e performance of the Underlyings, that will be paid at th e Contingent Coupon Rate of at least 10.15% per annum (to b e determined on the T rade Date) if the O ff icial Closing Level o f each Underlying is greater than or equal to its Coupon T rigge r on the applicable Observation Date. ► Y ou are willing to invest in the Notes based on the fact tha t your maximum potential return is limited to any Contingen t Coupons payable on the Notes. ► Y ou do not seek an investment that provides an opportunity t o participate in the appreciation of the Underlyings. ► Y ou are willing to make an investment that is exposed t o the potential downside performance of the Least Performin g Underlying on a 1 - to - 1 basis if the Notes are not called an d the Reference Return of the Least Performing Underlying i s less than - 40.00%. ► Y ou are willing to lose up to 100% of the Principal Amount. ► Y ou are willing to hold the Notes, which will be automaticall y called on any Call Observation Date on which the O ff icia l Closing Level of each Underlying is at or above its Cal l Threshold, or you are otherwise willing to hold the Notes t o maturit y. ► Y ou are willing to forgo guaranteed interest payments on th e Notes, and the dividends or other distributions paid on th e stocks included in the Underlyings. ► Y ou do not seek an investment for which there will be a n active secondary market. ► Y ou are willing to accept the risk and return pro f ile of th e Notes versus a conventional debt security with a comparabl e maturity issued by HSBC or another issuer with a simila r credit rating. ► Y ou are comfortable with the creditworthiness of HSBC, a s Issuer of the Notes. The Notes may not be suitable for you if: ► Y ou believe that the O ff icial Closing Level of at least on e Underlying will be below its Coupon T rigger on most or al l of the Observation Dates, including the Final V aluation Date , and the Final V alue of the Least Performing Underlying will b e below its Barrier V alue. ► Y ou believe that the Contingent Coupon, if an y , will not provid e you with your desired return. ► Y ou are unwilling to invest in the Notes based on the fact tha t your maximum potential return is limited to any Contingen t Coupons payable on the Notes. ► Y ou seek an investment that provides an opportunity t o participate in the appreciation of the Underlyings. ► Y ou are unwilling to make an investment that is exposed t o the potential downside performance of the Least Performin g Underlying on a 1 - to - 1 basis if the Notes are not called an d the Reference Return of the Least Performing Underlying i s less than - 40.00%. ► Y ou seek an investment that provides full return of principa l at maturit y. ► Y ou are unable or unwilling to hold Notes that will b e automatically called on any Call Observation Date on whic h the O ff icial Closing Level of each Underlying is at or abov e its Call Threshold, or you are otherwise unable or unwilling t o hold the Notes to maturit y. ► Y ou prefer to receive guaranteed interest payments on th e Notes, or the dividends or other distributions paid on th e stocks included in the Underlyings. ► Y ou seek an investment for which there will be an activ e secondary market. ► Y ou prefer the lower risk, and therefore accept the potentiall y lower returns, of conventional debt securities with comparabl e maturities issued by HSBC or another issuer with a simila r credit rating. ► Y ou are not willing or are unable to assume the credit ris k associated with HSBC, as Issuer of the Notes.

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F W P - 8 RISK F AC T ORS W e urge you to read the section "Risk Factors" beginning on page S - 1 of the accompanying prospectus supplement and page S - 1 of the accompanying Equity Index Underlying Supplement. Y ou should understand the risks of investing in the Notes and should reach an investment decision only after careful consideration, with your advisors, of the suitability of the Notes in light of your particular financial circumstances and the information set forth in this document and the accompanying prospectus, prospectus supplement and Equity Index Underlying Supplement. In addition to the risks discussed belo w , you should review "Risk Factors" in the accompanying prospectus supplement and Equity Index Underlying Supplement including the explanation of risks relating to the Notes described in the following sections: ► " — Risks Relating to All Note Issuances" in the prospectus supplement; and ► " — General Risks Related to Indices" in the Equity Index Underlying Supplement. Y ou will be subject to significant risks not associated with conventional fixed - rate or floating - rate debt securities. Risks Relating to the Structure or Features of the Notes Y our return on the Notes is limited to the Principal Amount plus the Contingent Coupons, if an y , regardless of any appreciation in the value of any Underlying. For each $1,000 Principal Amount, you will receive $1,000 at maturity plus the final Contingent Coupon if the Final V alue of the Least Performing Underlying is equal to or greater than its Coupon T rigge r , regardless of any appreciation in the value of any Underlyin g , which may be significant. Accordingl y , the return on the Notes may be significantly less than the return on a direct investment in the stocks included in the Underlyings during the term of the Notes. The Notes may be called prior to the Maturity Date. If the Notes are called earl y , the holding period over which you may receive coupon payments could be as little as approximately 9 months. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return for a similar level of risk in the event the Notes are called prior to the Maturity Date. If the Notes are not called, your return will be based on the Reference Return of the Least Performing Underlying. If the Notes are not called, your return will be based on the Reference Return of the Least Performing Underlying without regard to the performance of any other Underlying. As a result, you could lose all or some of your initial investment if the Final V alue of the Least Performing Underlying is less than its Barrier V alue, even if there is an increase in the value of any other Underlying. This could be the case even if any other Underlying increased by an amount greater than the decrease in the Least Performing Underlying. Higher Contingent Coupon Rates or lower Barrier V alues are generally associated with Underlyings with greater expected volatility and therefore can indicate a greater risk of loss. " V olatility" refers to the frequency and magnitude of changes in the value of an Underlying. The greater the expected volatility with respect to an Underlyin g on the T rade Date, the higher the expectation as of the T rade Date that the value of that Underlying could close below its Coupon T rigger on an Observation Date or its Barrier V alue on the Final V aluation Date, indicating a higher expected risk of non - payment of Contingent Coupons or loss on the Notes. This greater expected risk will generally be reflected in a higher Contingent Coupon Rate than the yield payable on our conventional debt securities with a similar maturit y , or in more favorable terms (such as a lower Barrier V alue, a lower Coupon T rigger or a higher Contingent Coupon Rate) than for similar securities linked to the performance of an Underlying with a lower expected volatility as of the T rade Date. Y ou should therefore understand that a relatively higher Contingent Coupon Rate may indicate an increased risk of loss. Furthe r , a relatively lower Barrier V alue may not necessarily indicate that the Notes have a greater likelihood of a repayment of principal at maturit y . The volatility of an Underlying can change significantly over the term of the Notes. The value of an Underlying for your Notes could fall sharpl y , which could result in a significant loss of principal. Y ou should be willing to accept the downside market risk of the Least Performing Underlying and the potential to lose some or all of your principal at maturity not receive any Contingent Coupons. The Notes do not guarantee any return of principal and you may lose all of your Principal Amount. The Notes do not guarantee any return of principal. The Notes differ from ordinary debt securities in that we will not pay you 100% of the Principal Amount of your Notes if the Notes are not called and the Final V alue of the Least Performing Underlying is less than its Barrier V alue. In this case, the Payment at Maturity you will be entitled to receive will be less than the Principal Amount and you will lose 1% for each 1% that the Reference Return of the Least Performing Underlying is less than 0.00%. Y ou may lose up to 100% of your investment at maturit y . Even with any Contingent Coupons received prior to maturit y , your return on the Notes may be negative in this case. The amount payable on the Notes is not linked to the values of the Underlyings at any time other than the Observation Dates, including the Final V aluation Date. The payments on the Notes will be based on the Official Closing Levels of the Underlyings on the Observation Dates, including the Final V aluation Date, subject to postponement for non - trading days and certain Market Disruption Events. Even if the value of each Underlying

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F W P - 9 is greater than or equal to its Coupon T rigger during the term of the Notes other than on an Observation Date but then decreases on an Observation Date to a value that is less than its Coupon T rigge r , the Contingent Coupon will not be payable for the relevant quarterly period. Similarl y , if the Notes are not called, even if the value of the Least Performing Underlying is greater than or equal to its Barrier V alue during the term of the Notes other than on the Final V aluation Date but then decreases on the Final V aluation Date to a value that is less than its Barrier V alue, the Payment at Maturity will be less, possibly significantly less, than it would have been had the Payment at Maturity been linked to the value of the Least Performing Underlying prior to such decrease. Although the actual values of the Underlyings on the Maturity Date or at other times during the term of the Notes may be higher than their respective values on the Observation Dates, whether each Contingent Coupon will be payable and the Payment at Maturity will be based solely on the Official Closing Levels of the Underlyings on the applicable Observation Dates. Because the Notes are linked to the performance of the Least Performing Underlying, you are exposed to greater risks of receiving no Contingent Coupons and sustaining a significant loss on your investment than if the Notes were linked to just one Underlying. The risk that you will not receive any Contingent Coupons, or that you will suffer a significant loss on your investment, is greater if you invest in the Notes as opposed to substantially similar securities that are linked to the performance of just one Underlying. With multiple Underlyings, it is more likely that one of the Underlyings will close below its respective Coupon T rigger on any Observation Date (including the Final V aluation Date) and below its respective Barrier V alue on the Final V aluation Date, than if the Notes were linked to only one Underlying. Therefore, it is more likely that you will not receive any Contingent Coupons, and that you will suffer a significant loss on your investment. In addition, because each Underlying must close above its Call Threshold on a Call Observation Date in order for the Notes to be called, the Notes are less likely to be called than if the Notes were linked to just one Underlying. Y ou may not receive any Contingent Coupons. W e will not necessarily make periodic coupon payments on the Notes. If the Official Closing Level of any Underlying on an Observation Date is less than its Coupon T rigge r , we will not pay you the Contingent Coupon applicable to that Observation Date. If on each of the Observation Dates, the Official Closing Level of any Underlying is less than its Coupon T rigge r , we will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on, the Notes. Generall y , this non - payment of the Contingent Coupon coincides with a period of greater risk of principal loss on the Notes. Since the Notes are linked to the performance of more than one Underlying, you will be fully exposed to the risk of fluctuations in the value of each Underlying. Since the Notes are linked to the performance of more than one Underlying, the Notes will be linked to the individual performance of each Underlying. Because the Notes are not linked to a weighted basket, in which the risk is mitigated and diversified among all of the components of a basket, you will be exposed to the risk of fluctuations in the values of the Underlyings to the same degree for each Underlying. For example, in the case of securities linked to a weighted basket, the return would depend on the weighted aggregate performance of the basket components reflected as the basket return. Thus, the depreciation of any basket component could be mitigated by the appreciation of another basket component, as scaled by the weightings of such basket components. Howeve r , in the case of these Notes, the individual performance of each of the Underlyings would not be combined to calculate your return and the depreciation of either of the Underlyings would not be mitigated by the appreciation of the other Underlying. Instead, your return would depend on the Least Performing Underlying. Risks Relating to the Reference Asset Changes that affect the value of an Underlying may affect the market value of the Notes and the amount you will receive on the Notes and the amount you will receive at maturit y. The policies of the reference sponsor of an Underlying concerning additions, deletions and substitutions of the stocks included in an Underlying, and the manner in which the reference sponsor takes account of certain changes affecting those stocks, may affect the value of an Underlying. The policies of the reference sponsor with respect to the calculation of an Underlying could also affect the value of an Underlying. The reference sponsor may discontinue or suspend calculation or dissemination of an Underlying. Any such actions could affect the value of an Underlying and the value of and the return on the Notes. Small - capitalization risk. The R T Y tracks companies that are considered small - capitalization. These companies often have greater stock price volatilit y , lower trading volume and less liquidity than large - capitalization companies and therefore the level of the R T Y may be more volatile than an investment in stocks issued by large - capitalization companies. Stock prices of small - capitalization companies are also more vulnerable than those of large - capitalization companies to adverse business and economic developments, and the stocks of small - capitalization companies may be thinly traded, making it difficult for the R T Y to track them. In addition, small - capitalization companies are typically less stable financially than large - capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Small - capitalization companies are often subject to less analyst coverage and may be in earl y , and less predictable, periods of their corporate existences. Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service markets, fewer financial resources and less competitive strengths than large - capitalization companies and are more susceptible to adverse developments related to their products.

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F W P - 10 Non - U.S. Securities Risk. Some of the equity securities included in the NDX are issued by non - U.S. companies. Investments in securities linked to the value of such non - U.S. equity securities, such as the Notes, involve risks associated with the home countries of the issuers of those non - U.S. equity securities. The prices of securities in non - U.S. markets may be affected by political, economic, financial and social factors in those countries, or global regions, including changes in government, economic and fiscal policies and currency exchange laws. General Risk Factors The Notes are subject to the credit risk of HSBC US A Inc. The Notes are senior unsecured debt obligations of the Issue r , and are not, either directly or indirectl y , an obligation of any third part y . As further described in the accompanying prospectus supplement and prospectus, the Notes will rank on par with all of the other unsecured and unsubordin a ted debt obligations of HSBC, except such obligations as may be preferred by operation of la w . Any payment to be made on the Notes, including any return of principal at maturit y , 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 Notes and, in the event HSBC were to default on its obligations, you may not receive the amounts owed to you under the terms of the Notes. The Notes are not insured or guaranteed by any governmental agency of the United States or any other jurisdiction. The Notes are not deposit liabilities or other 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 obligations as they become due, you may not receive the full payments due on the Notes. The Estimated Initial V alue of the Notes, which will be determined by us on the T rade Date, is expected to be less than the price to public and may differ from the market value of the Notes in the secondary market, if an y. The Estimated Initial V alue of the Notes will be calculated by us on the T rade Date and is expected to be less than the price to public. The Estimated Initial V alue will reflect our and our affiliates ' internal funding rate, which is the borrowing rate paid to issue market - linked securities, as well as the mid - market value of the embedded derivatives in the Notes. This internal funding rate is typically lower than the rate we would use when we issue conventional fixed or floating rate debt securities. As a result of the difference between our internal funding rate and the rate we would use when we issue conventional fixed or floating rate debt securities, the Estimated Initial V alue of the Notes may be lower if it were based on the prices at which our fixed or floating rate debt securities trade in the secondary market. In addition, if we were to use the rate we use for our conventional fixed or floating rate debt issuances, we would expect the economic terms of the Notes to be more favorable to you. W e will determine the value of the embedded derivatives in the Notes by reference to our or our affiliates ' internal pricing models. These pricing models consider certain assumptions and variables, which can include volatility and interest rates. Different pricing models and assumptions could provide valuations for the Notes that are different from our Estimated Initial V alue. These pricing models rely in part on certain forecasts about future events, which may prove to be incorrect. The Estimated Initial V alue does not represent a minimum price at which we or any of our affiliates would be willing to purchase your Notes in the secondary market (if any exists) at any time. The price of your Notes in the secondary market, if an y , immediately after the T rade Date is expected to be less than the price to public. The price to public takes into account certain costs. These costs include our affiliates ' projected hedging profits (which may or may not be realized) for assuming risks inherent in hedging our obligatio n s under the Notes, the underwriting discount and the costs associated with structuring and hedging our obligations under the Notes. These costs will be used or retained by us or one of our affiliates, except for underwriting discounts paid to unaffiliated distributors. If you were to sell your Notes in the secondary market, if an y , the price you would receive for your Notes may be less than the price you paid for them because secondary market prices will not take into account these costs. The price of your Notes in the secondary market, if an y , at any time after issuance will vary based on many factors, including the values of the Underlyings and changes in market conditions, and cannot be predicted with accurac y . The Notes are not designed to be short - term trading instruments, and you should, therefore, be able and willing to hold the Notes to maturit y . Any sale of the Notes prior to maturity could result in a loss to you. If we were to repurchase your Notes immediately after the Original Issue Date, the price you receive may be higher than the Estimated Initial V alue of the Notes. Assuming that all relevant factors remain constant after the Original Issue Date, the price at which HSBC Securities (USA) Inc. may initially buy or sell the Notes in the secondary market, if an y , and the value that may initially be used for customer account statements, if an y , may exceed the Estimated Initial V alue on the T rade Date for a temporary period expected to be approximately 6 months after the Original Issue Date. This temporary price difference may exist because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the Notes and other costs in connection with the Notes that we will no longer expect to incur over the term of the Notes. W e will make such discretionary election and determine this temporary reimbursement period on the basis of a number of factors, including the tenor of the Notes and any agreement we may have with the distributors of the Notes.

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F W P - 11 The amount of our estimated costs which we effectively reimburse to investors in this way may not be allocated ratably throughout the reimbursement period, and we may discontinue such reimbursement at any time or revise the duration of the reimbursement period after the Original Issue Date of the Notes based on changes in market conditions and other factors that cannot be predicted. Y ou will not have any ownership interest in the stocks included in an Underlying. As a holder of the Notes, you will not have any ownership interest in the stocks included in an Underlying, such as rights to vote, dividend payments or other distributions. Because the return on the Notes will not reflect any dividends on those stocks, the Notes may underperform an investment in the stocks included in an Underlying. The Notes lack liquidit y. The Notes will not be listed on any securities exchange or automated quotation system. HSBC Securities (USA) Inc. is not required to offer to purchase the Notes in the secondary market, if any exists. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easil y . Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if an y , at which HSBC Securities (USA) Inc. is willing to buy the Notes. Potential conflicts of interest may exist. An affiliate of HSBC has a minority equity interest in the owner of an electronic platform, through which we may make available certain structured investments offering materials. HSBC and its affiliates play a variety of roles in connection with the issuance of the Notes, including acting as calculation agent and hedging our obligation s under the Notes. In performing these duties, the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Notes. W e will not have any obligation to consider your interests as a holder of the Notes in taking any action that might affect the value of your Notes . Uncertain tax treatment. For a discussion of the U.S. federal income tax consequence s of your investment in a Note, please see the discussion under "U.S. Federal Income T ax Considerations" herein and the discussion under "U.S. Federal Income T ax Considerations" in the accompanying prospectus supplement.

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F W P - 12 ILLUSTR A TIVE EXAMPLES The following table and examples are provided for illustrative purposes only and are hypothetical. They do not purport to be representative of every possible scenario concerning increases or decreases in the value of any Underlying relative to its Initial V alue. W e cannot predict the Official Closing Level of an Underlying on any Observation Date, including the Final V aluation Date. The assumptions we have made in connection with the illustrations set forth below may not reflect actual events. Y ou should not take this illustration or these examples as an indication or assurance of the expected performance of the Underlyings or the return on the Notes. The table and examples below illustrate how the Contingent Coupon and the Payment at Maturity would be calculated with respect to a $1,000 investment in the Notes, given a range of hypothetical performances of any Underlying. The hypothetical returns on the Notes below are numbers, expressed as percentages, that result from comparing the Payment at Maturity per $1,000 Principal Amount to $1,000. The numbers appearin g in the following table and examples may have been rounded for ease of analysis. The following table and examples assume the following: ► Principal Amount : $1,000 ► Hypothetical Initial V alue of eac h Underlying\*: 1,000.00 ► Hypothetical Call Threshold of eac h Underlying : 1,000.00, 100.00% of its Hypothetical Initial value ► Hypothetical Barrier V alue of eac h Underlying : 600.00 (60.00% of its Hypothetical Initial V alue) ► Hypothetical Coupon T rigger of eac h Underlying : 700.00 (70.00% of its Hypothetical Initial V alue) ► Hypothetical Contingent Coupon Rate : 10.15% per annum, payable quarterly (2.5375% for each quarter in which it is payable). The actual Contingent Coupon Rate will be at least 10.15% per annum and will be determined on the T rade Date. \* The hypothetical Initial V alue of 1,000.00 used in the examples below has been chosen for illustrative purposes only and does not represent the actual Ini tial V alue of any Underlying. The actual Initial V alue of each Underlying will be determined on the Pricing Date and set forth in the final pricing supplement to which this fr ee writing prospectus relates. Summary of the Examples Notes Are Called on a Call Observation Date Notes Are Not Called on Any Call Observation Date Example 1 Example 2 Example 3 Example 4 Initial V alue of each Underlying 1,000.00 1,000.00 1,000.00 1,000.00 Call Threshold of each Underlying 1,000.00 1,000.00 1,000.00 1,000.00 Barrier V alue of each Underlying 600.00 600.00 600.00 600.00 Coupon T rigger of each Underlying 700.00 700.00 700.00 700.00 Observation Dates Official Closing Level / Percentage Change of the Least Performing Underlying 1 st Observation Date to 2 nd Observation Date 735.00 / - 26.50% Contingent Coupons: 2 x $25.375 = $50.75 749.00 / - 25.10% Contingent Coupons: 2 x $25.375 = $50.75 740.00 / - 26.00% Contingent Coupons: 2 x $25.375 = $50.75 735.00 / - 26.50% Contingent Coupons: 2 x $25.375 = $50.75 3 rd Observation Date (1 st Call Observation Date) 1,200.00 / 20.00% Contingent Coupons: 1 x $25.375 = $25.375 740.83 / - 25.917% Contingent Coupons: 1 x $25.375 = $25.375 560.00 / - 44.00% Contingent Coupons: $0 400.00 / - 60.00% Contingent Coupons: $0 4 th Observation Date to the 1 1 th Observation Date (including 2 nd Call Observation Date to 9 th Call Observation Date) N/A Official Closing Level is at or above the Coupon T rigger but below the Call Threshold Contingent Coupons: 8 x $25.375 = $203.0 Official Closing Level below the Coupon T rigger Contingent Coupons: $0 Official Closing Level is below the Coupon T rigger Contingent Coupons: $0 Final V aluation Date N/A 724.50 / - 27.55% Contingent Coupons: 1 x $25.375 = $25.375 490.00 / - 51.00% Contingent Coupons: $0 630.00 / - 37.00% Contingent Coupons: $0 T otal Contingent Coupons Prior to Maturity or Call $50.75 $279.125 $50.75 $50.75 Payment if Notes are Called $1,000 + $25.375 = $1,025.375 N/A N/A N/A

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F W P - 13 Payment at Maturity N/A $1,000 + $25.375 = $1,025.375 $1,000 + ($1,000 x - 51.00%) = $490.00 $1,000.00 T otal payments on the Notes $1,076.125 $1,304.50 $540.75 $1,050.75 Return of the Notes 7.6125% 30.45% - 45.925% 5.075%

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F W P - 14 Example 1 — The Official Closing Level of each Underlying on the first Call Observation Date is greater than or equal to its Call Threshold and the Notes are called. Underlying Initial V alue Official Closing Level SPX 1,000.00 1,250.00 (125.00% of Initial V alue) R TY 1,000.00 1,200.00 (120.00% of Initial V alue) NDX 1,000.00 1,290.00 (129.00% of Initial V alue) Payment Upon a Call: $1,025.375 Because the Official Closing Level of each Underlying on the first Call Observation Date is at or above its Call Threshold, the Notes will be called and you will receive $1,025.375 per Note, reflecting the Principal Amount plus the Contingent Coupon. When added to the aggregate Contingent Coupon payments of $50.75 received prior to the first Call Observation Date, we will have paid you a total of $1,076.125 per Note, resulting in a 7.6125% return on the Notes. No extra payment will be made on account of each Underlying closing above its respective Initial V alue. Example 2 — The Notes are not called, the Final V alue of the Least Performing Underlying is greater than or equal to its Barrier V alue, and each Underlying closed at or above its Coupon T rigger (but below its Call Threshold) on all Observation Dates prior to maturit y. Underlying Initial V alue Final V alue SPX 1,000.00 1,150.00 (1 15.00% of Initial V alue) R TY 1,000.00 724.50 (72.45% of Initial V alue) NDX 1,000.00 1,100.00 (1 10.00% of Initial V alue) The R T Y is the Least Performing Underlying. Reference Return of the Least Performing Underlying: - 27.55% Payment at Maturity: $1,025.375 Because the Final V alue of the Least Performing Underlying is greater than or equal to its Coupon T rigge r , you will receive $1,025.375 per Note, reflecting the Principal Amount plus the final Contingent Coupon, calculated as follows: Final Settlement V alue = $1,000 + $25.375 = $1,025.375 When added to the aggregate Contingent Coupon payments of $279.125 received in respect of all previous Observation Dates, we will have paid you a total of $1,304.50 per Note, resulting in a 30.45% return on the Notes. Example 3 — The Notes are not called, the Final V alue of the Least Performing Underlying is less than its Barrier V alue, and each Underlying closed at or above its Coupon T rigger on all Observation Dates prior to the first Call Observation Date and below its Coupon T rigger on all other Observation Dates prior to maturit y. Underlying Initial V alue Final V alue SPX 1,000.00 1,050.00 (105.00% of Initial V alue) R TY 1,000.00 490.00 (49.00% of Initial V alue) NDX 1,000.00 1,100.00 (1 10.00% of Initial V alue) The R T Y is the Least Performing Underlying. Reference Return of the Least Performing Underlying: - 51.00% Payment at Maturity: $490.00 Because the Final V alue of the Least Performing Underlying is less than its Barrier V alue, you will receive $490.00 per Note, calculated as follows: Final Settlement V alue = $1,000 + ($1,000 x - 51.00%) = $490.00 When added to the aggregate Contingent Coupon payments of $50.75 received prior to the first Call Observation Date, we will pay you a total of $540.75 per Note, resulting in a - 45.925% return on the Notes. If the Notes are not called and the Final V alue of the Least Performing Underlying is less than its Barrier V alue, you will be exposed to any decrease in the value of the Least Performing Underlying on a 1:1 basis and could lose up to 100% of your principal at maturi t y.

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F W P - 15 Example 4 — The Notes are not called, the Final V alue of the Least Performing Underlying is less than its Coupon T igger but greater than or equal to its Barrier V alue, and each Underlying closed at or above its Coupon T rigger on all Observation Dates prior to the first Call Observation Date, but below its Coupon T rigger on all other Observation Dates prior to maturit y. Underlying Initial V alue Final V alue SPX 1,000.00 1,100.00 (1 10.00% of Initial V alue) R TY 1,000.00 630.00 (63.00% of Initial V alue) NDX 1,000.00 1,050.00 (105.00% of Initial V alue) The R T Y is the Least Performing Underlying. Reference Return of the Least Performing Underlying: - 37.00% Payment at Maturity: $1,000.00 Because the Final V alue of the Least Performing Underlying is less the Coupon T rigger but greater than or equal to its Barrier V alue, you will receive $1,000.00 per Note. When added to the aggregate Contingent Coupon payments of $50.75 received in respect of all previous Observation Dates, we will have paid you a total of $1,050.75 per Note, resulting in a 5.075% return on the Notes.

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F W P - 16 DESC RI P T I O N O F TH E R E FE RE N C E AS SET Description of the SPX Historical Performance of the SPX The S& P 500® Index ("SPX") is a market capitalization - weighted index intended to provide a performance benchmark for the large - cap U.S. equity markets. The SPX includes a representative sample of 500 companies in leading industries of the U.S. econom y. For more information about the SPX, see "The S& P 500® Index" beginning on page S - 54 of the accompanying Equity Index Underlying Supplement. The following graph sets forth the historical performance of the SPX based on the daily historical closing values from May 31, 2016 through May 29, 2026. W e obtained the closing values below from the Bloomberg Professional® service. W e have not undertaken any independent review of, or made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional® service. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2000 4000 6000 8000 The historical values of the SPX should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Level of the SPX on any Observation Date, including the Final V aluation Date. Description of the RTY Historical Performance of the RTY The Russell 2000® Index (" R TY") is designed to track the performance of the small capitalization segment of the U.S. equity market. All 2,000 stocks are traded on a major U.S. exchange, and the R T Y consists of the smallest 2,000 companies included in the Russell 3000® Index. The Russell 3000® Index is composed of the 3,000 largest U.S. companies as determined by market capitalization. For more information about the R T Y , see "The Russell 200 0® Index" beginning on page S - 44 of the accompanying Equity Index Underlying Supplement. The following graph sets forth the historical performance of the R T Y based on the daily historical closing values from May 31, 2016 through May 29, 2026. W e obtained the closing values below from the Bloomberg Professional® service. W e have not undertaken any independent review of, or made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional® service. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1000 2000 3000 The historical values of the R T Y should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Level of the R T Y on any Observation Date, including the Final V aluation Date.

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F W P - 17 Description of the NDX Historical Performance of the NDX The Nasdaq - 100 Index® ("NDX") is a modified market capitalization - weighted index of 100 of the largest non - financial companies listed on the NASDAQ Stock Market based on market capitalization. It does not contain securities of financial companies (based on the Financials industry classification according to the Industry Classification Benchmark). Each underlying stock ' s influence on the level of the NDX is directly proportional to the value of its share weight. For more information about the NDX, see "The Nasdaq - 100 Index® " beginning on page S - 30 of the accompanying Equity Index Underlying Supplement. The following graph sets forth the historical performance of the NDX based on the daily historical closing values from May 31, 2016 through May 29, 2026. W e obtained the closing values below from the Bloomberg Professional® service. W e have not undertaken any independent review of, or made any due diligence inquiry with respect to, the information obtained from the Bloomberg Professional® service. 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 10000 20000 30000 40000 The historical values of the NDX should not be taken as an indication of future performance, and no assurance can be given as to the Official Closing Level of the NDX on any Observation Date, including the Final V aluation Date. EVENTS OF DE F AU L T AND ACCELER A TION If the Notes have become immediately due and payable following an Event of Default (as defined in the accompanying prospectus) with respect to the Notes, the calculation agent will determine the accelerated payment due and payable in the same general manner as described in this document except that in such a case, the scheduled trading day immediately preceding the date of acceleration will be used as the Final V aluation Date for purposes of determining the Reference Return of any Underlying, and the accelerated Maturity Date will be three business days after the accelerated Final V aluation Date. If a Market Disruption Event exists with respect to any Underlying on that scheduled trading da y , then the accelerated Final V aluation Date for that Underlying will be postponed for up to five scheduled trading days (in the same manner used for postponing the originally scheduled Final V aluation Date). The accelerated Maturity Date will also be postponed by an equal number of business days. For the avoidance of doubt, if no Market Disruption Event exists with respect to an Underlying on the scheduled trading day preceding the date of acceleration, the determination of such Underlying ' s Reference Return will be made on such date, irrespective of the existence of a Market Disruption Event with respect to any other Underlying occurring on such date. If the Notes have become immediately due and payable following an Event of Default, you will not be entitled to any additional payments with respect to the Notes. For more information, see "Description of Debt Securities — Senior Debt Securities — Events of Default" in the accompanying prospectus. SUPPLEMEN T A L PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST) W e have appointed HSBC Securities (USA) Inc., an affiliate of HSBC, as the agent for the sale of the Notes. Pursuant to the terms of a distribution agreement, HSBC Securities (USA) Inc. will purchase the Notes from HSBC at the price to public less the underwriting discount set forth on the cover page of the pricing supplement to which this document relates, for distribution to other registered broker - dealers or will offer the Notes directly to investors. HSBC Securities (USA) Inc. proposes to offer the Notes at the price to public set forth on the cover page of this document. HSBC US A Inc. or one of our affiliates may pay varying underwriting discounts of up to 0.25% per $1,000 Principal Amount in connection with the distribution of the Notes to other registered broker - dealers. An affiliate of HSBC has paid or may pay in the future an amount to broker - dealers in connection with the costs of the continuing implementation of systems to support the Notes. W e or one of our affiliates may pay a fee to one or more broker dealers for providing certain services with respect to this offering, which may reduce the economic terms of the notes to you. In addition, HSBC Securities (USA) Inc. or another of its affiliates or agents may use the pricing supplement to which this free writing prospectus relates in market - making transactions after the initial sale of the Notes, but is under no obligation to make a market in the Notes and may discontinue any market - making activities at any time without notice. W e expect that delivery of the Notes will be made against payment for the Notes on or about the Original Issue Date set forth on the inside cover page of this document, which is more than one business day following the T rade Date. Under Rule 15c6 - 1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business da y , unless the parties to that trade expressly agree otherwise. Accordingl y , purchasers who wish to trade the Notes more than one business day prior to the Original Issue Date will be required to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page S - 87 in the prospectus supplement.

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F W P - 18 U.S. FEDERA L INCOME T AX CONSIDER A TIONS There is no direct legal authority as to the proper tax treatment of the Notes, and therefore significant aspects of the tax treatment of the Notes are uncertain as to both the timing and character of any inclusion in income in respect of the Notes. Under one approach, a Note should be treated as a contingent income - bearing pre - paid executory contract with respect to the Underlyings. W e intend to treat the Notes consistent with this approach. Pursuant to the terms of the Notes, you agree to treat the Notes under this approach for all U.S. federal income tax purposes. Subject to the limitations described therein, and based on certain factual representations received from us, in the opinion of our special U.S. tax counsel, Mayer Brown LL P , it is reasonable to treat a Note as a contingent income - bearing pre - paid executory contract with respect to the Underlyings. Because there are no statutory provisions, regulations, published rulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are substantially the same as those of the Notes, other characterizations and treatments are possible and the timing and character of income in respect of the Notes might differ from the treatment described herein. For example, the Notes could be treated as debt instruments that are "contingent payment debt instruments" for U.S. federal income tax purposes subject to the treatment described under the heading "U.S. Federal Income T ax Considerations — T ax T reatment of U.S. Holders — U.S. Federal Income T ax T reatment of the Notes as Indebtedness for U.S. Federal Income T ax Purposes — Contingent Notes" in the accompanying prospectus supplement. W e will not attempt to ascertain whether any of the entities whose stock is included in an Underlying would be treated as a passive foreign investment company ("PFIC") or United States real property holding corporation ("USRPHC"), both as defined for U.S. federal income tax purposes. If one or more of the entities whose stock is included in an Underlying were so treated, certain adverse U.S. federal income tax consequences might appl y . Y ou should refer to information filed with the SEC and other authorities by the entities whose stock is included in an Underlyin g and consult your tax advisor regarding the possible consequences to you if one or more of the entities whose stock is included in any Underlying is or becomes a PFIC or a USRPHC. U.S. Holders. Please see the discussion under the heading "U.S. Federal Income T ax Considerations — T ax T reatment of U.S. Holders — Certain Notes T reated as a Put Option and a Deposit or an Executory Contract — Certain Notes T reated as Executory Contracts" in the accompanying prospectus supplement for further discussion of U.S. federal income tax considerations applicable to U.S. holders (as defined in the accompanying prospectus supplement). Pursuant to the approach discussed above, we intend to treat any gain or loss upon maturity or an earlier sale, exchange, or call as capital gain or loss in an amount equal to the difference between the amount you receive at such time (other than with respect to a Contingent Coupon) and your tax basis in the Note. Any such gain or loss will be long - term capital gain or loss if you have held the Note for more than one year at such time for U.S. federal income tax purposes. Y our tax basis in a Note generally will equal your cost of the Note. In addition, the tax treatment of the Contingent Coupons is unclea r . Although the tax treatment of the Contingent Coupons is unclea r , we intend to treat any Contingent Coupon, including on the Maturity Date, as ordinary income includible in income by you at the time it accrues or is received in accordance with your normal method of accounting for U.S. federal income tax purposes. Non - U.S. Holders. Please see the discussion under the heading "U.S. Federal Income T ax Considerations — T ax T reatment of Non - U.S. Holders" in the accompanying prospectus supplement for further discussion of U.S. federal income tax considerations applicable to non - U.S. holders (as defined in the accompanying prospectus supplement). Because the U.S. federal income tax treatment (including the applicability of withholding) of the Contingent Coupons is uncertain, the entire amount of the Contingent Coupons will be subject to U.S. federal income tax withholding at a 30% rate (or at a lower rate under an applicable income tax treaty). W e will not pay any additional amounts in respect of such withholding. Under current la w , while the matter is not entirely clea r , individual non - U.S. holders, and entities whose property is potentially includible in those individuals ' gross estates for U.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained certain interests or powers), should note that, absent an applicable treaty benefit, the Notes are likely to be treated as U.S. situs propert y , subject to U.S. federal estate tax. These individuals and entities should consult their own tax advisors regarding the U.S. federal estate tax consequences of investing in the Notes. A "dividend equivalent" payment is treated as a dividend from sources within the United States and such payments generally would be subject to a 30% U.S. withholdi n g tax if paid to a non - U.S. holde r . Under U.S. T reasury Department regulations, payments (including deemed payments) with respect to equity - linked instruments ("ELIs") that are "specified ELIs" may be treated as dividend equivalents if such specified ELIs reference an interest in an "underlying securit y ," which is generally any interest in an entity taxable as a corporation for U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. Howeve r , Internal Revenue Service guidance provides that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta - one instruments and that are issued before January 1, 2027. Based on the Issue r ' s determination that the Notes are not "delta - one" instruments, non - U.S. holders should not be subject to withholding on dividend equivalent payments, if an y , under the Notes. Howeve r , it is possible that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting an Underlying or the Notes, and following such occurrence the Notes could be treated as subject to withholding on dividend equivalent payments. Non - U.S. holders that ente r , or have entered, into other transactions in respect of an Underlyin g or the Notes should consult their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes and their other transactions. If any payments are treated as dividend equivalents subject to withholding, we (or the applicable paying agent) would be entitled to withhold taxes without being required to pay any additional amounts with respect to amounts so withheld. For a discussion of the U.S. federal income tax consequence s of your investment in a Note, please see the discussion under "U.S. Federal Income T ax Considerations" in the accompanying prospectus supplement. PROSPECTIVE PURCHASERS OF NOTES SHOULD CONSU L T THEIR T AX ADVISORS AS T O THE FEDERAL, S TA TE, LOCAL, AND OTHER T AX CONSEQUENCES T O THEM OF THE PURCHASE, OWNERSHI P AND DISPOSITION OF NOTES.

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T ABLE OF CONTENTS Free W riting Prospectus General FWP - 6 Payment on the Notes FWP - 6 Investor Suitability FWP - 7 Risk Factors FWP - 8 Illustrative Examples FWP - 12 Description of the Reference Asset FWP - 16 Events of Default and Acceleration FWP - 17 Supplemental Plan of Distribution (Conflicts of Interest) FWP - 17 U.S. Federal Income T ax Considerations FWP - 18 Equity Index Underlying Supplement Disclaimer ii Risk Factors S - 1 The DAX® Index S - 8 The Dow Jones Industrial A verage® S - 10 The EURO S T OXX 50® Index S - 12 The EURO S T OXX® Banks Index S - 14 The FTSE® 100 Index S - 16 The Hang Seng® Index S - 17 The Hang Seng China Enterprises Index S - 19 The KOSPI 200 Index S - 21 The MSCI Indices S - 23 The NASDAQ 100 Index® S - 30 The Nikkei Stock A verage S - 33 The NYSE® F ANG+ Index S - 35 The PHLX Housing Sector Index S - 40 The Russell 2000® Index S - 44 The S& P 100® Index S - 47 The S& P 500® Index S - 54 The S& P 500® Low V olatility Index S - 61 The S& P BRIC 40 Index S - 64 The S& P MidCap 400® Index S - 67 The S&P/ASX 200 Index S - 74 The S& P 500® ESG Index S - 77 The T OPIX® Index S - 82 The Swiss Market Index S - 84 Additional T erms of the Notes S - 86 Prospectus Supplement Risk Factors S - 1 Pricing Supplement S - 12 Description of Notes S - 14 Use of Proceeds and Hedging S - 58 Certain ERIS A and Related Considerations S - 59 U.S. Federal Income T ax Considerations S - 61 Supplemental Plan of Distribution (Conflicts of Interest) S - 87 Prospectus About this Prospectus 1 Risk Factors 2 Where Y ou Can Find More Information 3 Special Note Regarding Forward - Looking Statements 4 HSBC US A Inc. 6 Use of Proceeds 7 Description of Debt Securities 8 Description of Preferred Stock 19 Description of W arrants 24 Description of Purchase Contracts 29 Description of Units 32 Book - Entry Procedures 35 Limitations on Issuances in Bearer Form 39 U.S. Federal Income T ax Considerations Relating to Debt Securities 40 Certain European Union T ax Considerations Relating to Debt Securities 48 Plan of Distribution (Conflicts of Interest) 49 Notice to Canadian Investors 52 Notice to EE A Investors 53 Notice to U.K. Investors 54 U.K. Financial Promotion 54 Certain ERIS A and Related Matters 55 Legal Opinions 57 Experts 58 Y ou should only rely on the information contained in this document, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. W e have not authorized anyone to provide you with information or to make any representation to you that is not contained in this document, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus. If anyone provides you with different or inconsistent information, you should not rely on it. This document, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus are not an offer to sell these Notes, and these documents are not soliciting an offer to buy these Notes, in any jurisdiction where the offer or sale is not permitted. Y ou should not, under any circumstances, assume that the information in this document, the accompanying Equity Index Underlying Supplement, prospectus supplement and prospectus is correct on any date after their respective dates. HSBC US A Inc. $[ ] Autocallable Contingent Income Barrier Notes Linked to the Least Performing of the S& P 500® Index, the Russell 2000® Index and the Nasdaq - 100 Index® June 2 , 2026 Free W riting Prospectus FWP -

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