[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","wdrk3unhj79oq25966oxo8yto","revision",2,"title","HSBC USA 发行挂钩三只科技股的自动赎回证券","originalTitle","HSBC USA INC /MD/ (0000083246) (Filer)","summary","HSBC USA Inc.发行面值$1,000的自动赎回证券，挂钩NVDA、GOOGL、AVGO中表现最差的一只，到期日2029年10月24日。该证券年化票息19.00%，若最低表现股价格低于起始价70%的门槛价，将累积未付票息；若未自动赎回且跌幅超过30%，投资者将面临本金损失。发行价$1,000，估计初始价值$967，不提供固定利息且不上市交易。","reason","该产品属于结构性票据，收益与风险高度依赖于挂钩标的（NVDA、GOOGL、AVGO）中表现最差一只的走势，且存在本金损失风险。投资者需关注自动赎回条款、税务处理的不确定性以及缺乏二级市场流动性等特征。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_78":88},"publishedAt","2026-10-21T16:38:21.000Z","discoveredAt","2026-10-21T16:44:30.848Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[],"score",70,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f6eMT6KjAG2w",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","5aff6675-d2f5-4100-8831-77f13a658dd3","HSBC USA发行挂钩科技股自动赎回证券",{"_73":74,"_16":75},"

根据规则 424(b)(2) 提交

注册编号 333-277211

2026年 10月 19日

定价补充

(与产品补充第 2号
2024年 5月 8日，招股说明书补充文件日期为
2024年 2月 21日和招股说明书日期为2024年 2月 21日)

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HSBC USA Inc.

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市场联动证券—自动赎回带有附带票息和记忆功能以及附带下行风险
3,820,000 美元本金在2029年10月24日到期，与NVIDIA公司普通股、Alphabet公司A类普通股和Broadcom公司普通股中表现最差的股票挂钩
¨		与NVIDIA公司普通股、Alphabet公司A类普通股和Broadcom公司普通股中表现最差的股票挂钩（每只称为“标的股票”，合称为“标的股票”）
¨		与普通债务证券不同，这些证券不提供固定利息支付，也不在到期时偿还固定本金金额，并且可能根据以下描述的条款在到期前被自动赎回。无论这些证券是否支付附带票息，是否在到期前被自动赎回，以及如果未被自动赎回，您是否在到期时收到证券的面值，均取决于相关计算日表现最差的标的股票的收盘价。在任何计算日，表现最差的标的股票是指该计算日其收盘价相对于起始价格百分比最低的标的股票
¨		附带票息支付。如果且仅当当月计算日表现最差的标的股票的收盘价大于或等于其票息阈值价格，这些证券将在每月支付附带票息，直到 stated maturity 日期或自动赎回日期中的较早者。此外，如果表现最差的标的股票在一个月或多个月的计算日的收盘价低于其票息阈值价格，并且在后续的计算日，表现最差的标的股票的收盘价大于或等于其票息阈值价格，在与该后续计算日相关的附带票息支付日，您将收到该后续计算日的附带票息支付以及所有之前未支付的附带票息支付（不计算之前未支付金额的利息）。如果表现最差的标的股票在每个计算日的收盘价都低于其票息阈值价格，您在整个证券期限内将不会收到任何附带票息支付。每只标的股票的票息阈值价格等于其起始价格的70%。附带票息利率为每年19.00%
¨		自动\n 电话。如果在2027年4月至2029年9月之间的任何每月计算日，表现最差的标的股票的收盘价大于或等于其起始价格，证券将自动被赎回，支付面值加上最终的或有票息支付以及任何之前未支付的或有票息支付。
¨		本金可能损失。如果在到期前证券未被自动赎回，您将在到期时获得面值，前提是且仅当最终计算日表现最差的标的股票的收盘价大于或等于其下行阈值价格。如果最终计算日表现最差的标的股票的收盘价低于其下行阈值价格，您将损失超过30%甚至全部的证券面值。每个标的股票的下行阈值价格等于其起始价格的70%
¨		如果证券在到期前未被自动赎回，如果其结束价格低于其下行阈值价格，您将完全承担表现最差的标的股票从起始价格开始的下行风险，但您不会参与任何标的股票的增值，也不会获得任何标的股票的股息
		您的证券回报将< b >完全取决于每个计算日表现最差的标的股票的表现。您不会以任何方式从表现更好的标的股票的表现中受益。因此，如果< b >任何标的股票表现不佳，即使其他标的股票表现良好，您将受到不利影响。
¨		证券的所有支付均受HSBC USA Inc.的信用风险影响，您无法向任何标的股票的发行人追索付款；如果HSBC USA Inc.未能履行其义务，您可能会损失全部或部分投资
¨		无交易所上市；设计为持有至到期或提前自动赎回

美国证券交易委员会（“SEC”）或任何州证券委员会均未批准或否决证券，也未对本文件、附带的招股说明书、招股说明书补充文件或产品补充文件的准确性或充分性进行审查。与此相反的任何陈述均为刑事犯罪。

证券具有复杂特征，投资证券涉及与传统债务证券无关的风险。您应参考本文件第PS-9页开始的“主要风险考虑因素”以及附带的招股说明书补充文件第S-1页和附带的产品补充文件第PS-5页开始的“风险因素”。

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	原始发行价格	承销折扣 < sup >（1）	汇给HSBC的款项
每证券	$1,000.00	$23.25	$976.75
总计	$3,820,000.00	$88,815.00	$3,731,185.00

(1)

HSBC Securities (USA) Inc. 将获得每单位证券最高23.25美元的承销折扣，该折扣将支付给代理机构Wells Fargo Securities, LLC（“Wells Fargo Securities”）作为佣金。代理机构可能以原始发行价格减去每单位证券17.50美元的让步价，将证券转售给其他证券经销商。此类证券经销商可能包括Wells Fargo Advisors（“WFA”）（Wells Fargo Clearing Services, LLC 和 Wells Fargo Advisors Financial Network, LLC 的零售经纪业务的商标名称，两者均为 Wells Fargo Securities 的关联公司）。除了允许给 WFA 的销售让步外，代理机构可能向 WFA 支付每单位证券 0.75 美元的分销费用，作为 WFA 销售每单位证券的费用。此外，对于此次发行中某些证券的销售，发行人可能向选定的证券经销商支付每单位证券 3.00 美元的费用，作为对与证券向其他证券经销商分发相关的市场推广和其他服务的补偿。有关我们可能如何对证券下的义务进行对冲的更多信息，请参见本定价补充文件中的“证券条款—代理机构佣金和其他费用”以及招股说明书补充文件中的“收益使用和对冲”部分。

证券在定价日的估计初始价值为每单位 967.00 美元，低于公开售价。证券在任何时间的市场价值将反映许多因素，无法准确预测。有关更多信息，请参见本文件第 PS-4 页的“证券条款—估计初始价值”以及从第 PS-9 页开始的“选择性风险考虑因素”。

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HSBC Securities (USA) Inc.

Wells Fargo Securities

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市场联动证券—自动赎回且具有记忆功能的附条件票息证券

本金风险证券，与 NVIDIA 公司普通股、Alphabet Inc. 的 A 类普通股和 Broadcom Inc. 普通股中表现最差者挂钩，到期日为 2029 年 10 月 24 日

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证券条款

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发行人：		HSBC USA Inc.
市场指标：		NVIDIA 公司的普通股（“NVDA”）、Alphabet Inc. 的 A 类普通股（“GOOGL”）和 Broadcom Inc. 的普通股（“AVGO”）（每种被称为“标的股票”，合称为“标的股票”）
原始发行价格：		$1,000 每份证券。
面值：		本定价补充文件中提到的“证券”是指面值为 $1,000 的证券。
定价日：		2026 年 10 月 19 日
发行日：		2026 年 10 月 22 日
最终计算日：		2029 年 10 月 19 日，如以下“—市场中断事件和延期条款”中所述，可能会被延期。
约定到期日：		2029 年 10 月 24 日，可能会被延期。在到期前，证券不接受汇丰银行选择赎回或任何证券持有人选择偿还，也不会自动被赎回。
附带记忆功能的或有票息支付：		\n 在每笔或有票息支付日，除非证券已被自动赎回，若您满足以下条件，您将按年率等于或有票息利率的金额获得或有票息支付（每笔称为“或有票息支付”）：且仅当相关计算日表现最差的标的股票的收盘价大于或等于其票息阈值价格。此外，如果一个或多个计算日表现最差的标的股票的收盘价低于其票息阈值价格，并且在随后的计算日，表现最差的标的股票的收盘价大于或等于其票息阈值价格，则在与该随后计算日相关的或有票息支付日，您将获得该随后计算日应支付的或有票息支付以及所有之前未支付的或有票息支付（不计未支付金额的利息）。 \n \n 每笔或有票息支付（如有）将按每份证券计算如下： \n \n （$1,000 × 或有票息利率）/12。 \n \n 任何或有票息支付将四舍五入至最接近的美分，半美分向上取整。 \n \n 如果任何计算日表现最差的标的股票的收盘价低于其票息阈值价格，您将不会在相关或有票息支付日获得任何或有票息支付。如果表现最差的标的股票在计算日的收盘价低于其票息阈值价格，并且在随后的每个计算日（包括最终计算日）表现最差的标的股票的收盘价均低于其票息阈值价格，您将不会获得任何与这些计算日相关的未支付或有票息支付。此外，如果表现最差的标的股票在所有计算日的收盘价均低于其票息阈值价格，您在整个证券期限内将不会获得任何或有票息支付。
或有票息利率：		年利率19.00%。
票息阈值价格：		针对NVDA为$151.963，针对GOOGL为$240.926，针对AVGO为$234.213，其中每个价格均为其起始价格的70%。
计算日：		每月一次，分别在每年1月、2月、3月、4月、5月、6月、7月、8月、9月、10月、11月和12月的19日，从2026年11月开始，至2029年10月结束。
或有票息支付日：		每月一次，在每个计算日后的第三个营业日（如适用，根据以下“—市场中断事件和延期条款”可能进行延期）；但针对最后一个计算日的或有票息支付日将为规定的到期日。
自动赎回：		如果在2027年4月至2029年9月之间的任何计算日，表现最差的标的股票的收盘价大于或等于其起始价格，则

PS-2

\n\n \n \n

与市场挂钩的证券—自动赎回型，附或有票息、记忆功能及或有下行风险

本金风险与英伟达公司普通股、Alphabet Inc. 的 A 类普通股和博通公司普通股表现最差的证券相关，到期日为 2029 年 10 月 24 日

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		\n 这些证券将被自动赎回，并在相关赎回结算日，您将有权按每份证券获得以美元计价的现金支付，金额等于面值加上最终或有票息支付以及任何之前未支付的或有票息支付。这些证券在第六个计算日之前不会被自动赎回，该计算日大约在发行日后六个月。 \n \n 如果这些证券被自动赎回，它们将在相关赎回结算日停止流通，且在该赎回结算日后，您将不再享有这些证券的任何权利。如果这些证券被自动赎回，您将不会收到我们的任何通知。
赎回结算日：		适用计算日后的三个营业日（如适用，根据以下“—市场中断事件和延期条款”中所述，每个计算日可能会被推迟）。
到期支付金额：		\n 如果在到期前这些证券未被自动赎回，您将在到期时有权按每份证券获得以美元计价的现金支付，金额等于到期支付金额（除最终或有票息支付和任何之前未支付的或有票息支付外，如果适用的话）。每份证券的“到期支付金额”将等于： \n \n ·       如果在最终计算日，表现最差的底层股票的收盘价大于或等于其下行阈值价格： \n \n 1000 美元；或 \n \n ·       如果在最终计算日，表现最差的底层股票的收盘价小于其下行阈值价格： \n \n 1000 美元 × 表现系数在最终计算日表现最差的底层股票的表现系数 \n \n 如果这些证券在到期前未被自动赎回，且在最终计算日表现最差的底层股票的收盘价小于其下行阈值价格，您将在到期时损失超过 30%，甚至可能全部本金。 \n \n 这些证券的任何正回报将仅限于您的或有票息支付之和（如有）。您不会参与任何底层股票的增值，但如果在最终计算日其收盘价小于其下行阈值价格，您将完全承担表现最差的底层股票的下行风险。
下行阈值价格：		对于 NVDA 为 151.963 美元，对于 GOOGL 为 240.926 美元，对于 AVGO 为 234.213 美元，每个价格均为其起始价格的 70%。
表现系数：		对于任何计算日的底层股票，该计算日的收盘价除以其起始价格（以百分比表示）。“
表现最差的底层股票：		对于任何计算日，表现系数最低的底层股票。
起始价格：		对于 NVDA 为 217.09 美元，对于 GOOGL 为 344.18 美元，对于 AVGO 为 334.59 美元，每个价格均为定价日的收盘价。
收盘价：		关于每只基础股票，其在最终计算日的股票收盘价。
股票收盘价：		关于每只基础股票，其股票收盘价、收盘价和调整因子在随附的产品补充文件中的“证券一般条款—与基础股票挂钩的证券的某些条款—某些定义”部分中有规定的含义。
市场中断事件和延期条款：		每个计算日可能会因非交易日和市场中断事件的发生而被延期。此外，如果最终计算日被延期，所列到期日也将被延期，并将对非营业日进行调整。有关计算日和所列到期日调整的更多信息，请参见随附的产品补充文件中的“证券一般条款—市场中断事件的后果；计算日的延期—与多项市场指标挂钩的证券”以及“—支付日期”。为了随附的产品补充文件的目的，每个或有票息支付日和每个赎回结算日均为“支付日期”。此外，有关

PS-3

\n\n \n \n

与市场挂钩的证券—自动赎回型，带有或有票息和记忆功能，并带有或有下行风险

本金风险证券，与英伟达公司普通股、Alphabet Inc. A类普通股和博通公司普通股中表现最差者挂钩，于2029年10月24日到期

$\"\"$

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		有关可能导致市场中断事件的情况，请参见随附的产品补充文件中的“证券一般条款—与基础股票挂钩的证券的某些条款—市场中断事件”。
计算代理：		HSBC Securities (USA) Inc.
预估初始价值：		证券的预估初始价值低于您购买证券时支付的价格。预估初始价值并不代表我们或我们的任何关联方在任何时间在二级市场（如有）愿意购买您的证券的最低价格。请参见“选择性风险考虑事项—证券的预估初始价值，该价值由我们在定价日确定，低于原始发行价格，并可能与二级市场（如有）中证券的市场价值不同。”
美国重大税务后果：		有关持有和处置证券的美国联邦所得税和遗产税后果的讨论，请参见本文中的“美国联邦所得税考虑事项”以及随附的招股说明书补充文件中的“美国联邦所得税考虑事项”。
代理佣金和其他费用：		\n HSBC Securities (USA) Inc. 将获得每项证券23.25美元的承销折扣，它将把该折扣支付给代理机构Wells Fargo Securities作为佣金。代理机构可能会以证券的原始发行价格减去每项证券17.50美元的让步价，将证券转售给其他证券经销商。此类证券经销商可能包括WFA。除了允许给WFA的销售让步外，Wells Fargo Securities还可能向WFA支付每项证券0.75美元的分销费用，作为WFA每售出一项证券的分销费用。此外，对于本次发行中出售的某些证券，发行人可能会向选定的证券经销商支付每项证券3.00美元的费用，作为对与证券向其他证券经销商分发相关的市场推广和其他服务的补偿。 \n \n 我们预计通过代理机构、我们或其关联方和/或另一家独立交易对手来对冲我们的义务，该交易对手预计将在承担与证券相关的对冲义务相关的风险的情况下，根据其自有定价模型实现对冲利润。如果参与证券分发的任何经销商或其任何关联方就证券进行对冲活动，该经销商或其关联方预计将根据其自有定价模型从此类对冲活动中实现利润。任何此类预期利润将额外于与向您出售证券相关的任何折扣、让步或费用。
结算：		证券的交付将在上述指定的发行日于纽约州纽约市进行，预计该日期将是在定价日后超过一个营业日。根据1934年《证券交易法》第15c6-1的规则，二级市场中的交易通常要求在一个营业日内结算，除非交易双方明确同意其他方式。因此，希望在交付日前一天之前交易证券的购买者将需要指定替代的结算安排，以防止结算失败。
面额：		1000美元及任何1000美元的整数倍数。
CUSIP / ISIN：		40447LSA9 / US40447LSA97

PS-4

\n\n \n \n

市场联动证券—自动赎回且具有条件票息、记忆功能和条件下行风险

本金风险证券，与NVIDIA公司普通股、Alphabet Inc. A类普通股和Broadcom Inc.普通股中表现最差者挂钩，到期日为2029年10月24日

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\n\n \n

关于HSBC USA Inc.和证券的附加信息

本文件涉及封面页上所列的证券发行。作为证券的购买者，您将获得一项与标的股票挂钩的投资工具。尽管此次发行与标的股票有关，但您不应将这一事实视为对购买与标的股票挂钩的投资工具的优劣的推荐，或对投资证券的适宜性的推荐。

您应结合于2024年2月21日发布的招股说明书、2024年2月21日发布的招股说明书补充文件以及2024年5月8日发布的第2号产品补充文件一起阅读本文件。如果此处提供的证券条款与随附的产品补充文件、招股说明书补充文件或招股说明书中的条款不一致，以本定价补充文件中的条款为准。您应仔细考虑本定价补充文件第PS-9页开始的“选定风险考虑因素”以及产品补充文件第PS-5页开始的“风险因素”和招股说明书补充文件第S-1页开始的“风险因素”等内容，因为这些证券涉及与传统债务证券无关的风险。在投资这些证券之前，建议您咨询您的投资、法律、税务、会计和其他顾问。

汇丰美国公司已向美国证券交易委员会（SEC）提交了注册声明（包括产品补充文件、招股说明书和招股说明书补充文件），以供与本定价补充文件相关的发行使用。在投资前，您应阅读该注册声明中的产品补充文件、招股说明书和招股说明书补充文件，以及汇丰美国公司向SEC提交的其他文件，以获取有关汇丰美国公司和此次发行的更完整信息。您可以通过访问SEC网站上的EDGAR（www.sec.gov）免费获取这些文件。或者，如您致电(212) 525-8010，汇丰证券（美国）公司或参与此次发行的任何交易商将安排向您发送产品补充文件、招股说明书补充文件和招股说明书。

本定价补充文件中提到的“汇丰”、“发行人”、“银行”、“我们”、“我们”和“我们的”均指汇丰美国公司，而非我们的任何子公司，除非我们另有说明或上下文另有要求。

您可以通过以下方式访问产品补充文件、招股说明书补充文件和招股说明书（或如果该地址已更改，请查阅我们在SEC网站上相关日期的文件）：

产品补充文件，2024年5月8日：

https://www.sec.gov/Archives/edgar/data/83246/000110465924058672/tm2413644d20_424b2.htm

招股说明书补充文件，2024年2月21日：

https://www.sec.gov/Archives/edgar/data/83246/000110465924025878/tm244959d1_424b2.htm

招股说明书，2024年2月21日：

https://www.sec.gov/Archives/edgar/data/83246/000110465924025864/tm244959d13_424b3.htm

PS-5

\n\n \n \n

市场挂钩证券—自动赎回型，附带记忆功能的条件性票息

本金风险证券，与NVIDIA公司普通股、Alphabet Inc. A类普通股和Broadcom Inc.普通股中表现最差者挂钩，到期日为2029年10月24日

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\n\n \n

投资者注意事项

这些证券并不适合所有投资者。这些证券可能适合以下投资者：

寻求一项附带条件的票息支付（以及任何未支付的先前条件票息支付）的投資，年利率為19.00%，直到到期或自動買回中的較早者，前提是且僅僅在相關計算日，表現最差的基礎股票的收盤價高於或等於其起始價格的70%；

了解如果證券在到期前未被自動買回，且最終計算日表現最差的基礎股票的收盤價從其起始價格下跌超過30%，則他們將完全承擔該表現最差的基礎股票從其起始價格下跌的風險，並可能在到期時損失超過30%，甚至全部的面值；

願意承擔在證券期限內可能收到很少或沒有條件票息支付的風險；

了解證券的回報僅取決於每個計算日表現最差的基礎股票的表現，他們不會以任何方式從表現較好的基礎股票的表現中受益；

了解證券比僅與其中一個基礎股票相關或與每個基礎股票組成的組合相關的替代投資更具風險；

了解證券可能在到期前被自動買回，且證券的期限可能短至約六個月；

願意放棄參與任何基礎股票的增值以及基礎股票派發的紅利或其他分紅；和

願意持有證券至到期或提前自動買回；

證券可能不適合以下投資者：

尋求流動性投資或無法或不願將證券持有至到期或提前自動買回的投資者；

要求到期時獲得證券面值的全部支付；

尋求具有固定期限的證券；

不願購買在定價日估算價值低於原始發行價格的證券；

可能不愿承担证券在到期前未被自动赎回的风险，以及在最终计算日，表现最差的底层股票收盘价可能从起始价格下跌超过30%的风险；

寻求在证券期限内获得确定的现金流；

寻求参与任何或每只底层股票的上行表现；

寻求参与由每只底层股票组成的组合，或类似的投资，其中整体回报基于底层股票表现的综合，而非仅基于表现最差的底层股票；

可能不愿承担对底层股票的敞口风险；

可能不愿承担汇丰银行的信用风险；或

更倾向于选择与同类期限的常规固定收益投资相比风险较低的投资，这些投资由具有类似信用评级的公司发行。

上述考虑因素并非详尽无遗。证券是否适合您将取决于您的具体情况，您应在您及您的投资、法律、税务、会计和其他顾问在考虑了在您特定情况下的证券投资的适当性后，才做出投资决定。您还应仔细审阅本文中的“主要风险考虑”以及随附的产品补充说明和招股说明书补充中的“风险因素”，以了解与证券投资相关的风险。有关底层股票的更多信息，请参见下方的“底层股票”。

PS-6

\n\n \n \n

市场联动证券—自动赎回型，附有记忆功能的条件性票息和条件性下行风险

本金风险证券，与英伟达公司普通股、Alphabet Inc. A类普通股和博通公司普通股中表现最差的股票挂钩，2029年10月24日到期

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\n\n \n

确定条件性票息支付日和到期时的支付

如果证券尚未被提前自动赎回，在每个条件性票息支付日，您将根据相关计算日表现最差的底层股票的收盘价，获得条件性票息支付（加上任何未支付的条件性票息支付）或不获得条件性票息支付。

步骤1：确定在相关计算日中哪只底层股票是表现最差的底层股票。在任何计算日，表现最差的底层股票是指在该计算日具有最低表现系数的底层股票。底层股票在计算日的表现系数是该计算日的股票收盘价占其起始价格的百分比（即该计算日的股票收盘价除以起始价格）。

步骤2：根据相关计算日最低表现的底层股票的股票收盘价，确定是否在适用的 contingent coupon 支付日期支付 contingent coupon 支付（加上任何之前未支付的 contingent coupon 支付）：

$\"\"$

如果证券在到期前未被自动赎回，则在到期时，您将获得（除最终的 contingent coupon 支付和任何之前未支付的 contingent coupon 支付外，如果其他情况下应支付的话）每份证券的现金支付（到期支付金额），计算方式如下：

步骤1：确定最终计算日表现最差的底层股票。最终计算日表现最差的底层股票是最终计算日表现系数最低的底层股票。最终计算日底层股票的表现系数是其结束价格占其开始价格的百分比（即，其结束价格除以其开始价格）。

步骤2：根据最终计算日表现最差的底层股票的结束价格计算到期支付金额，如下所示：

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PS-7

\n\n \n \n

市场联动证券—自动赎回带有条件票息、记忆功能和条件下行风险

本金风险证券，与英伟达公司普通股、Alphabet Inc. A类普通股和博通公司普通股中表现最差的股票挂钩，到期日为2029年10月24日

$\"\"$

\n\n \n

假设收益概况

以下概况说明了在证券到期时（不包括最终的条件票息支付和任何之前未支付的条件票息支付，如果其他情况下应支付的话）对于最终计算日从起始价格到结束价格的假设表现范围的潜在到期支付金额。假设证券在到期前未被自动赎回。如该概况所示，无论怎样，您仅基于到期时收到的到期支付金额不会获得正收益率；任何正收益将仅基于证券存续期内收到的条件票息支付（如有）。该图表仅用于说明目的。您的实际收益将取决于证券是否被自动赎回、最终计算日表现最差的底层股票的实际结束价格以及您是否持有证券至到期日。表现更好的底层股票的表现与您证券的收益无关。

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PS-8

\n\n \n \n

市场联动证券—自动赎回带有条件票息、记忆功能和条件下行风险

本金风险证券，与英伟达公司普通股、Alphabet Inc. A类普通股和博通公司普通股中表现最差的股票挂钩，到期日为2029年10月24日

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\n\n \n

选定的风险考虑因素

这些证券具有复杂的特性，投资这些证券将涉及与传统债务证券投资无关的风险。以下简要列出了适用于这些证券的一些风险，但我们敦促您仔细阅读随附的产品补充文件中“风险因素”部分的详细说明，该部分从产品补充文件的第PS-5页、招股说明书补充文件的第S-1页和招股说明书的第1页开始。在做出投资决策之前，您应与您的顾问仔细考虑，在您的特定情况下投资这些证券的适当性。

与证券结构相关的风险

如果证券在到期前未被自动赎回，您可能在到期时损失证券面值的大部分或全部。

我们在到期时不会向您支付固定金额的证券。如果证券在到期前未被自动赎回，您将在到期时收到的支付金额将等于或低于面值，具体取决于最终计算日表现最差的底层股票的最终价格。

如果证券在到期前未被自动赎回，并且最终计算日表现最差的底层股票的最终价格低于其下行阈值价格，到期支付金额将低于面值，您将完全承担该表现最差的底层股票从起始价格下跌的风险。每只底层股票的下行阈值价格为其起始价格的70%。例如，如果证券未被自动赎回，且最终计算日表现最差的底层股票从起始价格下跌了30.1%至最终价格，您将无法享受附带的下行保护功能的任何好处，并将损失面值的30.1%。因此，如果最终计算日表现最差的底层股票价格大幅下跌，您将得不到任何保护，您可能在到期时损失面值的大部分，甚至全部，即使在证券期限内的某些时候，该表现最差的底层股票价格高于或等于其起始价格或其下行阈值价格。

即使最终计算日表现最差的底层股票的最终价格高于其下行阈值价格，到期支付金额也不会超过面值，且考虑到您可能在证券期限内收到的任何附带的票息支付，您在证券上的收益率可能低于如果您购买了汇丰银行（HSBC）或其他信用评级相似的发行人的传统利息支付债务证券所能获得的收益率。

证券不提供固定利息支付，您可能在一次或多次附带票息支付日期未收到任何票息支付，甚至在整个证券期限内均未收到票息支付。

在每笔或有票息支付日，只有在相关计算日表现最差的底层证券的收盘价大于或等于其票息阈值价格时，您才会收到或有票息支付。每个底层证券的票息阈值价格为其起始价格的70%。如果在任何计算日表现最差的底层证券的收盘价低于其票息阈值价格，则您在相关或有票息支付日将不会收到任何或有票息支付。如果在后续计算日表现最差的底层证券的收盘价大于或等于其票息阈值价格，您将在后续的或有票息支付日收到之前未支付的或有票息支付。如果在证券期限内的每个计算日，至少有一个底层证券的收盘价低于其票息阈值价格，您在整个证券期限内将不会收到任何或有票息支付，并且将在证券上获得负回报。通常，这种或有票息支付的未支付情况与您的证券面临更大本金损失风险的时期相吻合。如果您在证券期限内未能获得足够的或有票息支付，证券的整体回报可能低于我们具有可比期限的传统债务证券的回报。即使在证券期限内支付了所有或有票息支付，这些支付也可能在不规则的时间间隔内进行，证券期限的相当大一部分可能不会有任何支付。或有票息支付不应被视为定期利息支付。

您可能在最终计算日完全承担表现最差的底层证券价格从起始价格下跌的风险，但不会参与任何底层证券的正向表现，且您在证券上的最大可能回报将仅限于任何或有票息支付的总和。

尽管如果最终计算日表现最差的底层证券的结束价格低于其下行阈值价格，您将完全承担该证券价格下跌的风险，但您不会参与证券期限内任何底层证券价格的上涨。您在证券上的最大可能回报将仅限于您收到的或有票息支付的总和（如有）。因此，您在证券上的回报可能显著低于您通过提供参与任何或每个底层证券价格上涨的替代投资所能获得的回报。

证券将承担每个底层证券的全部风险，如果任何底层证券表现不佳，即使其他底层证券表现良好，证券也将受到负面影响。

您将承担每只基础股票的全部风险。如果任何一只基础股票表现不佳，您将受到负面影响，即使其他基础股票表现良好。\n\n这些证券不与由基础股票组成的投资组合相关联，在这种情况下，一些基础股票的良好表现可能会抵消其他基础股票的不佳表现。相反，您将承担在每个计算日表现最差的基础股票的全部风险。因此，这些证券比与仅一只基础股票相关联或与由基础股票组成的投资组合相关联的替代投资更具风险。\n

PS-9

\n\n \n \n

市场挂钩证券—自动赎回型，附带记忆功能的条件性票息和条件性下行保护

本金风险证券，与英伟达公司普通股、Alphabet Inc. A类普通股和博通公司普通股中表现最差者相关，到期日为2029年10月24日

$\"\"$

一种与仅一只基础股票相关联或与由基础股票组成的投资组合相关联的替代投资。您不应投资于这些证券，除非您了解并愿意接受每只基础股票的全部下行风险。\n

您在证券上的收益将完全取决于每个计算日表现最差的基础股票的表现，您将不会以任何方式从表现更好的基础股票的表现中获益。

您在证券上的收益将完全取决于每个计算日表现最差的基础股票的表现。尽管为了您在相关条件性票息支付日获得条件性票息支付，每只基础股票必须在相关计算日收盘价达到或高于其各自的票息阈值价格，且为了您在最终计算日获得证券的面值，每只基础股票必须在最终计算日收盘价达到或高于其各自的下行阈值价格，但您不会以任何方式从表现更好的基础股票的表现中获益。由于在这种情况下，表现更好的基础股票的表现将与表现最差的基础股票的表现混合，从而产生比单独表现最差的基础股票更好的回报，因此这些证券可能表现不如与由基础股票组成的投资组合相关联的替代投资。\n

您将承担由于基础股票之间关系而产生的风险。

从您的角度来看，基础股票之间具有相关性更为有利，这样它们的价格将倾向于在相似的时间和幅度上上涨或下跌。通过投资这些证券，您承担了基础股票不会表现出这种关系的风险。基础股票之间的相关性越低，在证券期限内任何时候其中一只基础股票表现不佳的可能性就越大。只要其中一只基础股票表现不佳，就足以导致证券表现不佳；表现更好的基础股票的表现与您在证券上的收益无关。无法预测证券期限内基础股票之间的关系。如果基础股票运营于不同的行业或市场部门，这些行业和部门在证券期限内可能不会表现相似。

更高的或有票息利率与更高的风险相关。

这些证券在满足条件时会支付比我们对相同期限传统债务证券支付的固定利率更高的或有票息。这些更高的潜在或有票息与传统债务证券相比，在定价日预期风险水平更高，包括您可能在一次或多次，或任何或有票息支付日无法收到或有票息支付的风险，以及您可能在到期时损失大部分甚至全部面值的风险。底层股票的波动率以及底层股票之间的相关性是影响这种风险的重要因素。波动率是对底层股票价格在特定时间段内每日波动的大小和频率的衡量。波动率可以通过多种方式衡量，包括历史波动率或根据市场期权价格所暗示的预期波动率。相关性是对底层股票价格在相同时间、相同方向和相似幅度上波动的程度的衡量。在定价日，底层股票的预期波动率越高或底层股票之间的预期相关性越低，可能导致更高的或有票息利率，但这也意味着在定价日，预期有至少一只底层股票的收盘价在一次或多次计算日低于其票息阈值价格的可能性更大，因此您可能在证券期限内无法收到一次或多次，或任何或有票息支付，且在最终计算日至少有一只底层股票的收盘价低于其下行阈值价格，因此您可能在到期时损失大部分甚至全部的面值。一般来说，或有票息利率相对于我们对传统债务证券支付的固定利率越高，您在证券期限内无法收到一次或多次，或任何或有票息支付的预期风险就越大，且您在到期时可能损失大部分甚至全部的面值。

您将面临再投资风险。

如果您的证券被自动赎回，证券的期限可能缩短至大约六个月，您在证券期限内收到或有票息支付的能力将受到限制。如果证券在到期前被自动赎回，无法保证您能够以类似的风险水平获得可比的回报率来再投资证券的投资收益。

如果计算日被推迟，或有票息支付日、赎回支付日和约定到期日可能会被推迟。

与标的股票相关的计算日（包括最终计算日）如果适用的原定计算日不是该标的股票的交易日，或者计算代理人在该计算日认定该标的股票发生了或持续发生市场中断事件，则该计算日将被推迟。如果计算日的推迟发生在最终计算日以外的日期，则相关的或有票息支付日或赎回结算日（视情况而定）也将被推迟。如果最终计算日发生推迟，则约定到期日将是（i）初始约定到期日和（ii）最终计算日推迟后的第三个营业日中的较晚者。

与汇丰银行信用风险相关的风险

证券受汇丰美国公司信用风险的影响。

这些证券是我们唯一的义务，与任何第三方无关。任何根据证券应付的金额均受我们的信用状况影响，您将无法追究任何标的股票发行人的责任

PS-10

\n\n \n \n

市场挂钩证券—自动赎回型，附有或有票息、记忆功能和或有下行风险

本金风险证券，其表现与英伟达公司普通股、Alphabet Inc. A类普通股和博通公司普通股中表现最差的股票挂钩，到期日为2029年10月24日

$\"\"$

付款。因此，我们的实际和感知信用状况以及我们信用评级的实际或预期下降可能会影响证券的价值，并且如果我们在履行义务方面出现违约，您可能无法根据证券条款获得任何应付金额。详见招股说明书中的“高级债务证券—违约事件”。

与证券估计价值及任何二级市场的相关风险

证券的估计初始价值，由我们在定价日确定，低于原始发行价格，且可能与二级市场的证券市场价值（如有）不同。

证券的估计初始价值是我们于定价日计算的，且低于原始发行价格。该估计初始价值反映了我们及我们的关联方的内部资金利率，即发行与市场挂钩证券所支付的借款利率，以及证券中嵌入的衍生品的中间市场价格。该内部资金利率通常低于我们在发行传统固定或浮动利率债务证券时所使用的利率。由于我们内部资金利率与我们在发行传统固定或浮动利率债务证券时所使用的利率之间的差异，如果以我们固定或浮动利率债务证券在二级市场的交易价格为基础，证券的估计初始价值可能会更低。此外，如果我们使用用于传统固定或浮动利率债务发行的利率，我们预计证券的经济条款将对您更有利。我们通过参考我们或我们的关联方的内部定价模型来确定证券中嵌入的衍生品的价值。这些定价模型考虑了某些假设和变量，这可能包括波动率和利率。不同的定价模型和假设可能会提供与我们估计的初始价值不同的证券估值。这些定价模型部分依赖于对未来事件的某些预测，这些预测可能不正确。估计的初始价值并不代表我们或任何我们的关联方在任何时候（如果存在的话）在二级市场愿意购买您的证券的最低价格。

如果二级市场存在，您的证券在定价日之后的市场价格预计会低于原始发行价格。

原始发行价格考虑了某些成本。这些成本包括承销折扣、我们做市商预计的对冲利润（可能实现也可能不实现），以及承担证券项下义务风险的成本，以及与结构化和对冲证券项下义务相关的成本。除承销折扣外，这些成本将由我们或我们的关联方使用或保留。如果您在二级市场（如果有的话）出售您的证券，您获得的证券价格可能低于您支付的价格，因为二级市场价格不会考虑这些成本。证券在发行后任何时间的二级市场价格（如果有的话）将根据许多因素而变化，包括基础股票的价格和市场条件的变化，且无法准确预测。证券并非设计为短期交易工具，因此您应具备并愿意持有证券至到期。在到期前出售证券可能会导致您的损失。

如果汇丰证券（美国）公司或代理人在发行日后立即回购您的证券，您获得的价格可能会高于证券的估计初始价值。

假设在发行日后所有相关因素保持不变，汇丰证券（美国）公司或代理人在二级市场最初买卖证券的价格（如有）以及用于客户账户声明的价值（如有），在发行日后预计大约3个月的短暂期间内，可能会超过定价日的估计初始价值。这种暂时的价格差异可能存在，因为汇丰证券（美国）公司或代理人在其自行决定下，可能会选择向投资者有效报销与证券相关的部分估计对冲成本和其他成本，这些成本将在证券期限内不再发生。这种自行决定将基于包括证券期限以及我们可能与证券分销商达成的任何协议在内的多种因素来做出，且暂时报销期也将据此确定。通过这种方式可能有效报销给投资者的估计成本金额可能不会在报销期内按比例分配，且此类报销可能在任何时候被中止，或在证券发行日后根据无法预测的市场状况和其他因素的变化，缩短报销期的持续时间。

证券在到期前或自动赎回前的价值将受到众多因素的影响，其中一些因素以复杂的方式相互关联。

证券在到期前或自动赎回前的价值将受到当时每只标的股票的价格、当时利率以及许多其他因素的影响，其中一些因素以复杂的方式相互关联。任何一个因素的影响可能会被另一个因素的影响所抵消或放大。以下因素（以及其他因素）预计会影响证券的价值：标的股票的表现；标的股票的波动性；标的股票之间的相关性；一般经济和其他状况；利率；股息收益率；我们的信用评级或信用利差；以及剩余到期时间。当我们提到您的证券的“价值”时，我们指的是如果您能够在规定的到期日前在公开市场上出售您的证券，您将获得的价值。

证券的价值还将受到自动赎回功能的限制，因为如果证券被自动赎回，您将无法获得原本可能产生的或有票息支付（如有），如果证券在 later 计算日被赎回或持有至规定的到期日，这些支付本来是会产生的。您应该明白，上述因素之一（例如利率的变化）的影响可能会抵消一些或全部由另一个因素（例如任何或所有标的股票价格的变化）导致的证券价值的变化。由于预计众多因素会影响证券的价值，标的股票价格的变化可能不会导致证券价值出现相应的变化。

证券不会在任何证券交易所上市，我们预计也不会形成证券的交易市场。

PS-11

\n\n \n \n

市场联动证券—自动赎回型，附有记忆特征的或有票息和或有下行风险

本金风险与英伟达公司普通股、Alphabet Inc. 的 A 类普通股以及博通公司普通股表现最差的证券，到期日为 2029 年 10 月 24 日

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这些证券不会在任何证券交易所上市。尽管摩根大通证券及其附属公司可能从持有者处购买这些证券，但它们没有义务这样做，也不需要为这些证券做市。无法保证这些证券会有一个二级市场。由于我们预计任何做市商都不会参与这些证券的二级市场，因此您可能能够出售证券的价格很可能取决于摩根大通证券及其附属公司愿意购买您的证券的价格。

如果存在二级市场，它可能是有限的。因此，如果您决定在到期日或自动赎回前出售您的证券，可能只有有限的买家。这可能会影响您出售时获得的价格。因此，您应愿意持有证券至到期日或自动赎回。

与标的股票相关的风险

证券的任何支付以及证券是否被自动赎回将取决于标的股票的表现，因此证券将受以下风险的影响，这些风险将在附带的产品补充文件中有更详细的说明。

投资证券与投资标的股票不同。投资证券并不等同于投资标的股票。作为证券的投资者，您的回报不会反映如果您实际拥有并持有与证券期限相似的标的股票所能实现的回报，因为您不会收到任何股息支付、分配或其他支付。作为证券的持有者，您不会拥有任何投票权或其他持有标的股票的持有人所拥有的权利。

标的股票的历史价格不应被视为其在证券期限内未来表现的指标。

证券可能会与任何原始标的股票发行人以外公司的普通股相关。

我们、代理机构及我们各自的附属公司无法控制任何标的股票发行人的行为。

我们、代理机构及我们各自的附属公司与任何标的股票发行人没有关联，且未独立核实其公开信息的披露。

您享有有限的反稀释保护。

Risks Relating To Conflicts Of Interest

Our Economic Interests And Those Of Any Dealer\nParticipating In The Offering Of Securities Will Potentially Be Adverse To Your Interests.

You should be aware of the following ways in which\nour economic interests and those of any dealer participating in the distribution of the securities, which we refer to as a “participating\ndealer,” will potentially be adverse to your interests as an investor in the securities. In engaging in certain of the activities\ndescribed below and as discussed in more detail in the accompanying product supplement, our affiliates or any participating dealer or\nits affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have\nno obligation to consider your interests as an investor in the securities. Our affiliates or any participating dealer or its affiliates\nmay realize a profit from these activities even if investors do not receive a favorable investment return on the securities.

The calculation agent is our affiliate\nand may be required to make discretionary judgments that affect the return you receive on the securities. HSBC Securities\n(USA) Inc., which is our affiliate, will be the calculation agent for the securities. As calculation agent, HSBC Securities (USA)\nInc. will determine any values of the Underlying Stock and make any other determinations necessary to calculate any payments on the securities.\nIn making these determinations, HSBC Securities (USA) Inc. may be required to make discretionary judgments that may adversely affect any\npayments on the securities. See the sections entitled \"General Terms of the Securities—Certain Terms for Securities Linked\nto an Underlying Stock—Market Disruption Events\" and “—Adjustment Events\" in the accompanying product supplement.\nIn making these discretionary judgments, the fact that HSBC Securities (USA) Inc. is our affiliate may cause it to have economic\ninterests that are adverse to your interests as an investor in the securities, and HSBC Securities (USA) Inc.’s determinations\nas calculation agent may adversely affect your return on the securities.

Research reports by our affiliates or any\nparticipating dealer or its affiliates may be inconsistent with an investment in the securities and may adversely affect the price of\nan Underlying Stock.

Business activities of our affiliates or\nany participating dealer or its affiliates with an Underlying Stock Issuer may adversely affect the price of an Underlying Stock.

Hedging activities by our affiliates or\nany participating dealer or its affiliates may adversely affect the price of an Underlying Stock.

Trading activities by our affiliates or\nany participating dealer or its affiliates may adversely affect the price of an Underlying Stock.

PS-12

\n\n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

Principal at Risk Securities Linked to the Lowest\n Performing of the Common Stock of NVIDIA Corporation, the Class A Common Stock of Alphabet Inc. and the Common Stock of Broadcom Inc.\n due October 24, 2029

$\"\"$

A participating dealer or its affiliates\nmay realize hedging profits projected by its proprietary pricing models in addition to any selling concession and/or any fee, creating\na further incentive for the participating dealer to sell the securities to you.

An affiliate of HSBC has a minority equity\ninterest in the owner of an electronic platform, through which we may make available certain structured investments offering materials.

Risks Relating To Tax

The U.S. Federal Tax Consequences Of An Investment\nIn The Securities Are Unclear.

There is no direct legal authority as to the proper tax treatment of\nthe securities, and therefore significant aspects of the tax treatment of the securities are uncertain as to both the timing and character\nof any inclusion in income in respect of the securities. Under one reasonable approach, the securities should be treated as contingent\nincome-bearing pre-paid executory contracts with respect to the Underlying Stocks. HSBC intends to treat the securities consistent with\nthis approach and pursuant to the terms of the securities, you agree to treat the securities under this approach for all U.S. federal\nincome tax purposes. See “U.S. Federal Income Tax Considerations — Tax Treatment of U.S. Holders — Certain Notes Treated\nas a Put Option and a Deposit or an Executory Contract — Certain Notes Treated as Executory Contracts” in the accompanying\nprospectus supplement for the U.S. federal income tax considerations applicable to securities that are treated as contingent income-bearing\npre-paid executory contracts. Non-U.S. holders should note that the entire amount of the contingent coupons will be subject to U.S. federal\nincome tax withholding at a 30% rate (or at a lower rate under an applicable income tax treaty), and neither we or our agents, nor Wells\nFargo Securities, will pay any additional amounts in respect of such withholding.

For a discussion of the U.S. federal income and estate tax consequences\nof your investment in a security, please see the discussion under “U.S. Federal Income Tax Considerations” herein and the\ndiscussion under “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement.

PS-13

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

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\n \n \n

Hypothetical\n Returns

If the securities are automatically called:

If the securities are automatically called prior\nto maturity, you will receive the face amount of your securities plus a final contingent coupon payment and any previously unpaid contingent\ncoupon payments otherwise due on the applicable call settlement date. In the event the securities are automatically called, your total\nreturn on the securities will equal any contingent coupon payments received prior to the call settlement date and the final contingent\ncoupon payment (and any previously unpaid contingent coupon payments) received on the call settlement date.

If the securities are not automatically called:

If the securities are not automatically called\nprior to maturity, the following table illustrates, for a range of hypothetical performance factors of the lowest performing Underlying\nStock on the final calculation day, the hypothetical maturity payment amount payable at maturity per security (excluding the final contingent\ncoupon payment and any previously unpaid contingent coupon payments, if otherwise payable). The performance factor of the lowest performing\nUnderlying Stock on the final calculation day is its ending price expressed as a percentage of its starting price (i.e., its ending price\ndivided by its starting price).

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Hypothetical\nPerformance Factor of \nLowest Performing Underlying Stock \non Final Calculation Day		Hypothetical Maturity \n\n Payment Amount Per \n Security
175.00%		$1,000.00
160.00%		$1,000.00
150.00%		$1,000.00
140.00%		$1,000.00
130.00%		$1,000.00
120.00%		$1,000.00
110.00%		$1,000.00
100.00%		$1,000.00
90.00%		$1,000.00
80.00%		$1,000.00
70.00%		$1,000.00
69.00%		$690.00
60.00%		$600.00
50.00%		$500.00
40.00%		$400.00
39.00%		$390.00
30.00%		$300.00
25.00%		$250.00
0.00%		$0.00

The above figures do not take into account contingent\ncoupon payments, if any, received during the term of the securities. As evidenced above, in no event will you have a positive rate of\nreturn based solely on the maturity payment amount received at maturity (excluding any contingent coupon payment otherwise due); any\npositive return will be based solely on the contingent coupon payments, if any, received during the term of the securities.

The above figures are for purposes of illustration\nonly and may have been rounded for ease of analysis. If the securities are not automatically called prior to stated maturity, the actual\namount you will receive at stated maturity will depend on the actual ending price of the lowest performing Underlying Stock on the final\ncalculation day. The performance of the better performing Underlying Stock is not relevant to your return on the securities.

PS-14

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

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\n \n \n

Hypothetical\n Contingent Coupon Payments

Set forth below are examples that illustrate\nhow to determine whether a contingent coupon payment will be paid and whether the securities will be automatically called, if applicable,\non a contingent coupon payment date prior to maturity. The examples do not reflect any specific contingent coupon payment date. The following\nexamples assume that the securities are subject to automatic call on the applicable calculation day. The securities will not be subject\nto automatic call until the sixth calculation day, which is approximately six months after the issue date. The following examples reflect\nthe contingent coupon rate of 19.00% per annum and assume the hypothetical starting price, coupon threshold price and stock closing prices\nfor each Underlying Stock indicated in the examples. The terms used for purposes of these hypothetical examples do not represent the\nactual starting price or coupon threshold price of any Underlying Stock. The hypothetical starting price of $100.00 for each Underlying\nStock has been chosen for illustrative purposes only and does not represent the actual starting price for any Underlying Stock. The actual\nstarting price and coupon threshold price for each Underlying Stock are set forth under “Terms of the Securities” above.\nFor historical data regarding the actual closing prices of the Underlying Stocks, see the historical information set forth under the\nsection titled “The Underlying Stocks” below. These examples are for purposes of illustration only and the values used in\nthe examples may have been rounded for ease of analysis.

Example 1. Hypothetical Calculation Day #1.\nThe stock closing price of the lowest performing Underlying Stock on hypothetical calculation day #1 is greater than or equal to its\ncoupon threshold price. As a result, investors receive a contingent coupon payment on the applicable contingent coupon payment date.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	NVDA	GOOGL	AVGO
Hypothetical\n starting price:	$100.00	$100.00	$100.00
Hypothetical\n stock closing price on relevant calculation day:	$80.00	$82.00	$90.00
Hypothetical\n coupon threshold price:	$70.00	$70.00	$70.00
*Performance\n factor (stock closing price on relevant calculation day divided by* starting price):**	80.00%	82.00%	90.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on hypothetical calculation day #1.

In this example, the NVDA has the lowest\nperformance factor and is, therefore, the lowest performing Underlying Stock on hypothetical calculation day #1.

Step 2: Determine whether a\ncontingent coupon payment will be paid and whether the securities will be automatically called on the applicable contingent coupon payment\ndate.

Since the hypothetical stock closing\nprice of the lowest performing Underlying Stock on hypothetical calculation day #1 is greater than or equal to its coupon threshold price,\nbut less than its starting price, you would receive a contingent coupon payment on the applicable contingent coupon payment date. The\ncontingent coupon payment would be equal to approximately $15.83 per security, determined as follows: (i) $1,000 multiplied by\n19.00% per annum divided by (ii) 12, rounded to the nearest cent. The Underlying Stocks are not subject to an automatic call\non hypothetical calculation day #1.

Example 2. Hypothetical Calculation Days #2\nthrough #5. On hypothetical calculation day #1, the stock closing price of the lowest performing Underlying Stock was greater than\nor equal to its coupon threshold price. As a result, investors received a contingent coupon payment on the applicable contingent coupon\npayment date. On hypothetical calculation days #2 through #5, the stock closing price of the lowest performing Underlying Stock is less\nthan its coupon threshold price. As a result, investors do not receive a contingent coupon payment on the applicable contingent coupon\npayment dates.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	NVDA	GOOGL	AVGO
Hypothetical\n starting price:	$100.00	$100.00	$100.00
Hypothetical\n stock closing price on relevant calculation day:	$44.00	$125.00	$90.00
Hypothetical\n coupon threshold price:	$70.00	$70.00	$70.00
*Performance\n factor (stock closing price on relevant calculation day divided by* starting price):**	44.00%	125.00%	90.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on the relevant hypothetical calculation day.

In this example, the NVDA has the lowest\nperformance factor and is, therefore, the lowest performing Underlying Stock on hypothetical calculation days #2 through #5.

Step 2: Determine whether a\ncontingent coupon payment will be paid and whether the securities will be automatically called on the applicable contingent coupon payment\ndates.

PS-15

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

$\"\"$

Since the hypothetical stock closing\nprice of the lowest performing Underlying Stock on hypothetical calculation days #2 through #5 is less than its coupon threshold price,\nyou would not receive contingent coupon payments on the applicable contingent coupon payment dates. As this example illustrates, whether\nyou receive a contingent coupon payment on a contingent coupon payment date will depend solely on the stock closing price of the lowest\nperforming Underlying Stock on the relevant calculation day. The performance of the better performing Underlying Stock is not relevant\nto your return on the securities. The Underlying Stocks are not subject to an automatic call on hypothetical calculation days #2 through\n#5.

Example 3. Hypothetical Calculation Day\n#6. The stock closing price of the lowest performing Underlying Stock on hypothetical calculation day #6 is greater than or equal\nto its starting price. As a result, the securities are automatically called on the applicable contingent coupon payment date for the\nface amount plus the final contingent coupon payment and any previously unpaid contingent coupon payments otherwise due.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	NVDA	GOOGL	AVGO
Hypothetical\n starting price:	$100.00	$100.00	$100.00
Hypothetical\n stock closing price on relevant calculation day:	$105.00	$140.00	$120.00
Hypothetical\n coupon threshold price:	$70.00	$70.00	$70.00
*Performance\n factor (stock closing price on relevant calculation day divided by* starting price):**	105.00%	140.00%	120.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on hypothetical calculation day #6.

In this example, the NVDA has the lowest\nPerformance Factor and is, therefore, the lowest performing Underlying Stock on hypothetical calculation day #6.

Step 2: Determine whether a\ncontingent coupon payment will be paid and whether the securities will be automatically called on the applicable contingent coupon payment\ndate.

Since the hypothetical stock closing\nprice of the lowest performing Underlying Stock on hypothetical calculation day #6 is greater than or equal to its starting price, the\nsecurities would be automatically called and you would receive the face amount plus the final contingent coupon payment. In addition,\nbecause no contingent coupon payments were received in connection with hypothetical calculation days #2 through #5, you would also receive\nthe unpaid contingent coupon payments otherwise due on the call settlement date. On the call settlement date, you would receive $1,079.15\nper security

You will not receive any further payments\nafter the call settlement date.

PS-16

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

$\"\"$

\n \n \n

Hypothetical\n Maturity Payment Amount

Set forth below are examples of calculations\nof the maturity payment amount payable at stated maturity, assuming that the securities have not been automatically called prior to stated\nmaturity and assuming the hypothetical starting price, coupon threshold price, downside threshold price and ending prices of each Underlying\nStock indicated in the examples. The terms used for purposes of these hypothetical examples do not represent any actual starting price,\ncoupon threshold price or downside threshold price. The hypothetical starting price of $100.00 for each Underlying Stock has been chosen\nfor illustrative purposes only and does not represent the actual starting price for any Underlying Stock. The actual starting price,\ncoupon threshold price and downside threshold price for each Underlying Stock are set forth under “Terms of the Securities”\nabove. For historical data regarding the actual closing prices of the Underlying Stocks, see the historical information provided below.\nThese examples are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis.

Example 1. The ending price of the lowest\nperforming Underlying Stock on the final calculation day is greater than its starting price, the maturity payment amount is equal to\nthe face amount of your securities at maturity and you receive a final contingent coupon payment (plus any previously unpaid contingent\ncoupon payments):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	NVDA	GOOGL	AVGO
Hypothetical\n starting price :	$100.00	$100.00	$100.00
Hypothetical\n ending price:	$105.00	$125.00	$110.00
Hypothetical\n coupon threshold price:	$70.00	$70.00	$70.00
Hypothetical\n downside threshold price:	$70.00	$70.00	$70.00
*Hypothetical\n performance factor (ending price divided by* starting price):**	105.00%	125.00%	110.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on the final calculation day.

In this example, the NVDA has the lowest\nperformance factor and is, therefore, the lowest performing Underlying Stock on the final calculation day.

Step 2: Determine the maturity\npayment amount based on the ending price of the lowest performing Underlying Stock on the final calculation day.

Since the hypothetical ending price\nof the lowest performing Underlying Stock on the final calculation day is greater than its hypothetical downside threshold price, the\nmaturity payment amount would equal the face amount. Although the hypothetical ending price of the lowest performing Underlying Stock\non the final calculation day is significantly greater than its hypothetical starting price in this scenario, the maturity payment amount\nwill not exceed the face amount.

In addition to any contingent coupon\npayments received during the term of the securities, at maturity you would receive $1,000 per security. In addition, because the hypothetical\nending price of the lowest performing Underlying Stock on the final calculation day is greater than its coupon threshold price, you would\nreceive a final contingent coupon payment (plus any previously unpaid contingent coupon payments) on the stated maturity date.

Example 2. The ending price of the lowest\nperforming Underlying Stock on the final calculation day is less than its starting price but greater than its downside threshold price\nand its coupon threshold price, the maturity payment amount is equal to the face amount of your securities at maturity and you receive\na final contingent coupon payment (plus any previously unpaid contingent coupon payments):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	NVDA	GOOGL	AVGO
Hypothetical\n starting price :	$100.00	$100.00	$100.00
Hypothetical\n ending price:	$80.00	$130.00	$90.00
Hypothetical\n coupon threshold price:	$70.00	$70.00	$70.00
Hypothetical\n downside threshold price:	$70.00	$70.00	$70.00
*Hypothetical\n performance factor (ending price divided by* starting price):**	80.00%	130.00%	90.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on the final calculation day.

In this example, the NVDA has the lowest\nperformance factor and is, therefore, the lowest performing Underlying Stock on the final calculation day.

Step 2: Determine the maturity\npayment amount based on the ending price of the lowest performing Underlying Stock on the final calculation day.

PS-17

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

$\"\"$

Since the hypothetical ending price\nof the lowest performing Underlying Stock on the final calculation day is less than its hypothetical starting price, but not by more\nthan 30%, you would receive the face amount of your securities at maturity.

Example 3. The ending price of the lowest\nperforming Underlying Stock on the final calculation day is less than its downside threshold price and its coupon threshold price, the\nmaturity payment amount is less than the face amount of your securities at maturity and you do not receive a final contingent coupon\npayment or any previously unpaid contingent coupon payments:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	NVDA	GOOGL	AVGO
Hypothetical\n starting price :	$100.00	$100.00	$100.00
Hypothetical\n ending price:	$20.00	$50.00	$30.00
Hypothetical\n coupon threshold price:	$70.00	$70.00	$70.00
Hypothetical\n downside threshold price:	$70.00	$70.00	$70.00
*Hypothetical\n performance factor (ending price divided by* starting price):**	20.00%	50.00%	30.00%

Step 1: Determine which Underlying\nStock is the lowest performing Underlying Stock on the final calculation day.

In this example, the NVDA has the lowest\nperformance factor and is, therefore, the lowest performing Underlying Stock on the final calculation day.

Step 2: Determine the maturity\npayment amount based on the ending price of the lowest performing Underlying Stock on the final calculation day.

Since the hypothetical ending price\nof the lowest performing Underlying Stock on the final calculation day is less than its hypothetical starting price by more than 30%,\nyou would lose a portion of the face amount of your securities and receive the maturity payment amount equal to $200.00 per security,\ncalculated as follows:

= $1,000× performance\nfactor of the lowest performing Underlying Stock on the final calculation day

= $1,000 × 20.00%

= $200.00

In addition to any contingent coupon\npayments received prior to the stated maturity date, on the stated maturity date you would receive $200.00 per security. Because the\nhypothetical ending price of the lowest performing Underlying Stock on the final calculation day is less than its coupon threshold price,\nyou would not receive the final contingent coupon payment or any previously unpaid contingent coupon payments.

These examples illustrate that you will not participate\nin any appreciation of any Underlying Stock, but will be fully exposed to a decrease in the lowest performing Underlying Stock if the\nsecurities are not automatically called prior to maturity and the ending price of the lowest performing Underlying Stock on the final\ncalculation day is less than its downside threshold price, even if the ending price of the other Underlying Stock has appreciated or\nhas not declined below its downside threshold price.

To the extent that the actual starting price,\ncoupon threshold price, downside threshold price and ending price of the lowest performing Underlying Stock differ from the values assumed\nabove, the results indicated above would be different.

PS-18

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

$\"\"$

\n \n \n

The\n Underlying Stocks

NVIDIA Corporation

NVIDIA Corporation is a computing company which\nspecializes in graphics processing and Tegra processors. Information filed by the company with the SEC under the Exchange Act can be\nlocated by reference to its SEC file number: 000-23985, or its CIK Code: 0001045810. Its common stock is listed on the Nasdaq Global\nSelect Market under the ticker symbol “NVDA.”

Historical Data

We obtained the closing prices of NVDA in the\ngraph below from Bloomberg without independent verification. The historical performance of NVDA should not be taken as an indication\nof future performance, and no assurances can be given as to the closing price of NVDA on the calculation days. We cannot give you assurance\nthat the performance of NVDA will result in the return of any of your investment.

The following graph sets forth daily closing\nprices of NVDA for the period from January 1, 2021 to October 19, 2026. The closing price of NVDA on October 19, 2026\nwas $217.09.

\n \n \n \n \n \n \n

Historical\n Performance of NVDA

$\"\"$

Source:\n Bloomberg

PS-19

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

$\"\"$

Alphabet Inc.

Alphabet Inc. is a holding company that through its subsidiaries,\nincluding Google Inc., provides digital, including web-based search, and hardware products. Information filed by the company with the\nSEC under the Exchange Act can be located by reference to its SEC file number: 001-37580, or its CIK Code: 0001652044. Its Class A\ncommon stock is listed on the Nasdaq Global Select Market under the ticker symbol “GOOGL.”

Historical Data

We obtained the closing prices of GOOGL in the\ngraph below from Bloomberg without independent verification. The historical performance of GOOGL should not be taken as an indication\nof future performance, and no assurances can be given as to the closing price of GOOGL on the calculation days. We cannot give you assurance\nthat the performance of GOOGL will result in the return of any of your investment.

The following graph sets forth daily closing\nprices of GOOGL for the period from January 1, 2021 to October 19, 2026. The closing price of GOOGL on October 19, 2026\nwas $344.18.

\n \n \n \n \n

Historical\n Performance of GOOGL

$\"\"$

Source: Bloomberg

PS-20

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

$\"\"$

Broadcom Inc.

Broadcom Inc. designs, develops and supplies\nsemiconductor and infrastructure software solutions. Information filed by the company with the SEC under the Exchange Act can be located\nby reference to its SEC file number: 001-38449, or its CIK Code: 0001730168. Its common stock is listed on the Nasdaq Global Select Market\nunder the ticker symbol “AVGO.”

Historical Data

We obtained the closing prices of AVGO in the\ngraph below from Bloomberg without independent verification. The historical performance of AVGO should not be taken as an indication\nof future performance, and no assurances can be given as to the closing price of AVGO on the calculation days. We cannot give you assurance\nthat the performance of AVGO will result in the return of any of your investment.

The following graph sets forth daily closing\nprices of AVGO for the period from January 1, 2021 to October 19, 2026. The closing price of AVGO on October 19, 2026\nwas $334.59.

\n \n \n \n \n \n \n

Historical\n Performance of AVGO

$\"\"$

Source:\n Bloomberg

PS-21

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

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\n \n \n

U.S.\n Federal Income Tax Considerations

You should carefully consider, among other things,\nthe matters set forth in the section “U.S. Federal Income Tax Considerations” in the accompanying prospectus supplement.\nThe following discussion summarizes the U.S. federal income and estate tax consequences of the purchase, beneficial ownership, and disposition\nof the securities. This summary supplements the section “U.S. Federal Income Tax Considerations” in the accompanying prospectus\nsupplement and supersedes it to the extent inconsistent therewith.

There is no direct legal authority as to the\nproper tax treatment of the securities, and therefore significant aspects of the tax treatment of the securities are uncertain as to\nboth the timing and character of any inclusion in income in respect of the securities. Under one approach, a security should be treated\nas a contingent income-bearing pre-paid executory contract with respect to the underlying stocks. We intend to treat the securities consistent\nwith this approach. Pursuant to the terms of the securities, you agree to treat the securities under this approach for all U.S. federal\nincome tax purposes. Subject to the limitations described therein, and based on certain factual representations received from HSBC, in\nthe opinion of HSBC’s special U.S. tax counsel, Mayer Brown LLP, it is reasonable to treat a security as a contingent income-bearing\npre-paid executory contract with respect to the Underlying Stocks. Because there are no statutory provisions, regulations, published\nrulings or judicial decisions addressing the characterization for U.S. federal income tax purposes of securities with terms that are\nsubstantially the same as those of the securities, other characterizations and treatments are possible and the timing and character of\nincome in respect of the securities might differ from the treatment described herein. For example, securities that have a term of one\nyear or less could be treated as short-term debt instruments for U.S. federal income tax purposes subject to the treatment described\nunder the heading “U.S. Federal Income Tax Considerations — Tax Treatment of U.S. Holders — U.S. Federal Income Tax\nTreatment of the Notes as Indebtedness for U.S. Federal Income Tax Purposes — Short-Term Notes” in the accompanying prospectus\nsupplement. Securities that have a term of more than one year could be treated as debt instruments that are “contingent payment\ndebt instruments” for U.S. federal income tax purposes subject to the treatment described under the heading “U.S. Federal\nIncome Tax Considerations — Tax Treatment of U.S. Holders — U.S. Federal Income Tax Treatment of the Notes as Indebtedness\nfor U.S. Federal Income Tax Purposes — Contingent Notes” in the accompanying prospectus supplement.

We will not attempt to ascertain whether any\nUnderlying Stock would be treated as a passive foreign investment company (“PFIC”) or United States real property holding\ncorporation (“USRPHC”), both as defined for U.S. federal income tax purposes. If any Underlying Stock were so treated, certain\nadverse U.S. federal income tax consequences might apply. You should refer to information filed with the SEC and other authorities by\nthe Underlying Stocks and consult your tax advisor regarding the possible consequences to you if any Underlying Stock is or becomes a\nPFIC or a USRPHC.

U.S. Holders. Please see the discussion\nunder the heading “U.S. Federal Income Tax Considerations — Tax Treatment of U.S. Holders — Certain Notes Treated as\na Put Option and a Deposit or an Executory Contract — Certain Notes Treated as Executory Contracts” in the accompanying prospectus\nsupplement for further discussion of U.S. federal income tax considerations applicable to U.S. holders (as defined in the accompanying\nprospectus supplement). Pursuant to the approach discussed above, we intend to treat any gain or loss upon maturity or an earlier sale,\nexchange, or call as capital gain or loss in an amount equal to the difference between the amount you receive at such time (other than\nwith respect to a contingent coupon) and your tax basis in the security. Any such gain or loss will be long-term capital gain or loss\nif you have held the security for more than one year at such time for U.S. federal income tax purposes. Your tax basis in a security\ngenerally will equal your cost of the security. In addition, the tax treatment of the contingent coupons is unclear. Although the tax\ntreatment of the contingent coupons is unclear, we intend to treat any contingent coupon, including on the stated maturity date, as ordinary\nincome includible in income by you at the time it accrues or is received in accordance with your normal method of accounting for U.S.\nfederal income tax purposes.

Non-U.S. Holders. Please see the discussion\nunder the heading “U.S. Federal Income Tax Considerations — Tax Treatment of Non-U.S. Holders” in the accompanying\nprospectus supplement for further discussion of U.S. federal income tax considerations applicable to non-U.S. holders (as defined in\nthe accompanying prospectus supplement). Because the U.S. federal income tax treatment (including the applicability of withholding) of\nthe contingent coupons is uncertain, the entire amount of the contingent coupons will be subject to U.S. federal income tax withholding\nat a 30% rate (or at a lower rate under an applicable income tax treaty). Neither we or our agents, nor Wells Fargo Securities, will\npay any additional amounts in respect of such withholding.

Under current law, while the matter is not entirely\nclear, individual non-U.S. holders, and entities whose property is potentially includible in those individuals’ gross estates for\nU.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained\ncertain interests or powers), should note that, absent an applicable treaty benefit, the securities are likely to be treated as U.S.\nsitus property, subject to U.S. federal estate tax. These individuals and entities should consult their own tax advisors regarding the\nU.S. federal estate tax consequences of investing in the securities.

A “dividend equivalent” payment is\ntreated as a dividend from sources within the United States and such payments generally would be subject to a 30% U.S. withholding tax\nif paid to a non-U.S. holder. Under U.S. Treasury Department regulations, payments (including deemed payments) with respect to equity-linked\ninstruments (“ELIs”) that are “specified ELIs” may be treated as dividend equivalents if such specified ELIs\nreference an interest in an “underlying security,” which is generally any interest in an entity taxable as a corporation\nfor U.S. federal income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. However, the\nIRS has issued guidance that states that the Treasury and the IRS intend to amend the applicability dates of the Treasury regulations\nto provide that withholding on dividend equivalent payments paid or deemed paid will not apply to specified ELIs that are not delta-one\ninstruments and that are issued through 2028. Based on the Issuer’s determination that the securities are not “delta-one”\ninstruments, non-U.S.

PS-22

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

$\"\"$

holders should not be subject to withholding on dividend equivalent payments, if any, under the securities. A determination\nthat the securities are not subject to Section 871(m) is not binding on the Internal Revenue Service, and the Internal Revenue\nService may disagree with this treatment. Moreover, Section 871(m) is complex and its application may depend on your particular\ncircumstances, including your other transactions. It is possible that the securities could be treated as deemed reissued for U.S. federal\nincome tax purposes upon the occurrence of certain events affecting the Underlying Stocks or the securities, and following such occurrence\nthe securities could be treated as subject to withholding on dividend equivalent payments. Non-U.S. holders that enter, or have entered,\ninto other transactions in respect of the Underlying Stocks or the securities should consult their tax advisors as to the application\nof the dividend equivalent withholding tax in the context of the securities and their other transactions. If any payments are treated\nas dividend equivalents subject to withholding, we (or the applicable paying agent) would be entitled to withhold taxes without being\nrequired to pay any additional amounts with respect to amounts so withheld.

PROSPECTIVE PURCHASERS OF SECURITIES SHOULD CONSULT\nTHEIR TAX ADVISORS AS TO THE FEDERAL, STATE, LOCAL, AND OTHER TAX CONSEQUENCES TO THEM OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF\nSECURITIES.

PS-23

\n \n \n \n

Market Linked Securities—Auto-Callable with\n Contingent Coupon with Memory Feature and Contingent Downside

$\"\"$

\n \n \n

Validity\n Of The Securities

In the opinion of Mayer Brown LLP, as counsel\nto the Issuer, when this pricing supplement has been attached to, and duly notated on, the master note that represents the securities\npursuant to the Senior Indenture referred to in the prospectus supplement dated February 21, 2024, and issued and paid for as contemplated\nherein, the securities offered by this pricing supplement will be valid, binding and enforceable obligations of the Issuer, entitled\nto the benefits of the Senior Indenture, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights\ngenerally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good\nfaith, fair dealing and the lack of bad faith). This opinion is given as of the date hereof and is limited to the laws of the State of\nNew York, the Maryland General Corporation Law (including the statutory provisions, all applicable provisions of the Maryland Constitution\nand the reported judicial decisions interpreting the foregoing) and the federal laws of the United States of America. This opinion is\nsubject to customary assumptions about the trustee’s authorization, execution and delivery of the Senior Indenture and the genuineness\nof signatures and to such counsel’s reliance on the Issuer and other sources as to certain factual matters, all as stated in the\nlegal opinion dated February 21, 2024, which has been filed as Exhibit 5.3 to the Issuer’s registration statement on\nForm S-3 dated February 21, 2024.

PS-24

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