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DISCLOSURE

This material is being made available by HSBC Securities (USA) Inc. ("HSI") and is for the information of clients. It is based on information from sources which HSI believes to be reliable, but it is not guaranteed as to accuracy or completeness, nor shall HSI be responsible for any losses or damages resulting from any source or cause including, but not limited to, errors, inaccuracies or omissions. This material is not, and should not be construed as, an offer or the solicitation of an offer to buy or sell any securities, futures or other financial instruments.






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