Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 134

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 134
---
 Cash Dividend that is declared expressly by us to be a capital distribution, extraordinary dividend, extraordinary distribution, special dividend, special distribution or return of value to our ordinary shareholders as a class or any analogous or similar term, in which case the Extraordinary Dividend will be such Cash Dividend. “Fair Market Value” means

| (i) | with respect to a Cash Dividend or other cash amount the amount of such cash; provided that any Cash                                                                                             
 Dividend or other cash amount in a currency other than U.S. dollars will be converted into U.S. dollars at the Prevailing Rate as of the date on which the Fair Market Value is to be calculated |

| (ii) | where securities, options, warrants or other rights are publicly traded in a market which is determined by us                                                                                                                                             
 to have adequate liquidity, the fair market value of (a) such securities will equal the arithmetic average of the Volume Weighted Average Prices of such securities, and (b) such options, warrants or other rights will be the arithmetic mean           
 of the daily closing prices of such options, warrants or other rights, in each case during the period of five trading days on the relevant market commencing on such date (or, if later, the first such trading day such securities, options, warrants or 
 other rights are publicly traded) or such shorter period as such securities, options, warrants or other rights are publicly traded; provided that any amount in a currency other than U.S. dollars will be converted into U.S. dollars at the             
 Prevailing Rate as of the date on which the Fair Market Value is to be calculated and                                                                                                                                                                     |

| (iii) | with respect to any other property on any date, the fair market value of that property as of that date as    
 determined by an Independent Financial Adviser taking into account such factors as it considers appropriate. |

For these purposes, the amount or value will be determined on a gross basis disregarding any withholding or deduction required to be made on account of tax and disregarding any associated tax credit. “FATCA” means (i) sections 1471 to 1474 of the Code or any associated regulations or other official guidance; (ii) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of clause (i); or (iii) any agreement pursuant to the implementation of clauses (i) or (