Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 132

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 132
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 during the Relevant Period the Volume Weighted Average Price has been based on a price ex-dividend (or ex-any other entitlement) and during some other part of that period the Volume Weighted Average Price has been based on a price 
 cum-dividend (or cum-any other entitlement), then:                                                                                                                                                                                                    |

| (1) | if our ordinary shares to be issued do not rank for the dividend (or entitlement) in question, the Volume                                                                                                           
 Weighted Average Price on the dates on which our ordinary shares will have been quoted cum-dividend (or cum-any other entitlement) will for the purpose of this                                                     
 definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of that dividend (or entitlement) per ordinary share as of the date of first public announcement relating to such |

S-84

| dividend or entitlement and, 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; or                                                                                                                                                   |

| (2) | if our ordinary shares to be issued do rank for the dividend (or entitlement) in question, the Volume Weighted                                                            
 Average Price on the dates on which our ordinary shares will have been quoted ex-dividend (or ex-any other entitlement) will for the purpose of this definition be deemed 
 to have been the amount thereof increased by such similar amount; and                                                                                                     |

| (ii) | if on each of the five Exchange Business Days during the Relevant Period our ordinary shares have been quoted cum-dividend (or cum-any other entitlement) in respect of a dividend (or entitlement) which has been declared or announced but our ordinary shares to be issued do not rank for 
 that dividend (or entitlement), the Volume Weighted Average Price on each of such dates will for the purposes of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of that dividend (or entitlement)                                     
 per ordinary share as of the date of first public announcement relating to such dividend or entitlement, and 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;                                                                                                                                                                                                                                    |

| (iii) | if such Volume Weighted Average Price of one of our ordinary shares is not available on each of the five                                                                                                                             
 Exchange Business Days during the Relevant Period, then the arithmetic average