Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 20

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 20
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 preceding the related Reset 
 Determination Date on which such rate was set forth in such release (or any successor release).                                                                                           |

| The Reference Rate shall be calculated by the calculation agent. |

| “H.15” means the weekly statistical release designated as such and published by the Board of Governors of the United States Federal Reserve System, or any successor or replacement publication that establishes                          
 yields on actively traded U.S. Treasury securities adjusted to constant maturity, and “most recent H.15” means the H.15 published closest in time but prior to 5:00 p.m. (New York City time) on the applicable Reset Determination Date. |

| Reference Treasury | “Reference Treasury” means, in respect of a Reset Period, the U.S. Treasury security or securities selected by us (following, where practicable, consultation with an investment bank or financial institution determined to be appropriate      
 by us (which may be the calculation agent)) (i) with a maturity date on or about the last day of such Reset Period and (ii) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new 
 issues of corporate debt securities denominated in U.S. dollars and having a maturity of five years.                                                                                                                                             |

| Reference Treasury Rate | “Reference Treasury Rate” means, with respect to any Reset Period, the rate per annum (expressed as a decimal) equal to the yield to maturity (on the relevant day count basis) of the Reference Treasury, assuming a price for the 
 Reference Treasury (expressed as a percentage of its principal amount) equal to the Reference Treasury Price on the relevant Reset Determination Date.                                                                              |

| Reference Treasury Price | “Reference Treasury Price” means, with respect to any Reset Determination Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for such Reset Determination Date, after excluding the highest quotation (or,               
 in the event of more than one highest quotation, one of the highest) and lowest quotation (or, in the event of more than one lowest quotation, one of the lowest), or (ii) if fewer than five but more than one such Reference Treasury Dealer     
 Quotations are received, the arithmetic average of all such quotations, or (iii) if only one such Reference Treasury Dealer Quotation is received, then such quotation; each as quoted in writing to the calculation agent by a Reference Treasury 
 Dealer.                                                                                                                                                                                                                                            |

| Reference Treasury Dealer | “Reference Treasury Dealer” means,