Company: HBCYF
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001193125-25-117014
Chunk: 73

Company: HSBC HOLDINGS PLC
Filing Date: 2025-05-12
Form: 424B5
Chunk 73
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 more U.S. Treasury securities S-49

maturing on the applicable Fixed/Floating Rate Notes Par Redemption Date or two or more U.S. Treasury securities meeting the criteria of the preceding sentence, the Determination Agent shall
select from among these two or more U.S. Treasury securities the U.S. Treasury security that is trading closest to par based upon the average of the bid and asked prices for such U.S. Treasury securities at 11:00 a.m., New York City time. In
determining the Reference Treasury in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable U.S. Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of
principal amount) at 11:00 a.m., New York City time, of such U.S. Treasury security, and rounded to three decimal places.

If we
determine, in our sole discretion, that the inclusion of the Make-Whole Redemption provisions in the terms of the Indenture and the Fixed/Floating Rate Notes could reasonably be expected to prejudice the qualification of such Fixed/Floating Rate
Notes as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations, then the provisions relating to the Make-Whole Redemption shall be deemed not to apply for all purposes relating to such
Fixed/Floating Rate Notes and we shall not have any right to redeem such Fixed/Floating Rate Notes pursuant to a Make-Whole Redemption. In such circumstances, we shall promptly provide notice to the trustee, the paying agent, the calculation agent
and the noteholders that the Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination. No action taken in accordance with
this paragraph shall be deemed to be an amendment requiring the consent of holders of Fixed/Floating Rate Notes, under Section 9.02 of the Base Indenture.

In the case of a partial redemption, the selection of the Fixed/Floating Rate Notes for redemption will be made pro rata, by lot or by such
other method in accordance with customary rules and practices of DTC. No Fixed/Floating Rate Notes of a principal amount of $200,000 or less will be redeemed in part. If any Fixed/Floating Rate Notes are to be redeemed in part only, the notice of
redemption that relates to the Fixed/Floating Rate Notes will state the portion of the principal amount of