Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 92

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 92
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 described under “Description of Contingent Capital Securities—Additional Amounts” in 
 the accompanying prospectus) (notwithstanding our having made such endeavors as we consider reasonable);                                                                                                                         |

| (c) | on a subsequent date for the payment of interest on the Securities, interest payments (or our funding costs as                        
 recognized in our accounts) under, or with respect to, the Securities are no longer fully deductible for UK corporation tax purposes; |

| (d) | the Securities would no longer be treated as loan relationships for UK tax purposes; |

| (e) | would, as a result of the Securities being in issue, result in our not being able to have losses or deductions                                                                                                                                          
 set against the profits or gains, or profits or gains offset by the losses or deductions, of companies with which we are or would otherwise be so grouped for applicable UK tax purposes (whether under the group relief system current as of the Issue 
 Date or any similar system or systems having like effect as may from time to time exist);                                                                                                                                                               |

| (f) | a future write-down of the principal amount of the Securities or                                                                                                                                                                                 
 conversion of the Securities into our ordinary shares would result in a UK tax liability, or the receipt of income or profit which would be subject to UK tax, which would not otherwise have been the case as of the Issue Date of the relevant 
 Securities; or                                                                                                                                                                                                                                   |

| (g) | the Securities or any part thereof become treated as a derivative or an embedded derivative for UK tax 
 purposes.                                                                                              |

Subject only to our obligation to use such endeavors as provided in paragraph (b), it will be sufficient for us to deliver to the trustee an officer’s certificate stating that a Tax Event has occurred and is continuing and setting out the details thereof, as well as any opinion or certificate of an independent legal adviser on which such officer’s certificate is based. For these purposes, the trustee and the paying agent will accept such officer’s certificate without further enquiry as sufficient evidence of the existence of such circumstances and such officer’s certificate will be conclusive and binding on the securityholders. A “Capital Disqualification Event” will be deemed to have occurred if we determine, at any time after the Issue Date, there is a change in the regulatory classification of the Securities that results or will result in either their (i) exclusion in whole or in part from the HSBC Group’s regulatory capital (other than as a consequence of an Automatic Conversion); or (ii) reclassification in whole or in part as a