Company: HBCYF
Filing Date: 2025-06-02
Form Type: 424B5
Source: 0001193125-25-132352
Chunk: 22

Company: HSBC HOLDINGS PLC
Filing Date: 2025-06-02
Form: 424B5
Chunk 22
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 payments in respect of the Securities, we will not make an interest payment on any interest payment date (and such interest payment will therefore be deemed to have been cancelled and thus will not be due and payable on such interest payment date) 
 if:                                                                                                                                                                                                                                                     |

| (a) | the amount of Relevant Distributions exceeds the amount of Distributable Items as of such interest payment 
 date;                                                                                                      |

| (b) | the aggregate of (x) the interest amount payable in respect of the Securities and (y) the amounts of                                                                                                                                     
 any distributions of the kind referred to in Rule 4.3(2) of Chapter 4 (or any succeeding provision amending or replacing such rule) exceeds the Maximum Distributable Amount (if any) applicable to us as of such interest payment date; |

| (c) | the Solvency Condition is not satisfied in respect of such interest payment; or |

| (d) | the Relevant Regulator orders us to cancel (in whole or in part) the interest otherwise payable on such 
 interest payment date.                                                                                  |

| We may, in our sole discretion, elect to make a partial interest payment on the Securities on any interest payment date, only to the extent that such partial interest payment may be made without breaching the                                      
 restrictions in the preceding paragraph. For the avoidance of doubt, the portion of interest not paid on the relevant interest payment date will be deemed to have been cancelled and thus will not be due and payable on such interest payment date. |

S-12

| “Distributable Items” means the amount of our profits at the end of the last financial year plus any profits brought forward and reserves available for that purpose before distributions to holders of the      
 Securities and any Parity Obligations and Junior Obligations less any losses brought forward, profits which are non-distributable pursuant to the Companies Act 2006 (UK), as amended from time to time, (the    
 “Companies Act”) or other provisions of English law from time to time applicable to us or our Memorandum and Articles of Association (our “Articles of Association”) and sums placed to                          
 non-distributable reserves in accordance with the Companies Act or other provisions of English law from time to time applicable to us or our Articles of Association, those losses and reserves being determined 
 on the basis of our individual accounts and not on the basis of our consolidated accounts.                                                                                                                       |

| “Junior Obligations” means, in respect of the Securities, (i) any of