Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 64

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 64
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. For these purposes, the trustee and the paying agent will accept such officer’s certificate without further inquiry as sufficient evidence of the existence of such circumstances and such officer’s certificate will be conclusive and binding on the noteholders. Redemption or Purchase Conditions Notwithstanding anything to the contrary in the Indenture or the Notes, we may only redeem or purchase the Notes prior to the Maturity Date, in each case, if, and to the extent then required by the Applicable Rules, (i) we have obtained any Relevant Supervisory Consent therefor, (ii) prior to the fifth anniversary of the Issue Date, (a) we have demonstrated to the satisfaction of the Relevant Regulator that (x) pursuant to a Capital Disqualification Event Redemption (as described above), the relevant change in the regulatory classification of the Notes was not reasonably foreseeable on the Issue Date or (y) pursuant to a Tax Event Redemption (as described above), the relevant tax event is a change in the applicable tax treatment of the Notes which is material S-45

and was not reasonably foreseeable on the Issue Date; or (b) in any relevant circumstances, we have (or will have), before or at the same time as such redemption or purchase, replaced the Notes with our own funds instruments of equal or higher quality at terms that are sustainable for our income capacity, and the Relevant Regulator has permitted such action on the basis of the determination that it would be beneficial from a prudential point of view and justified by exceptional circumstances; and/or (c) we have complied with any alternative or additional conditions to redemption or purchase, as applicable, required under the Applicable Rules, and (iii) with respect to a redemption (but not a purchase) of the Notes, we have provided notice as described under “— Redemption.” For the avoidance of doubt, the requirements in item (i) and (ii) in the paragraph above will not apply if (a) so long as the Applicable Rules do not otherwise require, the Notes have (or will have, on the date fixed for redemption or purchase) ceased fully to qualify as part of the HSBC Group’s regulatory capital, (b) the relevant Notes are purchased for market-making purposes in accordance with any permission given by the Relevant Regulator pursuant to the Applicable Rules within the limits prescribed in such permission or (c) the relevant Notes are being redeemed or purchased pursuant to any general prior permission granted by the Relevant Regulator pursuant to the Applicable Rules within the limits prescribed in such permission. Purchases