Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 150

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 150
---
 Securities are not being issued in consequence of, or otherwise in connection with, any arrangements, the main purpose, or one of the main purposes of which, is to secure a tax advantage. It is consequently expected that the HCI rules should apply to the Securities such that they would benefit from the exemption from all stamp duties on transfer. No liability to UK stamp duty or stamp duty reserve tax will generally arise on a cash redemption of Securities, provided no transfer of shares or other securities is effected upon or in connection with such redemption. S-96

No liability to UK stamp duty or stamp duty reserve tax will arise for a securityholder on
the release of our obligations under the Securities on Automatic Conversion.

No liability to UK stamp duty or stamp duty reserve tax will
arise for a securityholder on the issuance of new ordinary shares in HSBC Holdings plc by us to the securityholder under an Automatic Conversion.

UK stamp duty and stamp duty reserve tax may be payable in relation to a Conversion Shares Offer.

The above description of the UK stamp duty and stamp duty reserve tax position does not deal with the issue, transfer or agreement to transfer
of any Approved Entity Shares.

S-97

CERTAIN ERISA CONSIDERATIONS

The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), imposes certain requirements on employee benefit plans
subject to Title I of ERISA and on entities or accounts that are deemed to hold the assets of such plans (“ERISA Plans”), and on those persons who are fiduciaries with respect to ERISA Plans. Investments by ERISA Plans are subject to
ERISA’s general fiduciary requirements, including, but not limited to, the requirement of investment prudence and diversification and the requirement that an ERISA Plan’s investments be made in accordance with the documents governing the
ERISA Plan.

Prohibited Transaction and General Fiduciary Considerations

Section 406 of ERISA and Section 4975 of the Code prohibit certain transactions involving the assets of an ERISA Plan as well as
those plans that are not subject to ERISA but which are subject to Section 4975 of the Code, such as individual retirement accounts, and entities or accounts deemed to hold the assets of such plans (together with ERISA Plans, “Plans”)
and certain persons (referred to as “parties in interest” under ERISA or “disqualified persons” under the Code) having certain relationships to such Plans, unless a statutory or administrative exemption is applicable to the
transaction