Company: HBCYF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-195127
Chunk: 115

Company: HSBC HOLDINGS PLC
Filing Date: 2025-09-04
Form: 424B5
Chunk 115
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 withholding, shall be equal to the respective amounts of interest and related deferred payments and missed payments, if any, which the holders would have been entitled to receive in respect of such undated subordinated debt securities in the absence of such deduction or withholding, provided that the foregoing shall not apply to any such tax, levy, impost, duty, charge, fee, deduction or withholding which:

| • |     | would not be payable or due but for the fact that the holder or the beneficial owner of the undated subordinated                                                                                                                                         
 debt security is domiciled in, or is a national or resident of, or engaging in business or maintaining a permanent establishment or being physically present in, the Taxing Jurisdiction, or otherwise has some connection or former connection with the 
 Taxing Jurisdiction other than the holding or ownership of an undated subordinated debt security, or the collection of interest payments and related deferred payments and missed payments, if any, on, or the enforcement of, any undated subordinated  
 debt security;                                                                                                                                                                                                                                           |

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| • |     | would not be payable or due but for the fact that the certificate representing the relevant undated subordinated                                                                                                                           
 debt securities (i) is presented for payment in the Taxing Jurisdiction or (ii) is presented for payment more than 30 days after the date payment became due or was provided for, whichever is later, except to the extent that the holder 
 would have been entitled to such Additional Amount on presenting the same for payment at the close of such 30-day period;                                                                                                                  |

| • |     | would not have been imposed if presentation for payment of the certificate representing the relevant undated                 
 subordinated debt securities had been made to a paying agent other than the paying agent to which the presentation was made; |

| • |     | is imposed in respect of a holder that is not the sole beneficial owner of the interest and related deferred                                                                                                                                             
 payments and missed payments, if any, or a portion of it, or that is a fiduciary or partnership, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership would not have been 
 entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment;                                                                          |

| • |     | is imposed because of the failure to comply by the holder or the beneficial owner of any payment on such undated                                                                                   
 subordinated