EX-4.1





 Exhibit 4.1 
  

 
  

HSBC HOLDINGS PLC, 
 as Issuer 

THE BANK OF NEW YORK MELLON, LONDON BRANCH, 

as Trustee 
 HSBC BANK USA,
NATIONAL ASSOCIATION, 
 as Paying Agent, Registrar and Calculation Agent 

 
  

TWENTY-THIRD SUPPLEMENTAL INDENTURE 

Dated as of November 22, 2021 
  

 
 To the Senior
Indenture, dated as of August 26, 2009, 
 among the Issuer, the Trustee and the Paying Agent, Registrar and Exchange Rate Agent 

$1,250,000,000 1.162% Fixed Rate/Floating Rate Senior Unsecured Notes due 2024 

$2,500,000,000 2.251% Fixed Rate/Floating Rate Senior Unsecured Notes due 2027 

$1,750,000,000 2.871% Fixed Rate/Floating Rate Senior Unsecured Notes due 2032 

$500,000,000 Floating Rate Senior Unsecured Notes due 2024 
  

 
  












 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	3	 
		
	 SECTION 1.01. Definition of Terms
	  	 	3	 
	 SECTION 1.02. Supplemental Definitions
	  	 	4	 
		
	 ARTICLE 2 THE NOTES
	  	 	14	 
		
	 SECTION 2.01. Terms Relating to Principal, Interest and Redemption on Each Series
of Notes
	  	 	14	 
	 SECTION 2.02. General Terms Applicable to All Notes
	  	 	17	 
	 SECTION 2.03. Make-Whole Redemption
	  	 	18	 
		
	 ARTICLE 3 INTEREST CALCULATION IN RESPECT OF THE NOTES
	  	 	20	 
		
	 SECTION 3.01. Interest Rate Terms Specific to Each Series of Notes
	  	 	20	 
	 SECTION 3.02. Interest Rate Terms Applicable to All Notes
	  	 	22	 
	 SECTION 3.03. Calculation of the Benchmark
	  	 	23	 
	 SECTION 3.04. Benchmark Transition Provisions
	  	 	25	 
		
	 ARTICLE 4 AMENDMENTS TO THE BASE INDENTURE APPLICABLE TO THE NOTES
ONLY
	  	 	27	 
		
	 SECTION 4.01. Notice of Redemption
	  	 	27	 
	 SECTION 4.02. Par Redemption of Debt Securities
	  	 	28	 
	 SECTION 4.03. Events of Default and Defaults
	  	 	29	 
	 SECTION 4.04. Additional Amounts
	  	 	31	 
	 SECTION 4.05. Execution, Authentication, Delivery and Dating
	  	 	32	 
		
	 ARTICLE 5 MISCELLANEOUS
	  	 	33	 
		
	 SECTION 5.01. Effect of this Supplemental Indenture; Ratification and Integral
Part
	  	 	33	 
	 SECTION 5.02. Priority
	  	 	33	 
	 SECTION 5.03. Successors and Assigns
	  	 	33	 
	 SECTION 5.04. Subsequent Holders’ Agreement
	  	 	33	 
	 SECTION 5.05. Compliance
	  	 	34	 
	 SECTION 5.06. Relation to Calculation Agent Agreement
	  	 	34	 
	 SECTION 5.07. Governing Law
	  	 	34	 
	 SECTION 5.08. Counterparts
	  	 	34	 
	 SECTION 5.09. Entire Agreement
	  	 	34	 
		
	 EXHIBIT A – Form of 1.162% Fixed Rate/Floating Rate Global Security
	  			
	 EXHIBIT B – Form of 2.251% Fixed Rate/Floating Rate Global Security
	  			
	 EXHIBIT C – Form of 2.871% Fixed Rate/Floating Rate Global Security
	  			
	 EXHIBIT D – Form of Floating Rate Global Security
	  			













 TWENTY-THIRD SUPPLEMENTAL INDENTURE, dated as of November 22, 2021 (this
“Supplemental Indenture”), by and among HSBC Holdings plc, a public limited company duly organized and existing under the laws of England and Wales (the “Company”), having its principal office at 8 Canada Square,
London E14 5HQ, England, The Bank of New York Mellon, London Branch, a New York banking corporation, as trustee (the “Trustee”), having its principal corporate trust office at 101 Barclay Street, Floor
7-East, New York, New York 10286, and HSBC Bank USA, National Association, as Paying Agent, Registrar and Calculation Agent (together, the “Agent”), having its principal office at 452 Fifth
Avenue, New York, New York 10018. 
 W I T N E S S E T H: 

WHEREAS, the Company, the Trustee and the Agent have executed and delivered an indenture dated as of August 26, 2009 (as amended
or supplemented from time to time, the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”), to provide for the issuance of the Company’s Debt Securities; 

WHEREAS, Section 9.01(5) of the Base Indenture provides that the Company and the Trustee may enter into a supplemental indenture
to establish the forms or terms of the Debt Securities of any series without the consent of the Holders as permitted under Sections 2.01 and 3.01 of the Base Indenture; 

WHEREAS, the Company desires to issue four series of Debt Securities under the Base Indenture (as supplemented and amended by this
Supplemental Indenture), the $1,250,000,000 1.162% Fixed Rate/Floating Rate Senior Unsecured Notes due 2024 (such series of Debt Securities, the “2024 Fixed/Floating Rate Notes”), the $2,500,000,000 2.251% Fixed Rate/Floating Rate
Senior Unsecured Notes due 2027 (such series of Debt Securities, the “2027 Fixed/Floating Rate Notes”), the $1,750,000,000 2.871% Fixed Rate/Floating Rate Senior Unsecured Notes due 2032 (such series of Debt Securities, the
“2032 Fixed/Floating Rate Notes” and “Fixed/Floating Rate Notes” shall mean any of the 2024 Fixed/Floating Rate Notes, the 2027 Fixed/Floating Rate Notes or the 2032 Fixed/Floating Rate Notes) and the $500,000,000
Floating Rate Senior Unsecured Notes due 2024 (such series of Debt Securities, the “Floating Rate Notes” and “Notes” shall mean any of the Fixed/Floating Rate Notes or the Floating Rate Notes, as applicable), each
such series to be issued pursuant to this Supplemental Indenture; 
 WHEREAS, all conditions and requirements necessary to make this
Supplemental Indenture a valid and binding instrument in accordance with the terms of the Base Indenture have been performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized; 

NOW, THEREFORE, each party agrees as follows for the benefit of the other parties and the equal and ratable benefit of the Holders.

 ARTICLE 1 

DEFINITIONS 
 SECTION 1.01.
Definition of Terms. For all purposes of this Supplemental Indenture: 
 (a) capitalized terms used herein but not
otherwise defined shall have the meanings assigned to them in the Base Indenture; 
 (b) all other terms used herein that are
defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(c) the singular includes the plural and vice versa; 

  
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 (d) the use of “or” is not intended to be exclusive unless
expressly indicated otherwise; 
 (e) the section headings herein are for convenience only and shall not affect the
construction of this Supplemental Indenture; 
 (f) wherever the words “include,” “includes” or
“including” are used in this Supplemental Indenture, they shall be deemed to be followed by the words “without limitation”; 

(g) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (h) references herein to a
specific Section, Article or Exhibit refer to Sections or Articles of, or an Exhibit to, this Supplemental Indenture, unless otherwise specified. 

SECTION 1.02. Supplemental Definitions. The following definitions shall apply to the Notes only: 

(a) “2024 Fixed/Floating Rate Notes” has the meaning set forth in the recitals to this Supplemental Indenture;

 (b) “2024 Fixed/Floating Rate Notes Fixed Rate Period” has the meaning set forth in
Section 3.01(a)(i); 
 (c) “2024 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date”
means May 22 and November 22 of each year, beginning on May 22, 2022; 
 (d) “2024 Fixed/Floating Rate
Notes Floating Rate Interest Period” means, during the 2024 Fixed/Floating Rate Notes Floating Rate Period, the period beginning on (and including) a 2024 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date and ending on
(but excluding) the next succeeding 2024 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date; provided that the first 2024 Fixed/Floating Rate Notes Floating Rate Interest Period will begin on (and include) November 22, 2023
and will end on (but exclude) the first 2024 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date; 
 (e)
“2024 Fixed/Floating Rate Notes Floating Rate Period” has the meaning set forth in Section 3.01(a)(ii); 

(f) “2024 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date” means February 22, 2024,
May 22, 2024, August 22, 2024 and November 22, 2024; 
 (g) “2024 Fixed/Floating Rate Notes Initial
Interest Rate” has the meaning set forth in Section 3.01(a)(i); 
 (h) “2024 Fixed/Floating Rate Notes
Interest Payment Date” means any 2024 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date or 2024 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date; 

(i) “2024 Fixed/Floating Rate Notes Make-Whole Redemption” has the meaning set forth in
Section 2.03(a)(i); 

  
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 (j) “2024 Fixed/Floating Rate Notes Make-Whole Redemption
Period” means the period beginning on (and including) May 22, 2022 (six months following the Issue Date) to (but excluding) the 2024 Fixed/Floating Rate Notes Par Redemption Date; provided that if any additional notes of the same
series are issued after the Issue Date, the 2024 Fixed/Floating Rate Notes Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes; 

(k) “2024 Fixed/Floating Rate Notes Margin” has the meaning set forth in Section 3.01(a)(ii); 

(l) “2024 Fixed/Floating Rate Notes Maturity Date” means November 22, 2024; 

(m) “2024 Fixed/Floating Rate Notes Par Redemption” has the meaning set forth in Section 4.02(a); 

(n) “2024 Fixed/Floating Rate Notes Par Redemption Date” means November 22, 2023; 

(o) “2027 Fixed/Floating Rate Notes” has the meaning set forth in the recitals to this Supplemental Indenture;

 (p) “2027 Fixed/Floating Rate Notes Fixed Rate Period” has the meaning set forth in
Section 3.01(b)(i); 
 (q) “2027 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date”
means May 22 and November 22 of each year, beginning on May 22, 2022; 
 (r) “2027 Fixed/Floating Rate
Notes Floating Rate Interest Period” means, during the 2027 Fixed/Floating Rate Notes Floating Rate Period, the period beginning on (and including) a 2027 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date and ending on
(but excluding) the next succeeding 2027 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date; provided that the first 2027 Fixed/Floating Rate Notes Floating Rate Interest Period will begin on (and include) November 22, 2026
and will end on (but exclude) the first 2027 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date; 
 (s)
“2027 Fixed/Floating Rate Notes Floating Rate Period” has the meaning set forth in Section 3.01(b)(ii); 

(t) “2027 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date” means February 22, 2027,
May 22, 2027, August 22, 2027 and November 22, 2027; 
 (u) “2027 Fixed/Floating Rate Notes Initial
Interest Rate” has the meaning set forth in Section 3.01(b)(i); 
 (v) “2027 Fixed/Floating Rate Notes
Interest Payment Date” means any 2027 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date or 2027 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date; 

(w) “2027 Fixed/Floating Rate Notes Make-Whole Redemption” has the meaning set forth in
Section 2.03(b)(i); 

  
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 (x) “2027 Fixed/Floating Rate Notes Make-Whole Redemption
Period” means the period beginning on (and including) May 22, 2022 (six months following the Issue Date) to (but excluding) the 2027 Fixed/Floating Rate Notes Par Redemption Date; provided that if any additional notes of the same
series are issued after the Issue Date, the 2027 Fixed/Floating Rate Notes Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes; 

(y) “2027 Fixed/Floating Rate Notes Margin” has the meaning set forth in Section 3.01(b)(ii); 

(z) “2027 Fixed/Floating Rate Notes Maturity Date” means November 22, 2027; 

(aa) “2027 Fixed/Floating Rate Notes Par Redemption” has the meaning set forth in Section 4.02(b); 

(bb) “2027 Fixed/Floating Rate Notes Par Redemption Date” means November 22, 2026; 

(cc) “2032 Fixed/Floating Rate Notes” has the meaning set forth in the recitals to this Supplemental
Indenture; 
 (dd) “2032 Fixed/Floating Rate Notes Fixed Rate Period” has the meaning set forth in
Section 3.01(c)(i); 
 (ee) “2032 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date”
means May 22 and November 22 of each year, beginning on May 22, 2022; 
 (ff) “2032 Fixed/Floating
Rate Notes Floating Rate Interest Period” means, during the 2032 Fixed/Floating Rate Notes Floating Rate Period, the period beginning on (and including) a 2032 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date and ending
on (but excluding) the next succeeding 2032 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date; provided that the first 2032 Fixed/Floating Rate Notes Floating Rate Interest Period will begin on (and include) November 22, 2031
and will end on (but exclude) the first 2032 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date; 
 (gg)
“2032 Fixed/Floating Rate Notes Floating Rate Period” has the meaning set forth in Section 3.01(c)(ii); 

(hh) “2032 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date” means February 22, 2032,
May 22, 2032, August 22, 2032 and November 22, 2032; 
 (ii) “2032 Fixed/Floating Rate Notes Initial
Interest Rate” has the meaning set forth in Section 3.01(c)(i); 
 (jj) “2032 Fixed/Floating Rate Notes
Interest Payment Date” means any 2032 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date or 2032 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date; 

(kk) “2032 Fixed/Floating Rate Notes Make-Whole Redemption” has the meaning set forth in Section 2.03(c);

 (ll) “2032 Fixed/Floating Rate Notes Make-Whole Redemption Period” means the period beginning on (and
including) May 22, 2022 (six months following the Issue Date) to (but excluding) the 2032 Fixed/Floating Rate Notes Par Redemption Date; provided that if any additional notes of the same series are issued after the Issue Date, the 2032
Fixed/Floating Rate Notes Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes; 

  
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 (mm) “2032 Fixed/Floating Rate Notes Margin” has the
meaning set forth in Section 3.01(c)(ii); 
 (nn) “2032 Fixed/Floating Rate Notes Maturity Date” means
November 22, 2032; 
 (oo) “2032 Fixed/Floating Rate Notes Par Redemption” has the meaning set forth in
Section 4.02(c); 
 (pp) “2032 Fixed/Floating Rate Notes Par Redemption Date” means November 22,
2031; 
 (qq) “Agent” has the meaning set forth in the introduction to this Supplemental Indenture; 

(rr) “Applicable Currency” means Dollars; 

(ss) “Banking Act” means the UK Banking Act 2009, as amended; 

(tt) “Benchmark” has the meaning set forth in Section 3.03(a); 

(uu) “Benchmark Replacement” means the first alternative set forth in the order below that can be determined
by the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) as of the Benchmark Replacement Date: 

(i) the sum of: (A) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (B) the Benchmark Replacement Adjustment; 

(ii) the sum of: (A) the ISDA Fallback Rate and (B) the Benchmark Replacement Adjustment; and 

(iii) the sum of: (A) the alternate rate of interest that has been selected by the Company (in consultation, to the extent
practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted
rate of interest as a replacement for the then-current Benchmark for Dollar-denominated floating rate notes at such time and (B) the Benchmark Replacement Adjustment; 

(vv) “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be
determined by the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) as of the Benchmark Replacement Date: 

(i) the spread adjustment (which may be a positive or negative value or zero) that has been (A) selected or recommended by
the Relevant Governmental Body or (B) determined by the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) in accordance with the method for
calculating or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement; 

  
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 (ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the
ISDA Fallback Rate, then the ISDA Fallback Adjustment; 
 (iii) the spread adjustment (which may be a positive or negative
value or zero) that has been selected by the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) giving due consideration to industry-accepted spread
adjustments (if any), or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated floating rate notes at such time;

 (ww) “Benchmark Replacement Conforming Changes” has the meaning set forth in Section 3.04(b); 

(xx) “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark: 
 (i) in the case of clause (i) or (ii) of the definition of “Benchmark Transition
Event,” the later of (A) the date of the public statement or publication of information referenced therein and (B) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 (ii) in the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of the public
statement or publication of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the
Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination; 

(yy) “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to
the then-current Benchmark: 
 (i) a public statement or publication of information by or on behalf of the administrator of
the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark; 
 (ii) a public statement or publication of information by the regulatory supervisor for
the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the
Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or
indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

  
 8 













 (iii) a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative; 
 (zz)
“Benchmark Transition Provisions” has the meaning set forth in Section 3.04; 
 (aaa) “Business
Day” means a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, England, and in the City of New
York, New York; 
 (bbb) “Calculation Agent” means HSBC Bank USA, National Association, or its successor
appointed by the Company pursuant to the Calculation Agent Agreement; 
 (ccc) “Calculation Agent Agreement”
means the calculation agent agreement dated as of the Issue Date between the Company and the Calculation Agent; 
 (ddd)
“Company” has the meaning set forth in the introduction to this Supplemental Indenture; 
 (eee)
“Compounded Daily SOFR” has the meaning set forth in Section 3.03(b); 
 (fff) “Corresponding
Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustments) as the applicable tenor for the then-current Benchmark; 

(ggg) “d” has the meaning set forth in Section 3.03(b); 

(hhh) “d0” has the meaning set forth in
Section 3.03(b); 
 (iii) “designee” means an Affiliate or any other agent of the Company; 

(jjj) “Determination Agent” means an investment bank or financial institution of international standing
selected by the Company (which may be the Calculation Agent or an Affiliate of the Company); 
 (kkk) “EUWA”
means the European Union (Withdrawal) Act 2018, as amended; 
 (lll) “Fixed/Floating Rate Notes” has the
meaning set forth in the recitals to this Supplemental Indenture; 
 (mmm) “Fixed/Floating Rate Notes Par Redemption
Date” means any of the 2024 Fixed/Floating Rate Notes Par Redemption Date, the 2027 Fixed/Floating Rate Notes Par Redemption Date or the 2032 Fixed/Floating Rate Notes Par Redemption Date, as applicable; 

(nnn) “Fixed Rate Period” means any of the 2024 Fixed/Floating Rate Notes Fixed Rate Period, the 2027
Fixed/Floating Rate Notes Fixed Rate Period or the 2032 Fixed/Floating Rate Notes Fixed Rate Period, as applicable; 
 (ooo)
“Floating Rate Interest Period” means any of a 2024 Fixed/Floating Rate Notes Floating Rate Interest Period, a 2027 Fixed/Floating Rate Notes Floating Rate Interest Period, a 2032 Fixed/Floating Rate Notes Floating Rate Interest
Period or a Floating Rate Notes Interest Period, as applicable; 

  
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 (ppp) “Floating Rate Notes” has the meaning set forth in
the recitals to this Supplemental Indenture; 
 (qqq) “Floating Rate Notes Initial Interest Rate” means the
interest rate on the Floating Rate Notes for the first Floating Rate Notes Interest Period; 
 (rrr) “Floating Rate
Notes Interest Period” means the period beginning on (and including) a Floating Rate Notes Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Notes Interest Payment Date; provided that the first
Floating Rate Notes Interest Period will begin on (and include) the Issue Date and will end on (but exclude) the first Floating Rate Notes Interest Payment Date; 

(sss) “Floating Rate Notes Interest Payment Date” means February 22, May 22, August 22 and
November 22 of each year, beginning on February 22, 2022; 
 (ttt) “Floating Rate Notes Margin”
has the meaning set forth in Section 3.01(d)(i); 
 (uuu) “Floating Rate Notes Maturity Date” means
November 22, 2024; 
 (vvv) “Floating Rate Notes Par Redemption” has the meaning set forth in
Section 4.02(d); 
 (www) “Floating Rate Notes Par Redemption Date” means November 22, 2023; 

(xxx) “Floating Rate Period” means any of the 2024 Fixed/Floating Rate Notes Floating Rate Period, the 2027
Fixed/ Floating Rate Notes Floating Rate Period or the 2032 Fixed/Floating Rate Notes Floating Rate Period, as applicable; 

(yyy) “Floating Rate Period Interest Payment Date” means any of a 2024 Fixed/Floating Rate Notes Floating Rate
Period Interest Payment Date, a 2027 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date or a 2032 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date, as applicable; 

(zzz) “HSBC Group” or “HSBC” means the Company together with its subsidiary undertakings;

 (aaaa) “H.15” means the weekly statistical release designated as such and published by the Board of
Governors of the United States Federal Reserve System, or any successor or replacement publication that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, and “most recent H.15” means the H.15
published closest in time but prior to 5:00 p.m. (New York City time) on the applicable Price Determination Date; 
 (bbbb)
“i” has the meaning set forth in Section 3.03(b); 
 (cccc) “Initial Interest Rate”
means any of the 2024 Fixed/Floating Rate Notes Initial Interest Rate, the 2027 Fixed/Floating Rate Notes Initial Interest Rate or the 2032 Fixed/Floating Rate Notes Initial Interest Rate, as applicable; 

(dddd) “Interest Determination Date” means the second Business Day preceding the applicable Interest Payment
Date; 
 (eeee) “Interest Payment Date” means any of a 2024 Fixed/Floating Rate Notes Interest Payment Date,
a 2027 Fixed/Floating Rate Notes Interest Payment Date, a 2032 Fixed/Floating Rate Notes Interest Payment Date or a Floating Rate Notes Interest Payment Date, as applicable; 

  
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 (ffff) “ISDA Definitions” means the 2006 ISDA Definitions
published by the International Swaps and Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time
to time; 
 (gggg) “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or
negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor;  

(hhhh) “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA
Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment; 

(iiii) “Issue Date” means November 22, 2021; 

(jjjj) “Loss Absorption Regulations” means, at any time, the laws, regulations, requirements, guidelines,
rules, standards and policies from time to time relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments in effect in the UK and applicable to the Company from time to time, including,
without limitation to the generality of the foregoing, the Banking Act and UK CRR (whether or not such requirements, guidelines or policies are applied generally or specifically to the Company or to the Company and any of its holding or subsidiary
companies or any subsidiary of any such holding company) in each case as amended, supplemented or replaced from time to time; 

(kkkk) “Make-Whole Redemption” means any of a 2024 Fixed/Floating Rate Notes Make-Whole Redemption, a 2027
Fixed/Floating Rate Notes Make-Whole Redemption or a 2032 Fixed/Floating Rate Notes Make-Whole Redemption, as applicable; 

(llll) “Make-Whole Redemption Period” means any of a 2024 Fixed/Floating Rate Notes Make-Whole Redemption
Period, a 2027 Fixed/Floating Rate Notes Make-Whole Redemption Period or a 2032 Fixed/Floating Rate Notes Make-Whole Redemption Period, as applicable; 

(mmmm) “Margin” means any of the 2024 Fixed/Floating Rate Notes Margin, the 2027 Fixed/Floating Rate Notes
Margin, the 2032 Fixed/Floating Rate Notes Margin or the Floating Rate Notes Margin, as applicable; 
 (nnnn)
“Maturity Date” means any of the 2024 Fixed/Floating Rate Notes Maturity Date, the 2027 Fixed/Floating Rate Notes Maturity Date, the 2032 Fixed/Floating Rate Notes Maturity Date or the Floating Rate Notes Maturity Date, as
applicable; 
 (oooo) “ni” has the meaning
set forth in Section 3.03(b); 
 (pppp) “Notes” has the meaning set forth in the recitals to this
Supplemental Indenture; 

  
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 (qqqq) “NY Federal Reserve’s Website” means the
website of the Federal Reserve Bank of New York at http://www.newyorkfed.org (or any successor website); 
 (rrrr)
“Observation Period” has the meaning set forth in Section 3.03(b); 
 (ssss) “Par
Redemption” means any of the 2024 Fixed/Floating Rate Notes Par Redemption, the 2027 Fixed/Floating Rate Notes Par Redemption, the 2032 Fixed/Floating Rate Notes Par Redemption or the Floating Rate Notes Par Redemption; 

(tttt) “PRA” means the UK Prudential Regulation Authority or any successor entity; 

(uuuu) “Price Determination Date” means, with respect to any Make-Whole Redemption, the third Business Day
preceding the applicable Redemption Date; 
 (vvvv) “Reference Time” means (i) if the Benchmark is
Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York time) on the next succeeding USGS Business Day, and (ii) if the Benchmark is not Compounded Daily SOFR, the time determined by the Company (in consultation, to the extent
practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) in accordance with the Benchmark Replacement Conforming Changes; 

(wwww) “Reference Treasury” means, with respect to any Price Determination Date, the U.S. Treasury security or
securities selected by the Company (in consultation, to the extent practicable, with the Determination Agent) (i) with an actual or interpolated maturity comparable with the remaining term to the applicable Fixed/Floating Rate Notes Par
Redemption Date and (ii) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. Dollars and a maturity comparable to the
remaining term to the applicable Fixed/Floating Rate Notes Par Redemption Date; 
 (xxxx) “Reference Treasury
Dealer” means, with respect to any Price Determination Date, each of up to five banks selected by the Company (in consultation, to the extent practicable, with the Determination Agent), or the Affiliates of such banks, which are
(i) primary U.S. Treasury securities dealers, and their respective successors, or (ii) market makers in pricing corporate bond issues denominated in U.S Dollars; 

(yyyy) “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any
Price Determination Date, the arithmetic average, as determined by the Determination Agent, of the bid and offered prices for the applicable Reference Treasury, expressed in each case as a percentage of its principal amount, quoted by the applicable
Reference Treasury Dealer at 11:00 a.m. (New York City time), on such Price Determination Date; 
 (zzzz) “Reference
Treasury Price” means, with respect to any Price Determination Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for such Price Determination Date, after excluding the highest quotation (or, in the event of
more than one highest quotation, one of the highest) and lowest quotation (or, in the event of more than one lowest quotation, one of the lowest), or (ii) if fewer than five but more than one such Reference Treasury Dealer Quotations are
received, the arithmetic average of all such quotations, or (iii) if only one such Reference Treasury Dealer Quotation is received, then such quotation; each as quoted in writing to the Determination Agent by a Reference Treasury Dealer; 

  
 12 













 (aaaaa) “Reference Treasury Rate” means, with respect to
any Price Determination Date, the rate per annum equal to: 
 (i) the yield, which represents the average for the week
immediately prior to the Price Determination Date appearing in the most recent “H.15” under the caption “Treasury constant maturities,” for the maturity most closely corresponding to the applicable Fixed/Floating Rate Notes Par
Redemption Date; provided that if no maturity is within three months before or after the applicable Fixed/Floating Rate Notes Par Redemption Date, yields for the two published maturities most closely corresponding to the Reference Treasury
shall be determined and the Reference Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month; or 

(ii) if such release (or any successor release) is not published during the week immediately prior to the Price Determination
Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Reference Treasury, calculated using a price for the Reference Treasury (expressed as a percentage of its principal amount) equal
to the Reference Treasury Price for the applicable Price Determination Date; provided that, if the period from the applicable Redemption Date to the applicable Fixed/Floating Rate Notes Par Redemption Date is less than one year, the weekly
average yield on actually traded U.S. Treasury securities adjusted to a constant maturity of one year will be used. 

(bbbbb) “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of New York
(“NY Federal Reserve”), or a committee officially endorsed or convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto; 

(ccccc) “Relevant Regulator” means the PRA or any successor entity or other entity primarily responsible for
the prudential supervision of the Company; 
 (ddddd) “Relevant Supervisory Consent” means as (and to the
extent) required, a consent or waiver to the relevant redemption or purchase from the Relevant Regulator or the Relevant UK Resolution Authority (as applicable). For the avoidance of doubt, Relevant Supervisory Consent will not be required if either
(i) none of the Notes qualify as part of the Company’s regulatory capital, or own funds and eligible liabilities or loss absorbing capacity instruments, as the case may be, each pursuant to the Loss Absorption Regulations, (ii) the
relevant Notes are repurchased for market-making purposes in accordance with any permission given by the Relevant Regulator pursuant to the Loss Absorption Regulations within the limits prescribed in such permission or (iii) the relevant Notes
are being redeemed or repurchased pursuant to any general prior permission granted by the Relevant Regulator or the Relevant UK Resolution Authority (as applicable) pursuant to the Loss Absorption Regulations within the limits prescribed in such
permission; 
 (eeeee) “Relevant UK Resolution Authority” means any authority with the ability to exercise a
UK Bail-in Power; 
 (fffff) “SOFR” has the meaning set forth in
Section 3.03(b); 
 (ggggg) “SOFRi” has
the meaning set forth in Section 3.03(b); 
 (hhhhh) “Trustee” has the meaning set forth in the
introduction to this Supplemental Indenture; 

  
 13 













 (iiiii) “UK Bail-in
Legislation” means Part I of the Banking Act and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than
through liquidation, administration or other insolvency proceedings); 
 (jjjjj) “UK
Bail-in Power” means the powers under the UK Bail-in Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or
affiliate of a bank or investment firm, to cancel, write-down, transfer, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability; 

(kkkkk) “UK CRR” means Regulation (EU) No. 575/2013 on prudential requirements for credit institutions
and investment firms of the European Parliament and of the Council of 26 June 2013, as amended or supplemented from time to time, as it forms part of domestic law in the UK by virtue of the EUWA; 

(lllll) “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement
Adjustment; and 
 (mmmmm) “USGS Business Day” has the meaning set forth in Section 3.03(b). 

ARTICLE 2 
 THE NOTES

 SECTION 2.01. Terms Relating to Principal, Interest and Redemption on Each Series of Notes. 

(a) The following terms relating to principal, interest and redemption of the 2024 Fixed/Floating Rate Notes are hereby
established: 
 (i) the title of the 2024 Fixed/Floating Rate Notes shall be “1.162% Fixed Rate/Floating Rate Senior
Unsecured Notes due 2024”; 
 (ii) the aggregate principal amount of the 2024 Fixed/Floating Rate Notes that may be
authenticated and delivered under the Indenture shall not initially exceed $1,250,000,000 (except as otherwise provided in the Indenture); 

(iii) the principal on the 2024 Fixed/Floating Rate Notes shall be payable on the 2024 Fixed/Floating Rate Notes Maturity Date;

 (iv) during the 2024 Fixed/Floating Rate Notes Fixed Rate Period, interest on the 2024 Fixed/Floating Rate Notes shall be
payable at the 2024 Fixed/Floating Rate Notes Initial Interest Rate and semi-annually in arrear on each 2024 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date. During the 2024 Fixed/Floating Rate Notes Floating Rate Period, interest
on the 2024 Fixed/Floating Rate Notes shall be payable at a rate per annum determined in accordance with Article Three and quarterly in arrear on each 2024 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date. Accrual and
computation of interest on the 2024 Fixed/Floating Rate Notes shall be determined in accordance with Article Three; and 

  
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 (v) the 2024 Fixed/Floating Rate Notes shall not be redeemable except as
provided in Section 2.03 or Article Eleven of the Base Indenture, as amended by Sections 4.01 and 4.02. The 2024 Fixed/Floating Rate Notes shall not be redeemable at the option of the Holders at any time. Notwithstanding anything to the
contrary in the Indenture or the 2024 Fixed/Floating Rate Notes, including Section 11.01 of the Base Indenture, the Company may only redeem or repurchase the 2024 Fixed/Floating Rate Notes prior to the 2024 Fixed/Floating Rate Notes Maturity
Date pursuant to Section 2.03 or Article Eleven of the Base Indenture, as amended by Sections 4.01 and 4.02, if the Company has obtained any Relevant Supervisory Consent. 

(b) The following terms relating to principal, interest and redemption of the 2027 Fixed/Floating Rate Notes are hereby
established: 
 (i) the title of the 2027 Fixed/Floating Rate Notes shall be “2.251% Fixed Rate/Floating Rate Senior
Unsecured Notes due 2027”; 
 (ii) the aggregate principal amount of the 2027 Fixed/Floating Rate Notes that may be
authenticated and delivered under the Indenture shall not initially exceed $2,500,000,000 (except as otherwise provided in the Indenture); 

(iii) the principal on the 2027 Fixed/Floating Rate Notes shall be payable on the 2027 Fixed/Floating Rate Notes Maturity Date;

 (iv) during the 2027 Fixed/Floating Rate Notes Fixed Rate Period, interest on the 2027 Fixed/Floating Rate Notes shall be
payable at the 2027 Fixed/Floating Rate Notes Initial Interest Rate and semi-annually in arrear on each 2027 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date. During the 2027 Fixed/Floating Rate Notes Floating Rate Period, interest
on the 2027 Fixed/Floating Rate Notes shall be payable at a rate per annum determined in accordance with Article Three and quarterly in arrear on each 2027 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date. Accrual and
computation of interest on the 2027 Fixed/Floating Rate Notes shall be determined in accordance with Article Three; and 

(v) the 2027 Fixed/Floating Rate Notes shall not be redeemable except as provided in Section 2.03 or Article Eleven of the
Base Indenture, as amended by Sections 4.01 and 4.02. The 2027 Fixed/Floating Rate Notes shall not be redeemable at the option of the Holders at any time. Notwithstanding anything to the contrary in the Indenture or the 2027 Fixed/Floating Rate
Notes, including Section 11.01 of the Base Indenture, the Company may only redeem or repurchase the 2027 Fixed/Floating Rate Notes prior to the 2027 Fixed/Floating Rate Notes Maturity Date pursuant to Section 2.03 or Article Eleven of the
Base Indenture, as amended by Sections 4.01 and 4.02, if the Company has obtained any Relevant Supervisory Consent. 
 (c)
The following terms relating to principal, interest and redemption of the 2032 Fixed/Floating Rate Notes are hereby established: 

(i) the title of the 2032 Fixed/Floating Rate Notes shall be “2.871% Fixed Rate/Floating Rate Senior Unsecured Notes due
2032”; 
 (ii) the aggregate principal amount of the 2032 Fixed/Floating Rate Notes that may be authenticated and
delivered under the Indenture shall not initially exceed $1,750,000,000 (except as otherwise provided in the Indenture); 

  
 15 













 (iii) the principal on the 2032 Fixed/Floating Rate Notes shall be payable
on the 2032 Fixed/Floating Rate Notes Maturity Date; 
 (iv) during the 2032 Fixed/Floating Rate Notes Fixed Rate Period,
interest on the 2032 Fixed/Floating Rate Notes shall be payable at the 2032 Fixed/Floating Rate Notes Initial Interest Rate and semi-annually in arrear on each 2032 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date. During the 2032
Fixed/Floating Rate Notes Floating Rate Period, interest on the 2032 Fixed/Floating Rate Notes shall be payable at a rate per annum determined in accordance with Article Three and quarterly in arrear on each 2032 Fixed/Floating Rate Notes
Floating Rate Period Interest Payment Date. Accrual and computation of interest on the 2032 Fixed/Floating Rate Notes shall be determined in accordance with Article Three; and 

(v) the 2032 Fixed/Floating Rate Notes shall not be redeemable except as provided in Section 2.03 or Article Eleven of the
Base Indenture, as amended by Sections 4.01 and 4.02. The 2032 Fixed/Floating Rate Notes shall not be redeemable at the option of the Holders at any time. Notwithstanding anything to the contrary in the Indenture or the 2032 Fixed/Floating Rate
Notes, including Section 11.01 of the Base Indenture, the Company may only redeem or repurchase the 2032 Fixed/Floating Rate Notes prior to the 2032 Fixed/Floating Rate Notes Maturity Date pursuant to Section 2.03 or Article Eleven of the
Base Indenture, as amended by Sections 4.01 and 4.02, if the Company has obtained any Relevant Supervisory Consent; 
 (d)
The following terms relating to principal and interest of the Floating Rate Notes are hereby established: 
 (i) the title of
the Floating Rate Notes shall be “Floating Rate Senior Unsecured Notes due 2024”; 
 (ii) the aggregate principal
amount of the Floating Rate Notes that may be authenticated and delivered under the Indenture shall not initially exceed $500,000,000 (except as otherwise provided in the Indenture); 

(iii) the principal on the Floating Rate Notes shall be payable on the Floating Rate Notes Maturity Date; 

(iv) from (and including) the Issue Date to (but excluding) the Floating Rate Notes Maturity Date, interest on the Floating
Rate Notes shall be payable at a rate per annum determined in accordance with Article Three and quarterly in arrear on each Floating Rate Notes Interest Payment Date. Accrual and computation of interest on the Floating Rate Notes shall be
determined in accordance with Article Three; and 
 (v) the Floating Rate Notes shall not be redeemable except as
provided in Article Eleven of the Base Indenture, as amended by Sections 4.01 and 4.02. The Floating Rate Notes shall not be redeemable at the option of the Holders at any time. Notwithstanding anything to the contrary in the Indenture or the
Floating Rate Notes, including Section 11.01 of the Base Indenture, the Company may only redeem or repurchase the Floating Rate Notes prior to the Floating Rate Notes Maturity Date pursuant to Article Eleven of the Base Indenture, as amended by
Sections 4.01 and 4.02, if the Company has obtained any Relevant Supervisory Consent 

  
 16 













 SECTION 2.02. General Terms Applicable to All Notes 

The following terms relating to each series of Notes are hereby established: 

(a) the Notes shall be issued on the Issue Date; 

(b) principal of, and any interest on, the Notes shall be paid to the Holder through the Agent in its capacity as Paying Agent,
having offices in New York City, New York; 
 (c) the Notes are not issued as Discount Debt Securities or as Indexed
Securities and payment obligations under the Notes are not subject to a solvency condition that the Company is able to make such payment and remain able to pay its debts as they fall due and that its assets continue to exceed its liabilities (other
than subordinated liabilities); 
 (d) the Company shall have no obligation to redeem or purchase the Notes pursuant to any
sinking fund or analogous provision; 
 (e) the Notes shall be issued only in denominations of $200,000 and integral
multiples of $1,000 in excess thereof; 
 (f) the Notes shall be denominated in the Applicable Currency; 

(g) the payment of principal of, and interest on, the Notes shall be payable only in the coin or currency in which the Notes
are denominated which, pursuant to clause (f) above, shall be in the Applicable Currency; 
 (h) the Notes shall not be
converted into or exchanged at the option of the Company or otherwise for stock or other securities of the Company pursuant to Article Twelve of the Base Indenture; 

(i) the Notes shall be issued in the form of one or more global securities in registered form, without coupons attached, and
the initial Holder with respect to each such global security shall be Cede & Co., as nominee of DTC; 
 (j) except
in limited circumstances, the Notes will not be issued in definitive form; 
 (k) the Notes shall be evidenced by one or more
global securities in registered form substantially in the form of Exhibit A, Exhibit B, Exhibit C or Exhibit D, as applicable; 

(l) to the fullest extent permitted by law, the Holders and the Trustee, in respect of any claims of such Holders
to payment of any principal, premium or interest in respect of the Notes, by their acceptance of the Notes, shall be deemed to have waived any right of set-off or counterclaim that such Holders or, as the case
may be, the Trustee in such respect, might otherwise have; 
 (m) members of the HSBC Group other than the Company may
purchase or otherwise acquire any of the Notes then Outstanding at the same or differing prices in the open market, negotiated transactions or otherwise without giving prior notice to or obtaining any consent from Holders, in accordance with the
Loss Absorption Regulations and, if required, subject to obtaining any Relevant Supervisory Consent; and 
 (n) the Regular
Record Dates for the Notes will be the 15th calendar day preceding each Interest Payment Date, whether or not a Business Day. 

  
 17 













 SECTION 2.03. Make-Whole Redemption 

(a) 2024 Fixed/Floating Rate Notes Make-Whole Redemption 

(i) Subject to the provisions of Article Eleven of the Base Indenture (as amended by Sections 4.01 and 4.02), the Company may,
in its sole discretion, redeem the 2024 Fixed/Floating Rate Notes during the 2024 Fixed/Floating Rate Notes Make-Whole Redemption Period, in whole at any time during such period or in part from time to time during such period, at a Redemption Price
equal to the greater of: (i) 100% of the principal amount of the 2024 Fixed/Floating Rate Notes to be redeemed; and (ii) as determined by the Determination Agent, the sum of the present values of (A) the principal amount of the 2024
Fixed/Floating Rate Notes to be redeemed (discounted from the 2024 Fixed/Floating Rate Notes Par Redemption Date) and (B) the remaining payments of interest to be made on any scheduled Interest Payment Date to (and including) the 2024
Fixed/Floating Rate Notes Par Redemption Date for the 2024 Fixed/Floating Rate Notes to be redeemed (not including accrued but unpaid interest to (but excluding) the applicable Redemption Date, if any, on the principal amount of the 2024
Fixed/Floating Rate Notes), discounted to the applicable Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at the Reference Treasury Rate plus 10 basis points,
in each case, plus any accrued and unpaid interest on the 2024 Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable Redemption Date (each, a “2024 Fixed/Floating Rate Notes Make-Whole Redemption”). 

(ii) The Reference Treasury Rate shall be calculated by the Determination Agent on the Price Determination Date. 

(iii) If the Company determines, in its sole discretion, that the inclusion of the 2024 Fixed/Floating Rate Notes Make-Whole
Redemption provisions in the terms of the Indenture and the 2024 Fixed/Floating Rate Notes could reasonably be expected to prejudice the qualification of the 2024 Fixed/Floating Rate Notes as eligible liabilities or loss absorbing capacity
instruments for the purposes of the Loss Absorption Regulations, then the provisions relating to the 2024 Fixed/Floating Rate Notes Make-Whole Redemption shall be deemed not to apply for all purposes relating to the 2024 Fixed/Floating Rate Notes
and the Company shall not have any right to redeem the 2024 Fixed/Floating Rate Notes pursuant to a 2024 Fixed/Floating Rate Notes Make-Whole Redemption. In such circumstances, the Company shall promptly provide notice to the Trustee, the Paying
Agent, the Calculation Agent and the Holders that the 2024 Fixed/Floating Rate Notes Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such
determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of Holders under Section 9.02 of the Base Indenture. 

(b) 2027 Fixed/Floating Rate Notes Make-Whole Redemption 

(i) Subject to the provisions of Article Eleven of the Base Indenture (as amended by Sections 4.01 and 4.02), the Company may,
in its sole discretion, redeem the 2027 Fixed/Floating Rate Notes during the 2027 Fixed/Floating Rate Notes Make-Whole Redemption Period, in whole at any time during such period or in part from time to time during such period, at a Redemption Price
equal to the greater of: (i) 100% of the principal amount of the 2027 Fixed/Floating Rate Notes to be redeemed; and (ii) as 

  
 18 













 
determined by the Determination Agent, the sum of the present values of (A) the principal amount of the 2027 Fixed/Floating Rate Notes to be redeemed (discounted from the 2027 Fixed/Floating
Rate Notes Par Redemption Date) and (B) the remaining payments of interest to be made on any scheduled Interest Payment Date to (and including) the 2027 Fixed/Floating Rate Notes Par Redemption Date for the 2027 Fixed/Floating Rate Notes to be
redeemed (not including accrued but unpaid interest to (but excluding) the applicable Redemption Date, if any, on the principal amount of the 2027 Fixed/Floating Rate Notes), discounted to the applicable Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30 day months) at the Reference Treasury Rate plus 15 basis points, in each case, plus any accrued and unpaid interest on the 2027 Fixed/Floating Rate Notes to be
redeemed to (but excluding) the applicable Redemption Date (each, a “2027 Fixed/Floating Rate Notes Make-Whole Redemption”). 

(ii) The Reference Treasury Rate shall be calculated by the Determination Agent on the Price Determination Date. 

(iii) If the Company determines, in its sole discretion, that the inclusion of the 2027 Fixed/Floating Rate Notes Make-Whole
Redemption provisions in the terms of the Indenture and the 2027 Fixed/Floating Rate Notes could reasonably be expected to prejudice the qualification of the 2027 Fixed/Floating Rate Notes as eligible liabilities or loss absorbing capacity
instruments for the purposes of the Loss Absorption Regulations, then the provisions relating to the 2027 Fixed/Floating Rate Notes Make-Whole Redemption shall be deemed not to apply for all purposes relating to the 2027 Fixed/Floating Rate Notes
and the Company shall not have any right to redeem the 2027 Fixed/Floating Rate Notes pursuant to a 2027 Fixed/Floating Rate Notes Make-Whole Redemption. In such circumstances, the Company shall promptly provide notice to the Trustee, the Paying
Agent, the Calculation Agent and the Holders that the 2027 Fixed/Floating Rate Notes Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such
determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of Holders under Section 9.02 of the Base Indenture. 

(c) 2032 Fixed/Floating Rate Notes Make-Whole Redemption 

(i) Subject to the provisions of Article Eleven of the Base Indenture (as amended by Sections 4.01 and 4.02), the Company may,
in its sole discretion, redeem the 2032 Fixed/Floating Rate Notes during the 2032 Fixed/Floating Rate Notes Make-Whole Redemption Period, in whole at any time during such period or in part from time to time during such period, at a Redemption Price
equal to the greater of: (i) 100% of the principal amount of the 2032 Fixed/Floating Rate Notes to be redeemed; and (ii) as determined by the Determination Agent, the sum of the present values of (A) the principal amount of the 2032
Fixed/Floating Rate Notes to be redeemed (discounted from the 2032 Fixed/Floating Rate Notes Par Redemption Date) and (B) the remaining payments of interest to be made on any scheduled Interest Payment Date to (and including) the 2032
Fixed/Floating Rate Notes Par Redemption Date for the 2032 Fixed/Floating Rate Notes to be redeemed (not including accrued but unpaid interest to (but excluding) the applicable Redemption Date, if any, on the principal amount of the 2032
Fixed/Floating Rate Notes), discounted to the applicable Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at the


  
 19 













 
Reference Treasury Rate plus 20 basis points, in each case, plus any accrued and unpaid interest on the 2032 Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable Redemption
Date (each, a “2032 Fixed/Floating Rate Notes Make-Whole Redemption”). 
 (ii) The Reference Treasury Rate
shall be calculated by the Determination Agent on the Price Determination Date. 
 (iii) If the Company determines, in its
sole discretion, that the inclusion of the 2032 Fixed/Floating Rate Notes Make-Whole Redemption provisions in the terms of the Indenture and the 2032 Fixed/Floating Rate Notes could reasonably be expected to prejudice the qualification of the 2032
Fixed/Floating Rate Notes as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations, then the provisions relating to the 2032 Fixed/Floating Rate Notes Make-Whole Redemption shall be deemed
not to apply for all purposes relating to the 2032 Fixed/Floating Rate Notes and the Company shall not have any right to redeem the 2032 Fixed/Floating Rate Notes pursuant to a 2032 Fixed/Floating Rate Notes Make-Whole Redemption. In such
circumstances, the Company shall promptly provide notice to the Trustee, the Paying Agent, the Calculation Agent and the Holders that the 2032 Fixed/Floating Rate Notes Make-Whole Redemption does not apply; provided that failure to provide such
notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of Holders under Section 9.02 of the
Base Indenture 
 ARTICLE 3 

INTEREST CALCULATION IN RESPECT OF THE NOTES 

SECTION 3.01. Interest Rate Terms Specific to Each Series of Notes. 

(a) The following terms relating to the 2024 Fixed/Floating Rate Notes are hereby established: 

(i) From (and including) the Issue Date to (but excluding) November 22, 2023 (the “2024 Fixed/Floating Rate Notes
Fixed Rate Period”), interest on the 2024 Fixed/Floating Rate Notes will be payable at a rate of 1.162% per annum (the “2024 Fixed/Floating Rate Notes Initial Interest Rate”). During the 2024 Fixed/Floating Rate Notes Fixed
Rate Period, interest on the 2024 Fixed/Floating Rate Notes will be payable semi-annually in arrear on each 2024 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date. 

(ii) From (and including) November 22, 2023 to (but excluding) the 2024 Fixed/Floating Rate Notes Maturity Date (the
“2024 Fixed/Floating Rate Notes Floating Rate Period”), the interest rate on the 2024 Fixed/Floating Rate Notes will be equal to the Benchmark plus 0.580% per annum (the “2024 Fixed/Floating Rate Notes Margin”).
During the 2024 Fixed/Floating Rate Notes Floating Rate Period, interest on the 2024 Fixed/Floating Rate Notes will be payable quarterly in arrear on each 2024 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date. The interest rate
on the 2024 Fixed/Floating Rate Notes will be calculated quarterly on each applicable Interest Determination Date. 
 (iii)
During the 2024 Fixed/Floating Rate Notes Fixed Rate Period: 

  
 20 













 (A) Interest on the 2024 Fixed/Floating Rate Notes will be calculated on the
basis of twelve 30-day months or, in the case of an incomplete month, the actual number of days elapsed, in each case assuming a 360-day year. 

(B) If any scheduled 2024 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date is not a Business Day, such 2024
Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date will be postponed to the next day that is a Business Day, but interest on that payment will not accrue during the period from and after the scheduled 2024 Fixed/Floating Rate Notes
Fixed Rate Period Interest Payment Date. 
 (b) The following terms relating to the 2027 Fixed/Floating Rate Notes are hereby
established: 
 (i) From (and including) the Issue Date to (but excluding) November 22, 2026 (the “2027
Fixed/Floating Rate Notes Fixed Rate Period”), interest on the 2027 Fixed/Floating Rate Notes will be payable at a rate of 2.251% per annum (the “2027 Fixed/Floating Rate Notes Initial Interest Rate”). During the 2027
Fixed/Floating Rate Notes Fixed Rate Period, interest on the 2027 Fixed/Floating Rate Notes will be payable semi-annually in arrear on each 2027 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date. 

(ii) From (and including) November 22, 2026 to (but excluding) the 2027 Fixed/Floating Rate Notes Maturity Date (the
“2027 Fixed/Floating Rate Notes Floating Rate Period”), the interest rate on the 2027 Fixed/Floating Rate Notes will be equal to the Benchmark plus 1.100% per annum (the “2027 Fixed/Floating Rate Notes Margin”).
During the 2027 Fixed/Floating Rate Notes Floating Rate Period, interest on the 2027 Fixed/Floating Rate Notes will be payable quarterly in arrear on each 2027 Fixed/Floating Rate Notes Floating Rate Period Interest Payment Date. The interest rate
on the 2027 Fixed/Floating Rate Notes will be calculated quarterly on each applicable Interest Determination Date. 
 (iii)
During the 2027 Fixed/Floating Rate Notes Fixed Rate Period: 
 (A) Interest on the 2027 Fixed/Floating Rate Notes will be
calculated on the basis of twelve 30-day months or, in the case of an incomplete month, the actual number of days elapsed, in each case assuming a 360-day year. 

(B) If any scheduled 2027 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date is not a Business Day, such 2027
Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date will be postponed to the next day that is a Business Day, but interest on that payment will not accrue during the period from and after the scheduled 2027 Fixed/Floating Rate Notes
Fixed Rate Period Interest Payment Date. 
 (c) The following terms relating to the 2032 Fixed/Floating Rate Notes are hereby
established: 
 (i) From (and including) the Issue Date to (but excluding) November 22, 2031 (the “2032
Fixed/Floating Rate Notes Fixed Rate Period”), interest on the 2032 Fixed/Floating Rate Notes will be payable at a rate of 2.871% per annum (the “2032 Fixed/Floating Rate Notes Initial Interest Rate”). During the 2032
Fixed/Floating Rate Notes Fixed Rate Period, interest on the 2032 Fixed/Floating Rate Notes will be payable semi-annually in arrear on each 2032 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date. 

  
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 (ii) From (and including) November 22, 2031 to (but excluding) the 2032
Fixed/Floating Rate Notes Maturity Date (the “2032 Fixed/Floating Rate Notes Floating Rate Period”), the interest rate on the 2032 Fixed/Floating Rate Notes will be equal to the Benchmark plus 1.410% per annum (the “2032
Fixed/Floating Rate Notes Margin”). During the 2032 Fixed/Floating Rate Notes Floating Rate Period, interest on the 2032 Fixed/Floating Rate Notes will be payable quarterly in arrear on each 2032 Fixed/Floating Rate Notes Floating Rate
Period Interest Payment Date. The interest rate on the 2032 Fixed/Floating Rate Notes will be calculated quarterly on each applicable Interest Determination Date. 

(iii) During the 2032 Fixed/Floating Rate Notes Fixed Rate Period: 

(A) Interest on the 2032 Fixed/Floating Rate Notes will be calculated on the basis of twelve
30-day months or, in the case of an incomplete month, the actual number of days elapsed, in each case assuming a 360-day year. 

(B) If any scheduled 2032 Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date is not a Business Day, such 2032
Fixed/Floating Rate Notes Fixed Rate Period Interest Payment Date will be postponed to the next day that is a Business Day, but interest on that payment will not accrue during the period from and after the scheduled 2032 Fixed/Floating Rate Notes
Fixed Rate Period Interest Payment Date. 
 (d) The following terms relating to the Floating Rate Notes are hereby
established: 
 (i) From (and including) the Issue Date to (but excluding) the Floating Rate Notes Maturity Date, the
interest rate on the Floating Rate Notes will be equal to the Benchmark plus 0.580% per annum (the “Floating Rate Notes Margin”). Interest on the Floating Rate Notes will be payable quarterly in arrear on each Floating Rate Notes
Interest Payment Date. The interest rate on the Floating Rate Notes will be calculated quarterly on each applicable Interest Determination Date. 

SECTION 3.02. Interest Rate Terms Applicable to All Notes  

(a) During the applicable Floating Rate Period with respect to any of the Fixed/Floating Rate Notes, and generally with respect
to the Floating Rate Notes: 
 (i) Notwithstanding Section 3.10 of the Base Indenture, interest on the Notes will be
calculated on the basis of the actual number of days in each Floating Rate Interest Period, assuming a 360-day year. 

(ii) Notwithstanding Section 1.13 of the Base Indenture, if any scheduled Floating Rate Period Interest Payment Date or
Floating Rate Notes Interest Payment Date, as applicable (other than the Maturity Date), is not a Business Day, such Floating Rate Period Interest Payment Date or Floating Rate Notes Interest Payment Date, as applicable, will be postponed to the
next day that is a Business Day; provided that if that Business Day falls in the next succeeding calendar month, such Floating Rate Period Interest Payment Date or Floating Rate Notes Interest Payment Date, as applicable, will be the
immediately preceding Business Day. If any such Floating Rate Period Interest 

  
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Payment Date or Floating Rate Notes Interest Payment Date, as applicable (other than the Maturity Date), is postponed or brought forward as described above, the payment of interest due on such
postponed or brought forward Floating Rate Period Interest Payment Date or Floating Rate Notes Interest Payment Date, as applicable, will include interest accrued to but excluding such postponed or brought forward Floating Rate Period Interest
Payment Date or Floating Rate Notes Interest Payment Date, as applicable. 
 (iii) If the Maturity Date or date of redemption
or repayment of the Notes is not a Business Day, the Company may pay interest and principal on the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the Maturity Date or date of redemption or
repayment of the Notes. 
 (iv) If a date of redemption or repayment of any of the Fixed/Floating Rate Notes falls within the
applicable Floating Rate Period but does not occur on a Floating Rate Period Interest Payment Date, or a date of redemption or repayment of the Floating Rate Notes does not occur on a Floating Rate Notes Interest Payment Date, as applicable,
(A) the related Interest Determination Date shall be deemed to be the date that is two Business Days prior to such date of redemption or repayment, (B) the related Observation Period shall be deemed to end on (but exclude) the last USGS
Business Day falling prior to the Interest Determination Date for such date of redemption or repayment, (C) the Floating Rate Interest Period will be deemed to be shortened accordingly and (D) corresponding adjustments will be deemed to be
made to the Compounded Daily SOFR formula. 
 (v) The interest rate on the Notes during the applicable Floating Rate Interest
Period will in no event be higher than the maximum rate permitted by law or lower than 0% per annum. 
 SECTION 3.03. Calculation of
the Benchmark. 
 (a) The “Benchmark” means, initially, Compounded Daily SOFR; provided that if a
Benchmark Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

(b) “Compounded Daily SOFR” means, in relation to a Floating Rate Interest Period, the rate of return of a
daily compound interest investment (with SOFR as reference rate for the calculation of interest) during the related Observation Period and will be calculated by the Calculation Agent on the related Interest Determination Date as follows: 

 
 



 
 Where: 

“d” means, in relation to any Observation Period, the number of calendar days in such Observation Period; 

“d0” means, in relation to any Observation Period, the number
of USGS Business Days in such Observation Period; 

  
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 “i” means, in relation to any Observation Period, a series of whole
numbers from one to d0, each representing the relevant USGS Business Day in chronological order from (and including) the first USGS Business Day in such Observation Period; 

“ni” means, in relation to any USGS Business Day “i”
in the relevant Observation Period, the number of calendar days from (and including) such USGS Business Day “i” up to (but excluding) the following USGS Business Day; 

“Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and including) the last USGS
Business Day falling prior to the Interest Determination Date for the immediately preceding Interest Payment Date to (but excluding) the last USGS Business Day falling prior to the Interest Determination Date for such Floating Rate Interest Period;
provided that the first Observation Period shall commence on (and include) the last USGS Business Day falling prior the day which is two Business Days prior to (i) with respect to the 2024 Fixed/Floating Rate Notes, the 2024 Fixed/Floating Rate
Notes Par Redemption Date, (ii) with respect to the 2027 Fixed/Floating Rate Notes, the 2027 Fixed/Floating Rate Notes Par Redemption Date, (iii) with respect to the 2032 Fixed/Floating Rate Notes, the 2032 Fixed/Floating Rate Notes Par
Redemption Date and (iv) with respect to the Floating Rate Notes, the Issue Date; 
 “SOFR” means, in relation to any
day, the rate determined by the Calculation Agent in accordance with the following provisions: 
 (i) the daily Secured Overnight Financing
Rate for trades made on such day, available at or around the Reference Time on the NY Federal Reserve’s Website; 
 (ii) if the rate
specified in (i) above is not available at or around the Reference Time for such day (and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred), the daily Secured Overnight Financing Rate in respect of the
last USGS Business Day for which such rate was published on the NY Federal Reserve’s Website; 
 “SOFRi” means, in relation to any USGS Business Day “i” in the relevant Observation Period, SOFR in respect of such USGS Business Day; and 

“USGS Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial
Markets Association or any successor thereto (“SIFMA”) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Notwithstanding clauses (i) and (ii) of the definition of “SOFR” above, if the Company (in consultation, to the extent
practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) determines on or prior to the relevant Interest Determination Date that a Benchmark Transition Event and related Benchmark Replacement Date
have occurred with respect to SOFR, then the “Benchmark Transition Provisions” set forth below will thereafter apply to all determinations of the rate of interest payable on any of the Fixed/Floating Rate Notes during the applicable
Floating Rate Period and on the Floating Rate Notes. 

  
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 In accordance with and subject to the Benchmark Transition Provisions, after a Benchmark
Transition Event and related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each interest period on any of the Fixed/Floating Rate Notes during the applicable Floating Rate Period and on the Floating Rate
Notes will be determined by reference to a rate per annum equal to the Benchmark Replacement plus the applicable Margin. 

SECTION 3.04. Benchmark Transition Provisions  

(a) If the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in
consultation with the Company) determines that a Benchmark Transition Event and related Benchmark Replacement Date have occurred prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable
Benchmark Replacement will replace the then-current Benchmark for all purposes relating to any of the Fixed/Floating Rate Notes during the applicable Floating Rate Period and to the Floating Rate Notes in respect of such determination on such date
and all determinations on all subsequent dates; provided that, if the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) is unable to or
does not determine a Benchmark Replacement in accordance with the provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related Floating Rate Interest Period will be equal to the
interest rate in effect for the immediately preceding Floating Rate Interest Period or (i) in the case of the Interest Determination Date prior to the first Floating Rate Period Interest Payment Date, the applicable Initial Interest Rate, and
(ii) in the case of the Interest Determination Date prior to the first Floating Rate Notes Interest Payment Date, the initial rate of interest which would have been applicable to the Floating Rate Notes for the first Floating Rate Notes
Interest Period had the Floating Rate Notes been outstanding for a period equal in duration to the scheduled first Floating Rate Notes Interest Period but ending on (and excluding) the Issue Date (and applying the Floating Rate Notes Margin). 

(b) In connection with the implementation of a Benchmark Replacement, the Company (in consultation, to the extent practicable,
with the Calculation Agent) or the Company’s designee (in consultation with the Company) will have the right to make changes to (i) any Interest Determination Date, Floating Rate Period Interest Payment Date, Floating Rate Notes Interest
Payment Date, Reference Time, business day convention or Floating Rate Interest Period, (ii) the manner, timing and frequency of determining the rate and amounts of interest that are payable on any of the Fixed/Floating Rate Notes during the
applicable Floating Rate Period or on the Floating Rate Notes and the conventions relating to such determination and calculations with respect to interest, (iii) rounding conventions, (iv) tenors and (v) any other terms or provisions
of any of the Fixed/Floating Rate Notes during the applicable Floating Rate Period or the Floating Rate Notes, in each case that the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in
consultation with the Company) determines, from time to time, to be appropriate to reflect the determination and implementation of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company (in
consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) decides that implementation of any portion of such market practice is not administratively feasible or determine
that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company)
determines is appropriate (acting in good faith)) (the “Benchmark Replacement Conforming Changes”). Any Benchmark Replacement Conforming Changes will apply to the Notes for all future Floating Rate Interest Periods. 

  
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 (c) The Company will promptly give notice of the determination of the
Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders, provided that failure to provide such notice will
have no impact on the effectiveness of, or otherwise invalidate, any such determination. 
 (d) All percentages resulting
from any calculation in connection with any interest rate on the Notes shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage
point rounded upward (for example, 9.876545% (or 0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all Applicable Currency amounts would be rounded to the nearest cent, with one-half cent being
rounded upward. 
 (e) All determinations, decisions, elections and any calculations made by the Company, the Calculation
Agent or the Company’s designee for the purposes of calculating the applicable interest on the Notes will be conclusive and binding on the Holders, the Company, the Trustee and the Paying Agent, absent manifest error. If made by the Company,
such determinations, decisions, elections and calculations will be made in consultation with the Calculation Agent, to the extent practicable. If made by the Company’s designee, such determinations, decisions, elections and calculations will be
made after consulting with the Company, and the Company’s designee will not make any such determination, decision, election or calculation to which the Company objects. Notwithstanding anything to the contrary in the Indenture or the Notes, any
determinations, decisions, calculations or elections made in accordance with this provision will become effective without consent from the Holders or any other party. 

(f) Any determination, decision or election relating to the Benchmark not made by the Calculation Agent will be made on the
basis described above. The Calculation Agent shall have no liability for not making any such determination, decision or election. In addition, the Company may designate an entity (which may be the Company’s Affiliate) to make any determination,
decision or election that the Company has the right to make in connection with the determination of the Benchmark. 
 (g)
Notwithstanding any other provision of “Benchmark Transition Provisions” set forth above, no Benchmark Replacement will be adopted, nor will the applicable Benchmark Replacement Adjustment be applied, nor will any Benchmark Replacement
Conforming Changes be made, if in the Company’s determination, the same could reasonably be expected to prejudice the qualification of the Notes as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss
Absorption Regulations. 
 (h) By its acquisition of the Notes, each Holder (which, for these purposes, includes each
beneficial owner) (i) acknowledges, accepts, consents and agrees to be bound by the Company’s or its designee’s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark
Replacement Adjustment and any Benchmark Replacement Conforming Changes, including as may occur without any prior notice from the Company and without the need for the Company to obtain any further consent from such Holder, (ii) waives any and
all claims, in law and/or in equity, against the Trustee, the Paying Agent and the Calculation Agent or the Company’s designee for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent or the
Company’s designee in respect of, and agrees that none of the Trustee, the Paying Agent or the Calculation Agent or the Company’s designee will be liable for, the determination of or the failure to determine any


  
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Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses
suffered in connection therewith and (iii) agrees that none of the Trustee, the Paying Agent or the Calculation Agent or the Company’s designee will have any obligation to determine any Benchmark Transition Event, any Benchmark Replacement
Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the event of any failure by the Company to determine any Benchmark Transition
Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes. 

ARTICLE 4 
 AMENDMENTS
TO THE BASE INDENTURE 
 APPLICABLE TO THE NOTES ONLY 

SECTION 4.01. Notice of Redemption 

(a) With respect to the Notes only, Article Eleven of the Base Indenture is amended by amending and restating
Section 11.04 in its entirety, which shall read as follows: 
 Section 11.04. Notice of Redemption.
Notice of redemption shall be given in the manner provided in Section 1.06 not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of Debt Securities to be redeemed. 

All notices of redemption shall state: 

(a) the Redemption Date; 

(b) the Redemption Price, or the manner in which the Redemption Price is to be determined; 

(c) if less than all Outstanding Debt Securities of any series are to be redeemed, the identification and the principal amount
(or, in the case of Principal Indexed Securities, face amount)) of the particular Debt Securities to be redeemed; 
 (d)
that on the Redemption Date the Redemption Price will become due and payable in respect of each such Debt Security to be redeemed, and that any interest thereon shall cease to accrue on and after said date; 

(e) the Place or Places of Payment where such Debt Securities, together in the case of Bearer Securities with all Coupons, if
any, appertaining thereto maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price; and 

(f) the CUSIP number or numbers, the Common Code, or the ISIN, if any, with respect to such Debt Securities. 

  
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 A notice of redemption published as contemplated by Section 11.04 need
not identify particular Registered Securities to be redeemed. 
 Notice of redemption of Debt Securities to be redeemed shall
be prepared by the Company and at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 

(b) With respect to the Notes only, Article Eleven of the Base Indenture is amended by amending and restating
Section 11.08 in its entirety, which shall read as follows: 
 Section 11.08. Optional Redemption in the Event
of Change in Tax Treatment. In addition to any redemption provisions that may be specified pursuant to Section 3.01 for the Debt Securities of any series, the Debt Securities are redeemable, as a whole but not in part, at the option of the
Company, on not less than 10 nor more than 60 days’ notice, at any time at a Redemption Price equal to 100% of the principal amount, together with accrued but unpaid interest, if any, in respect of such Debt Securities to the date fixed for
redemption (or, in the case of Discount Debt Securities, the accreted face amount thereof, together with accrued interest, if any, or, in the case of Principal Indexed Securities, the amount specified pursuant to Section 3.01), and any Debt
Securities convertible into Dollar Preference Shares or Conversion Securities of the Company may, at the option of the Company, be converted as a whole, if, at any time, the Company shall determine that (a) in making payment under such Debt
Securities in respect of principal (or premium, if any), interest or missed payment it has or will or would become obligated to pay Additional Amounts, provided such obligation to pay Additional Amounts results from a change in or amendment to the
laws of the Taxing Jurisdiction, or any change in the official application or interpretation of such laws (including a decision of any court or tribunal), or any change in, or in the official application or interpretation of, or execution of, or
amendment to, any treaty or treaties affecting taxation to which the United Kingdom is a party, which change, amendment or execution becomes effective on or after the date of original issuance of the Debt Securities of such series or (b) the
payment of interest in respect of such Debt Securities has become or will or would be treated as a “distribution” within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification
or re-enactment thereof for the time being), as a result of any change in or amendment to the laws of the Taxing Jurisdiction, or any change in the official application or interpretation of such laws including
a decision of any court, which change or amendment becomes effective on or after the date of original issuance of the Debt Securities of such series; provided, however, that in the case of (a) above, no notice of redemption shall be
given earlier than 90 days prior to the earliest date on which the Company would be obliged to pay Additional Amounts were a payment in respect of such Debt Securities then due. 

SECTION 4.02. Par Redemption of Debt Securities.  

(a) With respect to the 2024 Fixed/Floating Rate Notes only, Article Eleven of the Base Indenture is amended by adding
Section 11.09, which shall read as follows: 
 SECTION 11.09. Par Redemption of the 2024 Fixed/Floating Rate Notes. The
Company may redeem the 2024 Fixed/Floating Rate Notes in whole (but not in part) in its sole discretion on the 2024 Fixed/Floating Rate Notes Par Redemption Date (a “2024 Fixed/Floating Rate Notes Par Redemption”). The Redemption
Price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the 2024 Fixed/Floating Rate Notes Par Redemption Date. 

  
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 (b) With respect to the 2027 Fixed/Floating Rate Notes only, Article Eleven
of the Base Indenture is amended by adding Section 11.09, which shall read as follows: 
 SECTION 11.09. Par Redemption of the 2027
Fixed/Floating Rate Notes. The Company may redeem the 2027 Fixed/Floating Rate Notes in whole (but not in part) in its sole discretion on the 2027 Fixed/Floating Rate Notes Par Redemption Date (a “2027 Fixed/Floating Rate Notes
Par Redemption”). The Redemption Price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the 2027 Fixed/Floating Rate Notes Par Redemption Date. 

(c) With respect to the 2032 Fixed/Floating Rate Notes only, Article Eleven of the Base Indenture is amended by adding
Section 11.09, which shall read as follows: 
 SECTION 11.09. Par Redemption of the 2032 Fixed/Floating Rate Notes. The
Company may redeem the 2032 Fixed/Floating Rate Notes in whole (but not in part) in its sole discretion on the 2032 Fixed/Floating Rate Notes Par Redemption Date (a “2032 Fixed/Floating Rate Notes Par Redemption”). The Redemption
Price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the 2032 Fixed/Floating Rate Notes Par Redemption Date. 

(d) With respect to the Floating Rate Notes only, Article Eleven of the Base Indenture is amended by adding Section 11.09,
which shall read as follows: 
 SECTION 11.09. Par Redemption of the Floating Rate Notes. The Company may redeem the Floating
Rate Notes in whole (but not in part) in its sole discretion on the Floating Rate Notes Par Redemption Date (a “Floating Rate Notes Par Redemption”). The Redemption Price will be equal to 100% of their principal amount plus any
accrued and unpaid interest to (but excluding) the Floating Rate Notes Par Redemption Date. 
 SECTION 4.03. Events of Default and
Defaults. With respect to the Notes only, Article Five of the Base Indenture is amended by amending and restating Section 5.01 in its entirety, which shall read as follows: 

Section 5.01. Events of Default and Defaults. 

(a) An “Event of Default” with respect to the Notes means any one of the following events: 

(i) an order is made by an English court which is not successfully appealed within 30 days after the date such order was made
for winding up of the Company other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or 

  
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 (ii) an effective resolution is validly adopted by the Company’s
shareholders for winding up of the Company other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency. 

(b) A “Default” with respect to the Notes means any one of the following events: 

(i) failure to pay principal or premium, if any, on the Notes at maturity, and such default continues for a period of 30 days;
or 
 (ii) failure to pay any interest on the Notes when due and payable, which failure continues for 30 days. 

(c) If a Default occurs, the Trustee may institute proceedings in England (but not elsewhere) for the Company’s winding-up; provided that the Trustee may not, upon the occurrence of a Default, accelerate the maturity of any Notes then Outstanding, unless an Event of Default has occurred and is continuing. 

(d) Notwithstanding the foregoing, failure to make any payment in respect of the Notes shall not be a Default in respect of
the Notes if such payment is withheld or refused: 
 (i) in order to comply with any fiscal or other law or regulation or
with the order of any court of competent jurisdiction, in each case applicable to such payment; or 
 (ii) in case of doubt
as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at any time during the said grace period of 30 days by independent legal advisers acceptable to the
Trustee; 
 provided, however, that the Trustee may, by notice to the Company, require the Company to take such action
(including but not limited to proceedings for a declaration by a court of competent jurisdiction) as the Trustee may be advised in an opinion of counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the
circumstances to resolve such doubt, in which case the Company shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such resolution determines that the
relevant payment can be made without violating any applicable law, regulation or order then the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of the relevant grace period of 30 days
after the Trustee gives written notice to the Company informing the Company of such resolution. 
 (e) Agreements with
Respect to the Events of Default and Defaults. 
 By its acquisition of the Notes, each Holder (which, for these
purposes, includes each beneficial owner), to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees
that the Trustee will not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the limited remedies available under the Indenture and the Notes for a non-payment of principal and/or interest on the Notes. 

  
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 SECTION 4.04. Additional Amounts. With respect to the Notes only, Article Ten of
the Base Indenture is amended by amending and restating Section 10.04(a) in its entirety, which shall read as follows: 

Section 10.04. Payment of Additional Amounts. 

(a) Unless otherwise specified as contemplated by Section 3.01, all payments made under or with respect to Debt Securities
shall be paid by the Company, without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied, collected, withheld or
assessed by or on behalf of the United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such deduction or withholding shall at
any time be required by the law of the Taxing Jurisdiction, the Company shall pay such additional amounts in respect of payments of interest only (and not principal) on such Debt Securities (“Additional Amounts”) as may be necessary so
that the net amounts (including Additional Amounts) paid to the Holders, after such deduction or withholding, will be equal to the respective amounts of interest which the Holders would have been entitled to receive in respect of such 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: 

(i) would not be payable or due but for the fact that the Holder or the beneficial owner of the 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 a Debt Security, or the collection of interest payments on, or the enforcement of, any Debt Security; 

(ii) would not be payable or due but for the fact that the certificate representing the relevant Debt Securities (x) is
presented for payment in the Taxing Jurisdiction or (y) 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; 
 (iii) would not have been
imposed if presentation for payment of the certificate representing the relevant Debt Securities had been made to a paying agent other than the paying agent to which the presentation was made; 

(iv) is imposed in respect of a Holder that is not the sole beneficial owner of the interest, or a portion thereof, 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; 

  
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 (v) is imposed because of the failure to comply by the Holder or the
beneficial owner of the Debt Securities or the beneficial owner of any payment on such Debt Securities with a request from the Company addressed to the Holder or the beneficial owner, including a written request from the Company related to a claim
for relief under any applicable double tax treaty (x) to provide information concerning the nationality, residence, identity or connection with a taxing jurisdiction of the Holder or the beneficial owner or (y) to make any declaration or
other similar claim to satisfy any information or reporting requirement, if the information or declaration is required or imposed by a statute, treaty, regulation, ruling or administrative practice of the Taxing Jurisdiction as a precondition to
exemption from withholding or deduction of all or part of the tax, duty, assessment or other governmental charge; 
 (vi) is
imposed in respect of any estate, inheritance, gift, sale, transfer, personal property, wealth or similar tax, duty, assessment or other governmental charge; or 

(vii) is imposed in respect of any combination of the above items. 

Whenever in this Indenture there is mentioned, in any context, the payment of any interest on, or in respect of, any Debt
Security of any series or the net proceeds received on the sale or exchange of any Debt Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section to the extent that, in
such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where such express mention is not made. 
 SECTION 4.05. Execution,
Authentication, Delivery and Dating. 
 (a) With respect to the Notes only, Article Three of the Base Indenture is
amended by amending and restating Section 3.03(f) in its entirety, which shall read as follows: 
 (f) No Debt Security
or Coupon attached thereto shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Debt Security a certificate of authentication substantially in the form provided for herein duly
executed by the Trustee by signature of one of its authorized signatories, and such certificate of authentication upon any Debt Security shall be conclusive evidence, and the only evidence, that such Debt Security has been duly authenticated and
delivered hereunder and is entitled to the benefits of this Indenture. Except as permitted by Section 3.05 or Section 3.06, neither the Trustee nor the Authenticating Agent shall authenticate and deliver any Bearer Security unless all
appurtenant Coupons for interest then matured have been detached and cancelled. 

  
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 (b) With respect to the Notes only, Article Three of the Base Indenture is
amended by adding Section 3.03(g), which shall read as follows: 
 (g) The words “execution,”
“executed,” “signed,” “signature,” and words of like import in this Indenture, the Debt Securities or in any other certificate, agreement or document related to this Indenture or the offering and sale of the Debt
Securities shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including,
without limitation, DocuSign and AdobeSign or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion ). The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or
use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other
applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. Each party agrees that this Indenture, the Debt Securities and any other documents to be delivered in connection herewith may be
electronically or digitally signed using DocuSign (or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion), and that any such electronic or digital
signatures appearing on this Indenture, the Debt Securities or such other documents are the same as manual signatures for the purposes of validity, enforceability and admissibility. The Company agrees to assume all risks arising out of the use of
electronic or digital signatures and electronic methods to submit any communications to Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

ARTICLE 5 

MISCELLANEOUS 
 SECTION 5.01.
Effect of this Supplemental Indenture; Ratification and Integral Part. This Supplemental Indenture shall become effective upon its execution and delivery. 

Except as hereby amended, the Base Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions thereof
(including any prior amendments thereto) shall be, and remain in, full force and effect, including, without limitation, Section 4.06 of the first supplemental indenture dated March 8, 2016 (amending the Base Indenture to add
Section 15) and Section 4.01 of the second supplemental indenture dated May 25, 2016 (amending Section 6.07 of the Base Indenture). This Supplemental Indenture shall be deemed an integral part of the Base Indenture in the manner
and to the extent herein and therein provided. 
 SECTION 5.02. Priority. This Supplemental Indenture shall be deemed part of
the Base Indenture in the manner and to the extent herein and therein provided. The provisions of this Supplemental Indenture shall, with respect to the Notes and as otherwise provided herein and subject to the terms hereof, supersede the provisions
of the Base Indenture to the extent the Base Indenture is inconsistent herewith. 
 SECTION 5.03. Successors and Assigns. All
covenants and agreements in the Base Indenture, as supplemented and amended by this Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed or not. 

SECTION 5.04. Subsequent Holders’ Agreement. Any Holder (which, for these purposes, includes each beneficial
owner of the Notes) that acquires the Notes in the secondary market and any successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of any Holder or beneficial owner of the Notes shall be deemed to
acknowledge, accept, 

  
 33 













 
agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or beneficial owners of the Notes that acquire the Notes upon their initial issuance,
including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to the terms of the Notes related to the UK Bail-in Power, the Benchmark and the limited remedies
available under the Indenture and the Notes for a non-payment of principal and/or interest on the Notes. 

SECTION 5.05. Compliance. The Agent shall be entitled to take any action or to refuse to take any action which the Agent regards
as necessary for the Agent to comply with any applicable law, regulation or fiscal requirement, court order, or the rules, operating procedures or market practice of any relevant stock exchange or other market or clearing system. 

SECTION 5.06. Relation to Calculation Agent Agreement. In the event of any conflict between the Indenture and the Calculation
Agent Agreement relating to the rights or obligations of the Calculation Agent in the Indenture in connection with the calculation of the interest rate on the Notes, the relevant terms of the Calculation Agent Agreement shall govern such rights and
obligations. 
 SECTION 5.07. Governing Law. This Supplemental Indenture and the Notes shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 SECTION 5.08. Counterparts. This Supplemental Indenture may be
executed manually, by facsimile or by electronic signature in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

SECTION 5.09. Entire Agreement. This Supplemental Indenture constitutes the entire agreement of the parties hereto with respect to
the Notes and the amendments to the Base Indenture set forth herein. 

  
 34 













 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
duly executed as of the date first stated above. 
  

			
	HSBC HOLDINGS PLC, as Issuer
		
	By:	 	/s/ Carlo Pellerani
	Name:	 	Carlo Pellerani
	Title:	 	Group Treasurer


  

			
	THE BANK OF NEW YORK MELLON, LONDON BRANCH, as Trustee
		
	By:	 	/s/ Thomas Bolton
	Name:	 	Thomas Bolton
	Title:	 	


  

			
	HSBC BANK USA, NATIONAL ASSOCIATION, as Paying Agent, Registrar and Calculation Agent
		
	By:	 	/s/ Deirdra N. Ross
	Name:	 	Deirdra N. Ross
	Title:	 	Associate Director


 [Signature Page to the Supplemental Indenture] 












 EXHIBIT A 

FORM OF 1.162% FIXED RATE/FLOATING RATE GLOBAL SECURITY 
  

					
		  		  	 CUSIP No.: 404280 CW7
 ISIN: US404280CW70

No.: [•]


 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE THEREOF. THIS GLOBAL SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 BY ITS ACQUISITION OF THE DEBT SECURITIES REPRESENTED BY
THIS GLOBAL SECURITY, EACH HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF THE DEBT SECURITIES) ACKNOWLEDGES, ACCEPTS, CONSENTS AND AGREES, NOTWITHSTANDING ANY OTHER TERM OF THE DEBT SECURITIES, THE INDENTURE OR ANY OTHER
AGREEMENTS, ARRANGEMENTS OR UNDERSTANDINGS BETWEEN THE ISSUER AND ANY HOLDER, TO BE BOUND BY (I) THE EFFECT OF THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY IN RELATION TO
ANY DEBT SECURITIES THAT (WITHOUT LIMITATION) MAY INCLUDE AND RESULT IN ANY OF THE FOLLOWING, OR SOME COMBINATION THEREOF: (A) THE REDUCTION OF ALL, OR A PORTION, OF THE AMOUNTS DUE (AS DEFINED ON THE REVERSE OF THIS GLOBAL SECURITY); (B) THE
CONVERSION OF ALL, OR A PORTION, OF THE AMOUNTS DUE INTO THE ISSUER’S OR ANOTHER PERSON’S ORDINARY SHARES, OTHER SECURITIES OR OTHER OBLIGATIONS (AND THE ISSUE TO, OR CONFERRAL ON, THE HOLDER OF SUCH ORDINARY SHARES, OTHER SECURITIES OR
OTHER OBLIGATIONS), INCLUDING BY MEANS OF AN AMENDMENT, MODIFICATION OR VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE INDENTURE; (C) THE CANCELLATION OF THE DEBT SECURITIES; AND/OR (D) THE AMENDMENT OR ALTERATION OF THE MATURITY OF
THE DEBT SECURITIES OR AMENDMENT OF THE AMOUNT OF INTEREST PAYABLE ON THE DEBT SECURITIES, OR THE INTEREST PAYMENT DATES, INCLUDING BY SUSPENDING PAYMENT FOR A TEMPORARY PERIOD; AND (II) THE VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE
INDENTURE, IF NECESSARY, TO GIVE EFFECT TO THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY. 

THERE IS NO RIGHT OF ACCELERATION IN THE CASE OF NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE DEBT SECURITIES OR OF
THE ISSUER’S FAILURE TO PERFORM ANY OF ITS OBLIGATIONS UNDER OR IN RESPECT OF THE DEBT SECURITIES. PAYMENT OF THE PRINCIPAL AMOUNT OF THE DEBT SECURITIES MAY BE ACCELERATED ONLY UPON CERTAIN EVENTS OF A WINDING UP AS SET FORTH IN THE INDENTURE.


  
 A-1 













 GLOBAL SECURITY 

HSBC Holdings plc 
 $[•] 

1.162% FIXED RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2024 

This is a Global Security in respect of a duly authorized issue by HSBC Holdings plc (the “Issuer,” which term includes any
successor Person under the Indenture hereinafter referred to) of debt securities, designated as specified in the title hereof, in the aggregate face amount of $[•] (the “Debt Securities”). 

The Issuer, for value received, hereby promises to pay CEDE & CO., or registered assigns on November 22, 2024 (the
“Maturity Date”) or on such earlier date as this Global Security may be redeemed, the principal amount hereof and to pay interest on the said principal amount from November 22, 2021 (the “Issue Date”) or the
most recent Interest Payment Date on which interest has been paid or duly provided for until maturity: 
 (i) from (and including) the Issue
Date or the most recent Interest Payment Date during the Fixed Rate Period on which interest has been paid or duly provided for to (but excluding) November 22, 2023, semi-annually in arrear on May 22 and November 22 of each year,
beginning on May 22, 2022 (each, a “Fixed Rate Period Interest Payment Date”), at a rate of 1.162% per annum (the “Initial Interest Rate”); and 

(ii) from (and including) November 22, 2023 or the most recent Interest Payment Date during the Floating Rate Period on which interest
has been paid or duly provided for to (but excluding) the Maturity Date, quarterly in arrear on February 22, 2024, May 22, 2024, August 22, 2024 and November 22, 2024 (each, a “Floating Rate Period Interest Payment
Date”), at a floating rate equal to the Benchmark plus 0.580% per annum (the “Margin”). The interest rate during the Floating Rate Period on this Global Security shall be calculated quarterly on each applicable Interest
Determination Date. 
 “Fixed Rate Period” means the period from (and including) the Issue Date, to (but excluding)
November 22, 2023. 
 “Floating Rate Period” means the period from (and including) November 22, 2023 to (but
excluding) the Maturity Date. 
 “Interest Payment Date” means any Fixed Rate Period Interest Payment Date or Floating Rate
Period Interest Payment Date. 
 The “Benchmark” means, initially, Compounded Daily SOFR; provided that if a Benchmark
Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

  
 A-2 













 “Compounded Daily SOFR” means, in relation to a Floating Rate Interest
Period, the rate of return of a daily compound interest investment (with SOFR as reference rate for the calculation of interest) during the related Observation Period and will be calculated by the Calculation Agent on the related Interest
Determination Date as follows: 
  
 



 
 Where: 

“Calculation Agent” means HSBC Bank USA, National Association, or its successor appointed by the Issuer pursuant to the
Calculation Agent Agreement; 
 “Calculation Agent Agreement” means the calculation agent agreement dated as of the Issue
Date between the Issuer and the Calculation Agent; 
 “d” means, in relation to any Observation Period, the number of
calendar days in such Observation Period; 
 “d0” means, in
relation to any Observation Period, the number of USGS Business Days in such Observation Period; 
 “i” means, in relation
to any Observation Period, a series of whole numbers from one to d0, each representing the relevant USGS Business Day in chronological order from (and including) the first USGS Business Day in
such Observation Period; 
 “ni” means, in relation to any
USGS Business Day “i” in the relevant Observation Period, the number of calendar days from (and including) such USGS Business Day “i” up to (but excluding) the following USGS Business Day; 

“Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and including) the last USGS
Business Day falling prior to the Interest Determination Date for the immediately preceding Interest Payment Date to (but excluding) the last USGS Business Day falling prior to the Interest Determination Date for such Floating Rate Interest Period;
provided that the first Observation Period shall commence on (and include) the last USGS Business Day falling prior to the day which is two Business Days prior to November 22, 2023 (the “Par Redemption Date”); 

“SOFR” means, in relation to any day, the rate determined by the Calculation Agent in accordance with the Indenture and the
following provisions: 
 (i) the daily Secured Overnight Financing Rate for trades made on such day, available at or around the Reference
Time on the NY Federal Reserve’s Website; 
 (ii) if the rate specified in (i) above is not available at or around the Reference
Time for such day (and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred), the daily Secured Overnight Financing Rate in respect of the last USGS Business Day for which such rate was published on the NY
Federal Reserve’s Website; 
 “SOFRi” means, in
relation to any USGS Business Day “i” in the relevant Observation Period, SOFR in respect of such USGS Business Day; and 

“USGS Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial
Markets Association or any successor thereto (“SIFMA”) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

  
 A-3 













 Notwithstanding clauses (i) and (ii) of the definition of “SOFR” above, if
the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine on or prior to the relevant Interest Determination Date that a Benchmark Transition Event
and related Benchmark Replacement Date have occurred with respect to SOFR, then the “Benchmark Transition Provisions” set forth below will thereafter apply to all determinations of the rate of interest payable on the Debt Securities during
the Floating Rate Period. 
 In accordance with and subject to the Benchmark Transition Provisions, after a Benchmark Transition Event and
related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each interest period on the Debt Securities during the Floating Rate Period will be determined by reference to a rate per annum equal to the Benchmark
Replacement plus the Margin. 
 “designee” means an Affiliate or any other agent of the Issuer. 

“Reference Time” means (i) if the Benchmark is Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York
time) on the next succeeding USGS Business Day, and (ii) if the Benchmark is not Compounded Daily SOFR, the time determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in
consultation with the Issuer) in accordance with the Benchmark Replacement Conforming Changes. 
 Benchmark Transition Provisions. If
the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determines that a Benchmark Transition Event and related Benchmark Replacement Date have occurred
prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Debt Securities during the Floating
Rate Period in respect of such determination on such date and all determinations on all subsequent dates; provided that, if the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in
consultation with the Issuer) is unable to or does not determine a Benchmark Replacement in accordance with the provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related
Floating Rate Interest Period will be equal to the interest rate in effect for the immediately preceding Floating Rate Interest Period or, in the case of the Interest Determination Date prior to the first Floating Rate Period Interest Payment Date,
the Initial Interest Rate. 
 In connection with the implementation of a Benchmark Replacement, the Issuer (in consultation, to the extent
practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) will have the right to make changes to (i) any Interest Determination Date, Floating Rate Period Interest Payment Date, Reference Time,
business day convention or Floating Rate Interest Period, (ii) the manner, timing and frequency of determining the rate and amounts of interest that are payable on the Debt Securities during the Floating Rate Period and the conventions relating
to such determination and calculations with respect to interest, (iii) rounding conventions, (iv) tenors and (v) any other terms or provisions of the Debt Securities during the Floating Rate Period, in each case that the Issuer (in
consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine, from time to time, to be appropriate to reflect the determination and implementation of such Benchmark
Replacement in a manner substantially consistent with market practice (or, if the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) decide that
implementation of any portion of such market practice is not administratively feasible or determine that no market practice for use of the Benchmark Replacement exists, in such other manner as the Issuer (in consultation, to the extent practicable,
with the Calculation 

  
 A-4 













 
Agent) or the Issuer’s designee (in consultation with the Issuer) determine is appropriate (acting in good faith)) (the “Benchmark Replacement Conforming Changes”). Any
Benchmark Replacement Conforming Changes will apply to the Debt Securities for all future Floating Rate Interest Periods. 
 The Issuer will
promptly give notice of the determination of the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders, provided
that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination. 
 All
percentages resulting from any calculation in connection with any interest rate in respect of this Global Security shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five
one-millionths of a percentage point rounded upward (for example, 9.876545% (or 0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all Applicable Currency amounts would be rounded to the nearest
cent, with one-half cent being rounded upward. 
 All determinations, decisions, elections and any
calculations made by the Issuer, the Calculation Agent or the Issuer’s designee for the purposes of calculating the applicable interest on the Debt Securities will be conclusive and binding on the Holders, the Issuer, the Trustee and the Paying
Agent, absent manifest error. If made by the Issuer, such determinations, decisions, elections and calculations will be made in consultation with the Calculation Agent, to the extent practicable. If made by the Issuer’s designee, such
determinations, decisions, elections and calculations will be made after consulting with the Issuer, and the Issuer’s designee will not make any such determination, decision, election or calculation to which the Issuer objects. Notwithstanding
anything to the contrary in the Indenture or the Debt Securities, any determinations, decisions, calculations or elections made in accordance with this provision will become effective without consent from the Holders or any other party. 

Any determination, decision or election relating to the Benchmark not made by the Calculation Agent will be made on the basis described above.
The Calculation Agent shall have no liability for not making any such determination, decision or election. In addition, the Issuer may designate an entity (which may be the Issuer’s Affiliate) to make any determination, decision or election
that the Issuer has the right to make in connection with the determination of the Benchmark. 
 Notwithstanding any other provision of
“Benchmark Transition Provisions” set forth above, no Benchmark Replacement will be adopted, nor will the applicable Benchmark Replacement Adjustment be applied, nor will any Benchmark Replacement Conforming Changes be made, if in the
Issuer’s determination, the same could reasonably be expected to prejudice the qualification of the Debt Securities as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations. 

By its acquisition of the Debt Securities, each Holder (which, for these purposes, includes each beneficial owner) (i) acknowledges,
accepts, consents and agrees to be bound by the Issuer’s or its designee’s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark
Replacement Conforming Changes, including as may occur without any prior notice from the Issuer and without the need for the Issuer to obtain any further consent from such Holder, (ii) waives any and all claims, in law and/or in equity, against
the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee in respect of, and agrees that
none of the Trustee, the Paying Agent or the Calculation Agent or the Issuer’s designee will be liable for, the determination of or the failure to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark
Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses suffered in connection therewith and (iii) agrees that none of the Trustee, the Paying Agent or the Calculation Agent


  
 A-5 













 
or the Issuer’s designee will have any obligation to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment
and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the event of any failure by the Issuer to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any
Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes. 
 “Applicable Currency” means Dollars.

 “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Issuer
(in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 
  

	 	(i)	 the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment; 



 

	 	(ii)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and



  

	 	(iii)	 the sum of: (a) the alternate rate of interest that has been selected by the Issuer (in consultation, to
the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any
industry-accepted rate of interest as a replacement for the then-current Benchmark for Dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment; 



“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the
Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 

 

	 	(i)	 the spread adjustment (which may be a positive or negative value or zero) that has been (a) selected or
recommended by the Relevant Governmental Body or (b) determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) in accordance with the method
for calculating or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement; 



 

	 	(ii)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; 


  

	 	(iii)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer
(in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating or
determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated floating rate notes at such time. 



  
 A-6 













 “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark: 
  

	 	(i)	 in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 



 

	 	(ii)	 in the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 


 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark: 
  

	 	(i)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark; 


  

	 	(ii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 


  

	 	(iii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 


 “Business Day” means a day on
which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, England, and in the City of New York, New York. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the
same length (disregarding business day adjustments) as the applicable tenor for the then-current Benchmark. 
 “Floating Rate
Interest Period” means, during the Floating Rate Period, the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date;
provided that the first Floating Rate Interest Period will begin on (and include) November 22, 2023 and will end on (but exclude) the first Floating Rate Period Interest Payment Date. 

“HSBC” means the Issuer together with its subsidiary undertakings. 

  
 A-7 













 “Interest Determination Date” means the second Business Day preceding the
applicable Interest Payment Date. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International
Swaps and Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“NY Federal Reserve’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org
(or any successor website). 
 “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of
New York (“NY Federal Reserve”), or a committee officially endorsed or convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

Interest in respect of this Global Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name this Global Security (or one or more Predecessor Global Securities) is registered at the close of business on the Regular Record Date for such interest. 

Payment of interest, if any, in respect of this Global Security may be made by check mailed to the address of the Person entitled thereto as
such address shall appear in the Register, or by wire transfer or transfer by any other means to an account designated in writing by such Person to the Paying Agent at least 15 days prior to such payment date. 

Any interest in respect of this Global Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holders thereof on the relevant Regular Record Date by virtue of their having been such Holders; and such Defaulted Interest may be paid by the Issuer,
at its election in each case, as provided in Clause (i) or (ii) below: 
  

	 	(i)	 The Issuer may elect to make payment of such Defaulted Interest to the Persons in whose names this Global
Security (or its respective Predecessor Global Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the manner provided for in the Indenture.



  

	 	(ii)	 The Issuer may make payment of any Defaulted Interest on this Global Security in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this Global Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant
to this clause, such manner of payment shall be deemed practicable by the Trustee. 



  
 A-8 













 All payments made under or with respect to this Global Security shall be paid by the Issuer,
without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied, collected, withheld or assessed by or on behalf of the
United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such deduction or withholding shall at any time be required by
the law of the Taxing Jurisdiction, the Issuer shall pay such additional amounts in respect of payments of interest only (and not principal) on this Global Security (“Additional Amounts”) as may be necessary so that the net amounts
(including Additional Amounts) paid to the Holders, after such deduction or withholding, shall be equal to the respective amounts of interest which the Holders would have been entitled to receive in respect of this Global Security 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: (i) would not be payable or due but for the fact that the Holder or the
beneficial owner of this Global 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 this Global Security, or the collection of interest payments on, or the enforcement of, this Global Security; (ii) would not be payable or due but for the
fact that this Global Security (x) is presented for payment in the Taxing Jurisdiction or (y) 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; (iii) would not have been imposed if presentation for payment of this Global Security had been made to a paying
agent other than the paying agent to which the presentation was made; (iv) is imposed in respect of a Holder that is not the sole beneficial owner of the interest, or a portion thereof, 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; (v) is imposed because of the failure to comply by the Holder or the beneficial owner of this Global Security or the beneficial owner of any payment on this Global Security with a
request from the Issuer addressed to the Holder or the beneficial owner, including a written request from the Issuer related to a claim for relief under any applicable double tax treaty (x) to provide information concerning the nationality,
residence, identity or connection with a taxing jurisdiction of the Holder or the beneficial owner, or (y) to make any declaration or other similar claim to satisfy any information or reporting requirement, if the information or declaration is
required or imposed by a statute, treaty, regulation, ruling or administrative practice of the Taxing Jurisdiction as a precondition to exemption from withholding or deduction of all or part of the tax, duty, assessment or other governmental charge;
(vi) is imposed in respect of any estate, inheritance, gift, sale, transfer, personal property, wealth or similar tax, duty, assessment or other governmental charge; or (vii) is imposed in respect of any combination of the above items.

 Whenever in this Global Security there is mentioned, in any context, the payment of any interest on, or in respect of, any Debt Security
or the net proceeds received on the sale or exchange of any Debt Security, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in
respect thereof and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

Upon any exchange of a portion of this Global Security for a definitive Debt Security, the portion of the principal amount hereof so exchanged
shall be endorsed by the Registrar on Schedule A hereto. The principal amount hereof shall be reduced for all purposes by the amount so exchanged and endorsed. 

  
 A-9 













 Reference is hereby made to the further provisions of this Global Security set forth on the
reverse hereof, which further provisions shall for the purposes hereof have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee or an authenticating agent, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 A-10 













 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
		
	By:	 	 
	[•]	 	
	 HSBC Holdings plc,
 as
Issuer



 Dated:             , 2021 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of a series issued under the within-mentioned Indenture. 

 

			
		
	By:	 	 
	[•]	 	
	 The Bank of New York Mellon, London Branch,

as Trustee



 Dated:             , 2021 

[Signature Page to the 2024 Fixed/Floating Rate Global Note] 












 REVERSE OF GLOBAL SECURITY 

$[•] 
 1.162% FIXED
RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2024 
 This Global Security is one of a duly authorized issue of Debt Securities issued and
to be issued in one or more series under and governed by an Indenture dated as of August 26, 2009 (as amended or supplemented from time to time), by and among the Issuer, The Bank of New York Mellon, London Branch, as trustee (the
“Trustee,” which term includes any successor trustee under the Indenture), and HSBC Bank USA, National Association (“HBUS”), as registrar and paying agent (the “Base Indenture”), as amended and
supplemented by a twenty-third Supplemental Indenture dated as of November 22, 2021 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Issuer, the Trustee and HBUS,
as paying agent, registrar and calculation agent (the “Agent”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee, the Holders and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. 

Under the terms of the Indenture, the Debt Securities may be redeemed, in whole but not in part, at the Issuer’s sole discretion, on not
less than 10 nor more than 60 days’ notice, at any time at a Redemption Price equal to the principal amount thereof, together with accrued interest, if any, to the date fixed for redemption, if, at any time, the Issuer determines that: 

(i) in making payment under the Debt Securities in respect of principal (or premium, if any) interest, or missed payment the
Issuer has or shall or would become obligated to pay Additional Amounts as provided in the Indenture and in this Global Security provided such obligation to pay Additional Amounts results from a change in or amendment to the laws of the Taxing
Jurisdiction, or any change in the official application or interpretation of such laws (including a decision of any court or tribunal), or any change in, or in the official application or interpretation of, or execution of, or amendment to, any
treaty or treaties affecting taxation to which the United Kingdom is a party, which change, amendment or execution becomes effective on or after the Issue Date; or 

(ii) the payment of interest in respect of the Debt Securities has become or will or would be treated as a
“distribution” within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or reenactment thereof for the time being) as a result of a change in or amendment to the laws of
the Taxing Jurisdiction, or any change in the official application or interpretation of such laws, including a decision of any court, which change or amendment becomes effective on or after the Issue Date; provided, however that, in the case
of (i) above, no notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment in respect of the Debt Securities then due. 

Under the terms of the Indenture, the Issuer may, in its sole discretion, redeem the Debt Securities during the Make-Whole Redemption Period,
on not less than 10 nor more than 60 days’ notice, in whole at any time during such period or in part from time to time during such period, at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Debt Securities
to be redeemed; and (ii) as determined by the Determination Agent, the sum of the present values of (a) the principal amount of the Debt Securities to be redeemed (discounted from the Par Redemption Date) and (b) the remaining
payments of interest to be made on any scheduled Interest Payment Date to (and including) the Par Redemption Date for the Debt Securities to be redeemed (not including accrued but unpaid interest to (but excluding) the applicable Redemption Date, if
any, on the principal amount of the Debt Securities), discounted to the 

  
 A-12 













 
applicable Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at the Reference Treasury Rate plus 10 basis
points, in each case, plus any accrued and unpaid interest on the Debt Securities to be redeemed to (but excluding) the applicable Redemption Date (each, a “Make-Whole Redemption”). 

The “Make-Whole Redemption Period” means the period beginning on (and including) May 22, 2022 (six months following the
Issue Date) to (but excluding) November 22, 2023 (the “Par Redemption Date”); provided that if any additional notes of the same series as the Debt Securities are issued after the Issue Date, the Make-Whole Redemption
Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes. 

“Reference Treasury Rate” means, with respect to any Price Determination Date, the rate per annum equal to: (i) the
yield, which represents the average for the week immediately prior to the Price Determination Date appearing in the most recent “H.15” under the caption “Treasury constant maturities,” for the maturity most closely corresponding
to the Par Redemption Date; provided that if no maturity is within three months before or after the Par Redemption Date, yields for the two published maturities most closely corresponding to the Reference Treasury shall be determined and the
Reference Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month; or (ii) if such release (or any successor release) is not published during the week immediately prior to the
Price Determination Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Reference Treasury, calculated using a price for the Reference Treasury (expressed as a percentage of its
principal amount) equal to the Reference Treasury Price for the applicable Price Determination Date; provided that, if the period from the applicable Redemption Date to the Par Redemption Date is less than one year, the weekly average yield
on actually traded U.S. Treasury securities adjusted to a constant maturity of one year will be used. 
 The Reference Treasury Rate shall
be calculated by the Determination Agent on the third Business Day preceding the applicable Redemption Date (the “Price Determination Date”). 

In determining the Reference Treasury Rate, the below terms will have the following meaning: 

“Determination Agent” means an investment bank or financial institution of international standing selected by the Issuer
(which may be the Calculation Agent or the Issuer’s Affiliate). 
 “H.15” means the weekly statistical release
designated as such and published by the Board of Governors of the United States Federal Reserve System, or any successor or replacement publication that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity,
and “most recent H.15” means the H.15 published closest in time but prior to 5:00 p.m. (New York City time) on the applicable Price Determination Date. 

“Reference Treasury” means, with respect to any Price Determination Date, the U.S. Treasury security or securities selected
by the Issuer (in consultation, to the extent practicable, with the Determination Agent) (i) with an actual or interpolated maturity comparable with the remaining term to the Par Redemption Date and (ii) that would be utilized, at the time
of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. Dollars and a maturity comparable to the remaining term to the Par Redemption Date. 

“Reference Treasury Price” means, with respect to any Price Determination Date, (i) the arithmetic average of the
Reference Treasury Dealer Quotations for such Price Determination Date, after excluding the highest quotation (or, in the event of more than one highest quotation, one of the highest) and lowest quotation (or, in the event of more than one lowest
quotation, one of the lowest), or (ii) if fewer than five but more than one such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii) if only one such Reference Treasury Dealer
Quotation is received, then such quotation; each as quoted in writing to the Determination Agent by a Reference Treasury Dealer. 

  
 A-13 













 “Reference Treasury Dealer” means, with respect to any Price Determination
Date, each of up to five banks selected by the Issuer (in consultation, to the extent practicable, with the Determination Agent), or the Affiliates of such banks, which are (i) primary U.S. Treasury securities dealers, and their respective
successors, or (ii) market makers in pricing corporate bond issues denominated in U.S Dollars. 
 “Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any Price Determination Date, the arithmetic average, as determined by the Determination Agent, of the bid and offered prices for the applicable Reference Treasury,
expressed in each case as a percentage of its principal amount, quoted by the applicable Reference Treasury Dealer at 11:00 a.m. (New York City time), on such Price Determination Date. 

If the Issuer determines, in its sole discretion, that the inclusion of the Make-Whole Redemption provisions in the terms of the Indenture and
the Debt Securities could reasonably be expected to prejudice the qualification of the Debt Securities as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations, then the provisions relating
to the Make-Whole Redemption shall be deemed not to apply for all purposes relating to the Debt Securities and the Issuer shall not have any right to redeem the Debt Securities pursuant to a Make-Whole Redemption. In such circumstances, the Issuer
shall promptly provide notice to the Trustee, the Paying Agent, the Calculation Agent and the Holders that the Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness of, or
otherwise invalidate, any such determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of Holders under Section 9.02 of the Base Indenture. 

Under the terms of the Indenture, following the Make-Whole Redemption Period, the Debt Securities may be redeemed, in whole but not in part,
at the Issuer’s sole discretion, on not less than 10 nor more than 60 days’ notice, on the Par Redemption Date. The Redemption Price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding)
the Par Redemption Date. 
 Notwithstanding anything to the contrary in the Indenture, the Issuer may only redeem or repurchase the Debt
Securities prior to the Maturity Date pursuant to the Indenture if the Issuer has obtained any Relevant Supervisory Consent. 
 An
“Event of Default” with respect to the Debt Securities means any one of the following events: (i) an order is made by an English court which is not successfully appealed within 30 days after the date such order was made for
winding up of the Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or (ii) an effective resolution is validly adopted by the Issuer’s shareholders for winding up of the
Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency. 
 A
“Default” with respect to the Debt Securities means any one of the following events: (i) failure to pay principal or premium, if any, on the Debt Securities at maturity, and such default continues for a period of 30 days; or
(ii) failure to pay any interest on the Debt Securities when due and payable, which failure continues for 30 days. 
 If a Default
occurs, the Trustee may institute proceedings in England (but not elsewhere) for the Issuer’s winding up; provided that the Trustee may not, upon the occurrence of a Default, accelerate the maturity of any Debt Securities then
Outstanding, unless an Event of Default has occurred and is continuing. 

  
 A-14 













 Notwithstanding the immediately preceding two paragraphs, failure to make any payment in
respect of the Debt Securities shall not be a Default in respect of the Debt Securities if such payment is withheld or refused: (i) in order to comply with any fiscal or other law or regulation or with the order of any court of competent
jurisdiction, in each case applicable to such payment; or (ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at any time during
the said grace period of 30 days by independent legal advisers acceptable to the Trustee; provided, however, that the Trustee may, by notice to the Issuer, require the Issuer to take such action (including but not limited to proceedings for a
declaration by a court of competent jurisdiction) as the Trustee may be advised in an opinion of counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case
the Issuer shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such resolution determines that the relevant payment can be made without violating any
applicable law, regulation or order then the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of the relevant grace period of 30 days after the Trustee gives written notice to the Issuer
informing the Issuer of such resolution. 
 By its acquisition of the Debt Securities represented by this Global Security, each Holder
(which, for these purposes, includes each beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees to be bound by the terms of the Debt Securities related to the limited remedies available under the Indenture and the Debt
Securities for a non-payment of principal and/or interest on the Debt Securities. 
 If an Event of
Default with respect to the Debt Securities of this series shall occur and be continuing, the principal of all of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture and this
Global Security. The Indenture provides that in certain circumstances such declaration and its consequences may be rescinded and annulled by the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series.
If a Default with respect to Debt Securities of this series occurs and is continuing, the Trustee may pursue certain remedies as set forth in the Indenture. The Holders of not less than a majority in aggregate principal amount of the Outstanding
Debt Securities of this series may on behalf of all the Holders waive any past Event of Default or any Default under the Indenture or the Debt Securities and its consequences except a default (i) in the payment of principal of (or premium, if
any, on) or any installment of interest on any of the Debt Securities or (ii) in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the Holder of this Debt Security, and any such
consent or waiver shall bind every future Holder of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Debt Security or such other Debt Securities. 
 The Indenture contains provisions permitting the Issuer and the Trustee
(i) without the consent of the Holders of any Debt Securities issued under the Indenture to execute one or more supplemental indentures for certain enumerated purposes, such as to cure any ambiguity or to secure the Debt Securities, and
(ii) with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series of Debt Securities affected thereby, to execute supplemental indentures for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of Holders under the Indenture; provided that, with respect to certain enumerated provisions, no such
supplemental indenture may be entered into without the consent of the Holder of each Outstanding Debt Security affected thereby. The Indenture also permits the Holders of at least a majority in aggregate principal amount of the Outstanding Debt
Securities of each series to be affected, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Issuer with certain restrictive provisions of the Indenture. Any such consent or waiver by the Holder of this Global
Security shall bind every future Holder of this Global Security and of any Global Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Global Security or such other Global Securities. 

  
 A-15 













 Subject to the terms of the Indenture, the Depositary may surrender this Global Security or
any portion hereof in exchange, in whole or in part, for definitive Debt Securities, of this series in registered form and the Registrar, acting on behalf of the Issuer, shall authenticate and deliver in exchange for this Global Security or the
portions thereof to be exchanged, an equal aggregate face amount of definitive Debt Securities (duly countersigned) in the numbers and in the names advised by the Depositary. 

By its acquisition of the Debt Securities represented by this Global Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees, notwithstanding any other term of the Debt Securities, the Indenture or any other agreements, arrangements or understandings between the Issuer and any Holder, to
be bound by (i) the effect of the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority in relation to any Debt Securities that may include (without limitation) and result in any of the
following, or some combination thereof: (a) the reduction of all, or a portion, of the Amounts Due; (b) the conversion of all, or a portion, of the Amounts Due into the Issuer’s or another Person’s ordinary shares, other
securities or other obligations (and the issue to, or conferral on, the Holder of such ordinary shares, other securities or other obligations), including by means of an amendment, modification or variation of the terms of the Debt Securities or the
Indenture; (c) the cancellation of the Debt Securities; and/or (d) the amendment or alteration of the maturity of the Debt Securities or amendment of the amount of interest payable on the Debt Securities, or the Interest Payment Dates,
including by suspending payment for a temporary period; and (ii) the variation of the terms of the Debt Securities or the Indenture, if necessary, to give effect to the exercise of any UK Bail-in Power by
the Relevant UK Resolution Authority. No repayment or payment of Amounts Due shall become due and payable or be paid after the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority if and to
the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. Moreover, each Holder (which, for these purposes, includes each beneficial owner of the Debt Securities) consents to the exercise of
any UK Bail-in Power as it may be imposed without any prior notice by the Relevant UK Resolution Authority of its decision to exercise such power with respect to the Debt Securities. 

“Amounts Due” means the principal amount of, and any accrued and unpaid interest, including any Additional Amounts, on, the
Debt Securities. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of any UK Bail-in Power by the Relevant UK Resolution
Authority. 
 “Loss Absorption Regulations” means, at any time, the laws, regulations, requirements, guidelines, rules,
standards and policies from time to time relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments in effect in the UK and applicable to the Issuer from time to time, including, without
limitation to the generality of the foregoing, the Banking Act and UK CRR (whether or not such requirements, guidelines or policies are applied generally or specifically to the Issuer or to the Issuer and any of its holding or subsidiary companies
or any subsidiary of any such holding company) in each case as amended, supplemented or replaced from time to time. 

“PRA” means the UK Prudential Regulation Authority or any successor entity. 

“Relevant Regulator” means the PRA or any successor entity or other entity primarily responsible for the prudential
supervision of the Issuer. 

  
 A-16 













 “Relevant Supervisory Consent” means as (and to the extent) required, a
consent or waiver to the relevant redemption or purchase from the Relevant Regulator or the Relevant UK Resolution Authority (as applicable). For the avoidance of doubt, Relevant Supervisory Consent will not be required if either (i) none of
the Debt Securities qualify as part of the Issuer’s regulatory capital, or own funds and eligible liabilities or loss absorbing capacity instruments, as the case may be, each pursuant to the Loss Absorption Regulations, (ii) the relevant
Debt Securities are repurchased for market-making purposes in accordance with any permission given by the Relevant Regulator pursuant to the Loss Absorption Regulations within the limits prescribed in such permission or (iii) the relevant Debt
Securities are being redeemed or repurchased pursuant to any general prior permission granted by the Relevant Regulator or the Relevant UK Resolution Authority (as applicable) pursuant to the Loss Absorption Regulations within the limits prescribed
in such permission. 
 “Relevant UK Resolution Authority” means any authority with the ability to exercise a UK Bail-in Power. 
 “UK Bail-in Legislation” means
Part I of the Banking Act and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation,
administration or other insolvency proceedings). 
 “UK Bail-in Power” means the
powers under the UK Bail-in Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, write-down, transfer,
reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to
provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability. 

“UK CRR” means Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms of
the European Parliament and of the Council of 26 June 2013, as amended or supplemented from time to time, as it forms part of domestic law in the UK by virtue of the EUWA. 

By its acquisition of the Debt Securities, each Holder (which, for these purposes, includes each beneficial owner of the Debt Securities): (i)
acknowledges and agrees that the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities shall not give rise to a Default or Event of Default for purposes
of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; (ii) to the extent permitted by the Trust Indenture Act, waives any and all claims, in law
and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance
with the exercise of (x) the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities or (y) the limited remedies available under the Indenture and the Debt
Securities for a non-payment of principal and/or interest on the Debt Securities; and (iii) acknowledges and agrees that, upon the exercise of any UK Bail-in Power
by the Relevant UK Resolution Authority, the Trustee shall not be required to take any further directions from Holders under Section 5.11 (Control by Holders of Debt Securities) of the Base Indenture; and that the
Indenture shall not impose any duties upon the Trustee whatsoever with respect to the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority. 

Notwithstanding clause (iii) of the immediately preceding paragraph, if, following the completion of the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, the Debt Securities remain outstanding (for example, if the exercise of the UK Bail-in Power results in only a partial
write-down of the principal of the Debt Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Debt Securities following such completion to the extent that the Issuer and


  
 A-17 













 
the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Indenture; provided, however that notwithstanding the exercise of the UK
Bail-in Power by the Relevant UK Resolution Authority, there shall at all times be a Trustee hereunder pursuant to, and in accordance with Section 6.09 of the Base Indenture, and the
resignation and/or removal of the Trustee and the appointment of a successor trustee shall continue to be governed by Section 6.10 and Section 6.11 of the Base Indenture, including to the extent no
supplemental indenture or amendment to the Indenture is agreed upon pursuant to the Indenture in the event the Debt Securities remain outstanding following the completion of the exercise of the UK Bail-in
Power. 
 It is the intention of the Issuer and the Trustee that the Issuer’s obligations to indemnify the Trustee and the Agent in
accordance with Section 6.07 of the Base Indenture (for the avoidance of doubt, as amended by Section 4.01 of the second supplemental indenture dated May 25, 2016) shall survive any exercise
of the UK Bail-in Power by the Relevant UK Resolution Authority. 
 The exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities shall not constitute an Event of Default or a Default. 

In addition to the right to enter into supplemental indentures pursuant to Section 9.01 and
Section 9.02 of the Base Indenture, the Issuer and the Trustee may enter into one or more indentures supplemental to the Indenture to modify and amend the terms of the Indenture or the Debt Securities, without the further
consent of any Holders, to the extent necessary to give effect to the exercise by the Relevant UK Resolution Authority of the UK Bail-in Power. 

Upon the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the
Debt Securities, the Issuer shall provide a written notice to the Holders through DTC as soon as practicable regarding such exercise of the UK Bail-in Power for purposes of notifying Holders and beneficial
owners of the Debt Securities of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee for information purposes. 

Upon the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority that results in the
reduction or cancellation of all, or a portion, of the principal amount of this Global Security and/or the conversion of all, or a portion, of the principal amount of this Global Security into shares or other securities or other obligations of the
Issuer or another person, the portion of the principal amount hereof so reduced, cancelled and/or converted shall be endorsed by the Registrar on Schedule B hereto. The principal amount hereof shall be reduced for all purposes by the amount so
reduced, cancelled and/or converted. 
 By its acquisition of a Debt Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) of the Debt Securities shall be deemed to have authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds the Debt Securities to take any and all
necessary action, if required, to implement the exercise of any UK Bail-in Power with respect to the Debt Securities as it may be imposed, without any further action or direction on the part of such Holder or
beneficial owner, the Trustee or the Agent (and any other agent acting in connection with the relevant series of Debt Securities). 
 To the
fullest extent permitted by law, the Holders and the Trustee, in respect of any claims of such Holders to payment of any principal, premium or interest in respect of the Debt Securities, by their acceptance of the Debt Securities,
shall be deemed to have waived any right of set-off or counterclaim that such Holders or, as the case may be, the Trustee in such respect, might otherwise have. 

  
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 ANY HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF THE DEBT
SECURITIES) THAT ACQUIRES THE DEBT SECURITIES IN THE SECONDARY MARKET AND ANY SUCCESSORS, ASSIGNS, HEIRS, EXECUTORS, ADMINISTRATORS, TRUSTEES IN BANKRUPTCY AND LEGAL REPRESENTATIVES OF ANY HOLDER OR BENEFICIAL OWNER OF THE DEBT SECURITIES SHALL BE
DEEMED TO ACKNOWLEDGE, AGREE TO BE BOUND BY AND CONSENT TO THE SAME PROVISIONS SPECIFIED HEREIN TO THE SAME EXTENT AS THE HOLDERS OR BENEFICIAL OWNERS OF THE DEBT SECURITIES THAT ACQUIRE THE DEBT SECURITIES UPON THEIR INITIAL ISSUANCE, INCLUDING,
WITHOUT LIMITATION, WITH RESPECT TO THE ACKNOWLEDGEMENT AND AGREEMENT TO BE BOUND BY AND CONSENT TO THE TERMS OF THE DEBT SECURITIES RELATED TO THE UK BAIL-IN POWER, THE BENCHMARK AND THE LIMITED REMEDIES
AVAILABLE UNDER THE INDENTURE AND THE DEBT SECURITIES FOR A NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE DEBT SECURITIES. 

The Indenture and the Debt Securities may be amended and modified as provided in the Indenture. 

All terms used in this Global Security and not otherwise defined shall have the meanings ascribed to them in the Indenture. 

The Indenture and the Debt Securities shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
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 SCHEDULE A 

EXCHANGES FOR DEFINITIVE DEBT SECURITIES 

The following exchanges of parts of this Global Security for Definitive Debt Securities have been made: 

 

					
	 Date made
	  	 Principal amount
exchanged for Definitive

Debt Securities
	  	 Remaining principal

amount following such

exchange    

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  



  
 A-20 













 SCHEDULE B 

REDUCTION, CANCELLATION OR CONVERSION OF DEBT SECURITIES UPON THE 

EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY 

 

					
	 Date made
	  	 Principal amount

reduced, cancelled
 and/or
converted
	  	 Remaining principal

amount following
 reduction,
cancellation
 and/or conversion    

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  



  
 A-21 













 EXHIBIT B 

FORM OF 2.251% FIXED RATE/FLOATING RATE GLOBAL SECURITY 
  

			
		  	 CUSIP No.: 404280 CX5
 ISIN: US404280CX53

No.: [•]


 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE THEREOF. THIS GLOBAL SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 BY ITS ACQUISITION OF THE DEBT SECURITIES REPRESENTED BY
THIS GLOBAL SECURITY, EACH HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF THE DEBT SECURITIES) ACKNOWLEDGES, ACCEPTS, CONSENTS AND AGREES, NOTWITHSTANDING ANY OTHER TERM OF THE DEBT SECURITIES, THE INDENTURE OR ANY OTHER
AGREEMENTS, ARRANGEMENTS OR UNDERSTANDINGS BETWEEN THE ISSUER AND ANY HOLDER, TO BE BOUND BY (I) THE EFFECT OF THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY IN RELATION TO
ANY DEBT SECURITIES THAT (WITHOUT LIMITATION) MAY INCLUDE AND RESULT IN ANY OF THE FOLLOWING, OR SOME COMBINATION THEREOF: (A) THE REDUCTION OF ALL, OR A PORTION, OF THE AMOUNTS DUE (AS DEFINED ON THE REVERSE OF THIS GLOBAL SECURITY); (B) THE
CONVERSION OF ALL, OR A PORTION, OF THE AMOUNTS DUE INTO THE ISSUER’S OR ANOTHER PERSON’S ORDINARY SHARES, OTHER SECURITIES OR OTHER OBLIGATIONS (AND THE ISSUE TO, OR CONFERRAL ON, THE HOLDER OF SUCH ORDINARY SHARES, OTHER SECURITIES OR
OTHER OBLIGATIONS), INCLUDING BY MEANS OF AN AMENDMENT, MODIFICATION OR VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE INDENTURE; (C) THE CANCELLATION OF THE DEBT SECURITIES; AND/OR (D) THE AMENDMENT OR ALTERATION OF THE MATURITY OF
THE DEBT SECURITIES OR AMENDMENT OF THE AMOUNT OF INTEREST PAYABLE ON THE DEBT SECURITIES, OR THE INTEREST PAYMENT DATES, INCLUDING BY SUSPENDING PAYMENT FOR A TEMPORARY PERIOD; AND (II) THE VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE
INDENTURE, IF NECESSARY, TO GIVE EFFECT TO THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY. 

THERE IS NO RIGHT OF ACCELERATION IN THE CASE OF NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE DEBT SECURITIES OR OF
THE ISSUER’S FAILURE TO PERFORM ANY OF ITS OBLIGATIONS UNDER OR IN RESPECT OF THE DEBT SECURITIES. PAYMENT OF THE PRINCIPAL AMOUNT OF THE DEBT SECURITIES MAY BE ACCELERATED ONLY UPON CERTAIN EVENTS OF A WINDING UP AS SET FORTH IN THE INDENTURE.


  
 B-1 













 GLOBAL SECURITY 

HSBC Holdings plc 
 $[•] 

2.251% FIXED RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2027 

This is a Global Security in respect of a duly authorized issue by HSBC Holdings plc (the “Issuer,” which term includes any
successor Person under the Indenture hereinafter referred to) of debt securities, designated as specified in the title hereof, in the aggregate face amount of $[•] (the “Debt Securities”). 

The Issuer, for value received, hereby promises to pay CEDE & CO., or registered assigns on November 22, 2027 (the
“Maturity Date”) or on such earlier date as this Global Security may be redeemed, the principal amount hereof and to pay interest on the said principal amount from November 22, 2021 (the “Issue Date”) or the
most recent Interest Payment Date on which interest has been paid or duly provided for until maturity: 
 (i) from (and including) the Issue
Date or the most recent Interest Payment Date during the Fixed Rate Period on which interest has been paid or duly provided for to (but excluding) November 22, 2026, semi-annually in arrear on May 22 and November 22 of each year,
beginning on May 22, 2022 (each, a “Fixed Rate Period Interest Payment Date”), at a rate of 2.251% per annum (the “Initial Interest Rate”); and 

(ii) from (and including) November 22, 2026 or the most recent Interest Payment Date during the Floating Rate Period on which interest
has been paid or duly provided for to (but excluding) the Maturity Date, quarterly in arrear on February 22, 2027, May 22, 2027, August 22, 2027 and November 22, 2027 (each, a “Floating Rate Period Interest Payment
Date”), at a floating rate equal to the Benchmark plus 1.100% per annum (the “Margin”). The interest rate during the Floating Rate Period on this Global Security shall be calculated quarterly on each applicable Interest
Determination Date. 
 “Fixed Rate Period” means the period from (and including) the Issue Date, to (but excluding)
November 22, 2026. 
 “Floating Rate Period” means the period from (and including) November 22, 2026 to (but
excluding) the Maturity Date. 
 “Interest Payment Date” means any Fixed Rate Period Interest Payment Date or Floating Rate
Period Interest Payment Date. 
 The “Benchmark” means, initially, Compounded Daily SOFR; provided that if a Benchmark
Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

  
 B-2 













 “Compounded Daily SOFR” means, in relation to a Floating Rate Interest
Period, the rate of return of a daily compound interest investment (with SOFR as reference rate for the calculation of interest) during the related Observation Period and will be calculated by the Calculation Agent on the related Interest
Determination Date as follows: 
  
 



 
 Where: 

“Calculation Agent” means HSBC Bank USA, National Association, or its successor appointed by the Issuer pursuant to the
Calculation Agent Agreement; 
 “Calculation Agent Agreement” means the calculation agent agreement dated as of the Issue
Date between the Issuer and the Calculation Agent; 
 “d” means, in relation to any Observation Period, the number of
calendar days in such Observation Period; 
 “d0” means, in
relation to any Observation Period, the number of USGS Business Days in such Observation Period; 
 “i” means, in relation
to any Observation Period, a series of whole numbers from one to d0, each representing the relevant USGS Business Day in chronological order from (and including) the first USGS Business Day in
such Observation Period; 
 “ni” means, in relation to any
USGS Business Day “i” in the relevant Observation Period, the number of calendar days from (and including) such USGS Business Day “i” up to (but excluding) the following USGS Business Day; 

“Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and including) the last USGS
Business Day falling prior to the Interest Determination Date for the immediately preceding Interest Payment Date to (but excluding) the last USGS Business Day falling prior to the Interest Determination Date for such Floating Rate Interest Period;
provided that the first Observation Period shall commence on (and include) the last USGS Business Day falling prior to the day which is two Business Days prior to November 22, 2026 (the “Par Redemption Date”); 

“SOFR” means, in relation to any day, the rate determined by the Calculation Agent in accordance with the Indenture and the
following provisions: 
 (i) the daily Secured Overnight Financing Rate for trades made on such day, available at or around the Reference
Time on the NY Federal Reserve’s Website; 
 (ii) if the rate specified in (i) above is not available at or around the Reference
Time for such day (and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred), the daily Secured Overnight Financing Rate in respect of the last USGS Business Day for which such rate was published on the NY
Federal Reserve’s Website; 
 “SOFRi” means, in
relation to any USGS Business Day “i” in the relevant Observation Period, SOFR in respect of such USGS Business Day; and 

  
 B-3 













 “USGS Business Day” means any day except for a Saturday, Sunday or a day on
which the Securities Industry and Financial Markets Association or any successor thereto (“SIFMA”) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government
securities. 
 Notwithstanding clauses (i) and (ii) of the definition of “SOFR” above, if the Issuer (in consultation, to the
extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine on or prior to the relevant Interest Determination Date that a Benchmark Transition Event and related Benchmark Replacement
Date have occurred with respect to SOFR, then the “Benchmark Transition Provisions” set forth below will thereafter apply to all determinations of the rate of interest payable on the Debt Securities during the Floating Rate Period. 

In accordance with and subject to the Benchmark Transition Provisions, after a Benchmark Transition Event and related Benchmark Replacement
Date have occurred, the amount of interest that will be payable for each interest period on the Debt Securities during the Floating Rate Period will be determined by reference to a rate per annum equal to the Benchmark Replacement plus the Margin.

 “designee” means an Affiliate or any other agent of the Issuer. 

“Reference Time” means (i) if the Benchmark is Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York
time) on the next succeeding USGS Business Day, and (ii) if the Benchmark is not Compounded Daily SOFR, the time determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in
consultation with the Issuer) in accordance with the Benchmark Replacement Conforming Changes. 
 Benchmark Transition Provisions. If
the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determines that a Benchmark Transition Event and related Benchmark Replacement Date have occurred
prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Debt Securities during the Floating
Rate Period in respect of such determination on such date and all determinations on all subsequent dates; provided that, if the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in
consultation with the Issuer) is unable to or does not determine a Benchmark Replacement in accordance with the provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related
Floating Rate Interest Period will be equal to the interest rate in effect for the immediately preceding Floating Rate Interest Period or, in the case of the Interest Determination Date prior to the first Floating Rate Period Interest Payment Date,
the Initial Interest Rate. 
 In connection with the implementation of a Benchmark Replacement, the Issuer (in consultation, to the extent
practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) will have the right to make changes to (i) any Interest Determination Date, Floating Rate Period Interest Payment Date, Reference Time,
business day convention or Floating Rate Interest Period, (ii) the manner, timing and frequency of determining the rate and amounts of interest that are payable on the Debt Securities during the Floating Rate Period and the conventions relating
to such determination and calculations with respect to interest, (iii) rounding conventions, (iv) tenors and (v) any other terms or provisions of the Debt Securities during the Floating Rate Period, in each case that the Issuer (in
consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine, from time to time, to be appropriate to reflect the determination and implementation of such Benchmark
Replacement in a manner substantially consistent with market practice (or, if the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) decide that
implementation of any portion of such market practice is not administratively feasible or determine that no market practice for use of the Benchmark Replacement exists, in such other manner as the Issuer (in consultation, to the extent practicable,
with the Calculation 

  
 B-4 













 
Agent) or the Issuer’s designee (in consultation with the Issuer) determine is appropriate (acting in good faith)) (the “Benchmark Replacement Conforming Changes”). Any
Benchmark Replacement Conforming Changes will apply to the Debt Securities for all future Floating Rate Interest Periods. 
 The Issuer will
promptly give notice of the determination of the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders, provided
that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination. 
 All
percentages resulting from any calculation in connection with any interest rate in respect of this Global Security shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five
one-millionths of a percentage point rounded upward (for example, 9.876545% (or 0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all Applicable Currency amounts would be rounded to the nearest
cent, with one-half cent being rounded upward. 
 All determinations, decisions, elections and any
calculations made by the Issuer, the Calculation Agent or the Issuer’s designee for the purposes of calculating the applicable interest on the Debt Securities will be conclusive and binding on the Holders, the Issuer, the Trustee and the Paying
Agent, absent manifest error. If made by the Issuer, such determinations, decisions, elections and calculations will be made in consultation with the Calculation Agent, to the extent practicable. If made by the Issuer’s designee, such
determinations, decisions, elections and calculations will be made after consulting with the Issuer, and the Issuer’s designee will not make any such determination, decision, election or calculation to which the Issuer objects. Notwithstanding
anything to the contrary in the Indenture or the Debt Securities, any determinations, decisions, calculations or elections made in accordance with this provision will become effective without consent from the Holders or any other party. 

Any determination, decision or election relating to the Benchmark not made by the Calculation Agent will be made on the basis described above.
The Calculation Agent shall have no liability for not making any such determination, decision or election. In addition, the Issuer may designate an entity (which may be the Issuer’s Affiliate) to make any determination, decision or election
that the Issuer has the right to make in connection with the determination of the Benchmark. 
 Notwithstanding any other provision of
“Benchmark Transition Provisions” set forth above, no Benchmark Replacement will be adopted, nor will the applicable Benchmark Replacement Adjustment be applied, nor will any Benchmark Replacement Conforming Changes be made, if in the
Issuer’s determination, the same could reasonably be expected to prejudice the qualification of the Debt Securities as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations. 

By its acquisition of the Debt Securities, each Holder (which, for these purposes, includes each beneficial owner) (i) acknowledges,
accepts, consents and agrees to be bound by the Issuer’s or its designee’s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark
Replacement Conforming Changes, including as may occur without any prior notice from the Issuer and without the need for the Issuer to obtain any further consent from such Holder, (ii) waives any and all claims, in law and/or in equity, against
the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee in respect of, and agrees that
none of the Trustee, the Paying Agent or the Calculation Agent or the Issuer’s designee will be liable for, the determination of or the failure to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark
Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses suffered in connection therewith and (iii) agrees that none of the Trustee, the Paying Agent or the Calculation Agent


  
 B-5 













 
or the Issuer’s designee will have any obligation to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment
and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the event of any failure by the Issuer to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any
Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes. 
 “Applicable Currency” means Dollars.

 “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Issuer
(in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 
  

	 	(i)	 the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment; 



 

	 	(ii)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and



  

	 	(iii)	 the sum of: (a) the alternate rate of interest that has been selected by the Issuer (in consultation, to
the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any
industry-accepted rate of interest as a replacement for the then-current Benchmark for Dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment; 



“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the
Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 

 

	 	(i)	 the spread adjustment (which may be a positive or negative value or zero) that has been (a) selected or
recommended by the Relevant Governmental Body or (b) determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) in accordance with the method
for calculating or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement; 



 

	 	(ii)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; 


  

	 	(iii)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer
(in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating or
determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated floating rate notes at such time. 



  
 B-6 













 “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark: 
  

	 	(i)	 in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 



 

	 	(ii)	 in the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 


 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark: 
  

	 	(i)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark; 


  

	 	(ii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 


  

	 	(iii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 


 “Business Day” means a day on
which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, England, and in the City of New York, New York. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the
same length (disregarding business day adjustments) as the applicable tenor for the then-current Benchmark. 
 “Floating Rate
Interest Period” means, during the Floating Rate Period, the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date;
provided that the first Floating Rate Interest Period will begin on (and include) November 22, 2026 and will end on (but exclude) the first Floating Rate Period Interest Payment Date. 

“HSBC” means the Issuer together with its subsidiary undertakings. 

  
 B-7 













 “Interest Determination Date” means the second Business Day preceding the
applicable Interest Payment Date. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International
Swaps and Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“NY Federal Reserve’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org
(or any successor website). 
 “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of
New York (“NY Federal Reserve”), or a committee officially endorsed or convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

Interest in respect of this Global Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name this Global Security (or one or more Predecessor Global Securities) is registered at the close of business on the Regular Record Date for such interest. 

Payment of interest, if any, in respect of this Global Security may be made by check mailed to the address of the Person entitled thereto as
such address shall appear in the Register, or by wire transfer or transfer by any other means to an account designated in writing by such Person to the Paying Agent at least 15 days prior to such payment date. 

Any interest in respect of this Global Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holders thereof on the relevant Regular Record Date by virtue of their having been such Holders; and such Defaulted Interest may be paid by the Issuer,
at its election in each case, as provided in Clause (i) or (ii) below: 
  

	 	(i)	 The Issuer may elect to make payment of such Defaulted Interest to the Persons in whose names this Global
Security (or its respective Predecessor Global Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the manner provided for in the Indenture.



  

	 	(ii)	 The Issuer may make payment of any Defaulted Interest on this Global Security in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this Global Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant
to this clause, such manner of payment shall be deemed practicable by the Trustee. 



  
 B-8 













 All payments made under or with respect to this Global Security shall be paid by the Issuer,
without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied, collected, withheld or assessed by or on behalf of the
United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such deduction or withholding shall at any time be required by
the law of the Taxing Jurisdiction, the Issuer shall pay such additional amounts in respect of payments of interest only (and not principal) on this Global Security (“Additional Amounts”) as may be necessary so that the net amounts
(including Additional Amounts) paid to the Holders, after such deduction or withholding, shall be equal to the respective amounts of interest which the Holders would have been entitled to receive in respect of this Global Security 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: (i) would not be payable or due but for the fact that the Holder or the
beneficial owner of this Global 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 this Global Security, or the collection of interest payments on, or the enforcement of, this Global Security; (ii) would not be payable or due but for the
fact that this Global Security (x) is presented for payment in the Taxing Jurisdiction or (y) 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; (iii) would not have been imposed if presentation for payment of this Global Security had been made to a paying
agent other than the paying agent to which the presentation was made; (iv) is imposed in respect of a Holder that is not the sole beneficial owner of the interest, or a portion thereof, 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; (v) is imposed because of the failure to comply by the Holder or the beneficial owner of this Global Security or the beneficial owner of any payment on this Global Security with a
request from the Issuer addressed to the Holder or the beneficial owner, including a written request from the Issuer related to a claim for relief under any applicable double tax treaty (x) to provide information concerning the nationality,
residence, identity or connection with a taxing jurisdiction of the Holder or the beneficial owner, or (y) to make any declaration or other similar claim to satisfy any information or reporting requirement, if the information or declaration is
required or imposed by a statute, treaty, regulation, ruling or administrative practice of the Taxing Jurisdiction as a precondition to exemption from withholding or deduction of all or part of the tax, duty, assessment or other governmental charge;
(vi) is imposed in respect of any estate, inheritance, gift, sale, transfer, personal property, wealth or similar tax, duty, assessment or other governmental charge; or (vii) is imposed in respect of any combination of the above items.

 Whenever in this Global Security there is mentioned, in any context, the payment of any interest on, or in respect of, any Debt Security
or the net proceeds received on the sale or exchange of any Debt Security, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in
respect thereof and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

Upon any exchange of a portion of this Global Security for a definitive Debt Security, the portion of the principal amount hereof so exchanged
shall be endorsed by the Registrar on Schedule A hereto. The principal amount hereof shall be reduced for all purposes by the amount so exchanged and endorsed. 

  
 B-9 













 Reference is hereby made to the further provisions of this Global Security set forth on the
reverse hereof, which further provisions shall for the purposes hereof have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee or an authenticating agent, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 B-10 













 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

 

							
		 		 	By:	 	 
		 		 	 [•]
	 	
		 		 		 	
		 		 	 HSBC Holdings plc,
 as
Issuer


 Dated:                    
, 2021 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of a series issued under the within-mentioned Indenture. 

 

							
		 		 	By:	 	 
		 		 	 [•]
	 	
	Dated:                     , 2021	 		 		 	
		 		 	 The Bank of New York Mellon, London Branch,

as Trustee



  
 [Signature Page to the
2027 Fixed/Floating Rate Global Note] 













 REVERSE OF GLOBAL SECURITY 

$[•] 
 2.251% FIXED
RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2027 
 This Global Security is one of a duly authorized issue of Debt Securities issued and
to be issued in one or more series under and governed by an Indenture dated as of August 26, 2009 (as amended or supplemented from time to time), by and among the Issuer, The Bank of New York Mellon, London Branch, as trustee (the
“Trustee,” which term includes any successor trustee under the Indenture), and HSBC Bank USA, National Association (“HBUS”), as registrar and paying agent (the “Base Indenture”), as amended and
supplemented by a twenty-third Supplemental Indenture dated as of November 22, 2021 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Issuer, the Trustee and HBUS,
as paying agent, registrar and calculation agent (the “Agent”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee, the Holders and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. 

Under the terms of the Indenture, the Debt Securities may be redeemed, in whole but not in part, at the Issuer’s sole discretion, on not
less than 10 nor more than 60 days’ notice, at any time at a Redemption Price equal to the principal amount thereof, together with accrued interest, if any, to the date fixed for redemption, if, at any time, the Issuer determines that: 

(i) in making payment under the Debt Securities in respect of principal (or premium, if any) interest, or missed payment the
Issuer has or shall or would become obligated to pay Additional Amounts as provided in the Indenture and in this Global Security provided such obligation to pay Additional Amounts results from a change in or amendment to the laws of the Taxing
Jurisdiction, or any change in the official application or interpretation of such laws (including a decision of any court or tribunal), or any change in, or in the official application or interpretation of, or execution of, or amendment to, any
treaty or treaties affecting taxation to which the United Kingdom is a party, which change, amendment or execution becomes effective on or after the Issue Date; or 

(ii) the payment of interest in respect of the Debt Securities has become or will or would be treated as a
“distribution” within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or reenactment thereof for the time being) as a result of a change in or amendment to the laws of
the Taxing Jurisdiction, or any change in the official application or interpretation of such laws, including a decision of any court, which change or amendment becomes effective on or after the Issue Date; provided, however that, in the case
of (i) above, no notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment in respect of the Debt Securities then due. 

Under the terms of the Indenture, the Issuer may, in its sole discretion, redeem the Debt Securities during the Make-Whole Redemption Period,
on not less than 10 nor more than 60 days’ notice, in whole at any time during such period or in part from time to time during such period, at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Debt Securities
to be redeemed; and (ii) as determined by the Determination Agent, the sum of the present values of (a) the principal amount of the Debt Securities to be redeemed (discounted from the Par Redemption Date) and (b) the remaining
payments of interest to be made on any scheduled Interest Payment Date to (and including) the Par Redemption Date for the Debt Securities to be redeemed (not including accrued but unpaid interest to (but excluding) the applicable Redemption Date, if
any, on the principal amount of the Debt Securities), discounted to the applicable Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at the Reference Treasury
Rate plus 15 basis points, in each case, plus any accrued and unpaid interest on the Debt Securities to be redeemed to (but excluding) the applicable Redemption Date (each, a “Make-Whole Redemption”). 

  
 B-12 













 The “Make-Whole Redemption Period” means the period beginning on (and
including) May 22, 2022 (six months following the Issue Date) to (but excluding) November 22, 2026 (the “Par Redemption Date”); provided that if any additional notes of the same series as the Debt Securities are
issued after the Issue Date, the Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes. 

“Reference Treasury Rate” means, with respect to any Price Determination Date, the rate per annum equal to: (i) the
yield, which represents the average for the week immediately prior to the Price Determination Date appearing in the most recent “H.15” under the caption “Treasury constant maturities,” for the maturity most closely corresponding
to the Par Redemption Date; provided that if no maturity is within three months before or after the Par Redemption Date, yields for the two published maturities most closely corresponding to the Reference Treasury shall be determined and the
Reference Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month; or (ii) if such release (or any successor release) is not published during the week immediately prior to the
Price Determination Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Reference Treasury, calculated using a price for the Reference Treasury (expressed as a percentage of its
principal amount) equal to the Reference Treasury Price for the applicable Price Determination Date; provided that, if the period from the applicable Redemption Date to the Par Redemption Date is less than one year, the weekly average yield
on actually traded U.S. Treasury securities adjusted to a constant maturity of one year will be used. 
 The Reference Treasury Rate shall
be calculated by the Determination Agent on the third Business Day preceding the applicable Redemption Date (the “Price Determination Date”). 

In determining the Reference Treasury Rate, the below terms will have the following meaning: 

“Determination Agent” means an investment bank or financial institution of international standing selected by the Issuer
(which may be the Calculation Agent or the Issuer’s Affiliate). 
 “H.15” means the weekly statistical release
designated as such and published by the Board of Governors of the United States Federal Reserve System, or any successor or replacement publication that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity,
and “most recent H.15” means the H.15 published closest in time but prior to 5:00 p.m. (New York City time) on the applicable Price Determination Date. 

“Reference Treasury” means, with respect to any Price Determination Date, the U.S. Treasury security or securities selected
by the Issuer (in consultation, to the extent practicable, with the Determination Agent) (i) with an actual or interpolated maturity comparable with the remaining term to the Par Redemption Date and (ii) that would be utilized, at the time
of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. Dollars and a maturity comparable to the remaining term to the Par Redemption Date. 

“Reference Treasury Price” means, with respect to any Price Determination Date, (i) the arithmetic average of the
Reference Treasury Dealer Quotations for such Price Determination Date, after excluding the highest quotation (or, in the event of more than one highest quotation, one of the highest) and lowest quotation (or, in the event of more than one lowest
quotation, one of the lowest), or (ii) if fewer than five but more than one such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii) if only one such Reference Treasury Dealer
Quotation is received, then such quotation; each as quoted in writing to the Determination Agent by a Reference Treasury Dealer. 

  
 B-13 













 “Reference Treasury Dealer” means, with respect to any Price Determination
Date, each of up to five banks selected by the Issuer (in consultation, to the extent practicable, with the Determination Agent), or the Affiliates of such banks, which are (i) primary U.S. Treasury securities dealers, and their respective
successors, or (ii) market makers in pricing corporate bond issues denominated in U.S Dollars. 
 “Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any Price Determination Date, the arithmetic average, as determined by the Determination Agent, of the bid and offered prices for the applicable Reference Treasury,
expressed in each case as a percentage of its principal amount, quoted by the applicable Reference Treasury Dealer at 11:00 a.m. (New York City time), on such Price Determination Date. 

If the Issuer determines, in its sole discretion, that the inclusion of the Make-Whole Redemption provisions in the terms of the Indenture and
the Debt Securities could reasonably be expected to prejudice the qualification of the Debt Securities as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations, then the provisions relating
to the Make-Whole Redemption shall be deemed not to apply for all purposes relating to the Debt Securities and the Issuer shall not have any right to redeem the Debt Securities pursuant to a Make-Whole Redemption. In such circumstances, the Issuer
shall promptly provide notice to the Trustee, the Paying Agent, the Calculation Agent and the Holders that the Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness of, or
otherwise invalidate, any such determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of Holders under Section 9.02 of the Base Indenture. 

Under the terms of the Indenture, following the Make-Whole Redemption Period, the Debt Securities may be redeemed, in whole but not in part,
at the Issuer’s sole discretion, on not less than 10 nor more than 60 days’ notice, on the Par Redemption Date. The Redemption Price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding)
the Par Redemption Date. 
 Notwithstanding anything to the contrary in the Indenture, the Issuer may only redeem or repurchase the Debt
Securities prior to the Maturity Date pursuant to the Indenture if the Issuer has obtained any Relevant Supervisory Consent. 
 An
“Event of Default” with respect to the Debt Securities means any one of the following events: (i) an order is made by an English court which is not successfully appealed within 30 days after the date such order was made for
winding up of the Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or (ii) an effective resolution is validly adopted by the Issuer’s shareholders for winding up of the
Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency. 
 A
“Default” with respect to the Debt Securities means any one of the following events: (i) failure to pay principal or premium, if any, on the Debt Securities at maturity, and such default continues for a period of 30 days; or
(ii) failure to pay any interest on the Debt Securities when due and payable, which failure continues for 30 days. 
 If a Default
occurs, the Trustee may institute proceedings in England (but not elsewhere) for the Issuer’s winding up; provided that the Trustee may not, upon the occurrence of a Default, accelerate the maturity of any Debt Securities then
Outstanding, unless an Event of Default has occurred and is continuing. 

  
 B-14 













 Notwithstanding the immediately preceding two paragraphs, failure to make any payment in
respect of the Debt Securities shall not be a Default in respect of the Debt Securities if such payment is withheld or refused: (i) in order to comply with any fiscal or other law or regulation or with the order of any court of competent
jurisdiction, in each case applicable to such payment; or (ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at any time during
the said grace period of 30 days by independent legal advisers acceptable to the Trustee; provided, however, that the Trustee may, by notice to the Issuer, require the Issuer to take such action (including but not limited to proceedings for a
declaration by a court of competent jurisdiction) as the Trustee may be advised in an opinion of counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case
the Issuer shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such resolution determines that the relevant payment can be made without violating any
applicable law, regulation or order then the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of the relevant grace period of 30 days after the Trustee gives written notice to the Issuer
informing the Issuer of such resolution. 
 By its acquisition of the Debt Securities represented by this Global Security, each Holder
(which, for these purposes, includes each beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees to be bound by the terms of the Debt Securities related to the limited remedies available under the Indenture and the Debt
Securities for a non-payment of principal and/or interest on the Debt Securities. 
 If an Event of
Default with respect to the Debt Securities of this series shall occur and be continuing, the principal of all of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture and this
Global Security. The Indenture provides that in certain circumstances such declaration and its consequences may be rescinded and annulled by the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series.
If a Default with respect to Debt Securities of this series occurs and is continuing, the Trustee may pursue certain remedies as set forth in the Indenture. The Holders of not less than a majority in aggregate principal amount of the Outstanding
Debt Securities of this series may on behalf of all the Holders waive any past Event of Default or any Default under the Indenture or the Debt Securities and its consequences except a default (i) in the payment of principal of (or premium, if
any, on) or any installment of interest on any of the Debt Securities or (ii) in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the Holder of this Debt Security, and any such
consent or waiver shall bind every future Holder of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Debt Security or such other Debt Securities. 
 The Indenture contains provisions permitting the Issuer and the Trustee
(i) without the consent of the Holders of any Debt Securities issued under the Indenture to execute one or more supplemental indentures for certain enumerated purposes, such as to cure any ambiguity or to secure the Debt Securities, and
(ii) with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series of Debt Securities affected thereby, to execute supplemental indentures for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of Holders under the Indenture; provided that, with respect to certain enumerated provisions, no such
supplemental indenture may be entered into without the consent of the Holder of each Outstanding Debt Security affected thereby. The Indenture also permits the Holders of at least a majority in aggregate principal amount of the Outstanding Debt
Securities of each series to be affected, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Issuer with certain restrictive provisions of the Indenture. Any such consent or waiver by the Holder of this Global
Security shall bind every future Holder of this Global Security and of any Global Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Global Security or such other Global Securities. 

  
 B-15 













 Subject to the terms of the Indenture, the Depositary may surrender this Global Security or
any portion hereof in exchange, in whole or in part, for definitive Debt Securities, of this series in registered form and the Registrar, acting on behalf of the Issuer, shall authenticate and deliver in exchange for this Global Security or the
portions thereof to be exchanged, an equal aggregate face amount of definitive Debt Securities (duly countersigned) in the numbers and in the names advised by the Depositary. 

By its acquisition of the Debt Securities represented by this Global Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees, notwithstanding any other term of the Debt Securities, the Indenture or any other agreements, arrangements or understandings between the Issuer and any Holder, to
be bound by (i) the effect of the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority in relation to any Debt Securities that may include (without limitation) and result in any of the
following, or some combination thereof: (a) the reduction of all, or a portion, of the Amounts Due; (b) the conversion of all, or a portion, of the Amounts Due into the Issuer’s or another Person’s ordinary shares, other
securities or other obligations (and the issue to, or conferral on, the Holder of such ordinary shares, other securities or other obligations), including by means of an amendment, modification or variation of the terms of the Debt Securities or the
Indenture; (c) the cancellation of the Debt Securities; and/or (d) the amendment or alteration of the maturity of the Debt Securities or amendment of the amount of interest payable on the Debt Securities, or the Interest Payment Dates,
including by suspending payment for a temporary period; and (ii) the variation of the terms of the Debt Securities or the Indenture, if necessary, to give effect to the exercise of any UK Bail-in Power by
the Relevant UK Resolution Authority. No repayment or payment of Amounts Due shall become due and payable or be paid after the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority if and to
the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. Moreover, each Holder (which, for these purposes, includes each beneficial owner of the Debt Securities) consents to the exercise of
any UK Bail-in Power as it may be imposed without any prior notice by the Relevant UK Resolution Authority of its decision to exercise such power with respect to the Debt Securities. 

“Amounts Due” means the principal amount of, and any accrued and unpaid interest, including any Additional Amounts, on, the
Debt Securities. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of any UK Bail-in Power by the Relevant UK Resolution
Authority. 
 “Loss Absorption Regulations” means, at any time, the laws, regulations, requirements, guidelines, rules,
standards and policies from time to time relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments in effect in the UK and applicable to the Issuer from time to time, including, without
limitation to the generality of the foregoing, the Banking Act and UK CRR (whether or not such requirements, guidelines or policies are applied generally or specifically to the Issuer or to the Issuer and any of its holding or subsidiary companies
or any subsidiary of any such holding company) in each case as amended, supplemented or replaced from time to time. 

“PRA” means the UK Prudential Regulation Authority or any successor entity. 

“Relevant Regulator” means the PRA or any successor entity or other entity primarily responsible for the prudential
supervision of the Issuer. 

  
 B-16 













 “Relevant Supervisory Consent” means as (and to the extent) required, a
consent or waiver to the relevant redemption or purchase from the Relevant Regulator or the Relevant UK Resolution Authority (as applicable). For the avoidance of doubt, Relevant Supervisory Consent will not be required if either (i) none of
the Debt Securities qualify as part of the Issuer’s regulatory capital, or own funds and eligible liabilities or loss absorbing capacity instruments, as the case may be, each pursuant to the Loss Absorption Regulations, (ii) the relevant
Debt Securities are repurchased for market-making purposes in accordance with any permission given by the Relevant Regulator pursuant to the Loss Absorption Regulations within the limits prescribed in such permission or (iii) the relevant Debt
Securities are being redeemed or repurchased pursuant to any general prior permission granted by the Relevant Regulator or the Relevant UK Resolution Authority (as applicable) pursuant to the Loss Absorption Regulations within the limits prescribed
in such permission. 
 “Relevant UK Resolution Authority” means any authority with the ability to exercise a UK Bail-in Power. 
 “UK Bail-in Legislation” means
Part I of the Banking Act and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation,
administration or other insolvency proceedings). 
 “UK Bail-in Power” means the
powers under the UK Bail-in Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, write-down, transfer,
reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to
provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability. 

“UK CRR” means Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms of
the European Parliament and of the Council of 26 June 2013, as amended or supplemented from time to time, as it forms part of domestic law in the UK by virtue of the EUWA. 

By its acquisition of the Debt Securities, each Holder (which, for these purposes, includes each beneficial owner of the Debt Securities): (i)
acknowledges and agrees that the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities shall not give rise to a Default or Event of Default for purposes
of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; (ii) to the extent permitted by the Trust Indenture Act, waives any and all claims, in law
and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance
with the exercise of (x) the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities or (y) the limited remedies available under the Indenture and the Debt
Securities for a non-payment of principal and/or interest on the Debt Securities; and (iii) acknowledges and agrees that, upon the exercise of any UK Bail-in Power
by the Relevant UK Resolution Authority, the Trustee shall not be required to take any further directions from Holders under Section 5.11 (Control by Holders of Debt Securities) of the Base Indenture; and that the
Indenture shall not impose any duties upon the Trustee whatsoever with respect to the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority. 

Notwithstanding clause (iii) of the immediately preceding paragraph, if, following the completion of the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, the Debt Securities remain outstanding (for example, if the exercise of the UK Bail-in Power results in only a partial
write-down of the principal of the Debt Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Debt Securities following such completion to the extent that the Issuer and the Trustee shall agree
pursuant to a supplemental indenture or an amendment to the Indenture; provided, 

  
 B-17 













 
however that notwithstanding the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, there shall at all times be a Trustee hereunder
pursuant to, and in accordance with Section 6.09 of the Base Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor trustee shall continue to be governed by
Section 6.10 and Section 6.11 of the Base Indenture, including to the extent no supplemental indenture or amendment to the Indenture is agreed upon pursuant to the Indenture in the event the Debt
Securities remain outstanding following the completion of the exercise of the UK Bail-in Power. 

It is the intention of the Issuer and the Trustee that the Issuer’s obligations to indemnify the Trustee and the Agent in accordance with
Section 6.07 of the Base Indenture (for the avoidance of doubt, as amended by Section 4.01 of the second supplemental indenture dated May 25, 2016) shall survive any exercise of the UK Bail-in Power by the Relevant UK Resolution Authority. 
 The exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities shall not constitute an Event of Default or a Default. 

In addition to the right to enter into supplemental indentures pursuant to Section 9.01 and
Section 9.02 of the Base Indenture, the Issuer and the Trustee may enter into one or more indentures supplemental to the Indenture to modify and amend the terms of the Indenture or the Debt Securities, without the further
consent of any Holders, to the extent necessary to give effect to the exercise by the Relevant UK Resolution Authority of the UK Bail-in Power. 

Upon the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the
Debt Securities, the Issuer shall provide a written notice to the Holders through DTC as soon as practicable regarding such exercise of the UK Bail-in Power for purposes of notifying Holders and beneficial
owners of the Debt Securities of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee for information purposes. 

Upon the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority that results in the
reduction or cancellation of all, or a portion, of the principal amount of this Global Security and/or the conversion of all, or a portion, of the principal amount of this Global Security into shares or other securities or other obligations of the
Issuer or another person, the portion of the principal amount hereof so reduced, cancelled and/or converted shall be endorsed by the Registrar on Schedule B hereto. The principal amount hereof shall be reduced for all purposes by the amount so
reduced, cancelled and/or converted. 
 By its acquisition of a Debt Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) of the Debt Securities shall be deemed to have authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds the Debt Securities to take any and all
necessary action, if required, to implement the exercise of any UK Bail-in Power with respect to the Debt Securities as it may be imposed, without any further action or direction on the part of such Holder or
beneficial owner, the Trustee or the Agent (and any other agent acting in connection with the relevant series of Debt Securities). 
 To the
fullest extent permitted by law, the Holders and the Trustee, in respect of any claims of such Holders to payment of any principal, premium or interest in respect of the Debt Securities, by their acceptance of the Debt Securities,
shall be deemed to have waived any right of set-off or counterclaim that such Holders or, as the case may be, the Trustee in such respect, might otherwise have. 

ANY HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF THE DEBT SECURITIES) THAT ACQUIRES THE DEBT SECURITIES IN THE
SECONDARY MARKET AND ANY SUCCESSORS, ASSIGNS, HEIRS, EXECUTORS, ADMINISTRATORS, TRUSTEES IN BANKRUPTCY AND LEGAL REPRESENTATIVES OF ANY HOLDER OR 

  
 B-18 













 
BENEFICIAL OWNER OF THE DEBT SECURITIES SHALL BE DEEMED TO ACKNOWLEDGE, AGREE TO BE BOUND BY AND CONSENT TO THE SAME PROVISIONS SPECIFIED HEREIN TO THE SAME EXTENT AS THE HOLDERS OR BENEFICIAL
OWNERS OF THE DEBT SECURITIES THAT ACQUIRE THE DEBT SECURITIES UPON THEIR INITIAL ISSUANCE, INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO THE ACKNOWLEDGEMENT AND AGREEMENT TO BE BOUND BY AND CONSENT TO THE TERMS OF THE DEBT SECURITIES RELATED TO
THE UK BAIL-IN POWER, THE BENCHMARK AND THE LIMITED REMEDIES AVAILABLE UNDER THE INDENTURE AND THE DEBT SECURITIES FOR A NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE
DEBT SECURITIES. 
 The Indenture and the Debt Securities may be amended and modified as provided in the Indenture. 

All terms used in this Global Security and not otherwise defined shall have the meanings ascribed to them in the Indenture. 

The Indenture and the Debt Securities shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 B-19 













 SCHEDULE A 

EXCHANGES FOR DEFINITIVE DEBT SECURITIES 

The following exchanges of parts of this Global Security for Definitive Debt Securities have been made: 

 

					
	 Date made
	  	 Principal amount

exchanged for Definitive
 Debt
Securities
	  	 Remaining principal

amount following such

exchange

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  



  
 B-20 













 SCHEDULE B 

REDUCTION, CANCELLATION OR CONVERSION OF DEBT SECURITIES UPON THE 

EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY 

 

					
	 Date made
	  	 Principal amount

reduced, cancelled
 and/or
converted
	  	 Remaining principal

amount following
 reduction,
cancellation
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 B-21 













 EXHIBIT C 

FORM OF 2.871% FIXED RATE/FLOATING RATE GLOBAL SECURITY 
  

			
		  	 CUSIP No.: 404280 CY3
 ISIN:
US404280CY37
 No.: [•]


 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE THEREOF. THIS GLOBAL SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 BY ITS ACQUISITION OF THE DEBT SECURITIES REPRESENTED BY
THIS GLOBAL SECURITY, EACH HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF THE DEBT SECURITIES) ACKNOWLEDGES, ACCEPTS, CONSENTS AND AGREES, NOTWITHSTANDING ANY OTHER TERM OF THE DEBT SECURITIES, THE INDENTURE OR ANY OTHER
AGREEMENTS, ARRANGEMENTS OR UNDERSTANDINGS BETWEEN THE ISSUER AND ANY HOLDER, TO BE BOUND BY (I) THE EFFECT OF THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY IN RELATION TO
ANY DEBT SECURITIES THAT (WITHOUT LIMITATION) MAY INCLUDE AND RESULT IN ANY OF THE FOLLOWING, OR SOME COMBINATION THEREOF: (A) THE REDUCTION OF ALL, OR A PORTION, OF THE AMOUNTS DUE (AS DEFINED ON THE REVERSE OF THIS GLOBAL SECURITY); (B) THE
CONVERSION OF ALL, OR A PORTION, OF THE AMOUNTS DUE INTO THE ISSUER’S OR ANOTHER PERSON’S ORDINARY SHARES, OTHER SECURITIES OR OTHER OBLIGATIONS (AND THE ISSUE TO, OR CONFERRAL ON, THE HOLDER OF SUCH ORDINARY SHARES, OTHER SECURITIES OR
OTHER OBLIGATIONS), INCLUDING BY MEANS OF AN AMENDMENT, MODIFICATION OR VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE INDENTURE; (C) THE CANCELLATION OF THE DEBT SECURITIES; AND/OR (D) THE AMENDMENT OR ALTERATION OF THE MATURITY OF
THE DEBT SECURITIES OR AMENDMENT OF THE AMOUNT OF INTEREST PAYABLE ON THE DEBT SECURITIES, OR THE INTEREST PAYMENT DATES, INCLUDING BY SUSPENDING PAYMENT FOR A TEMPORARY PERIOD; AND (II) THE VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE
INDENTURE, IF NECESSARY, TO GIVE EFFECT TO THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY. 

THERE IS NO RIGHT OF ACCELERATION IN THE CASE OF NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE DEBT SECURITIES OR OF
THE ISSUER’S FAILURE TO PERFORM ANY OF ITS OBLIGATIONS UNDER OR IN RESPECT OF THE DEBT SECURITIES. PAYMENT OF THE PRINCIPAL AMOUNT OF THE DEBT SECURITIES MAY BE ACCELERATED ONLY UPON CERTAIN EVENTS OF A WINDING UP AS SET FORTH IN THE INDENTURE.


  
 C-1 













 GLOBAL SECURITY 

HSBC Holdings plc 
 $[•] 

2.871% FIXED RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2032 

This is a Global Security in respect of a duly authorized issue by HSBC Holdings plc (the “Issuer,” which term includes any
successor Person under the Indenture hereinafter referred to) of debt securities, designated as specified in the title hereof, in the aggregate face amount of $[•] (the “Debt Securities”). 

The Issuer, for value received, hereby promises to pay CEDE & CO., or registered assigns on November 22, 2032 (the
“Maturity Date”) or on such earlier date as this Global Security may be redeemed, the principal amount hereof and to pay interest on the said principal amount from November 22, 2021 (the “Issue Date”) or the
most recent Interest Payment Date on which interest has been paid or duly provided for until maturity: 
 (i) from (and including) the Issue
Date or the most recent Interest Payment Date during the Fixed Rate Period on which interest has been paid or duly provided for to (but excluding) November 22, 2031, semi-annually in arrear on May 22 and November 22 of each year,
beginning on May 22, 2022 (each, a “Fixed Rate Period Interest Payment Date”), at a rate of 2.871% per annum (the “Initial Interest Rate”); and 

(ii) from (and including) November 22, 2031 or the most recent Interest Payment Date during the Floating Rate Period on which interest
has been paid or duly provided for to (but excluding) the Maturity Date, quarterly in arrear on February 22, 2032, May 22, 2032, August 22, 2032 and November 22, 2032 (each, a “Floating Rate Period Interest Payment
Date”), at a floating rate equal to the Benchmark plus 1.410% per annum (the “Margin”). The interest rate during the Floating Rate Period on this Global Security shall be calculated quarterly on each applicable Interest
Determination Date. 
 “Fixed Rate Period” means the period from (and including) the Issue Date, to (but excluding)
November 22, 2031. 
 “Floating Rate Period” means the period from (and including) November 22, 2031 to (but
excluding) the Maturity Date. 
 “Interest Payment Date” means any Fixed Rate Period Interest Payment Date or Floating Rate
Period Interest Payment Date. 
 The “Benchmark” means, initially, Compounded Daily SOFR; provided that if a Benchmark
Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

  
 C-2 













 “Compounded Daily SOFR” means, in relation to a Floating Rate Interest
Period, the rate of return of a daily compound interest investment (with SOFR as reference rate for the calculation of interest) during the related Observation Period and will be calculated by the Calculation Agent on the related Interest
Determination Date as follows: 
  
 



 
 Where: 

“Calculation Agent” means HSBC Bank USA, National Association, or its successor appointed by the Issuer pursuant to the
Calculation Agent Agreement; 
 “Calculation Agent Agreement” means the calculation agent agreement dated as of the Issue
Date between the Issuer and the Calculation Agent; 
 “d” means, in relation to any Observation Period, the number of
calendar days in such Observation Period; 
 “d0” means, in
relation to any Observation Period, the number of USGS Business Days in such Observation Period; 
 “i” means, in relation
to any Observation Period, a series of whole numbers from one to d0, each representing the relevant USGS Business Day in chronological order from (and including) the first USGS Business Day in
such Observation Period; 
 “ni” means, in relation to any
USGS Business Day “i” in the relevant Observation Period, the number of calendar days from (and including) such USGS Business Day “i” up to (but excluding) the following USGS Business Day; 

“Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and including) the last USGS
Business Day falling prior to the Interest Determination Date for the immediately preceding Interest Payment Date to (but excluding) the last USGS Business Day falling prior to the Interest Determination Date for such Floating Rate Interest Period;
provided that the first Observation Period shall commence on (and include) the last USGS Business Day falling prior to the day which is two Business Days prior to November 22, 2031 (the “Par Redemption Date”); 

“SOFR” means, in relation to any day, the rate determined by the Calculation Agent in accordance with the Indenture and the
following provisions: 
 (i) the daily Secured Overnight Financing Rate for trades made on such day, available at or around the Reference
Time on the NY Federal Reserve’s Website; 
 (ii) if the rate specified in (i) above is not available at or around the Reference
Time for such day (and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred), the daily Secured Overnight Financing Rate in respect of the last USGS Business Day for which such rate was published on the NY
Federal Reserve’s Website; 
 “SOFRi” means, in
relation to any USGS Business Day “i” in the relevant Observation Period, SOFR in respect of such USGS Business Day; and 

“USGS Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial
Markets Association or any successor thereto (“SIFMA”) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

  
 C-3 













 Notwithstanding clauses (i) and (ii) of the definition of “SOFR” above, if
the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine on or prior to the relevant Interest Determination Date that a Benchmark Transition Event
and related Benchmark Replacement Date have occurred with respect to SOFR, then the “Benchmark Transition Provisions” set forth below will thereafter apply to all determinations of the rate of interest payable on the Debt Securities during
the Floating Rate Period. 
 In accordance with and subject to the Benchmark Transition Provisions, after a Benchmark Transition Event and
related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each interest period on the Debt Securities during the Floating Rate Period will be determined by reference to a rate per annum equal to the Benchmark
Replacement plus the Margin. 
 “designee” means an Affiliate or any other agent of the Issuer. 

“Reference Time” means (i) if the Benchmark is Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York
time) on the next succeeding USGS Business Day, and (ii) if the Benchmark is not Compounded Daily SOFR, the time determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in
consultation with the Issuer) in accordance with the Benchmark Replacement Conforming Changes. 
 Benchmark Transition Provisions. If
the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determines that a Benchmark Transition Event and related Benchmark Replacement Date have occurred
prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Debt Securities during the Floating
Rate Period in respect of such determination on such date and all determinations on all subsequent dates; provided that, if the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in
consultation with the Issuer) is unable to or does not determine a Benchmark Replacement in accordance with the provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related
Floating Rate Interest Period will be equal to the interest rate in effect for the immediately preceding Floating Rate Interest Period or, in the case of the Interest Determination Date prior to the first Floating Rate Period Interest Payment Date,
the Initial Interest Rate. 
 In connection with the implementation of a Benchmark Replacement, the Issuer (in consultation, to the extent
practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) will have the right to make changes to (i) any Interest Determination Date, Floating Rate Period Interest Payment Date, Reference Time,
business day convention or Floating Rate Interest Period, (ii) the manner, timing and frequency of determining the rate and amounts of interest that are payable on the Debt Securities during the Floating Rate Period and the conventions relating
to such determination and calculations with respect to interest, (iii) rounding conventions, (iv) tenors and (v) any other terms or provisions of the Debt Securities during the Floating Rate Period, in each case that the Issuer (in
consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine, from time to time, to be appropriate to reflect the determination and implementation of such Benchmark
Replacement in a manner substantially consistent with market practice (or, if the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) decide that
implementation of any portion of such market practice is not administratively feasible or determine that no market practice for use of the Benchmark Replacement exists, in such other manner as the Issuer (in consultation, to the extent practicable,
with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine is appropriate (acting in good faith)) (the “Benchmark Replacement Conforming Changes”). Any Benchmark Replacement Conforming
Changes will apply to the Debt Securities for all future Floating Rate Interest Periods. 

  
 C-4 













 The Issuer will promptly give notice of the determination of the Benchmark Replacement, the
Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders, provided that failure to provide such notice will have no impact on the
effectiveness of, or otherwise invalidate, any such determination. 
 All percentages resulting from any calculation in connection with any
interest rate in respect of this Global Security shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (for
example, 9.876545% (or 0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all Applicable Currency amounts would be rounded to the nearest cent, with one-half cent being rounded upward. 

All determinations, decisions, elections and any calculations made by the Issuer, the Calculation Agent or the Issuer’s designee for the
purposes of calculating the applicable interest on the Debt Securities will be conclusive and binding on the Holders, the Issuer, the Trustee and the Paying Agent, absent manifest error. If made by the Issuer, such determinations, decisions,
elections and calculations will be made in consultation with the Calculation Agent, to the extent practicable. If made by the Issuer’s designee, such determinations, decisions, elections and calculations will be made after consulting with the
Issuer, and the Issuer’s designee will not make any such determination, decision, election or calculation to which the Issuer objects. Notwithstanding anything to the contrary in the Indenture or the Debt Securities, any determinations,
decisions, calculations or elections made in accordance with this provision will become effective without consent from the Holders or any other party. 

Any determination, decision or election relating to the Benchmark not made by the Calculation Agent will be made on the basis described above.
The Calculation Agent shall have no liability for not making any such determination, decision or election. In addition, the Issuer may designate an entity (which may be the Issuer’s Affiliate) to make any determination, decision or election
that the Issuer has the right to make in connection with the determination of the Benchmark. 
 Notwithstanding any other provision of
“Benchmark Transition Provisions” set forth above, no Benchmark Replacement will be adopted, nor will the applicable Benchmark Replacement Adjustment be applied, nor will any Benchmark Replacement Conforming Changes be made, if in the
Issuer’s determination, the same could reasonably be expected to prejudice the qualification of the Debt Securities as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations. 

By its acquisition of the Debt Securities, each Holder (which, for these purposes, includes each beneficial owner) (i) acknowledges,
accepts, consents and agrees to be bound by the Issuer’s or its designee’s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark
Replacement Conforming Changes, including as may occur without any prior notice from the Issuer and without the need for the Issuer to obtain any further consent from such Holder, (ii) waives any and all claims, in law and/or in equity, against
the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee in respect of, and agrees that
none of the Trustee, the Paying Agent or the Calculation Agent or the Issuer’s designee will be liable for, the determination of or the failure to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark
Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses suffered in connection therewith and (iii) agrees that none of the Trustee, the Paying Agent or the Calculation Agent


  
 C-5 













 
or the Issuer’s designee will have any obligation to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment
and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the event of any failure by the Issuer to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any
Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes. 
 “Applicable Currency” means Dollars.

 “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Issuer
(in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 
  

	 	(i)	 the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment; 



 

	 	(ii)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and



  

	 	(iii)	 the sum of: (a) the alternate rate of interest that has been selected by the Issuer (in consultation, to
the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any
industry-accepted rate of interest as a replacement for the then-current Benchmark for Dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment; 



“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the
Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 

 

	 	(i)	 the spread adjustment (which may be a positive or negative value or zero) that has been (a) selected or
recommended by the Relevant Governmental Body or (b) determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) in accordance with the method
for calculating or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement; 



 

	 	(ii)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; 


  

	 	(iii)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer
(in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating or
determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated floating rate notes at such time. 



  
 C-6 













 “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark: 
  

	 	(i)	 in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 



 

	 	(ii)	 in the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 


 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark: 
  

	 	(i)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark; 


  

	 	(ii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 


  

	 	(iii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 


 “Business Day” means a day on
which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, England, and in the City of New York, New York. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the
same length (disregarding business day adjustments) as the applicable tenor for the then-current Benchmark. 
 “Floating Rate
Interest Period” means, during the Floating Rate Period, the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date;
provided that the first Floating Rate Interest Period will begin on (and include) November 22, 2031 and will end on (but exclude) the first Floating Rate Period Interest Payment Date. 

“HSBC” means the Issuer together with its subsidiary undertakings. 

  
 C-7 













 “Interest Determination Date” means the second Business Day preceding the
applicable Interest Payment Date. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International
Swaps and Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“NY Federal Reserve’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org
(or any successor website). 
 “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of
New York (“NY Federal Reserve”), or a committee officially endorsed or convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

Interest in respect of this Global Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name this Global Security (or one or more Predecessor Global Securities) is registered at the close of business on the Regular Record Date for such interest. 

Payment of interest, if any, in respect of this Global Security may be made by check mailed to the address of the Person entitled thereto as
such address shall appear in the Register, or by wire transfer or transfer by any other means to an account designated in writing by such Person to the Paying Agent at least 15 days prior to such payment date. 

Any interest in respect of this Global Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holders thereof on the relevant Regular Record Date by virtue of their having been such Holders; and such Defaulted Interest may be paid by the Issuer,
at its election in each case, as provided in Clause (i) or (ii) below: 
  

	 	(i)	 The Issuer may elect to make payment of such Defaulted Interest to the Persons in whose names this Global
Security (or its respective Predecessor Global Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the manner provided for in the Indenture.



  

	 	(ii)	 The Issuer may make payment of any Defaulted Interest on this Global Security in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this Global Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant
to this clause, such manner of payment shall be deemed practicable by the Trustee. 



  
 C-8 













 All payments made under or with respect to this Global Security shall be paid by the Issuer,
without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied, collected, withheld or assessed by or on behalf of the
United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such deduction or withholding shall at any time be required by
the law of the Taxing Jurisdiction, the Issuer shall pay such additional amounts in respect of payments of interest only (and not principal) on this Global Security (“Additional Amounts”) as may be necessary so that the net amounts
(including Additional Amounts) paid to the Holders, after such deduction or withholding, shall be equal to the respective amounts of interest which the Holders would have been entitled to receive in respect of this Global Security 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: (i) would not be payable or due but for the fact that the Holder or the
beneficial owner of this Global 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 this Global Security, or the collection of interest payments on, or the enforcement of, this Global Security; (ii) would not be payable or due but for the
fact that this Global Security (x) is presented for payment in the Taxing Jurisdiction or (y) 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; (iii) would not have been imposed if presentation for payment of this Global Security had been made to a paying
agent other than the paying agent to which the presentation was made; (iv) is imposed in respect of a Holder that is not the sole beneficial owner of the interest, or a portion thereof, 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; (v) is imposed because of the failure to comply by the Holder or the beneficial owner of this Global Security or the beneficial owner of any payment on this Global Security with a
request from the Issuer addressed to the Holder or the beneficial owner, including a written request from the Issuer related to a claim for relief under any applicable double tax treaty (x) to provide information concerning the nationality,
residence, identity or connection with a taxing jurisdiction of the Holder or the beneficial owner, or (y) to make any declaration or other similar claim to satisfy any information or reporting requirement, if the information or declaration is
required or imposed by a statute, treaty, regulation, ruling or administrative practice of the Taxing Jurisdiction as a precondition to exemption from withholding or deduction of all or part of the tax, duty, assessment or other governmental charge;
(vi) is imposed in respect of any estate, inheritance, gift, sale, transfer, personal property, wealth or similar tax, duty, assessment or other governmental charge; or (vii) is imposed in respect of any combination of the above items.

 Whenever in this Global Security there is mentioned, in any context, the payment of any interest on, or in respect of, any Debt Security
or the net proceeds received on the sale or exchange of any Debt Security, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in
respect thereof and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

Upon any exchange of a portion of this Global Security for a definitive Debt Security, the portion of the principal amount hereof so exchanged
shall be endorsed by the Registrar on Schedule A hereto. The principal amount hereof shall be reduced for all purposes by the amount so exchanged and endorsed. 

  
 C-9 













 Reference is hereby made to the further provisions of this Global Security set forth on the
reverse hereof, which further provisions shall for the purposes hereof have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee or an authenticating agent, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 C-10 













 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

 

					
		 	By:	 	 
		 	[•]	 	
		 		 	
		 	 HSBC Holdings
plc,                                         
       
 as Issuer



Dated:                    , 2021 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of a series issued under the within-mentioned Indenture. 

 

					
		 	By:	 	 
		 	[•]	 	
	Dated:                    , 2021	 		 	
		 	The Bank of New York Mellon, London Branch,
as Trustee


  
 [Signature Page to the
2032 Fixed/Floating Rate Global Note] 













 REVERSE OF GLOBAL SECURITY 

$[•] 
 2.871% FIXED
RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2032 
 This Global Security is one of a duly authorized issue of Debt Securities issued and
to be issued in one or more series under and governed by an Indenture dated as of August 26, 2009 (as amended or supplemented from time to time), by and among the Issuer, The Bank of New York Mellon, London Branch, as trustee (the
“Trustee,” which term includes any successor trustee under the Indenture), and HSBC Bank USA, National Association (“HBUS”), as registrar and paying agent (the “Base Indenture”), as amended and
supplemented by a twenty-third Supplemental Indenture dated as of November 22, 2021 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Issuer, the Trustee and HBUS,
as paying agent, registrar and calculation agent (the “Agent”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee, the Holders and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. 

Under the terms of the Indenture, the Debt Securities may be redeemed, in whole but not in part, at the Issuer’s sole discretion, on not
less than 10 nor more than 60 days’ notice, at any time at a Redemption Price equal to the principal amount thereof, together with accrued interest, if any, to the date fixed for redemption, if, at any time, the Issuer determines that: 

(i) in making payment under the Debt Securities in respect of principal (or premium, if any) interest, or missed payment the
Issuer has or shall or would become obligated to pay Additional Amounts as provided in the Indenture and in this Global Security provided such obligation to pay Additional Amounts results from a change in or amendment to the laws of the Taxing
Jurisdiction, or any change in the official application or interpretation of such laws (including a decision of any court or tribunal), or any change in, or in the official application or interpretation of, or execution of, or amendment to, any
treaty or treaties affecting taxation to which the United Kingdom is a party, which change, amendment or execution becomes effective on or after the Issue Date; or 

(ii) the payment of interest in respect of the Debt Securities has become or will or would be treated as a
“distribution” within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or reenactment thereof for the time being) as a result of a change in or amendment to the laws of
the Taxing Jurisdiction, or any change in the official application or interpretation of such laws, including a decision of any court, which change or amendment becomes effective on or after the Issue Date; provided, however that, in the case
of (i) above, no notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment in respect of the Debt Securities then due. 

Under the terms of the Indenture, the Issuer may, in its sole discretion, redeem the Debt Securities during the Make-Whole Redemption Period,
on not less than 10 nor more than 60 days’ notice, in whole at any time during such period or in part from time to time during such period, at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Debt Securities
to be redeemed; and (ii) as determined by the Determination Agent, the sum of the present values of (a) the principal amount of the Debt Securities to be redeemed (discounted from the Par Redemption Date) and (b) the remaining
payments of interest to be made on any scheduled Interest Payment Date to (and including) the Par Redemption Date for the Debt Securities to be redeemed (not including accrued but unpaid interest to (but excluding) the applicable Redemption Date, if
any, on the principal amount of the Debt Securities), discounted to the 

  
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applicable Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at the Reference Treasury Rate plus 20 basis
points, in each case, plus any accrued and unpaid interest on the Debt Securities to be redeemed to (but excluding) the applicable Redemption Date (each, a “Make-Whole Redemption”). 

The “Make-Whole Redemption Period” means the period beginning on (and including) May 22, 2022 (six months following the
Issue Date) to (but excluding) November 22, 2031 (the “Par Redemption Date”); provided that if any additional notes of the same series as the Debt Securities are issued after the Issue Date, the Make-Whole Redemption
Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes. 

“Reference Treasury Rate” means, with respect to any Price Determination Date, the rate per annum equal to: (i) the
yield, which represents the average for the week immediately prior to the Price Determination Date appearing in the most recent “H.15” under the caption “Treasury constant maturities,” for the maturity most closely corresponding
to the Par Redemption Date; provided that if no maturity is within three months before or after the Par Redemption Date, yields for the two published maturities most closely corresponding to the Reference Treasury shall be determined and the
Reference Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month; or (ii) if such release (or any successor release) is not published during the week immediately prior to the
Price Determination Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Reference Treasury, calculated using a price for the Reference Treasury (expressed as a percentage of its
principal amount) equal to the Reference Treasury Price for the applicable Price Determination Date; provided that, if the period from the applicable Redemption Date to the Par Redemption Date is less than one year, the weekly average yield
on actually traded U.S. Treasury securities adjusted to a constant maturity of one year will be used. 
 The Reference Treasury Rate shall
be calculated by the Determination Agent on the third Business Day preceding the applicable Redemption Date (the “Price Determination Date”). 

In determining the Reference Treasury Rate, the below terms will have the following meaning: 

“Determination Agent” means an investment bank or financial institution of international standing selected by the Issuer
(which may be the Calculation Agent or the Issuer’s Affiliate). 
 “H.15” means the weekly statistical release
designated as such and published by the Board of Governors of the United States Federal Reserve System, or any successor or replacement publication that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity,
and “most recent H.15” means the H.15 published closest in time but prior to 5:00 p.m. (New York City time) on the applicable Price Determination Date. 

“Reference Treasury” means, with respect to any Price Determination Date, the U.S. Treasury security or securities selected
by the Issuer (in consultation, to the extent practicable, with the Determination Agent) (i) with an actual or interpolated maturity comparable with the remaining term to the Par Redemption Date and (ii) that would be utilized, at the time
of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. Dollars and a maturity comparable to the remaining term to the Par Redemption Date. 

“Reference Treasury Price” means, with respect to any Price Determination Date, (i) the arithmetic average of the
Reference Treasury Dealer Quotations for such Price Determination Date, after excluding the highest quotation (or, in the event of more than one highest quotation, one of the highest) and lowest quotation (or, in the event of more than one lowest
quotation, one of the lowest), or (ii) if fewer than five but more than one such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii) if only one such Reference Treasury Dealer
Quotation is received, then such quotation; each as quoted in writing to the Determination Agent by a Reference Treasury Dealer. 

  
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 “Reference Treasury Dealer” means, with respect to any Price Determination
Date, each of up to five banks selected by the Issuer (in consultation, to the extent practicable, with the Determination Agent), or the Affiliates of such banks, which are (i) primary U.S. Treasury securities dealers, and their respective
successors, or (ii) market makers in pricing corporate bond issues denominated in U.S Dollars. 
 “Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any Price Determination Date, the arithmetic average, as determined by the Determination Agent, of the bid and offered prices for the applicable Reference Treasury,
expressed in each case as a percentage of its principal amount, quoted by the applicable Reference Treasury Dealer at 11:00 a.m. (New York City time), on such Price Determination Date. 

If the Issuer determines, in its sole discretion, that the inclusion of the Make-Whole Redemption provisions in the terms of the Indenture and
the Debt Securities could reasonably be expected to prejudice the qualification of the Debt Securities as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations, then the provisions relating
to the Make-Whole Redemption shall be deemed not to apply for all purposes relating to the Debt Securities and the Issuer shall not have any right to redeem the Debt Securities pursuant to a Make-Whole Redemption. In such circumstances, the Issuer
shall promptly provide notice to the Trustee, the Paying Agent, the Calculation Agent and the Holders that the Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness of, or
otherwise invalidate, any such determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of Holders under Section 9.02 of the Base Indenture. 

Under the terms of the Indenture, following the Make-Whole Redemption Period, the Debt Securities may be redeemed, in whole but not in part,
at the Issuer’s sole discretion, on not less than 10 nor more than 60 days’ notice, on the Par Redemption Date. The Redemption Price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding)
the Par Redemption Date. 
 Notwithstanding anything to the contrary in the Indenture, the Issuer may only redeem or repurchase the Debt
Securities prior to the Maturity Date pursuant to the Indenture if the Issuer has obtained any Relevant Supervisory Consent. 
 An
“Event of Default” with respect to the Debt Securities means any one of the following events: (i) an order is made by an English court which is not successfully appealed within 30 days after the date such order was made for
winding up of the Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or (ii) an effective resolution is validly adopted by the Issuer’s shareholders for winding up of the
Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency. 
 A
“Default” with respect to the Debt Securities means any one of the following events: (i) failure to pay principal or premium, if any, on the Debt Securities at maturity, and such default continues for a period of 30 days; or
(ii) failure to pay any interest on the Debt Securities when due and payable, which failure continues for 30 days. 
 If a Default
occurs, the Trustee may institute proceedings in England (but not elsewhere) for the Issuer’s winding up; provided that the Trustee may not, upon the occurrence of a Default, accelerate the maturity of any Debt Securities then
Outstanding, unless an Event of Default has occurred and is continuing. 

  
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 Notwithstanding the immediately preceding two paragraphs, failure to make any payment in
respect of the Debt Securities shall not be a Default in respect of the Debt Securities if such payment is withheld or refused: (i) in order to comply with any fiscal or other law or regulation or with the order of any court of competent
jurisdiction, in each case applicable to such payment; or (ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at any time during
the said grace period of 30 days by independent legal advisers acceptable to the Trustee; provided, however, that the Trustee may, by notice to the Issuer, require the Issuer to take such action (including but not limited to proceedings for a
declaration by a court of competent jurisdiction) as the Trustee may be advised in an opinion of counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case
the Issuer shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such resolution determines that the relevant payment can be made without violating any
applicable law, regulation or order then the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of the relevant grace period of 30 days after the Trustee gives written notice to the Issuer
informing the Issuer of such resolution. 
 By its acquisition of the Debt Securities represented by this Global Security, each Holder
(which, for these purposes, includes each beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees to be bound by the terms of the Debt Securities related to the limited remedies available under the Indenture and the Debt
Securities for a non-payment of principal and/or interest on the Debt Securities. 
 If an Event of
Default with respect to the Debt Securities of this series shall occur and be continuing, the principal of all of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture and this
Global Security. The Indenture provides that in certain circumstances such declaration and its consequences may be rescinded and annulled by the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series.
If a Default with respect to Debt Securities of this series occurs and is continuing, the Trustee may pursue certain remedies as set forth in the Indenture. The Holders of not less than a majority in aggregate principal amount of the Outstanding
Debt Securities of this series may on behalf of all the Holders waive any past Event of Default or any Default under the Indenture or the Debt Securities and its consequences except a default (i) in the payment of principal of (or premium, if
any, on) or any installment of interest on any of the Debt Securities or (ii) in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the Holder of this Debt Security, and any such
consent or waiver shall bind every future Holder of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Debt Security or such other Debt Securities. 
 The Indenture contains provisions permitting the Issuer and the Trustee
(i) without the consent of the Holders of any Debt Securities issued under the Indenture to execute one or more supplemental indentures for certain enumerated purposes, such as to cure any ambiguity or to secure the Debt Securities, and
(ii) with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series of Debt Securities affected thereby, to execute supplemental indentures for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of Holders under the Indenture; provided that, with respect to certain enumerated provisions, no such
supplemental indenture may be entered into without the consent of the Holder of each Outstanding Debt Security affected thereby. The Indenture also permits the Holders of at least a majority in aggregate principal amount of the Outstanding Debt
Securities of each series to be affected, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Issuer with certain restrictive provisions of the Indenture. Any such consent or waiver by the Holder of this Global
Security shall bind every future Holder of this Global Security and of any Global Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Global Security or such other Global Securities. 

  
 C-14 













 Subject to the terms of the Indenture, the Depositary may surrender this Global Security or
any portion hereof in exchange, in whole or in part, for definitive Debt Securities, of this series in registered form and the Registrar, acting on behalf of the Issuer, shall authenticate and deliver in exchange for this Global Security or the
portions thereof to be exchanged, an equal aggregate face amount of definitive Debt Securities (duly countersigned) in the numbers and in the names advised by the Depositary. 

By its acquisition of the Debt Securities represented by this Global Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees, notwithstanding any other term of the Debt Securities, the Indenture or any other agreements, arrangements or understandings between the Issuer and any Holder, to
be bound by (i) the effect of the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority in relation to any Debt Securities that may include (without limitation) and result in any of the
following, or some combination thereof: (a) the reduction of all, or a portion, of the Amounts Due; (b) the conversion of all, or a portion, of the Amounts Due into the Issuer’s or another Person’s ordinary shares, other
securities or other obligations (and the issue to, or conferral on, the Holder of such ordinary shares, other securities or other obligations), including by means of an amendment, modification or variation of the terms of the Debt Securities or the
Indenture; (c) the cancellation of the Debt Securities; and/or (d) the amendment or alteration of the maturity of the Debt Securities or amendment of the amount of interest payable on the Debt Securities, or the Interest Payment Dates,
including by suspending payment for a temporary period; and (ii) the variation of the terms of the Debt Securities or the Indenture, if necessary, to give effect to the exercise of any UK Bail-in Power by
the Relevant UK Resolution Authority. No repayment or payment of Amounts Due shall become due and payable or be paid after the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority if and to
the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. Moreover, each Holder (which, for these purposes, includes each beneficial owner of the Debt Securities) consents to the exercise of
any UK Bail-in Power as it may be imposed without any prior notice by the Relevant UK Resolution Authority of its decision to exercise such power with respect to the Debt Securities. 

“Amounts Due” means the principal amount of, and any accrued and unpaid interest, including any Additional Amounts, on, the
Debt Securities. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of any UK Bail-in Power by the Relevant UK Resolution
Authority. 
 “Loss Absorption Regulations” means, at any time, the laws, regulations, requirements, guidelines, rules,
standards and policies from time to time relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments in effect in the UK and applicable to the Issuer from time to time, including, without
limitation to the generality of the foregoing, the Banking Act and UK CRR (whether or not such requirements, guidelines or policies are applied generally or specifically to the Issuer or to the Issuer and any of its holding or subsidiary companies
or any subsidiary of any such holding company) in each case as amended, supplemented or replaced from time to time. 

“PRA” means the UK Prudential Regulation Authority or any successor entity. 

“Relevant Regulator” means the PRA or any successor entity or other entity primarily responsible for the prudential
supervision of the Issuer. 

  
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 “Relevant Supervisory Consent” means as (and to the extent) required, a
consent or waiver to the relevant redemption or purchase from the Relevant Regulator or the Relevant UK Resolution Authority (as applicable). For the avoidance of doubt, Relevant Supervisory Consent will not be required if either (i) none of
the Debt Securities qualify as part of the Issuer’s regulatory capital, or own funds and eligible liabilities or loss absorbing capacity instruments, as the case may be, each pursuant to the Loss Absorption Regulations, (ii) the relevant
Debt Securities are repurchased for market-making purposes in accordance with any permission given by the Relevant Regulator pursuant to the Loss Absorption Regulations within the limits prescribed in such permission or (iii) the relevant Debt
Securities are being redeemed or repurchased pursuant to any general prior permission granted by the Relevant Regulator or the Relevant UK Resolution Authority (as applicable) pursuant to the Loss Absorption Regulations within the limits prescribed
in such permission. 
 “Relevant UK Resolution Authority” means any authority with the ability to exercise a UK Bail-in Power. 
 “UK Bail-in Legislation” means
Part I of the Banking Act and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation,
administration or other insolvency proceedings). 
 “UK Bail-in Power” means the
powers under the UK Bail-in Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, write-down, transfer,
reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to
provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability. 

“UK CRR” means Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms of
the European Parliament and of the Council of 26 June 2013, as amended or supplemented from time to time, as it forms part of domestic law in the UK by virtue of the EUWA. 

By its acquisition of the Debt Securities, each Holder (which, for these purposes, includes each beneficial owner of the Debt Securities): (i)
acknowledges and agrees that the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities shall not give rise to a Default or Event of Default for purposes
of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; (ii) to the extent permitted by the Trust Indenture Act, waives any and all claims, in law
and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance
with the exercise of (x) the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities or (y) the limited remedies available under the Indenture and the Debt
Securities for a non-payment of principal and/or interest on the Debt Securities; and (iii) acknowledges and agrees that, upon the exercise of any UK Bail-in Power
by the Relevant UK Resolution Authority, the Trustee shall not be required to take any further directions from Holders under Section 5.11 (Control by Holders of Debt Securities) of the Base Indenture; and that the
Indenture shall not impose any duties upon the Trustee whatsoever with respect to the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority. 

Notwithstanding clause (iii) of the immediately preceding paragraph, if, following the completion of the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, the Debt Securities remain outstanding (for example, if the exercise of the UK Bail-in Power results in only a partial
write-down of the principal of the Debt Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Debt Securities following such completion to the extent that the Issuer and the Trustee shall agree
pursuant to a supplemental indenture or an amendment to the Indenture; provided, 

  
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however that notwithstanding the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, there shall at all times be a Trustee hereunder
pursuant to, and in accordance with Section 6.09 of the Base Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor trustee shall continue to be governed by
Section 6.10 and Section 6.11 of the Base Indenture, including to the extent no supplemental indenture or amendment to the Indenture is agreed upon pursuant to the Indenture in the event the Debt
Securities remain outstanding following the completion of the exercise of the UK Bail-in Power. 

It is the intention of the Issuer and the Trustee that the Issuer’s obligations to indemnify the Trustee and the Agent in accordance with
Section 6.07 of the Base Indenture (for the avoidance of doubt, as amended by Section 4.01 of the second supplemental indenture dated May 25, 2016) shall survive any exercise of the UK Bail-in Power by the Relevant UK Resolution Authority. 
 The exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities shall not constitute an Event of Default or a Default. 

In addition to the right to enter into supplemental indentures pursuant to Section 9.01 and
Section 9.02 of the Base Indenture, the Issuer and the Trustee may enter into one or more indentures supplemental to the Indenture to modify and amend the terms of the Indenture or the Debt Securities, without the further
consent of any Holders, to the extent necessary to give effect to the exercise by the Relevant UK Resolution Authority of the UK Bail-in Power. 

Upon the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the
Debt Securities, the Issuer shall provide a written notice to the Holders through DTC as soon as practicable regarding such exercise of the UK Bail-in Power for purposes of notifying Holders and beneficial
owners of the Debt Securities of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee for information purposes. 

Upon the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority that results in the
reduction or cancellation of all, or a portion, of the principal amount of this Global Security and/or the conversion of all, or a portion, of the principal amount of this Global Security into shares or other securities or other obligations of the
Issuer or another person, the portion of the principal amount hereof so reduced, cancelled and/or converted shall be endorsed by the Registrar on Schedule B hereto. The principal amount hereof shall be reduced for all purposes by the amount so
reduced, cancelled and/or converted. 
 By its acquisition of a Debt Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) of the Debt Securities shall be deemed to have authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds the Debt Securities to take any and all
necessary action, if required, to implement the exercise of any UK Bail-in Power with respect to the Debt Securities as it may be imposed, without any further action or direction on the part of such Holder or
beneficial owner, the Trustee or the Agent (and any other agent acting in connection with the relevant series of Debt Securities). 
 To the
fullest extent permitted by law, the Holders and the Trustee, in respect of any claims of such Holders to payment of any principal, premium or interest in respect of the Debt Securities, by their acceptance of the Debt Securities,
shall be deemed to have waived any right of set-off or counterclaim that such Holders or, as the case may be, the Trustee in such respect, might otherwise have. 

ANY HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF THE DEBT SECURITIES) THAT ACQUIRES THE DEBT SECURITIES IN THE
SECONDARY MARKET AND ANY SUCCESSORS, ASSIGNS, HEIRS, EXECUTORS, ADMINISTRATORS, TRUSTEES IN BANKRUPTCY AND LEGAL REPRESENTATIVES OF ANY HOLDER OR 

  
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BENEFICIAL OWNER OF THE DEBT SECURITIES SHALL BE DEEMED TO ACKNOWLEDGE, AGREE TO BE BOUND BY AND CONSENT TO THE SAME PROVISIONS SPECIFIED HEREIN TO THE SAME EXTENT AS THE HOLDERS OR BENEFICIAL
OWNERS OF THE DEBT SECURITIES THAT ACQUIRE THE DEBT SECURITIES UPON THEIR INITIAL ISSUANCE, INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO THE ACKNOWLEDGEMENT AND AGREEMENT TO BE BOUND BY AND CONSENT TO THE TERMS OF THE DEBT SECURITIES RELATED TO
THE UK BAIL-IN POWER, THE BENCHMARK AND THE LIMITED REMEDIES AVAILABLE UNDER THE INDENTURE AND THE DEBT SECURITIES FOR A NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE
DEBT SECURITIES. 
 The Indenture and the Debt Securities may be amended and modified as provided in the Indenture. 

All terms used in this Global Security and not otherwise defined shall have the meanings ascribed to them in the Indenture. 

The Indenture and the Debt Securities shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
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 SCHEDULE A 

EXCHANGES FOR DEFINITIVE DEBT SECURITIES 

The following exchanges of parts of this Global Security for Definitive Debt Securities have been made: 

 

					
	 Date made
	  	 Principal amount
exchanged for Definitive


Debt Securities
	  	 Remaining principal
amount following such


exchange    

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  



  
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 SCHEDULE B 

REDUCTION, CANCELLATION OR CONVERSION OF DEBT SECURITIES UPON THE 

EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY 

 

					
	 Date made
	  	 Principal amount
reduced, cancelled
and/or
converted
	  	 Remaining principal
amount following
reduction,
cancellation
and/or conversion    

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  



  
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 EXHIBIT D 

FORM OF FLOATING RATE GLOBAL SECURITY 
  

					
		  		  	 CUSIP No.: 404280 CZ0
 ISIN: US404280CZ02

No.: [•]


 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE THEREOF. THIS GLOBAL SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 BY ITS ACQUISITION OF THE DEBT SECURITIES REPRESENTED BY
THIS GLOBAL SECURITY, EACH HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF THE DEBT SECURITIES) ACKNOWLEDGES, ACCEPTS, CONSENTS AND AGREES, NOTWITHSTANDING ANY OTHER TERM OF THE DEBT SECURITIES, THE INDENTURE OR ANY OTHER
AGREEMENTS, ARRANGEMENTS OR UNDERSTANDINGS BETWEEN THE ISSUER AND ANY HOLDER, TO BE BOUND BY (I) THE EFFECT OF THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY IN RELATION TO
ANY DEBT SECURITIES THAT (WITHOUT LIMITATION) MAY INCLUDE AND RESULT IN ANY OF THE FOLLOWING, OR SOME COMBINATION THEREOF: (A) THE REDUCTION OF ALL, OR A PORTION, OF THE AMOUNTS DUE (AS DEFINED ON THE REVERSE OF THIS GLOBAL SECURITY); (B) THE
CONVERSION OF ALL, OR A PORTION, OF THE AMOUNTS DUE INTO THE ISSUER’S OR ANOTHER PERSON’S ORDINARY SHARES, OTHER SECURITIES OR OTHER OBLIGATIONS (AND THE ISSUE TO, OR CONFERRAL ON, THE HOLDER OF SUCH ORDINARY SHARES, OTHER SECURITIES OR
OTHER OBLIGATIONS), INCLUDING BY MEANS OF AN AMENDMENT, MODIFICATION OR VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE INDENTURE; (C) THE CANCELLATION OF THE DEBT SECURITIES; AND/OR (D) THE AMENDMENT OR ALTERATION OF THE MATURITY OF
THE DEBT SECURITIES OR AMENDMENT OF THE AMOUNT OF INTEREST PAYABLE ON THE DEBT SECURITIES, OR THE INTEREST PAYMENT DATES, INCLUDING BY SUSPENDING PAYMENT FOR A TEMPORARY PERIOD; AND (II) THE VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE
INDENTURE, IF NECESSARY, TO GIVE EFFECT TO THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY. 

THERE IS NO RIGHT OF ACCELERATION IN THE CASE OF NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE DEBT SECURITIES OR OF
THE ISSUER’S FAILURE TO PERFORM ANY OF ITS OBLIGATIONS UNDER OR IN RESPECT OF THE DEBT SECURITIES. PAYMENT OF THE PRINCIPAL AMOUNT OF THE DEBT SECURITIES MAY BE ACCELERATED ONLY UPON CERTAIN EVENTS OF A WINDING UP AS SET FORTH IN THE INDENTURE.


  
 D-1 













 GLOBAL SECURITY 

HSBC Holdings plc 
 $[•] 

FLOATING RATE SENIOR UNSECURED NOTES DUE 2024 

This is a Global Security in respect of a duly authorized issue by HSBC Holdings plc (the “Issuer,” which term includes any
successor Person under the Indenture hereinafter referred to) of debt securities, designated as specified in the title hereof, in the aggregate face amount of $[•] (the “Debt Securities”). 

The Issuer, for value received, hereby promises to pay CEDE & CO., or registered assigns on November 22, 2024 (the
“Maturity Date”) or on such earlier date as this Global Security may be redeemed, the principal amount hereof and to pay interest on the said principal amount from November 22, 2021 (the “Issue Date”) or the
most recent Interest Payment Date on which interest has been paid or duly provided for until the Maturity Date, quarterly in arrear on February 22, May 22, August 22 and November 22 of each year, beginning on February 22,
2022 (each, an “Interest Payment Date”), at a floating rate equal to the Benchmark plus 0.580% per annum (the “Margin”). The interest rate on this Global Security shall be calculated quarterly on each applicable
Interest Determination Date. 
 The “Benchmark” means, initially, Compounded Daily SOFR; provided that if a Benchmark
Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Compounded Daily SOFR” means, in relation to an Interest Period, the rate of return of a daily compound interest investment
(with SOFR as reference rate for the calculation of interest) during the related Observation Period and will be calculated by the Calculation Agent on the related Interest Determination Date as follows: 

 
 



 
 Where: 

“Calculation Agent” means HSBC Bank USA, National Association, or its successor appointed by the Issuer pursuant to the
Calculation Agent Agreement; 
 “Calculation Agent Agreement” means the calculation agent agreement dated as of the Issue
Date between the Issuer and the Calculation Agent; 
 “d” means, in relation to any Observation Period, the number of
calendar days in such Observation Period; 
 “d0” means, in
relation to any Observation Period, the number of USGS Business Days in such Observation Period; 
 “i” means, in relation
to any Observation Period, a series of whole numbers from one to d0, each representing the relevant USGS Business Day in chronological order from (and including) the first USGS Business Day in
such Observation Period; 

  
 D-2 













 “ni” means,
in relation to any USGS Business Day “i” in the relevant Observation Period, the number of calendar days from (and including) such USGS Business Day “i” up to (but excluding) the following USGS Business Day; 

“Observation Period” means, in respect of each Interest Period, the period from (and including) the last USGS Business Day
falling prior to the Interest Determination Date for the immediately preceding Interest Payment Date to (but excluding) the last USGS Business Day falling prior to the Interest Determination Date for such Interest Period; provided that the first
Observation Period shall commence on (and include) the last USGS Business Day falling prior to the day which is two Business Days prior to the Issue Date; 

“SOFR” means, in relation to any day, the rate determined by the Calculation Agent in accordance with the Indenture and the
following provisions: 
 (i) the daily Secured Overnight Financing Rate for trades made on such day, available at or around the Reference
Time on the NY Federal Reserve’s Website; 
 (ii) if the rate specified in (i) above is not available at or around the Reference
Time for such day (and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred), the daily Secured Overnight Financing Rate in respect of the last USGS Business Day for which such rate was published on the NY
Federal Reserve’s Website; 
 “SOFRi” means, in
relation to any USGS Business Day “i” in the relevant Observation Period, SOFR in respect of such USGS Business Day; and 

“USGS Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial
Markets Association or any successor thereto (“SIFMA”) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Notwithstanding clauses (i) and (ii) of the definition of “SOFR” above, if the Issuer (in consultation, to the extent
practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine on or prior to the relevant Interest Determination Date that a Benchmark Transition Event and related Benchmark Replacement Date have
occurred with respect to SOFR, then the “Benchmark Transition Provisions” set forth below will thereafter apply to all determinations of the rate of interest payable on the Debt Securities. 

In accordance with and subject to the Benchmark Transition Provisions, after a Benchmark Transition Event and related Benchmark Replacement
Date have occurred, the amount of interest that will be payable for each interest period on the Debt Securities will be determined by reference to a rate per annum equal to the Benchmark Replacement plus the Margin. 

“designee” means an Affiliate or any other agent of the Issuer. 

“Reference Time” means (i) if the Benchmark is Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York
time) on the next succeeding USGS Business Day, and (ii) if the Benchmark is not Compounded Daily SOFR, the time determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in
consultation with the Issuer) in accordance with the Benchmark Replacement Conforming Changes. 

  
 D-3 













 Benchmark Transition Provisions. If the Issuer (in consultation, to the extent
practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determines that a Benchmark Transition Event and related Benchmark Replacement Date have occurred prior to the applicable Reference Time in
respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Debt Securities in respect of such determination on such date and all
determinations on all subsequent dates; provided that, if the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) is unable to or does not determine a
Benchmark Replacement in accordance with the provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related Interest Period will be equal to the interest rate in effect for the
immediately preceding Interest Period or, in the case of the Interest Determination Date prior to the first Interest Payment Date, the initial rate of interest which would have been applicable to the Debt Securities for the first Interest Period had
the Debt Securities been outstanding for a period equal in duration to the scheduled first Interest Period but ending on (and excluding) the Issue Date (and applying the Margin). 

In connection with the implementation of a Benchmark Replacement, the Issuer (in consultation, to the extent practicable, with the Calculation
Agent) or the Issuer’s designee (in consultation with the Issuer) will have the right to make changes to (i) any Interest Determination Date, Interest Payment Date, Reference Time, business day convention or Interest Period, (ii) the
manner, timing and frequency of determining the rate and amounts of interest that are payable on the Debt Securities and the conventions relating to such determination and calculations with respect to interest, (iii) rounding conventions,
(iv) tenors and (v) any other terms or provisions of the Debt Securities, in each case that the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer)
determine, from time to time, to be appropriate to reflect the determination and implementation of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Issuer (in consultation, to the extent practicable,
with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) decide that implementation of any portion of such market practice is not administratively feasible or determine that no market practice for use of the
Benchmark Replacement exists, in such other manner as the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine is appropriate (acting in good
faith)) (the “Benchmark Replacement Conforming Changes”). Any Benchmark Replacement Conforming Changes will apply to the Debt Securities for all future Interest Periods. 

The Issuer will promptly give notice of the determination of the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark
Replacement Conforming Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders, provided that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such
determination. 
 All percentages resulting from any calculation in connection with any interest rate in respect of this Global Security
shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (for example, 9.876545% (or 0.09876545) would be
rounded to 9.87655% (or 0.0987655)), and all Applicable Currency amounts would be rounded to the nearest cent, with one-half cent being rounded upward. 

All determinations, decisions, elections and any calculations made by the Issuer, the Calculation Agent or the Issuer’s designee for the
purposes of calculating the applicable interest on the Debt Securities will be conclusive and binding on the Holders, the Issuer, the Trustee and the Paying Agent, absent manifest error. If made by the Issuer, such determinations, decisions,
elections and calculations will be made in consultation with the Calculation Agent, to the extent practicable. If made by the Issuer’s designee, such determinations, decisions, elections and calculations will be made after consulting with the
Issuer, and the Issuer’s designee will not make any such determination, decision, election or calculation to which the Issuer objects. Notwithstanding anything to the contrary in the Indenture or the Debt Securities, any determinations,
decisions, calculations or elections made in accordance with this provision will become effective without consent from the Holders or any other party. 

  
 D-4 













 Any determination, decision or election relating to the Benchmark not made by the
Calculation Agent will be made on the basis described above. The Calculation Agent shall have no liability for not making any such determination, decision or election. In addition, the Issuer may designate an entity (which may be the Issuer’s
Affiliate) to make any determination, decision or election that the Issuer has the right to make in connection with the determination of the Benchmark. 

Notwithstanding any other provision of “Benchmark Transition Provisions” set forth above, no Benchmark Replacement will be adopted,
nor will the applicable Benchmark Replacement Adjustment be applied, nor will any Benchmark Replacement Conforming Changes be made, if in the Issuer’s determination, the same could reasonably be expected to prejudice the qualification of the
Debt Securities as eligible liabilities or loss absorbing capacity instruments for the purposes of the Loss Absorption Regulations. 
 By
its acquisition of the Debt Securities, each Holder (which, for these purposes, includes each beneficial owner) (i) acknowledges, accepts, consents and agrees to be bound by the Issuer’s or its designee’s determination of a Benchmark
Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, including as may occur without any prior notice from the Issuer and without the need
for the Issuer to obtain any further consent from such Holder, (ii) waives any and all claims, in law and/or in equity, against the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee for, agrees not to initiate a
suit against the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee in respect of, and agrees that none of the Trustee, the Paying Agent or the Calculation Agent or the Issuer’s designee will be liable for, the
determination of or the failure to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses suffered in
connection therewith and (iii) agrees that none of the Trustee, the Paying Agent or the Calculation Agent or the Issuer’s designee will have any obligation to determine any Benchmark Transition Event, any Benchmark Replacement Date, any
Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the event of any failure by the Issuer to determine any Benchmark Transition Event, any
Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes. 

“Applicable Currency” means Dollars. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Issuer (in
consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 
  

	 	(i)	 the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment; 



 

	 	(ii)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and



  

	 	(iii)	 the sum of: (a) the alternate rate of interest that has been selected by the Issuer (in consultation, to
the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any
industry-accepted rate of interest as a replacement for the then-current Benchmark for Dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment; 



  
 D-5 













 “Benchmark Replacement Adjustment” means the first alternative set forth in
the order below that can be determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 

 

	 	(i)	 the spread adjustment (which may be a positive or negative value or zero) that has been (a) selected or
recommended by the Relevant Governmental Body or (b) determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) in accordance with the method
for calculating or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement; 



 

	 	(ii)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; 


  

	 	(iii)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer
(in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating or
determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated floating rate notes at such time. 



“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

  

	 	(i)	 in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 



 

	 	(ii)	 in the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 


 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark: 
  

	 	(i)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark; 



  
 D-6 














	 	(ii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at
the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 


  

	 	(iii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 


 “Business Day” means a day on
which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, England, and in the City of New York, New York. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the
same length (disregarding business day adjustments) as the applicable tenor for the then-current Benchmark. 
 “HSBC” means
the Issuer together with its subsidiary undertakings. 
 “Interest Determination Date” means the second Business Day
preceding the applicable Interest Payment Date. 
 “Interest Period” means the period beginning on (and including) an
Interest Payment Date and ending on (but excluding) the next succeeding Interest Payment Date; provided that the first Interest Period will begin on (and include) the Issue Date and will end on (but exclude) the first Interest Payment Date. 

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc.
(“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“NY Federal Reserve’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org
(or any successor website). 
 “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of
New York (“NY Federal Reserve”), or a committee officially endorsed or convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto. 

  
 D-7 













 “Unadjusted Benchmark Replacement” means the Benchmark Replacement
excluding the Benchmark Replacement Adjustment. 
 Interest in respect of this Global Security that is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this Global Security (or one or more Predecessor Global Securities) is registered at the close of business on the Regular Record Date for such interest. 

Payment of interest, if any, in respect of this Global Security may be made by check mailed to the address of the Person entitled thereto as
such address shall appear in the Register, or by wire transfer or transfer by any other means to an account designated in writing by such Person to the Paying Agent at least 15 days prior to such payment date. 

Any interest in respect of this Global Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holders thereof on the relevant Regular Record Date by virtue of their having been such Holders; and such Defaulted Interest may be paid by the Issuer,
at its election in each case, as provided in Clause (i) or (ii) below: 
  

	 	(i)	 The Issuer may elect to make payment of such Defaulted Interest to the Persons in whose names this Global
Security (or its respective Predecessor Global Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the manner provided for in the Indenture.



  

	 	(ii)	 The Issuer may make payment of any Defaulted Interest on this Global Security in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this Global Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant
to this clause, such manner of payment shall be deemed practicable by the Trustee. 


 All payments made under or with
respect to this Global Security shall be paid by the Issuer, without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied,
collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such
deduction or withholding shall at any time be required by the law of the Taxing Jurisdiction, the Issuer shall pay such additional amounts in respect of payments of interest only (and not principal) on this Global Security (“Additional
Amounts”) as may be necessary so that the net amounts (including Additional Amounts) paid to the Holders, after such deduction or withholding, shall be equal to the respective amounts of interest which the Holders would have been entitled
to receive in respect of this Global Security 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: (i) would not be
payable or due but for the fact that the Holder or the beneficial owner of this Global 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 this Global Security, or the collection of interest payments on, or the enforcement of, this Global
Security; (ii) would not be payable or due but for the fact that this Global Security (x) is presented for payment in the Taxing Jurisdiction or (y) 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; (iii) would not have been imposed if presentation
for payment of this Global Security had been 

  
 D-8 













 
made to a paying agent other than the paying agent to which the presentation was made; (iv) is imposed in respect of a Holder that is not the sole beneficial owner of the interest, or a
portion thereof, 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; (v) is imposed because of the failure to comply by the Holder or the beneficial owner of this Global Security
or the beneficial owner of any payment on this Global Security with a request from the Issuer addressed to the Holder or the beneficial owner, including a written request from the Issuer related to a claim for relief under any applicable double tax
treaty (x) to provide information concerning the nationality, residence, identity or connection with a taxing jurisdiction of the Holder or the beneficial owner, or (y) to make any declaration or other similar claim to satisfy any
information or reporting requirement, if the information or declaration is required or imposed by a statute, treaty, regulation, ruling or administrative practice of the Taxing Jurisdiction as a precondition to exemption from withholding or
deduction of all or part of the tax, duty, assessment or other governmental charge; (vi) is imposed in respect of any estate, inheritance, gift, sale, transfer, personal property, wealth or similar tax, duty, assessment or other governmental
charge; or (vii) is imposed in respect of any combination of the above items. 
 Whenever in this Global Security there is mentioned,
in any context, the payment of any interest on, or in respect of, any Debt Security or the net proceeds received on the sale or exchange of any Debt Security, such mention shall be deemed to include mention of the payment of Additional Amounts to
the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional
Amounts in those provisions hereof where such express mention is not made. 
 Upon any exchange of a portion of this Global Security for a
definitive Debt Security, the portion of the principal amount hereof so exchanged shall be endorsed by the Registrar on Schedule A hereto. The principal amount hereof shall be reduced for all purposes by the amount so exchanged and endorsed. 

Reference is hereby made to the further provisions of this Global Security set forth on the reverse hereof, which further provisions shall for
the purposes hereof have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed
by the Trustee or an authenticating agent, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 D-9 













 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
	 By:
	 	 
	 [•]
	 	
	
	 HSBC Holdings plc,

as Issuer




Dated:                     , 2021 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of a series issued under the within-mentioned Indenture. 

 

							
		 		 	 By:
	 	 
		 		 	 [•]
	 	
	Dated:                     , 2021	 		 		 	
		 		 	 The Bank of New York Mellon, London Branch,

as Trustee


 [Signature Page to the Floating Rate Global Note] 












 REVERSE OF GLOBAL SECURITY 

$[•] 
 FLOATING RATE SENIOR
UNSECURED NOTES DUE 2024 
 This Global Security is one of a duly authorized issue of Debt Securities issued and to be issued in one or more
series under and governed by an Indenture dated as of August 26, 2009 (as amended or supplemented from time to time), by and among the Issuer, The Bank of New York Mellon, London Branch, as trustee (the “Trustee,” which term
includes any successor trustee under the Indenture), and HSBC Bank USA, National Association (“HBUS”), as registrar and paying agent (the “Base Indenture”), as amended and supplemented by a twenty-third Supplemental
Indenture dated as of November 22, 2021 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Issuer, the Trustee and HBUS, as paying agent, registrar and calculation
agent (the “Agent”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee,
the Holders and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. 
 Under the terms of the
Indenture, the Debt Securities may be redeemed, in whole but not in part, at the Issuer’s sole discretion, on not less than 10 nor more than 60 days’ notice, at any time at a Redemption Price equal to the principal amount thereof, together
with accrued interest, if any, to the date fixed for redemption, if, at any time, the Issuer determines that: 
 (i) in
making payment under the Debt Securities in respect of principal (or premium, if any) interest, or missed payment the Issuer has or shall or would become obligated to pay Additional Amounts as provided in the Indenture and in this Global Security
provided such obligation to pay Additional Amounts results from a change in or amendment to the laws of the Taxing Jurisdiction, or any change in the official application or interpretation of such laws (including a decision of any court or
tribunal), or any change in, or in the official application or interpretation of, or execution of, or amendment to, any treaty or treaties affecting taxation to which the United Kingdom is a party, which change, amendment or execution becomes
effective on or after the Issue Date; or 
 (ii) the payment of interest in respect of the Debt Securities has become or will
or would be treated as a “distribution” within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or reenactment thereof for the time being) as a result of a change in or
amendment to the laws of the Taxing Jurisdiction, or any change in the official application or interpretation of such laws, including a decision of any court, which change or amendment becomes effective on or after the Issue Date; provided,
however that, in the case of (i) above, no notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment in respect of the Debt Securities
then due. 
 Under the terms of the Indenture, the Debt Securities may be redeemed, in whole but not in part, at the Issuer’s sole
discretion, on not less than 10 nor more than 60 days’ notice, on the Par Redemption Date. The Redemption Price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the Par Redemption Date.

 “Par Redemption Date” means November 22, 2023. 

  
 D-11 













 Notwithstanding anything to the contrary in the Indenture, the Issuer may only redeem or
repurchase the Debt Securities prior to the Maturity Date pursuant to the Indenture if the Issuer has obtained any Relevant Supervisory Consent. 

An “Event of Default” with respect to the Debt Securities means any one of the following events: (i) an order is made by
an English court which is not successfully appealed within 30 days after the date such order was made for winding up of the Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or
(ii) an effective resolution is validly adopted by the Issuer’s shareholders for winding up of the Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency. 

A “Default” with respect to the Debt Securities means any one of the following events: (i) failure to pay principal or
premium, if any, on the Debt Securities at maturity, and such default continues for a period of 30 days; or (ii) failure to pay any interest on the Debt Securities when due and payable, which failure continues for 30 days. 

If a Default occurs, the Trustee may institute proceedings in England (but not elsewhere) for the Issuer’s winding up; provided
that the Trustee may not, upon the occurrence of a Default, accelerate the maturity of any Debt Securities then Outstanding, unless an Event of Default has occurred and is continuing. 

Notwithstanding the immediately preceding two paragraphs, failure to make any payment in respect of the Debt Securities shall not be a Default
in respect of the Debt Securities if such payment is withheld or refused: (i) in order to comply with any fiscal or other law or regulation or with the order of any court of competent jurisdiction, in each case applicable to such payment; or
(ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at any time during the said grace period of 30 days by independent legal
advisers acceptable to the Trustee; provided, however, that the Trustee may, by notice to the Issuer, require the Issuer to take such action (including but not limited to proceedings for a declaration by a court of competent jurisdiction) as
the Trustee may be advised in an opinion of counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case the Issuer shall forthwith take and expeditiously
proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such resolution determines that the relevant payment can be made without violating any applicable law, regulation or order then the
preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of the relevant grace period of 30 days after the Trustee gives written notice to the Issuer informing the Issuer of such resolution. 

By its acquisition of the Debt Securities represented by this Global Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees to be bound by the terms of the Debt Securities related to the limited remedies available under the Indenture and the Debt Securities for a non-payment of principal and/or interest on the Debt Securities. 
 If an Event of Default with respect to
the Debt Securities of this series shall occur and be continuing, the principal of all of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture and this Global Security. The
Indenture provides that in certain circumstances such declaration and its consequences may be rescinded and annulled by the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series. If a Default with
respect to Debt Securities of this series occurs and is continuing, the Trustee may pursue certain remedies as set forth in the Indenture. The Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of
this series may on behalf of all the Holders waive any past Event of Default or any Default under the Indenture or the Debt Securities and its consequences except a default (i) in the payment of principal of (or premium, if any, on) or any
installment of interest on any of the Debt Securities 

  
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or (ii) in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the Holder of this Debt Security, and any such consent or waiver
shall bind every future Holder of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debt Security
or such other Debt Securities. 
 The Indenture contains provisions permitting the Issuer and the Trustee (i) without the consent of
the Holders of any Debt Securities issued under the Indenture to execute one or more supplemental indentures for certain enumerated purposes, such as to cure any ambiguity or to secure the Debt Securities, and (ii) with the consent of the
Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series of Debt Securities affected thereby, to execute supplemental indentures for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of Holders under the Indenture; provided that, with respect to certain enumerated provisions, no such supplemental indenture may be
entered into without the consent of the Holder of each Outstanding Debt Security affected thereby. The Indenture also permits the Holders of at least a majority in aggregate principal amount of the Outstanding Debt Securities of each series to be
affected, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Issuer with certain restrictive provisions of the Indenture. Any such consent or waiver by the Holder of this Global Security shall bind every
future Holder of this Global Security and of any Global Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Global Security or such
other Global Securities. 
 Subject to the terms of the Indenture, the Depositary may surrender this Global Security or any portion hereof
in exchange, in whole or in part, for definitive Debt Securities, of this series in registered form and the Registrar, acting on behalf of the Issuer, shall authenticate and deliver in exchange for this Global Security or the portions thereof to be
exchanged, an equal aggregate face amount of definitive Debt Securities (duly countersigned) in the numbers and in the names advised by the Depositary. 

By its acquisition of the Debt Securities represented by this Global Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees, notwithstanding any other term of the Debt Securities, the Indenture or any other agreements, arrangements or understandings between the Issuer and any Holder, to
be bound by (i) the effect of the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority in relation to any Debt Securities that may include (without limitation) and result in any of the
following, or some combination thereof: (a) the reduction of all, or a portion, of the Amounts Due; (b) the conversion of all, or a portion, of the Amounts Due into the Issuer’s or another Person’s ordinary shares, other
securities or other obligations (and the issue to, or conferral on, the Holder of such ordinary shares, other securities or other obligations), including by means of an amendment, modification or variation of the terms of the Debt Securities or the
Indenture; (c) the cancellation of the Debt Securities; and/or (d) the amendment or alteration of the maturity of the Debt Securities or amendment of the amount of interest payable on the Debt Securities, or the Interest Payment Dates,
including by suspending payment for a temporary period; and (ii) the variation of the terms of the Debt Securities or the Indenture, if necessary, to give effect to the exercise of any UK Bail-in Power by
the Relevant UK Resolution Authority. No repayment or payment of Amounts Due shall become due and payable or be paid after the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority if and to
the extent such amounts have been reduced, converted, cancelled, amended or altered as a result of such exercise. Moreover, each Holder (which, for these purposes, includes each beneficial owner of the Debt Securities) consents to the exercise of
any UK Bail-in Power as it may be imposed without any prior notice by the Relevant UK Resolution Authority of its decision to exercise such power with respect to the Debt Securities. 

  
 D-13 













 “Amounts Due” means the principal amount of, and any accrued and unpaid
interest, including any Additional Amounts, on, the Debt Securities. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of any UK
Bail-in Power by the Relevant UK Resolution Authority. 
 “Loss Absorption
Regulations” means, at any time, the laws, regulations, requirements, guidelines, rules, standards and policies from time to time relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity
instruments in effect in the UK and applicable to the Issuer from time to time, including, without limitation to the generality of the foregoing, the Banking Act and UK CRR (whether or not such requirements, guidelines or policies are applied
generally or specifically to the Issuer or to the Issuer and any of its holding or subsidiary companies or any subsidiary of any such holding company) in each case as amended, supplemented or replaced from time to time. 

“PRA” means the UK Prudential Regulation Authority or any successor entity. 

“Relevant Regulator” means the PRA or any successor entity or other entity primarily responsible for the prudential
supervision of the Issuer. 
 “Relevant Supervisory Consent” means as (and to the extent) required, a consent or waiver to
the relevant redemption or purchase from the Relevant Regulator or the Relevant UK Resolution Authority (as applicable). For the avoidance of doubt, Relevant Supervisory Consent will not be required if either (i) none of the Debt Securities
qualify as part of the Issuer’s regulatory capital, or own funds and eligible liabilities or loss absorbing capacity instruments, as the case may be, each pursuant to the Loss Absorption Regulations, (ii) the relevant Debt Securities are
repurchased for market-making purposes in accordance with any permission given by the Relevant Regulator pursuant to the Loss Absorption Regulations within the limits prescribed in such permission or (iii) the relevant Debt Securities are being
redeemed or repurchased pursuant to any general prior permission granted by the Relevant Regulator or the Relevant UK Resolution Authority (as applicable) pursuant to the Loss Absorption Regulations within the limits prescribed in such permission.

 “Relevant UK Resolution Authority” means any authority with the ability to exercise a UK
Bail-in Power. 
 “UK Bail-in Legislation”
means Part I of the Banking Act and any other law or regulation applicable in the UK relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation,
administration or other insolvency proceedings). 
 “UK Bail-in Power” means the
powers under the UK Bail-in Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, write-down, transfer,
reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to
provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability. 

“UK CRR” means Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms of
the European Parliament and of the Council of 26 June 2013, as amended or supplemented from time to time, as it forms part of domestic law in the UK by virtue of the EUWA. 

  
 D-14 













 By its acquisition of the Debt Securities, each Holder (which, for these purposes, includes
each beneficial owner of the Debt Securities): (i) acknowledges and agrees that the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities shall not give
rise to a Default or Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act; (ii) to the extent permitted by the Trust
Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or
abstains from taking, in either case in accordance with the exercise of (x) the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities or (y) the limited
remedies available under the Indenture and the Debt Securities for a non-payment of principal and/or interest on the Debt Securities; and (iii) acknowledges and agrees that, upon the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority, the Trustee shall not be required to take any further directions from Holders under Section 5.11 (Control by Holders of Debt
Securities) of the Base Indenture; and that the Indenture shall not impose any duties upon the Trustee whatsoever with respect to the exercise of any UK Bail-in Power by the Relevant UK Resolution
Authority. 
 Notwithstanding clause (iii) of the immediately preceding paragraph, if, following the completion of the exercise of the
UK Bail-in Power by the Relevant UK Resolution Authority, the Debt Securities remain outstanding (for example, if the exercise of the UK Bail-in Power results in only a
partial write-down of the principal of the Debt Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Debt Securities following such completion to the extent that the Issuer and the Trustee shall
agree pursuant to a supplemental indenture or an amendment to the Indenture; provided, however that notwithstanding the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, there
shall at all times be a Trustee hereunder pursuant to, and in accordance with Section 6.09 of the Base Indenture, and the resignation and/or removal of the Trustee and the appointment of a successor trustee shall continue
to be governed by Section 6.10 and Section 6.11 of the Base Indenture, including to the extent no supplemental indenture or amendment to the Indenture is agreed upon pursuant to the Indenture in
the event the Debt Securities remain outstanding following the completion of the exercise of the UK Bail-in Power. 

It is the intention of the Issuer and the Trustee that the Issuer’s obligations to indemnify the Trustee and the Agent in accordance with
Section 6.07 of the Base Indenture (for the avoidance of doubt, as amended by Section 4.01 of the second supplemental indenture dated May 25, 2016) shall survive any exercise of the UK Bail-in Power by the Relevant UK Resolution Authority. 
 The exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities shall not constitute an Event of Default or a Default. 

In addition to the right to enter into supplemental indentures pursuant to Section 9.01 and
Section 9.02 of the Base Indenture, the Issuer and the Trustee may enter into one or more indentures supplemental to the Indenture to modify and amend the terms of the Indenture or the Debt Securities, without the further
consent of any Holders, to the extent necessary to give effect to the exercise by the Relevant UK Resolution Authority of the UK Bail-in Power. 

Upon the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the
Debt Securities, the Issuer shall provide a written notice to the Holders through DTC as soon as practicable regarding such exercise of the UK Bail-in Power for purposes of notifying Holders and beneficial
owners of the Debt Securities of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee for information purposes. 

  
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 Upon the exercise of any UK Bail-in Power by the
Relevant UK Resolution Authority that results in the reduction or cancellation of all, or a portion, of the principal amount of this Global Security and/or the conversion of all, or a portion, of the principal amount of this Global Security into
shares or other securities or other obligations of the Issuer or another person, the portion of the principal amount hereof so reduced, cancelled and/or converted shall be endorsed by the Registrar on Schedule B hereto. The principal amount hereof
shall be reduced for all purposes by the amount so reduced, cancelled and/or converted. 
 By its acquisition of a Debt Security, each
Holder (which, for these purposes, includes each beneficial owner of the Debt Securities) of the Debt Securities shall be deemed to have authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it
holds the Debt Securities to take any and all necessary action, if required, to implement the exercise of any UK Bail-in Power with respect to the Debt Securities as it may be imposed, without any further
action or direction on the part of such Holder or beneficial owner, the Trustee or the Agent (and any other agent acting in connection with the relevant series of Debt Securities). 

To the fullest extent permitted by law, the Holders and the Trustee, in respect of any claims of such Holders to payment of any
principal, premium or interest in respect of the Debt Securities, by their acceptance of the Debt Securities, shall be deemed to have waived any right of set-off or counterclaim that such Holders or, as the
case may be, the Trustee in such respect, might otherwise have. 
 ANY HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF
THE DEBT SECURITIES) THAT ACQUIRES THE DEBT SECURITIES IN THE SECONDARY MARKET AND ANY SUCCESSORS, ASSIGNS, HEIRS, EXECUTORS, ADMINISTRATORS, TRUSTEES IN BANKRUPTCY AND LEGAL REPRESENTATIVES OF ANY HOLDER OR BENEFICIAL OWNER OF THE DEBT SECURITIES
SHALL BE DEEMED TO ACKNOWLEDGE, AGREE TO BE BOUND BY AND CONSENT TO THE SAME PROVISIONS SPECIFIED HEREIN TO THE SAME EXTENT AS THE HOLDERS OR BENEFICIAL OWNERS OF THE DEBT SECURITIES THAT ACQUIRE THE DEBT SECURITIES UPON THEIR INITIAL ISSUANCE,
INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO THE ACKNOWLEDGEMENT AND AGREEMENT TO BE BOUND BY AND CONSENT TO THE TERMS OF THE DEBT SECURITIES RELATED TO THE UK BAIL-IN POWER, THE BENCHMARK AND THE LIMITED
REMEDIES AVAILABLE UNDER THE INDENTURE AND THE DEBT SECURITIES FOR A NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE DEBT SECURITIES. 

The Indenture and the Debt Securities may be amended and modified as provided in the Indenture. 

All terms used in this Global Security and not otherwise defined shall have the meanings ascribed to them in the Indenture. 

The Indenture and the Debt Securities shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 D-16 













 SCHEDULE A 

EXCHANGES FOR DEFINITIVE DEBT SECURITIES 

The following exchanges of parts of this Global Security for Definitive Debt Securities have been made: 

 

					
	 Date made
	  	 Principal amount

exchanged for Definitive
 Debt
Securities
	  	 Remaining principal

amount following such

exchange

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  



  
 D-17 













 SCHEDULE B 

REDUCTION, CANCELLATION OR CONVERSION OF DEBT SECURITIES UPON THE EXERCISE OF ANY UK BAIL-IN POWER BY
THE RELEVANT UK RESOLUTION AUTHORITY 
  

					
	 Date made
	  	 Principal amount

reduced, cancelled
 and/or
converted
	  	 Remaining principal

amount following
 reduction,
cancellation
 and/or conversion

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  



  
 D-18