Document:

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 

 
  

SEVENTEENTH SUPPLEMENTAL INDENTURE 

Dated as of August 18, 2020 
  

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

$2,000,000,000 1.645% Fixed Rate/Floating Rate Senior Unsecured Notes due 2026 

$1,500,000,000 2.357% Fixed Rate/Floating Rate Senior Unsecured Notes due 2031 

 
  

 

 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
	  	 	11	 
			
	 SECTION 2.01.
	 	Terms Relating to Principal and Interest on Each Series of Notes	  	 	11	 
	 SECTION 2.02.
	 	General Terms Applicable to All Notes	  	 	12	 
		
	 ARTICLE 3 INTEREST CALCULATION IN RESPECT OF THE
NOTES
	  	 	13	 
			
	 SECTION 3.01.
	 	Interest Rate Terms Specific to Each Series of Notes	  	 	13	 
	 SECTION 3.02.
	 	Interest Rate Terms Applicable to All Notes	  	 	14	 
	 SECTION 3.03.
	 	Calculation of the Benchmark	  	 	15	 
	 SECTION 3.04.
	 	Benchmark Transition Provisions	  	 	16	 
		
	 ARTICLE 4 AMENDMENTS TO THE BASE INDENTURE APPLICABLE TO THE
NOTES ONLY
	  	 	18	 
			
	 SECTION 4.01.
	 	Notice of Redemption	  	 	18	 
	 SECTION 4.02.
	 	Optional Redemption of Debt Securities	  	 	20	 
	 SECTION 4.03.
	 	Events of Default and Defaults	  	 	20	 
	 SECTION 4.04.
	 	Additional Amounts.	  	 	21	 
	 SECTION 4.05.
	 	Execution, Authentication, Delivery and Dating	  	 	23	 
		
	 ARTICLE 5 MISCELLANEOUS
	  	 	23	 
			
	 SECTION 5.01.
	 	Effect of this Supplemental Indenture; Ratification and Integral Part	  	 	23	 
	 SECTION 5.02.
	 	Priority	  	 	24	 
	 SECTION 5.03.
	 	Successors and Assigns	  	 	24	 
	 SECTION 5.04.
	 	Subsequent Holders’ Agreement	  	 	24	 
	 SECTION 5.05.
	 	Compliance	  	 	24	 
	 SECTION 5.06.
	 	Relation to Calculation Agent Agreement	  	 	24	 
	 SECTION 5.07.
	 	Governing Law	  	 	24	 
	 SECTION 5.08.
	 	Counterparts	  	 	24	 
	 SECTION 5.09.
	 	Entire Agreement	  	 	24	 
		
	 EXHIBIT A – Form of 1.645% Fixed Rate/Floating Rate Global Security
	  			
	 EXHIBIT B – Form of 2.357% Fixed Rate/Floating Rate Global Security
	  			

 SEVENTEENTH SUPPLEMENTAL INDENTURE, dated as of August 18, 2020 (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 two series of Debt Securities under the Base Indenture (as supplemented and amended by this
Supplemental Indenture), the $ 2,000,000,000 1.645% Fixed Rate/Floating Rate Senior Unsecured Notes due 2026 (such series of Debt Securities, the “2026 Notes”) and the $1,500,000,000 2.357% Fixed Rate/Floating Rate Senior Unsecured
Notes due 2031 (such series of Debt Securities, the “2031 Notes” and “Notes” shall mean any of the 2026 Notes or the 2031 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; 

(d) the use of “or” is not intended to be exclusive unless expressly indicated otherwise; 

  
 3 

 (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) “2026 Notes” has the meaning set forth in the recitals to this Supplemental Indenture; 

(b) “2031 Notes” has the meaning set forth in the recitals to this Supplemental Indenture; 

(c) “2026 Notes Fixed Rate Period” has the meaning set forth in Section 3.01(a); 

(d) “2031 Notes Fixed Rate Period” has the meaning set forth in Section 3.01(b); 

(e) “2026 Notes Fixed Rate Period Interest Payment Date” means April 18 and October 18 of each year,
beginning on October 18, 2020; 
 (f) “2031 Notes Fixed Rate Period Interest Payment Date” means
August 18 and February 18 of each year, beginning on February 18, 2021; 
 (g) “2026 Notes Floating
Rate Interest Period” means, during the 2026 Notes Floating Rate Period, the period beginning on (and including) a 2026 Notes Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding 2026 Notes Floating
Rate Period Interest Payment Date; provided that the first 2026 Notes Floating Rate Interest Period will begin on (and include) April 18, 2025 and will end on (but exclude) the first 2026 Notes Floating Rate Period Interest Payment Date; 

(h) “2031 Notes Floating Rate Interest Period” means, during the 2031 Notes Floating Rate Period, the period
beginning on (and including) a 2031 Notes Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding 2031 Notes Floating Rate Period Interest Payment Date; provided that the first 2031 Notes Floating Rate Interest
Period will begin on (and include) August 18, 2030 and will end on (but exclude) the first 2031 Notes Floating Rate Period Interest Payment Date; 

(i) “2026 Notes Floating Rate Period” has the meaning set forth in Section 3.01(a); 

(j) “2031 Notes Floating Rate Period” has the meaning set forth in Section 3.01(b); 

  
 4 

 (k) “2026 Notes Floating Rate Period Interest Payment Date”
means July 18, 2025, October 18, 2025, January 18, 2026, and April 18, 2026; 
 (l) “2031 Notes
Floating Rate Period Interest Payment Date” means November 18, 2030, February 18, 2031, May 18, 2031, and August 18, 2031; 

(m) “2026 Notes Initial Interest Rate” has the meaning set forth in Section 3.01(a); 

(n) “2031 Notes Initial Interest Rate” has the meaning set forth in Section 3.01(b); 

(o) “2026 Notes Interest Payment Date” means any 2026 Notes Fixed Rate Period Interest Payment Date or 2026
Notes Floating Rate Period Interest Payment Date; 
 (p) “2031 Notes Interest Payment Date” means any 2031
Notes Fixed Rate Period Interest Payment Date or 2031 Notes Floating Rate Period Interest Payment Date; 
 (q) “2026
Margin” has the meaning set forth in Section 3.01(a); 
 (r) “2031 Margin” has the meaning set
forth in Section 3.01(b); 
 (s) “2026 Notes Maturity Date” means April 18, 2026; 

(t) “2031 Notes Maturity Date” means August 18, 2031; 

(u) “2026 Notes Optional Redemption Date” means April 18, 2025; 

(v) “2031 Notes Optional Redemption Date” means August 18, 2030; 

(w) “Agent” has the meaning set forth in the introduction to this Supplemental Indenture; 

(x) “Applicable Currency” means Dollars; 

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

(z) “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; 

  
 5 

 (aa) “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; 

(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; 

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

(cc) “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; 

(dd) “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; 

  
 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; 
 (ee) “Benchmark Transition Provisions” has the
meaning set forth in Section 3.04; 
 (ff) “BRRD” means Directive 2014/59/EU establishing a framework
for the recovery and resolution of credit institutions and investment firms, as amended, supplemented or replaced from time to time; 

(gg) “Calculation Agent” means HSBC Bank USA, National Association, or its successor appointed by the Company
pursuant to the Calculation Agent Agreement; 
 (hh) “Calculation Agent Agreement” means the calculation
agent agreement dated as of the Issue Date between the Company and the Calculation Agent; 
 (ii) “Capital
Instruments Regulations” means any regulatory capital rules, regulations or standards which are applicable to the Company at any time (on a solo or consolidated basis and including any implementation thereof or supplement thereto by the PRA
from time to time) and which lay down the requirements to be fulfilled by financial instruments for inclusion in the Company’s regulatory capital (on a solo or consolidated basis) as may be required by (i) CRR and/or (ii) CRD,
including (for the avoidance of doubt) any delegated acts and implementing acts made by the European Commission (such as regulatory technical standards and implementing technical standards) and European Banking Authority guidelines all as amended
from time to time and as implemented in the UK; 
 (jj) “Company” has the meaning set forth in the
introduction to this Supplemental Indenture; 
 (kk) “Compounded Daily SOFR” has the meaning set forth in
Section 3.03(b); 
 (ll) “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; 

(mm) “CRD” means Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013 on
access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended, supplemented or replaced from
time to time, and (where relevant) any applicable successor EU or UK legislation; 

  
 7 

 (nn) “CRR” means regulation (EU) No 575/2013 of the
European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No 648/2012, as amended, supplemented or replaced from time to time, and (where
relevant) any applicable successor EU or UK legislation; 
 (oo) “d” has the meaning set forth in
Section 3.03(b); 
 (pp) “d0” has the
meaning set forth in Section 3.03(b); 
 (qq) “designee” means an affiliate or any other agent of the
Company; 
 (rr) “EU Capital Requirements Legislative Package” means, taken together, (i) CRR, (ii) CRD
and (iii) the Capital Instruments Regulations; 
 (ss) “Fixed Rate Period” means either the 2026 Notes
Fixed Rate Period or the 2031 Notes Fixed Rate Period, as applicable; 
 (tt) “Fixed Rate Period Interest Payment
Date” means either the 2026 Notes Fixed Rate Period Interest Payment Date or the 2031 Notes Fixed Rate Period Interest Payment Date, as applicable; 

(uu) “Floating Rate Interest Period” means either the 2026 Notes Floating Rate Interest Period or the 2031
Notes Floating Rate Interest Period, as applicable; 
 (vv) “Floating Rate Period” means either the 2026
Notes Floating Rate Period or the 2031 Notes Floating Rate Period, as applicable; 
 (ww) “Floating Rate Period
Interest Payment Date” means either the 2026 Notes Floating Rate Period Interest Payment Date or the 2031 Notes Floating Rate Period Interest Payment Date, as applicable; 

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

(yy) “i” has the meaning set forth in Section 3.03(b); 

(zz) “Initial Interest Rate” means either the 2026 Notes Initial Interest Rate or the 2031 Notes Initial
Interest Rate, as applicable; 
 (aaa) “Interest Determination Date” means the second Business Day preceding
the applicable Interest Payment Date; 
 (bbb) “Interest Payment Date” means either the 2026 Notes Interest
Payment Dates or the 2031 Notes Interest Payment Dates, as applicable; 
 (ccc) “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; 

  
 8 

 (ddd) “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;  
 (eee) “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; 

(fff) “Issue Date” means August 18, 2020; 

(ggg) “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, including, without limitation to the generality of the foregoing,
any delegated or implementing acts (such as implementing or regulatory technical standards) adopted by the European Commission and applicable to the Company from time to time (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); 

(hhh) “Margin” means either the 2026 Notes Margin or the 2031 Notes Margin, as applicable; 

(iii) “Maturity Date” means either the 2026 Notes Maturity Date or the 2031 Notes Maturity Date, as
applicable; 
 (jjj) “ni” has the meaning set
forth in Section 3.03(b); 
 (kkk) “Notes” has the meaning set forth in the recitals to this
Supplemental Indenture; 
 (lll) “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); 
 (mmm) “Observation
Period” has the meaning set forth in Section 3.03(b); 
 (nnn) “Optional Redemption Date”
means either the 2026 Notes Optional Redemption Date or the 2031 Notes Optional Redemption Date, as applicable; 
 (ooo)
“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; 

(ppp) “Regulated Entity” means any BRRD Undertaking as such term is defined under the PRA Rulebook promulgated
by the PRA, as amended from time to time, which includes certain credit institutions, investment firms, and certain of their parent or holding companies or any comparable future definition intended to designate entities within the scope of the UK
recovery and resolution regime; 

  
 9 

 (qqq) “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; 

(rrr) “Relevant Regulator” means the PRA or any successor entity or other entity primarily responsible for the
prudential supervision of the Company; 
 (sss) “Relevant Rules” means, at any time, the laws, regulations,
requirements, guidelines and policies relating to capital adequacy (including, without limitation, as to leverage) then in effect in the United Kingdom including, without limitation to the generality of the foregoing, as may be required by the EU
Capital Requirements Legislative Package or BRRD or any applicable successor legislation or any delegated or implementing acts (such as regulatory technical standards) adopted by the European Commission and applicable to the Company from time to
time and any regulations, requirements, guidelines and policies relating to capital adequacy adopted by the Relevant Regulator from time to time (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); 

(ttt) “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 Relevant Rules (including, without limitation, Article 29(3) of Commission Delegated Regulation (EU) No. 241/2014) 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
Relevant Rules or the Loss Absorption Regulations within the limits prescribed in such permission; 
 (uuu)
“SOFR” has the meaning set forth in Section 3.03(b); 
 (vvv) “SOFRi” has the meaning set forth in Section 3.03(b); 
 (www)
“Trustee” has the meaning set forth in the introduction to this Supplemental Indenture; 
 (xxx) “UK
Bail-in Power” means any write-down, conversion, transfer, modification, or suspension power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or
requirements in effect in the United Kingdom, relating to the transposition of the BRRD or otherwise, including but not limited to the Banking Act and the instruments, rules and standards created thereunder, pursuant to which (i) any obligation
of a Regulated Entity (or other affiliate of such Regulated Entity) can be reduced, cancelled, modified, or converted into shares, other securities, or other obligations of such Regulated Entity or any other person (or suspended for a temporary
period); and (ii) any right in a contract governing an obligation of a Regulated Entity may be deemed to have been exercised; 

  
 10 

 (yyy) “Unadjusted Benchmark Replacement” means the
Benchmark Replacement excluding the Benchmark Replacement Adjustment; and 
 (zzz) “USGS Business Day” has
the meaning set forth in Section 3.03(b). 
 ARTICLE 2 

THE NOTES 

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

(a) The following terms relating to principal and interest on the 2026 Notes are hereby established: 

(i) the title of the 2026 Notes shall be “1.645% Fixed Rate/Floating Rate Senior Unsecured Notes due 2026”; 

(ii) the aggregate principal amount of the 2026 Notes that may be authenticated and delivered under the Indenture shall not
initially exceed $2,000,000,000 (except as otherwise provided in the Indenture); 
 (iii) the principal on the 2026 Notes
shall be payable on the 2026 Notes Maturity Date; and 
 (iv) during the 2026 Notes Fixed Rate Period, interest on the 2026
Notes shall be payable at the 2026 Notes Initial Interest Rate and semi-annually in arrear on each 2026 Notes Fixed Rate Period Interest Payment Date. During the 2026 Notes Floating Rate Period, interest on the 2026 Notes shall be payable at a rate
per annum determined in accordance with Article Three and quarterly in arrear on each 2026 Notes Floating Rate Period Interest Payment Date. Accrual and computation of interest on the 2026 Notes shall be determined in accordance with
Article Three. 
 (b) The following terms relating to principal and interest on the 2031 Notes are hereby established:

 (i) the title of the 2031 Notes shall be “2.357% Fixed Rate/Floating Rate Senior Unsecured Notes due 2031”;

 (ii) the aggregate principal amount of the 2031 Notes that may be authenticated and delivered under the Indenture shall
not initially exceed $1,500,000,000 (except as otherwise provided in the Indenture); 
 (iii) the principal on the 2031
Notes shall be payable on the 2031 Notes Maturity Date; and 
 (iv) during the 2031 Notes Fixed Rate Period, interest on the
2031 Notes shall be payable at the 2031 Notes Initial Interest Rate and semi-annually in arrear on each 2031 Notes Fixed Rate Period Interest Payment Date. During the 2031 Notes Floating Rate Period, interest on the 2031 Notes shall be payable at a
rate per annum determined in accordance with Article Three and quarterly in arrear on each 2031 Notes Floating Rate Period Interest Payment Date. Accrual and computation of interest on the 2031 Notes shall be determined in accordance with
Article Three. 

  
 11 

 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 shall not be redeemable except as provided in Article Eleven of
the Base Indenture, as amended by Section 4.01. The Notes shall not be redeemable at the option of the Holders at any time. Notwithstanding anything to the contrary in the Indenture or the Notes, including Section 11.01 of the Base
Indenture, the Company may only redeem or repurchase the Notes prior to the related Maturity Date pursuant to Article Eleven of the Base Indenture if the Company has obtained any Relevant Supervisory Consent; 

(d) the Notes are not issued as Discount Debt Securities or as Indexed Securities and are not subject to a solvency condition;

 (e) the Company shall have no obligation to redeem or purchase the Notes pursuant to any sinking fund or analogous
provision; 
 (f) the Notes shall be issued only in denominations of $200,000 and integral multiples of $1,000 in excess
thereof; 
 (g) the Notes shall be denominated in the Applicable Currency; 

(h) 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 (g) above, shall be in the Applicable Currency; 
 (i) 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; 

(j) 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; 
 (k) except
in limited circumstances, the Notes will not be issued in definitive form; 
 (l) the Notes shall be evidenced by one or more
global securities in registered form substantially in the form of Exhibit A or Exhibit B, as applicable; 
 (m) 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; 

  
 12 

 (n) 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 Relevant Rules
and, if required, subject to obtaining any Relevant Supervisory Consent; and 
 (o) the Regular Record Dates for the Notes
will be the 15th calendar day preceding each Interest Payment Date, whether or not a Business Day. 
 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 2026 Notes are hereby established: 

(i) From (and including) the Issue Date to (but excluding) April 18, 2025 (the “2026 Notes Fixed Rate
Period”), interest on the 2026 Notes will be payable at a rate of 1.645% per annum (the “2026 Notes Initial Interest Rate”). There will be a short first coupon in respect of the period from (and including) the Issue Date to
(but excluding) October 18, 2020. During the 2026 Notes Fixed Rate Period, interest on the 2026 Notes will be payable semi-annually in arrear on each 2026 Notes Fixed Rate Period Interest Payment Date. 

(ii) From (and including) April 18, 2025 to (but excluding) the 2026 Notes Maturity Date (the “2026 Notes
Floating Rate Period”), the interest rate on the 2026 Notes will be equal to the Benchmark plus 1.538% per annum (the “2026 Notes Margin”). During the 2026 Notes Floating Rate Period, interest on the 2026 Notes will be
payable quarterly in arrear on each 2026 Notes Floating Rate Period Interest Payment Date. The interest rate on the 2026 Notes will be calculated quarterly on each applicable Interest Determination Date. 

(b) The following terms relating to the 2031 Notes are hereby established: 

(i) From (and including) the Issue Date to (but excluding) August 18, 2030 (the “2031 Notes Fixed Rate
Period”), interest on the 2031 Notes will be payable at a rate of 2.357% per annum (the “2031 Notes Initial Interest Rate”). During the 2031 Notes Fixed Rate Period, interest on the 2031 Notes will be payable semi-annually
in arrear on each 2031 Notes Fixed Rate Period Interest Payment Date. 
 (ii) From (and including) August 18, 2030 to
(but excluding) the 2031 Notes Maturity Date (the “2031 Notes Floating Rate Period”), the interest rate on the 2031 Notes will be equal to the Benchmark plus 1.947% per annum (the “2031 Notes Margin”). During the
2031 Notes Floating Rate Period, interest on the 2031 Notes will be payable quarterly in arrear on each 2031 Notes Floating Rate Period Interest Payment Date. The interest rate on the 2031 Notes will be calculated quarterly on each applicable
Interest Determination Date. 

  
 13 

 SECTION 3.02. Interest Rate Terms Applicable to All Notes
 
 (a) Fixed Rate Period 

(i) Interest on the Notes during the Fixed Rate Period 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. 

(ii) If any scheduled Fixed Rate Period Interest Payment Date is not a Business Day, such 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 Fixed Rate Period Interest Payment Date. 

(b) Floating Rate Period 

(i) Notwithstanding Section 3.10 of the Base Indenture, interest on the Notes during the Floating Rate Period 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
(other than the Maturity Date) is not a Business Day, such Floating Rate Period Interest Payment Date 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 will be the immediately preceding Business Day. If any such Floating Rate Period Interest Payment Date (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 will include interest accrued to but excluding such postponed or brought forward Floating Rate Period Interest Payment Date. 

(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 the Notes falls within the Floating Rate Period but does not occur on a Floating
Rate Period Interest Payment Date, (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. 

  
 14 

 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; 
 “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 the Optional Redemption 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; 

  
 15 

“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 the Notes 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 Notes during the Floating Rate Period will be
determined by reference to a rate per annum equal to the Benchmark Replacement plus the 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 the Notes during the Floating Rate Period 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, in the case of the Interest Determination Date prior to the first Floating Rate Period Interest Payment Date, the Initial Interest Rate. 

(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, 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 Notes 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 Notes during the Floating Rate Period, 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 

  
 16 

 
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. 
 (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 Relevant
Rules. 

  
 17 

 (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 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; 

  
 18 

 (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. 

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, 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) or interest or related deferred 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 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 209 of the Income and Corporation Taxes Act 1988 of the United Kingdom (or any statutory modification or reenactment 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
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. 

  
 19 

 SECTION 4.02. Optional Redemption of Debt Securities. With respect to
the Notes only, Article Eleven of the Base Indenture is amended by adding Section 11.09, which shall read as follows: 

Section 11.09. Optional Redemption of the Notes. The Company may redeem each series of Notes in whole (but
not in part) in its sole discretion on the relevant Optional Redemption Date. The Redemption Price shall be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the relevant Optional 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 

(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; 

  
 20 

 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. 
 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; 

  
 21 

 (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; 

(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. 

  
 22 

 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. 
 (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. 

  
 23 

 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, 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 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. 

  
 24 

 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/ Iain MacKinnon

	Name:	 	Iain MacKinnon
	Title:	 	Group Treasurer
	
	THE BANK OF NEW YORK MELLON,
	 LONDON BRANCH,
as Trustee

		
	By:	 	 /s/ Thomas Vanson

	Name:	 	Thomas Vanson
	Title:	 	Authorized Signatory
	
	 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 1.645% FIXED RATE/FLOATING RATE GLOBAL SECURITY 

CUSIP No.: 404280 CJ6 
 ISIN:
US404280CJ69     
 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 THAT 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 NOTES OR OF THE ISSUER’S FAILURE TO PERFORM ANY OF ITS OBLIGATIONS UNDER OR IN RESPECT OF THE NOTES. PAYMENT OF THE PRINCIPAL AMOUNT OF THE NOTES MAY BE
ACCELERATED ONLY UPON CERTAIN EVENTS OF A WINDING UP AS SET FORTH IN THE INDENTURE. 

  
 A-1 

 GLOBAL SECURITY 

HSBC Holdings plc 
 $[•] 

1.645% FIXED RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2026 

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 April 18, 2026 (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 August 18, 2020 (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) April 18, 2025, semi-annually in arrear on April 18 and October 18 of each year, beginning
on October 18, 2020 (each, a “Fixed Rate Period Interest Payment Date”), at a rate of 1.645% per annum (the “Initial Interest Rate”); and 

(ii) from (and including) April 18, 2025 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 July 18, 2025, October 18, 2025, January 18, 2026 and April 18, 2026 (each, a “Floating Rate Period Interest Payment
Date”), at a floating rate equal to the Benchmark plus 1.538% 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)
April 18, 2025. 
 “Floating Rate Period” means the period from (and including) April 18, 2025 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 April 18, 2025 (the “Optional 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 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. 

  
 A-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 Relevant Rules. 

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 

  
 A-5 

 
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) April 18, 2025 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 under its
corporate seal. 
  

			
	By:	 	
                    

	[•]	 	
	
	 HSBC Holdings plc,
 as
Issuer

 Dated:
                    , 2020 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	By:	 	
                    

	[•]	 	

 Dated:
                    , 2020 
  

			
	The Bank of New York Mellon, London Branch, as Trustee

 REVERSE OF GLOBAL SECURITY 

$[•] 
 1.645% FIXED
RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2026 
 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 Seventeenth Supplemental Indenture dated as of August 18, 2020 (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 option, 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) or interest 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 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 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 April 18, 2025 (the “Optional Redemption Date”). The Redemption Price shall
be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the Optional 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. 

  
 A-12 

 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 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. 

  
 A-13 

 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 that 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; (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 but 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. 

  
 A-14 

 “BRRD” means Directive 2014/59/EU establishing a framework for the recovery
and resolution of credit institutions and investment firms, as amended, supplemented or replaced from time to time. 
 “Capital
Instruments Regulations” means any regulatory capital rules, regulations or standards which are applicable to the Issuer at any time (on a solo or consolidated basis and including any implementation thereof or supplement thereto by the PRA
from time to time) and which lay down the requirements to be fulfilled by financial instruments for inclusion in the Issuer’s regulatory capital (on a solo or consolidated basis) as may be required by (i) CRR and/or (ii) CRD,
including (for the avoidance of doubt) any delegated acts and implementing acts made by the European Commission (such as regulatory technical standards and implementing technical standards) and European Banking Authority guidelines all as amended
from time to time and as implemented in the UK. 
 “CRD” means Directive 2013/36/EU of the European Parliament and of the
Council of June 26, 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC as amended,
supplemented or replaced from time to time, and (where relevant) any applicable successor EU or UK legislation. 
 “CRR”
means regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No 648/2012, as amended, supplemented or
replaced from time to time, and (where relevant) any applicable successor EU or UK legislation. 
 “EU Capital Requirements
Legislative Package” means, taken together, (i) CRR, (ii) CRD and (iii) the Capital Instruments Regulations. 

“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, including, without limitation to the generality of the foregoing, any delegated or
implementing acts (such as implementing or regulatory technical standards) adopted by the European Commission and applicable to the Issuer from time to time (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). 

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

“Regulated Entity” means any BRRD Undertaking as such term is defined under the PRA Rulebook promulgated by the PRA, as
amended from time to time, which includes certain credit institutions, investment firms, and certain of their parent or holding companies or any comparable future definition intended to designate entities within the scope of the UK recovery and
resolution regime. 
 “Relevant Regulator” means the PRA or any successor entity or other entity primarily responsible for
the prudential supervision of the Issuer. 
 “Relevant Rules” means, at any time, the laws, regulations, requirements,
guidelines and policies relating to capital adequacy (including, without limitation, as to leverage) then in effect in the UK including, without limitation to the generality of the foregoing, as may be required by the EU Capital Requirements
Legislative Package or BRRD or any applicable successor legislation or any delegated or implementing acts (such as regulatory technical standards) adopted by the European Commission and applicable to the Issuer from time to time and any regulations,
requirements, guidelines and policies relating to capital adequacy adopted by the Relevant Regulator from time to time (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). 

  
 A-15 

 “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 Relevant Rules (including, without limitation, Article 29(3) of Commission Delegated Regulation (EU)
No. 241/2014) 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 Relevant Rules or 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 Power” means
any write-down, conversion, transfer, modification, or suspension power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the United Kingdom, relating to the transposition
of the BRRD or otherwise, including but not limited to the Banking Act and the instruments, rules and standards created thereunder, pursuant to which (i) any obligation of a Regulated Entity (or other affiliate of such Regulated Entity) can be
reduced, cancelled, modified, or converted into shares, other securities, or other obligations of such Regulated Entity or any other person (or suspended for a temporary period); and (ii) any right in a contract governing an obligation of a
Regulated Entity may be deemed to have been exercised. 
 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, 

  
 A-16 

 
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. 

  
 A-17 

 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. 

  
 A-18 

 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-19 

 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-20 

 EXHIBIT B 

FORM OF 2.357% FIXED RATE/FLOATING RATE GLOBAL SECURITY 

CUSIP No.: 404280 CK3 
 ISIN:
US404280CK33 
 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 THAT 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 NOTES OR OF THE
ISSUER’S FAILURE TO PERFORM ANY OF ITS OBLIGATIONS UNDER OR IN RESPECT OF THE NOTES. PAYMENT OF THE PRINCIPAL AMOUNT OF THE NOTES MAY BE ACCELERATED ONLY UPON CERTAIN EVENTS OF A WINDING UP AS SET FORTH IN THE INDENTURE. 

  
 B-1 

 GLOBAL SECURITY 

HSBC Holdings plc 
 $[•] 

2.357% FIXED RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2031 

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 August 18, 2031 (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 August 18, 2020 (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) August 18, 2030, semi-annually in arrear on August 18 and February 18 of each year,
beginning on February 18, 2021 (each, a “Fixed Rate Period Interest Payment Date”), at a rate of 2.357% per annum (the “Initial Interest Rate”); and 

(ii) from (and including) August 18, 2030 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 November 18, 2030, February 18, 2031, May 18, 2031 and August 18, 2031 (each, a “Floating Rate Period Interest Payment
Date”), at a floating rate equal to the Benchmark plus 1.947% 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)
August 18, 2030. 
 “Floating Rate Period” means the period from (and including) August 18, 2030 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 August 18, 2030 (the “Optional 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. 

  
 B-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. 

  
 B-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 Relevant Rules. 

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 

  
 B-5 

 
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) August 18, 2030 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 under its
corporate seal. 
  

			
	By:	 	
                    

	[•]	 	
	
	 HSBC Holdings plc,
 as
Issuer

 Dated:
                    , 2020 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	By:	 	
                    

	[•]	 	

 Dated:
                    , 2020 
  

			
	
	The Bank of New York Mellon, London Branch, as Trustee

 REVERSE OF GLOBAL SECURITY 

$[•] 
 2.357% FIXED
RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2031 
 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 Seventeenth Supplemental Indenture dated as of August 18, 2020 (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 option, 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) or interest 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 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 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 August 18, 2030 (the “Optional Redemption Date”). The Redemption Price shall
be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the Optional 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. 

  
 B-12 

 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 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. 

  
 B-13 

 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 that 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; (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 but 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. 

  
 B-14 

 “BRRD” means Directive 2014/59/EU establishing a framework for the recovery
and resolution of credit institutions and investment firms, as amended, supplemented or replaced from time to time. 
 “Capital
Instruments Regulations” means any regulatory capital rules, regulations or standards which are applicable to the Issuer at any time (on a solo or consolidated basis and including any implementation thereof or supplement thereto by the PRA
from time to time) and which lay down the requirements to be fulfilled by financial instruments for inclusion in the Issuer’s regulatory capital (on a solo or consolidated basis) as may be required by (i) CRR and/or (ii) CRD,
including (for the avoidance of doubt) any delegated acts and implementing acts made by the European Commission (such as regulatory technical standards and implementing technical standards) and European Banking Authority guidelines all as amended
from time to time and as implemented in the UK. 
 “CRD” means Directive 2013/36/EU of the European Parliament and of the
Council of June 26, 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC as amended,
supplemented or replaced from time to time, and (where relevant) any applicable successor EU or UK legislation. 
 “CRR”
means regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No 648/2012, as amended, supplemented or
replaced from time to time, and (where relevant) any applicable successor EU or UK legislation. 
 “EU Capital Requirements
Legislative Package” means, taken together, (i) CRR, (ii) CRD and (iii) the Capital Instruments Regulations. 

“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, including, without limitation to the generality of the foregoing, any delegated or
implementing acts (such as implementing or regulatory technical standards) adopted by the European Commission and applicable to the Issuer from time to time (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). 

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

“Regulated Entity” means any BRRD Undertaking as such term is defined under the PRA Rulebook promulgated by the PRA, as
amended from time to time, which includes certain credit institutions, investment firms, and certain of their parent or holding companies or any comparable future definition intended to designate entities within the scope of the UK recovery and
resolution regime. 
 “Relevant Regulator” means the PRA or any successor entity or other entity primarily responsible for
the prudential supervision of the Issuer. 
 “Relevant Rules” means, at any time, the laws, regulations, requirements,
guidelines and policies relating to capital adequacy (including, without limitation, as to leverage) then in effect in the UK including, without limitation to the generality of the foregoing, as may be required by the EU Capital Requirements
Legislative Package or BRRD or any applicable successor legislation or any delegated or implementing acts (such as regulatory technical standards) adopted by the European Commission and applicable to the Issuer from time to time and any regulations,
requirements, guidelines and policies relating to capital adequacy adopted by the Relevant Regulator from time to time (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). 

  
 B-15 

 “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 Relevant Rules (including, without limitation, Article 29(3) of Commission Delegated Regulation (EU)
No. 241/2014) 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 Relevant Rules or 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 Power” means
any write-down, conversion, transfer, modification, or suspension power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the United Kingdom, relating to the transposition
of the BRRD or otherwise, including but not limited to the Banking Act and the instruments, rules and standards created thereunder, pursuant to which (i) any obligation of a Regulated Entity (or other affiliate of such Regulated Entity) can be
reduced, cancelled, modified, or converted into shares, other securities, or other obligations of such Regulated Entity or any other person (or suspended for a temporary period); and (ii) any right in a contract governing an obligation of a
Regulated Entity may be deemed to have been exercised. 
 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-16 

 
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. 

  
 B-17 

 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. 

  
 B-18 

 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-19 

 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

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

		  		  	
	  
	  	  
	  	  

  
 B-20EX-4.1

 Exhibit 4.1 

MOODY’S CORPORATION 

as Issuer 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
  

 
 THIRTEENTH
SUPPLEMENTAL INDENTURE 
 Dated as of August 18, 2020 

to 
 INDENTURE 

Dated as of August 19, 2010 
  

 
 2.550% Senior
Notes due 2060 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE 1.	  

	DEFINITIONS	 
	Section 1.1.	 	 Definition of Terms
	  	 	4	 
	
	ARTICLE 2.	  

	GENERAL TERMS AND CONDITIONS OF THE NOTES	  

	Section 2.1.	 	 Designation and Principal Amount
	  	 	7	 
	Section 2.2.	 	 Maturity
	  	 	7	 
	Section 2.3.	 	 Further Issues
	  	 	7	 
	Section 2.4.	 	 Form of Payment
	  	 	7	 
	Section 2.5.	 	 Global Securities and Denomination of Notes
	  	 	7	 
	Section 2.6.	 	 Interest
	  	 	7	 
	Section 2.7.	 	 Redemption
	  	 	7	 
	Section 2.8.	 	 Limitations on Liens
	  	 	8	 
	Section 2.9.	 	 Limitations on Sale and Leaseback Transactions
	  	 	9	 
	Section 2.10.	 	 Merger, Consolidation or Sale of Assets
	  	 	10	 
	Section 2.11.	 	 Events of Default
	  	 	10	 
	Section 2.12.	 	 Appointment of Agents
	  	 	10	 
	Section 2.13.	 	 Change of Control
	  	 	10	 
	Section 2.14.	 	 Defeasance Upon Deposit of Moneys or U.S. Government Obligations
	  	 	12	 
	
	ARTICLE 3.	  

	FORM OF NOTES	  

	Section 3.1.	 	 Form of Notes
	  	 	12	 
	
	ARTICLE 4.	  

	ORIGINAL ISSUE OF NOTES	 
	Section 4.1.	 	 Original Issue of Notes
	  	 	12	 
	
	ARTICLE 5.	  

	MISCELLANEOUS	 
	Section 5.1.	 	 Ratification of Indenture
	  	 	12	 
	Section 5.2.	 	 Trustee Not Responsible for Recitals
	  	 	12	 
	Section 5.3.	 	 Governing Law
	  	 	12	 
	Section 5.4.	 	 Separability
	  	 	12	 
	Section 5.5.	 	 Counterparts Originals
	  	 	13	 
	EXHIBIT A – Form of Notes	  	 	A-1	 

  

  
 ii 

 THIRTEENTH SUPPLEMENTAL INDENTURE, dated as of August 18, 2020 (this
“Supplemental Indenture”), between Moody’s Corporation, a corporation duly organized and existing under the laws of the State of Delaware, having its principal office at 7 World Trade Center at 250 Greenwich Street, New York, New York
10007 (the “Company”), and Wells Fargo Bank, National Association, a national banking association, organized and in good standing under the laws of the United States, as trustee (the “Trustee”). 

WHEREAS, the Company executed and delivered the indenture, dated as of August 19, 2010, to the Trustee (the “Base
Indenture,” and, as hereby supplemented, the “Indenture”), to provide for the issuance of the Company’s debt Securities to be issued in one or more series; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its notes
under the Base Indenture to be known as its “2.550% Senior Notes due 2060” (the “Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this
Supplemental Indenture; 
 WHEREAS, the Board of Directors, pursuant to resolutions duly adopted on July 28, 2020, has duly
authorized the issuance of the Notes, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 3.01 and
Section 14.01 of the Base Indenture; 
 WHEREAS, the Company has requested that the Trustee execute and
deliver this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of
the Company, in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this
Supplemental Indenture has been duly authorized in all respects; 

  
 3 

 NOW THEREFORE, in consideration of the premises and the purchase and acceptance of
the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the Trustee, as follows: 

ARTICLE 1. 

DEFINITIONS 

Section 1.1. Definition of Terms. Unless the context otherwise requires: 

(a)    each term defined in the Base Indenture has the same meaning when used in this Supplemental Indenture, unless
otherwise defined in this Supplemental Indenture; 
 (b)    the singular includes the plural and vice versa; 

(c)    headings are for convenience of reference only and do not affect interpretation; 

(d)    a reference to a Section or Article is to a Section or Article of this Supplemental Indenture unless otherwise
indicated; and 
 (e)    the following terms have the meanings given to them in this
Section 1.1(e): 
 (i)    “Attributable Debt” means an amount equal
to the lesser of (a) the fair market value of the property (as determined by the Board of Directors of the Company) or (b) the present value of the total net amount of payments to be made under the lease during its remaining term,
discounted at the interest rate set forth or implicit in the terms of the lease, compounded semi-annually. 

(ii)     “Base Indenture” shall have the meaning assigned to it in the recitals. 

(iii)    “Business Day” means any day, other than a Saturday or Sunday, that is not a day on
which banking institutions in The City of New York are authorized or required by law or executive order to close. 

(iv)    “Change of Control” means the occurrence of any one of the following: (1) the direct
or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a
whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its Subsidiaries; (2) the consummation of any transaction (including without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; (3) the Company consolidates with,
or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into
or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a

  
 4 

 
majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction; (4) the first day on which the majority of the members of the Board of Directors of
the Company cease to be Continuing Directors; or (5) the adoption of a plan relating to the liquidation or dissolution of the Company. 

(v)    “Change of Control Offer” shall have the meaning assigned to it in
Section 2.13. 
 (vi)   “Change of Control Payment Date” shall have the
meaning assigned to it in Section 2.13. 
 (vii)  “Change of Control Triggering
Event” means the notes cease to be rated Investment Grade by S&P or Fitch or, if S&P or Fitch and another “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the Exchange Act) shall
provide a rating of the notes, by S&P or Fitch and any such other rating organization, on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any Change of
Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as S&P, Fitch or such other rating
organization shall have publicly announced that it is considering a possible ratings change). Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control
unless and until such Change of Control has actually been consummated. 
 (viii)  “Consolidated Total
Assets” means the total assets of the Company and its consolidated subsidiaries, as set forth on the Company’s most recent consolidated balance sheet, as determined under GAAP. 

(ix)    “Continuing Director” means as of any date of determination, any member of the Board of
Directors of the Company who: (1) was a member of such Board of Directors on the date of the Indenture; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who
were members of such Board of Directors at the time of such nomination or election. 

(x)    “DTC” means The Depository Trust Company. 

(xi)   “Event of Default” shall have the meaning assigned to it in
Section 2.11. 
 (xii)  “Fitch” means Fitch Ratings, a part of the Fitch Group,
and its successors. 
 (xiii) “Indenture” shall have the meaning assigned to it in the recitals. 

(xiv) “Investment Grade” means a rating of BBB- or better by S&P or Fitch
(or its equivalent under any successor rating category of S&P or Fitch); and an equivalent rating of another “nationally recognized statistical rating organization” that shall provide a rating of the notes. 

  
 5 

 (xv)    “Lien” shall have the meaning assigned
to it in Section 2.8. 
 (xvi)    “Net Revenue” means with respect to
any Person for any period, the net revenue of such Person and its consolidated subsidiaries, determined on a consolidated basis in accordance with GAAP for such period. 

(xvii)    “Notes” shall have the meaning assigned to it in the recitals. 

(xviii)    “Permitted Liens” shall have the meaning assigned to it in
Section 2.8. 
 (xix)    “Person” means any individual, corporation,
partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or political subdivision thereof. 

(xx)    “Registrar” shall have the meaning assigned to it in the recitals. 

(xxi)    “Restricted Subsidiary” means any Subsidiary (a) the Total Assets of which exceed
10% of Consolidated Total Assets as of the end of the most recently completed fiscal year or (b) the Net Revenue of which exceeds 10% of the Net Revenue of the Company and its consolidated subsidiaries as of the end of the most recently
completed fiscal year. 
 (xxii)    “Sale/Leaseback Transaction” shall have the meaning
assigned to it in Section 2.9. 
 (xxiii)    “Subsidiary” means with
respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to
the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such
Person or (c) one or more Subsidiaries of such Person. 
 (xxiv)    “S&P” means
S&P Global Ratings and its successors. 
 (xxv)    “Total Assets” means at any date as to
any Person, the total assets of such Person and its consolidated subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 

(xxvi)    “Trigger Period” shall have the meaning assigned to it in
Section 1.1(e)(vi). 
 (xxvii)     “Trustee” shall have the meaning
assigned to it in the recitals. 

  
 6 

 (xxviii)    “Voting Stock” of any specified
Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

ARTICLE 2. 
 GENERAL
TERMS AND CONDITIONS OF THE NOTES 
 Section 2.1. Designation and Principal Amount. There is hereby authorized and
established a new series of Securities under the Base Indenture designated as the “2.550% Senior Notes due 2060,” which are not limited in aggregate principal amount. The initial aggregate principal amount of the Notes to be issued under
this Supplemental Indenture shall be $500,000,000. Any additional amounts of Notes to be issued shall be set forth in a Company Order. 

Section 2.2. Maturity. The stated maturity of principal for the Notes shall be August 18, 2060. 

Section 2.3. Further Issues. The Company may from time to time, without the consent of the Holders of Notes, issue additional
Notes, provided that if the additional Notes are not fungible, for U.S. federal income tax purposes, with the Notes, the additional Notes will have a separate CUSIP. Any such additional Notes shall have the same ranking, interest rate, maturity date
and other terms as the Notes. Any such additional Notes, together with the Notes herein provided for, shall constitute a single series of Securities under the Indenture. 

Section 2.4. Form of Payment. Principal of, premium, if any, and interest on the Notes shall be payable in U.S. dollars. 

Section 2.5. Global Securities and Denomination of Notes. Upon the original issuance, the Notes shall be represented by one or
more Global Securities. The Company shall issue the Notes in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof and shall deposit the Global Securities with the Trustee as custodian for DTC in New York, New York,
and register the Global Securities in the name of DTC or its nominee. 
 Section 2.6. Interest. 

(a)    The Notes shall bear interest (computed on the basis of a 360-day year
consisting of twelve 30-day months) from August 18, 2020 at the rate of 2.550% per annum payable semi-annually in arrears; interest payable on each Interest Payment Date shall include interest accrued
from August 18, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such interest shall be payable are February 18 and August 18, commencing on
February 18, 2021; and the record date for the interest payable on the Interest Payment Date is the date that is 15 calendar days immediately before the Interest Payment Date. 

Section 2.7. Redemption. The Notes are subject to redemption at the option of the Company as set forth in the form of Note
attached hereto as Exhibit A 

  
 7 

 Section 2.8. Limitations on Liens. 

(a)    The Company will not, and will not permit any Restricted Subsidiary to, create, assume, incur or guarantee any
Indebtedness secured by a mortgage, security interest, pledge, lien, charge or other encumbrance upon any of its or its Restricted Subsidiaries’ properties or assets (a “Lien”), whether owned on the date of issuance of the Notes or
thereafter acquired, unless the Notes are at least equally and ratably secured with such secured Indebtedness (together with, if the Company so determines, any other Indebtedness of or guaranty by the Company or such Restricted Subsidiary then
existing or thereafter created that is not subordinated to the Notes) for so long as such other Indebtedness is so secured (and any Lien created for the benefit of the holders of the Notes and any other debt securities of any series issued pursuant
to the Indenture and having the benefit of this Section 2.8 shall provide by its terms that such Lien will be automatically released and discharged upon the release and discharge of the Lien securing such other
Indebtedness); provided, however, that the above restrictions shall not apply to the following (the “Permitted Liens”): 

(i)    Liens on property or other assets of any Person existing at the time such Person becomes a
Restricted Subsidiary, provided that such Lien was not incurred in anticipation of such Person becoming a Restricted Subsidiary; 

(ii)    Liens on property or other assets existing at the time of acquisition by the Company or any
Restricted Subsidiary, provided that such Lien was not incurred in anticipation of such acquisition; 

(iii)    Liens on property or assets to secure any Indebtedness incurred prior to, at the time of, or
within 270 days after, the acquisition of such property or in the case of real property, the completion of construction, the completion of improvements or the beginning of substantial commercial operation of such real property for the purpose of
financing all or any part of the purchase price of such real property, the construction thereof or the making of improvements thereto; 

(iv)    Liens in the Company’s favor or in favor of a Restricted Subsidiary; 

(v)    Liens existing on the date of issuance of the Notes; 

(vi)    Liens on property or other assets of a Person existing at the time the Person is merged into or
consolidated with the Company or any Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of a Person as an entirety or substantially as an entirety to either the Company or any Restricted Subsidiary, provided
that such Lien was not incurred in anticipation of the merger or consolidation or sale, lease or other disposition; 

(vii)    Liens arising in connection with the financing of accounts receivable by the Company or any
Restricted Subsidiary; provided that the uncollected amount of account receivables subject at any time to any such financing shall not exceed $150,000,000; and 

  
 8 

 (viii)    extensions, renewals or replacements (or
successive extensions, renewals or replacements) in whole or in part of any Lien referred to in this Section 2.8 without increase of the principal of the Indebtedness (plus any premium or fee payable in connection with any
such extension, renewal or replacement) secured by the Lien; provided, however, that any Permitted Liens shall not extend to or cover any property of the Company or that of any Restricted Subsidiary, as the case may be, other than the
property specified in this Section 2.8 and improvements to this property. 

(b)    Notwithstanding the foregoing, the Company and any Restricted Subsidiary may create, assume, incur or guarantee
Indebtedness secured by a Lien without equally and ratably securing the Notes; provided, that at the time of such creation, assumption, incurrence or guarantee, after giving effect thereto and to the retirement of any Indebtedness that is
concurrently being retired, the sum of (i) the aggregate amount of all outstanding Indebtedness secured by Liens other than Permitted Liens, and (ii) the Attributable Debt of all the Company’s Sale/Leaseback Transactions permitted by
Section 2.9(c) does not at such time exceed 5% of Consolidated Total Assets. 
 Section 2.9. Limitations
on Sale and Leaseback Transactions. 
 (a)    The Company will not, and will not permit any Restricted Subsidiary to,
enter into any arrangement relating to property now owned or hereafter acquired whereby either the Company transfers, or any Restricted Subsidiary transfers, such property to a Person and either the Company or any Restricted Subsidiary leases it
back from such Person (a “Sale/Leaseback Transaction”), unless: 
 (i)    the Company or such
Restricted Subsidiary could, at the time of entering into such arrangement, incur Indebtedness secured by a Lien on the property involved in the transaction in an amount at least equal to the Attributable Debt with respect to such Sale/Leaseback
Transaction, without equally and ratably securing the Notes as described in Section 2.8; or 

(ii)    the net proceeds of the Sale/Leaseback Transaction are at least equal to such property’s fair
market value, as determined by the Company’s Board of Directors, and the proceeds are applied within 180 days of the effective date of the Sale/Leaseback Transaction to the repayment of senior indebtedness of the Company or any Restricted
Subsidiary. 
 (b)    The restrictions set forth in (a) above will not apply to a Sale/Leaseback Transaction:
(i) entered into prior to the date of issuance of the Notes; (ii) that exists at the time any Person that owns property or assets becomes a Restricted Subsidiary; (iii) between the Company and a Restricted Subsidiary or between
Restricted Subsidiaries; (iv) involving leases for a period of no longer than three years; or (v) in which the lease for the property or asset is entered into within 270 days after the date of acquisition, completion of construction or
commencement of full operations of such property or asset, whichever is latest. 

  
 9 

 (c)    Notwithstanding the restrictions contained above, the Company and
its Restricted Subsidiaries may enter into a Sale/Leaseback Transaction; provided that at the time of such transaction, after giving effect thereto, the aggregate amount of all Attributable Debt with respect to Sale/Leaseback Transactions existing
at such time that could not have been entered into pursuant to the restrictions in (a) above, together with the aggregate amount of all outstanding Indebtedness secured by Liens as permitted by Section 2.8(b), does not
at such time exceed 5% of Consolidated Total Assets. 
 Section 2.10. Merger, Consolidation or Sale of Assets.
Section 6.04 of the Base Indenture shall be revised in its entirety to read: 
 (a)    The
Company will be permitted to consolidate or merge with another entity or to sell all or substantially all of its assets to another entity, subject to the Company’s meeting all of the following conditions: (i) any successor or purchaser is
a corporation, limited liability company, partnership or trust organized under the laws of the United States of America, any State or the District of Columbia; (ii) immediately following the consolidation, merger, sale or conveyance, the
resulting, surviving or transferee entity (if other than the Company) would not be in default in the performance of any covenant in the Indenture; and (iii) the Company delivers a supplemental indenture by which the surviving entity (if other
than the Company) expressly assumes the Company’s obligations under the Indenture. 
 (b)    In the event that the
Company consolidates or merges with another entity or sells all or substantially all of its assets to another entity, the surviving entity (if other than the Company) will be substituted for the Company under the Indenture, and the Company will be
discharged from all of its obligations under the Indenture. 
 Section 2.11. Events of Default. 

(a)    The term “Event of Default” as used in this Supplemental Indenture with respect to the Notes shall include
the following described event in addition to those set forth in Section 7.01 of the Base Indenture: 

(i)    The Company or a Restricted Subsidiary fail to pay the principal of any Indebtedness when due at
maturity in an aggregate amount of $50 million or more, or a default occurs that results in the acceleration of the maturity of the Company’s or any of the Restricted Subsidiaries’ Indebtedness in an aggregate amount of
$50 million or more; 
 Section 2.12. Appointment of Agents. The Trustee shall initially be the Registrar and Paying Agent
for the Notes. 
 Section 2.13. Change of Control. 

(a)    Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem
the Notes as provided in Article Four of the Base Indenture, each Holder of Notes will have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described in this
Section 2.13 (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of Holders
of Notes on the relevant record date to receive interest due on the relevant Interest Payment Date. 

  
 10 

 (b)    Within 30 days following the date upon which the Change of
Control Triggering Event occurred, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company will be required to send, by first class mail, a notice to each Holder
of Notes, with a copy to the trustee, which notice will govern the terms of the Change of Control Offer. Such notice will state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such
notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on
the Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures
of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 

(c)    The Company will not be required to make a Change of Control Offer if a third party makes such an offer in the
manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

(d)    Holders will not be entitled to require the Company to purchase their Notes in the event of a takeover,
recapitalization, leveraged buyout or similar transaction that is not a Change of Control. In addition, Holders may not be entitled to require the Company to purchase their Notes in certain circumstances involving a significant change in the
composition of the Company’s Board of Directors, including in connection with a proxy contest where the Company’s Board of Directors does not approve a dissident slate of directors but approves them as required by clause (4) of
Section 1.1(e)(iv). 
 (e)    Notwithstanding this Section 2.13, a
transaction will not be deemed to involve a Change of Control under clause (2) of Section 1.1(e)(iv) if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii) (A)
the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or
(B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. 

(f)    The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of
Control provisions of the Indenture by virtue of such compliance. 

  
 11 

 Section 2.14. Defeasance Upon Deposit of Moneys or U.S. Government Obligations.
At the Company’s option, either (a) the Company shall be deemed to have been Discharged from its obligations with respect to the Notes on the first day after the applicable conditions set forth in Section 12.03 of
the Base Indenture have been satisfied or (b) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Section 10.02 of the Base Indenture and Sections 2.8,
2.9 and 2.10 of this Supplemental Indenture with respect to the Notes at any time after the applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied. 

ARTICLE 3. 
 FORM OF
NOTES 
 Section 3.1. Form of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed
thereon are to be substantially in the form set forth in Exhibit A hereto. 
 ARTICLE 4. 

ORIGINAL ISSUE OF NOTES 

Section 4.1. Original Issue of Notes. The Notes may, upon execution of this Supplemental Indenture, be executed by the Company and
delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver such Notes as in such Company Order provided. 

ARTICLE 5. 

MISCELLANEOUS 

Section 5.1. Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects
ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided; provided that the provisions of this Supplemental Indenture apply solely with respect to
the Notes. 
 Section 5.2. Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not
by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

Section 5.3. Governing Law. This Supplemental Indenture and each Note shall be deemed to be contracts made under the law of the
State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 
 Section 5.4.
Separability. In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 

  
 12 

 Section 5.5. Counterparts Originals. This Supplemental Indenture may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

This Supplemental Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual
on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National
Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case
to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party
hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or
otherwise verify the validity or authenticity thereof. 
 This Supplemental Indenture may be executed in any number of counterparts, each of
which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under
the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings. 
 [Signature Page
Follows] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the day and year first above written. 
  

			
	MOODY’S CORPORATION
		
	By:	 	 /s/ John J. Goggins

	Name:	 	John J. Goggins
	Title:	 	Executive Vice President and General Counsel
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Stefan Victory

	Name:	 	Stefan Victory
	Title:	 	Vice President

 [Signature Page to Thirteenth Supplemental Indenture] 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS
NOTE FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK,
NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH SUCCESSOR DEPOSITARY. 

 CUSIP No. 615369 AU9 

MOODY’S CORPORATION 

2.550% SENIOR NOTES DUE 2060 
  

			
	No. R-1	  	$500,000,000

  
  

Principal and Interest. Moody’s Corporation, a corporation duly organized and existing under the laws of the State of Delaware
(herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of five hundred
million dollars ($500,000,000) on August 18, 2060 and to pay interest thereon from August 18, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
February 18 and August 18 in each year, commencing February 18, 2021 at the rate of 2.550% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided
in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the date that is 15 calendar days before the
Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Notes not less than 10 days prior to such Special
Record Date, all as more fully provided in said Indenture. Payment of the principal of (and premium, if any) and any such interest on this Note shall be made at the Corporate Trust Office in U.S. Dollars. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Authentication. Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed as of the
date set forth below. 
   Dated: August 18, 2020 

 

			
	MOODY’S CORPORATION
		
	By:	 	              

	Name:	 	John J. Goggins
	Title:	 	Executive Vice President and General Counsel

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Dated: August 18, 2020 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
   as Trustee, certifies 

  that this is one of 

  the Securities referred 

  to in the Indenture. 
  

			
	By:	 	              

		 	    Authorized Signatory

  
 A-3 

 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of Securities of the Company (herein called the “Note” or
collectively, the “Notes”), issued and to be issued under an Indenture, dated as of August 19, 2010, as supplemented by an Thirteenth Supplemental Indenture dated August 18, 2020 (as so supplemented, herein called the
“Indenture”), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), 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 Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and
are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $500,000,000. 

Optional Redemption. The Notes are subject to redemption at the Company’s option, in whole or in part, at any time prior to
February 18, 2060, at a redemption price equal to the greater of (i) 100% of the principal amount to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date, and (ii) the sum, as determined by an
Independent Investment Banker, of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to, but excluding, the Redemption Date) that would be due if the Notes
matured on February 18, 2060 discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 25 basis points plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

Commencing on February 18, 2060, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a
redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

For purposes of determining the optional redemption price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed (assuming that the Notes matured on February 18, 2060) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

“Comparable Treasury Price” means with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of
all such Quotations or, if only one such Quotation is obtained, such Quotation. 

  
 A-4 

 “Independent Investment Banker” means an independent investment banking
institution of national standing appointed by the Company, which may be one of the Reference Treasury Dealers. 
 “Reference Treasury
Dealer” means (1) BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, and their respective successors, and (2) any other primary U.S. government securities dealer in New York City that the Company
selects (each, a “Reference Treasury Dealer”). 
 “Reference Treasury Dealer Quotation” means with respect to each
Reference Treasury Dealer and any Redemption Date for the Notes, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Notes (expressed in each case as a percentage of
its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means with respect to any Redemption Date, (1) the yield, under the heading which represents the average for
the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month), (2) if the period from the Redemption Date to the maturity date of the notes to be redeemed is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year will be used, or (3) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to
the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 
 Notice of any redemption shall be
mailed at least 15 days but not more than 60 days before the Redemption Date to each registered Holder of the Notes to be redeemed. If money sufficient to pay the redemption price of all of the Notes (or portions thereof) to be redeemed on the
Redemption Date is deposited with the Trustee or Paying Agent on or before the Redemption Date, and unless the Company defaults in payment of the redemption price, on and after the Redemption Date, interest shall cease to accrue on the Notes or
portions of the Notes called for redemption. If fewer than all of the Notes are to be redeemed, and such Notes are at the time represented by a Global Security, the Depositary shall select by lot the particular interests to be redeemed. If the
Company elects to redeem fewer than all of the Notes, and any of such Notes are not represented by a Global Security, then the Trustee shall select the particular Notes to be redeemed in a manner it deems appropriate and fair (and the Depositary
shall select by lot the particular interests in any Global Security to be redeemed). 

  
 A-5 

 The Company may at any time, and from time to time, purchase the Notes at any price or
prices in the open market or otherwise. 
 Defaults and Remedies. If an Event of Default with respect to Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of
any Note 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 Note. 

Restrictive Covenants. The Indenture does not limit the incurrence of additional debt by the Company or any of its Subsidiaries;
however, it does limit the creation of certain Liens and the entry into sale and leaseback transactions by the Company or any of its Restricted Subsidiaries. The limitations are subject to a number of important qualifications and exceptions. Once a
year, the Company must report to the Trustee on its compliance with these limitations. 
 Denominations, Transfer and Exchange. The
Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for a like aggregate principal amount of Notes of any different authorized denomination or denominations, as requested by the Holder surrendering the same. 

As provided in the Indenture and subject to certain limitations therein set forth, including Section 3.06 of the Base Indenture, the
transfer of this Note is registerable in the Register, upon surrender of this Note for registration of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company and the Registrar duly executed by the
Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of any different authorized denomination or denominations and for the same aggregate principal amount, shall be issued to the designated transferee or
transferees. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
 A-6 

 Persons Deemed Owners. Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment of principal of and premium, if any, and (subject to
Section 3.08 of the Base Indenture) interest, if any, on such Note and for all other purposes whatsoever, whether or not this Note be overdue, and neither the Company, the Trustee nor any agent shall of the Company or the Trustee shall be
affected by notice to the contrary. 
 Defined Terms. All terms used in this Note and not defined herein shall have the meanings
assigned to them in the Indenture. 

  
 A-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to the provisions hereof, check the box: ☐ 

If you want to elect to have only part of the Note purchased by the Company pursuant to the provisions hereof, state the amount you elect to
have 

			
	 purchased: $
                                         
                       
	 	
		
	 Date:
                                         
                                   
	 	

  

					
	                                      
                  	 	Your	  	
		 	Signature:	  	          

		 		  	(Sign exactly as your name appears on the face of this Note)
			
		 	Tax	  	
		 	Identification	  	
		 	No.:	  	
         

 

			
	 Signature
	 	
	 Guarantee*:
	 	              

  
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]