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 

 
  

NINTH SUPPLEMENTAL INDENTURE 

Dated as of September 12, 2018 
  

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

$2,500,000,000 4.292% Fixed/Floating Rate Senior Unsecured Notes due 2026 

$2,000,000,000 Floating Rate Senior Unsecured Notes due 2021 

$750,000,000 Floating Rate Senior Unsecured Notes due 2026 
  

 
  

 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
	  	 	9	 
		
	 SECTION 2.01. Terms Specific to the Fixed/Floating Rate Notes
	  	 	9	 
	 SECTION 2.02. Terms Specific to the 2021 Floating Rate Notes
	  	 	10	 
	 SECTION 2.03. Terms Specific to the 2026 Floating Rate Notes
	  	 	10	 
	 SECTION 2.04. Terms Specific to each Series of Notes
	  	 	11	 
		
	 ARTICLE 3 INTEREST CALCULATION IN RESPECT OF THE FIXED/FLOATING RATE
NOTES
	  	 	12	 
		
	 SECTION 3.01. Interest Rate on the Fixed/Floating Rate Notes
	  	 	12	 
	 SECTION 3.02. Calculation Agent
	  	 	13	 
		
	 ARTICLE 4 INTEREST CALCULATION IN RESPECT OF THE FLOATING RATE
NOTES
	  	 	16	 
		
	 SECTION 4.01. Interest Rate
	  	 	16	 
	 SECTION 4.02. Calculation Agent
	  	 	16	 
		
	 ARTICLE 5 AMENDMENTS TO THE BASE INDENTURE APPLICABLE TO THE NOTES
ONLY
	  	 	19	 
		
	 SECTION 5.01. Redemption of Debt Securities
	  	 	19	 
	 SECTION 5.02. Events of Default and Defaults
	  	 	19	 
		
	 ARTICLE 6 MISCELLANEOUS
	  	 	21	 
		
	 SECTION 6.01. Effect of this Supplemental Indenture; Ratification and Integral Part
	  	 	21	 
	 SECTION 6.02. Priority
	  	 	22	 
	 SECTION 6.03. Successors and Assigns
	  	 	22	 
	 SECTION 6.04. Subsequent Holders’ Agreement
	  	 	22	 
	 SECTION 6.05. Compliance
	  	 	22	 
	 SECTION 6.06. Relation to Calculation Agent Agreement
	  	 	22	 
	 SECTION 6.07. Governing Law
	  	 	22	 
	 SECTION 6.08. Counterparts
	  	 	22	 
	 SECTION 6.09. Entire Agreement
	  	 	22	 

 EXHIBIT A – Form of 4.292% Fixed/Floating Rate Global Security 

EXHIBIT B – Form of 2021 Floating Rate Global Security 

EXHIBIT C – Form of 2026 Floating Rate Global Security 

  
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 NINTH SUPPLEMENTAL INDENTURE, dated as of September 12, 2018 (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 three series of Debt Securities under the Base Indenture (as supplemented and amended by this
Supplemental Indenture), the $2,500,000,000 4.292% Fixed Rate/Floating Rate Senior Unsecured Notes due 2026 (such series of Debt Securities, the “Fixed/Floating Rate Notes”), the $2,000,000,000 Floating Rate Senior Unsecured Notes
due 2021 (such series of Debt Securities, the “2021 Floating Rate Notes”) and the $750,000,000 Floating Rate Senior Unsecured Notes due 2026 (such series of Debt Securities, the “ 2026 Floating Rate Notes,” and
“Notes” shall mean any of the Fixed/Floating Rate Notes, the 2021 Floating Rate Notes or the 2026 Floating Rate Notes, as applicable), each such series to be issued pursuant to this Supplemental Indenture; 

WHEREAS, all conditions and requirements necessary to make this Supplemental Indenture a valid and binding instrument in accordance
with the terms of the Base Indenture have been performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized; 

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

 ARTICLE 1 

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

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

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

  
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 (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”; and 

(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; 
 SECTION 1.02. Supplemental
Definitions. The following definitions shall apply to the Notes only: 
 (a) “2021 Floating Rate
Notes” has the meaning set forth in the recitals to this Supplemental Indenture; 
 (b) “2021 FRN Initial
Interest Rate” has the meaning set forth in clause (a) of Section 4.01 of this Supplemental Indenture; 

(c) “2021 FRN Interest Determination Date” means the second London Banking Day preceding the applicable 2021
FRN Interest Reset Date; 
 (d) “2021 FRN Interest Payment Date” has the meaning set forth in clause
(d) of Section 2.02 of this Supplemental Indenture; 
 (e) “2021 FRN Interest Period” means the
period beginning on (and including) a 2021 FRN Interest Payment Date and ending on (but excluding) the next succeeding 2021 FRN Interest Payment Date; provided that the first 2021 FRN Interest Period shall begin on September 12, 2018 and
shall end on (but exclude) the first 2021 FRN Interest Payment Date; 
 (f) “2021 FRN Interest Reset Date”
means March 12, June 12, September 12 and December 12 of each year, beginning on December 12, 2018; provided that the interest rate in effect from (and including), September 12, 2018 to (but excluding) the first
2021 FRN Interest Reset Date shall be the 2021 FRN Initial Interest Rate; 
 (g) “2021 FRN Margin” has the
meaning set forth in clause (a) of Section 4.01 of this Supplemental Indenture; 
 (h) “2021 FRN
Maturity” has the meaning set forth in clause (c) of Section 2.02 of this Supplemental Indenture; 
 (i)
“2026 Floating Rate Notes” has the meaning set forth in the recitals to this Supplemental Indenture; 
 (j)
“2026 FRN Initial Interest Rate” has the meaning set forth in clause (b) of Section 4.01 of this Supplemental Indenture; 

(k) “2026 FRN Interest Determination Date” means the second London Banking Day preceding the applicable 2026
FRN Interest Reset Date; 
 (l) “2026 FRN Interest Payment Date” has the meaning set forth in clause
(d) of Section 2.03 of this Supplemental Indenture; 

  
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 (m) “2026 FRN Interest Period” means the period beginning
on (and including) a 2026 FRN Interest Payment Date and ending on (but excluding) the next succeeding 2026 FRN Interest Payment Date; provided that the first 2026 FRN Interest Period shall begin on September 12, 2018 and shall end on
(but exclude) the first 2026 FRN Interest Payment Date; 
 (n) “2026 FRN Interest Reset Date” means
March 12, June 12, September 12 and December 12 of each year, beginning on December 12, 2018; provided that the interest rate in effect from (and including), September 12, 2018 to (but excluding) the first 2026
FRN Interest Reset Date shall be the 2026 FRN Initial Interest Rate; 
 (o) “2026 FRN Margin” has the
meaning set forth in clause (b) of Section 4.01 of this Supplemental Indenture; 
 (p) “2026 FRN
Maturity” has the meaning set forth in clause (c) of Section 2.03 of this Supplemental Indenture; 
 (q)
“Agent” has the meaning set forth in the introduction to this Supplemental Indenture; 
 (r)
“Alternative Base Rate” means the rate that has replaced LIBOR in customary market usage for determining floating interest rates in respect of bonds denominated in Dollars or, if the Independent Financial Adviser or the Company (in
consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines that there is no such rate, such other rate as the Independent Financial Adviser or the Company (in consultation with
the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines in its or the Company’s sole discretion is most comparable to LIBOR. If the Alternative Base Rate is determined, such Alternative
Base Rate shall be the Alternative Base Rate for the remaining Interest Periods; 
 (s) “Alternative Screen
Page” means the alternative screen page, information service or source on which the Alternative Base Rate appears (or such other page, information service or source as may replace the alternative screen page, information service or source,
in each case, as may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates); 

(t) “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; 
 (u) Calculation
Agent” means HSBC Bank USA, National Association, or its successor appointed by the Company pursuant to the Calculation Agent Agreement; 

(v) “Calculation Agent Agreement” means the calculation agent agreement dated as of September 12, 2018
between the Company and the Calculation Agent; 
 (w) “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) the CRR and/or (ii) the 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; 

  
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 (x) “Company” has the meaning set forth in the introduction
to this Supplemental Indenture; 
 (y) “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, as amended, 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; 

(z) “CRD IV” means, taken together, (i) the CRR, (ii) the CRD and (iii) the Capital Instruments
Regulations; 
 (aa) “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; 
 (bb) “FATCA” means (i) sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986,
as amended or any associated regulations or other official guidance; (ii) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any
other jurisdiction, which (in either case) facilitates the implementation of clause (i); or (iii) any agreement pursuant to the implementation of clauses (i) or (ii) with the U.S. Internal Revenue Service, the U.S. government or any
governmental or taxation authority in any other jurisdiction; 
 (cc) “Fixed/Floating Initial Interest Rate”
has the meaning set forth in clause (d) of Section 2.01 of this Supplemental Indenture; 
 (dd)
“Fixed/Floating Rate Notes” has the meaning set forth in the recitals to this Supplemental Indenture; 

(ee) “Fixed/Floating Rate Notes Maturity” has the meaning set forth in clause (c) of Section 2.01 of
this Supplemental Indenture; 
 (ff) “Fixed Rate Period” means the period from (and including)
September 12, 2018 to (but excluding) September 12, 2025; 
 (gg) “Fixed Rate Period Interest Payment
Date” has the meaning set forth in clause (d) of Section 2.01 of this Supplemental Indenture; 
 (hh)
“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 shall begin on September 12, 2025 and shall end on (but exclude) the first Floating Rate Period Interest Payment Date; 

  
 6 

 (ii) “Floating Rate Notes” means either the 2021 Floating
Rate Notes or the 2026 Floating Rate Notes, as applicable; 
 (jj) “Floating Rate Period” means the period
from (and including) September 12, 2025 to (but excluding) the Fixed/Floating Rate Notes Maturity; 
 (kk) “Floating
Rate Period Calculation Changes” has the meaning set forth in clause (b) of Section 3.02 of this Supplemental Indenture; 

(ll) “Floating Rate Period Interest Determination Cut-off Date” has
the meaning set forth in clause (a) of Section 3.02 of this Supplemental Indenture; 
 (mm) “Floating Rate
Period Interest Determination Date” means the second London Banking Day preceding the applicable Floating Rate Period Interest Reset Date; 

(nn) “Floating Rate Period Interest Payment Date” has the meaning set forth in clause (d) of
Section 2.01 of this Supplemental Indenture ; 
 (oo) “Floating Rate Period Interest Reset Date” means
September 12, 2025, December 12, 2025, March 12, 2026 and June 12, 2026; 
 (pp) “Floating Rate
Period Margin” has the meaning set forth in clause (b) of Section 3.01 of this Supplemental Indenture; 

(qq) “FRN Calculation Changes” has the meaning set forth in clause (b) of Section 4.02 of this
Supplemental Indenture; 
 (rr) “FRN Initial Interest Rate” means either the 2021 FRN Initial Interest Rate
or the 2026 FRN Initial Interest Rate, as applicable; 
 (ss) “FRN Interest Determination Cut-off Date” has the meaning set forth in clause (a) of Section 4.02 of this Supplemental Indenture; 

(tt) “FRN Interest Determination Date” means either a 2021 FRN Interest Determination Date or a 2026 FRN
Interest Determination Date, as applicable; 
 (uu) “FRN Interest Payment Date” means either a 2021 FRN
Interest Payment Date or a 2026 FRN Interest Payment Date, as applicable; 
 (vv) “FRN Interest Period”
means either a 2021 FRN Interest Period or a 2026 FRN Interest Period, as applicable; 
 (ww) “FRN Interest Reset
Date” means either a 2021 FRN Interest Reset Date or a 2026 FRN Interest Reset Date, as applicable; 
 (xx)
“FRN Margin” means either the 2021 FRN Margin or the 2026 FRN Margin, as applicable; 
 (yy) “FRN
Maturity” means either the 2021 FRN Maturity or the 2026 FRN Maturity, as applicable; 

  
 7 

 (zz) “Independent Financial Adviser” means an independent
financial institution of international repute or other independent financial adviser experienced in the international capital markets, in each case appointed by the Company at the Company’s own expense; 

(aaa) “Issue Date” has the meaning set forth in clause (a) of Section 2.04 of this Supplemental
Indenture; 
 (bbb) “HSBC Group” means the Company together with its subsidiary undertakings; 

(ccc) “LIBOR” means the three-month Dollar London interbank offered rate; 

(ddd) “London Banking Day” means any day on which dealings in Dollars are transacted in the London interbank
market; 
 (eee) “London Reference Banks” has the meaning set forth in clause (a)(ii) of Section 3.02
of this Supplemental Indenture; 
 (fff) “Loss Absorption Disqualification Event” has the meaning set forth
in Section 5.02 of this Supplemental Indenture; 
 (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) “New York Reference Banks” has the meaning set forth in clause (a)(ii) of Section 3.02 of this
Supplemental Indenture; 
 (iii) “Notes” has the meaning set forth in the recitals to this Supplemental
Indenture; 
 (jjj) “PRA” means the UK Prudential Regulation Authority or any successor entity; 

(kkk) “Reference Banks” has the meaning set forth in clause (a)(ii) of Section 3.02 of this Supplemental
Indenture; 
 (lll) “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; 
 (mmm) “Relevant Regulator” means the PRA or any
successor entity or other entity primarily responsible for the prudential supervision of the Company; 

  
 8 

 (nnn) “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 CRD IV 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); 
 (ooo) “Relevant
Screen Page” has the meaning set forth in clause (a)(i) of Section 3.02 of this Supplemental Indenture; 

(ppp) “Relevant Supervisory Consent” means as (and to the extent) required, a consent or waiver to the
relevant redemption or purchase from the Relevant Regulator. For the avoidance of doubt, Relevant Supervisory Consent shall not be required if either (i) none of the Notes qualify as part of the Company’s regulatory capital, or own funds
and eligible liability 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 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 any authority with the ability to exercise a UK Bail-in Power pursuant to the Relevant Rules or the Loss
Absorption Regulations within the limits prescribed in such permission; 
 (qqq) “Trustee” has the meaning
set forth in the introduction to this Supplemental Indenture; and 
 (rrr) “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. 

ARTICLE 2 
 THE NOTES

 SECTION 2.01. Terms Specific to the Fixed/Floating Rate Notes. 

The following terms relating to the Fixed/Floating Rate Notes are hereby established: 

(a) the title of the Fixed/Floating Rate Notes shall be “4.292% Fixed Rate/Floating Rate Senior Unsecured Notes due
2026”; 

  
 9 

 (b) the aggregate principal amount of the Fixed/Floating Rate Notes that may
be authenticated and delivered under the Indenture shall not initially exceed $2,500,000,000 (except as otherwise provided in the Indenture); 

(c) the principal on the Fixed/Floating Rate Notes shall be payable on September 12, 2026 (the “Fixed/Floating
Rate Notes Maturity”); 
 (d) during the Fixed Rate Period, interest on the Fixed/Floating Rate Notes shall be
payable (i) semi-annually at a rate of 4.292% per annum (the “Fixed/Floating Initial Interest Rate”); and (ii) in arrear on March 12 and September 12 of each year, beginning on March 12, 2019 (each, a
“Fixed Rate Period Interest Payment Date”). During the Floating Rate Period, interest on the Fixed/Floating Rate Notes shall be payable (i) quarterly at a rate per annum determined in accordance with Article Three of this
Supplemental Indenture; and (ii) in arrear on December 12, 2025, March 12, 2026, June 12, 2026 and September 12, 2026 (each, a “Floating Rate Period Interest Payment Date”); and 

(e) the Regular Record Dates for the Fixed/Floating Rate Notes shall be the
15th calendar day preceding each Floating Rate Period Interest Payment Date, whether or not a Business Day. 

SECTION 2.02. Terms Specific to the 2021 Floating Rate Notes. 

The following terms relating to the 2021 Floating Rate Notes are hereby established: 

(a) the title of the 2021 Floating Rate Notes shall be “Floating Rate Senior Unsecured Notes due 2021”; 

(b) the aggregate principal amount of the 2021 Floating Rate 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); 
 (c) the principal on the 2021
Floating Rate Notes shall be payable on September 11, 2021 (the “2021 Floating Rate Notes Maturity”); 

(d) interest on the 2021 Floating Rate Notes shall be payable quarterly at a rate per annum determined in accordance with
Article Three of this Supplemental Indenture. Interest on the 2021 Floating Rate Notes shall be payable in arrear on March 12, June 12, September 12 and December 12, beginning on December 12, 2018 (each, a “2021 FRN
Interest Payment Date”); and 
 (e) the Regular Record Dates for the 2021 Floating Rate Notes shall be the 15th calendar day preceding each 2021 FRN Interest Payment Date, whether or not a Business Day. Notwithstanding Section 3.10 of the Base Indenture, interest on the 2021 Floating Rate Notes shall be
calculated on the basis of the actual number of days in each 2021 FRN Interest Period, assuming a 360-day year. 

SECTION 2.03. Terms Specific to the 2026 Floating Rate Notes. 

The following terms relating to the 2026 Floating Rate Notes are hereby established: 

(a) the title of the 2026 Floating Rate Notes shall be “Floating Rate Senior Unsecured Notes due 2026”; 

  
 10 

 (b) the aggregate principal amount of the 2026 Floating Rate Notes that may
be authenticated and delivered under the Indenture shall not initially exceed $750,000,000 (except as otherwise provided in the Indenture); 

(c) the principal on the 2026 Floating Rate Notes shall be payable on September 12, 2026 (the “2026 Floating Rate
Notes Maturity”); 
 (d) interest on the 2026 Floating Rate Notes shall be payable quarterly at a rate per annum
determined in accordance with Article Three of this Supplemental Indenture. Interest on the 2026 Floating Rate Notes shall be payable in arrear on March 12, June 12, September 12 and December 12, beginning on December 12, 2018
(each, a “2026 FRN Interest Payment Date”); and 
 (e) the Regular Record Dates for the 2026 Floating Rate
Notes shall be the 15th calendar day preceding each 2026 FRN Interest Payment Date, whether or not a Business Day. Notwithstanding Section 3.10 of the Base Indenture, interest on the 2026
Floating Rate Notes shall be calculated on the basis of the actual number of days in each 2026 FRN Interest Period, assuming a 360-day year. 

SECTION 2.04. Terms Specific to each Series of Notes 

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

(a) the Notes shall be issued on September 12, 2018 (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 5.01 of this Supplemental Indenture. 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 Fixed/Floating Rate Notes Maturity or the FRN Maturity, as applicable, 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 Dollars; 

(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 (k) above, shall be Dollars; 

  
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 (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 forms of Notes shall be evidenced by one or more global securities in registered form substantially in the form of
Exhibit A, Exhibit B and Exhibit C, as applicable, to this Supplemental Indenture; 
 (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; and 

(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. 
 ARTICLE 3 

INTEREST CALCULATION IN RESPECT OF THE FIXED/FLOATING RATE NOTES 

SECTION 3.01. Interest Rate on the Fixed/Floating Rate Notes. 

(a) Fixed Rate Period 

(i) Interest on the Fixed/Floating Rate Notes during the Fixed Rate Period shall 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 shall be postponed to the next day that is a Business Day, but interest on that payment shall not accrue during the period from and after the scheduled Fixed Rate Period Interest Payment Date. 

(b) Floating Rate Period 

(i) During the Floating Rate Period, the interest rate on the Fixed/Floating Rate Notes shall be equal to LIBOR, as determined
by the Calculation Agent on the applicable Floating Rate Period Interest Determination Date, plus 1.34771% per annum (the “Floating Rate Period Margin”). 

(ii) During the Floating Rate Period, the interest rate on the Fixed/Floating Rate Notes shall be reset quarterly on each
Floating Rate Period Interest Reset Date. 

  
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 (iii) Notwithstanding Section 3.10 of the Base Indenture, interest
during the Floating Rate Period shall be calculated on the basis of the actual number of days in each Floating Rate Interest Period, assuming a 360-day year. 

(iv) Notwithstanding Section 1.13 of the Base Indenture, if any scheduled Floating Rate Period Interest Reset Date or
Floating Rate Period Interest Payment Date (other than the Fixed/Floating Rate Notes Maturity) is not a Business Day, such Floating Rate Period Interest Reset Date or Floating Rate Period Interest Payment Date shall 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 Reset Date or Floating Rate Period Interest Payment Date shall be the immediately preceding Business Day. If
any such Floating Rate Period Interest Payment Date (other than the Fixed/Floating Rate Notes Maturity) 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 shall include interest accrued to but excluding such postponed or brought forward Floating Rate Period Interest Payment Date. If the scheduled Fixed/Floating Rate Notes Maturity or date of redemption or repayment of the
Fixed/Floating Rate Notes is not a Business Day, the Company may pay interest and principal on the next succeeding Business Day, but interest on that payment shall not accrue during the period from and after the scheduled Fixed/Floating Rate Notes
Maturity or date of redemption or repayment of the Fixed/Floating Rate Notes. 
 (v) The interest rate on the Fixed/Floating
Rate Notes during the applicable Floating Rate Interest Period shall in no event be higher than the maximum rate permitted by law or lower than 0% per annum. 

SECTION 3.02. Calculation Agent. 

(a) LIBOR shall be determined by the Calculation Agent in accordance with the following provisions: 

(i) With respect to any Floating Rate Period Interest Determination Date, LIBOR shall be the rate (expressed as a percentage
per annum) for deposits in Dollars having a maturity of three months commencing on the related Floating Rate Period Interest Reset Date that appears on Reuters Page “LIBOR01” (or such other page as may replace such page on Reuters or such
other information service or source, in each case, as may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates) (the “Relevant Screen Page”) as of
11:00 a.m., London time, on that Floating Rate Period Interest Determination Date. If no such rate appears, then LIBOR, in respect of that Floating Rate Period Interest Determination Date, shall be determined in accordance with the provisions
described in (ii) and (iii) below; and 
 (ii) With respect to a Floating Rate Period Interest Determination Date on
which no rate appears on the Relevant Screen Page, subject to the provisions described in (iii) below, the Calculation Agent shall request the principal London offices of each of four major reference banks in the London interbank market (which
may include affiliates of the underwriters), as selected and identified by the Company (the “London Reference Banks”), to provide its offered quotation (expressed as a percentage per annum) for deposits in Dollars for the period of
three months, commencing on the related Floating Rate Period Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Floating Rate Period Interest

  
 13 

 
Determination Date, and in a principal amount that is representative for a single transaction in Dollars in that market at that time. If at least two quotations are provided, then LIBOR on that
Floating Rate Period Interest Determination Date shall be the arithmetic mean of those quotations. If fewer than two quotations are provided, then LIBOR on the Floating Rate Period Interest Determination Date shall be the arithmetic mean of the
rates quoted at approximately 11:00 a.m., in the City of New York, on the Floating Rate Period Interest Determination Date by three major banks in the City of New York (which may include affiliates of the underwriters), as selected and identified by
the Company (the “New York Reference Banks” and, together with the London Reference Banks, the “Reference Banks”), for loans in Dollars to leading European banks, for a period of three months, commencing on the
related Floating Rate Period Interest Reset Date, and in a principal amount that is representative for a single transaction in Dollars in that market at that time. If at least two such rates are so provided, LIBOR on the Floating Rate Period
Interest Determination Date shall be the arithmetic mean of such rates. If fewer than two such rates are so provided, LIBOR on the Floating Rate Period Interest Determination Date shall be LIBOR in effect with respect to the immediately preceding
Floating Rate Period Interest Determination Date or, in the case of the Floating Rate Period Interest Determination Date prior to the first Floating Rate Period Interest Reset Date, the Fixed/Floating Initial Interest Rate. 

(iii) Notwithstanding clause (ii) above, with respect to a Floating Rate Period Interest Determination Date on which no
rate appears on the Relevant Screen Page, if the Company (in consultation with the Calculation Agent) determines that LIBOR has ceased to be published on the Relevant Screen Page as a result of LIBOR ceasing to be calculated or administered for
publication thereon, the Company shall use reasonable efforts to appoint an Independent Financial Adviser to determine the Alternative Base Rate and the Alternative Screen Page by no later than five Business Days prior to the Floating Rate Period
Interest Determination Date relating to the next succeeding Floating Rate Interest Period (the “Floating Rate Period Interest Determination Cut-off Date”). If the Company is unable to appoint
an Independent Financial Adviser, or if the Independent Financial Adviser fails to determine the Alternative Base Rate and the Alternative Screen Page prior to the Floating Rate Period Interest Determination
Cut-off Date, the Company shall determine the Alternative Base Rate and the Alternative Screen Page for such Floating Rate Interest Period; provided that if the Company does not determine the
Alternative Base Rate and the Alternative Screen Page prior to the Floating Rate Period Interest Determination Date for such Floating Rate Interest Period, the interest rate for such Floating Rate Interest Period shall be equal to the interest rate
in effect for the immediately preceding Floating Rate Interest Period or, in the case of the first Floating Rate Interest Period, the Fixed/Floating Initial Interest Rate. 

(b) If the Independent Financial Adviser or the Company determines the Alternative Base Rate, the Independent Financial Adviser
or the Company, as applicable, may also, following consultation with the Calculation Agent, make changes to the day count fraction, the business day convention, the definition of Business Day, the remaining Floating Rate Period Interest
Determination Dates and any method for obtaining the substitute or successor base rate if the Alternative Base Rate or the Alternative Screen Page is unavailable on the relevant Floating Rate Period Interest Determination Date or otherwise, in each
case in order to follow market practice, as well as any other changes (including to the Floating Rate Period Margin) that the Company, following consultation with the Independent Financial Adviser (if appointed), determines in good faith are
reasonably necessary to ensure the proper operation of the Alternative Base Rate, as well as the comparability of the interest rate 

  
 14 

 
determined by reference to the Alternative Base Rate to the interest rate determined by reference to LIBOR (the “Floating Rate Period Calculation Changes”). Any Floating Rate
Period Calculation Changes shall apply to the Fixed/Floating Rate Notes for all future Floating Rate Interest Periods. 
 (c)
The Company shall promptly give notice of the determination of the Alternative Base Rate, the Alternative Screen Page and any Floating Rate Period Calculation Changes to the Trustee, the Paying Agent, the Calculation Agent and the noteholders;
provided that failure to provide such notice shall have no impact on the effectiveness of, or otherwise invalidate, any such determination. 

(d) All percentages resulting from any calculation of any interest rate on the Fixed/Floating Rate 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, and all Dollars amounts shall be rounded to the nearest cent, with one-half cent being rounded upward. 
 (e) All determinations and any calculations made by
the Calculation Agent for the purposes of calculating the applicable interest on the Fixed/Floating Rate Notes shall be conclusive and binding on the Holders, the Company, the Trustee and the Paying Agent, absent manifest error. The Calculation
Agent shall not be responsible to the Company, the Holders or any third party for any failure of the Reference Banks to provide quotations as requested of them or as a result of the Calculation Agent having acted on any quotation or other
information given by any Reference Bank which subsequently may be found to be incorrect or inaccurate in any way. 
 (f) By
its acquisition of the Fixed/Floating Rate Notes, each Holder (which, for these purposes, includes each beneficial owner) (i) acknowledges, accepts, consents and agrees to be bound by the Independent Financial Adviser’s or the
Company’s determination of the Alternative Base Rate, the Alternative Screen Page and any Floating Rate Period Calculation 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 for, agrees not to initiate a suit against the Trustee, the Paying Agent and the
Calculation Agent in respect of, and agrees that none of the Trustee, the Paying Agent or the Calculation Agent shall be liable for, the determination of or the failure to determine any Alternative Base Rate, any Alternative Screen Page and any
Floating Rate Period Calculation Changes and any losses suffered in connection therewith and (iii) agrees that none of the Trustee, the Paying Agent or the Calculation Agent shall have any obligation to determine any Alternative Base Rate, any
Alternative Screen Page and any Floating Rate Period Calculation Changes (including any adjustments thereto), including in the event of any failure by the Company to determine any Alternative Base Rate, any Alternative Screen Page and any Floating
Rate Period Calculation Changes. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture and/or amendment to the Indenture or the Fixed/Floating Rate Notes necessary to effectuate any Alternative
Base Rate, any Alternative Screen Page or any Floating Rate Period Calculation Changes. 

  
 15 

 ARTICLE 4 

INTEREST CALCULATION IN RESPECT OF THE FLOATING RATE NOTES 

SECTION 4.01. Interest Rate. 

(a) The initial interest rate on the 2021 Floating Rate Notes for the first 2021 FRN Interest Period shall be equal to LIBOR,
as determined on September 10, 2018, plus 0.650% per annum (such initial interest rate, the “2021 FRN Initial Interest Rate”). Thereafter, the interest on the 2021 Floating Rate Notes for any 2021 FRN Interest Period shall be LIBOR,
as determined by the Calculation Agent on the applicable 2021 FRN Interest Determination Date, plus 0.650% per annum (the “2021 FRN Margin”); 

(b) The initial interest rate on the 2026 Floating Rate Notes for the first 2026 FRN Interest Period shall be equal to LIBOR,
as determined on September 10, 2018, plus 1.380% per annum (such initial interest rate, the “2026 FRN Initial Interest Rate”). Thereafter, the interest on the 2026 Floating Rate Notes for any 2026 FRN Interest Period shall be LIBOR,
as determined by the Calculation Agent on the applicable 2026 FRN Interest Determination Date, plus 1.380% per annum (the “2026 FRN Margin”); 

(c) The interest on the 2021 Floating Rate Notes and the 2026 Floating Rate Notes shall be reset quarterly on each 2021 FRN
Interest Reset Date and each 2026 FRN Interest Rest Date, respectively. 
 (d) Notwithstanding Section 1.13 of the Base
Indenture, if any scheduled FRN Interest Reset Date or FRN Interest Payment Date (other than the FRN Maturity) is not a Business Day, such FRN Interest Reset Date and FRN Interest Payment Date shall 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 FRN Interest Reset Date and FRN Interest Payment Date shall be the immediately preceding Business Day. If any such FRN Interest Payment Date (other than
the FRN Maturity) is postponed or brought forward as described above, the payment of interest due on such postponed or brought forward FRN Interest Payment Date shall include interest accrued to but excluding such postponed or brought forward FRN
Interest Payment Date. If the scheduled FRN Maturity, 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 shall not
accrue during the period from and after the scheduled FRN Maturity, or date of redemption or repayment of the Floating Rate Notes. 

(e) The interest rate on the Floating Rate Notes during the applicable FRN Interest Period shall in no event be higher than the
maximum rate permitted by law or lower than 0% per annum. 
 SECTION 4.02. Calculation Agent. 

(a) LIBOR shall be determined by the Calculation Agent in accordance with the following provisions: 

(i) With respect to any FRN Interest Determination Date, LIBOR shall be the rate (expressed as a percentage per annum) for
deposits in Dollars having a maturity of three months commencing on the related FRN Interest Reset Date that appears on the Relevant Screen Page as of 11:00 a.m., London time, on that FRN Interest Determination Date. If no such rate appears, then
LIBOR, in respect of that FRN Interest Determination Date, shall be determined in accordance with the provisions described in (ii) and (iii) below; and 

  
 16 

 (ii) With respect to a FRN Interest Determination Date on which no rate
appears on the Relevant Screen Page, subject to the provisions described in (iii) below, the Calculation Agent shall request the principal London offices of the London Reference Banks, to provide its offered quotation (expressed as a percentage
per annum) for deposits in Dollars for the period of three months, commencing on the related FRN Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that FRN Interest Determination Date,
and in a principal amount that is representative for a single transaction in Dollars in that market at that time. If at least two quotations are provided, then LIBOR on that FRN Interest Determination Date shall be the arithmetic mean of those
quotations. If fewer than two quotations are provided, then LIBOR on the FRN Interest Determination Date shall be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in the City of New York, on the FRN Interest Determination Date by
the New York Reference Banks, for loans in Dollars to leading European banks, for a period of three months, commencing on the related FRN Interest Reset Date, and in a principal amount that is representative for a single transaction in Dollars in
that market at that time. If at least two such rates are so provided, LIBOR on the FRN Interest Determination Date shall be the arithmetic mean of such rates. If fewer than two such rates are so provided, LIBOR on the FRN Interest Determination Date
shall be LIBOR in effect with respect to the immediately preceding FRN Interest Determination Date or, in the case of the FRN Interest Determination Date prior to the first FRN Interest Reset Date, the FRN Initial Interest Rate. 

(iii) Notwithstanding clause (ii) above, with respect to a FRN Interest Determination Date on which no rate appears on the
Relevant Screen Page, if the Company (in consultation with the Calculation Agent) determines that LIBOR has ceased to be published on the Relevant Screen Page as a result of LIBOR ceasing to be calculated or administered for publication thereon, the
Company shall use reasonable efforts to appoint an Independent Financial Adviser to determine the Alternative Base Rate and the Alternative Screen Page by no later than five Business Days prior to the FRN Interest Determination Date relating to the
next succeeding FRN Interest Period (the “FRN Interest Determination Cut-off Date”). If the Company is unable to appoint an Independent Financial Adviser, or if the Independent Financial
Adviser fails to determine the Alternative Base Rate and the Alternative Screen Page prior to the FRN Interest Determination Cut-off Date, the Company shall determine the Alternative Base Rate and the
Alternative Screen Page for such FRN Interest Period; provided that if the Company does not determine the Alternative Base Rate and the Alternative Screen Page prior to the FRN Interest Determination Date for such FRN Interest Period, the
interest rate for such FRN Interest Period shall be equal to the interest rate in effect for the immediately preceding FRN Interest Period or, in the case of the first FRN Interest Period, the FRN Initial Interest Rate. 

(b) If the Independent Financial Adviser or the Company determines the Alternative Base Rate, the Independent Financial Adviser
or the Company, as applicable, may also, following consultation with the Calculation Agent, make changes to the day count fraction, the business day convention, the definition of Business Day, the remaining FRN Interest Determination Dates and any
method for obtaining the substitute or successor base rate if the Alternative Base Rate or the Alternative Screen Page is unavailable on the relevant FRN Interest Determination Date or otherwise, in each case in order to follow market practice, as
well as any other changes (including to the Floating Rate Notes Margin) that the Company, following consultation with the Independent Financial Adviser (if appointed), determines in good faith are reasonably necessary to ensure the proper operation
of the Alternative Base 

  
 17 

 
Rate, as well as the comparability of the interest rate determined by reference to the Alternative Base Rate to the interest rate determined by reference to LIBOR (the “FRN Calculation
Changes”). Any FRN Calculation Changes shall apply to the Floating Rate Notes for all future FRN Interest Periods. 

(c) The Company shall promptly give notice of the determination of the Alternative Base Rate, the Alternative Screen Page and
any FRN Calculation Changes to the Trustee, the Paying Agent, the Calculation Agent and the noteholders; provided that failure to provide such notice shall have no impact on the effectiveness of, or otherwise invalidate, any such
determination. 
 (d) All percentages resulting from any calculation of any interest rate on the Floating Rate 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, and all Dollars amounts shall be rounded to the nearest cent,
with one-half cent being rounded upward. 
 (e) All determinations and any
calculations made by the Calculation Agent for the purposes of calculating the applicable interest on the Floating Rate Notes shall be conclusive and binding on the Holders, the Company, the Trustee and the Paying Agent, absent manifest error. The
Calculation Agent shall not be responsible to the Company, the Holders or any third party for any failure of the Reference Banks to provide quotations as requested of them or as a result of the Calculation Agent having acted on any quotation or
other information given by any Reference Bank which subsequently may be found to be incorrect or inaccurate in any way. 

(f) By its acquisition of the Floating Rate Notes, each Holder (which, for these purposes, includes each beneficial
owner) (i) acknowledges, accepts, consents and agrees to be bound by the Independent Financial Adviser’s or the Company’s determination of the Alternative Base Rate, the Alternative Screen Page and any FRN Calculation 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 for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent in respect of, and agrees that none of the Trustee, the Paying Agent or the Calculation Agent shall be liable for, the
determination of or the failure to determine any Alternative Base Rate, any Alternative Screen Page and any FRN Calculation Changes and any losses suffered in connection therewith and (iii) agrees that none of the Trustee, the Paying Agent or
the Calculation Agent shall have any obligation to determine any Alternative Base Rate, any Alternative Screen Page and any FRN Calculation Changes (including any adjustments thereto), including in the event of any failure by the Company to
determine any Alternative Base Rate, any Alternative Screen Page and any FRN Calculation Changes. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture and/or amendment to the Indenture or the
Notes necessary to effectuate any Alternative Base Rate, any Alternative Screen Page or any FRN Calculation Changes. 

  
 18 

 ARTICLE 5 

AMENDMENTS TO THE BASE INDENTURE 

APPLICABLE TO THE NOTES ONLY 

SECTION 5.01. 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 the Fixed/Floating Rate Notes in whole (but not in part) in its sole discretion on September 12, 2025 (the “Fixed/Floating Rate Notes 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 Fixed/Floating Rate Notes Optional Redemption Date. The Company may redeem the 2021 Floating Rate Notes in whole (but not in part) in its
sole discretion on September 11, 2020 (the “2021 FRN 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 2021 FRN
Optional Redemption Date. The Company may redeem the 2026 Floating Rate Notes in whole (but not in part) in its sole discretion on September 12, 2025 (the “2026 FRN 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 2026 FRN Optional Redemption Date. 

SECTION 5.02. 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. 
 (i) Prior to a Loss Absorption Disqualification Event. On the Issue Date, and for so long as no Loss
Absorption Disqualification Event has occurred, an “Event of Default” with respect to the Notes means any one of the following events: 

(A) 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; 

(B) 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; 
 (C) failure to pay
principal or premium, if any, on the Notes at maturity, and such default continues for a period of 30 days; or 
 (D) failure
to pay any interest on the Notes when due and payable, which failure continues for 30 days. 
 (ii) After a Loss
Absorption Disqualification Event. On and after the date a Loss Absorption Disqualification Event has occurred, an “Event of Default” with respect to the Notes means any one of the following events: 

(A) 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 

(B) 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. 

  
 19 

 On and after the date a Loss Absorption Disqualification Event has occurred,
a “Default” with respect to the Notes means any one of the following events: 
 (A) failure to pay principal or
premium, if any, on the Notes at maturity, and such default continues for a period of 30 days; or 
 (B) failure to pay any
interest on the Notes 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 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. 
 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: 
 (A)
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 

(B) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given
as to such validity or applicability at any time during the said grace period of 30 days by independent legal advisers acceptable to the Trustee; 

provided, however, that the Trustee may, by notice to the Company, require the Company to take such action (including but not
limited to proceedings for a declaration by a court of competent jurisdiction) as the Trustee may be advised in an opinion of counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to
resolve such doubt, in which case the Company shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such resolution determines that the relevant payment
can be made without violating any applicable law, regulation or order then the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of the relevant grace period of 30 days after the Trustee
gives written notice to the Company informing the Company of such resolution. 
 (iii) Loss Absorption Disqualification
Event. A “Loss Absorption Disqualification Event” shall be deemed to have occurred if clause (C) or (D) of the definition of Event of Default (as such term is defined in clause (i) of this Section 5.01) has caused
or is likely to cause the Notes to be fully or partially ineligible to meet the Company’s minimum requirements for (x) eligible liabilities and/or (y) loss absorbing capacity instruments, in each case pursuant to the relevant Loss
Absorption Regulations, as a result of any: 
 (A) Loss Absorption Regulation becoming effective on or after the Issue Date;
or 
 (B) amendment to, or change in, any Loss Absorption Regulation, or any change in the application or official
interpretation of any Loss Absorption Regulation, in any such case becoming effective on or after the Issue Date. 

  
 20 

 As soon as practicable after the occurrence of a Loss Absorption
Disqualification Event (but no later than 30 days after the occurrence thereof), the Company shall: 
 (A) give notice
thereof to the Trustee and the Paying Agent directly and to the Holders via DTC (or, if the Notes are held in definitive form, to the Holders at their addresses shown on the register for the Notes) specifying (x) that a Loss Absorption
Disqualification Event has occurred, (y) the date of the occurrence of the Loss Absorption Disqualification Event and (z) the Events of Default and Defaults specified in clause (ii) of this Section 5.01 are substituted in full
for the Events of Default specified in clause (i) of this Section 5.01 and shall be the applicable Events of Default and Defaults under the Indenture and the Notes. The date on which the notice is dispatched by the Company to DTC (or, if
the Notes are held in definitive form, to the Trustee) shall be the date on which such notice is deemed to have been given; and 

(B) deliver to the Trustee an Officer’s Certificate stating that a Loss Absorption Disqualification Event has occurred.
For these purposes, the Trustee and the Agent shall accept and are entitled to conclusively rely upon such Officer’s Certificate without further enquiry as sufficient evidence of the existence of such circumstances and such Officer’s
Certificate shall be conclusive and binding on the Holders without the need for any further consent on their part. 
 (iv)
Agreements with Respect to the Variation of Events of Default and Defaults. 
 By its acquisition of the Notes, each
Holder (which, for these purposes, includes each beneficial owner) acknowledges, accepts, consents and agrees to be bound by the variation of the Events of Default and Defaults on the occurrence of a Loss Absorption Disqualification Event (including
as may occur without any prior notice from the Company), without the need for the Company to obtain any further consent from such Holder. 

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, will waive any and all claims, in law and/or in equity, against the Trustee for, agree not to initiate a suit against the Trustee in respect of, and agree that the Trustee will not be liable for, any action that
the Trustee takes, or abstains from taking, in either case in connection with the variation of the Events of Default and Defaults on the occurrence of a Loss Absorption Disqualification Event. 

ARTICLE 6 

MISCELLANEOUS 
 SECTION 6.01.
Effect of this Supplemental Indenture; Ratification and Integral Part. This Supplemental Indenture shall become effective upon its execution and delivery. 

Except as hereby amended, the Base Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions thereof
(including any prior amendments thereto) shall be, and remain in, full force and effect, including, without limitation, Section 4.06 of the first supplemental indenture dated March 8, 2016 (amending the Base Indenture to add
Section 15) and Section 4.01 of the second supplemental indenture dated May 25, 2016 (amending Section 6.07 of the Base Indenture). This Supplemental Indenture shall be deemed an integral part of the Base Indenture in the manner
and to the extent herein and therein provided. 

  
 21 

 SECTION 6.02. 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 6.03. 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 6.04. 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, 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 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 Notes related to the UK Bail-in Power, LIBOR and the variation of the Events of Default and Defaults on the
occurrence of a Loss Absorption Disqualification Event. 
 SECTION 6.05. 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 6.06. 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 6.07. 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 6.08.
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 6.09. 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. 

  
 22 

 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:	 	
                     
                        

	Name: Eddy Okhuijsen
	Title:   Group Corporate Treasurer
	
	THE BANK OF NEW YORK MELLON, LONDON BRANCH, as Trustee
		
	By:	 	
                     
                    

	Name:
	Title:
	
	HSBC BANK USA, NATIONAL ASSOCIATION, as Paying Agent, Registrar and Calculation Agent
		
	By:	 	
                     
    

	Name:
	Title:

 [Signature Page to the Ninth Supplemental Indenture] 

 EXHIBIT A 

FORM OF 4.292% FIXED RATE/FLOATING RATE GLOBAL SECURITY 

No. [•] 
  

					
		  		  	 CUSIP No.: 404280 BX6

		  		  	 ISIN: US404280BX62

 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 (A) 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: (I) THE REDUCTION OF ALL, OR A PORTION, OF THE AMOUNTS DUE (AS DEFINED ON THE REVERSE OF THIS GLOBAL SECURITY); (II) 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; (III) THE CANCELLATION OF THE DEBT SECURITIES; AND/OR (IV) 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 (B) 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. 
 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 VARIATION OF THE EVENTS OF DEFAULT AND
DEFAULTS ON THE OCCURRENCE OF A LOSS ABSORPTION DISQUALIFICATION EVENT (INCLUDING AS MAY OCCUR WITHOUT ANY PRIOR NOTICE FROM THE ISSUER), WITHOUT THE NEED FOR THE ISSUER TO OBTAIN ANY FURTHER CONSENT FROM SUCH HOLDER. 

  
 A-1 

 GLOBAL SECURITY 

HSBC Holdings plc 
 US$[•]

 4.292% 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 US$[•] (the “Debt Securities”). 

The Issuer, for value received, hereby promises to pay CEDE & CO., or registered assigns on September 12, 2026 or on such
earlier date as this Global Security may be redeemed (“Maturity”), the principal amount hereof and to pay interest on the said principal amount until Maturity: 

(1) from September 12, 2018 (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) September 12, 2025, semi-annually in arrear on March 12 and September 12 of each year, beginning on March 12, 2019 (each, a “Fixed Rate Period Interest Payment
Date”), at a rate of 4.292% per annum (the “Initial Interest Rate”); and 
 (2) from (and including) September 12, 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) Maturity, quarterly in arrear on December 12, 2025, March 12, 2026, June 12, 2026 and
September 12, 2026 (each, a “Floating Rate Period Interest Payment Date”), at a floating rate equal to the three-month Dollar London interbank offered rate (“LIBOR”), as determined by the Calculation Agent on the applicable
Floating Rate Period Interest Determination Date, plus 1.34771% per annum. The interest rate during the Floating Rate Period on this Global Security shall be reset quarterly on each Floating Rate Period Interest Reset Date. 

“Fixed Rate Period” means the period from (and including) September 12, 2018, to (but excluding) September 12, 2025. 

“Floating Rate Period” means the period from (and including) September 12, 2025 to (but excluding) Maturity. 

LIBOR shall be determined by the Calculation Agent in accordance with the Indenture and the following provisions: 

(1) With respect to any Floating Rate Period Interest Determination Date, LIBOR shall be the rate (expressed as a percentage per annum) for
deposits in Dollars having a maturity of three months commencing on the related Floating Rate Period Interest Reset Date that appears on Reuters Page “LIBOR01” (or such other page as may replace such page on Reuters or such other
information service or source, in each case, as may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates) (the “Relevant Screen Page”) as of 11:00 a.m.,
London time, on that Floating Rate Period Interest Determination Date. If no such rate appears, then LIBOR, in respect of that Floating Rate Period Interest Determination Date, shall be determined in accordance with the provisions described in
(2) and (3) below. 

  
 A-2 

 (2) With respect to a Floating Rate Period Interest Determination Date on which no rate
appears on the Relevant Screen Page, subject to the provisions described in (3) below, the Calculation Agent shall request the principal London offices of each of four major reference banks in the London interbank market (which may include
affiliates of the underwriters), as selected and identified by the Issuer (the “London Reference Banks”), to provide its offered quotation (expressed as a percentage per annum) for deposits in Dollars for the period of three months,
commencing on the related Floating Rate Period Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Floating Rate Period Interest Determination Date, and in a principal amount that is
representative for a single transaction in Dollars in that market at that time. If at least two quotations are provided, then LIBOR on that Floating Rate Period Interest Determination Date shall be the arithmetic mean of those quotations. If fewer
than two quotations are provided, then LIBOR on the Floating Rate Period Interest Determination Date shall be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in the City of New York, on the Floating Rate Period Interest
Determination Date by three major banks in the City of New York (which may include affiliates of the underwriters), as selected and identified by the Issuer (together with the London Reference Banks, the “Reference Banks”), for loans in
Dollars to leading European banks, for a period of three months, commencing on the related Floating Rate Period Interest Reset Date, and in a principal amount that is representative for a single transaction in Dollars in that market at that time. If
at least two such rates are so provided, LIBOR on the Floating Rate Period Interest Determination Date shall be the arithmetic mean of such rates. If fewer than two such rates are so provided, LIBOR on the Floating Rate Period Interest Determination
Date shall be LIBOR in effect with respect to the immediately preceding Floating Rate Period Interest Determination Date or, in the case of the Floating Rate Period Interest Determination Date prior to the first Floating Rate Period Interest Reset
Date, the Initial Interest Rate. 
 (3) Notwithstanding clause (2) above, with respect to a Floating Rate Period Interest Determination
Date on which no rate appears on the Relevant Screen Page, if the Issuer (in consultation with the Calculation Agent) determines that LIBOR has ceased to be published on the Relevant Screen Page as a result of LIBOR ceasing to be calculated or
administered for publication thereon, the Issuer shall use reasonable efforts to appoint an Independent Financial Adviser to determine the Alternative Base Rate and the Alternative Screen Page by no later than five Business Days prior to the
Floating Rate Period Interest Determination Date relating to the next succeeding Floating Rate Period (the “Floating Rate Period Interest Determination Cut-off Date”). If the Issuer is unable to
appoint an Independent Financial Adviser, or if the Independent Financial Adviser fails to determine the Alternative Base Rate and the Alternative Screen Page prior to the Floating Rate Period Interest Determination
Cut-off Date, the Issuer shall determine the Alternative Base Rate and the Alternative Screen Page for such Floating Rate Period; provided that if the Issuer does not determine the Alternative Base Rate
and the Alternative Screen Page prior to the Floating Rate Period Interest Determination Date for such Floating Rate Period, the interest rate for such Floating Rate Period shall be equal to the interest rate in effect for the immediately preceding
Floating Rate Period or, in the case of the first Floating Rate Period, the Initial Interest Rate. 
 If the Independent Financial Adviser
or the Issuer determines the Alternative Base Rate, the Independent Financial Adviser or the Issuer, as applicable, may also, following consultation with the Calculation Agent, make changes to the day count fraction, the business day convention, the
definition of Business Day, the remaining Floating Rate Period Interest Determination Dates and any method for obtaining the substitute or successor base rate if the Alternative Base Rate or the Alternative Screen Page is unavailable on the relevant
Floating Rate Period Interest Determination Date or otherwise, in each case in order to follow market practice, as well as any other changes (including to the Floating Rate Period Margin) that the Issuer, following consultation with the Independent
Financial Adviser (if appointed), determines in good faith are reasonably necessary to ensure the proper operation of the Alternative Base Rate, as well as the comparability of the interest rate determined by reference to the Alternative Base Rate
to the interest rate determined by reference to LIBOR (the “Floating Rate Period Calculation Changes”). Any Floating Rate Period Calculation Changes shall apply for all future Floating Rate Interest Periods. 

  
 A-3 

 The Issuer shall promptly give notice of the determination of the Alternative Base Rate, the
Alternative Screen Page and any Floating Rate Period Calculation Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders; provided that failure to provide such notice shall have no impact on the effectiveness of, or
otherwise invalidate, any such determination. 
 All percentages resulting from any calculation of 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 Dollar amounts shall be rounded to the nearest cent, with one-half cent being rounded upward. 

All determinations and any calculations made by the Calculation Agent for the purposes of calculating the applicable interest on this Global
Security shall be conclusive and binding on the Holders, the Issuer, the Trustee and the Paying Agent, absent manifest error. The Calculation Agent shall not be responsible to the Issuer, the Holders or any third party for any failure of the
Reference Banks to provide quotations as requested of them or as a result of the Calculation Agent having acted on any quotation or other information given by any Reference Bank which subsequently may be found to be incorrect or inaccurate in any
way. 
 Each Holder of the Debt Securities (which, for these purposes, includes each beneficial owner of the Debt Securities) (i)
acknowledges, accepts, consents and agrees to be bound by the Independent Financial Adviser’s or the Issuer’s determination of the Alternative Base Rate, the Alternative Screen Page and any Floating Rate Period Calculation 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 for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent in respect of, and agrees that none of the Trustee, the Paying Agent or the Calculation Agent shall be liable for, the
determination of or the failure to determine any Alternative Base Rate, any Alternative Screen Page, and any Floating Rate Period Calculation Changes and any losses suffered in connection therewith and (iii) agrees that none of the Trustee, the
Paying Agent or the Calculation Agent shall have any obligation to determine any Alternative Base Rate, any Alternative Screen Page and any Floating Rate Period Calculation Changes (including any adjustments thereto), including in the event of any
failure by the Issuer to determine any Alternative Base Rate, any Alternative Screen Page and any Floating Rate Period Calculation Changes. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture
and/or amendment to the Indenture or the Debt Securities necessary to effectuate any Alternative Base Rate, any Alternative Screen Page or any Floating Rate Period Calculation Changes. 

“Alternative Base Rate” means the rate that has replaced LIBOR in customary market usage for determining floating interest rates in
respect of bonds denominated in Dollars or, if the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines that there is no
such rate, such other rate as the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines in its or the Issuer’s sole
discretion is most comparable to LIBOR. If the Alternative Base Rate is determined, such Alternative Base Rate shall be the Alternative Base Rate for the remaining Floating Rate Interest Periods. 

  
 A-4 

 “Alternative Screen Page” means the alternative screen page, information service
or source on which the Alternative Base Rate appears (or such other page, information service or source as may replace the alternative screen page, information service or source, in each case, as may be nominated by the person providing or
sponsoring the information appearing on such page for purposes of displaying comparable rates). 
 “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 shall begin on September 12, 2025 and shall end on (but exclude) the first Floating Rate Period Interest Payment Date. 

“Floating Rate Period Interest Determination Date” means the second London Banking Day preceding the applicable Floating Rate Period
Interest Reset Date. 
 “Floating Rate Period Interest Reset Date” means September 12, 2025, December 12, 2025,
March 12, 2026 and June 12, 2026. 
 “Independent Financial Adviser” means an independent financial institution of
international repute or other independent financial adviser experienced in the international capital markets, in each case appointed by the Issuer at the Issuer’s own expense. 

“Interest Payment Date” means either a Fixed Rate Period Interest Payment Date or a Floating Rate Period Interest Payment Date, as
applicable. 
 “London Banking Day” means any day on which dealings in Dollars are transacted in the London interbank market. 

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 (1) or (2) below: 
  

	 	(1)	 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.

  
 A-5 

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

 All payments made under or with
respect to this Global Security shall be paid by the Issuer, without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied,
collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such deduction or
withholding shall at any time be required by the law of the Taxing Jurisdiction, the Issuer shall pay such additional amounts in respect of any payments of principal or interest 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 principal or 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 principal or 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 principal or the interest,
or a portion of either, 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 principal or 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. 

  
 A-6 

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

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

  
 A-7 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed under its
corporate seal. 
  

			
	By:	 	  

	[•]	 	
	
	HSBC Holdings plc, as Issuer

 Dated: September 12, 2018 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
		 		 	By:	 	  

		 		 	[•]	 	
	Dated: September 12, 2018	 		 		 	
			
		 		 	The Bank of New York Mellon, London Branch, as Trustee

  
 A-8 

 REVERSE OF GLOBAL SECURITY 

US$[•] 
 4.292% 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 Ninth
Supplemental Indenture dated as of September 12, 2018 (the “Ninth 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 30 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: 
 (a) 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 

(b) 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 (a) 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 30 nor more than 60 days’ notice, on September 12, 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 Maturity pursuant to the Indenture if the Issuer has obtained any Relevant Supervisory Consent. 

  
 A-9 

 On the Issue Date, and for so long as no Loss Absorption Disqualification Event has
occurred, an “Event of Default” with respect to the Notes means any one of the following events: (A) 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; (B) 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; (C) 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 (D) failure to pay any interest on the Debt Securities when due and payable, which failure continues for 30 days. 
 On and
after the date a Loss Absorption Disqualification Event has occurred, an “Event of Default” with respect to the Debt Securities means any one of the following events: (A) 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 (B) 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. 

On and after the date a Loss Absorption Disqualification Event has occurred, a “Default” with respect to the Debt Securities means
any one of the following events: (A) 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 (B) 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: (A) 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 (B) 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. 
 A “Loss Absorption Disqualification Event” shall be deemed to have occurred if clause
(C) or (D) of the definition of Event of Default (as such term is defined on the Issue Date) has caused or is likely to cause the Debt Securities to be fully or partially ineligible to meet the Issuer’s minimum requirements for
(x) eligible liabilities and/or (y) loss absorbing capacity instruments, in each case pursuant to the relevant Loss Absorption Regulations, as a result of any: (1) Loss Absorption Regulation becoming effective on or after the Issue
Date; or (2) amendment to, or change in, any Loss Absorption Regulation, or any change in the application or official interpretation of any Loss Absorption Regulation, in any such case becoming effective on or after the Issue Date. 

  
 A-10 

 “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). 

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 variation of the Events of Default and Defaults on the occurrence of a Loss Absorption Disqualification Event (including as may occur without any
prior notice from the Issuer), without the need for the Issuer to obtain any further consent from such Holder. 
 If an Event of Default
with respect to the Debt Securities of this series shall occur and be continuing, the principal of all of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture and this Global
Security. The Indenture provides that in certain circumstances such declaration and its consequences may be rescinded and annulled by the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series. If a
Default with respect to Debt Securities of this series occurs and is continuing, the Trustee may pursue certain remedies as set forth in the Indenture. The Holders of not less than a majority in aggregate principal amount of the Outstanding Debt
Securities of this series may on behalf of all the Holders waive any past Event of Default or any Default under the Indenture or the Debt Securities and its consequences except a default (i) in the payment of principal of (or premium, if any,
on) or any installment of interest on any of the Debt Securities or (ii) in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the Holder of this Debt Security, and any such consent
or waiver shall bind every future Holder of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Debt Security or such other Debt Securities. 
 The Indenture contains provisions permitting the Issuer and the Trustee (i) without the
consent of the Holders of any Debt Securities issued under the Indenture to execute one or more supplemental indentures for certain enumerated purposes, such as to cure any ambiguity or to secure the Debt Securities, and (ii) with the consent
of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series of Debt Securities affected thereby, to execute supplemental indentures for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of Holders under the Indenture; provided that, with respect to certain enumerated provisions, no such supplemental indenture
may be entered into without the consent of the Holder of each Outstanding Debt Security affected thereby. The Indenture also permits the Holders of at least a majority in aggregate principal amount of the Outstanding Debt Securities of each series
to be affected, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Issuer with certain restrictive provisions of the Indenture. Any such consent or waiver by the Holder of this Global Security shall bind every
future Holder of this Global Security and of any Global Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Global Security or such
other Global Securities. 

  
 A-11 

 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 (a) 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: (i) the
reduction of all, or a portion, of the Amounts Due; (ii) 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; (iii) the cancellation of the Debt
Securities; and/or (iv) 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 (b) 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 shall 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. 
 “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. 
 “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. 
 “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. 

  
 A-12 

 “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 United Kingdom including, without limitation to the generality of the foregoing, as may be required by CRD IV 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). 
 “Relevant Supervisory Consent” means as (and to
the extent) required, a consent or waiver to the relevant redemption or purchase from the Relevant Regulator. For the avoidance of doubt, Relevant Supervisory Consent shall 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 liability 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 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 any authority with the ability to exercise a UK Bail-in Power 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. 
 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 (x) in accordance with the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities or (y) in
connection with the variation of the Events of Default and Defaults on the occurrence of a Loss Absorption Disqualification Event; 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 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-

  
 A-13 

 
down of the principal of the Debt Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Debt Securities following such completion to the
extent that the Issuer and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Indenture; provided, however that notwithstanding the exercise of the UK Bail-in
Power by the Relevant UK Resolution Authority, there shall at all times be a Trustee hereunder pursuant to, and in accordance with Section 6.09 of the Base Indenture, and the resignation and/or removal of the Trustee and the appointment of a
successor trustee shall continue to be governed by Sections 6.10 and 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 Sections 9.01 and 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 and 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-14 

 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, LIBOR AND THE VARIATION OF THE EVENTS OF
DEFAULT AND DEFAULTS ON THE OCCURRENCE OF A LOSS ABSORPTION DISQUALIFICATION EVENT. 
 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-15 

 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-16 

 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-17 

 EXHIBIT B 

FORM OF 2021 FLOATING RATE GLOBAL SECURITY 

No. [•] 
 CUSIP No.: 404280 BV0 

ISIN: US404280BV07 
 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 (A) 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: (I) THE REDUCTION OF ALL, OR A
PORTION, OF THE AMOUNTS DUE (AS DEFINED ON THE REVERSE OF THIS GLOBAL SECURITY); (II) 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; (III) THE
CANCELLATION OF THE DEBT SECURITIES; AND/OR (IV) 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 (B) 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. 
 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 VARIATION OF THE EVENTS OF DEFAULT AND DEFAULTS ON THE OCCURRENCE OF A LOSS ABSORPTION DISQUALIFICATION EVENT (INCLUDING AS MAY OCCUR WITHOUT
ANY PRIOR NOTICE FROM THE ISSUER), WITHOUT THE NEED FOR THE ISSUER TO OBTAIN ANY FURTHER CONSENT FROM SUCH HOLDER. 

  
 B-1 

 GLOBAL SECURITY 

HSBC Holdings plc 
 US$[•]

 FLOATING RATE SENIOR UNSECURED NOTES DUE 2021 

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 US$[•] (the “Debt Securities”). 

The Issuer, for value received, hereby promises to pay CEDE & CO., or registered assigns on September 11, 2021 or on such earlier
date as this Global Security may be redeemed (“Maturity”), the principal amount hereof and will pay interest on the said principal amount from September 12, 2018 (the “Issue Date”) or the most recent Interest Payment Date on
which interest has been paid or duly provided for until Maturity. 
 Interest on this Global Security shall be payable quarterly in arrear
on March 12, June 12, September 12 and December 12, (each such date, an “Interest Payment Date”), beginning on December 12, 2018. The initial interest rate on this Global Security shall be equal to the three-month
Dollar London interbank offered rate (“LIBOR”), as determined on September 10, 2018, plus 0.650% per annum (such initial interest rate, the “Initial Interest Rate”). Thereafter, the interest rate on this Global Security for any
Interest Period shall accrue at a rate per annum equal to LIBOR, as determined by the Calculation Agent on the applicable Interest Determination Date, plus 0.650%. The interest rate on this Global Security shall be reset quarterly on each Interest
Reset Date. 
 LIBOR shall be determined by the Calculation Agent in accordance with the Indenture and the following provisions: 

(1) With respect to any Interest Determination Date, LIBOR shall be the rate (expressed as a percentage per annum) for deposits in Dollars
having a maturity of three months commencing on the related Interest Reset Date that appears on Reuters Page “LIBOR01” (or such other page as may replace such page on Reuters or such other information service or source, in each case, as
may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates) (the “Relevant Screen Page”) as of 11:00 a.m., London time, on that Interest Determination Date. If
no such rate appears, then LIBOR, in respect of that Interest Determination Date, shall be determined in accordance with the provisions described in (2) and (3) below. 

(2) With respect to an Interest Determination Date on which no rate appears on the Relevant Screen Page, subject to the provisions described in
(3) below, the Calculation Agent shall request the principal London offices of each of four major reference banks in the London interbank market (which may include affiliates of the underwriters), as selected and identified by the Issuer (the
“London Reference Banks”), to provide its offered quotation (expressed as a percentage per annum) for deposits in Dollars for the period of three months, commencing on the related Interest Reset Date, to prime banks in the London interbank
market at approximately 11:00 a.m., London time, on that Interest Determination Date, and in a principal amount that is representative for a single transaction in Dollars in that market at that time. If at least two quotations are provided, then
LIBOR on that Interest Determination Date shall be the arithmetic mean of those quotations. If fewer than two quotations are provided, then LIBOR on the Interest Determination Date shall be the arithmetic mean of the rates quoted at approximately
11:00 a.m., in the City of New York, on the Interest Determination Date by three major banks in the City of New 

  
 B-2 

 
York (which may include affiliates of the underwriters), as selected and identified by the Issuer (together with the London Reference Banks, the “Reference Banks”), for loans in Dollars
to leading European banks, for a period of three months, commencing on the related Interest Reset Date, and in a principal amount that is representative for a single transaction in Dollars in that market at that time. If at least two such rates are
so provided, LIBOR on the Interest Determination Date shall be the arithmetic mean of such rates. If fewer than two such rates are so provided, LIBOR on the Interest Determination Date shall be LIBOR in effect with respect to the immediately
preceding Interest Determination Date or, in the case of the Interest Determination Date prior to the first Interest Reset Date, the Initial Interest Rate. 

(3) Notwithstanding clause (2) above, with respect to an Interest Determination Date on which no rate appears on the Relevant Screen Page,
if the Issuer (in consultation with the Calculation Agent) determines that LIBOR has ceased to be published on the Relevant Screen Page as a result of LIBOR ceasing to be calculated or administered for publication thereon, the Issuer shall use
reasonable efforts to appoint an Independent Financial Adviser to determine the Alternative Base Rate and the Alternative Screen Page by no later than five Business Days prior to the Interest Determination Date relating to the next succeeding
Interest Period (the “Interest Determination Cut-off Date”). If the Issuer is unable to appoint an Independent Financial Adviser, or if the Independent Financial Adviser fails to determine the
Alternative Base Rate and the Alternative Screen Page prior to the Interest Determination Cut-off Date, the Issuer shall determine the Alternative Base Rate and the Alternative Screen Page for such Interest
Period; provided that if the Issuer does not determine the Alternative Base Rate and the Alternative Screen Page prior to the Interest Determination Date for such Interest Period, the interest rate for such Interest Period shall be equal to
the interest rate in effect for the immediately preceding Interest Period or, in the case of the first Interest Period, the Initial Interest Rate. 

If the Independent Financial Adviser or the Issuer determines the Alternative Base Rate, the Independent Financial Adviser or the Issuer, as
applicable, may also, following consultation with the Calculation Agent, make changes to the day count fraction, the business day convention, the definition of Business Day, the remaining Interest Determination Dates and any method for obtaining the
substitute or successor base rate if the Alternative Base Rate or the Alternative Screen Page is unavailable on the relevant Interest Determination Date or otherwise, in each case in order to follow market practice, as well as any other changes
(including to the Margin) that the Issuer, following consultation with the Independent Financial Adviser (if appointed), determines in good faith are reasonably necessary to ensure the proper operation of the Alternative Base Rate, as well as the
comparability of the interest rate determined by reference to the Alternative Base Rate to the interest rate determined by reference to LIBOR (the “Calculation Changes”). Any Calculation Changes shall apply for all future Interest Periods.

 The Issuer shall promptly give notice of the determination of the Alternative Base Rate, the Alternative Screen Page and any Calculation
Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders; provided that failure to provide such notice shall have no impact on the effectiveness of, or otherwise invalidate, any such determination. 

All percentages resulting from any calculation of 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
Dollar amounts shall be rounded to the nearest cent, with one-half cent being rounded upward. 
 All
determinations and any calculations made by the Calculation Agent for the purposes of calculating the applicable interest on this Global Security shall be conclusive and binding on the Holders, the Issuer, the Trustee and the Paying Agent, absent
manifest error. The Calculation Agent shall not be responsible to the Issuer, the Holders or any third party for any failure of the Reference Banks to provide quotations as requested of them or as a result of the Calculation Agent having acted on
any quotation or other information given by any Reference Bank which subsequently may be found to be incorrect or inaccurate in any way. 

  
 B-3 

 Each Holder of the Debt Securities (which, for these purposes, includes each beneficial
owner of the Debt Securities) (i) acknowledges, accepts, consents and agrees to be bound by the Independent Financial Adviser’s or the Issuer’s determination of the Alternative Base Rate, the Alternative Screen Page and any
Calculation 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 for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent in respect of, and agrees that none of the Trustee, the Paying Agent or the Calculation Agent
shall be liable for, the determination of or the failure to determine any Alternative Base Rate, any Alternative Screen Page, and any Calculation Changes and any losses suffered in connection therewith and (iii) agrees that none of the Trustee,
the Paying Agent or the Calculation Agent shall have any obligation to determine any Alternative Base Rate, any Alternative Screen Page and any Calculation Changes (including any adjustments thereto), including in the event of any failure by the
Issuer to determine any Alternative Base Rate, any Alternative Screen Page and any Calculation Changes. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture and/or amendment to the Indenture or
the Debt Securities necessary to effectuate any Alternative Base Rate, any Alternative Screen Page or any Calculation Changes. 

“Alternative Base Rate” means the rate that has replaced LIBOR in customary market usage for determining floating interest rates in
respect of bonds denominated in Dollars or, if the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines that there is no
such rate, such other rate as the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines in its or the Issuer’s sole
discretion is most comparable to LIBOR. If the Alternative Base Rate is determined, such Alternative Base Rate shall be the Alternative Base Rate for the remaining Interest Periods. 

“Alternative Screen Page” means the alternative screen page, information service or source on which the Alternative Base Rate
appears (or such other page, information service or source as may replace the alternative screen page, information service or source, in each case, as may be nominated by the person providing or sponsoring the information appearing on such page for
purposes of displaying comparable rates). 
 “Interest Determination Date” means the second London Banking Day preceding the
applicable Interest Reset Date. 
 “Interest Period” means the period beginning on (and including) an Interest Payment Date and
ending on (but excluding) the next succeeding Interest Payment Date; provided that the first Interest Period shall begin on September 12, 2018 and shall end on (but exclude) the first Interest Payment Date. 

“Interest Reset Date” means March 12, June 12, September 12 and December 12 of each year, beginning on
December 12, 2018; provided that the interest rate in effect from (and including) September 12, 2018 to (but excluding) the first Interest Reset Date shall be the Initial Interest Rate. 

“Independent Financial Adviser” means an independent financial institution of international repute or other independent financial
adviser experienced in the international capital markets, in each case appointed by the Issuer at the Issuer’s own expense. 

  
 B-4 

 “London Banking Day” means any day on which dealings in Dollars are transacted in
the London interbank market. 
 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 (1) or (2) below: 
  

	 	(1)	 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.

  

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

 All payments made under or with
respect to this Global Security shall be paid by the Issuer, without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied,
collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such deduction or
withholding shall at any time be required by the law of the Taxing Jurisdiction, the Issuer shall pay such additional amounts in respect of any payments of principal or interest 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 principal or 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 principal or 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

  
 B-5 

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

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

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

  
 B-6 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed under its
corporate seal. 
  

			
	By:	 	  

	[•]	 	
	
	HSBC Holdings plc,
	as Issuer

 Dated: September 12, 2018 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
		 		 	By:	 	  

		 		 	[•]	 	
	Dated: September 12, 2018	 		 		 	
		 		 	 The Bank of New York Mellon, London Branch,

as Trustee

  
 B-7 

 REVERSE OF GLOBAL SECURITY 

US$[•] 
 FLOATING RATE SENIOR
UNSECURED NOTES DUE 2021 
 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 Ninth Supplemental Indenture dated as of
September 12, 2018 (the “Ninth 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 30 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: 
 (a) 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 

(b) 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 (a) 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 30 nor more than 60 days’ notice, on September 11, 2020 (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 Maturity pursuant to the Indenture if the Issuer has obtained any Relevant Supervisory Consent. 

  
 B-8 

 On the Issue Date, and for so long as no Loss Absorption Disqualification Event has
occurred, an “Event of Default” with respect to the Notes means any one of the following events: (A) 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; (B) 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; (C) 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 (D) failure to pay any interest on the Debt Securities when due and payable, which failure continues for 30 days. 
 On and
after the date a Loss Absorption Disqualification Event has occurred, an “Event of Default” with respect to the Debt Securities means any one of the following events: (A) 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 (B) 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. 

On and after the date a Loss Absorption Disqualification Event has occurred, a “Default” with respect to the Debt Securities means
any one of the following events: (A) 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 (B) 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: (A) 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 (B) 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. 
 A “Loss Absorption Disqualification Event” shall be deemed to have occurred if clause
(C) or (D) of the definition of Event of Default (as such term is defined on the Issue Date) has caused or is likely to cause the Debt Securities to be fully or partially ineligible to meet the Issuer’s minimum requirements for
(x) eligible liabilities and/or (y) loss absorbing capacity instruments, in each case pursuant to the relevant Loss Absorption Regulations, as a result of any: (1) Loss Absorption Regulation becoming effective on or after the Issue
Date; or (2) amendment to, or change in, any Loss Absorption Regulation, or any change in the application or official interpretation of any Loss Absorption Regulation, in any such case becoming effective on or after the Issue Date. 

  
 B-9 

 “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). 

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 variation of the Events of Default and Defaults on the occurrence of a Loss Absorption Disqualification Event (including as may occur without any
prior notice from the Issuer), without the need for the Issuer to obtain any further consent from such Holder. 
 If an Event of Default
with respect to the Debt Securities of this series shall occur and be continuing, the principal of all of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture and this Global
Security. The Indenture provides that in certain circumstances such declaration and its consequences may be rescinded and annulled by the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series. If a
Default with respect to Debt Securities of this series occurs and is continuing, the Trustee may pursue certain remedies as set forth in the Indenture. The Holders of not less than a majority in aggregate principal amount of the Outstanding Debt
Securities of this series may on behalf of all the Holders waive any past Event of Default or any Default under the Indenture or the Debt Securities and its consequences except a default (i) in the payment of principal of (or premium, if any,
on) or any installment of interest on any of the Debt Securities or (ii) in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the Holder of this Debt Security, and any such consent
or waiver shall bind every future Holder of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Debt Security or such other Debt Securities. 
 The Indenture contains provisions permitting the Issuer and the Trustee (i) without the
consent of the Holders of any Debt Securities issued under the Indenture to execute one or more supplemental indentures for certain enumerated purposes, such as to cure any ambiguity or to secure the Debt Securities, and (ii) with the consent
of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series of Debt Securities affected thereby, to execute supplemental indentures for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of Holders under the Indenture; provided that, with respect to certain enumerated provisions, no such supplemental indenture
may be entered into without the consent of the Holder of each Outstanding Debt Security affected thereby. The Indenture also permits the Holders of at least a majority in aggregate principal amount of the Outstanding Debt Securities of each series
to be affected, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Issuer with certain restrictive provisions of the Indenture. Any such consent or waiver by the Holder of this Global Security shall bind every
future Holder of this Global Security and of any Global Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Global Security or such
other Global Securities. 

  
 B-10 

 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 (a) 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: (i) the
reduction of all, or a portion, of the Amounts Due; (ii) 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; (iii) the cancellation of the Debt
Securities; and/or (iv) 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 (b) 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 shall 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. 
 “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. 
 “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. 
 “PRA” means the UK Prudential Regulation Authority or
any successor entity. 

  
 B-11 

 “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 United Kingdom including, without limitation to the generality of the foregoing, as may be required
by CRD IV 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). 
 “Relevant Supervisory Consent” means
as (and to the extent) required, a consent or waiver to the relevant redemption or purchase from the Relevant Regulator. For the avoidance of doubt, Relevant Supervisory Consent shall 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 liability 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 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 any authority with the ability to exercise a UK Bail-in Power 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. 
 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 (x) in accordance with the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities or (y) in
connection with the variation of the Events of Default and Defaults on the occurrence of a Loss Absorption Disqualification Event; 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 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-

  
 B-12 

 
down of the principal of the Debt Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Debt Securities following such completion to the
extent that the Issuer and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Indenture; provided, however that notwithstanding the exercise of the UK Bail-in
Power by the Relevant UK Resolution Authority, there shall at all times be a Trustee hereunder pursuant to, and in accordance with Section 6.09 of the Base Indenture, and the resignation and/or removal of the Trustee and the appointment of a
successor trustee shall continue to be governed by Sections 6.10 and 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 Sections 9.01 and 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 and 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-13 

 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, LIBOR AND THE VARIATION OF THE EVENTS OF
DEFAULT AND DEFAULTS ON THE OCCURRENCE OF A LOSS ABSORPTION DISQUALIFICATION EVENT. 
 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-14 

 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-15 

 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-16 

 EXHIBIT C 

FORM OF 2026 FLOATING RATE GLOBAL SECURITY 

No. [•] 
 CUSIP No.: 404280 BW8 

ISIN: US404280BW89     
 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 (A) 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: (I) THE REDUCTION OF ALL, OR A
PORTION, OF THE AMOUNTS DUE (AS DEFINED ON THE REVERSE OF THIS GLOBAL SECURITY); (II) 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; (III) THE
CANCELLATION OF THE DEBT SECURITIES; AND/OR (IV) 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 (B) 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. 
 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 VARIATION OF THE EVENTS OF DEFAULT AND DEFAULTS ON THE OCCURRENCE OF A LOSS ABSORPTION DISQUALIFICATION EVENT (INCLUDING AS MAY OCCUR WITHOUT
ANY PRIOR NOTICE FROM THE ISSUER), WITHOUT THE NEED FOR THE ISSUER TO OBTAIN ANY FURTHER CONSENT FROM SUCH HOLDER. 

  
 C-1 

 GLOBAL SECURITY 

HSBC Holdings plc 
 US$[•]

 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 US$[•] (the “Debt Securities”). 

The Issuer, for value received, hereby promises to pay CEDE & CO., or registered assigns on September 12, 2026 or on such earlier
date as this Global Security may be redeemed (“Maturity”), the principal amount hereof and will pay interest on the said principal amount from September 12, 2018 (the “Issue Date”) or the most recent Interest Payment Date on
which interest has been paid or duly provided for until Maturity. 
 Interest on this Global Security shall be payable quarterly in arrear
on March 12, June 12, September 12 and December 12, (each such date, an “Interest Payment Date”), beginning on December 12, 2018. The initial interest rate on this Global Security shall be equal to the three-month
Dollar London interbank offered rate (“LIBOR”), as determined on September 10, 2018, plus 1.380% per annum (such initial interest rate, the “Initial Interest Rate”). Thereafter, the interest rate on this Global Security for any
Interest Period shall accrue at a rate per annum equal to LIBOR, as determined by the Calculation Agent on the applicable Interest Determination Date, plus 1.380%. The interest rate on this Global Security shall be reset quarterly on each Interest
Reset Date. 
 LIBOR shall be determined by the Calculation Agent in accordance with the Indenture and the following provisions: 

(1) With respect to any Interest Determination Date, LIBOR shall be the rate (expressed as a percentage per annum) for deposits in Dollars
having a maturity of three months commencing on the related Interest Reset Date that appears on Reuters Page “LIBOR01” (or such other page as may replace such page on Reuters or such other information service or source, in each case, as
may be nominated by the person providing or sponsoring the information appearing on such page for purposes of displaying comparable rates) (the “Relevant Screen Page”) as of 11:00 a.m., London time, on that Interest Determination Date. If
no such rate appears, then LIBOR, in respect of that Interest Determination Date, shall be determined in accordance with the provisions described in (2) and (3) below. 

(2) With respect to an Interest Determination Date on which no rate appears on the Relevant Screen Page, subject to the provisions described in
(3) below, the Calculation Agent shall request the principal London offices of each of four major reference banks in the London interbank market (which may include affiliates of the underwriters), as selected and identified by the Issuer (the
“London Reference Banks”), to provide its offered quotation (expressed as a percentage per annum) for deposits in Dollars for the period of three months, commencing on the related Interest Reset Date, to prime banks in the London interbank
market at approximately 11:00 a.m., London time, on that Interest Determination Date, and in a principal amount that is representative for a single transaction in Dollars in that market at that time. If at least two quotations are provided, then
LIBOR on that Interest Determination Date shall be the arithmetic mean of those quotations. If fewer than two quotations are provided, then LIBOR on the Interest Determination Date shall be the arithmetic mean of the rates quoted at approximately
11:00 a.m., in the City of New York, on the Interest Determination Date by three major banks in the City of New 

  
 C-2 

 
York (which may include affiliates of the underwriters), as selected and identified by the Issuer (together with the London Reference Banks, the “Reference Banks”), for loans in Dollars
to leading European banks, for a period of three months, commencing on the related Interest Reset Date, and in a principal amount that is representative for a single transaction in Dollars in that market at that time. If at least two such rates are
so provided, LIBOR on the Interest Determination Date shall be the arithmetic mean of such rates. If fewer than two such rates are so provided, LIBOR on the Interest Determination Date shall be LIBOR in effect with respect to the immediately
preceding Interest Determination Date or, in the case of the Interest Determination Date prior to the first Interest Reset Date, the Initial Interest Rate. 

(3) Notwithstanding clause (2) above, with respect to an Interest Determination Date on which no rate appears on the Relevant Screen Page,
if the Issuer (in consultation with the Calculation Agent) determines that LIBOR has ceased to be published on the Relevant Screen Page as a result of LIBOR ceasing to be calculated or administered for publication thereon, the Issuer shall use
reasonable efforts to appoint an Independent Financial Adviser to determine the Alternative Base Rate and the Alternative Screen Page by no later than five Business Days prior to the Interest Determination Date relating to the next succeeding
Interest Period (the “Interest Determination Cut-off Date”). If the Issuer is unable to appoint an Independent Financial Adviser, or if the Independent Financial Adviser fails to determine the
Alternative Base Rate and the Alternative Screen Page prior to the Interest Determination Cut-off Date, the Issuer shall determine the Alternative Base Rate and the Alternative Screen Page for such Interest
Period; provided that if the Issuer does not determine the Alternative Base Rate and the Alternative Screen Page prior to the Interest Determination Date for such Interest Period, the interest rate for such Interest Period shall be equal to
the interest rate in effect for the immediately preceding Interest Period or, in the case of the first Interest Period, the Initial Interest Rate. 

If the Independent Financial Adviser or the Issuer determines the Alternative Base Rate, the Independent Financial Adviser or the Issuer, as
applicable, may also, following consultation with the Calculation Agent, make changes to the day count fraction, the business day convention, the definition of Business Day, the remaining Interest Determination Dates and any method for obtaining the
substitute or successor base rate if the Alternative Base Rate or the Alternative Screen Page is unavailable on the relevant Interest Determination Date or otherwise, in each case in order to follow market practice, as well as any other changes
(including to the Margin) that the Issuer, following consultation with the Independent Financial Adviser (if appointed), determines in good faith are reasonably necessary to ensure the proper operation of the Alternative Base Rate, as well as the
comparability of the interest rate determined by reference to the Alternative Base Rate to the interest rate determined by reference to LIBOR (the “Calculation Changes”). Any Calculation Changes shall apply for all future Interest Periods.

 The Issuer shall promptly give notice of the determination of the Alternative Base Rate, the Alternative Screen Page and any Calculation
Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders; provided that failure to provide such notice shall have no impact on the effectiveness of, or otherwise invalidate, any such determination. 

All percentages resulting from any calculation of 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
Dollar amounts shall be rounded to the nearest cent, with one-half cent being rounded upward. 
 All
determinations and any calculations made by the Calculation Agent for the purposes of calculating the applicable interest on this Global Security shall be conclusive and binding on the Holders, the Issuer, the Trustee and the Paying Agent, absent
manifest error. The Calculation Agent shall not be responsible to the Issuer, the Holders or any third party for any failure of the Reference Banks to provide quotations as requested of them or as a result of the Calculation Agent having acted on
any quotation or other information given by any Reference Bank which subsequently may be found to be incorrect or inaccurate in any way. 

  
 C-3 

 Each Holder of the Debt Securities (which, for these purposes, includes each beneficial
owner of the Debt Securities) (i) acknowledges, accepts, consents and agrees to be bound by the Independent Financial Adviser’s or the Issuer’s determination of the Alternative Base Rate, the Alternative Screen Page and any
Calculation 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 for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent in respect of, and agrees that none of the Trustee, the Paying Agent or the Calculation Agent
shall be liable for, the determination of or the failure to determine any Alternative Base Rate, any Alternative Screen Page, and any Calculation Changes and any losses suffered in connection therewith and (iii) agrees that none of the Trustee,
the Paying Agent or the Calculation Agent shall have any obligation to determine any Alternative Base Rate, any Alternative Screen Page and any Calculation Changes (including any adjustments thereto), including in the event of any failure by the
Issuer to determine any Alternative Base Rate, any Alternative Screen Page and any Calculation Changes. The Trustee shall be entitled to rely on this deemed consent in connection with any supplemental indenture and/or amendment to the Indenture or
the Debt Securities necessary to effectuate any Alternative Base Rate, any Alternative Screen Page or any Calculation Changes. 

“Alternative Base Rate” means the rate that has replaced LIBOR in customary market usage for determining floating interest rates in
respect of bonds denominated in Dollars or, if the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines that there is no
such rate, such other rate as the Independent Financial Adviser or the Issuer (in consultation with the Calculation Agent and acting in good faith and a commercially reasonable manner), as applicable, determines in its or the Issuer’s sole
discretion is most comparable to LIBOR. If the Alternative Base Rate is determined, such Alternative Base Rate shall be the Alternative Base Rate for the remaining Interest Periods. 

“Alternative Screen Page” means the alternative screen page, information service or source on which the Alternative Base Rate
appears (or such other page, information service or source as may replace the alternative screen page, information service or source, in each case, as may be nominated by the person providing or sponsoring the information appearing on such page for
purposes of displaying comparable rates). 
 “Interest Determination Date” means the second London Banking Day preceding the
applicable Interest Reset Date. 
 “Interest Period” means the period beginning on (and including) an Interest Payment Date and
ending on (but excluding) the next succeeding Interest Payment Date; provided that the first Interest Period shall begin on September 12, 2018 and shall end on (but exclude) the first Interest Payment Date. 

“Interest Reset Date” means March 12, June 12, September 12 and December 12 of each year, beginning on
December 12, 2018; provided that the interest rate in effect from (and including) September 12, 2018 to (but excluding) the first Interest Reset Date shall be the Initial Interest Rate. 

“Independent Financial Adviser” means an independent financial institution of international repute or other independent financial
adviser experienced in the international capital markets, in each case appointed by the Issuer at the Issuer’s own expense. 

  
 C-4 

 “London Banking Day” means any day on which dealings in Dollars are transacted in
the London interbank market. 
 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 (1) or (2) below: 
  

	 	(1)	 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.

  

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

 All payments made under or with
respect to this Global Security shall be paid by the Issuer, without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied,
collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such deduction or
withholding shall at any time be required by the law of the Taxing Jurisdiction, the Issuer shall pay such additional amounts in respect of any payments of principal or interest 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 principal or 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 principal or 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

  
 C-5 

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

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

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

  
 C-6 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed under its
corporate seal. 
  

							
		 		 	By:	 	  

		 		 	[•]
			
		 		 	HSBC Holdings plc,
		 		 	as Issuer
				
	Dated: September 12, 2018	 		 		 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
		 		 	By:	 	  

		 		 	[•]
	Dated: September 12, 2018	 		 		 	
			
		 		 	The Bank of New York Mellon, London Branch, as Trustee

  
 C-7 

 REVERSE OF GLOBAL SECURITY 

US$[•] 
 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 Ninth Supplemental Indenture dated as of
September 12, 2018 (the “Ninth 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 30 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: 
 (a) 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 

(b) 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 (a) 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 30 nor more than 60 days’ notice, on September 12, 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 Maturity pursuant to the Indenture if the Issuer has obtained any Relevant Supervisory Consent. 

  
 C-8 

 On the Issue Date, and for so long as no Loss Absorption Disqualification Event has
occurred, an “Event of Default” with respect to the Notes means any one of the following events: (A) 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; (B) 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; (C) 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 (D) failure to pay any interest on the Debt Securities when due and payable, which failure continues for 30 days. 
 On and
after the date a Loss Absorption Disqualification Event has occurred, an “Event of Default” with respect to the Debt Securities means any one of the following events: (A) 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 (B) 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. 

On and after the date a Loss Absorption Disqualification Event has occurred, a “Default” with respect to the Debt Securities means
any one of the following events: (A) 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 (B) 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: (A) 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 (B) 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. 
 A “Loss Absorption Disqualification Event” shall be deemed to have occurred if clause
(C) or (D) of the definition of Event of Default (as such term is defined on the Issue Date) has caused or is likely to cause the Debt Securities to be fully or partially ineligible to meet the Issuer’s minimum requirements for
(x) eligible liabilities and/or (y) loss absorbing capacity instruments, in each case pursuant to the relevant Loss Absorption Regulations, as a result of any: (1) Loss Absorption Regulation becoming effective on or after the Issue
Date; or (2) amendment to, or change in, any Loss Absorption Regulation, or any change in the application or official interpretation of any Loss Absorption Regulation, in any such case becoming effective on or after the Issue Date. 

  
 C-9 

 “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). 

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 variation of the Events of Default and Defaults on the occurrence of a Loss Absorption Disqualification Event (including as may occur without any
prior notice from the Issuer), without the need for the Issuer to obtain any further consent from such Holder. 
 If an Event of Default
with respect to the Debt Securities of this series shall occur and be continuing, the principal of all of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture and this Global
Security. The Indenture provides that in certain circumstances such declaration and its consequences may be rescinded and annulled by the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series. If a
Default with respect to Debt Securities of this series occurs and is continuing, the Trustee may pursue certain remedies as set forth in the Indenture. The Holders of not less than a majority in aggregate principal amount of the Outstanding Debt
Securities of this series may on behalf of all the Holders waive any past Event of Default or any Default under the Indenture or the Debt Securities and its consequences except a default (i) in the payment of principal of (or premium, if any,
on) or any installment of interest on any of the Debt Securities or (ii) in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the Holder of this Debt Security, and any such consent
or waiver shall bind every future Holder of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Debt Security or such other Debt Securities. 
 The Indenture contains provisions permitting the Issuer and the Trustee (i) without the
consent of the Holders of any Debt Securities issued under the Indenture to execute one or more supplemental indentures for certain enumerated purposes, such as to cure any ambiguity or to secure the Debt Securities, and (ii) with the consent
of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series of Debt Securities affected thereby, to execute supplemental indentures for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of Holders under the Indenture; provided that, with respect to certain enumerated provisions, no such supplemental indenture
may be entered into without the consent of the Holder of each Outstanding Debt Security affected thereby. The Indenture also permits the Holders of at least a majority in aggregate principal amount of the Outstanding Debt Securities of each series
to be affected, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Issuer with certain restrictive provisions of the Indenture. Any such consent or waiver by the Holder of this Global Security shall bind every
future Holder of this Global Security and of any Global Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Global Security or such
other Global Securities. 

  
 C-10 

 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 (a) 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: (i) the
reduction of all, or a portion, of the Amounts Due; (ii) 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; (iii) the cancellation of the Debt
Securities; and/or (iv) 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 (b) 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 shall 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. 
 “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. 
 “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. 
 “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. 

  
 C-11 

 “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 United Kingdom including, without limitation to the generality of the foregoing, as may be required by CRD IV 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). 
 “Relevant Supervisory Consent” means as (and to
the extent) required, a consent or waiver to the relevant redemption or purchase from the Relevant Regulator. For the avoidance of doubt, Relevant Supervisory Consent shall 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 liability 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 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 any authority with the ability to exercise a UK Bail-in Power 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. 
 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 (x) in accordance with the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with respect to the Debt Securities or (y) in
connection with the variation of the Events of Default and Defaults on the occurrence of a Loss Absorption Disqualification Event; 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 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. 

  
 C-12 

 Notwithstanding clause (iii) of the immediately preceding paragraph, if, following the
completion of the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, the Debt Securities remain outstanding (for example, if the exercise of the UK
Bail-in Power results in only a partial write-down of the principal of the Debt Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to the Debt Securities
following such completion to the extent that the Issuer and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Indenture; provided, however that notwithstanding the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, there shall at all times be a Trustee hereunder pursuant to, and in accordance with Section 6.09 of the Base Indenture, and the resignation and/or removal
of the Trustee and the appointment of a successor trustee shall continue to be governed by Sections 6.10 and 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 Sections 9.01 and 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 and 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. 

  
 C-13 

 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, LIBOR AND THE VARIATION OF THE EVENTS OF
DEFAULT AND DEFAULTS ON THE OCCURRENCE OF A LOSS ABSORPTION DISQUALIFICATION EVENT. 
 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. 

  
 C-14 

 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

	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 

  
 C-15 

 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

	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 
	 	 		  	 	 		  	 

  
 C-16Exhibit

Exhibit 10.1

September 7, 2018

Super Micro Computer, Inc.
980 Rock Avenue
San Jose, California 95131
Attention: Kevin Bauer

Re:  Extension Letter

Ladies and Gentlemen:

This letter refers to that certain Loan and Security Agreement dated as of April 19, 2018 (as amended, restated, amended or restated, extended, supplemented, or otherwise modified from time to time, the “Loan Agreement”; each capitalized term used but not defined herein shall have the meaning ascribed thereto in the Loan Agreement), by and among SUPER MICRO COMPUTER, INC., a Delaware corporation (“SMCI”; together with any other party joined thereto after the U.S. Closing date as a “U.S. Borrower”, individually, each a “U.S. Borrower” and collectively, the “U.S. Borrowers”), upon the Dutch Closing Date (as defined in the Loan Agreement), which has not yet occurred as of the date hereof, SUPER MICRO COMPUTER B.V., a private limited liability company formed under the laws of the Netherlands and registered with the Trade Register of the Dutch Chamber of Commerce under number 17102792 (“SMCI BV”, together with any other party joined thereto after the Dutch Closing Date as a “Dutch Borrower”, individually, each a “Dutch Borrower” and collectively, the “Dutch Borrowers”, and together with the U.S. Borrowers, individually, a “Borrower” and collectively, the “Borrowers”), the financial institutions party to the Loan Agreement from time to time as Lenders and BANK OF AMERICA, N.A., a national banking association (“Bank of America”), as administrative agent for the Lenders (in such capacity, “Agent”).

Pursuant to Sections 10.1.2(a), (d) and (e) of the Loan Agreement, the Borrowers are required to deliver their Fiscal Year ending June 30, 2018 audited financial statements (the “2018 Financial Statements”), the corresponding Compliance Certificate (the “2018 Compliance Certificate”) and copies of all management letters and other material reports submitted to Borrowers by its accountants in connection with such financial statements (the “2018 Material Letters and Reports”), respectively, within 90 days after the close of the Fiscal Year ending June 30, 2018 (such delivery being no later than September 30, 2018).

Borrowers have requested that Agent and Lenders permit an extension for delivery of the Borrowers’ 2018 Financial Statements, 2018 Compliance Certificate and 2018 Material Letters and Reports to January 31, 2019 and Agent and Lenders party hereto are amendable to such extension. Therefore, Agent and Lenders party hereto hereby extend the delivery date of the Borrowers’ 2018 Financial Statements, 2018 Compliance Certificate and 2018 Material Letters and Reports otherwise due under Sections 10.1.2(a), (d) and (e) of the Loan Agreement to January 31, 2019 (the “Extension Date”). This extension does not entitle Borrowers to any further extensions for the delivery of the 2018 Financial Statements, 2018 Compliance Certificate and 2018 Material Letters and Reports beyond the Extension Date without such additional extension being given in writing by Agent and Required Lenders. The willingness of Agent and the Lenders party hereto to extend the due date as set forth above does not obligate Agent or Lenders to or suggest that Agent or Lenders will make any additional extensions of any of the obligations of the Borrowers under Section 10.1.2 of the Loan Agreement or otherwise. Failure by Borrowers to deliver the 2018 Financial Statements, 2018 Compliance Certificate and 2018 Material Letters and Reports by the Extension Date shall be an Event of Default.

On the date hereof, after giving effect to this letter agreement, the representations and warranties of the Borrowers in the Loan Documents are true and correct in all material respects (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date).

1

As consideration for this extension, Borrowers hereby agree to pay to each Lender executing this letter agreement and returning its signature page to Agent by no later than 5:00 pm Pacific Time on September 7, 2018, an extension fee equal to five (5) basis points of such consenting Lender’s U.S. Revolver Commitment as in effect on the date hereof (the “Extension Fee”). The Borrowers hereby agree that the Extension Fee is non-refundable and fully earned as of the date hereof, and is due and payable upon the date of this letter agreement.

This letter agreement is a Loan Document. Except as specifically modified hereby, the terms and provisions of the Loan Agreement and the other Loan Documents are, in all other respects, ratified and confirmed and remain in full force and effect. All references to the Loan Agreement and the other Loan Documents in any document, instrument, or agreement executed in connection with the Loan Agreement and the other Loan Documents will be deemed to refer to the Loan Agreement and the other Loan Documents as respectively modified hereby. Any breach of the terms and conditions of this letter agreement will constitute an Event of Default under the Loan Agreement.

This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument.

[Signature Page Follows]

2

	
	
	Very truly yours,

	 

	BANK OF AMERICA, N.A.,

	as Agent and Lender

	 

	By:       /s/  CARLOS GIL

	Name:  Carlos Gil

	Title:    Senior Vice President             

            

EXTENSION LETTER - SMCI
SIGNATURE PAGE

	
	
	Agreed and Accepted:

	 

	ING CAPITAL LLC,

	as a Lender

	 

	By:       /s/  JEAN GRASSO

	Name:  Jean Grasso

	Title:    Managing Director

	 

	By:       /s/  JEFF CHU

	Name:  Jeff Chu

	Title:    Vice President

EXTENSION LETTER - SMCI
SIGNATURE PAGE

	
	
	EAST WEST BANK,

	as a Lender

	 

	By:       /s/  NIMA RASSOULI

	Name:  Nima Rassouli

	Title:    Vice President

EXTENSION LETTER - SMCI
SIGNATURE PAGE

	
	
	MB FINANCIAL BANK, N.A.,

	as a Lender

	 

	By:       /s/  BRIAN ROMAN

	Name:  Brian Roman

	Title:    Vice President

EXTENSION LETTER - SMCI
SIGNATURE PAGE

	
	
	CTBC BANK CORP. (USA),

	as a Lender

	 

	By:       /s/  MINGDAO LI

	Name:  Mingdao Li

	Title:    SVP & Regional Head

EXTENSION LETTER - SMCI
SIGNATURE PAGE

	
	
	Agreed and Accepted:

	 

	SUPER MICRO COMPUTER, INC.,

	a Delaware corporation, as U.S. Borrower

	 

	By:       /s/  KEVIN BAUER

	Name:  Kevin Bauer

	Title:    CFO

EXTENSION LETTER - SMCI
SIGNATURE PAGE

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