<SEC-DOCUMENT>0001193125-21-330800.txt : 20211116 <SEC-HEADER>0001193125-21-330800.hdr.sgml : 20211116 <ACCEPTANCE-DATETIME>20211116094059 ACCESSION NUMBER: 0001193125-21-330800 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20211116 DATE AS OF CHANGE: 20211116 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: HSBC HOLDINGS PLC CENTRAL INDEX KEY: 0001089113 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-253632 FILM NUMBER: 211414372 BUSINESS ADDRESS: STREET 1: 8 CANADA SQUARE CITY: LONDON STATE: X0 ZIP: E145HQ BUSINESS PHONE: 442079913048 MAIL ADDRESS: STREET 1: 8 CANADA SQUARE CITY: LONDON STATE: X0 ZIP: E14 5HQ FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HSBC HOLDINGS PLC CENTRAL INDEX KEY: 0001089113 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 8 CANADA SQUARE CITY: LONDON STATE: X0 ZIP: E145HQ BUSINESS PHONE: 442079913048 MAIL ADDRESS: STREET 1: 8 CANADA SQUARE CITY: LONDON STATE: X0 ZIP: E14 5HQ </SEC-HEADER> <DOCUMENT> <TYPE>FWP <SEQUENCE>1 <FILENAME>d222563dfwp.htm <DESCRIPTION>FWP <TEXT> <HTML><HEAD> <TITLE>FWP</TITLE> </HEAD> <BODY BGCOLOR="WHITE"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed pursuant to Rule 433 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No. 333-253632 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>November 15, 2021 </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>HSBC Holdings plc </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$1,750,000,000 2.871% Fixed Rate/Floating Rate Senior Unsecured Notes due 2032 (the “Notes”) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Pricing Term Sheet: </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="31%"></TD> <TD VALIGN="bottom" WIDTH="2%"></TD> <TD WIDTH="67%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Issuer:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">HSBC Holdings plc (“HSBC Holdings”)</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Sole Book-Running Manager:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">HSBC Securities (USA) Inc. (“HSI”)</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Top <FONT STYLE="white-space:nowrap">Co-Managers:</FONT></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Other <FONT STYLE="white-space:nowrap">Co-Managers:</FONT></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ABN AMRO Securities (USA) LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Academy Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Banco de Sabadell, S.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BofA Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cabrera Capital Markets LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">CIBC World Markets Corp.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Commerz Markets LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Danske Markets Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ING Financial Markets LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Intesa Sanpaolo S.p.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KBC Securities USA LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley & Co. LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Natixis Securities Americas LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nordea Bank Abp</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rabo Securities USA, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RB International Markets (USA) LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Santander Investment Securities Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Scotia Capital (USA) Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">UniCredit Capital Markets LLC</P></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Structure:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">Fixed Rate/Floating Rate Senior Unsecured Notes</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Issuer Ratings:*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">A3 (stable) (Moody’s) / <FONT STYLE="white-space:nowrap">A-</FONT> (stable) (S&P) / A+ (negative) (Fitch)</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Expected Issue Ratings:*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">A3 (Moody’s) / <FONT STYLE="white-space:nowrap">A-</FONT> (S&P) / A+ (Fitch)</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Pricing Date:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">November 15, 2021</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Settlement Date:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">November 22, 2021 (T+5) (the “Issue Date”)</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Maturity Date:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">November 22, 2032</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Form of Offering:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">SEC Registered Global</TD></TR> </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Transaction Details: </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="31%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="66%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Principal Amount:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">$1,750,000,000</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Fixed Rate Coupon:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">2.871% per annum (the “Initial Interest Rate”), during the Fixed Rate Period (as defined below)</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Fixed Rate Benchmark Treasury:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">UST 1.375% due November 15, 2031</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Fixed Rate Treasury Yield:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">1.621%</TD></TR> </TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RESTRICTED </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="31%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="66%"></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Fixed Rate Treasury Price:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"><FONT STYLE="white-space:nowrap">97-23+</FONT></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Fixed Rate <FONT STYLE="white-space:nowrap">Re-offer</FONT> Spread:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">UST +125 basis points</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Floating Rate Pricing Benchmark:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">Compounded Daily SOFR (calculated as described under “<I>Description of the Notes—Interest</I>” in the Preliminary Prospectus Supplement), subject to the Benchmark Transition Provisions</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Floating Rate Coupon:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">SOFR (as determined on the applicable Interest Determination Date (as defined below)), plus 1.410% per annum (the “Margin”), during the Floating Rate Period (as defined below), subject to the Benchmark Transition Provisions</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Fixed Rate <FONT STYLE="white-space:nowrap">Re-offer</FONT> Yield:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">2.871%</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Issue Price:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">100.000%</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Gross Fees:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">0.400%</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Net Price:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">99.600%</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Net Proceeds to Issuer:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">$1,743,000,000</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Par Redemption Date:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">November 22, 2031</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Interest Pay Frequency:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">Semi-annually, during the Fixed Rate Period (as defined below); quarterly, during the Floating Rate Period (as defined below).</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Interest Payment Dates:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From (and including) the Issue Date to (but excluding) November 22, 2031 (the “Fixed Rate Period”), interest on the Notes will be payable semi-annually in arrear on May 22 and November 22 of each year, beginning on May 22, 2022 (each, a “Fixed Rate Period Interest Payment Date”).</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">From (and including) November 22, 2031 to (but excluding) the Maturity Date (the “Floating Rate Period”), interest on the Notes will be payable quarterly in arrear on February 22, 2032, May 22, 2032, August 22, 2032 and November 22, 2032 (each, a “Floating Rate Period Interest Payment Date” and, together with the Fixed Rate Period Interest Payments Dates, the “Interest Payment Dates”).</P></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Floating Rate Interest Period:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">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 (each, a “Floating Rate Interest Period”); <I>provided</I> that the first Floating Rate Interest Period will begin on November 22, 2031 and will end on (but exclude) the first Floating Rate Period Interest Payment Date.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Interest Determination Dates:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">The second business day preceding the applicable Interest Payment Date (each, an “Interest Determination Date”).</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Optional Redemption:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">HSBC Holdings may, in its sole discretion, redeem the Notes during the Make-Whole Redemption Period (as defined below), in whole at any time during such period or in part from time to time during such period, at a redemption price equal to the greater of (i) 100% of their principal amount or (ii) as determined by the Determination Agent, the sum of the present values of (a)</TD></TR> </TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RESTRICTED </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="31%"></TD> <TD VALIGN="bottom" WIDTH="2%"></TD> <TD WIDTH="67%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the principal amount of the Notes to be redeemed (discounted from the Par Redemption Date) and (b) the remaining payments of interest to be made on any scheduled Interest Payment Date to (and including) the Par Redemption Date for the Notes to be redeemed (not including accrued but unpaid interest to (but excluding) the applicable redemption date, if any, on the principal amount of the Notes), discounted to the applicable redemption date on a semiannual basis (assuming a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months) at the Reference Treasury Rate plus 20 basis points, in each case, plus any accrued and unpaid interest on the Notes to be redeemed to (but excluding) the applicable redemption date.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subsequently, HSBC Holdings may, in its sole discretion, redeem the Notes on the Par Redemption Date, in whole but not in part, at 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the Par Redemption Date.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The “Make-Whole Redemption Period” means the period beginning on (and including) May 22, 2022 (six months following the Issue Date) to (but excluding) the Par Redemption Date; provided that if any additional notes of the same series are issued after the Issue Date, the Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The Notes are not redeemable at the option of the noteholders at any time.</P></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Tax Event Redemption:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">HSBC Holdings may redeem the Notes in whole (but not in part) in its sole discretion upon the occurrence of certain tax events. The redemption price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the date of redemption.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Events of Default and Defaults:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The noteholders will not have the right to request the trustee to declare the principal amount and accrued but unpaid payments with respect to the Notes to be due and payable or to accelerate the Notes in the case of <FONT STYLE="white-space:nowrap">non-payment</FONT> of principal and/or interest on the Notes. Payment of the principal amount of the Notes may be accelerated only upon certain events of a <FONT STYLE="white-space:nowrap">winding-up.</FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An “Event of Default” with respect to the Notes means any one of the following events:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) an order is made by an English court which is not successfully appealed within 30 days after the date such order was made for HSBC Holdings’ winding up other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(ii) an effective resolution is validly adopted by HSBC Holdings’ shareholders for its winding up other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency.</P></TD></TR> </TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RESTRICTED </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="31%"></TD> <TD VALIGN="bottom" WIDTH="2%"></TD> <TD WIDTH="67%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to Events of Default, the Indenture also will provide separately for “Defaults.” A Default with respect to the Notes means any one of the following events:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(i) failure to pay principal or premium, if any, on the Notes at maturity, and such default continues for a period of 30 days; or</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(ii) failure to pay any interest on the Notes when due and payable, which failure continues for 30 days.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If a Default occurs, the trustee may institute proceedings in England (but not elsewhere) for HSBC Holdings’ <FONT STYLE="white-space:nowrap">winding-up;</FONT> <I>provided </I>that the trustee may not, upon the occurrence of a Default, accelerate the maturity of any outstanding Notes, unless an Event of Default has occurred and is continuing.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, failure to make any payment in respect of the Notes will not be a Default in respect of the Notes if such payment is withheld or refused:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(i) in order to comply with any fiscal or other law or regulation or with the order of any court of competent jurisdiction, in each case applicable to such payment; or</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">(ii)  in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at any time during the said grace period of 30 days by independent legal advisers acceptable to the trustee;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided</I>, however, that the trustee may, by notice to HSBC Holdings, require HSBC Holdings 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 HSBC Holdings will forthwith take and expeditiously proceed with such action and will 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 will cease to have effect and the payment will become due and payable on the expiration of the relevant grace period of 30 days after the trustee gives written notice to HSBC Holdings informing it of such resolution.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provision of the Indentures or the Notes, the right of any noteholder to receive payment of the principal of, or interest on, the Notes on or after the due dates thereof and to institute suit for the enforcement of any such payment on or after such respective dates, will not be impaired or affected without the consent of such noteholder.</P></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Agreement with Respect to the Exercise of UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">The provisions in the Preliminary Prospectus Supplement in the section “<I>Description of the Notes—Agreement with Respect to the Exercise of UK <FONT STYLE="white-space:nowrap">Bail-in</FONT> Power</I>” are applicable.</TD></TR> </TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RESTRICTED </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="31%"></TD> <TD VALIGN="bottom" WIDTH="2%"></TD> <TD WIDTH="67%"></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Governing Law:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">The Indenture and the Notes will be governed by, and construed in accordance with, the laws of the State of New York.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Day Count Convention:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">30/360 (following, unadjusted) during the Fixed Rate Period; actual/360 (modified following, adjusted) during the Floating Rate Period.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Minimum Denomination:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">$200,000 and integral multiples of $1,000 in excess thereof.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Listing:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">Application will be made to list the Notes on the NYSE.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Documentation:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">Preliminary prospectus supplement dated November 15, 2021 (the “Preliminary Prospectus Supplement”) incorporating the Prospectus dated February 26, 2021 relating to the Securities. If there is any discrepancy or contradiction between this Pricing Term Sheet and the Preliminary Prospectus Supplement, this Pricing Term Sheet shall prevail.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Paying Agent:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">HSBC Bank USA, National Association.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Calculation Agent:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">HSBC Bank USA, National Association.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Trustee:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">The Bank of New York Mellon, London Branch.</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">CUSIP:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">404280 CY3</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">ISIN:</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">US404280CY37</TD></TR> </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless otherwise defined herein, all capitalized terms have the meaning set forth in the Preliminary Prospectus Supplement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HSBC Holdings has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents HSBC Holdings has filed with the SEC for more complete information about HSBC Holdings and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, HSBC Holdings or HSBC Securities (USA) Inc. will arrange to send you the prospectus if you request it by calling toll-free <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-811-8049.</FONT></FONT></FONT> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RESTRICTED </P> </DIV></Center> </BODY></HTML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>