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1 Date*: The Government of the Hong Kong Special Administrative Region of the People s Republic of China (the "HKSAR Government"). Issue of HKD 10,000,000,000 ibond Series Retail Bonds due June 2015 Important Risk Warning: This is an investment product. The investment decision is yours but you should not invest in this product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives. This Bond is NOT equivalent to a time deposit. Issuer's risk - This Bond is subject to both the actual and perceived measures of credit worthiness of HKSAR Government. There is no assurance of protection against a default by the issuer in respect of the repayment obligations. In the worst case scenario, you might not be able to recover the principal and any coupon if the issuer defaults on the Bond. Additional risks are disclosed in the section of Risk Factor below. Please refer to it for details. WARNING The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. IMPORTANT If you are in doubt as to any aspect of this offer, you should consult a licensed securities dealer, bank manager, solicitor, certified public accountant or other professional adviser. * If you receive this termsheet via , the date of the termsheet is the date as stated on the to which it is attached. If you receive this termsheet via fax, the date of the termsheet is the date as stated on the document header or on the cover letter which accompanies the termsheet. If you are viewing this termsheet over the internet, the date of the termsheet is the date as stated on the webpage to which it is shown.

2 Issuer: Guarantor: Type: Rating: (A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency.) Issue Date & Interest Commencement Date Maturity Date: Coupon: Termsheet The Government of the Hong Kong Special Administrative Region of the People s Republic of China (the HKSAR Government ) None Retail Unsecured Bonds CMU Code: 03GB1506R Stock Code: 4214 Bond s rating: N/A (Moody s) / N/A (S&P), as at 07 December /06/2012 (DD/MM/YYYY) 22/06/2015 (DD/MM/YYYY) The interest rate for each interest payment date will be determined and announced on the relevant interest determination date as the higher of: (i) the floating rate, being the arithmetic average of the year-on-year rates of change in the 2009/10-based Composite Consumer Price Index for the 6 most recent preceding months, rounded to the nearest two decimal places; and (ii) the fixed rate of 1.00%, Coupon frequency: per annum, payable every 6 months in arrear. Semi-Annual Amounts of principal, interest and any other amounts payable on the Bonds are payable first out of the bond fund and, if need be, then out of the general revenues and assets of HKSAR Government. The Bonds are direct, unsecured, unconditional and general obligations of Status of the Bond: HKSAR Government and rank pari passu with all other unsecured indebtedness of HKSAR Government incurred for the general revenue from time to time outstanding and without preference for one over the other by reason of priority of date of issue or otherwise. Structure: Plain vanilla Currency & Amount of the HKD 10,000,000,000 issue: Denomination: HKD 10,000 Minimum Investment Amount: Per investor : HKD 10,000

3 Redemption at maturity: At par (100%) Interest Payment Date(s) and relevant Interest Determination Date(s): Business Day Convention (applicable to Interest Payment Dates, Interest Determination Dates and Maturity Date): Relevant interest Interest payment date determination date 24 December December June June December December June June December December June June 2015 If the due date for any action on the part of HKSAR Government in relation to the Bond, including making a payment, is not a business day in Hong Kong, then HKSAR Government will perform such action on the next day which is a business day in Hong Kong unless that day falls in the next calendar month, in which case HKSAR Government will perform such action on the day immediately preceding the due date which is a business day in Hong Kong. If the due date for any such action ceases to be a business day in Hong Kong, for example, if there is a black rainstorm warning or a tropical cyclone warning signal number 8 or above in force in Hong Kong, then HKSAR Government will perform the action on the next day which is a business day in Hong Kong not affected by the cessation. Where a payment date is so changed, interest shall continue to accrue to the new payment date and any additional interest or, where the new payment date is a date falling before the original due date, any reduction in interest, shall be taken into account for the purposes of calculating any amounts of interest payable in respect of the applicable interest period. Day Count Fraction: Business Days: Listing and Pricing Actual number of days/365 Hong Kong This Bond is listed on The Stock Exchange of Hong Kong Limited ( the Exchange ). The historical prices of this Bond including but not limited to the closing price on the last trading day immediately preceding (a) this offer, (b) each of the 6 months immediately preceding this offer, and (c) the public announcement in relation to this offer, as well as the highest and the lowest closing prices during the period of last 6 months, which are required by Securities and Futures Ordinance Schedule 7 Part 2 Section 1 (b), (c), (d) and (e), are available on the website of the Exchange at

4 page_e.asp?widcoid=4214&widcoabbname=&m onth=1&langcode=e and age_e.asp?widcoid=4214&month=6&langcode=e For the sake of information completeness, integrity and timeliness, the information stated in the above paragraph which is required to be provided under SFO Schedule 7 is not included/replicated in this document, however a printed copy and Chinese version of such materials is available upon request. Use of Proceeds: Issuer s Representative and Issuing and Paying Representative: Clearing: Law: Description of Issuer (from pages 21 to 22 of the Programme Circular): All sums raised under the retail bond programme will be credited to the bond fund, a discrete fund of HKSAR Government. HKSAR Government intends that the bond fund will not be treated as part of the fiscal reserves and will be managed separately from the general revenue. The bond fund will be used to repay principal of and pay interest on the retail bonds and the institutional bonds, meet the financial obligations and liabilities associated with the retail bond programme and the institutional bond programme and make investments. If there is a positive balance in the bond fund after all financial obligations and liabilities are met in relation to the retail bond programme and the institutional bond programme, the surplus funds will be transferred to the general revenue. Any shortfall of funds for fulfilling the financial obligations and liabilities of HKSAR Government under the retail bond programme or the institutional bond programme will be financed from the general revenues and assets of HKSAR Government. Hong Kong Monetary Authority Central Moneymarkets Unit (CMU) Hong Kong On 1 July 1997 Hong Kong became a Special Administrative Region of the People s Republic of China in accordance with Article 31 of the Constitution of the People s Republic of China. The reunification of Hong Kong with the People s Republic of China (the PRC ) is a consequence of an agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the People s Republic of China, as embodied in the Sino-British Joint Declaration on the Question of Hong Kong (the Joint Declaration ) signed on 19 December 1984 and subsequently ratified by both governments.

5 Hong Kong maintains one of the world s most open economies and a business-friendly environment characterised by a relatively high degree of free trade and free flow of information, an established financial regulatory regime and legal system and a developed transportation and telecommunications infrastructure. In 2011, Hong Kong was ranked the tenth largest trading entity in the world by the World Trade Organization based on value of total merchandise trade and is home to the third busiest container port in the world in terms of throughput. Contact Information of Issuer Fees & Charges Stamp Duty Over the past two decades, the Hong Kong economy (as measured by GDP) has more than doubled in size, with GDP growing at an average annual rate of 3.9% in real terms. In 2011, Hong Kong s GDP at current market prices reached HK$1,897 billion and its per capita GDP of US$34,500 was amongst the highest in Asia. Place of Hong Kong Incorporation: Registered Office Address: Hong Kong Monetary Authority 55/F, Two International Finance Centre 8 Finance Street, Central, Hong Kong Safe Custody Waived Interest Collection Waived Redemption at Maturity Waived No Hong Kong stamp duty is payable on the purchase of the Bonds Risk Factors There are investment risks involved in buying the Bond. Before applying for any of the Bond, you should consider whether the Bond is suitable for you in light of your own financial circumstances and investment objectives. If you are in any doubt, get independent professional advice. The Bond is mainly for medium to long term investment, not for short term speculation. You should be prepared to invest your funds in the Bond for the full investment tenor; you could lose part or all of your investment if you choose to sell the Bond prior to maturity. It is the issuer to pay interest and repay principal of the Bond. If the issuer defaults, the holder of the Bond may not be able to receive back the interest and principal. The holder of the Bond bears the credit risk of the issuer and has no recourse to HSBC unless HSBC is the issuer itself.

6 Indicative price of the Bond is available and the Bond s price does fluctuate when market changes. Factors affecting market price of the Bond include, and are not limited to, fluctuations in interest rates, credit spreads, and liquidity premiums. The fluctuation in yield generally has a greater effect on prices of longer tenor bonds. There is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling the Bond. If you wish to sell the Bond, HSBC may repurchase it based on the prevailing market price under normal market circumstances, but the buying price may differ from the original selling price due to changes in market conditions. There may be exchange rate risks if you choose to convert payments made on the Bond to your home currency. The secondary market for the Bond may not provide significant liquidity or may trade at prices based on the prevailing market conditions and may not be in line with the expectations of the Bond holders. If the Bond is early redeemed, you may not be able to enjoy the same rates of return when you re-invest the funds in other investments Investor s Commitment and Acknowledgements When you place your order for the Bond, you are deemed to make a series of confirmations and acknowledgements, including that you: (i) (ii) (iii) (iv) have read and understood this Term Sheet, including the risks of investing in the Bond as explained in the section Risk Factors ; understand that you should refer to the Programme Circular, the Issuer Circular and pricing supplement, which are available upon request, for further details on the terms of the Bond and risks involved; confirm that you are prepared to invest your funds in the Bond for the full investment tenor; you could also lose part or all of your investment if you choose to sell your Bond prior to maturity. understand that this document is not intended to provide and should not be relied upon for tax, legal or accounting advice, investment recommendations or credit worthiness or other evaluation of the Issuer; prospective investors should consult their tax, legal, accounting and/or other advisors. How to find out the current market value of your investment after purchase? The current market value of your investment will be available upon request. Please contact our staff at any HSBC branch in Hong Kong. Note: If you have any feedback or complaint about any aspect of the service you have received, please contact our Hong Kong branches, call us on (852) , or write to the Quality Service Management Department, P.O. Box No , Kowloon Central Post Office, or send an to feedback@hsbc.com.hk. We will respond to a complaint within a reasonable period of time normally not exceeding 30 days in general circumstances. If you are not satisfied with the outcome of your complaint, you have the right to refer the matter to the Banking Services Complaints Unit of Hong Kong Monetary Authority at 55th Floor Two International Finance Centre, 8 Finance Street, Central, and Hong Kong.

7 References to websites References to the websites stated in this document where further information may be obtained are intended as guides for you to access further public information on the listed securities. Information appearing on such websites is not part of the offering documents. HSBC accept no responsibility whatsoever that such other information, if available, is accurate and/or up-to-date, and no responsibility is accepted in relation to any such information by us and our respective affiliates. Disclaimer The Hongkong and Shanghai Banking Corporation Limited ( HSBC ) has issued this document. Any opinions expressed therein are given in good faith, but are subject to change without notice. No liability is accepted whatsoever for any direct or consequential loss arising from the use of this document. Please note that the above rates or prices are for indicative purposes only and may vary in accordance with changes in market condition. Distribution of this document may be restricted by law in certain jurisdictions and the information contained herein is to the recipients and may not be reproduced or otherwise disseminated. HSBC and its affiliates and/or officers, directors and employees may have positions in any instruments or currencies mentioned in this document and may from time to time add to or dispose of such instruments or currencies. User of the information is advised to make independent judgment with respect to any matter contained herein. Issued by The Hongkong and Shanghai Banking Corporation Limited ( HSBC ) registered at 1 Queen s Road Central, Hong Kong The Hongkong and Shanghai Banking Corporation Limited is the distributor which is a wholly owned subsidiary of HSBC Holdings plc, the holding company of the HSBC Group. The Hongkong and Shanghai Banking Corporation Limited Authorised and Regulated by Hong Kong Monetary Authority A registered institution under the Securities and Futures Ordinance, with Central Entity Identity Number AAA523 Registered Office: 1 Queen s Road Central, Hong Kong Tel: , Member HSBC Group

8 日期 *: 中華人民共和國香港特別行政區政府 ( 香港特區政府 ) 發行 10,000,000,000 港元通脹掛鈎債券系列零售債券 2015 年 6 月到期重要風險通知 : 此乃投資產品投資決定是由閣下自行作出的, 但閣下不應投資在該產品, 除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後, 該產品是適合閣下的本債券並不相等於定期存款發行人風險本債券表現受香港特區政府的實際和預計借貸能力所影響就償債責任而言, 本債券不保證發行人不會拖欠債務在最壞情況下, 如果發行者不履行契約本債券持有人可能無法取回本票據的利息和本金以下風險因素部份將列出其他風險因素, 詳情請參閱有關部份警告本文件的內容未經在香港的規管當局審核你應就有關要約謹慎行事如你對本文件的任何內容有任何疑問, 你應尋求獨立專業意見重要提示如你對此要約的任何方面有疑問, 應諮詢持牌證券交易商銀行經理律師執業會計師或其他專業顧問 * 倘閣下通過電子郵件收到本條款表, 條款表日期即隨附郵件所示的日期倘閣下通過傳真收到本條款表, 條款表日期即文件頁首或條款表附函所示的日期倘閣下通過互聯網瀏覽本條款表, 條款表日期即為條款表所在網頁所示的日期

9 發行人 : 條款表中華人民共和國香港特別行政區政府 ( 香港特區政府 ) 擔保人 : 類別 : 評級 : ( 評級並不代表建議購買出售或持有證券, 且可由授予評級之機構隨時終止更改或撤銷 ) 無零售無抵押債券 CMU 編碼 : 03GB1506R 股份代號 :4214 債券評級 : 不適用 ( 穆迪 )/ 不適用 ( 標準普爾 ), 截至 2013 年 12 月 7 日發行日期及計息開始日期 : 22/06/2012( 日 / 月 / 年 ) 到期日期 : 22/06/2015( 日 / 月 / 年 ) 每一個付息日的息率將於相關的利息釐定日, 釐定和公布為下列較高者 : (i) 浮息, 即最近 6 個月公布, 以 2009/10 年為基期的綜票息 : 合消費物價指數按年變動率的算術平均值 ( 準確至小數點後兩個位 ); 及 (ii) 定息, 即 1.00% 該息率為年息率, 而利息將於每 6 個月期末支付票息頻率 : 每半年債券應付的本金利息及任何其他應付金額首先自債券基金中撥付, 且如需要, 則從香港特區政府的一般收入及資產中撥付債券為香港特區政府的直接無抵押債券的地位 : 無條件及一般債項債券與香港特區政府不時就一般收入而產生且仍未清還的所有其他無抵押債項享有同等權益, 並且不會出現因發行日期之先後或其他原因而致使某一債項較另一債項優先的情況結構 : 基本型貨幣及發行金額 : 10,000,000,000 港元面額 : 10,000 港元最小投資額 : 每位投資者 :10,000 港元到期贖回 : 按面值 (100%) 利息支付日期相關利息釐定日期利息支付日期及相關利息釐定日期 : 營業日慣例 ( 適用於利息支付日期利息釐定日期及到期日 ): 2012 年 12 月 24 日 2012 年 12 月 10 日 2013 年 6 月 24 日 2013 年 6 月 7 日 2013 年 12 月 23 日 2013 年 12 月 9 日 2014 年 6 月 23 日 2014 年 6 月 9 日 2014 年 12 月 22 日 2014 年 12 月 8 日 2015 年 6 月 22 日 2015 年 6 月 8 日倘香港特區政府有關債券的任何行動 ( 包括作出支付 ) 的截止日期並非香港營業日, 則香港特區政府將會在下一個香港營業日的日期履行有關行動, 除非該日為下

10 個日曆月, 在此情況下, 香港特區政府將在緊接截止日期前一個香港營業日的日期履行有關行動倘任何有關行動的截止日期因 ( 例如 ) 香港懸掛黑色暴雨警告或者八號或以上熱帶氣旋警告信號而中止為香港營業日, 則香港特區政府將於不再受中止影響的下一個香港營業日的日期履行有關行動倘支付日期經如此更改, 則利息應持續累計至新的支付日期, 且任何額外利息或, 倘新的支付日期早於原截止日期, 則任何利息減少, 應在計算有關適用計息期間的應付利息款項時考慮在內計息日期慣例 : 實際天數 / 365 營業日 : 香港上市及定價 : 本債券於香港聯合交易所有限公司 ( 交易所 ) 上市證券及期貨條例附表 7 第 2 部第 1(b) (c) (d) 及 (e) 節要求提供的本債券之歷史價格包括但不限於, 緊接 (a) 本發售, (b) 緊接本發售前 6 個月各個月之最後一個交易日, 及 (c) 有關本要約刊發公告前之收市價, 以及最後 6 個月期間之最高及最低收市價, 有關資料載於交易所網址 e_page_c.asp?widcoid=4214&widcoabbname=&month =1&langcode=c 及 t_page_c.asp?widcoid=4214&month=6&langcode=c, 可供公眾查閱為確保所載資料的完整完全及時效性, 上段所述的證券及期貨條例附表 7 要求提供的資料並未載於 / 復製至本文件, 惟可申請獲取該等材料的印刷本及中文版本所得款項用途 : 發行人代表以及發行及支付代表 : 結算 : 法律 : 零售債券計劃下所得的款項將被撥入債券基金債券基金是一個由香港特區政府持有的獨立基金債券基金不會作為政府財政儲備的一部分, 並會與政府的一般收入分開處理債券基金將用作償還零售債券和機構債券的本金和利息履行與零售債券計劃和機構債券計劃有關的財務上的義務和法律責任以及作出投資如在履行了所有與零售債券計劃和機構債券計劃有關的財務上的義務和法律責任後, 債券基金尚有結餘款項, 有關的結餘款項將撥歸政府的一般收入中如結餘款項不足以履行有關零售債券計劃和機構債券計劃的財務上的義務和法律責任, 則不足之數可以從香港特區政府的一般收入及資產中撥付香港金融管理局債務工具中央結算系統 (CMU) 香港

11 發行人簡介 ( 摘自計劃通函第 21 至 22 頁 ): 於一九九七年七月一日, 香港根據中華人民共和國憲法第三十一條成為中華人民共和國的特別行政區香港回歸中華人民共和國 ( 中國 ) 是基於大不列顛及北愛爾蘭聯合王國政府與中華人民共和國政府訂立的一份協議該份協議收錄由雙方政府於一九八四年十二月十九日簽訂並在其後經中英政府確認的關於香港問題的中英聯合聲明 ( 聯合聲明 ) 內香港擁有全球最開放的經濟之一及友善營商環境, 其特色是相對高度自由的貿易及資訊流通已確立的金融監管制度和法律制度, 以及發展完善的交通及電訊基建於二零一一年, 根據世界貿易組織的排名, 按商品貿易總額計算, 香港是全球第十大貿易實體 ; 同年, 香港的貨櫃碼頭吞吐量位列全球第三大發行人聯絡資料 : 服務收費印花稅在過去二十年, 香港的經濟規模增長超過一倍 ( 以本地生產總值計算 ), 本地生產總值每年平均實質增長為 3.9% 於二零一一年, 香港的本地生產總值按當時市價計算達到 18,970 億港元, 而人均本地生產總值為 34,500 美元, 是亞洲區內人均本地生產總值最高的經濟體系之一註冊成立香港地址 : 註冊辦事處地址 : 香港金融管理局香港中環金融街 8 號國際金融中心二期 55 樓託管服務豁免代收利息豁免到期贖回豁免購買本債券無須支付香港印花稅風險因素本債券涉及投資風險在投資於本債券之前, 投資者應就本身的財政狀況及投資目標, 考慮是否適合投資於本債券如有任何疑問, 應諮詢獨立專業顧問的意見本債券主要提供中長期的投資, 並不是短線投機的工具你應準備於整段投資期內將資金投資於本債券上 ; 若你選擇在到期日之前提早出售本債券, 可能會損失部份或全部的投資本金額本債券的利息和本金是由發行者去償還, 債券持有人須承擔發行者的信貸風險如果發行者不履行契約, 債券持有人可能無法取回本債券的利息和本金在此情況下, 債券持有人不能向滙豐追討任何賠償, 除非滙豐本身為該債券之發行者

12 滙豐提供本債券的參考價格, 其價格可能會及確會波動影響本債券價格的因素包括, 但不限於, 利率債券息差及流通性溢價的波動而孳息率的上落對越長年期的債券價格影響一般較大買賣債券帶有風險, 投資者未必能夠賺取利潤, 可能會招致損失如你打算出售經滙豐代您購入的債券, 滙豐可在正常市場下, 按市價進行有關交易但基於市場變動, 買入價與原定的賣出價可能不同倘若你選擇將債券所支付的付款兌換為本國貨幣, 可能須承受匯率波動的風險發行人提供的債券二手市場或不能提供龐大的流通量或按對債券持有人有利之價格買賣如本債券被提早贖回, 您轉而投資於其他投資項目, 未必能取得相同回報投資者責任及聲明投資者向分銷商購買本債券時, 投資者將被視為作出一系列承諾及聲明, 包括 : (i) (ii) (iii) (iv) 已閱讀及理解本條款概要內, 包括風險因素部分所說明的有關投資本債券的風險 ; 明白應參閱可向滙豐索取的計劃通函發行人通函及定價補充文件, 以便獲得本債券的進一步資料和所涉及的風險確認準備於整段投資期內將資金投資於本債券上 ; 若投資者選擇在到期日之前提早出售本債券, 可能會損失部分或全部的投資本金明白本文不擬提供稅務法律或會計意見投資建議或對發行人的誠信或其他方面進行評估, 投資者亦不應依賴本文作上述用途準投資者應諮詢其稅務法律會計及 / 或其他顧問在投資債券後, 怎樣查詢債券的市值? 您可聯絡滙豐在香港的各分行查詢債券的市值注意:如您對我們的服務有任何意見或投訴, 請聯絡我們在香港的任何分行致電 (852) 致函我們的優質服務管理部 ( 九龍中央郵政局郵政信箱號 ) 或電郵至 feedback@hsbc.com.hk 我們在一般情況下會於合理的時間 ( 通常 30 日 ) 內回覆客戶的投訴若您對投訴結果仍有不滿, 可向香港金融管理局的銀行服務投訴組提出書面投訴, 地址為香港中環金融街 8 號國際金融中心 2 期 55 樓關於網站的提述本文件有提述若干網站, 其中或可提供進一步資料, 以指引閣下取得有關上市證券的更多公眾資料該等網站所載的資料並非發售文件的一部份滙豐對該等其

13 他資料 ( 如有 ) 是否準確及或最新概不承擔任何責任, 且本集團及本集團相關聯屬公司對任何該等資料概不承擔責任免責聲明香港上海滙豐銀行有限公司 ( 滙豐 ) 刊發本文件本文件內發表之意見乃真誠地發表, 惟可未經通知而改變滙豐概不就使用本文件所導致之任何直接或相應而生之損失接納任何責任謹請注意, 上述利率及價格乃僅供參考, 並可能根據市況而變動若干司法管轄區之法律可能限制派發本文件, 而本交件中所載之資料乃僅供收件人閱覽, 不得複製或以其他形式傳佈滙豐及其聯屬公司及 / 或高級職員董事及僱員可能就本文件所述之任何金融工具或貨幣持倉, 並可不時增加或出售有關金融工具或貨幣使用資料之人士務請就其中所載之任何事宜作出獨立判斷由香港上海滙豐銀行有限公司 ( 滙豐, 註冊地址為香港皇后大道中 1 號 ) 刊發香港上海滙豐銀行有限公司是分銷商, 為滙豐集團旗下控股公司滙豐控股有限公司的全資附屬公司香港上海滙豐銀行有限公司經由香港金融管理局授權及監管根據 << 證券及期貨條例 >> 註冊為註冊機構, 於證券及期貨事務監察委員之中央註冊編號為 AAA523 註冊辦事處 : 香港皇后大道中 1 號電話 : , 滙豐集團成員

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