Issuer: Guarantor: Termsheet HSBC Holdings PLC None Series No: N/A Tranche No: N/A ISIN Code: US404280AJ87 Type: Fixed Rate Subordinated Note Rating (

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1 Date*: HSBC Holdings PLC Issue of US$1,500,000, per cent Fixed Rates Notes due June 2038 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 Note is NOT equivalent to a time deposit. Issuer's risk - This Note is subject to both the actual and perceived measures of credit worthiness of HSBC Holdings PLC. 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 note. 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: Termsheet HSBC Holdings PLC None Series No: N/A Tranche No: N/A ISIN Code: US404280AJ87 Type: Fixed Rate Subordinated Note Rating (Moody s / S&P): A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, Note s rating: A3 / A- (as of 24 Aug 2012) change or withdrawal at any time by the assigning rating agency Status of the Note: Unsecured, subordinated Issue Date & Interest Commencement Date 27/05/2008 (DD/MM/YYYY) Maturity Date: 01/06/2038 (DD/MM/YYYY) Coupon: 6.8 per cent. per annum Coupon frequency: Semi-Annual Structure: Plain vanilla Currency & Amount of the issue: USD 1,500,000,000 Denomination: 10,000 USD Minimum Investment Per investor : USD 100,000 Amount: Redemption at maturity: At par (100%) 1st June and December in each year commencing on 1st December 2008 Interest Payment Dates(s): If the Issuer do not make a payment with respect to any notes on any relevant payment date, their obligations to make such payment will be deferred until (and the payment will not be due and payable until): in the case of a payment of interest, the date on which a dividend is paid on any class of their share capital; and in the case of a payment of principal, the first business day after the date that falls six months after the original payment date. Failure by them to make any such payment prior to such deferred date will not constitute a default by them or allow any holder to sue them for such payment or take any other action. Each payment so deferred will accrue interest at the rate of 6.8%. Any payment so deferred will not be treated as due for any purpose (including, without limitation, for the purpose of ascertaining whether or not an event of default has occurred) until the relevant deferred date.

3 Business Day Convention: Following Business Day Convention Apply To: Interest Payment Date, Maturity Date Day Count Fraction: 30/360 Business Days: New York Listing and Pricing This Note is listed on New York Stock Exchange ( the Exchange ). The information with regards to the last closing price and historical prices of this Note, which required by Securities and Futures Ordinance Schedule 7 Part 2 Section 1 (b), (c), (d) and (e), are not included in the document because: Use of Proceeds: Registrar & Paying Agent: Trustee: Clearing: Law: Description of Issuer: Contact Information of Issuer there is no record of any trading activity of this Note on the Exchange; the historical prices including but not limited to the closing price on the last trading day immediately preceding (a) this offer, and (b) each of the 6 months immediately preceding this offer, as well as the highest and the lowest closing prices during the period of last 6 months, are not available publicly through the Exchange and/or other public sources; and there has been no public announcement in relation to this offer The net proceeds will be used to support the development of HSBC and to strengthen further the capital base of HSBC Holdings. HSBC Bank USA, N.A. Bank of New York DTC, Clearstream, Luxembourg and Euroclear New York Law HSBC Holdings plc is a public limited company registered in England and Wales. The Issuer and its subsidiaries form a banking and financial services group ( HSBC ) operating through an international network of around 10,000 properties in 86 countries and territories in five geographical regions: Europe, Hong Kong, Rest of Asia-Pacific, including the Middle East and Africa, North America and Latin America. HSBC manages its business through the following customer groups and global businesses: Personal Financial Service; Commercial Banking; Global Banking and Markets; and Private Banking. Place of England and Wales Incorporation: Registered Office Address: 8 Canada Square London E14 5HQ

4 Fees & Charges Stamp Duty Safe Custody Waived Interest Collection Waived Redemption at Maturity Waived No Hong Kong stamp duty is payable on the purchase of the Notes Risk Factors There are investment risks involved in buying the Note. Before applying for any of the Note, you should consider whether the Note 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 Note is mainly for medium to long term investment, not for short term speculation. You should be prepared to invest your funds in the Note for the full investment tenor; you could lose part or all of your investment if you choose to sell the Note prior to maturity. It is the issuer to pay interest and repay principal of the Note. If the issuer defaults, the holder of the Note may not be able to receive back the interest and principal. The holder of the Note bears the credit risk of the issuer and has no recourse to HSBC unless HSBC is the issuer itself. The Notes are subordinated obligations of the Issuer. This means that, upon the occurrence of a winding up event, the claims of the Noteholders will be subordinated in right of payment and will rank behind the claims of, amongst others, the holders of the Issuer's unsubordinated debentures (if any) and other unsubordinated indebtedness. Therefore, Noteholders will bear higher risks than holders of the Issuer's unsubordinated debentures (if any) and other unsubordinated indebtedness due to a lower priority of claim in the event of the Issuer's insolvency. Indicative price of the Note are available and the Note s price do fluctuate when market changes. Factors affecting market price of the Note 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 Note. If you wish to sell the Note, 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 Note to your home currency. The secondary market for the Note 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 Note holders.

5 If the Note 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 Note, 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 Note as explained in the section Risk Factors ; understand that you should refer to the Offering Circular and pricing supplement, which are available upon request, for further details on the terms of the Note and risks involved; confirm that you are prepared to invest your funds in the Note for the full investment tenor; you could also lose part or all of your investment if you choose to sell your Note 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. 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

6 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

7 日期 *: 滙豐控股有限公司發行 1,500,000,000 美元 6.80% 定息票據 2038 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票據並不相等於定期存款發行人風險本票據表現受滙豐控股有限公司的實際和預計借貸能力所影響就償債責任而言, 本票據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票據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

8 發行人 : 擔保人 : 條款表滙豐控股有限公司無序列號 : 不適用票據號 : 不適用 ISIN 編碼 : US404280AJ87 類別 : 評級 : 票據的地位 : 定息後償票據發行人評級 : Aa2 ( 負面前景 ) / AA- ( 於 2011 年 2 月 1 日 ) 票據評級 : A1 / A ( 於 2011 年 2 月 1 日 ) 無抵押後償票據發行日期及計息開始日期 : 27/05/2008( 日 / 月 / 年 ) 到期日期 : 01/06/2038( 日 / 月 / 年 ) 票息 : 每年 6.80% 票息頻率 : 結構 : 貨幣及發行金額 : 面額 : 最小投資額 : 每半年普通債券 1,500,000,000 美元 10,000 美元每位投資者 :100,000 美元到期贖回 : 按面值 (100%) 自 2008 年 12 月 1 日起每年的 6 月 1 日及 12 月 1 日票息支付日期 : 倘發行人在任何相關付款日期並無就任何票據作出支付, 則發行人作出該支付之責任將遞延至 ( 以及該支付將不會於以下日期前屆滿及作出償付 ): 就利息支付而言, 支付發行人任何類別股本之股息之日期 ; 及就本金支付而言, 緊接原定付款日期後六個月之首個營業日倘發行人未能於該遞延日期前作出任何該等支付, 將不會構成違約或允許任何票據持有人就該等支付起訴發行人或採取任何其他行動有關遞延的各項支付將按 6.8% 利率計息有關遞延的任何支付款項將不會於相關遞延日期前因任何目的 ( 包括但不限於, 確定是否發生違約事件之目的 ) 被視為屆滿營業日慣例 : 緊隨營業日慣例適用於 : 利息支付日期, 到期日期計息日期慣例 : 30/360 營業日 : 紐約上市及定價 : 本票據於紐約證券交易所 ( 交易所 ) 上市

9 證券及期貨條例附表 7 第 2 部第 1(b) (c) (d) 及 (e) 條規定, 有關本票據最後收市價及歷史價格的資料並無載入本文件, 原因是 : 所得款項用途 : 支付及登記代理人 : 信託人 : 結算 : 法律 : 發行人簡介 : 本票據在交易所並無任何交易活動記錄 ; 歷史價格 ( 包括但不限於緊接 (a) 此項要約前, 及 (b) 緊接此項要約前 6 個月每個月的最後交易日的收市價, 以及在過往 6 個月期間內的最高及最低收市價 ) 並無透過交易所及或其他公眾渠道提供 ; 及並無關於本要約的公開宣告. 發行人將把票據銷售的所得款項淨額用於支持公司發展及進一步提升公司的資本基礎 HSBC Bank USA, N.A. 紐約銀行 DTC, Clearstream, 盧森堡及 Euroclear 紐約滙豐控股有限公司乃於英格蘭及威爾士註冊成立之公眾有限公司發行人及其附屬公司組成一間銀行及金融服務集團 ( 滙豐集團 ), 其全球網絡包括位於歐洲香港亞太地區其他地區 ( 包括中東及非洲 ) 北美洲及拉丁美洲五大地區內之 86 個國家和地區約 10,000 個辦事處滙豐透過以下客戶群及環球業務管理其業務 : 個人理財服務商業銀行環球銀行及市場, 以及私人銀行發行人聯絡資料 : 註冊成立地址 : 英格蘭及威爾士註冊辦事處地址 : 8 Canada Square London E14 5HQ 服務收費託管服務豁免代收利息豁免到期贖回豁免印花稅購買本票據無須支付香港印花稅風險因素本票據涉及投資風險在投資於本票據之前, 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票據如有任何疑問, 應諮詢獨立專業顧問的意見

10 本票據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票據上 ; 若你選擇在到期日之前提早出售本票據, 可能會損失部份或全部的投資本金額本票據的利息和本金是由發行者去償還, 票據持有人須承擔發行者的信貸風險如果發行者不履行契約, 票據持有人可能無法取回本票據的利息和本金在此情況下, 票據持有人不能向滙豐追討任何賠償, 除非滙豐本身為該票據之發行者本票據為發行人的次級債務這意味著倘出現清盤事件, 票據持有人的索償權為後償權, 且處於 ( 其中包括 ) 發行人的非次級債務 ( 如有 ) 及其他非從屬債務持有人的索償權之後由於票據持有人在發行人無力償還的情況下享有的索償權靠後, 故票據持有人要承擔較發行人的非次級債務 ( 如有 ) 及其他非從屬債務持有人更大的風險滙豐提供本票據的參考價格, 其價格可能會及確會波動影響本票據價格的因素包括, 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票據, 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票據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二手市場或不能提供龐大的流通量或按對持有人有利之價格買賣如本票據被提早贖回, 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票據時, 投資者將被視為作出一系列承諾及聲明, 包括 : (v) (vi) (vii) (viii) 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票據的風險 ; 明白應參閱可向滙豐索取的發售通函及發行日後訂定的定價補充文件, 以便獲得本票據的進一步資料確認準備於整段投資期內將資金投資於本票據上 ; 若投資者選擇在到期日之前提早出售本票據, 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

11 在投資票據後, 怎樣查詢票據的市值? 您可聯絡滙豐在香港的各分行查詢票據的市值注意: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 樓如票據在到期時支付掛鈎股票 ( 如適用 ), 請注意香港交易所買賣的產品受 «證券及期貨條例» 下的投資者賠償計劃保障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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