We may, in our sole discretion, redeem the 20[TBD] Fixed/Floating Rate Notes during the 20[TBD] Fixed/Floating Rate Notes 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 (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(i) 100% of the principal amount of the 20[TBD] Fixed/Floating Rate Notes to be redeemed; and

(ii) as determined by the Determination Agent, the sum of the present values of (a) the principal amount of the 20[TBD] Fixed/Floating Rate Notes to be redeemed (discounted from the 20[TBD] Fixed/Floating Rate Notes Par Redemption Date) and (b) the remaining payments of interest to be made on any scheduled 20[TBD] Fixed/Floating Rate Notes Interest Payment Date to (and including) the 20[TBD] Fixed/Floating Rate Notes Par Redemption Date for the 20[TBD] Fixed/Floating Rate Notes to be redeemed, discounted to the applicable redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Reference Treasury Rate plus [TBD] basis points less an amount equal to any accrued and unpaid interest to (but excluding) the applicable redemption date, if any, on the principal amount of the 20[TBD] Fixed/Floating Rate Notes to be redeemed,

in each case, plus any accrued and unpaid interest on the 20[TBD] Fixed/Floating Rate Notes to be redeemed to (but excluding) the applicable redemption date (each, a “20[TBD] Fixed/Floating Rate Notes Make-Whole Redemption”).

The “20[TBD] Fixed/Floating Rate Notes Make-Whole Redemption Period” means the period beginning on (and including) [TBD], 2027 (six months following the Issue Date) to (but excluding) [TBD] , [TBD] (the “20[TBD] Fixed/Floating Rate Notes Par Redemption Date”); provided that if any additional notes of the same series are issued after the Issue Date, the 20[TBD] Fixed/Floating Rate Notes 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.

“Make-Whole Redemption” means either the 20 [TBD]Fixed/Floating Rate Notes Make-Whole Redemption or the 20[TBD] Fixed/Floating Rate Notes Make-Whole Redemption, as applicable.

Make Whole Call 6 month from issue date to 1 year prior to maturity

Following the 20[TBD] Fixed/Floating Rate Notes Make-Whole Redemption Period, we may also redeem the 20[TBD] Fixed/Floating Rate Notes in whole (but not in part) in our sole discretion on the 20[TBD] Fixed/Floating Rate Notes Par Redemption Date (a “20[TBD] Fixed/Floating Rate Notes Par Redemption”). The redemption price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the 20[TBD] Fixed/ Floating Rate Notes Par Redemption Date.

Par Redemption Date: August 14, 2031

Redemption upon Loss Absorption Disqualification Event

Following the occurrence of a Loss Absorption Disqualification Event, we may, in our sole discretion, redeem such Notes in whole, but not in part (such option to redeem being referred to herein as a “Loss Absorption Disqualification Event Redemption Option”), at a redemption price equal to 100% of their principal amount, plus any accrued and unpaid interest to (but excluding) the applicable redemption date.

A “Loss Absorption Disqualification Event” shall be deemed to have occurred if the Notes become fully or partially ineligible to count towards our and/or the HSBC Group’s minimum requirements for (A) own funds and eligible liabilities and/or (B) loss absorbing capacity, in each case as determined in accordance with and pursuant to the relevant Loss Absorption Regulations applicable to us and/or the HSBC Group, as a result of any:

(a) Loss Absorption Regulation becoming effective 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,

provided, however, that a Loss Absorption Disqualification Event shall not occur where the exclusion of the Notes from the relevant minimum requirement(s) is due to the remaining maturity of the Notes being less than any period prescribed by any applicable eligibility criteria for such minimum requirement(s) under the relevant Loss Absorption Regulations effective with respect to us and/or the HSBC Group on the Issue Date.