HSBC France € 20,000,000,000 Euro Medium Term Note Programme

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"EMU Event" means the occurrence of any of the following, as determined by the Calculation Agent, in
its sole and absolute discretion:
(i)
(ii)
(iii)
(iv)
the redenomination of any security into euro;
the change by any organised market, exchange or clearing, payment or settlement system in the
unit of account of its operating procedures to the euro;
any change in the currency of denomination of any Index; or
any change in the currency in which some or all of the securities or other property comprising any
Index is denominated.
"Participating Member State" means any member state of the European Union which adopts the single
currency in accordance with the Treaty.
(m)
Other Adjustments
Upon the occurrence of any event(s) that the Calculation Agent determines (in its discretion, but acting
reasonably) affects or could potentially affect the value of an Index Linked Note, an Equity Linked Note
or a Cash Equity Note, the Calculation Agent may (in its discretion, but acting reasonably) make any
additional adjustments to the Strike Price, the number and/or type of Securities and/or Indices to which
such an Index Linked Note, an Equity Linked Note or a Cash Equity Note relates, and to any other
exercise, settlement, payment or other term of such an Index Linked Note, an Equity Linked Note or a
Cash Equity Note including, without limitation, the amount, number or type of cash, shares, other
securities or property which may be transferred under such Index Linked Note, an Equity Linked Note or
a Cash Equity Note, and determine the effective date(s) of such adjustments.
(n)
(i)
Additional Provisions related to American Depositary Receipt Linked Notes
For the purposes of these additional provisions, the following definitions will apply:
The definition of Potential Adjustment Event shall include, in relation to the ADR Securities:
(A)
(B)
the occurrence of any Potential Adjustment Event in relation to the Underlying ADR
Securities or any other shares or securities represented by the ADR Securities; and
the making of any amendment or supplement to the terms of the Depositary Agreement.
(ii)
The definition of Merger Event shall include, in relation to Securities, the occurrence of any
Merger Event in relation to the Underlying ADR Securities.
(iii) The definitions of "Nationalisation" and "Insolvency" shall be construed in relation to the ADR
Securities as if references to the ADR Securities were references to Underlying ADR Securities;
(iv) If the Deposit Agreement is terminated, then on or after the date of such termination, references to
ADR Securities herein shall be replaced by references to the Underlying ADR Securities and the
Calculation Agent will adjust any relevant terms and will determine the effective date of such
replacement and adjustments.