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

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Redemption Amounts, Optional Redemption Amounts, Amortised Nominal Amounts and all other
amounts in the nature of principal payable pursuant to Condition 7 or any amendment or
supplement to it, (ii) "interest" shall be deemed to include all Interest Amounts, any Arrears of
Interest as the case may be, and all other amounts payable pursuant to Condition 4 or any
amendment or supplement to it and (iii) "principal" and/or "interest" shall be deemed to include
any additional amounts that may be payable under this Condition.
10. Valuation, Adjustments and Extraordinary Events affecting Securities
(a)
(A)
Definitions
Definitions specific to Equity Linked Notes and Cash Equity Notes
(aa) General definitions specific to Equity Linked Notes and Cash Equity Notes
"Averaging Dates" means each date specified as such in the applicable Final Terms or, if any of such
Averaging Dates is not a relevant Scheduled Trading Day, the next following relevant Valid Date,
subject to the provisions of "Averaging Date Disruption" below.
"Averaging Date Disruption" means that, if any Averaging Date is a Disrupted Day, then the
provisions relating to "Consequences of Disrupted Days" below will apply for purposes of determining
the relevant level, price or amount on that Averaging Date as if such Averaging Date were a Valuation
Date that was a Disrupted Day irrespective of whether, pursuant to such determination, that deferred
Averaging Date would fall on a date that already is or is deemed to be an Averaging Date for the Notes.
If any Averaging Date in relation to a Valuation Date occurs after that Valuation Date as a result of the
occurrence of a Disrupted Day, then (i) the relevant Cash Settlement Payment Date or Settlement Date,
as the case may be, or (ii) the occurrence of a Merger Event or a Potential Adjustment Event shall be
determined by reference to the last such Averaging Date as though it were that Valuation Date.
"Barrier Period" means, unless otherwise specified in the applicable Final Terms, the period from and
including the Strike Date to and including the Valuation Time on the Valuation Date.
"Barrier Price" means the price of such Security specified as such or otherwise determined in the
relevant Final Terms, subject to adjustment from time to time in accordance with the provisions set forth
in Condition 10(g) and to "Consequences of Disrupted Days" below.
"Cash Equity Note" means a Series of Notes in respect of which the amount payable at maturity is a
Cash Settlement calculated by reference to the value of a Security or Securities and/or a formula (as
indicated in the relevant Final Terms).
"Cash Settlement" means in relation to a Series of Notes, that the relevant Noteholder is entitled to
receive from the Issuer on the Cash Settlement Payment Date an amount calculated in accordance with
the relevant Final Terms in the Specified Currency.
"Cash Settlement Payment Date" means in relation to a Series of Notes, the date specified as such or
otherwise determined as provided in the relevant Final Terms. In the case of a Note which relates to a
Basket of Securities, if as a result of a Market Disruption Event there is more than one Valuation Date
with respect to the Securities comprised in such basket, then the relevant Cash Settlement Payment Date
shall be determined by reference to the Valuation Date which is the last to occur.