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

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Time on the relevant Exchange on the relevant Valuation Date or Averaging Date, as the case may be, in
relation to each Security to be valued. If the relevant Exchange closes prior to its Scheduled Closing
Time and the specified Valuation Time is after the actual closing time for its regular trading session,
then the Valuation Time shall be such actual closing time.
"Worst Performing Security" means, unless otherwise specified in the applicable Final Terms, in
respect of a Basket of Securities and a specified date "t" (the Valuation Date or any other date specified
as such in the relevant Final Terms), the Security which gives rise to the lowest percentage as determined
by the Calculation Agent in accordance with the following formula:
Min
Where:
æ S
ç
è S
k
t
k= 1toX k
Initial
ö
÷
ø
"k" means each Security in the Basket, 1 to X.
"X" means the number of Security k comprised in the Basket.
" S k " means, in respect of a Security
t
k , the price of such Security as determined by the Calculation
Agent as of the Valuation Time on the relevant Exchange on the relevant date "t".
" S k " means, in respect of a Security
Initial
k , the Initial Price of Security k .
(bb) General definitions specific to Equity Linked Notes and Cash Equity Notes which are ADR
Linked Notes
"ADR Linked Notes" means a Series of Notes in respect of which an amount, which shall be calculated
by reference to the value of American Depository Receipt(s) and/or a formula, is payable (as indicated
in the relevant Final Terms).
"American Depository Receipt(s)" or "ADR Securities" means such Security (specified as such in the
related Final Terms) issued by the relevant Depository relating to the relevant Share(s) (as defined
below) and to which the relevant Notes relate.
"Deposit Agreement" means, in relation to each ADR Security, the agreement(s) or other instrument(s)
constituting the relevant ADR Security, as from time to time amended or supplemented with its (their)
terms.
"Depository" means, in respect of a relevant ADR Security, the issuer of such ADR Security as
appointed in the Deposit Agreement, or any successor to it from time to time in such capacity.
"Equity Element" means, in respect of each Note, the number of Share(s) set out in the relevant Final
Terms.
"Share(s)" means, in respect of a relevant ADR Security, the equity securities issued by the Underlying
Company and to which the ADR Securities relate.
"Underlying Company" means, for the purpose of this paragraph 10(a)(A)(bb) and in respect of a
relevant Share, the issuer of such Share to which the relevant ADR Security relate(s), as defined in
paragraph 34(ii) above and in Annex 2 below.