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

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"Scheduled Valuation Date" means any original date that, but for the occurrence of an event causing a
Disrupted Day, would have been a Valuation Date.
"Settlement Cycle" means in respect of an Index, the period of Clearance System Business Days
following a trade in the shares underlying such Index on the Exchange in which settlement will
customarily occur according to the rules of such Exchange.
"Single Exchange Index Linked Note" has the meaning ascribed thereto in the relevant Final Terms.
"Strike Date" means the date specified as such in the relevant Final Terms or, if such date is not a
relevant Scheduled Trading Day, the next following relevant Scheduled Trading Day, subject to the
provisions of "Consequences of Disrupted Days" above as if such Strike Date were a Valuation Date.
"Strike Date Disruption" means that if any Strike Date is a Disrupted Day then the provisions relating
to "Consequences of Disrupted Days" will apply for the purposes of determining the relevant level,
price or amount on that Strike Date as if such Strike Date were a Valuation Date that was a Disrupted
Day irrespective of whether, pursuant to such determination, that deferred Strike Date would fall on a
date that already is or is deemed to be a Strike Date for the Notes.
"Strike Price "has the meaning ascribed thereto in the relevant Final Terms.
"Trading Disruption" means any suspension of or limitation imposed on trading by the relevant
Exchange or Related Exchange or otherwise and whether by reason of movements in price exceeding
limits permitted by the relevant Exchange or Related Exchange or otherwise (i) on any relevant
Exchange(s) relating to securities that comprise 20 percent or more of the level of the relevant Index or,
(ii) in futures or options contracts relating to the relevant Index on any relevant Related Exchange.
"Valid Date" means a Scheduled Trading Day that is not a Disrupted Day and on which another
Averaging Date does not or is not deemed to occur.
"Valuation Date" means the date specified as such or otherwise determined as provided in the related
Final Terms (or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading
Day), in each case, subject to the provisions of "Consequences of Disrupted Days" above.
"Valuation Time" means the time on the relevant Valuation Date or Averaging Date, as the case may be,
specified as such in the relevant Final Terms or, if no such time is specified, the Scheduled Closing
Time on the relevant Exchange on the relevant Valuation Date or Averaging Date, as the case may be, in
relation to the Index 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 Index" means, unless otherwise specified in the applicable Final Terms, in respect
of a Basket of Indices and a specified date "t" (the Valuation Date or any other date specified as such in
the relevant Final Terms), the Index which gives rise to the lowest percentage as determined by the
Calculation Agent in accordance with the following formula:
Min
Where:
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è S
k
t
k= 1toX k
Initial
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