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

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exceeding limits permitted by the relevant Exchange or, if any, the Related Exchange or otherwise
(i) relating to any Component Security on the Exchange in respect of such Component Security or,
(ii) in futures or options contracts relating to the relevant Index on the 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 (i) for the purposes of determining whether a Market Disruption Event has
occurred: (a) in respect of any Component Security, the Scheduled Closing Time on the Exchange in
respect of such Component Security, and (b) in respect of any options contracts or future contracts on
the Index, the close of trading on the Related Exchange; and (ii) in all other circumstances, the time at
which the official closing level of the Index is calculated and published by the Index Sponsor.
"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:
æ S
ç
è S
k
t
k= 1toX k
Initial
ö
÷
ø
"k" means each Index in the Basket, 1 to X.
"X" means the number of Index k comprised in the Basket.
" S k " means, in respect of a Index
t
k , the price of such Index 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 Index
Initial
k , the Initial Price of Index k .
(D)
Common Definitions in relation to Knock-in and Knock-out Events
If "Knock-in Event" is specified as applicable in the Final Terms in relation to any Cash Equity Note,
Equity-Linked Note or Index Linked Note, then each payment and/or delivery in respect of which a
Knock-in Event applies, as specified in the relevant Final Terms, shall be conditional upon the
occurrence of such Knock-in Event.
"Knock-in Determination Day" means each Scheduled Trading Day during the Knock-in
Determination Period, unless such day is a Disrupted Day due to the occurrence of an event giving rise
to a Disrupted Day prior to the Knock-in Valuation Time on such day. If such day is a Disrupted Day
due to the occurrence of such an event, then the Knock-in Determination Day shall be the first
succeeding Scheduled Trading Day that is not a Disrupted Day, unless each of the eight Scheduled
Trading Days immediately following the original date that, but for the occurrence of a Disrupted Day,
would have been the Knock-in Determination Day is a Disrupted Day. In that case, that eighth
Scheduled Trading Day shall be deemed to be the Knock-in Determination Day, notwithstanding the
fact that such day is a Disrupted Day, and the Calculation Agent shall determine the price of the