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HSBC Agrees to Sale and Leaseback of 452 Fifth Avenue, New York

3 October 2009

Deal expected to close in the first quarter of 2010.

HSBC Bank USA NA, a wholly owned subsidiary of HSBC Holdings plc, has agreed the sale and leaseback of its headquarters building at 452 Fifth Avenue in New York for US$330 million in cash. HSBC and 452 Fifth Owners LLC, a special purpose vehicle established for the transaction, have exchanged contracts on the sale of the freehold interest in the property. Under the terms of the agreement, HSBC Bank USA has agreed to leaseback the entire building for one year, and floors one to 11 for 10 years. The headquarters of HSBC Bank USA will remain in New York, one of the world’s leading financial centres.

The deal is expected to close in the first quarter of 2010.

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