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The Board of HSBC Holdings plc may offer to any holders of Ordinary Shares the right to elect to receive new Ordinary Shares instead of a cash dividend (‘scrip dividend alternative’).

The new ordinary shares will be issued subject to the Memorandum and Articles of Association of the Company and will rank equally with the existing ordinary shares in all respects.

The ‘Market Value’ of the entitlement to new Ordinary Shares under the scrip dividend shall be as nearly as possible equal to (but not greater than) the amount that would have been received by way of a cash dividend. The Market Value is the average of the middle market quotations for the Ordinary Shares on the London Stock Exchange, as derived from the Daily Official List, for the five business days beginning on the ex-dividend date. Since the dividend is declared in United States dollars, the average of the middle market quotations is then converted into United States dollars using the exchange rate quoted by HSBC Bank plc in London at 11am on the fifth business day beginning on the ex-dividend date, giving the Market Value for each new share.

Once determined, the scrip dividend alternative price is announced to the London, Hong Kong, Paris and Bermuda stock exchanges, and to the New York stock exchange in respect of American Depositary Shares.

The prices at which such shares were or will be issued (rebased to current share structure) are:

Select to download scrip dividend circulars. Scrip dividend circulars are not available for 2006 or earlier.




Please note that the above figures have been rounded.

*For UK income and capital gains tax purposes, the price of HSBC shares issued in lieu of the 1998 second interim is GBP7.6183 for the former 75p shares and GBP7.6067 for the former HKD10 shares (prices rebased and rounded).

For administrative questions relating to the payment of dividends, please contact the appropriate Registrars, ADR Depository or Paying Agent relating to your HSBC shareholding. Visit the Investor contacts page for details.